The cost savings will come from organizational changes and streamlined operations, allowing the company to invest in new drugs and research. The company previously outlined plans to cut $1.5 billion by 2025, which will be reinvested into drug development, the report said.
This decision is in response to the expected revenue losses from blockbuster drugs such as the blood thinner Elquis and cancer treatment Opdivo, which are slated to lose market exclusivity in the coming years.
The company also issued 2025 revenue guidance of approximately $45.5 billion, falling short of analysts’ expectations of $47.36 billion. The outlook reflects competition from generics on drugs such as Revlimid and Pomalyst.
Despite the challenges, Bristol Myers Squibb reported stronger-than-expected fourth-quarter results, with revenue of $12.34 billion and adjusted earnings of $1.67 per share.
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