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Bristol Myers Squibb Q3 Revenues Jump 10 Percent With Increased Sales in Oncology

NEW YORK – Bristol Myers Squibb on Wednesday reported a 10 percent increase in revenue in the third quarter partly driven by growth in its oncology portfolio, including strong sales performance from nivolumab (Opdivo), ipilimumab (Yervoy), and its cell therapies.

BMS reported total revenues of $11.62 billion for the three months ended Sept. 30 compared to $10.54 billion in Q3 2020, beating analysts' average revenue estimate of $11.58 billion.

Several precision oncology drugs contributed to the company's financial growth during the quarter. BMS reported 7 percent sales growth globally for its checkpoint inhibitor nivolumab, with $1.91 billion in sales compared to sales of $1.78 billion in the prior-year quarter. US sales of nivolumab contributed $1.06 billion, a 4 percent year-over-year increase.

Chris Boerner, chief commercialization officer at BMS, noted in an earnings call on Wednesday that nivolumab sales were flat between Q2 and Q3 of this year due to inventory destocking in the second quarter. Still, according to Boerner, nivolumab performed well during the quarter in the first-line metastatic non-small cell lung cancer space, where it is available with BMS' other checkpoint inhibitor ipilimumab for PD-L1-positive patients, and in later-line settings.

"Overall, we're very confident not only in the continued growth for Opdivo this year, but importantly, the momentum going into 2022," he said, citing strong demand in other indications, such as renal and gastric cancer.

BMS reported a 15 percent increase in global sales of ipilimumab in Q3 to $515 million compared to $446 million in Q3 last year. The increase was largely driven by international sales, which jumped nearly 50 percent to $202 million. US ipilimumab sales, by comparison, increased 1 percent to $313 million.

The company's autologous cell therapies, idecabtagene vicleucel (Abecma) and lisocabtagene maraleucel (Breyanzi), also reported strong growth in Q3. This quarter marked the first full quarter of sales for ide-cel, which was approved in the US for heavily pretreated multiple myeloma patients earlier this year. Ide-cel brought in $71 million in global sales, and $67 million in US sales. Liso-cel, which was approved in February in the US for diffuse large B-cell lymphoma, had $30 million in global sales and $29 million in US sales in Q3.

BMS' net income in Q3 2021 was $1.55 billion, or $.69 per share, compared to $1.88 billion, or $.82 per share, in Q3 2020. BMS reported EPS of $2.00 on a non-GAAP basis, beating the average Wall Street estimate of $1.92.

The company spent $3.25 billion on R&D during the quarter compared to $2.50 billion during the same period last year. Marketing, selling, and administrative expenses amounted to $1.79 billion compared to $1.71 billion last year.

BMS also updated its annual GAAP EPS guidance to between $2.68 and $2.83, assuming that worldwide revenues will increase in the high-single digits. Previously, it had estimated GAAP EPS of between $2.77 and $2.97.

As of Sept. 30, the New York-based company had $15.7 billion in cash, cash equivalents, and marketable debt securities.