NEW YORK – Bristol Myers Squibb's CAR T-cell therapy Breyanzi (lisocabtagene maraleucel) continued its exponential growth in Q1, with sales more than doubling in the US and tripling in international markets, driven by expanding indications in leukemias and lymphomas.
BMS CFO David Elkins cited Breyanzi as a "key contributor" to the positive performance of the firm's growth portfolio, which includes its newer medicines that don't have generic competition. "Global sales in the growth portfolio increased approximately 18 percent [excluding foreign exchange impacts], led by key brands, including our immuno-oncology portfolio, Breyanzi, [anemia drug] Reblozyl, and [cardiovascular treatment] Camzyos," he said Thursday during a call to discuss BMS's first quarter financials.
Breyanzi's US sales in Q1 2025 were $204 million, a 133 percent increase from Q1 2024 revenues of $87 million. The drug's international sales reached $60 million compared to $20 million in the same period last year, a 200 percent increase.
In March, Breyanzi gained another new indication in Europe as a third-line treatment for relapsed or refractory follicular lymphoma. "Breyanzi was another key contributor to our strong growth portfolio performance in the quarter, driven by demand across all indications," Elkins said.
As sales in the growth portfolio increased, revenue from BMS's legacy products continued to fall. Those legacy products include the cardiovascular drug Eliquis (apixaban), multiple myeloma treatments Revlimid (lenalidomide) and Pomalyst (pomalidomide), and other older products. In Q1, the growth portfolio reported sales of $5.6 billion compared to $4.80 billion in the same period last year. The legacy portfolio sales fell 20 percent in Q1 to $5.64 billion from $7.07 billion in Q1 2024.
For the three months ended March 31, BMS reported $11.2 billion in total revenue, a 6 percent decline from revenues in Q1 2024 of $11.87 billion. The firm's revenues exceeded analysts' average expectation of $10.7 billion for the quarter.
The firm's immuno-oncology portfolio also reported growth in the first quarter. Global Opdivo (nivolumab) sales were $2.27 billion, a 9 percent increase from $2.08 billion in the same period last year. Yervoy (ipilimumab) global revenues increased 7 percent in Q1 2025 to $624 million from $583 million in Q1 2024.
BMS's newest immunotherapy, the subcutaneous version of Opdivo called Opdivo Qvantig, reported $9 million in Q1 sales. Regulators approved Opdivo Qvantig in December in the US and recommended its approval in Europe in March across all the same indications as intravenous Opdivo.
Elkins noted that the US launch of Opdivo Qvantig was progressing well. "We continue to believe that physicians will convert approximately 30 to 40 percent of patients to this new product," he said.
The firm's other CAR T-cell therapy, Abecma (idecabtagene vicleucel), a treatment for multiple myeloma, had $103 million in global sales in Q1 2025 compared to $82 million in the same period last year, a 26 percent increase. Sales of BMS's KRAS inhibitor Krazati (adagrasib), a treatment for KRAS G12C-mutant non-small cell lung and colorectal cancer, were $48 million in the first quarter of this year, a 125 percent jump from Q1 2024 revenues of $21 million.
BMS recorded net income in Q1 2025 of $2.46 billion, or $1.20 per share, compared to a net loss in Q1 2024 of $11.91 billion, or $5.89 per share. On a non-GAAP basis, the company's EPS was $1.80, which beat the consensus Wall Street EPS estimate of $1.50.
Elkins said BMS's operating expenses in Q1 were nearly $500 million lower than the same period last year due to the firm's previously announced cost-savings initiative, which included layoffs and the discontinuation of some pipeline programs. As the initiative continues in 2025, Elkins said the firm "remains on track to deliver $1 billion [in] savings by the end of the year."
The firm's R&D spend decreased 16 percent in Q1 2025 to $2.26 billion from $2.70 billion in the same period last year. Over the same period, its selling, general, and administrative expenses fell 33 percent to $1.58 billion compared to $2.37 billion.
One area the firm is interested in expanding is through business development, BMS CEO Chris Boerner said during the call. "Business development remains a top priority. We have the financial position to move on business development, but we're also going to stay disciplined," he said. "We're going to focus on those opportunities where we like the science, where we're the rightful owners, and importantly, where we can continue to improve the growth profile of the company."
As of March 31, BMS had $12.13 billion in cash, cash equivalents, and marketable debt securities.
BMS raised its guidance for 2025 and is now expecting between $45.8 billion and $46.8 billion in revenue and diluted EPS between $6.70 and $7.00. Previously, the firm expected annual revenue of $45.5 billion and EPS between $6.55 and $6.85. The company said its updated guidance factors in the estimated impact of current tariffs on US products shipped to China, but do not include the impact of any potential pharmaceutical sector tariffs on imported drug or pharmaceutical ingredients.
Boerner noted that the firm is closely watching the potential impact of President Donald Trump's tariffs on imported pharmaceutical products and government changes to the medical research ecosystem in the US, but added that, so far, BMS has "not seen a notable impact on our business from any of the changes taking place in Washington."
"We're going to continue to do what we've always done, which is focus on strengthening the ecosystem of innovation in the US," he said. "That means ensuring that we are able to continue to invest in strong, interesting areas of science. We will also continue to engage with the government on pricing and the support of innovation on the back end."