Revlimid and forex pressure are the reasons Bristol Myers Q3 sales fell by Stocksak

© Stocksak. FILEPHOTO: A sign is seen outside a Bristol Myers Squibb plant in Cambridge, Massachusetts. This was May 20, 2021. REUTERS/Brian Snyder

(Stocksak). Drugmaker Bristol Myers. (NYSE:) Squibb stated Tuesday that its third quarter sales dropped from last year because of generic competition. This was in addition to the impact of the weak pound and euro on sales of Revlimid, its blockbuster anti-cancer drug.

Revlimid sales were not as low as analysts predicted. The company also maintained its full-year forecasts.

Bristol Myers reported third quarter revenue of $11.22billion, a decrease from $11.62billion a year earlier. According to Refinitiv data, analysts had expected $11.1 billion. The company reported that its revenue would have been flat, excluding the impact of foreign currency.

Revlimid sales fell 28% to $2.4billion in the fourth quarter, exceeding analyst estimates of approximately $2.2billion.

According to David Elkins, Chief Financial Officer, the company expects full-year sales of the drug to be in the range of $9 billion to $9.5 billion.

Elkins stated that Bristol has been able to manage inflationary stress despite higher shipping, energy, and raw material costs.

“The question we all have regarding inflation is the rate at what it will continue and how long it will persist over time. He said that to date, we have been able manage the inflationary rises on our business.

Bristol shares the sales of Eliquis blood thinner, which Bristol also shares Pfizer (NYSE:), rose 10%, to $2.65 trillion, and its cancer immunotherapy Opdivo grew 7 percent to 2.05 billion. The company’s recently launched drugs have seen sales rise to $553 million, up from $344 millions last year.

The company reported a loss of profit of $4.26 billion or $1.99 per share for the quarter, excluding certain items. This compares to the $4.34 trillion or $1.93 a share a year prior. Analysts projected earnings per share at $1.83.

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