Bristol Myers's Third-Quarter Profit Rose, Revenue Declined

By Yi Wei Wong

Bristol Myers Squibb Co.'s net profit rose slightly in the third quarter, mostly due to the stronger performance of its in-line and new product segments.

The U.S.-listed pharmaceutical company said in a release Wednesday that its third-quarter net profit rose to $1.60 billion from $1.50 billion a year ago.

Revenue fell to $11.22 billion from $11.62 billion over the period, the company said. The decline was partially offset by stronger sales in its in-line and new product portfolios, the company said.

"Our nine new product launches over the last three years including three first-in-class launches this year, combined with progress in our robust and diverse product pipeline, have built a strong foundation for our company," Chief Executive Giovanni Caforio said.

The company backed its full-year sales target of about $46.0 billion, and adjusted its GAAP earnings-per-share view to $2.54-$2.84, primarily due to the acquisition of Turning Point Therapeutics, which it completed in August.

Write to Yi Wei Wong at yiwei.wong@wsj.com

(END) Dow Jones Newswires

October 25, 2022 22:20 ET (02:20 GMT)

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