Bristol Myers Squibb (BMS; NYSE: BMY) reported a 2% year-on-year contraction in 2023 revenues, excluding foreign exchange effects, totaling $45.0 billion, according to its recently released financial report. The company’s global sales were bolstered by a 4% increase in in-line products, generating $34.3 billion, and a remarkable 76% surge in new products, contributing $3.6 billion. However, these gains were offset by a staggering 34% decline in products facing loss of exclusivity, which fell to $7.1 billion.
The primary factor behind this decline was a significant drop in sales of Revlimid (lenalidomide), BMS’s third-best-selling drug, which experienced a 39% year-on-year decrease to $6.1 billion due to increasing generic competition and medicine donations in the U.S. This downturn overshadowed the growth of key products such as the anticoagulant Eliquis (apixaban), which grew 3% to $12.2 billion, and the checkpoint inhibitor Opdivo (nivolumab), which saw a 10% increase to $9.0 billion.
Domestically, BMS’s revenues slipped 1% to $31.6 billion, while international sales fell 5% to $13.5 billion. Looking ahead, the company anticipates a low single-digit revenue increase for 2024, with new CEO Chris Boerner outlining plans to capitalize on a 1% growth in Q4 2023 by focusing investments and discontinuing lower-priority programs.
Additionally, Chief Commercial Officer Adam Lenkowsky announced plans for the mid-2024 launch of Camzyos (mavacamten), a cardiac myosin inhibitor for hypertrophic cardiomyopathy (HCM), in China and Japan.- Flcube.com
