Pharmaceutical company, drug maker Bristol Myers Squibb on Friday posted slightly higher-than-expected first-quarter earnings thanks to increased sales of its blood-thinning drug Eliquis and cancer drug Opdivo, but said it no longer expects sales growth in 2022 because of stiff generic competition overseas.
Revenues for in-line products in the first quarter were $8.3 billion compared to $7.7 billion in the prior year period, representing an increase of 8%. In-line products revenue was largely driven by:
- Eliquis revenues, which grew 11% compared to the prior year period. U.S. revenues were $2.1 billion compared to $1.9 billion in the prior year period, representing an increase of 12% driven 5 by higher volume. International revenues were $1.1 billion compared to $963 million in the prior year period, representing an increase of 10% driven by higher demand, partially offset by foreign exchange.
- Opdivo revenues increased 12% compared to the prior year period. U.S. revenues were $1.1 billion compared to $944 million in the prior year period, representing an increase of 16% driven by higher demand across multiple indications including the Opdivo+Yervoy based combinations for non-small cell lung cancer (NSCLC), Opdivo+Cabometyx® combination for kidney cancer, and Opdivo-based therapies for various gastric and esophageal cancers, partially offset by declining second-line eligibility across tumor and increased competition. International revenues were $824 million compared to $776 million, representing an increase of 6% driven by higher demand as a result of launches for additional indications and core indications, partially offset by foreign exchange.
New Product Portfolio
New product portfolio revenues grew to $350 million compared to $161 million to the prior year period, driven by higher demand primarily relating to Abecma, Breyanzi and Reblozyl.
Recent LOE Products
- Revlimid revenues declined by 5% compared to the prior year period. U.S. revenues increased 4% to $2.0 billion as compared to the prior year period driven by higher volume. International revenues were $759 million compared to $986 million in the prior year period, representing a decrease of 23% driven by generic erosion across several EU countries and Canada and foreign exchange.
- Abraxane revenues declined 32% compared to the prior year period. U.S. revenues were $173 million compared to $225 million in the prior year period, representing a 23% decline driven by lower demand, primarily due to manufacturing delays.
Giovanni Caforio, M.D., board chair and chief executive officer, Bristol Myers Squibb, said:
We continue to execute against our strategic priorities, deliver solid revenue and earnings growth and advance our product pipeline. Thanks to our team’s hard work and dedication, we achieved regulatory approvals of Opdualag and Camzyos, ournew first-in-class medicines for patients living with metastatic melanoma and symptomatic obstructive hypertrophic cardiomyopathy, respectively. These milestone achievements, combined with our promising product pipeline and strong financial flexibility, provide a solid foundation that will enable us to deliver sustained growth and long-term benefits for our patients.
The company also noted that Bristol’s responsibility goes far beyond the discovery, development and production of innovative medicines. The evolving environmental, social and governance (ESG) strategy builds on a legacy of comprehensive and global sustainability efforts.