Under the realignment effort, BMS is looking to optimize its operations by reducing management layers, among other cost-cutting measures, according to the company’s Thursday investor presentation. The pharma said it will use these savings to fund innovation, paying particular attention to R&D programs with the highest potential return on investment with an eye toward long-term growth.
BMS’ restructuring efforts come as the pharma sustained a 6% drop in sales for Opdivo (nivolumab). In the first quarter of 2024, the lung cancer therapy brought in nearly $2.1 billion worldwide, down from a little more than $2.2 billion in revenue during the same period in 2023.
The CAR-T therapy Abecma (idecabtagene vicleucel)—which Elkins said was “impacted by ongoing competitive pressures” and “unfavorable pricing pressures”—also took a 44% sales hit, brining only $82 million worldwide in Q1, compared to $147 million in the same period last year. In April 2024, the FDA approved the use of Abecma as an earlier-line treatment for relapsed or refractory multiple myeloma.
Despite these sales slumps, BMS brought in almost $11.87 billion in Q1, a 6% increase from the same period the prior year and beating consensus estimates, according to an investor note from William Blair analyst Matt Phipps.
Reblozyl (luspatercept), indicated for anemia in beta thalassemia and myelodysplastic syndromes, was a strong driver of BMS’ Q1 growth raking in $354 million worldwide and representing a 72% increase. The melanoma therapy Opdualag (nivolumab/relatlimab) also performed well in the quarter, with sales spiking 76% to $206 million.
The anticoagulant Eliquis (apixaban) was BMS’ top-performing asset bringing in $3.72 billion, which is a 9% jump from the same period in 2023.
BMS’ restructuring efforts come as the pharma sustained a 6% drop in sales for Opdivo (nivolumab). In the first quarter of 2024, the lung cancer therapy brought in nearly $2.1 billion worldwide, down from a little more than $2.2 billion in revenue during the same period in 2023.
The CAR-T therapy Abecma (idecabtagene vicleucel)—which Elkins said was “impacted by ongoing competitive pressures” and “unfavorable pricing pressures”—also took a 44% sales hit, brining only $82 million worldwide in Q1, compared to $147 million in the same period last year. In April 2024, the FDA approved the use of Abecma as an earlier-line treatment for relapsed or refractory multiple myeloma.
Despite these sales slumps, BMS brought in almost $11.87 billion in Q1, a 6% increase from the same period the prior year and beating consensus estimates, according to an investor note from William Blair analyst Matt Phipps.
Reblozyl (luspatercept), indicated for anemia in beta thalassemia and myelodysplastic syndromes, was a strong driver of BMS’ Q1 growth raking in $354 million worldwide and representing a 72% increase. The melanoma therapy Opdualag (nivolumab/relatlimab) also performed well in the quarter, with sales spiking 76% to $206 million.
The anticoagulant Eliquis (apixaban) was BMS’ top-performing asset bringing in $3.72 billion, which is a 9% jump from the same period in 2023.
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