Bristol-Myers Squib
Bristol-Myers Squibb Firm BMY reported better-than-expected outcomes for the second quarter of 2021 as blockbuster immuno-oncology drug, Opdivo, returned to progress.
Shares of the corporate have gained 10.4% 12 months to this point towards the trade’s decline of 1.5%.
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Second-quarter 2021 earnings of $1.93 per share beat the Zacks Consensus Estimate of $1.88 and elevated from the year-ago quarter’s $1.63.
Whole revenues of $11.7 billion additionally surpassed the Zacks Consensus Estimate of $11.2 billion and elevated 16% from the year-ago interval.
Quarterly Particulars
Revenues elevated 14% to $7.Four billion in the US and 18% exterior the nation. Ex-U.S. revenues had been up 10% when adjusted for overseas alternate influence.
Myeloma drug, Revlimid, together with the erstwhile Celgene acquisition, contributed $3.2 billion to the highest line and was the highest income generator for Bristol-Myers. Gross sales had been up 11% for the drug 12 months over 12 months.
Eliquis maintained momentum for the corporate as gross sales elevated 29% to $2.eight billion. We observe that Bristol-Myers has a collaboration settlement with Pfizer PFE for Eliquis.
Gross sales of immuno-oncology drug, Opdivo, accepted for a number of most cancers indications, had been up 16% 12 months over 12 months to $1.9 billion. Gross sales returned to progress after declining within the first quarter. Label enlargement of the drug within the profitable indication of lung most cancers has boosted gross sales.
Gross sales of rheumatoid arthritis drug, Orencia, had been up 9% to $814 million.
One other MM drug, Pomalyst posted a robust efficiency and generated gross sales of $854 million, up 15% 12 months over 12 months.
Leukemia drug, Sprycel, raked in gross sales of $541 million, up 6% 12 months over 12 months. Melanoma drug, Yervoy, contributed $510 million to the highest line, up 38% 12 months over 12 months.
Abraxane generated gross sales of $296 million, down 4% 12 months over 12 months.
MM drug, Empliciti, recorded gross sales of $86 million, down 11% 12 months over 12 months.
New medication like Reblozyl generated gross sales of $128 million, whereas Inrebic generated gross sales of $16 million. Onureg gross sales got here in at $12 million and Zeposia gross sales got here in at $28 million. CAR T cell therapies Breyanzi gross sales got here in at $17 million and Abecma gross sales got here in at $24 million.
Adjusted analysis and growth (R&D) bills within the quarter got here in at $2.Three billion, up 4%. Adjusted advertising and marketing, promoting and administrative bills elevated to $1.9 billion from $1.6 billion. Gross margin elevated to 79% from 73.4% within the quarter.
2021 Steerage Reiterated
Bristol-Myers tasks 2021 earnings of $7.35-$7.55 per share. The Zacks Consensus Estimate for earnings is pegged at $7.45 per share.
Key Pipeline Updates
In Could, the FDA accepted Opdivo for the adjuvant remedy of fully resected esophageal most cancers or GEJC with residual pathologic illness in sufferers who’ve acquired neoadjuvant CRT.
The FDA additionally accepted Zeposia (ozanimod) for the remedy of adults with reasonably to severely energetic ulcerative colitis, a power inflammatory bowel illness.
In June, the corporate introduced that the CHMP of the EMA has really useful granting a Conditional Advertising Authorization to Abecma (idecabtagene vicleucel; ide-cel) for the remedy of grownup sufferers with relapsed and refractory a number of myeloma who’ve acquired not less than three prior therapies.
In June, Bristol-Myers entered an unique world strategic collaboration settlement with Eisai for the co-development and co-commercialization of MORAb-202, an antibody drug conjugate.
In Could, the corporate entered an settlement with Agenus AGEN, whereby Bristol-Myers will probably be granted a worldwide unique license to Agenus’ proprietary bispecific antibody program, AGEN1777, that blocks TIGIT and a second undisclosed goal.
Our Take
Bristol-Myers’ efficiency within the second quarter of 2021 was encouraging as Opdivo gross sales returned to progress. Key medication, Revlimid and Eliquis, additionally maintained momentum for the corporate. The pipeline progress has been spectacular too and strategic collaborations will additional strengthen the pipeline. The approval of recent medication provides a brand new stream of revenues, which ought to enhance progress within the coming quarters.
Bristol Myers Squibb Firm Worth, Consensus and EPS Shock
Bristol Myers Squibb Firm price-consensus-eps-surprise-chart | Bristol Myers Squibb Firm Quote
Bristol-Myers at the moment carries a Zacks Rank #3 (Maintain). A greater-ranked inventory in the identical area is Repligen Company RGEN, which at the moment carries a Zacks Rank #2 (Purchase). You possibly can see the entire checklist of right now’s Zacks #1 Rank (Robust Purchase) shares right here.
Earnings estimates for Repligen for 2021 are up 5 cents up to now 60 days. The inventory is up 23.3% within the 12 months to this point.
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