Bristol Myers Squibb on Thursday reported third-quarter earnings and revenue that blew past Wall Street’s expectations thanks to its blockbuster blood thinner Eliquis and a portfolio of drugs it expects to deliver long-term growth. 

The pharmaceutical giant also raised its full-year revenue guidance for the year, expecting sales to increase by around 5%. Bristol Myers previously said it projected sales to rise in the “upper end” of the low single-digit range. 

The company also raised its 2024 adjusted earnings guidance to 75 cents to 95 cents per share, up from a previous forecast of 60 cents to 90 cents per share. 

The results come as Bristol Myers moves to cut $1.5 billion in costs by the end of 2025 and funnel that money into key drug brands and research and development programs. The company in April said that will involve laying off more than 2,000 employees, culling some drug programs and consolidating its sites, among other efforts. 

Shares of the company rose more than 4% on Thursday.

Here is what Bristol Myers reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $1.80 adjusted vs. $1.49 expected
• Revenue: $11.89 billion vs. $11.28 billion expected 

Bristol Myers posted net income of $1.21 billion, or 60 cents per share, for the third quarter. That compares with net income of $1.93 billion, or 93 cents per share, for the year-earlier period. 

Excluding certain items, it reported adjusted earnings per share of $1.80 for the quarter. 

The pharmaceutical giant’s revenue rose 8% from the same period a year ago to $11.89 billion. 

The increase came from Eliquis and the company’s so-called Growth Portfolio of drugs, which includes a cancer drug called Opdivo. But revenue was partially offset by leukemia treatment Sprycel, which is facing generic competition due to its loss of exclusivity.

The company is preparing to offset the loss in revenue from top-selling treatments slated to lose exclusivity on the market, including Eliquis, Opdivo and Revlimid, a blood cancer treatment. 

Sales of Eliquis could also take a hit in 2026, when a new price for the drug goes into effect for certain Medicare patients following negotiations with the federal government. The first round of those price talks, a key provision of President Joe Biden‘s Inflation Reduction Act, wrapped up in the summer. 

Notably, the Food and Drug Administration approved Bristol Myers Squibb’s highly anticipated schizophrenia drug Cobenfy during the quarter. It is the first novel type of treatment for the debilitating, chronic mental disorder in more than seven decades.

Merck on Thursday reported third-quarter revenue and adjusted earnings that topped expectations as the company saw strong sales from its top-selling cancer drug Keytruda, recently launched treatments and its animal health business. 

But Merck’s vaccine that prevents cancer from HPV, the most common sexually transmitted infection in the U.S., posted another quarter of lighter-than-expected sales. Revenue from the shot, Gardasil, fell 11% compared with the year-earlier period. 

The pharmaceutical giant narrowed its full-year sales forecast to a range of $63.6 billion to $64.1 billion, from a previous guidance of $63.4 billion to $64.4 billion. 

Merck also lowered its adjusted profit guidance to a range of $7.72 to $7.77 per share, from a previous forecast of $7.94 to $8.04 per share. That updated outlook reflects a one-time charge of 24 cents per share related to business development deals with Curon Biopharmaceutical and Daiichi Sankyo. 

Shares of Merck fell nearly 3% on Thursday.

Here’s what Merck reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $1.57 adjusted vs. $1.50 expected
• Revenue: $16.66 billion vs. $16.46 billion expected

Merck posted net income of $3.16 billion, or $1.24 per share, for the third quarter. That compares with net income of $4.75 billion, or $1.86 per share, during the year-earlier period. 

Excluding acquisition and restructuring costs, Merck earned $1.57 per share for the three-month period. 

The company booked $16.66 billion in revenue for the third quarter, up 4% from the same period a year ago.

The results come as Merck shows substantial progress in preparing for Keytruda’s patent expiration in 2028. The loss of exclusive rights to the medicine will likely cause sales to fall, forcing the company to draw revenue from elsewhere.

Merck has a handful of new deals under its belt and key drug launches that will help it offset those losses. That includes Winrevair, a medication approved in the U.S. in March to treat a progressive and life-threatening lung condition. 

And Capvaxive, a vaccine designed to protect adults from a bacteria known as pneumococcus that can cause serious illnesses and lung infection, was approved in the U.S. in June. 

The company’s pipeline of drugs in late-stage development has nearly tripled over the past roughly three years to more than 20 unique products, Merck CEO Rob Davis said during an earnings call Thursday.

He said that will fuel a significant number of medicine and vaccine launches over the next five years, the majority of which will have “blockbuster-plus potential.” Blockbuster drugs rake in at least $1 billion in annual revenue.

Eli Lilly on Wednesday fell short of profit and revenue expectations for the third quarter, weighed down by disappointing sales of its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro, and slashed its full-year adjusted profit guidance.

The company’s stock tumbled more than 8% on Wednesday.

Eli Lilly now expects full-year adjusted earnings of between $13.02 and $13.52 per share, down from previous guidance of $16.10 to $16.60 per share. The drugmaker cited a $2.8 billion charge recorded during the third quarter and related to its acquisition of bowel disease drugmaker Morphic Holding as denting its results.

Eli Lilly also lowered the high end of its revenue outlook for the year and now expects sales of between $45.4 billion and $46 billion. The company’s previous guidance called for revenue of as much as $46.6 billion.

Here’s what Eli Lilly reported for the period ended Sept. 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $1.18 adjusted vs. $1.47 expected
• Revenue: $11.44 billion vs. $12.11 billion expected

The September period was Zepbound’s third full quarter on the U.S. market after winning approval from regulators nearly a year ago. The weekly injection raked in $1.26 billion in sales for the period, below the $1.76 billion that analysts expected, according to StreetAccount.

Meanwhile, Mounjaro posted $3.11 billion in revenue for the third quarter, more than double what it booked in the same period a year ago. But analysts expected $3.77 billion in sales for the diabetes treatment, according to StreetAccount.

In an interview with CNBC, Eli Lilly CEO David Ricks said the third-quarter performance of Zepbound and Mounjaro “is not a function of supply.” The company said third-quarter sales of the drugs were negatively impacted by inventory decreases among wholesalers.

Supply increases allowed Eli Lilly to fulfill back orders for wholesalers in the second quarter, which led to increased inventory of Zepbound and Mounjaro during the period. Those wholesalers tapped into some of that existing stock in the third quarter instead of buying more from the company, which dampened revenue from both treatments. 

“We did have a lot of inventory going into the quarter. We had a lot less going out in the channel,” Ricks said. He also said underlying demand for Mounjaro and Zepbound remains strong.

Demand in the U.S. has far outpaced supply for Lilly’s incretin drugs, such as Zepbound and Mounjaro, over the last year. Both treatments mimic certain gut hormones to tamp down a person’s appetite and regulate their blood sugar.

The popularity of those injectable drugs has forced both Eli Lilly and Novo Nordisk to invest billions to increase manufacturing capacity for the treatments.

Eli Lilly’s supply woes began to ease earlier this year. As of Wednesday, the Food and Drug Administration’s drug database said all doses of Zepbound and Mounjaro are available in the U.S. after extended shortages. Still, the agency warns that patients may not always be able to immediately fill their prescription for those drugs at a particular pharmacy.

Ricks said the company pushed back plans to advertise and promote Zepbound due to customer service levels. He sad the drugmaker will begin those efforts, which are expected to help drive demand, in November.

“When people go and they can’t get their medicine, they’re very frustrated. They tell us that. So we didn’t want to send more people to do that necessarily,” Ricks said.

Eli Lilly has said it expects incretin drug production in the second half of 2024 to be 50% higher than it was during the same period last year. And Ricks said Wednesday the company expects “even greater” expansions in manufacturing capacity at the end of the year and 2025.

For the third quarter, Ely Lilly recorded net income of $970.3 million, or $1.07 per share, compared with a net loss of $57.4 million, or 6 cents per share, during the third quarter of 2023.

Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $1.18 per share for the most recent quarter.

Revenue was up 20% year over year to $11.44 billion.

The FDA’s decision to remove tirzepatide, the active ingredient in Zepbound and Mounjaro, from its shortage list has drawn fierce opposition from compounding pharmacies that make customized and sometimes cheaper alternatives to Eli Lilly’s branded drugs. Compounding pharmacies are calling for the FDA to reconsider its decision, as both Eli Lilly and Novo Nordisk attempt to crack down on unapproved versions of their top-selling drugs.

Ricks told CNBC the company agrees with the FDA that Zepbound and Mounjaro are no longer in shortage, adding, “We have stock.” He said that compounded versions of Eli Lilly’s branded drugs are not regulated by the FDA, raising questions about their safety and efficacy. 

Biogen on Wednesday reported third-quarter revenue and adjusted earnings that topped expectations while raising its full-year profit guidance, as sales of its breakthrough Alzheimer’s drug, Leqembi, and other new products gain traction. 

Biogen now expects full-year adjusted earnings to come in between $16.10 and $16.60 per share, up from a previous forecast of $15.75 to $16.25 per share. The biotech company still anticipates 2024 sales to decline by a low-single-digit percentage. 

Leqembi, which Biogen shares with the Japanese drugmaker Eisai, became the second drug proven to slow the progression of Alzheimer’s to win approval in the U.S. last summer. The therapy’s launch has been gradual due to bottlenecks related to diagnostic test requirements, regular brain scans and finding neurologists, among other issues. 

Still, uptake of Leqembi has been increasing over the last few quarters. The treatment brought in $67 million in sales for the third quarter, including $39 million from the U.S. 

Wall Street analysts had expected global sales of $50 million for Leqembi, according to estimates compiled by StreetAccount. The drug posted just $10 million in sales last year following its launch. 

It is unclear how many patients are currently taking the drug. Leqembi, along with Biogen’s new rare disease and depression treatments, helped offset a year-over-year decline in revenue for the company’s multiple sclerosis products. 

Here’s what Biogen reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $4.08 adjusted vs. $3.79 expected
• Revenue: $2.47 billion vs. $2.43 billion expected

Biogen booked sales of $2.47 billion for the quarter, which is down around 3% from the year-earlier period. 

The drugmaker posted net income of $388.5 million, or $2.66 per share, for the period ended Sept. 30. That compares with a net loss of $68.1 million, or 47 cents per share, for the same period a year ago. 

Adjusting for one-time items, including certain restructuring charges and costs associated with intangible assets, the company reported earnings of $4.08 per share.

Chipotle Mexican Grill on Tuesday reported mixed quarterly results despite another quarter of higher traffic to its restaurants. 

Shares of the company fell 3% in extended trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: 27 cents adjusted vs. 25 cents expected
• Revenue: $2.79 billion vs. $2.82 billion expected

Chipotle reported third-quarter net income of $378.4 million, or 28 cents per share, up from $313.2 million, or 23 cents per share, a year earlier. 

The company’s food and beverage costs increased during the quarter, in part due to Chipotle’s decision to reemphasize generous portions after social media-fueled backlash over the size of its burrito bowls this summer.

Excluding items, the company earned 27 cents per share.

Net sales climbed 13% to $2.79 billion. 

Same-store sales rose 6%, just shy of StreetAccount estimates of 6.3%. Traffic to restaurants increased 3.3% in the quarter, continuing the chain’s streak of bucking an overall slump in foot traffic across the industry. While many consumers have opted to eat out less, Chipotle has benefited from having a wealthier customer base that is willing to pay more for its burritos and bowls. 

“We’re seeing growth from all income cohorts at present,” interim CEO Scott Boatwright said on CNBC’s “Closing Bell: Overtime” on Tuesday.

While demand was weaker at the start of the third quarter, Boatwright said sales accelerated throughout the period, particularly as Chipotle reintroduced its smoked brisket. The limited-time menu item is currently the most expensive protein, topping even the chain’s steak and beef barbacoa options.

Boatwright, formerly Chipotle’s chief operating officer, stepped in to lead the company after former CEO Brian Niccol departed in late August to pilot Starbucks‘ turnaround. On the company’s conference call on Tuesday, Boatwright reassured investors that the chain’s strategy is not changing despite the leadership shake-up.

“I have worked alongside our talented executive team to craft and evolve our successful strategy, and we will continue to execute against it,” he said.

Digital sales accounted for 34% of the chain’s quarterly food and beverage revenue.

The company opened 86 new locations during the quarter, 73 of which included a “Chipotlane” dedicated to online order pickup.

Chipotle is also investing in new equipment to improve its preparation and cooking. The company plans to roll out new produce slicers to all restaurants by next summer. Chipotle has also added dual-sided grills to 74 restaurants and will announce early next year its strategy to add the equipment to new and existing restaurants.

For the full year, Chipotle reiterated its outlook that same-store sales will grow by a mid- to high-single-digit percentage. The company also anticipates it will open between 285 and 315 new restaurants this year.

Looking to 2025, Chipotle plans to open between 315 and 345 new locations. More than 80% of those restaurants will include a Chipotlane.

Pfizer on Tuesday reported third-quarter revenue and adjusted profit that blew past expectations as the company’s Covid vaccine and antiviral pill Paxlovid helped boost sales.

The pharmaceutical giant also hiked its full-year outlook and now expects to book adjusted earnings per share of $2.75 to $2.95, up from its previous guidance of 2.45 to $2.65 per share. 

Pfizer now expects revenue in a range of $61 billion to $64 billion, up from a previous revenue forecast of between $59.5 billion and $62.5 billion. That includes roughly $5 billion in expected revenue from its Covid vaccine and $5.5 billion from Paxlovid.

The results are a much-needed win for Pfizer CEO Albert Bourla, who is facing new pressure from activist investor Starboard Value. The firm has a roughly $1 billion stake in the pharmaceutical company. 

Still, shares of Pfizer fell more than 2% on Tuesday.

Here’s what the company reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $1.06 adjusted vs. 62 cents expected
• Revenue: $17.7 billion vs. $14.95 billion expected

The company booked third-quarter net income of $4.47 billion, or 78 cents per share. That compares with a net loss of $2.38 billion, or 42 cents per share, during the same period a year ago. Excluding certain items, including restructuring charges and costs associated with intangible assets, the company posted earnings per share of $1.06 for the quarter.

Pfizer reported revenue of $17.7 billion for the third quarter, up 31% from the same period a year ago.

It is a critical quarterly report for Pfizer, which is cutting costs as it works to recover from the rapid decline of its Covid business and share price over the last two years. The drugmaker’s shares are trading at about half of their pandemic-era high, putting the company’s market cap at roughly $163 billion.