Amid layoffs and a hit to earnings, Bristol’s new CEO shares his vision for the future

Christopher Boerner, 53, took over as the chief executive officer of Bristol Myers Squibb last November, and immediately made a big move: a series of three acquisitions totaling $24 billion that would give BMS a new schizophrenia drug, a targeted cancer medicine, and radiopharmaceuticals used to treat cancer.

On Thursday, Bristol released first quarter earnings and showed the price for those acquisitions. Annual sales for the quarter were $11.9 billion, a 6% increase from last year adjusted for foreign exchange rates. Its quarterly loss was negatively impacted by costs from the deals, coming in at $5.89 per share according to generally accepted accounting principles, or $4.40 per share, on an adjusted basis.

Analysts polled by Visible Alpha were expecting an adjusted loss of $3.43 per share on total sales of $11.4 billion, meaning product sales did well but the deals hurt earnings more than expected.

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