Bristol Myers Squibb (BMY) earnings Q2 2024 [Video]

Bristol Myers Squibb on Friday reported second-quarter earnings and revenue that topped expectations and raised its full-year guidance as the drugmaker moves to slash costs.

The pharmaceutical giant raised its full-year revenue forecast to an increase in the “upper end” of the low single-digit range. That compares to its previous guidance in April of a low single-digit increase in sales. 

The company also raised its 2024 adjusted earnings guidance to 60 cents to 90 cents per share, up from a previous forecast of 40 cents to 70 cents per share. 

Shares of Bristol Myers rose nearly 8% in on Friday following the results.

The results come as Bristol Myers moves to cut $1.5 billion in costs by 2025and reinvest that money into key drug brands and research and development programs. In April, the company said that will involve laying off more than 2,000 employees, culling some drug programs and consolidating its sites, among other …