Bristol-Myers Squibb (BMS; NYSE: BMY) has announced its financial results for the second quarter of 2024, with global sales increasing by 11% year-on-year to $12.2 billion, based on constant exchange rates. The growth was driven in part by the company’s ‘growth portfolio,’ which includes a dozen newer drugs that saw an 18% rise in sales to $5.1 billion. Key performers were the PD-1 inhibitor Opdivo (nivolumab), with a 16% year-on-year increase in sales to $2.387 billion, and the arthritis treatment Orencia (abatacept), which grew by 6% year-on-year to $742 million. Additionally, the established blood thinner Eliquis (apixaban) contributed significantly to the sales growth, with a 7% increase to $2.54 billion.
In a significant financial move, BMS reported a 28% increase in research and development expenses, totaling $2.9 billion for the quarter. This surge was primarily due to an impairment charge associated with the discontinuation of the development of alnuctamab, a bispecific engager targeting BCMA and CD3. Acquired through BMS’s acquisition of Celgene, alnuctamab was previously slated to enter a Phase III trial for relapsed or refractory multiple myeloma, as indicated by a listing on clinicaltrials.gov in January. However, the trial’s registration was withdrawn in May, citing shifts in business strategy, and the impairment charge in the recent financial report confirms that the asset has been fully impaired and development has ceased.- Flcube.com
