Bristol Myers Squibb (NYSE:BMY) pipeline of cancer drugs currently under development could generate up to $20 billion in sales more than anticipated.
Bristol Myers expects up to $20 billion in sales from cancer drugs
The company revised its guidance for yearly sales upwards, stating that sales of its late-stage cancer drug candidates could earn between $15 billion and $20 billion towards the end of this decade. Bristol Myers held virtual meetings throughout the week from Monday, June 20 to Friday 24, with analysts where the focus was cancer treatment. On June 23 and 24, the focus was blood disorders and autoimmune treatments.
Following the series of briefings, the company’s stock popped almost 3% early in the week. According to Morgan Stanley’s David Risinger, the first session of the company was encouraging, and sees proceeds from the new drugs offset loss from expiring patent.
Most of Bristol Myers’ new programs were a result of Celgene’s acquisition in November last year. According to CEO Giovanni Caforio, the merger is expected to save $2.5 billion and still leave the company with considerable financial resources for investing in drug development.
Bristol Myers is the largest cancer drug seller
Combination of the company’s sales of immune-oncology treatments Yervoy and Opdivo with the blockbuster sales of Celgene that is Pomlyst and Revlimid made the company one of the largest seller of cancer drugs. One of the exciting potential drugs the company is looking forward to is Relatliman, which is an antibody likely to prevent Opdivo resistance by tumors. Currently, the second and third phase trials of the antibody are underway to treat metastatic melanoma with topline data expected at the end of 2020.
Christopher Boerner, the company’s head of commercialization, stated that they are planning to extend Yervoy and Opdivo combination as a first-line treatment for lung cancer patients.