The Bristol Myers Squibb analysis and improvement heart at Cambridge Crossing in Cambridge, Massachusetts, US, on Wednesday, Dec. 27, 2023.
Adam Glanzman | Bloomberg | Getty Photographs
Bristol Myers Squibb on Thursday reported third-quarter earnings and income that blew previous Wall Avenue’s expectations due to its blockbuster blood thinner Eliquis and a portfolio of medication it expects to ship long-term development.
The pharmaceutical large additionally raised its full-year income steering for the yr, anticipating gross sales to extend by round 5%. Bristol Myers beforehand mentioned it projected gross sales to rise within the “higher finish” of the low single-digit vary.
The corporate additionally raised its 2024 adjusted earnings steering to 75 cents to 95 cents per share, up from a earlier forecast of 60 cents to 90 cents per share.
The outcomes come as Bristol Myers strikes to reduce $1.5 billion in prices by the top of 2025 and funnel that cash into key drug manufacturers and analysis and improvement applications. The corporate in April mentioned that can contain shedding greater than 2,000 staff, culling some drug applications and consolidating its websites, amongst different efforts.
Shares of the corporate rose greater than 4% on Thursday.
Here’s what Bristol Myers reported for the third quarter in contrast with what Wall Avenue was anticipating, primarily based on a survey of analysts by LSEG:
- Earnings per share: $1.80 adjusted vs. $1.49 anticipated
- Income: $11.89 billion vs. $11.28 billion anticipated
Bristol Myers posted web revenue of $1.21 billion, or 60 cents per share, for the third quarter. That compares with web revenue of $1.93 billion, or 93 cents per share, for the year-earlier interval.
Excluding sure gadgets, it reported adjusted earnings per share of $1.80 for the quarter.
The pharmaceutical large’s income rose 8% from the identical interval a yr in the past to $11.89 billion.
The rise got here from Eliquis and the corporate’s so-called Progress Portfolio of medicine, which features a most cancers drug referred to as Opdivo. However income was partially offset by leukemia therapy Sprycel, which is dealing with generic competitors because of its lack of exclusivity.
The corporate is getting ready to offset the loss in income from top-selling remedies slated to lose exclusivity available on the market, together with Eliquis, Opdivo and Revlimid, a blood most cancers therapy.
Gross sales of Eliquis might additionally take successful in 2026, when a brand new worth for the drug goes into impact for sure Medicare sufferers following negotiations with the federal authorities. The primary spherical of these worth talks, a key provision of President Joe Biden‘s Inflation Discount Act, wrapped up in the summertime.
Notably, the Meals and Drug Administration accredited Bristol Myers Squibb’s extremely anticipated schizophrenia drug Cobenfy through the quarter. It’s the first novel kind of therapy for the debilitating, continual psychological dysfunction in additional than seven many years.
Eliquis, new medication put up development
Eliquis booked $3 billion in gross sales for the quarter, up 11% from the year-ago interval. That was above the $2.84 billion that analysts have been anticipating, in keeping with estimates compiled by StreetAccount.
The blood thinner, which Bristol Myers shares with Pfizer, is predicted to lose market exclusivity by 2028.
Revlimid took in $1.41 billion in gross sales, down 1% from the identical interval a yr in the past. That surpassed analysts’ income expectations of $1.11 billion for the therapy, in keeping with StreetAccount.
Income from the corporate’s Progress Portfolio was $5.8 billion for the third quarter, up 18% from the year-earlier interval.
That was pushed partly by greater demand for anemia drug Reblozyl, which raked in $447 million within the third quarter, up 80% from the identical interval a yr in the past. Analysts surveyed by FactSet had anticipated that therapy to usher in $435 million in income.
Superior melanoma therapy Opdualag, lymphoma therapy Breyanzi and Camzyos, a drug for a sure coronary heart circumstances, additionally helped gasoline the Progress Portfolio’s income through the third quarter, in keeping with the corporate.
Breyanzi and Camzyos posted gross sales above analysts’ expectations, whereas Opdualag fell in need of estimates, in keeping with StreetAccount.
Opdivo introduced in $2.36 billion in income for the third quarter, up 4% from the year-earlier interval. That fell underneath analysts’ estimate of $2.41 billion for the quarter, StreetAccount mentioned.
In the meantime, Abecma, a cell remedy for a uncommon blood most cancers referred to as a number of myeloma, drew $124 million in gross sales for the quarter. Analysts had anticipated $110 million in income.
