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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 |
Q2 2025 sales |
Q1 2025 sales |
Q2 2024 sales |
y/y change |
Revlimid | $838 | $936 | $1,353 | -38% |
Opdivo | 2,560 | 2,265 | 2,387 | 7% |
Opdivo Qvantig | 30 | 9 | 0 | na% |
Eliquis | 3,680 | 3,565 | 3,416 | 8% |
Orencia | 963 | 770 | 948 | 2% |
Pomalyst/Imnovid | 708 | 658 | 959 | -18% |
Sprycel | 120 | 175 | 424 | -80% |
Yervoy | 728 | 624 | 630 | 12% |
Abraxane | 105 | 105 | 231 | -79% |
Reblozyl | 568 | 478 | 425 | 30% |
Zeposia | 150 | 107 | 151 | 0% |
Breyanzi | 344 | 263 | 153 | 110% |
Abecma | 87 | 103 | 95 | -14% |
Opdualag | 284 | 252 | 235 | 21% |
Camzyos | 260 | 159 | 139 | 87% |
Sotyktu | 70 | 55 | 53 | 31% |
Krazati | 48 | na | 32 | 51% |
Cobenfy | 35 | na | 0 | na% |
Other Growth Products | 470 | 403 | 348 | 35% |
Other Legacy Products | 223 | 199 | 222 | 0% |
Total | 12,269 | 11,201 | 12,201 | 1% |
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 $3.37 billion. SG&A $1.71 billion. R&D $2.58 billion. Amortization of acquired intangible assets $830 million. Acquired IRPD $1.51 billion. Other expense $494 million. Total expenses $10.5 billion. Operating profit $1.77 billion. Tax $460 million.
Q&A selective summary:
Particular Phase 3 results this year to call out? The failed studies this year have limited impact on our long-term growth. See growth from studies to read out in next 12 to 24 months.
Direct to consumer offering, industry pressures? Administration has highlighted markups by middlemen. Reduces out-of-pockets costs for consumers. We are committed to increasing patient access to our medicines. Eliquis will be available at about half list price to patients without insurance. Will look to do this more broadly with our portfolio.
Cobenfy launch? In line with expectations. Expect to see steady growth. In early stage of launch, but physician feedback has been positive. Seeing strong intent to prescribe. Increasing our field force. Most common question is how to switch. We have a Phase 4 switch study with data due this year.
BioNTech reasoning? This could be a first or second drug in category. Should enhance growth profile to end of decade. We have a sales for for IO agents in place. Being tested in lung and breast cancers.
We are excited about the possiblity of resetting the immune system using cell therapies.
Camzyos competitive dynamics? We are pleased with Camzyos new patient starts. Feedback on label change has been positive. We see no real differentiation by the competition. We believe we will remain the leader in this space.
Milvexian? Dosing studies led to different doses for different indications. We look forward to more data. Readouts next year. Three indications each have a significant commercial opportunity. AF remains undertreated due to safety considerations. ACS similar. SSP, Milvexian has a differentiated profile with less risk of bleeding.
Getting very positive feedback from physicans about their patients who switch to Cobenfy.
We have been able to reallocate resources from older drugs to newer drugs and will continue to do that, with positive financial impacts.
We are excited by the potential for Cobenfy in Alzheimers disease psychosis.
Shift in Bristol's trough? We are doing what we can to shorted the trough. We want the strongest growth profile possible as we exit the decade. We need to be disciplined and execute at scale.
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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