BMS Top 10 Medicines by Sales in Q2 '24

Overall Performance

BMS had a robust quarter, leading the company to raise its guidance for the year. This positive trend is reflective of a broader pattern seen in the BioPharma industry, with other major players like AbbVie, AstraZeneca, Roche, and Sanofi also raising their guidance following strong Q2 performances.

Growth vs. Legacy Portfolio

Growth Portfolio

The growth portfolio experienced a significant increase in sales, rising by 21% in constant currency terms. This segment now accounts for nearly half of BMS's overall sales. Key drivers of this growth include:

• Opdivo: Increased demand contributed substantially to revenue growth.
• Reblozyl: Another key product with strong sales performance.
• Camzyos and Opdualag: These products also saw higher demand, contributing to the portfolio's overall growth.

Legacy Portfolio

BMS's legacy portfolio generated $6.605 billion, with sales increasing by 2% as reported and 3% excluding foreign-exchange effects. Notable contributors to this segment include: [BMS Q2 2024]

• Eliquis: BMS's 2023 filing listed 2026 for the U.S. composition-of-matter patent and 2031 for its formulation patent; settlements permitted certain generic launches from April 1, 2028, subject to further challenges. Those dates are distinct from Medicare negotiated pricing effective in 2026. Eliquis remained a significant Q2 2024 revenue driver, making up 51.7% of legacy portfolio sales and 28.0% of total company revenue. [BMS patent disclosures]
• Pomalyst: Continued to show strong demand.
• Revlimid: Although facing a decline due to generic erosion, it still contributed to the portfolio.

Key Developments and Milestones

Eliquis and IRA Negotiations

Management provided more details on IRA negotiations during the Q2 call, expressing increased confidence in navigating the impact of IRA on Eliquis. They noted that they had seen the final 'maximum fair price' from the government, which bolstered their confidence.

Radiopharma Trial - RYZ101

Chief Medical Officer Samit Hirawat provided an update on the phase 3 study of RYZ101, the lead asset acquired from the $4.1 billion RayzeBio deal announced in December 2023. On the July 2024 earnings call, he said recruitment had restarted in the GEP-NET study and that a phase 1 study in small cell lung cancer was ongoing. RYZ101 was investigational in both indications. [Q2 call]

Product and Pipeline Updates

BMS achieved several important clinical and regulatory milestones as reported in its July 26, 2024 earnings release:

Oncology

• Opdivo (nivolumab) + Yervoy (ipilimumab): In 2024, the EMA validated a Type II variation application for first-line treatment of adults with unresectable or advanced hepatocellular carcinoma (HCC). The subsequent European Commission approval was announced on March 7, 2025, for adults who had received no prior systemic therapy. [Subsequent EU approval]
• Krazati (adagrasib): Received FDA accelerated approval on June 21, 2024, with cetuximab for adults with KRAS G12C-mutated locally advanced or metastatic colorectal cancer after prior fluoropyrimidine-, oxaliplatin- and irinotecan-based chemotherapy. [FDA approval]
• Subcutaneous nivolumab: The EMA validated the application for the new route of administration in 2024. BMS subsequently announced European Commission approval on May 28, 2025, across multiple adult solid-tumor indications. [Subsequent EU approval]
• Augtyro (repotrectinib): Received FDA accelerated approval on June 13, 2024, for patients aged 12 or older with NTRK fusion-positive solid tumors that were locally advanced, metastatic or unsuitable for surgery because of severe morbidity, after progression on treatment or when no satisfactory alternative existed. [FDA approval]

Hematology

• Breyanzi (lisocabtagene maraleucel): Received FDA approval on May 30, 2024, for adults with relapsed or refractory mantle cell lymphoma after at least two systemic treatment lines, including a BTK inhibitor. Its May 15, 2024, accelerated approval for relapsed or refractory follicular lymphoma also required at least two prior systemic treatment lines in adults. [MCL approval] [FL approval]

Immunology

• Cendakimab: Phase 3 trial for eosinophilic esophagitis (EoE) met co-primary endpoints.
• Sotyktu (deucravacitinib): Long-term extension trial results showed sustained clinical response in patients with moderate-to-severe plaque psoriasis over four years.

Clinical & Research Highlights

• Opdivo + Yervoy: CheckMate-9DW showed significantly longer overall survival versus lenvatinib or sorafenib as first-line treatment for unresectable HCC. [Trial results]
• Krazati: KRYSTAL-12 showed significantly longer progression-free survival versus chemotherapy in locally advanced or metastatic KRAS G12C-mutated NSCLC after platinum chemotherapy and anti-PD-(L)1 treatment. [Trial results]
• Opdivo + Yervoy: CheckMate-73L did not improve its primary progression-free-survival endpoint in unresectable stage III NSCLC. It compared chemoradiotherapy plus Opdivo followed by Opdivo + Yervoy against chemoradiotherapy followed by durvalumab. [Trial results]

Conclusion

Bristol Myers Squibb's Q2 earnings report underscores the company's strong performance and strategic focus on maximizing the potential of its growth portfolio while deftly managing its legacy medicines.

It comes amid the larger context of a major restructuring announced in April, which is part of several efforts meant to fortify the company as it faces LOEs on key products, while investing in its most promising medicines to enable strong growth in the future.