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iStock, arlutz73 Bristol Myers Squibb’s third-quarter results benefited from sales of its legacy brands Eliquis and Revlimid, as well as growth portfolio products such as Abecma, Breyanzi and Reblozyl. Bristol Myers Squibb on Thursday touted strong year-over-year growth in the third quarter of 2024, with sales handily beating the consensus estimate driven by its legacy and newer products. On the strength of the Q3 performance, BMS raised its full-year revenue guidance, now expecting a year-over-year increase of around 5%—up from its previous forecast of the upper end of low-single-digit growth. The outlook for the company’s full-year diluted earnings-per-share (EPS) was also lifted to $0.75 to $0.95, from the previous range of $0.60 to $0.90. “Our overall business mix is beginning to transform as our growth portfolio is becoming a bigger component,” CEO Christopher Boerner said during an investor call on Thursday, touting the combination of its pipeline—which is approaching several “near-term catalysts”—and a “disciplined focus on expense management.” These factors, Boerner said, are key to the company’s “focus on executing in the near term while laying the groundwork for long-term sustainable growth.” In Q3, BMS reported total global revenues of $11.9 billion–8% year-over-year growth at constant currencies—and a 6% beat versus the consensus estimate of $11.3 billion. In an investor note, William Blair analyst Matt Phipps credited BMS’ strong quarter to the reliable performance of its legacy brands—including Revlimid and Eliquis—and the “traction” of its growth portfolio brands such as Breyanzi, Abecma and Reblozyl, which “all beat consensus estimates.” Truist Securities analyst Srikripa Devarakonda in an investor note said the multiple myeloma drug Revlimid declined “less than anticipated.” Its sales dipped 1% in the quarter to $1.4 billion but still exceeded the consensus of $1.1 billion. The blood thinner Eliquis continues to be BMS’ top-performing asset, jumping 11% year-over-year to bring in just over $3 billion in Q3. BMS’ earnings call was primarily focused on its newly approved schizophrenia therapy Cobenfy, which won the FDA’s nod in September 2024 . Boerner said the drug had “multibillion-dollar potential” and will help the company accelerate its growth, though the company’s optimism appeared to be largely measured. BMO Capital Markets analyst Evan Seigerman in an investor note said that “while we appreciate conservatism in neuropsych, management commentary has been somewhat muted around revenue expectations,” particularly as “launch is expected to be a slow build in schizophrenia.” By contrast, Seigerman expects Alzheimer’s psychosis as a stronger opportunity for Cobenfy “in terms of sentiment.” Cobenfy is currently in Phase III development for this indication. “While we are encouraged by Bristol’s progress in the quarter on top line and expenses, the transformative change Bristol needs will come from its pipeline,” Seigerman wrote. Consensus peak sales estimate for Cobenfy is $5.4 billion. BMS expects to see a “sales ramp” for Cobenfy starting in the second half of 2025, following broad access in Medicare and Medicaid patients, Chief Commercialization Officer Adam Lenkowsky said during Thursday’s investor call.

BALDWIN PARK, Calif., Oct. 3, 2024 /PRNewswire/ -- StemCyte announced today that its Hematopoietic Progenitor Cell Cord Blood therapy (HPC Cord Blood) has officially obtained the Regenerative Medicine Advanced Therapy (RMAT) designation from the U.S. Food and Drug Administration (FDA) for the treatment of Long COVID-19 syndrome. StemCyte is one of the few cell therapy companies in the United States to receive the FDA-granted RMAT designation. Continue Reading Long COVID-19 syndrome is a severe and persistent consequence of COVID-19, for which no effective treatment currently exists. StemCyte's HPC Cord Blood is the world's first cord blood cell therapy to receive FDA approval for a Phase II clinical trial specifically for Long COVID-19. The RMAT designation, which was largely based on positive outcomes from the Phase II trial, enables StemCyte to collaborate closely with the FDA to expedite development, gain priority review, and leverage accelerated approval opportunities for future indications. StemCyte receives FDA RMAT for Long COVID-19; HPC Cord Blood therapy enters Phase III to address unmet medical needs. Post this The Phase II clinical trial of HPC Cord Blood was successfully completed within eight months in the United States, achieving full patient enrollment. StemCyte expects to unblind the results soon. The RMAT designation not only brings hope to patients suffering from Long COVID-19 but also expands the potential applications for HPC Cord Blood. Currently, StemCyte is in the planning stages for a Phase III clinical trial under FDA guidance. Significant progress has also been made on the Biologics License Application (BLA) for the HPC Cord Blood product (RegeneCyte), with StemCyte expecting to receive FDA approval by the end of the year to utilize umbilical cord blood-derived hematopoietic stem cells as a treatment for cancers, blood disorders, and immune deficiencies. The FDA's RMAT designation is reserved for products that show breakthrough therapeutic potential and address significant unmet medical needs. According to the FDA, as of June 2024, there have been 279 RMAT applications submitted worldwide, with successful approvals including Kymriah®, Abecma®, and Breyanzi® CAR-T treatments. StemCyte is honored to be the only cell therapy company to achieve this milestone for its HPC Cord Blood. About StemCyte StemCyte is a leader in the field of regenerative medicine, focusing on the development of innovative therapies utilizing cord blood. With a mission to bring advanced cellular therapies to the market, StemCyte is dedicated to improving health outcomes for patients globally. Contact: [email protected] SOURCE StemCyte WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In GET STARTED