Sharp fall in sales for Bristol-Myers Squibb
pharmafile | July 26, 2013 | News story | Sales and Marketing | Avapro, BMS, Plavix, Q2
Bristol-Myers Squibb has seen a fall in sales over the past three months as it struggles with major patent losses.
The US firm posted second quarter sales of $4 billion, a decrease of 9% compared to the same period a year ago.
This follows the US patent expiration of its high blood pressure treatment Avapro in March last year, and the anticlotting drug Plavix in May 2012.
Avapro fell a massive 52% to $56 million, and Plavix an eye-watering 94%, down to just $44 million.
But excluding Plavix and Avapro, net sales grew by 10% compared to the second quarter of 2012, BMS pointed out.
Its biggest earner Reyataz, a HIV treatment, saw a steady 6% climb in revenue to reach $431 million. Its Sustiva HIV franchise also performed well, bringing in $411 million, also a 6% rise on last year.
But its new heart drug Eliquis failed to bring in the expected numbers, making just $12 million this quarter, $10 million less than the first quarter.
It also falls far below the $48.3 million average of seven analysts’ estimates compiled by financial news specialists Bloomberg.
The drug competes with Boehringer Ingelheim’s Pradaxa and Janssen/Bayer’s Xarelto and came later to market than its rivals. But its blockbuster projections are still valid say analysts, despite its weak start, who expect full year sales of $310 million for the drug.
Cancer products perform well
New melanoma treatment Yervoy which works as a cancer vaccine, continued its strong run with a 44% increase in sales this quarter, up to $233 million and looking good for a blockbuster peak.
Sprycel, a chronic myeloid leukaemia treatment, also saw good growth of 28% with sales now hitting $312 million.
Oncology is currently the company’s strongest point, with its experimental cancer drug nivolomab – being studied in melanoma – said to be driving investors’ interest in the company which “dominates the paradigm-changing immuno-oncology opportunity,” Jami Rubin, an analyst with Goldman Sachs Group told Bloomberg.
Ben Adams
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