Bristol-Myers Squibb reported a first-quarter loss, with adjusted EPS at a loss of $4.40 against an estimated loss of $4.44. The company's revenue surpassed expectations at $11.87 billion, compared to the forecasted $11.45 billion. Despite this, shares of Bristol-Myers Squibb fell nearly 8% due to sluggish sales of some newer drugs and charges related to recent acquisitions of Karuna Therapeutics, RayzeBio, and Mirati Therapeutics. The company also announced a $1.5 billion cost-cutting initiative and now sees the year's adjusted EPS between 40 cents and 70 cents. The current market cap stands at $99.03 billion.