Fourth-quarter Revlimid sales of $2.26 billion topped Wall Street estimates of $1.89 billion, according to Refinitiv data.
The company expects Revlimid sales to fall to $6.5 billion in 2023 from $9.98 billion last year.
The forecast suggests Revlimid’s “generic erosion will accelerate,” William Blair analysts said in a note.
To help offset the decline in Revlimid sales, Bristol Myers has been betting on newer products, such as cancer therapies Opdualag and Abecma.
With the momentum of the new product portfolio, the company expects to roughly double sales of its more recent offerings in 2023 versus last year to about $4 billion, Chief Financial Officer David Elkins said on a call to discuss the company’s results.
The New York-based drugmaker reported a nearly 5% decline in sales in the fourth quarter to $11.41 billion, but that was above analysts’ expectations of $11.2 billion.
Excluding the effect of foreign exchange, sales…
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