- Bristol Myers Squibb & Co BMY said that its Q3 sales of $11.22 billion fell 3% Y/Y as generic competition impacted sales of its blockbuster cancer drug Revlimid in the U.S. and foreign exchange impacts. Analysts estimated Q3 sales of $11.19 billion.
- Excluding the impact of foreign exchange, the company said its revenue in the quarter would have been flat.
- Sales of Revlimid fell 28% to $2.4 billion in the quarter.
- Sales of blood thinner Eliquis rose 10% to $2.65 billion, and its cancer immunotherapy Opdivo rose 7% to $2.05 billion.
- The company's Q3 adjusted profit remained the same at $4.3 billion, with EPS of $1.99, beating the consensus of $1.83.
- The company still expects full-year sales of the drug Revlimid in the range of $9 to $9.5 billion, "probably at the upper end of that range," Chief Financial Officer David Elkins said in an interview with Reuters.
- "The question all of us have as far as inflation is concerned is the rate at which it will continue and how persistent it will be over time. But to date, we've managed the inflationary increases on our business," Elkins said.
- Price Action: BMY shares closed at $72.77 on Tuesday.
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