Bristol Myers Squibb & Co BMY said that its Q2 revenues of $11.23 billion declined 6% Y/Y, or 5% when adjusted for foreign exchange, due to lower sales of Revlimid, partially offset by in-line products and our new product portfolio. Analysts estimated sales of $11.81 billion.
U.S. revenues decreased 5% to $7.9 billion primarily due to lower sales of Revlimid resulting from generic erosion and an increase in the number of patients receiving free drug product for Revlimid, and to a lesser extent Pomalyst, from the Bristol Myers Squibb Patient Assistance Foundation.
Sales of Revlimid fell 41% to $1.24 billion in the quarter, reflecting a more rapid decline in revenue in Q2 than expected. Sales of its cancer immunotherapy Opdivo rose 4% to $2.15 billion.
Sales of Eliquis were $3.2 billion, down 1% from last year, hurt by generic competition in Canada and the U.K. New product portfolio worldwide revenues grew to $862 million compared to $482 million a year ago.
The company's adjusted EPS of $1.75 decreased 9% Y/Y, missing the consensus of $1.98.
Bristol Myers also announced plans to buy back $4 billion of its shares in the third quarter.
Guidance: Bristol Myers Squibb has lowered its annual guidance and expects FY23 revenue to fall by low single-digit percentages, primarily due to lower-than-expected Revlimid sales. It previously forecast a roughly 2% increase in revenue for the year.
The company forecasts adjusted EPS Of $7.35-$7.65, down from previous guidance of $7.95-$8.25 and the consensus of $7.99.
Revenues from Revlimid are expected to be approximately $5.5, down from the prior expectation of $6.5 billion, down from $9.9 billion in 2022.
Price Action: BMY shares are down 2.73% at $61.68 on the last check Thursday.
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