Pharmaceutical giant Bristol Myers Squibb (BMS; NYSE: BMY) has reported a 6% year-on-year (YOY) increase in revenues for the first quarter of 2024, excluding the impact of foreign exchange, reaching USD 11.9 billion, according to the company’s latest financial report. The U.S. market contributed USD 8.5 billion, marking a 7% YOY growth, while the rest of the world accounted for USD 3.4 billion, with a 5% YOY increase.
The global performance was primarily driven by the strong performance of the anticoagulant Eliquis (apixaban), which rose 9% to USD 3.7 billion, the erythropoietic aid Reblozyl (luspatercept), which saw a significant increase of 72% to USD 354 million, and the melanoma treatment Opdualag (nivolumab + relatlimab), which jumped 76% to USD 206 million. However, these gains were partially offset by declining sales of the anti-PD-1 biologic Opdivo (nivolumab) and the multiple myeloma (MM) treatment Revlimid (lenalidomide), which slid 2% and 4% to USD 2.1 billion and USD 1.7 billion, respectively.
The most notable decline was experienced by the CAR-T therapy Abecma (idecabtagene vicleucel), which collapsed 44% to USD 82 million. CEO Chris Boerner addressed this during a conference call, stating the company’s objective to return Abecma to growth by targeting a larger patient population.
BMS CFO David Elkins also discussed the company’s productivity initiative, which aims to generate savings of approximately USD 1.5 billion by the end of 2025. The initiative includes discontinuing and externalizing several clinical programs, eliminating open positions, and reducing headcount.- Flcube.com
