By Michael Erman
(Reuters) -Bristol Myers Squibb beat Wall Avenue estimates for third-quarter income on Thursday, as sturdy progress of its most cancers immunotherapy and blood thinner Eliquis helped the drugmaker overcome a success from generic competitors for a number of older medication.
Shares of the corporate have been up 2% in premarket buying and selling.
Bristol Myers additionally raised its full-year income forecast, reflecting optimism that its portfolio of just lately launched medication will plug a multibillion-dollar income hole from patent expirations that open a number of best-selling medication to competitors. CEO Christopher Boerner has additionally aggressively pursued acquisitions and partnerships to fill Bristol Myers’ pipeline.
For the third quarter, Bristol Myers posted income of $12.22 billion, beating analysts’ common estimate of $11.8 billion, in keeping with knowledge compiled by LSEG.
On an adjusted foundation, the corporate earned $1.63 per share, in contrast with estimates of $1.51 per share.
Gross sales of its prime most cancers immunotherapy, Opdivo, rose 7% to $2.53 billion, and the newer subcutaneously injected model of the drug added one other $67 million. That compares with analyst expectations of $2.2 billion.
Bristol Myers Chief Commercialization Officer Adam Lenkowsky mentioned in an interview the corporate nonetheless expects to transform 30% to 40% of its Opdivo gross sales to the subcutaneous model earlier than the drug’s patent expires.
Gross sales of blood thinner Eliquis, which Bristol Myers shares with Pfizer, jumped 25% to $3.75 billion, in contrast with Wall Avenue estimates of $3.4 billion.
Income from the corporate’s “progress portfolio,” which incorporates Opdivo and new merchandise like coronary heart drug Camzyos, rose 18% to $6.9 billion, serving to to offset a 59% plunge in gross sales of blood most cancers remedy Revlimid, its one-time top-selling drug, to $575 million.
Bristol Myers now expects full-year earnings within the vary of $47.5 billion to $48 billion, up from its earlier forecast of $46.5 billion to $47.5 billion.
Bristol has been contending with a steep income decline from Revlimid, which raked in almost $13 billion in 2021 however solely $5.8 billion final yr resulting from generic competitors. A few of its different most cancers medication similar to Pomalyst, Sprycel and Abraxane are contending with the identical problem.
The corporate can also be underneath strain from the Trump administration to decrease drug costs. President Donald Trump has unveiled offers in latest weeks with Pfizer Inc and UK-based drugmaker AstraZeneca underneath which the businesses will promote some medicines at a reduction to Medicaid, the federal government well being plan for low-income folks, in change for tariff reduction.
