BMS unveils reorganisation plans & boosted profits

pharmafile | October 28, 2016 | News story | Business Services, Medical Communications Bristol-Myers Squibb, Yervoy, opdivo 

BMS has announced its intention to restructure its operations alongside $3 billion share buyback and quarterly results which exceeded expectations.

The reorganisation began earlier this year and intends to optimise processes such as its supply chain for pill products. BMS also plans to re-energise its leading lung-cancer prospects by combing Opdivo with Yervoy, another of its immunotherapies.

“The trends are good, and we feel optimistic about Opdivo in both the short and long term,” Bristol CEO Giovanni Caforio said in a conference call.

The company did not provide financial details, but noted that it expects operating costs to remain at a similar level to those recorded this year. BMS also announced profits of $1.2 billion, up from $706 million. The company placed its per-share earnings at $2.85 to $3.05, compared to analyst profit estimates of $2.19.

The announcement is seen as a move by BMS to convince investors after the Phase III lung cancer failure of its immunotherapy Opdivo in August caused as much of a third to be wiped form the company’s value.

Matt Fellows

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