Bristol Myers Squibb Surges with Strong Sales from Top Brands
Bristol Myers Squibb outperformed expectations in the second quarter, with boosted sales from key brands Eliquis, Opdivo, and Revlimid. Despite patent challenges, revenue rose 1% to $12.3 billion, surpassing analyst predictions. The firm updated its full-year revenue forecast and anticipates stable future sales, particularly for Revlimid.
Bristol Myers Squibb defied market predictions, reporting second-quarter earnings buoyed by top-selling products Eliquis, Opdivo, and Revlimid. Shares climbed over 2% in premarket trading as the company posted revenue of $12.3 billion, exceeding the expected $11.4 billion.
Despite the setback from patent expirations impacting drugs like Revlimid, revenue saw an uptick. Eliquis joint sales with Pfizer hit $3.7 billion, and Opdivo garnered $2.6 billion, both surpassing forecasts. Revlimid sales decreased 38% yet outdid estimates by $300 million, signaling a less severe decline than anticipated.
Chief Commercialization Officer Adam Lenkowsky reported that Revlimid's resilience should lead to $3 billion in 2025 sales, up from earlier projections. The drugmaker has raised its annual revenue outlook, projecting $46.5 billion to $47.5 billion, and adjusted its earnings forecast, factoring in the BioNTech development charge.
(With inputs from agencies.)
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