Bristol Myers Squibb Reports 10% Revenue Growth in Q3, Driven by Strong Demand Across Core Therapeutic Areas

Compiled and Translated by | Tom Li

Recently, US-headquartered Bristol-Myers Squibb (BMS) announced that, driven by strong demand across all four of its key therapeutic area markets, the company's revenue for the third quarter ended September this year increased by 10%.

The company's third-quarter revenue reached $11.6 billion, including $7.3 billion in U.S. market sales (up 12% year-over-year) and $4.3 billion in international revenue, an increase of 8% compared to the same period in 2020. The company reported earnings per share (EPS) of $2.00, exceeding prior analyst estimates. Additionally, Bristol-Myers Squibb's stock price has surged 37% year-to-date.

Key drivers of the growth included $3.34 billion in sales for the company’s multiple myeloma drug Revlimid (lenalidomide), up 11%; $2.41 billion for the blood thinner Eliquis (apixaban), up 15%; and $1.9 billion for the cancer drug Opdivo (nivolumab), up 7%. With generic competition for Revlimid expected to begin next year, Bristol-Myers Squibb is placing greater emphasis on highlighting its new product sales, which more than doubled from $161 million in the first quarter to $344 million in the third quarter.

The company's CAR-T cancer therapies have demonstrated robust growth, including Abecma (idecabtagene vicleucel), which was launched this May as the first cell and gene therapy for multiple myeloma and achieved third-quarter sales of $71 million, up from $24 million in the second quarter, while Breyanzi (lisocabtagene maraleucel), also launched this year for lymphoma, recorded third-quarter sales of $30 million, up from $17 million earlier this year.

Commenting on this, Dr. Giovanni Caforio, Chairman and Chief Executive Officer of Bristol-Myers Squibb, stated that the company's strong third-quarter performance reflects "increased adoption of the new product portfolio" and "continued growth in demand across all four core therapeutic areas." Dr. Caforio added that the strong results provide a robust foundation for the company's deep and diversified product portfolio, commercial execution, and financial flexibility, enabling Bristol-Myers Squibb to launch new medicines that benefit patients with serious unmet needs, drive improved product performance, and position the company for sustained growth in the future.

The company also highlighted several achievements in its pipeline. In April this year, Bristol-Myers Squibb announced positive results from two pivotal Phase 3 trials, POETYK PSO-1 and POETYK PSO-2, evaluating the novel anti-inflammatory drug deucravacitinib in patients with moderate-to-severe plaque psoriasis. Both trials met their co-primary and secondary endpoints: demonstrating the significant efficacy superiority of deucravacitinib (6 mg, once daily) compared to placebo and Otezla (apremilast, 30 mg, twice daily).

In addition, the U.S. Food and Drug Administration (FDA) is also conducting a priority review of the fixed-dose combination of relatlimab and nivolumab for the treatment of patients aged 12 years and older with unresectable or metastatic melanoma. This drug represents Bristol-Myers Squibb’s third distinct checkpoint inhibitor (anti-PD-1, anti-CTLA-4, and anti-LAG-3). Based on data from the Phase II/III RELATIVITY-047 clinical trial, the median progression-free survival (PFS) for patients receiving the combination therapy was 10.12 months, significantly longer than the 4.63 months observed in patients receiving Opdivo monotherapy.

Additionally, Caforio welcomed the U.S. Court of Appeals' decision to uphold Eliquis's market exclusivity through 2028. Caforio stated, “This decision affirms Bristol-Myers Squibb’s conviction in the scientific value and core intellectual property behind Eliquis, as well as its commitment to protecting innovation in the pharmaceutical sector.” Looking ahead, Bristol-Myers Squibb lowered its 2021 financial guidance, reducing the GAAP earnings per share (EPS) guidance range for 2021 from $2.77–$2.97 to $2.68–$2.83. Bristol-Myers Squibb expects its global revenue in 2021 to achieve single-digit growth exceeding 5%, with gross margins projected to reach 79%.

Source: BMS reports strong growth as its Q3 results beat predictions