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Bristol-Myers Squibb’s revenues rise on Celgene acquisition

Sales of immunotherapy Opdivo decreased due to COVID-19 impact


Bristol-Myers Squibb has posted better-than-expected results in the second quarter of the year, with shares in the company climbing as much as 5.5%.

In the second quarter, BMS reported revenues of $10.1bn, an increase of 61% on the same period as last year. The increase, said BMS, was primarily driven by the impact products gained from its acquisition of Celgene, which completed in November 2019.

In the US, revenues climbed 77% to $6.5bn in the quarter, while international sales increased 40% to $3.6bn. In addition to revenue increases, BMS also reported an increase in marketing, selling, administrative and research and development as a result of the Celgene acquisition.

The positive quarterly results build on BMS’ key patent challenge victory on Wednesday for its blood thinner Eliquis (apixaban). In the ruling, a federal judge announced that products manufactured by Sigmapharm Laboratories, Sunshine Lake Pharma and Unichem Laboratories infringed on patents protecting BMS’ drug.

"While subject to appeal, at present the generic manufacturers currently involved in the case cannot launch their apixaban products until 2031," BMS said in a statement on Wednesday 5 August.

"Based on settlement agreements reached with other generic manufacturers, we currently expect generic entry could occur after 2026 but before 2031, subject to appeals and future challenges," the company added.

Eliquis was the second biggest seller in the second quarter, bringing in $4.8bn. BMS’ biggest seller was its multiple myeloma therapy Revlimid (lenalidomide), which it added to its portfolio following the Celgene acquisition. The drug brought in revenues of $5.8bn in the quarter thanks to continuing strong performance in world markets.

One concerning caveat among the otherwise positive results was the decrease in sales for BMS’ immunotherapy Opdivo, which slipped 9% from the same period last year to $1.7bn.

“With respect to COVID, we saw some demand pressures due to patient access to hospitals and infusion centres, which we estimate to be in the low to single mid digits. We're starting to see recovery signals with patients ability to access centres,” said David Elkins, BMS’ executive vice president and chief financial officer, in an earnings call on Thursday 6 August.

BMS has raised its full-year adjusted earnings target from $6-$6.20 per share to $6.10-$6.25 per share, assuming that the peak impact of COVID-19 on the business occurred in the second quarter, with a return to a “more stable business environment” from the third quarter.

Article by
Lucy Parsons

7th August 2020

From: Research



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