Bristol Myers Squibb (BMS; NYSE: BMY) reported a 3% year-on-year (YOY) revenue decline, excluding foreign exchange impact, to USD 11.0 billion for Q3 2023, as detailed in the company’s recently released financial report. The downturn was primarily attributed to a significant 41% YOY drop in sales of the multiple myeloma (MM) drug Revlimid (lenalidomide), impacted by generic competition and charitable product donations in the United States.
Performance of Top-selling Drugs
Despite the overall decline, certain key drugs performed well during the quarter. Eliquis (apixaban), an anticoagulant, generated USD 2.7 billion in revenue, albeit with minimal YOY growth. The anti-PD-1 biologic Opdivo (nivolumab) saw an 11% increase, bringing in USD 2.3 billion. Revlimid, despite its sales drop, still contributed USD 1.4 billion to the company’s revenue.
Regional Market Analysis
The US market experienced a 4% YOY decrease, falling to USD 7.6 billion, a decline that was not offset by the modest 1% growth in the rest of the world, which reached USD 3.3 billion.
CEO’s Remarks and Strategic Moves
During the conference call, outgoing CEO Giovanni Caforio highlighted the 7% growth of the company’s in-line and new product portfolio, celebrating the diversified business model and the strengthening of long-term prospects. A significant strategic move was the acquisition of Mirati Therapeutics (NASDAQ: MRTX) earlier in the month, which is expected to bolster BMS’s product pipeline and market position.-Fineline Info & Tech
