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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