Headquarters: New York, NY
Year Established: 1887
Revenues: $19,427 (+17%)
Net Income: $4,457 (+185%)
R&D: $4,940 (-17%)
TOP SELLING DRUGS
|Opdivo||melanoma, lung cancer, renal cancer||$3,774||301%|
|Eliquis||deep vein thrombosis and pulmonary embolism||$3,343||80%|
|Hepatitis C Franchise||HCV||$1,578||-2%|
|Reyataz||HIV/AIDS, renal cancer||$912||-20%|
Headquartered in New York City, Bristol-Myers Squibb’s (BMS) sales grew 17% to $19.4 billion in 2016 from $16.5 billion the year before. Most of the revenue comes from sales in the U.S. (55%) while Europe accounts for 22% and ROW markets including Japan contributed 23% of sales revenue.
Overall, growth was driven by strong performance in the company’s Oncology segment, the largest revenue contributor in 2016, accounting for nearly 35% of the company’s total revenue. This segment reported a rise of more than 62% in 2016 compared to 2015, mainly driven by Opdivo, with nearly $3.8 billion in sales, up a staggering 301%. Yervoy, Sprycel, and newly launched Empliciti to treat multiple myeloma, also contributed to growth.
The Virology segment contributed 24% of BMS’s total revenue, which fell 11% to $4.7 billion in 2016, compared to $5.3 billion in 2015. With increased competition in this segment, the company reported declines for all of its products, including its Hepatitis C franchise, its hepatitis B drug Baraclude, and its HIV drugs Reyataz and Sustiva.
The Immuno-Science segment, which includes Orencia, contributed nearly 12% of the company’s total revenue in 2016, driven by a 20% increase in Orencia sales to $2.3 billion compared to 2015.
The Cardiovascular segment, represented by the drug Eliquis, contributed 17% of BMS’s total revenue in 2016. Eliquis sales soared 80% to $3.3 billion in 2016, compared to $1.9 billion in 2015, due to wide use and the strength of its prescription trends.
The Neuroscience segment, represented by the drug Abilify, reported a drop of 83% in Abilify revenue to $128 million following competition launched during the year.
Also, the Matured Products segment and all other products showed a 17% drop in revenue to $2.1 billion due to increased competition.
In 2016, BMS received 19 approvals for new medicines and additional indications and formulations of currently marketed medicines in major markets—the U.S., EU and Japan—as well as multiple regulatory milestone achievements for Opdivo. BMS also said it encountered a significant setback in first-line lung cancer with the announcement of negative results of CheckMate-026. As a result, BMS did not pursue an accelerated regulatory pathway for the Opdivo+Yervoy combination therapy in first-line lung cancer, but BMS is still pursuing a broad program in this area encompassing combinations of Opdivo+Yervoy, Opdivo and chemotherapy, and Opdivo combined with Yervoy and chemotherapy.
Acquisitions and partnerships
BMS made several acquisitions and entered licensing transactions to focus resources on growth opportunities that drive the greatest long-term value. BMS is focused on the following core therapeutic areas: oncology, including IO, immunoscience, cardiovascular and fibrotic diseases. Significant transactions from 2016 are summarized below.
In December, BMS and Nitto Denko entered into an exclusive worldwide license agreement granting BMS the right to develop and commercialize Nitto Denko’s investigational siRNA molecules targeting HSP47 in vitamin A containing formulations, which includes Nitto Denko’s lead asset ND-L02-s0201, currently in a Phase Ib study for the treatment of advanced liver fibrosis.
The agreement also grants BMS the option to receive exclusive licenses for HSP47 siRNAs in vitamin A containing formulations for the treatment of lung fibrosis and other organ fibrosis.
In July 2016, BMS acquired all of the outstanding shares of Cormorant, a private pharmaceutical company focused on the development of therapies for cancer and rare diseases. The acquisition provides BMS with full rights to Cormorant’s lead candidate HuMax-IL8, a Phase I/II monoclonal antibody that represents a potentially complementary IO mechanism of action to T-cell directed antibodies and co-stimulatory molecules.
In April 2016, BMS acquired all of the outstanding shares of Padlock, a private biotechnology company dedicated to creating new medicines to treat destructive autoimmune diseases. The acquisition provides BMS with full rights to Padlock’s PAD inhibitor discovery program focused on the development of potentially transformational treatment approaches for patients with rheumatoid arthritis. Padlock’s PAD discovery program may have additional utility in treating systemic lupus erythematosus and other autoimmune diseases.
In February 2016, BMS and Pfizer entered into a collaboration and license agreement with Portola to develop and commercialize the investigational agent andexanet alfa in Japan. Andexanet alfa is designed to reverse the anticoagulant activity of Factor Xa inhibitors, including Eliquis. BMS and Pfizer are responsible for all development and regulatory activities for andexanet alfa in Japan and for exclusively commercializing the agent in Japan. Portola retains the rights to andexanet alfa outside of Japan and will be responsible for the manufacturing supply.
In addition to the above transactions, BMS provided notice of terminations to the California Institute for Biomedical Research pertaining to a research collaboration agreement for the development of anti-fibrotic preclinical compounds and Dual Therapeutics pertaining to a research collaboration agreement for the development of anti-cancer preclinical compounds.