BMS Reports Strong 2024 Financial Results: Eliquis Generates $13.3B, Camzyos Surges 161%

On February 6, Bristol-Myers Squibb (BMS) announced its 2024 financial results, with total revenue of $48.30 billion, a year-on-year increase of 7%; R&D investment was $11.159 billion, a year-on-year increase of 20%.

BMS categorizes its products into two major types: Growth Products and Legacy Products. The growth product portfolio contributed $22.563 billion (+17%), accounting for 47% of total revenue, mainly driven by Reblozyl, Breyanzi, Camzyos, Opdualag, and others.YervoyThe high growth of these five products; the revenue from the mature product portfolio was $25.737 billion, flat compared to last year, accounting for 53% of the total revenue.

Cobenfy (KarXT) in the neuroscience field is a first-in-class therapy for the treatment of schizophrenia, which was approved by the FDA in September 2024 and commercially launched in October.Achieved 10 million US dollars in revenue within two months.At the JPM 2025 conference, BMS stated that the prescription volume of Cobenfy is performing as expected and predicted that it will cover the majority of schizophrenia patients in the United States by the second half of 2025.

In terms of the expansion of Cobenfy's indications, BMS has made detailed plans, and it is expected that clinical data for new indications will be announced annually by the end of 2030. Results from studies on adjunctive treatment for schizophrenia and Alzheimer’s disease are expected to be released in 2025 and 2026, respectively. Along with these expansion opportunities, BMS anticipates...Cobenfy'sSales peak can reach billions of dollars.

In the field of oncology, Opdivo (nivolumab) generated revenue of $9.304 billion (+3%) in 2024. Before its patent expires in 2028, BMS has also taken proactive measures to extend its lifecycle.OpdivoProduct lifecycle, such as the leading K drug launching a subcutaneous formulation. Yervoy (Ipilimumab) sales steadily grew to 2.53 billion USD. In October 2024, the immunotherapy duo of O drug + Y drug received global first approval for a new indication in China, for the first-line treatment of MSI-H/dMMR colorectal cancer patients.

Opdualag (Nivolumab + Relatlimab) achieved $928 million in revenue with a high double-digit growth rate of 48%. Although Opdualag is currently only approved for first-line melanoma, its future potential may not be limited to this. The Phase III clinical trial comparing Opdualag to Pembrolizumab for first-line combination therapy in non-squamous non-small cell lung cancer was initiated in August 2024.

The next-generation ROS1/NTRK inhibitor Augtyro (Repotrectinib) was acquired by BMS through the acquisition of Turning Point. The drug received FDA approval for marketing in November 2023, and was subsequently approved in China in May 2024. It is mainly used for the treatment of non-small cell lung cancer (NSCLC). Its global sales in 2024 were US$0.38 billion.

The second KRAS G12C inhibitor globally, Krazati (adagrasib), was acquired by Bristol-Myers Squibb through the acquisition of Mirati Therapeutics. Since its launch in December 2022, Krazati has been approved for two indications: NSCLC and colorectal cancer. In 2024, its sales reached $126 million, showing potential to catch up with Amgen's Lumakras, which recorded sales of $350 million.

In the hematology field, the sales potential of CD19 CAR-T therapy Breyanzi was unlocked due to expanded production capacity, doubling to $747 million (+105%). Sales of BCMA CAR-T therapy Abecma declined to $406 million.（-14%）Revlimid (Lenalidomide) and Pomalyst/Imnovid (Pomalidomide), two generations of lenalidomide products, collectively contributed $9.318 billion in revenue.

The world's first erythroid maturation agent, Reblozyl (luspatercept), achieved annual sales of $1.773 billion, representing a 76% high growth rate, primarily driven by the demand from patients with anemia caused by first-line myelodysplastic syndromes (MDS). Compared to weekly erythropoietin products (such as epoetin alfa), Reblozyl, administered via subcutaneous injection every three weeks, demonstrates better transfusion independence and a greater increase in hemoglobin levels.

In the cardiovascular field, Camzyos (Mavacamten), the world's first cardiac myosin inhibitor, was approved for marketing in the U.S. in 2022, entered the Chinese market in 2024 and was included in the national medical insurance, with global revenue of $602 million.Up 161% year-over-year, another potential star in BMS's performanceCurrently, the approved indication for Camzyos is obstructive hypertrophic cardiomyopathy. Its Phase III clinical trial for non-obstructive hypertrophic cardiomyopathy is also underway and is expected to be completed by March 2025.

Eliquis (Apixaban) Takes the LeadBMS's performance banner,Generated $133.33 billion (+9%) in revenue. However,Its core patent will expire in 2026.

Bristol-Myers Squibb's best-selling product in the autoimmune field is the CTLA4-Fc fusion protein Orencia (abatacept), which achieved sales of $3.682 billion in 2024 after nearly 20 years of market penetration. The oral selective S1PR modulator Zeposia (ozanimod), now approved for multiple sclerosis and ulcerative colitis, has seen its revenue grow to $566 million.

As the world's first TYK2 allosteric inhibitor, Sotyktu (deucravacitinib) has completed its second full sales year, generating $246 million in revenue, which is below market expectations. Currently, Sotyktu has only secured approval for plaque psoriasis, but two Phase III studies for the treatment of psoriatic arthritis have been successful, and the drug is expected to further expand its market in the future.

Looking ahead, BMS expects revenue of approximately $45.5 billion in 2025, primarily due toMature products may face an 18-20% revenue decline.In addition, BMS will also expand its strategic productivity program, with additional cost savings of approximately $2 billion by the end of 2027.

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