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Bristol-Myers Squibb 1Q Results

Generic erosion for Revlimid and foreign exchange impacts results, partially offset by Opdivo and Eliquis sales and new product portfolio.

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By: Kristin Brooks

Managing Editor, Contract Pharma

Bristol-Myers Squibb
1Q Revenues: $11.3 billion (-3%) 
1Q Earnings: $2.3 billion (+77%)
Comments: Revenue in the quarter reflects generic erosion for Revlimid and foreign exchange impacts, partially offset by Opdivo and Eliquis sales and new product portfolio, primarily Opdualag, Abecma and Reblozyl. Revlimid sales were down 37% in the quarter to $1.75 billion. Eliquis sales were up 7% to $3.4 billion and Opdivo sales were $2.2 billion, up 15%. Orencia sales were down 4% to $764 million. Pomalyst sales were $832 million, up 1%. Sprycel sales were down 11% to $429 million and Yervoy sales were down 1% to $508 million. Reblozyl sales were up 32% to $206 million in the quarter. Opdualag sales were $117 million in the quarter and Abecma sales reached $147 million. Earnings reflect decreased acquired IPRD to $75 million in the quarter from $333 million in 1Q22. Also, the effective tax rate changed from 23.9% to 18.2% in the quarter primarily due to jurisdictional earnings mix and the release of income tax reserves in the first quarter of 2023, partially offset by changes to our Puerto Rico tax decree.

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