Bristol Myers Squibb Company has been on a multi-year mission to develop medicines that can fill revenue gaps created during this decade as its top-selling drugs lose patent exclusivity, sometimes taking two steps forward and one step back, as drug developers often do. But with its second quarter 2023 earnings report, the big pharma appears to have taken a bigger stumble – one step forward and two steps back – with double-digit growth for its new products but a much larger than expected decline in Revlimid (lenalidomide) sales, and not simply because of increasing generic competition.
BMS Resets 2023 Guidance With Bigger Than Expected Drop In Revlimid Sales
Pressure On New Drugs As Long-Term Guide Maintained
Bristol saw a big jump in free Revlimid and Pomalyst provided through patient support programs. It does not expect the issue to persist in 2024, but now expects 2023 revenue to decline rather than grow.
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