NEW YORK (Reuters) - Bristol Myers Squibb said on Monday that its current drug pipeline has the ability to replace up to $25 billion a year in lost revenue from patent expirations by the end of the decade.
According to a presentation for JP Morgan’s annual healthcare conference, the company said anemia drug Reblozyl, as well as experimental heart drug mavacamten, psoriasis drug deucravacitinib and its cancer cell therapy franchise could each be responsible for more than $4 billion a year in revenue. Other drugs in the pipeline would make up the rest.
Reblozyl and one of the cancer cell therapies were picked up in the company’s $74 billion acquisition of Celgene last year. It acquired mavacamten this year in a $13 billion purchase of MyoKardia Inc.
“This really does speak to the importance of being able to not only source innovation internally, but having the financial wherewithal to be able to source innovation successfully externally,” Chief Commercial Officer Chris Boerner said in an interview. “That flexibility financially - and being willing to move quickly to become a partner of choice - is going to serve us well as we continue to navigate the loss of exclusivity for products in the future.”
Bristol Myers is expected to pull in more than $27 billion in sales - around two-thirds of its revenue this year - from its top three drugs, cancer drugs Revlimid and Opdivo and blood thinner Eliquis.
Revlimid will lose some of its U.S. patent exclusivity in 2022 and Eliquis could lose U.S. exclusivity after 2026. Opdivo’s patents also begin to expire later this decade.
Shares of Bristol Myers closed at $62.49 on the New York Stock Exchange on Friday.
Reporting by Michael Erman; editing by Diane Craft
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