Bristol Myers Squibb Revenue Drops Due to Generic Competition, Delays Target for New Drug Sales by a Year

Revlimid sales drop 41% in Q3 2023 due to generic competition and increased patient donation program participation, offset in part by new products and in-line products, causing Bristol Myers Squibb's shares to plunge. The company needs another year to reach target of $10bn in new-product sales, now expected in 2026.

• Bristol Myers Squibb reported a 41% drop in Revlimid sales in Q3 2023 due to generic competition and increased participation in their patient donation program.
• Despite the setback from Revlimid, revenue loss was partially offset by the company's new-products portfolio and in-line products.
• Bristol Myers Squibb's shares fell approximately 6.5% on the news, hitting their lowest level since the start of the COVID-19 pandemic.
• The company reported a net income of $1.93 billion, meeting revenue estimates with $10.96 billion in revenue for the third quarter.
• Bristol Myers Squibb extended the timeframe to reach its target of $10 billion in sales from new products to 2026 due to a slower than expected ramp-up of new drugs like Reblozyl, Sotyktu, and Zeposia.

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