Bristol-Myers Squibb's Q4 2024: Contradictions Unveiled on Cobinfi Access, Efficacy, and Pricing Strategies

These are the key contradictions discussed in Bristol-Myers Squibb's latest 2024Q4 earnings call, specifically including: Access and Market Position for Cobinfi, Efficacy and Safety Profile of Coben, Cenerate Pricing Strategy, Eliquis Pricing Expectations, Immunology Portfolio Performance, and Cost Savings and Investment Strategy:



Strong Performance of Growth Portfolio:
- BMS reported that the growth portfolio delivered double-digit revenue growth in the fourth quarter and represented more than half of its revenue.
- Strong performance was driven by products like Reblozyl, KENZO, and Opdivo, and the launch of Con in schizophrenia contributed to this growth.

Impact of LOE Expirations:
- The company experienced a 17% sequential decline in sales for Eliquis due to the elimination of the Medicare Part D coverage gap in the first quarter of 2025.
- This decline was expected and reflects the impact of regulatory changes affecting sales dynamics.

Clinical and R&D Productivity:
- BMS has accelerated several programs through initiatives such as patient recruitment and changing trial designs, leading to early readouts for trials like ODYSSEY and CEMZYOS.
- This acceleration is aimed at enhancing productivity in late-stage pipeline development and derisking the company's future growth profile.

Cost Management and Financial Flexibility:
- BMS achieved approximately $1.1 billion in savings from its $1.5 billion strategic productivity initiative and plans for further savings of $1 billion by 2027.
- This financial flexibility is key to aligning the organization with business needs and supporting future growth investments.