Bristol Myers Squibb shares drop as key product sales fall short of expectations

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Bristol Myers Squibb shares drop as key product sales fall short of expectations
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IRS an ‘unlikely savior’ of quarterly results, analysts say

Bristol Myers Squibb Co. shares BMY, -3.43% were down more than 4% in early trading on Thursday after the drugmaker reported third-quarter results that topped analysts’ estimates, but some key products fell short of expectations.

Global sales of cancer drug Opdivo came to $2.275 billion, up 11% from the year earlier but falling short of analyst expectations. Melanoma drug Opdualag also missed estimates, with global sales of $166 million. The company pushed back the timeline for its overall new product portfolio to top $10 billion in revenues to 2026, versus previous guidance of 2025.

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