Bristol Myers Squibb building signage. (Credit: Bristol-Myers Squibb Company)

Bristol Myers Squibb has reported a net income of $1.68bn, or $0.89 per diluted share, for the second quarter ended 30 June 2024, a 19% decline compared to $2.07bn or $0.99 per diluted share for the same period in 2023.

The US drugmaker’s net income for the second quarter of 2024 (Q2 2024) increased compared to a loss of $11.91bn for the first quarter of 2024 (Q1 2024).

The company reported total revenues of $12.2bn for Q2 2024, a 9% rise compared to $11.22bn for the respective quarter in 2023, and a 3% increase compared to $11.86bn for Q1 2024.

Bristol Myers reported total expenses of $10.91bn for Q2 2024, a 17% rise compared to $9.36bn for the same period the previous year.

The pharmaceutical company reported income before taxes of $1.28bn for Q2 2024, a 30% decline compared to $1.85bn for the respective quarter in 2023.

The US drugmaker said that revenues of its growth portfolio were primarily driven by higher demand for Opdivo, Reblozyl, Camzyos and Opdualag, partially offset by Abecma.

Also, revenues in its legacy portfolio were driven by higher demand for Eliquis and Pomalyst, partially offset by a decline in Revlimid due to generic erosion, said Bristol Myers.

Bristol Myers Squibb board chair and CEO Christopher Boerner said: “Our second quarter results reflect progress against our strategy to position BMS for long-term, sustainable growth.

“As we move into the second half of the year, we remain focused on prioritizing opportunities with the greatest growth potential and impact for patients, including the anticipated US launch of KarXT.

“We’re also driving operational excellence throughout the company, becoming more agile and strengthening execution.”

Bristol Myers has reported a loss of $10.23bn for the six months ended 30 June 2024, compared to a net income of $4.33bn for the respective period in 2023.

The company reported total revenues of $24.06bn for the first half of 2024 (H1 2024), a 7% rise compared to $22.56bn for the same period the previous year.

The US drugmaker reported total expenses of $34.29bn for H1 2024, a 91% rise compared to $17.93bn for the respective period in 2023.

Bristol Myers Squibb reported a loss before tax of $10.23bn for H1 2024, compared to a profit before tax of $4.62bn for the same period in the previous year.