By Michael Erman<\/p>\n
(Reuters) -Bristol Myers Squibb beat Wall Street estimates for third-quarter revenue on Thursday, as strong growth of its cancer immunotherapy and blood thinner Eliquis helped the drugmaker overcome a hit from generic competition for several older drugs.<\/p>\n
Shares of the company were up 2% in premarket trading.<\/p>\n
Bristol Myers also raised its full-year revenue forecast, reflecting optimism that its portfolio of recently launched drugs will plug a multibillion-dollar revenue gap from patent expirations that open several best-selling drugs to competition. CEO Christopher Boerner has also aggressively pursued acquisitions and partnerships to fill Bristol Myers’ pipeline.<\/p>\n
For the third quarter, Bristol Myers posted revenue of $12.22 billion, beating analysts’ average estimate of $11.8 billion, according to data compiled by LSEG.<\/p>\n
On an adjusted basis, the company earned $1.63 per share, compared with estimates of $1.51 per share.<\/p>\n
Sales of its top cancer immunotherapy, Opdivo, rose 7% to $2.53 billion, and the newer subcutaneously injected version of the drug added another $67 million. That compares with analyst expectations of $2.2 billion.<\/p>\n
Bristol Myers Chief Commercialization Officer Adam Lenkowsky said in an interview the company still expects to convert 30% to 40% of its Opdivo sales to the subcutaneous version before the drug’s patent expires.<\/p>\n
Sales of blood thinner Eliquis, which Bristol Myers shares with Pfizer, jumped 25% to $3.75 billion, compared with Wall Street estimates of $3.4 billion.<\/p>\n
Revenue from the company’s “growth portfolio,” which includes Opdivo and new products like heart drug Camzyos, rose 18% to $6.9 billion, helping to offset a 59% plunge in sales of blood cancer treatment Revlimid, its one-time top-selling drug, to $575 million.<\/p>\n
Bristol Myers now expects full-year earnings in the range of $47.5 billion to $48 billion, up from its previous forecast of $46.5 billion to $47.5 billion.<\/p>\n
Bristol has been contending with a steep revenue decline from Revlimid, which raked in nearly $13 billion in 2021 but only $5.8 billion last year due to generic competition. Some of its other cancer drugs such as Pomalyst, Sprycel and Abraxane are contending with the same issue.<\/p>\n
The company is also under pressure from the Trump administration to lower drug prices. President Donald Trump has unveiled deals in recent weeks with Pfizer Inc and UK-based drugmaker AstraZeneca under which the companies will sell some medicines at a discount to Medicaid, the government health plan for low-income people, in exchange for tariff relief.<\/p>\n","protected":false},"excerpt":{"rendered":"By Michael Erman (Reuters) -Bristol Myers Squibb beat Wall Street estimates for third-quarter revenue on Thursday, as strong…\n","protected":false},"author":2,"featured_media":537564,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8818],"tags":[173646,381,23890,748,140091,393,173644,4884,173645,173642,16,15,173643],"class_list":{"0":"post-537563","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bristol","8":"tag-blood-thinner-eliquis","9":"tag-bristol","10":"tag-bristol-myers-squibb","11":"tag-britain","12":"tag-cancer-immunotherapy","13":"tag-england","14":"tag-generic-competition","15":"tag-great-britain","16":"tag-opdivo","17":"tag-revenue-decline","18":"tag-uk","19":"tag-united-kingdom","20":"tag-wall-street-estimates"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115463061851087125","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/537563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=537563"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/537563\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/537564"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=537563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=537563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=537563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}