The company also issued a 2025 guidance that fell short of expectations, as some of the company's older drugs face competition from cheaper generics.

Drugmaker Bristol Myers Squibb has been a standout among its big pharma peers over the past six months, scoring a share-price gain of more than 20%, while most of the group has been flat or down. Financial results the company reported early Thursday seem to validate that recent performance,

Bristol Myers Squibb reported strong fourth-quarter earnings but its outlook for 2025 failed to meet expectations.

Welcome to the Bristol Myers Squibb fourth quarter 2024 earnings conference call. [Operator instructions] Please note this event is being recorded. I would now like to turn the conference over to Chuck Triano,

Shares of Bristol Myers Squibb Co. BMY shed 3.84% to $57.42 Thursday, on what proved to be an all-around mixed trading session for the stock market, with the S&P 500 Index SPX rising 0.36% to 6,083.57 and the Dow Jones Industrial Average DJIA falling 0.28% to 44,747.63.

Bristol-Myers Squibb (SMY) stock falls as its Q4 2024 results beat Street forecasts, but its 2025 outlook fell short of consensus. Read more here.

BMS is not the only U.S. pharma giant making massive cuts. Last year, Pfizer revealed a similar plan to reduce $1.5 billion in costs through 2027. That initiative came after the company began executing a plan to reduce costs by $4 billion.

The move comes less than a year after the company attempted to save $1.5 billion through the layoff of some 2,200 employees.