USA — Bristol-Myers Squibb reported a 3% decrease in total revenues to US$11.2 billion in the third quarter (Q3) of 2022, compared to US$11.6 billion in the previous quarter.

The latest loss of exclusivity (LOE) products, particularly Revlimid, and foreign exchange effects drove the decline in Q3 revenue.

Revlimid generated US$2.42 billion in 2022’s third quarter, down a whopping 28% versus the same period in 2021.

International revenues for Revlimid were US$250 million compared to US$1.0 billion in the prior year period, representing a decrease of 76% driven by lower demand as a result of generic erosion and to a lesser extent, foreign exchange impacts.

Despite the revenue decline, the third-quarter results showed strong in-line and new product portfolio growth.

In-line products, such as Eliquis and Opdivo, as well as the most recent product portfolio, which includes Opdualag, Abecma, and Reblozyl, helped to offset the revenue decline.

Multiple myeloma treatment Abecma grew sales 51% to US$107 million, while lymphoma medicine Breyanzi brought home US$44 million, climbing 47%.

Revenue from this in-line and new product portfolio increased by 8% to US$8.6 billion in the third quarter of this year, up from US$8 billion in the same quarter last year.

In the third quarter of 2022, revenues in the United States increased by 9% to US$7.9 billion, while international revenues decreased by 24% to US$3.3 billion.

New product portfolio revenues grew to US$553 million compared to US$344 million in the prior year period, representing growth of 61% driven by the launch of Opdualag and higher demand for Abecma and Reblozyl. Excluding foreign exchange, new product portfolio revenues grew 66%.

Earnings per share (EPS) on a GAAP basis were US$0.75 for the quarter ending September 30, 2022, compared to US$0.69 in the previous quarter, indicating a 9% increase.

In terms of business development, BMS announced that it had completed its acquisition of Turning Point in an all-cash transaction.

Through the transaction, the company gained repotrectinib, a next-generation, potential best-in-class tyrosine kinase inhibitor targeting the ROS1 and NTRK oncogenic drivers of non-small cell lung cancer (NSCLC) and other advanced solid tumors.

In July, BMS reported revenues of US$11.9bn in Q2 2022 compared to US$11.7bn in the same quarter last year, signifying a 2% growth.

As for the remainder of the year, BMS is sticking by its sales guidance for 2022, with revenues of about US$46 billion in its sights.

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