"The progress we've made with the pipeline has given us real confidence in our ability as a company to continue to renew the portfolio."īristol-Myers raised its guidance for 2020 to a range of $41.5 billion to $42 billion, taking into account the effect of competition on established brands, Elkins said. "The strength of our business beyond Revlimid has continued to be really, really good," Hirawat said. Still, Bristol-Myers' pipeline will play an important role as Revlimid's revenue falls away, Chief Medical Officer Samit Hirawat said. "So with that said, we still believe Revlimid will add potential significant cash flow for the business over that period from 2022 to 2026." "At the time we did the acquisition, all I'd say is that we took a more conservative view on Revlimid than the sell-side equity analysts did," Elkins said. READ MORE: Sign up for our weekly Essential Healthcare newsletter here. in September to block one of the planned generics until that time. 5 third-quarter earnings call downplayed the immediate effect competition will have on sales of Revlimid, which boosted total third-quarter revenue 75% from the year before to $10.5 billion.Ĭhief Financial Officer David Elkins said the erosion of Revlimid sales would be characterized "more as a slope, not as a cliff" as generics begin to enter the market in 2022, with full entry starting in 2026. The blockbuster drug faces incoming competition from generics in the coming years as time runs out on its patents.Įxecutives on Bristol-Myers' Nov. Sales of Revlimid, which was inherited through the 2019 acquisition of Celgene, surpassed $3 billion in the third quarter of 2020, up 10% from the previous quarter. its new best-selling drug in Revlimid and with it the need to build out a pipeline full of drug candidates that can make up for a future loss of sales. A blockbuster acquisition brought Bristol-Myers Squibb Co.
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