BMY CEO Expects Cancer Drug Opdivo To Drive Strong Sales In 2025

• Opdivo revenue grew 7% to $2.5 billion in Q3 on continued demand.
• The company now expects high single-digit to low double-digit sales growth for Opdivo for the full year. 
• Eliquis sales in Q3 jumped 25% to $3.7 billion. 
   

Bristol Myers Squibb (BMY) CEO Chris Boerner said on Thursday that the company expects its cancer drug Opdivo to drive further sales growth this year, following a strong performance in the third quarter (Q3).  

“Due to the strong performance year to date, we now expect global Opdivo sales together with Qvantig to deliver stronger growth than previously guided, with sales expected to increase in the high single-digit to low double-digit range for the full year,” he said on the company earnings call.

The company subsequently increased its full-year adjusted revenue outlook to a range of approximately $47.5 billion to $48.0 billion, up from a previous range of roughly $46.5 billion to $47.5 billion.

Adjusted earnings per share for the full year is now expected to be in the range of $6.40 to $6.60, up from the previously estimated $6.35 to $6.65. The financial guidance excludes the impact of the acquisition of Orbital Therapeutics, announced earlier this month and expected to close in this quarter.

Q3 Numbers

For the third quarter, the company’s revenues increased 3% to $12.2 billion, above an analyst estimate of $11.80 billion, according to data from Fiscal AI.

The growth was primarily driven by the company’s melanoma drug, Opdivo, and anticoagulant, Eliquis. While Opdivo revenue grew 7% to $2.5 billion in the quarter on continued demand, sales of an alternative administrative option for the drug called Opdivo Qvantig brought in $67 million in revenue and Eliquis revenue jumped 25% to $3.7 billion. Eliquis’ sales growth was supported by continued strong demand, coupled with the expected favorable impact of Medicare Part D redesign, the company said.

Adjusted earnings in the quarter was $1.63 per share, above an analyst estimate of $1.52.

Impact Of Eliquis Discounting

In July, Bristol Myers Squibb, in partnership with Pfizer, announced a discount of over 40% on Eliquis when purchased through the alliance’s patient resource platform, Eliquis 360 Support, in an effort to expand access to the drug for uninsured, underinsured, or self-pay patients.

Company executives noted on the earnings call that the program is yielding results, with a “substantial number” of inquiries through Eliquis 360.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around BMY stock jumped from ‘bullish’ to ‘extremely bullish’ territory over the past 24 hours, while message volume stayed at ‘high’ levels.

BMY stock is down 21% this year and approximately 15% over the past 12 months.

Read also: Tesla Recalls Cybertrucks For Second Time In October – This Time For A Faulty Light Bar

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