International Courant
The Bristol Myers Squibb Analysis and Growth Heart at Cambridge Crossing in Cambridge, Massachusetts, USA, on Wednesday, December 27, 2023.
Adam Glanzman | Bloomberg | Getty Photos
Bristol Myers Squibb on Thursday, the corporate reported first-quarter income that beat expectations as its blockbuster blood thinner Eliquis and a number of other new medicine posted gross sales progress.
However the pharmaceutical firm suffered quarterly losses as a consequence of one-time prices associated to just lately closed offers. It additionally launched a program to chop $1.5 billion in prices by 2025, and stated it will reinvest the cash in drug improvement.
Bristol Myers stated it can prioritize investments in its key drug manufacturers and focus its assets on, amongst different issues, analysis and improvement packages that may ship the best returns.
For the primary quarter, Bristol Myers stated prices squeezing the enterprise primarily mirror deductibles $14 billion acquisition from neuroscience drugmaker Karuna Therapeutics and Cooperation with SystImmune, a subsidiary of a Chinese language biotech startup, to co-develop and commercialize its experimental most cancers therapy.
These offers come as Bristol Myers is underneath stress to launch new medicine and offset potential income losses from its top-selling therapies. The corporate’s well-liked blood most cancers therapy Revlimid, and ultimately Eliquis and most cancers immunotherapy Opdivo, face competitors from cheaper copycats.
Here is what Bristol Myers Squibb reported for the primary quarter, in comparison with what Wall Avenue anticipated, based mostly on a survey of analysts by LSEG:
Loss per share: $4.40 adjusted vs. $4.44 expectedSales: $11.87 billion vs. $11.46 billion anticipated
Bristol Myers, one of many world’s largest pharmaceutical corporations, posted a internet lack of $11.9 billion, or $5.89 per share, within the first quarter. That compares with internet revenue of $2.3 billion, or $1.07 per share, in the identical interval a 12 months in the past.
Excluding sure gadgets, adjusted loss per share was $4.40 for the interval.
The loss displays a one-time cost of $6.30 per share associated to the just lately closed offers, Bristol Myers stated in a information launch.
Bristol Myers reported first-quarter income of $11.87 billion, up 5% from the identical interval final 12 months.
The corporate reiterated its full-year income steering of low single-digit progress. However Bristol Myers lower its adjusted 2024 earnings forecast to 40 to 70 cents per share to mirror the impression of current offers.
That compares with an earlier forecast of $7.10 to $7.40 per share, which excluded prices associated to the acquisitions of Karuna Therapeutics and radiopharmaceutical firm RayzeBio, together with divestitures and different gadgets.
Eliquis, new medicine after progress
Bristol Myers stated first-quarter income progress was primarily pushed by greater gross sales of Eliquis and a few of its newer medicine.
Eliquis posted income of $3.72 billion this quarter, up 9% from the identical interval final 12 months. Analysts had anticipated Eliquis to generate $3.59 billion in income, in accordance with FactSet estimates.
Eliquis, with which Bristol shares Myers Pfizer, is among the many first 10 medicine dealing with ongoing worth negotiations with the federal Medicare program. The blood thinner is predicted to lose its market exclusivity in 2028.
Anemia drug Reblozyl and superior melanoma therapy Opdualag additionally posted gross sales progress throughout the first quarter.
Reblozyl posted gross sales of $354 million, up 72% from the identical interval final 12 months. Analysts anticipated income of $330.8 million, in accordance with FactSet.
Opdualag generated income of $206 million within the first quarter, up 76% from the identical interval a 12 months in the past. Analysts had anticipated income of $206.5 million, in accordance with FactSet estimates.
The efficiency of different new medicine fell wanting Wall Avenue expectations.
Abecma, a cell remedy for the uncommon blood most cancers known as a number of myeloma, posted gross sales of $82 million this quarter. Analysts anticipated income of $112.6 million, in accordance with FactSet.
The U.S. Meals and Drug Administration expanded that drug’s approval earlier this month, permitting sufferers with a number of myeloma to make use of it as an earlier line of therapy.
In the meantime, Revlimid introduced in $1.67 billion in gross sales, down 5% from the identical interval a 12 months in the past.
Nonetheless, that exceeded analysts’ income expectations of $1.22 billion for the drug, in accordance with FactSet estimates.
Opdivo generated income of $2.07 billion this quarter, down 6% from the primary quarter of 2023. Analysts had anticipated the drug to submit income of $2.3 billion for the interval, in accordance with FactSet estimates.
Bristol Myers Squibb (BMY) Q1 2024 earnings
World Information,Subsequent Massive Factor in Public Knowledg
