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Bristol-Myers Squibb Raises Dividend by 9%

Bristol-Myers Squibb Co. (BMY) is a commercial-stage life sciences company focused on treatments for solid tumors, hematology, immunology and cardiovascular markets.

The company’s pipeline includes several blockbuster drugs, including Revlimid, Eliquis and Opdivo – its three largest revenue generators during the third quarter of 2020. The fastest-growing drug in its pipeline was Yervoy, a monoclonal antibody, which experienced a 26% increase in sales to $400 million during the quarter.

In addition to its commercial drugs, the company has a diverse pipeline with numerous upcoming launches to drive future growth. These drug candidates are spread across oncology, hematology, cardiovascular, immunology, fibrosis and neuroscience.

Buffett Builds a Stake

Bristol-Myers Squibb reported third-quarter revenue that rose by six percent to $10.54 billion, beating consensus estimates by $210 million, and non-GAAP earnings of $1.63 per share, beating consensus estimates by 14 cents per share.

Warren Buffett’s Berkshire Hathaway purchased about 30 million shares of Bristol-Myers Squibb, according to its latest 13F SEC filing.

BMY raised its quarterly dividend by 8.9% to $0.49 per share following the strong financial results, which represents a 3.26% forward yield. The dividend is payable on February 1, 2021, to shareholders on record as of January 4, 2021.

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