Revlimid Generic Competition Hurts Bristol Myers' Q4 Earnings, Issues Annual Outlook Within Expected Range

Bristol Myers Squibb & Co BMY said that its Q4 sales of $11.41 billion fell 5% Y/Y as generic competition impacted sales of its blockbuster cancer drug Revlimid in the U.S. and foreign exchange impacts, partially offset by in-line products (primarily Opdivo) and new product portfolio (primarily Opdualag and Abecma). Analysts estimated Q4 sales of $11.20 billion.
Sales of Revlimid fell 32% to $2.3 billion in the quarter.
Sales of its cancer immunotherapy Opdivo rose 11% to $2.2 billion.
The company's adjusted EPS of $1.82 declined 1% Y/Y beating the consensus of $1.72.
Related: UK Study Finds Pfizer/Bristol Myers Clotting Drug Does Not Help COVID-19 Patients.
"With a younger and more diversified portfolio, promising mid-to-late stage registrational assets, and a deep early-stage pipeline, I am confident that the company is well positioned for multiple waves of innovation that will support long-term growth," said Giovanni Caforio, board chair & CEO.
Guidance: Bristol Myers Squibb forecasts 2023 adjusted EPS of $7.95 - $8.25 versus the consensus of $8.
The company expects revenue to increase by approximately 2% at reported rates and approximately 2%, excluding foreign exchange.
Revenues from Revlimid are expected to be approximately $6.5 billion, down from $9.9 billion in 2022.
Price Action: BMY shares are up 1.15% at $72.05 during the premarket session on the last check Thursday.