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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 |
Q1 2025 sales |
Q4 2024 sales |
Q1 2024 sales |
y/y change |
Revlimid | $936 | $1,339 | $1,669 | -44% |
Opdivo | 2,265 | 2,479 | 2,078 | 9% |
Opdivo Qvantig | 9 | 0 | 0 | na% |
Eliquis | 3,565 | 3,195 | 3,720 | -4% |
Orencia | 770 | 1,000 | 798 | -4% |
Pomalyst/Imnovid | 658 | 823 | 865 | -24% |
Sprycel | 175 | 198 | 374 | -53% |
Yervoy | 624 | 675 | 583 | 7% |
Abraxane | 105 | 174 | 217 | -52% |
Reblozyl | 478 | 547 | 354 | 35% |
Augtyro | na | 15 | na | na% |
Cobenfy | 37 | 10 | 0 | na% |
Zeposia | 107 | 158 | 110 | -3% |
Krazati | 48 | 39 | 21 | 125% |
Breyanzi | 263 | 263 | 107 | 146% |
Abecma | 103 | 105 | 82 | 26% |
Opdualag | 252 | 254 | 206 | 23% |
Camzyos | 159 | 223 | 84 | 89% |
Sotyktu | 55 | 83 | 44 | 27% |
Other Growth Products | 403 | 512 | 325 | 24% |
Other Legacy Products | 199 | 250 | 228 | -12% |
Total | 11,201 | 12,342 | 11,865 | -6% |
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 $3.03 billion. SG&A $1.58 billion. R&D $2.26 billion. Amortization of acquired intangible assets $830 million. Acquired IRPD $188 million. Other expense $339 million. Total expenses $8,23 billion. Operating profit $2,97 million. Tax $509 million.
Q&A selective summary:
U.S. manufacturing v. tariffs? We appreciate the efforts to enhance U.S. manufacturing, but it must be done in a thoughtful way. We hope outcome will enhance our competitiveness. We have been investing in our U.S. infrastructure for years. Tariffs, mainly on China, are reflected in the current guidance.
Cobenfy outlook? We don't expect the recent results to significantly affect sales. Our focus is to get Cobenfy in earlier lines of treatment, as a monotherapy. Multiple therapies are typically tried on patients with a history of failures on various monotherapies.
R&D? We continue to drive the internal pipeline. Recent failures will not have a significant impact on growth. Our financial position allows us to also source innovation externally. We have had 43 major approvals in the past 5 years. We plan for 10 new molecules for 30 new indications by the end of the decade, with some readouts this year and a bunch in 2026.
Cobenfy for Alzheimer's, etc.? The late data should have no impact on the Alzheimer's program, where we have earlier data. There is also a longer duration of treatment. We will initiate 7 new Phase 3 trials this year for various indications.
We have a broad manufacturing network, outside the U.S. we are not dependent on any particular nation.
Camzyos new data effect on sales? Camzyos growth remains strong. Data allows us to ease burden on clients and physician. So echo monitoring now just every 6 months.
Cobenfy prescriber base color? Launch going well, got Medicaid and Medicare coverage, making progress with private payers. Feedback on results for patients is possible. Reaching 30,000 psychiatrists is the aim of the launch. We also expect to see better gross to net in 2025.
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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