Bristol Myers Squibb (BMS) has published its second quarter (Q2) earnings, with revenue for the quarter up by 16% from last year as the company’s strong performance beat expectations.
In Q2, BMS’ revenue came in at $11.7bn, a 16% increase on the same period last year, which had been negatively impacted by the COVID-19 pandemic.
“While COVID recovery dynamics as well as approximately $40 million in US inventory build contributed this quarter’s growth, the brand’s performance was largely driven by strong demand for both our core and our newly launched indications,” said David Elkins, chief financial officer of BMS.
In the US, revenues were up by 14% to $7.4bn, while international revenues increased by 18% to $4.3bn in Q2. Earnings per share (EPS) were $1.93 in the quarter, beating analyst expectations of $1.88.
Bringing in the most sales in the quarter was multiple myeloma drug Revlimid, which was up by 11% from the previous quarter, bringing in $3.2bn. Blood thinner Eliquis also performed strongly, with BMS reporting a 29% increase in the quarter to $2.7bn.
Sales of its oncology drugs Opdivo and Yervoy also increased on the same period last year, up by 16% and 38%, respectively.
“We delivered a strong quarter across each of our four therapeutic areas, including building momentum for our new product portfolio and Opdivo returning to growth,” said Giovanni Caforio, board chair and chief executive officer, BMS.
“We achieved significant clinical and regulatory milestones reflecting the hard work and dedication of our team, who together have built a portfolio of best-in-class medicines to meet the needs of patients with serious diseases.
“As we move forward, we remain focused on driving inline product performance, progressing our new launches and advancing pipeline opportunities. Our robust and diverse pipeline combined with our clinical and commercial execution strengthen our confidence in our ability to renew the portfolio and achieve sustained growth,” she added.