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Analyst Conference Summary |
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biotechnology
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Bristol-Myers Squibb
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Therapy sales in $ millions |
Q4 2024 sales |
Q3 2024 sales |
Q4 2023 sales |
y/y change |
Revlimid | $1,339 | $1,412 | $1,450 | -8% |
Opdivo | 2,479 | 2,360 | 2,387 | 4% |
Eliquis | 3,195 | 3,002 | 2,874 | 11% |
Orencia | 1,000 | 936 | 985 | 4% |
Pomalyst/Imnovid | 823 | 898 | 890 | -8% |
Sprycel | 198 | 290 | 526 | -62% |
Yervoy | 675 | 642 | 566 | 19% |
Abraxane | 174 | 253 | 247 | -30% |
Reblozyl | 547 | 447 | 320 | 71% |
Augtyro | 15 | 10 | 1 | na% |
Cobenfy | 10 | 0 | 0 | na% |
Zeposia | 158 | 147 | 133 | 19% |
Krazati | 39 | 34 | 0 | na% |
Breyanzi | 263 | 224 | 101 | 160% |
Abecma | 105 | 124 | 100 | 5% |
Opdualag | 254 | 233 | 190 | 34% |
Camzyos | 223 | 156 | 88 | 153% |
Sotyktu | 83 | 66 | 63 | 32% |
Other Growth Products | 512 | 433 | 325 | 58% |
Other Legacy Products | 250 | 225 | 231 | 8% |
Total | 12,342 | 11,892 | 11,477 | 8% |
The mid to late stage pipeline includes repotrectinib, farletuzumab exteribulin, AR-LDD, iberomide, mezigdomide, alnuctamab BCMA TCE, CC-99282, cendakimab, LPA1, and milvexian.
Cost of products sold was $4.81 billion. SG&A $2.14 billion. R&D $3.19 billion. Amortization of acquired intangible assets $1.69 billion. Acquired IRPD $30 million. Other expense $305 million. Total expenses $12.2 billion. Operating profit $175 million. Tax $99 million.
Q&A selective summary:
Cobenfy ramp? Strong start, now at 1,000 presciptions per week. Access going well with Medicare, Medicaid, making progess with commercial carriers. 30,000 psychiatrists to educate and break old prescibing assets. Expects major ramp in 2H 2025.
Cost program? Focus is on investing for growth. Cost program in 2024 helped us become more agile. Good position going forward, will continue to look to cut costs while keeping the organization right-sized.
For full year we expect strong double-digit y/y growth for Eliquis, but will reverse old pattern, so 2H will be stronger than 1H and Q1 may be particularly slow.
Kennedy effect? Will work cooperatively with both parties and RFK if confirmed. We want the FDA to have what it needs for its mission. IRA price-setting law does need aspects fixed.
Does not expect new competitors with the mechanism of action of Cobenfy until 2026 or 2027. Current market is 80% generics.
We have potential to read out up to 15 registrational trials by the end of next year. We have had several successes in accelerating timelines for trials.
Differences with analyst prior concensus for guidance? Repeated short-term impacts of generic competitors. Believes the $500 million foreign currency headwind is the main difference in guidance estimates. Our focus is on significantly faster growth as we exit the decade.
Iberdomide program? MRD is becoming a more important endpoint for multiple myeloma. Believes will be a primary endpoint in the trial, discussing with FDA. CFS will be followed, but not a primary endpoint. With data will engage authorities about path forward.
Business development? A top priority, both for acquisitions and specific assets. Financials need to make sense. We are in a strong financial position, so we have flexibility.
We are getting very positive patient and doctor feedback on Cobenfy, even in the first week of dosing. Most are starting at the lowest dose, which minimizes side effects.
Trajectory 2025 to 2026? Revlimid has full generic entry in January 2026. We continue to invest in growth drivers, 2026 could be boosted by new approvals.
Camzyos has consistent growth with a strong subscriber base. The coming nHCM data readout may add a significant amount of potential patients.
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Disclaimer: My analyst call summaries may include both condensations of statements made by company representatives and my own analysis. They are not covered by any warranty. I cannot guarantee anything said by company representatives is true. I try not to make errors, but it is possible. These are my personal notes which I share with other investors and which I use as the basis of my blog and Seeking Alpha articles.
Copyright 2025 William P. Meyers