Performance Reflects Execution and Actions to Strengthen the Company's Long-Term Growth Profile
PRINCETON, N.J.--(BUSINESS WIRE)-- Bristol Myers Squibb (NYSE: BMY) today reports results for the first quarter of 2024, which reflect meaningful progress in the company's growth portfolio and pipeline.
“We had a good start to 2024, with revenue growth, important advances in our pipeline and the closure of several strategically important transactions,” said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. “Our focus remains on strengthening the company's long-term growth profile. As a part of our continued evolution, we're executing a strategic productivity initiative that will allow us to be more agile, drive efficiency across the company, and prioritize investing in opportunities where we see the greatest potential to get the most promising medicines to patients as quickly as possible."
| First Quarter | ||||||
$ in millions, except per share amounts | 2024 |
| 2023 |
| Change |
| Change Excl. F/X** |
Total Revenues | $11,865 |
| $11,337 |
| 5% |
| 6% |
(Loss)/Earnings Per Share — GAAP* | (5.89) |
| 1.07 |
| N/A |
| N/A |
(Loss)/Earnings Per Share — Non-GAAP* ** | (4.40) |
| 2.05 |
| N/A |
| N/A |
Acquired IPRD charge and Licensing Income Net Impact on Earnings Per Share | (6.30) |
| (0.01) |
| N/A |
| N/A |
* GAAP and Non-GAAP loss per share include the net impact of Acquired IPRD charges and licensing income primarily driven by the Karuna Therapeutics asset acquisition and SystImmune collaboration. ** See "Use of Non-GAAP Financial Information". | |||||||
FIRST QUARTER RESULTS
All comparisons are made versus the same period in 2023 unless otherwise stated.
FIRST QUARTER PRODUCT REVENUE HIGHLIGHTS
($ amounts in millions) |
| Quarter Ended March 31, 2024 |
| % Change from Quarter Ended March 31, 2023 |
| % Change from Quarter Ended March 31, 2023 Ex-F/X** | |||||||||||||
|
| U.S. |
| Int'l (c) |
| WW(d) |
| U.S. |
| Int'l(c) |
| WW(d) |
| Int'l(c) |
| WW(d) | |||
Growth Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| $ | 1,155 |
| $ | 923 |
| $ | 2,078 |
| (10)% |
| —% |
| (6)% |
| 9% |
| (2)% | |
|
| 572 |
|
| 226 |
|
| 798 |
| 4% |
| 6% |
| 4% |
| 13% |
| 6% | |
|
| 368 |
|
| 215 |
|
| 583 |
| 18% |
| 10% |
| 15% |
| 17% |
| 18% | |
|
| 293 |
|
| 61 |
|
| 354 |
| 88% |
| 22% |
| 72% |
| 22% |
| 72% | |
|
| 198 |
|
| 8 |
|
| 206 |
| 71% |
| * |
| 76% |
| * |
| 76% | |
|
| 52 |
|
| 30 |
|
| 82 |
| (56)% |
| 3% |
| (44)% |
| 7% |
| (44)% | |
|
| 72 |
|
| 38 |
|
| 110 |
| 41% |
| 41% |
| 41% |
| 41% |
| 41% | |
|
| 87 |
|
| 20 |
|
| 107 |
| 50% |
| 54% |
| 51% |
| 54% |
| 51% | |
|
| 77 |
|
| 7 |
|
| 84 |
| * |
| N/A |
| * |
| N/A |
| * | |
|
| 34 |
|
| 10 |
|
| 44 |
| * |
| * |
| * |
| * |
| * | |
|
| 6 |
|
| — |
|
| 6 |
| N/A |
| N/A |
| N/A |
| N/A |
| N/A | |
|
| 21 |
|
| — |
|
| 21 |
| N/A |
| N/A |
| N/A |
| N/A |
| N/A | |
Other Growth Products(a) |
|
| 148 |
|
| 171 |
|
| 319 |
| 3% |
| 26% |
| 14% |
| 30% |
| 16% |
Total Growth Portfolio |
|
| 3,083 |
|
| 1,709 |
|
| 4,792 |
| 9% |
| 8% |
| 8% |
| 15% |
| 11% |
Legacy Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 2,821 |
|
| 899 |
|
| 3,720 |
| 12% |
| —% |
| 9% |
| 1% |
| 9% | |
|
| 1,453 |
|
| 216 |
|
| 1,669 |
| (5)% |
| (5)% |
| (5)% |
| (1)% |
| (4)% | |
|
| 597 |
|
| 268 |
|
| 865 |
| 10% |
| (8)% |
| 4% |
| (7)% |
| 4% | |
|
| 282 |
|
| 92 |
|
| 374 |
| (2)% |
| (34)% |
| (13)% |
| (30)% |
| (11)% | |
|
| 145 |
|
| 72 |
|
| 217 |
| (10)% |
| (8)% |
| (9)% |
| 10% |
| (3)% | |
Other Legacy Products (b) |
|
| 95 |
|
| 133 |
|
| 228 |
| 19% |
| (20)% |
| (7)% |
| (17)% |
| (6)% |
Total Legacy Portfolio |
|
| 5,393 |
|
| 1,680 |
|
| 7,073 |
| 5% |
| (7)% |
| 2% |
| (4)% |
| 3% |
Total Revenues |
| $ | 8,476 |
| $ | 3,389 |
| $ | 11,865 |
| 7% |
| —% |
| 5% |
| 5% |
| 6% |
* | In excess of +100% | |
** | See "Use of Non-GAAP Financial Information". | |
(a) | Includes Nulojix, Onureg, Inrebic, Empliciti and royalty revenue. | |
(b) | Includes other mature brands. | |
(c) | Beginning in 2024, Puerto Rico revenues are included in International revenues. Prior period amounts have been reclassified to conform to the current presentation. | |
(d) | Worldwide (WW) includes U.S. and International (Int'l). | |
FIRST QUARTER PRODUCT REVENUE HIGHLIGHTS
Growth Portfolio
Growth Portfolio worldwide revenues increased to $4.8 billion compared to $4.4 billion in the prior year period, representing growth of 8%, or 11% when adjusted for foreign exchange impacts. Growth Portfolio revenues were primarily driven by higher demand for Reblozyl, Opdualag, Yervoy, Camzyos, and Sotyktu, partially offset by Opdivo and Abecma.
Legacy Portfolio
Revenues for the Legacy Portfolio in the first quarter were $7.1 billion compared to $6.9 billion in the prior year period. Legacy Portfolio revenues were largely driven by a 9% increase in Eliquis worldwide revenues on a reported basis and when adjusted for foreign exchange impacts, partially offset by a decline in Revlimid worldwide revenues of 5%, or 4% when adjusted for foreign exchange impacts.
PRODUCT AND PIPELINE UPDATE
Cardiovascular
Category | Asset | Milestone |
Clinical & Research | Camzyos® (mavacamten) | An analysis of results from the 10-month post-launch evaluation of the Camzyos REMS Program in 1,524 patients demonstrated that approximately 1% of patients reported clinical heart failure requiring hospitalization and 2.8% of patients reported a decrease in left ventricular ejection fraction to |