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Bristol Myers reports 10% quarterly sales growth as cancer drugs rebound -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A sign is seen outside the Bristol Myers Squibb plant in Cambridge, Massachusetts. This was taken on May 20, 2021. REUTERS/Brian Snyder

By Carl O’Donnell

(Reuters) – Bristol Myers (NYSE) Squibb Co reported Wednesday that its third quarter sales increased 10%, and it earned higher than expected earnings. The core cancer business of Squibb Co has recovered momentum following a drop earlier in the year.

New York’s drugmaker, based in New York, saw its revenue rise to $11.6 billion for the quarter and an adjusted profit of $2.00 per shares. These figures surpassed Wall Street estimates of $11.58Billion sales and $1.92 each share according to IBES data by Refinitiv.

Bristol Myers has increased the low end of its adjusted profit forecast for full year by 5cs. It now anticipates that it will earn $7.40- $7.55 per share.

The first quarter estimates for Bristol Myers were missed by analysts due to the decline in Opdivo sales, which is its growth driver.

Sales have seen a recovery even though there was an increase in COVID-19 global cases due to the Delta virus of coronavirus.

Chris Boerner (Bristol Myers’ chief commercialization officers) stated that “We are seeing good recovery from COVID across all of our market,” in an interview.

His comments were accompanied by a statement that “in immuno-oncology we have seen a gradual recovery of patient volume.” We are about 5 to 10% lower than we were before COVID but things are changing.

Opdivo, a cancer drug that Revlimid sold for $3.3 billion in sales and Opdivo was worth $1.9 billion. Bristol owns Eliquis, a blood thinner. Pfizer Inc (NYSE:) brought in over $2.4 billion. These three figures were all higher than the sales reported one year ago.

David Elkins, Chief Financial Officer, said that drugmaker Merck is still looking to increase its pipeline of medicine in development. These deals involve smaller early-stage companies, mostly in cancer, immunology and cardiovascular health.

Bloomberg News last week reported that Bristol Myers was interested in purchasing Aurinia Pharmaceuticals, an autoimmune disease drug development company (NASDAQ:) Inc). This report was based on people familiar with this matter.

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