Bristol Myers Squibb (NYSE:BMY) shares began Thursday in the red. The company reported quarterly adjusted earnings that topped expectations and posted revenue in line with estimates, even as sales of the company’s popular blood cancer drug Revlimid plummeted due to generic competition.
The drugmaker said that decline was due to lower sales of Revlimid, which generated $1.43 billion for the quarter. Bristol Myers has been under pressure to launch or acquire new drug products as Revlimid – and eventually, other top-selling treatments such as blood thinner Eliquis and cancer immunotherapy Opdivo – competes with cheaper generic versions.
Revlimid sales, which fell 41% from the third quarter of 2022, also dropped due to an increase in patients receiving the drug at no cost through the company’s patient assistance foundation, Bristol Myers said.
The company reported a net income of $1.93 billion, or 93 cents per share. That compares with a net income of $1.61 billion, or 75 cents per share, for the year-ago period. Excluding certain items, adjusted earnings per share were $2 for the period.
Earnings per share came in at $2 adjusted vs. $1.76 expected, on revenue of $10.96 billion vs. $10.96 billion expected
Shares of Bristol Myers fell $2.79, or 4.9%, to $53.82, in early trading Thursday. The stock is down more than 21% for the year through Wednesday’s close, putting the company’s market value at roughly $118 billion.
