Strong sales of blood thinner Eliquis and newer drugs Camzyos and Reblozyl pushed second-quarter revenue to $12.97 billion, above analyst estimates
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Bristol Myers Squibb $BMY raised its full-year revenue forecast on Thursday, with better-than-expected second-quarter results fueled by the blood thinner Eliquis alongside newer additions to its portfolio — heart drug Camzyos and anemia treatment Reblozyl.
The Princeton, New Jersey-based drugmaker reported second-quarter revenue of $12.97 billion, up 6% from the same period a year earlier. Adjusted earnings came in at $2.04 per share. Analysts had expected revenue of $11.75 billion and adjusted earnings of $1.59 per share, according to Reuters.
The company lifted its full-year revenue guidance to a range of approximately $49 billion to $50 billion, up from a prior range of approximately $46 billion to $47.5 billion, the company said. The company also updated its adjusted earnings-per-share target to between $6.75 and $7.00, stepping up from the prior guidance band of $6.05 to $6.35.
Eliquis, which Bristol Myers shares with Pfizer $PFE, brought in $4.48 billion in the quarter, up 22%. For the full year, Bristol Myers now expects Eliquis sales to grow between 20% and 25%, more than doubling the 10% to 15% growth it had previously projected. Chief Commercialization Officer Adam Lenkowsky said Eliquis' share of new U.S. prescriptions is approaching 80%, according to Reuters.
The company's growth portfolio — comprised primarily of medicines early in their product lifecycles — posted 15% revenue growth in the quarter to $7.6 billion, the company said. Reblozyl generated $735 million in quarterly sales, Camzyos brought in $416 million, and cancer cell therapy Breyanzi produced $484 million.
"We now have nine products that were growing double digits, and these are all medicines that are early in their life cycle," Adam Lenkowsky said.
The drugmaker has been navigating pressure on its older product lineup, where patent expirations have opened the door to generic rivals. Revlimid, once Bristol Myers' best-selling drug and a cornerstone of its blood cancer franchise, saw sales drop 49% to $425 million in the quarter.
Cancer immunotherapy Opdivo saw revenue slip 3% to $2.49 billion. The company is steering patients toward Opdivo Qvantig, a formulation delivered under the skin rather than intravenously, and said that roughly 15% of patients have already made the switch. Qvantig recorded $261 million in sales for the quarter, the company said.
Bristol Myers stock rose as much as 2.5% in premarket trading on Thursday.
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