Bristol Myers beats Q3 revenue estimates, but Cobenfy sales disappoint

Bristol Myers Squibb beat overall Q3 expectations:
revenue was $13.07 billion, up 7% year over year, and adjusted earnings were $1.35 per share. The company raised its full-year revenue outlook to $49.75–$50.25 billion.

Cobenfy, its schizophrenia treatment, brought in $57 million—up about 30% year over year, but roughly $11 million below analyst expectations. The result marked a second consecutive quarter in which sales were seen as underwhelming.

Management attributed some of the sales shortfall to lower inventory after a Q2 build. Prescription volume rose about 3%–4% sequentially, and the company expects inventory effects to normalize in Q4.

BMS also acknowledged commercial hurdles:
it wants to accelerate new-patient starts and repeat prescribing, and says too many patients remain on lower doses. Nausea and vomiting early in treatment can complicate dose increases.

The mixed Cobenfy showing sharpened investor questions about whether newer products can become major growth drivers, despite strong company-wide results. Analysts also pointed to misses from other newer medicines, including Camzyos.