Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

News Spotlights Stocks

Bristol Myers sales fall, cuts 2023 forecast as drugs face competition

post-img

(Reuters) – Drugmaker Bristol Myers (NYSE:BMY) Squibb said on Thursday its second-quarter sales fell more than expected and cut its full-year forecast as two of its top drugs, blood cancer treatment Revlimid and blood thinner Eliquis, face generic competition.

The company now expects 2023 revenue to fall by low single digit percentages, primarily due to lower-than-expected Revlimid sales. It previously forecast a roughly 2% increase in revenue for the year.

Shares of the company fell nearly 3% to $61.55 in premarket trade.

Bristol Myers is in the midst of a leadership change, with CEO Giovanni Caforio expected to step down in November to be succeeded by Chief Operating Officer Christopher Boerner. Boerner will be under pressure to execute on the launch of new products as Revlimid, Eliquis and cancer immunotherapy Opdivo eventually face cheaper competition.

The company also announced plans to buy back $4 billion of its shares in the third quarter.

Revenue in the quarter fell to $11.23 billion from $11.89 billion a year earlier, missing analysts’ average forecast of $11.8 billion.

Revlimid sales were $1.47 billion in the quarter, compared with analyst expectations of $1.67 billion, Bristol said, citing generic erosion as well as an increase in patients receiving free product from the company’s patient assistance foundation. It cut its full year sales forecast for the drug, which began facing generic competition in the U.S. last year, by $1 billion to around $5.5 billion.

Sales of Eliquis, which Bristol Myers shares with Pfizer Inc (NYSE:PFE), were $3.2 billion in the quarter, down 1% from last year, hurt by generic competition in Canada and the UK, and $200 million below analysts’ forecasts.

Opdivo sales were $2.15 billion in the quarter, $150 million short of analyst estimates.

Bristol Myers said it earned $1.75 per share in the quarter, down from $1.93 a year ago and below analyst expectations of $1.96.

It cut its 2023 earnings per share forecast by 60 cents to a range of $7.35 to $7.65 a share. Analysts had expected the company to earn $7.99 a share for the year.

Shares of Bristol Myers closed at $63.41 on Wednesday, down about 12% this year, underperforming the NYSE Arca Pharmaceutical index, which is basically flat on the year.

Related Post