Bristol-Myers Earnings: Mixed Results; Shortfall in Revlimid Sales Partly Offset by New Drug Sales

Bristol-Myers reported mixed second-quarter results below our projections largely due to lower-than-expected sales of cancer drug Revlimid. Since Revlimid has a short period of exclusivity left, ending in 2025, the shortfall in sales doesn’t have a major impact on our fair value estimate. Also, the shortfall in Revlimid sales appears to impact only 2023 due to patient assistance programs needing to accelerate support. The agreement with generic producers of Revlimid looks intact, with 2024 and 2025 sales of branded Revlimid not significantly impacted by the recent pressures.