BMS sees new drug sales surge as Revlimid dips in Q3

Bristol-Myers Squibb (BMS) reported a mixed bag of results for the third quarter, with new drug sales up even as its popular blood cancer drug Revlimid fell 41% to $1.43 billion owing to generic competition. The anticoagulant Eliquis is in a similar position, but was also selected to be one of the first 10 drugs eligible for the new Medicare negotiations under the Inflation Reduction Act.

In the third quarter, BMS’s new product portfolio raked in $928 million in the quarter — up 68% year-over-year. “Based on the performance year to date, we now expect the new product portfolio to deliver roughly $3.5 billion for the full year 2023,” said CFO David Elkins in an earnings call. The company expects its new drug portfolio to reach $10 billion in sales by 2026.

Still, the company delayed its projections that its new drugs would hit at least $10 billion to 2026 from its earlier projection of 2025. The de­lay comes as departing CEO Gio­van­ni Caforio …

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