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2024-04-25 19:56
Shares of Bristol-Myers Squibb dipped in the premarket Thursday even as the company’s Q1 2024 results exceeded expectations amid headwinds to key components in its growth portfolio dominated by its cancer therapy Opdivo.
The Princeton, New Jersey-based pharma giant reported $11.8B in revenue for the quarter with ~5% YoY growth as its multiple myeloma therapy Revlimid, facing generic competition, exceeded expectations, adding $1.7B to the topline.
Revenue from Revlimid continued to drop with a ~5% YoY decline in Q1, even as its contribution to BMY’s topline exceeded $1.2B projected by analysts, according to Bloomberg data.
However, Opdivo, an anti-PD-1 immunotherapy rivaling Merck’s (MRK) Keytruda, fell short of consensus, adding $2.0B with a ~6% YoY drop. Abecma, a CAR-T cell therapy that BMY markets with 2seventy bio (TSVT), brought $82M, indicating a ~44% YoY decline.
Meanwhile, Bristol-Myers’ (NYSE:BMY) blood thinner Eliquis, marketed with Pfizer (PFE), topped consensus, adding $3.7B to the topline with ~9% YoY growth.
However, the company has swung to a loss in Q1 with a negative $5.89 earnings per share, driven by a one-time charge of $6.30 related to recently closed transactions such as the acquisition of schizophrenia drug developer Karuna Therapeutics.
Citing $6.73 of total impact from such deals, BMY lowered its full-year outlook for non-GAAP EPS to $0.40–$0.70 from $7.10–$7.40 in the prior forecast, in line with $0.66 in the consensus. Bristol-Myers (BMY) reaffirmed its 2024 full-year revenue outlook to suggest a low single-digit growth for the top line.