By Michael Erman and Mariam Sunny
July 30 (Reuters) – Bristol Myers Squibb lifted its full-year revenue and profit forecast on Thursday as strong sales of blood thinner Eliquis and newer medicines pushed second-quarter results well past analysts’ estimates.
The drugmaker has been working to offset declining sales of older medicines facing generic competition, particularly blood cancer treatment Revlimid, once its top-selling medicine.
“Our growth portfolio grew 15% in Q2,” Chief Commercialization Officer Adam Lenkowsky said in an interview. “We now have nine products that were growing double digits, and these are all medicines that are early in their life cycle.”
More new offerings are on the way, but the company pushed back timelines for data on closely watched clinical trials. It now expects a readout from a late-stage trial of blood thinner milvexian and results from certain Cobenfy studies for psychosis associated with Alzheimer’s disease in 2027, rather than later this year. Cobenfy, a new type of antipsychotic, is approved in the U.S. to treat schizophrenia.
Bristol Myers shares were up about 1% after earlier rising as much as 3%.
Investors are looking to Cobenfy’s potential expansion into Alzheimer’s and the development of milvexian as critical to replacing eventual revenue declines from Eliquis.
Bristol executives said there had not been enough data generated from the trial thus far to issue early results but that their confidence in the studies and underlying science remains unchanged.
The company’s second-quarter revenue of $12.97 billion rose 6% from a year earlier and was above analysts’ average estimate of $11.75 billion. Adjusted earnings were $2.04 per share, topping expectations by 45 cents, according to LSEG data.
Bristol raised its full-year revenue forecast to $49 billion to $50 billion from $46 billion to $47.5 billion previously. Bristol Myers now sees adjusted 2026 earnings of $6.75 to $7.00 a share, up from its prior view of $6.05 to $6.35.
Sales of anemia treatment Reblozyl came in at $735 million, topping expectations of about $664 million. Heart drug Camzyos generated $416 million versus expectations of $365 million, while cancer cell therapy Breyanzi brought in $484 million compared with estimates of $422 million.
The company raised its Eliquis sales forecast for the year to growth of 20% to 25%, from a prior projection of 10% to 15%. Sales of Eliquis, which Bristol Myers shares with Pfizer, were $4.48 billion in the quarter, up 22% and above analysts’ estimates of $4.06 billion.
Eliquis’ share of new U.S. prescriptions is approaching 80%, Lenkowsky said.
The company had raised its Eliquis forecast in February, saying a price cut would allow it to avoid penalties imposed by the U.S. government’s Medicare health insurance program.
Sales of blockbuster cancer immunotherapy Opdivo fell 3% to $2.49 billion, slightly below expectations. Revlimid sales fell 49% to $425 million in the quarter.
Bristol is focused on converting patients to Opdivo Qvantig, a subcutaneous version of the immunotherapy, Lenkowsky said, adding that conversion from intravenous Opdivo is approaching 15%.
(Reporting by Michael Erman in New Jersey and Mariam Sunny in Bengaluru; Editing by Bill Berkrot)
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