BMS Earnings Beat Estimates, But Opdivo Sales Slide Continues

Bristol-Myers Squibb Co. reported its third consecutive quarter of declining Opdivo (nivolumab) sales in the US, and second consecutive quarterly sales decline globally, on 6 February. As a result, executives spent most of the company’s earnings call explaining that Bristol-Myers expects its PD-1 inhibitor to return to growth through new indications before Revlimid (lenalidomide) – acquired in the recently closed $76bn acquisition of Celgene Corp. – begins to face generics in 2022.

Opdivo continues to be overshadowed by Merck & Co. Inc.’s competing PD-1 inhibitor Keytruda (pembrolizumab), which dominates the first-line...