Bristol Myers Squibb Posts Lower Q1 Sales As Revlimid Generic Erosion Bites, Chairman & CEO Giovanni Caforio To Step Down

Bristol Myers Squibb & Co BMY said that its Q1 sales of $11.34 billion fell 3% Y/Y due to Revlimid generic erosion and foreign exchange impacts, partially offset by in-line products (primarily Opdivo and Eliquis) and new product portfolio (primarily Opdualag, Abecma and Reblozyl). Analysts estimated sales of $11.50 billion.
When adjusted for foreign exchange, revenues decreased by 1%. Revenues for in-line products and new product portfolio increased 8% to $9.3 billion, or 10% when adjusted for foreign exchange impacts.
Sales of Revlimid fell 37% to $1.75 billion in the quarter.
Sales of its cancer immunotherapy Opdivo rose 15% to $2.2 billion.
Related: Bristol Myers' Flagship Opdivo Shows Long-Term Durable Benefits In Lung Cancer Patients.
New product portfolio worldwide revenues grew to $723 million compared to $350 million a year ago, driven by the launch of Opdualag in March 2022 and higher demand for Abecma and Reblozyl.
The company's adjusted EPS of $2.05 increased 5% Y/Y beating the consensus of $1.97.
Bristol Myers' Giovanni Caforio, Chairman of the Board and CEO, has decided to retire, effective November 1, 2023.
Christopher Boerner, EVP, Chief Commercialization Officer, has been named EVP, Chief Operating Officer, effective immediately, and will succeed Caforio as CEO.
Guidance: Bristol Myers Squibb reaffirms the 2023 adjusted EPS guidance of $7.95 - $8.25 versus the consensus of $8.06.
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 down 1.37% at $67.09 on the last check Thursday.

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