Bristol Myers says it needs another year to hit target for new drugs

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By Michael Erman

(Reuters) -Drugmaker Bristol Myers Squibb on Thursday pushed back by a year the time frame for its current new-product portfolio to hit $10 billion in sales as the ramp-up of new drugs including anemia treatment Reblozyl, psoriasis drug Sotyktu, and multiple sclerosis drug Zeposia takes longer than expected.

Shares of the drugmaker fell more than 5% to $53.5 before the bell. They are down over 20% this year, while the S&P 500 index is up nearly 10%.

The company said it now expects greater than $10 billion of new-product sales in 2026. It had previously forecast $10 billion to $13 billion of sales for the portfolio in 2025.

“The long-term potential of these brands remains the same,” BMS Chief Financial Officer David Elkins said in an interview, noting that the drugs are on pace to hit around $3.5 billion in sales this year.

Bristol Myers reported that it earned $4.1 billion, or $2 per share, in the third quarter, down from $4.3 billion, or $1.99 a share, a year earlier. Analysts, on average, had expected earnings per share of $1.76.

The company raised the bottom end of the range for its full-year earnings per share forecast. It now expects earnings per share in the range of $7.50 to $7.65, up from its previous target of $7.35 to $7.65.

Chief Operating Officer Chris Boerner is expected to become chief executive of Bristol Myers next month, replacing current CEO Giovanni Caforio.

The New Jersey-based company has been pressured by declining demand for its top drug, blood cancer treatment Revlimid, which now has generic competition. Bristol Myers is also expected to face revenue losses for two of its other top sellers, cancer immunotherapy Opdivo and blood thinner Eliquis, as they lose patent exclusivity later this decade.

Earlier in October, BMS agreed to buy cancer drugmaker Mirati Therapeutics for up to $5.8 billion, in an attempt to diversify its oncology business.

(Reporting by Michael Erman and Sriparna Roy; Editing by Leslie Adler)

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