By Michael Erman

(Reuters) – Bristol Myers, a drugmaker (NYSE:) Squibb reported slightly higher-than-expected earnings for the first quarter on Friday. The company saw growth in sales of blood thinner Eliquis as well as cancer drug Opdivo. However, Squibb stated that it does not expect sales growth in 2022 because of stiff generic competition from overseas for Revlimid.

Quarterly revenue increased 5% over last year to $11.65 million. Refinitiv IBES data shows that analysts predicted revenue of $11.4 billion.

The quarter’s earnings were $1.28billion, which is 59c per share. This was down from last year’s $2.02billion, which was 89c per share. The company reported a profit of $1.96 per share after excluding one-off items. This was higher than analyst expectations of $1.91 per share.

Revlimid sales declined in the first quarter, despite losing some patent protection. However, it was less than expected. Revlimid sales reached $2.8 Billion, which was in line with analysts’ estimates of $2.53 Billion.

Bristol Myers lowered its Revlimid full-year sales forecasts by $500 Million to $9.4 billion and $9.5 billion, respectively. In 2021, sales of Revlimid were estimated at $12.8 billion.

David Elkins, chief financial officer, said that while the U.S. blood cancer drug’s uptake was slower in the first quarter of 2018, the company is expecting increased competition for the second quarter.

“What has been observed outside of the U.S. are multiple generic entries. Elkins stated that erosion is occurring faster than expected and was the main reason we reduced our Revlimid guidance.

In the third quarter, Eliquis’ sales rose 11% to $3.21billion while Opdivo saw a 12% rise to $1.92billion.

A number of drug companies responded to U.S. Securities and Exchange Commission’s request and adjusted their forecasts so that they included milestone payments and acquisitions.

Bristol stated that it had reduced its full-year outlook by 21c to $7.44 to $7.74 per share to account for these expenses.