Q: What is Bristol Myers Squibb (BMY) Q2 2024 Earnings Call Transcript Summary?
**Bristol-Myers Squibb (BMY) Q2 2024 Earnings Call Summary**
**Bullish Points:**
1. Growth portfolio revenues increased 18% year over year or 21% excluding the impact of foreign exchange.
2. U.S. regulatory approvals for Breyanzi, Krazati, and Augtyro.
3. European approval in first-line bladder cancer and progressing to a more convenient subcutaneous formulation of nivolumab.
4. On track to achieve $1.5 billion in cost savings announced in Q1.
5. Raising guidance range for full-year EPS.
6. Opdualag delivered another quarter of double-digit growth driven primarily by higher demand.
7. Eliquis remains the market leader anticoagulant worldwide with global sales of more than $3 billion.
8. Camzyos second-quarter sales more than tripled compared to the prior year.
9. Sales of Reblozyl grew 82% in the quarter with growth in both U.S. and international markets.
10. Breyanzi grew 55% in the quarter, driven by growth across multiple indications and expanded manufacturing capacity.
**Bearish Points:**
1. There is still more work to do, particularly with Sotyktu in the highly competitive immunology category.
2. Some inventory growth to net favorability across several growth brands this quarter, which will be important to take into consideration when phasing sales in the second half of the year.
3. Performance of Sotyktu continues to be impacted by the competitive environment and the quality of commercial access in the U.S.
4. Anticipate modest incremental gross to net pressure on revenue growth in the near term.
5. Expenses came in lower than anticipated due to the timing of planned investments that shifted to the third quarter.
6. Normalization of stocking dynamics next quarter will likely temper sequential growth.
7. Concerns about the long-term implications of IRA on innovation.
8. Low treatment rates in OE in the United States.
9. Potential impact of IRA on Eliquis pricing.
10. The impact of the catastrophic cap that comes in, in 2025, will partially offset the favorability with Eliquis.
For more information about Bristol-Myers Squibb's earnings call, you can read the relevant news: Bristol Myers Squibb (BMY) Q2 2024 Earnings Call Transcript
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