BMS Reports $836 Million in CAR-T Therapy Revenue for 2023, Driven by Abecma and Breyanzi

Feb 03, 2024 11:09 CST Updated 11:09

Bristol-Myers Squibb

Biopharmaceutical and Nutritional Product R&D and Sales

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Recently, Bristol-Myers Squibb (BMS) announced its 2023 financial results:Total revenue of $45.06 billion, a year-on-year decrease of 2%; of which, the fourth-quarter revenue was $11.477 billion, a year-on-year increase of 1%.

It is worth mentioning that its PD-1 inhibitorOpdivo (commonly known as "O Drug") achieved sales of $9 billion., an increase of 9% year-on-year, with global sales reaching US$10 billion for the first time.

Opdivo will face patent expiration in the U.S. in 2028, by which time biosimilars will erode 56% of the market.

BMS products are divided into: mature products (In-Line), newly launched products (New Product Portfolio), and off-patent products (Recent LOE).

Mature products revenue $34.32 billion (+3%), accounting for 76% of total revenue;
Newly launched products generated $3.585 billion in revenue,Up 77% Year-over-Year；
Revenue from off-patent products was $71.01 billion, a year-on-year decrease of 34%.

BMS has two CAR-T therapies approved by the FDA, namely: Abecma and Breyanzi. The financial report shows that the performance of these two therapies in 2023...MinuteRevenue from other segments: $472 million (+22%), $364 million (100%), totaling $836 million (approximately 6.013 billion yuan)，At the latest exchange rate1 USD ≈ 7.1925 CNY）。

Abecma

Time to Market:Approved for marketing in the United States in March 2021, granted conditional approval in Europe in June 2021, and approved for marketing in Japan in January 2022.

Indications:Relapsed or Refractory Multiple Myeloma

2023 Revenue:Q1: $147 million, Q2: $132 million, Q3: $93 million, Q4: $100 million

Abecma, jointly developed by Bristol-Myers Squibb (BMS) and Bluebird, is one of the three CAR-T therapies approved for the treatment of relapsed/refractory multiple myeloma. It is the world's first BCMA-targeted CAR-T cell therapy and the fifth CAR-T therapy approved by the FDA.

The principle of Abecma is to express chimeric BCMA receptors on the patient's autologous T cells through lentivirus-mediated gene modification in vitro. Before the infusion of this cellular gene therapy, the patient is pre-treated with two compounds, cyclophosphamide and fludarabine, to eliminate unmodified T cells in the body. Subsequently, the modified T cells are reinfused into the patient, where they seek out and destroy cancer cells expressing BCMA.

Breyanzi

Time to Market:Approved for marketing by the FDA in February 2021

Indications:Relapsed or Refractory Large B-Cell Lymphoma

2023 Revenue:Q1: 0.71 billion USD, Q2: 1 billion USD, Q3: 0.92 billion USD, Q4: 1.01 billion USD

Breyanzi is not only the first CAR-T therapy approved for marketing by BMS, but also the fourth CAR-T therapy approved for marketing globally. The approval of Breyanzi marks a milestone for Bristol-Myers Squibb in the field of cellular immunotherapy. The drug was acquired by Bristol-Myers Squibb through its $74 billion acquisition of Celgene in 2019.

January 30, 2024Breyanzi Two Supplemental Biologics License Applications (sBLA) Accepted by FDA for Priority Review, for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) and mantle cell lymphoma (MCL) who have received prior BTK inhibitor (BTKi) therapy, with PDUFA dates of May 23, 2024, and May 31, 2024, respectively.

In 2023, BMS's new CEO Chris Boerner stated that he hopes the company can successfully navigate through the period filled with patent cliffs and new government-mandated pricing pressures in the second half of the 2020s. Looking ahead,BMS anticipates low single-digit revenue growth in 2024 and the potential to add more than 16 new molecular entities over the next decade.。

References:

BMS2023 Earnings Report