Bristol Myers Squibb’s third quarter revenues rose 7 percent to $13.069 billion, the company reported on October 29 in results furnished to the SEC. United States revenues rose 9 percent to $9.1 billion and international revenues rose 3 percent to $4.0 billion. GAAP earnings per share were $1.05, against $1.08, and non-GAAP earnings per share were $1.35, against $1.63, with both figures including a net impact of $0.58 per share from acquired in-process research and development charges and licensing income. Gross margin fell to 68.3 percent on a GAAP basis from 71.9 percent, which the company attributed mainly to product mix.
The growth portfolio supplied the raise. Its revenues rose 12 percent to $7.662 billion, driven by Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos and Opdualag. Breyanzi sales rose 46 percent to $526 million, Camzyos rose 42 percent to $420 million, Reblozyl rose 22 percent to $750 million and Opdualag rose 23 percent to $367 million, while Opdivo itself fell 6 percent to $2.374 billion, partly replaced by its Qvantig injection at $334 million. The legacy portfolio rose only 1 percent to $5.415 billion: Eliquis rose 25 percent worldwide to $4.690 billion on a 39 percent United States increase, while Revlimid fell 47 percent to $303 million and Pomalyst fell 81 percent to $130 million under generic pressure.
Guidance moved up on both lines that matter. Full year revenue is now expected at $49.75 billion to $50.25 billion, and the non-GAAP earnings per share range was updated to $6.35 to $6.55, including a $0.60 per share net impact from acquired research charges and licensing income. Chief executive Christopher Boerner pointed to the approval of Zenbexus, described as the first in class CELMoD for multiple myeloma, as one of several recent pipeline milestones, and said the company is investing where it sees the greatest opportunity ahead of late stage data.
The call framing matched the numbers. Endpoints News reported on October 29 that the company defended its pipeline and reinforced its interest in later stage business development, which is consistent with a quarter in which internally grown brands, rather than new deals, produced the guidance raise. The open question is unchanged: Eliquis, at $4.69 billion in a single quarter, is both the legacy portfolio’s support and its largest future loss of exclusivity exposure.