Bristol-Myers Squibb Reports Strong Q3 Performance

Bristol-Myers Squibb (NYSE:BMY) (BMS) has reported significant growth in its third-quarter earnings, with a notable 20% increase in growth portfolio revenues, which now account for approximately half of the total revenues. The company's disciplined expense management and solid demand across its product portfolios were key contributors to this performance.

Key Highlights

• BMS's growth portfolio revenues increased by 20%, now representing about half of total revenues.
• FDA approvals and positive advancements in oncology have bolstered the company's product offerings.
• BMS acquired Karuna Therapeutics (NASDAQ:KRTX) to enhance long-term growth, with ongoing trials in schizophrenia and Alzheimer's.
• The company is on track to achieve $1.5 billion in cost savings and aims to reduce $10 billion in debt by mid-2026.
• Revenue guidance and non-GAAP EPS for the full year were raised due to strong year-to-date results.
• Cobenfy is expected to ramp up sales in 2025, targeting 80-85% access within a year.
• Three Phase 3 studies planned for 2024 and Phase 1 data for CD19 NEX-T cell therapy will be presented soon.

Company Outlook

• Anticipates FDA approval for a subcutaneous formulation of nivolumab by the end of 2024, projecting a 5% revenue increase in 2024, with Revlimid sales expected at $5.5 billion.
• The non-GAAP EPS guidance was raised to a range of $0.75 to $0.95.

Challenges

• Facing challenges from generic competition on drugs like Sprycel and Pomalyst.
• Sotyktu's performance has been slow but market access has improved significantly.

Demand Growth

• Demand and double-digit growth reported for key products like Eliquis and Camzyos, with Reblozyl sales growing 81%.
• Inventory reversal impacted brands like Opdivo and Opdualag, while Milvexian trial has increased sample size due to lower-than-expected event rates.

Future Plans

• Expected mandatory coverage determinations for Cobenfy in Q1 2025.
• Positive feedback from payers post-approval for new drugs, and plans are in place for further studies.

In summary, Bristol-Myers Squibb showcases strong growth, innovative pipeline advances, and strategic financial management, positioning itself for future success in the pharmaceutical industry.