SAN FRANCISCO — Christopher Boerner has been the CEO of Bristol Myers Squibb for simply two months. However in attempting to promote the corporate to buyers on Monday on the annual J.P. Morgan Healthcare Convention, he pointed to the corporate’s 150-year historical past.
He spoke of the “subsequent chapter” for BMS, which noticed its inventory fall 27% final yr, and stated that the corporate can be going by means of a “interval of renewal.” Principally, the tide is available in, but it surely additionally goes out. Patents on big-selling medicines expire, however new medicines will come to take their place.
Buyers might not have the ability to view these adjustments with equanimity. Gross sales of Bristol’s high sellers will decline considerably or vanish as generic or biosimilar medicines emerge. That features Eliquis, the blood thinner for stroke prevention that can be one of many first drugs topic to cost negotiation underneath the Inflation Discount Act; Revlimid, the best-selling a number of myeloma drugs that Bristol acquired when it purchased Celgene for $74 billion in 2019; and Opdivo, Bristol’s pioneering most cancers immunotherapy, which is an $8 billion vendor.
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