Bristol Myers Squibb's Revlimid Sales Plunge 41%, but Opdivo and Eliquis Boost Q3, Stock Dips

Bristol Myers Squibb & Co BMY said that its Q3 revenues of $10.966 billion declined 2% Y/Y, or 3% when adjusted for foreign exchange, due to lower sales of Revlimid, partially offset by in-line products and its new product portfolio. Analysts estimated sales of $10.965 billion. 

U.S. revenues decreased 4% to $7.6 billion primarily due to lower sales of Revlimid resulting from generic erosion and an increase in the number of patients receiving free drug product for Revlimid, and to a lesser extent Pomalyst, from the Bristol Myers Squibb Patient Assistance Foundation.

Sales of Revlimid fell 41% to $1.43 billion in the quarter. Sales of its cancer immunotherapy Opdivo rose 11% to $2.28 billion.

Sales of Eliquis were $2.71 billion, up 2% from last year. New product portfolio worldwide revenues grew to $928 million compared to $553 million a year ago.

The company's adjusted EPS of $2.00 increased 1% Y/Y, beating the consensus of $1.76.

Guidance: Bristol Myers Squibb reiterated its expectations of FY23 revenue to fall by low single-digit percentages, primarily due to lower-than-expected Revlimid sales. 

The company forecasts adjusted EPS of $7.50 - $7.65 (prior $7.35-$7.65) vs. consensus $7.36.

Revenues from Revlimid will likely be approximately $6.0 billion (prior $5.5 billion).

Price Action: BMY shares are down 4.79% at $53.90 premarket on the last check Thursday.