Most of Bristol Myers Squibb's "mature" products delivered commanding third-quarter performances, an analyst said Wednesday as BMY stock creeped higher.
The pharma giant's biggest product, blood thinner Eliquis, generated $2.66 billion in sales. Globally, sales surged 10%. Trailing narrowly, cancer blockbuster Opdivo delivered $2.05 billion in sales, up 7%. Generic challenges continued for Revlimid, however. Sales of the cancer drug tumbled 28% to $2.42 billion. Analysts called for a steeper dive to $2.16 billion.
Lee Brown, global sector lead for health care at research firm Third Bridge, noted Eliquis sales grew 16% year over year, excluding the impact of exchange rates.
"Many of Bristol's mature portfolio of drugs, including Eliquis, Opdivo, Pomalyst, continue to deliver strong performances," he said in a report to clients. "We remain focused on Eliquis given that the drug is by far the company's largest contributor to the top line. Eliquis continues to dominate the oral anticoagulant market."
On today's stock market, BMY stock rose 2.3% to 74.45.
BMY Stock: Sales Dip As Earnings Inch Higher
Overall, third-quarter sales dipped 3% to $11.22 billion. But that beat expectations for $11.14 billion, according to FactSet. Excluding the impact of exchange rates, sales were flat year over year.
Earnings rose 3% to $1.99 per share, above forecasts for $1.83.
In addition to strength from Bristol's mature products, Brown noted bullish growth from newer drugs like Reblozyl and Abecma. Reblozyl, which treats anemia in patients with beta thalassemia, brought in $190 million. On a strict, as-reported basis, sales grew 19%. Excluding the exchange-rate impact, sales increased 22%.
This was "driven by encouraging trends in treatment duration and patient adherence," he said.
Meanwhile, cancer drug Abecma generated $107 million in sales, growing 51% on a reported basis and 59% in constant currency.
For the year, Bristol Myers reiterated its guidance for adjusted earnings of $7.44-$7.74 per share and $46 billion in sales. BMY stock analysts predicted adjusted income of $7.50 per share and $45.92 billion in sales.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
