Bristol-Myers Squibb yesterday reported its Q2 2018 financial results, which have not convinced analysts and investors, indeed shares have declined by over 1.5%, despite revenues have increased by 11% ($5.75m), with a 71% gross margin. Opdivo is still the group’s blockbuster with $1.63bn sales (+36%). Eliquis has significantly contributed to the results too, with a 40% sales increase ($1.65bn). Positive clinical results came from Orencia (arthritis), with +9%, and Empliciti with +16%. On the minus side, sales of Sustiva and Reyataz were down respectively 61% and 38%. The main concern for the financial community is the 60% drop in operating income, to $373m, due to payments to Nektar Therapeutics.