Bristol-Myers Squibb Co Stock Price, News & Analysis

Bristol Myers Squibb (BMY) reported first quarter revenues of $11.3 billion, a decline of 3% year-over-year, impacted by generic erosion of Revlimid. Adjusted for foreign exchange, the revenue decrease was 1%. The company posted a GAAP earnings per share (EPS) of $1.07, an 81% increase from $0.59 in the prior year, while non-GAAP EPS was $2.05, a 5% rise from $1.96. Revenue from in-line and new products grew 8% to $9.3 billion, or 10% when excluding foreign exchange impacts. The U.S. revenues improved 4% to $8.0 billion. Bristol Myers also adjusted its GAAP EPS guidance for 2023 while affirming its non-GAAP guidance, indicating resilience in its operational strategy despite external pressures.

Bristol Myers Squibb (NYSE: BMY) announces the retirement of Giovanni Caforio as CEO effective November 1, 2023. He will remain as Executive Chairman of the Board. Christopher Boerner, previously Chief Commercialization Officer, has been appointed as the new CEO, effective immediately. Boerner's leadership is anticipated to guide the company through significant growth opportunities. During Caforio's eight-year tenure, the company's revenue nearly tripled, and 12 new medicines were launched, including five first-in-class treatments. The transition is part of ongoing succession planning, aiming for a smooth handover to ensure continuity in strategic execution.

Bristol Myers Squibb (NYSE: BMY) has received a positive recommendation from the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) for its drug CAMZYOS (mavacamten), intended for treating symptomatic obstructive hypertrophic cardiomyopathy (HCM) in adults. CAMZYOS would be the first cardiac myosin inhibitor in Europe targeting the source of obstructive HCM. The recommendation follows successful results from the Phase 3 EXPLORER-HCM and VALOR-HCM trials, which demonstrated significant benefits over placebo. The European Commission will now review the CHMP's opinion. CAMZYOS is already approved in the U.S., Australia, Canada, Brazil, and Switzerland, marking a significant step for Bristol Myers Squibb in offering innovative cardiovascular treatments.

Bristol Myers Squibb (NYSE: BMY) announced the expansion of its global cell therapy manufacturing network with the addition of in-house viral vector production capabilities at its Libertyville, Illinois facility. This development follows an agreement with Novartis to enhance the company's operations, specifically for its CAR T cell therapies. The new facility aims to address the increasing demand for viral vectors, crucial for engineering T cells for infusion therapies, thereby enabling more patients to access these treatments. The transition of the Libertyville site to Bristol Myers Squibb is expected to occur throughout 2023, supporting the company’s long-term ambitions in cell therapy.

Bristol Myers Squibb (BMY) has entered into a strategic license agreement with Tubulis to develop differentiated antibody-drug conjugates (ADCs) for cancer treatment. BMY will pay Tubulis an upfront fee of $22.75 million, with potential milestone payments exceeding $1 billion and tiered royalties on net sales. This partnership allows BMY access to Tubulis’ proprietary P5 conjugation and Tubutecan platforms, enhancing their capability in ADC development. The agreement highlights BMY's focus on oncology and the therapeutic potential of ADCs, addressing the need for innovative cancer treatments. Tubulis aims to leverage its technologies to create ADCs that reduce unwanted side effects while effectively delivering therapies to solid tumors.

The U.S. FDA has accepted the supplemental Biologics License Application (sBLA) for Bristol Myers Squibb (NYSE:BMY) and 2seventy bio's Abecma (idecabtagene vicleucel), with a target action date set for December 16, 2023. This application is based on promising interim results from the Phase 3 KarMMa-3 study, which demonstrated a significant reduction in disease progression or death for patients with relapsed and refractory multiple myeloma compared to standard treatments. Additionally, the European Medicines Agency validated a Type II variation application for Abecma, and Japan's Ministry of Health accepted the supplemental New Drug Application. These developments highlight the commitment to enhance treatment options for multiple myeloma patients.

Bristol Myers Squibb (NYSE: BMY) has expanded its collaboration with Foundation Medicine to develop the FoundationOne CDx as a companion diagnostic for its investigational tyrosine kinase inhibitor, repotrectinib. This drug is currently under evaluation in the TRIDENT-1 Phase 1/2 trial for patients with ROS1+ non-small cell lung cancer (NSCLC) and NTRK+ solid tumors. If successful, the FoundationOne CDx will help identify suitable patients for treatment with repotrectinib. Foundation Medicine leads in the U.S. with approximately 60% of all companion diagnostic approvals for next-generation sequencing (NGS) testing, enhancing personalized treatment options.