Bristol Myers Squibb (NYSE:BMY) on Thursday beat first-quarter estimates and hiked its revenue and profit guidance for the year, as the drugmaker cuts costs.
The company now expects 2025 revenue to come in between $45.8 billion and $46.8 billion, up from a previous outlook of around $45.5 billion. Bristol Myers also projects full-year adjusted earnings of $6.70 to $7 per share, which compares with its prior forecast of $6.55 to $6.85 per share.
Notably, the company said its guidance revisions include the estimated impact of current tariffs on U.S. products shipped to China. But they do not account for any of President Donald Trump’s planned tariffs on pharmaceuticals imported into the U.S., Bristol Myers said.
China is a critical market for Bristol Myers. The company has previously outlined its “China 2030 Strategy,” which is a plan to bring more of its medicines to the nation to address unmet medical needs in areas like gastric cancer and include more Chinese patients in clinical trials.
The company said the outlook hike reflects strength in its portfolio of newer drug brands, and better-than-anticipated first-quarter sales from its legacy portfolio of older medications.
The results come as Bristol Myers moves to slash $2 billion in expenses by the end of 2027, which is on top of $1.5 billion in planned cost cuts by the end of this year.
BMY shares skidded 49 cents, or 1%, to $48.07.