BMS 2024 Annual Report: Eliquis Sales Reach $13.3 Billion, Camzyos for Cardiomyopathy Sees Explosive Growth of 161%

On February 6, Bristol Myers Squibb (BMS) announced its 2024 performance, reporting total revenue of $48.3 billion, a 7% increase year-over-year; and R&D investment of $11.16 billion, a 20% increase.

BMS categorizes its products into two main categories: Growth Products and Legacy Products. The Growth Products portfolio contributed $22.56 billion (+17%), accounting for 47% of total revenue, mainly driven by high growth from five key products: Reblozyl, Breyanzi, Camzyos, Opdualag, and Yervoy. The Legacy Products portfolio earned $25.74 billion, flat compared to last year, accounting for 53% of total revenue.

In the neurology field, Cobenfy (KarXT), a novel treatment for schizophrenia, was approved by the FDA in September 2024 and launched commercially in October. It generated $10 million in revenue within just over two months. At the JPM 2025 conference, BMS stated that Cobenfy's prescription performance met expectations and forecasted that it would cover most schizophrenia patients in the U.S. by the second half of 2025.

BMS has made detailed plans for expanding Cobenfy's indications, with new clinical data expected annually by the end of 2030. Studies for adjunctive treatment of schizophrenia and Alzheimer's disease are set to be announced in 2025 and 2026, respectively. With these expansion opportunities, BMS expects Cobenfy's peak sales to reach billions of dollars.

In oncology, Opdivo (nivolumab) generated $9.30 billion in 2024 (+3%). Before its patent expires in 2028, BMS has taken proactive measures to extend Opdivo's product life cycle, such as launching a subcutaneous formulation ahead of Keytruda. Yervoy (ipilimumab) saw steady growth, reaching $2.53 billion in sales. In October 2024, the Opdivo+Yervoy immune combination also saw a global first indication approval in China for first-line treatment of MSI-H/dMMR colorectal cancer patients.

Opdualag (nivolumab + relatlimab) achieved $928 million in revenue, showing a 48% higher double-digit growth rate. While Opdualag is currently approved for first-line melanoma, its future potential may extend beyond this indication. A Phase III trial comparing Opdualag to pembrolizumab for first-line treatment of non-squamous non-small cell lung cancer (NSCLC) was launched in August 2024.

The next-generation ROS1/NTRK inhibitor, Augtyro (repotrectinib), was acquired by BMS from Turning Point. The drug was approved by the FDA in November 2023 and later approved in China in May 2024, primarily for treating NSCLC, with global sales of $38 million in 2024.

The world's second KRAS G12C inhibitor, Krazati (adagrasib), was acquired by BMS from Mirati Therapeutics. Since its December 2022 launch, Krazati has been approved for two indications: NSCLC and colorectal cancer, with 2024 sales reaching $126 million. It is expected to catch up with Amgen's Lumakras, which had $350 million in sales.

In hematology, the CD19 CAR-T therapy Breyanzi saw sales double to $747 million (+105%) due to expanded manufacturing capacity. BCMA CAR-T therapy Abecma experienced a decline in sales, reaching $406 million (-14%). The two generations of immunomodulatory drugs, Revlimid and Pomalyst/Imnovid, contributed a combined $9.32 billion in revenue.

Reblozyl, the world's first erythropoiesis-stimulating agent, reached $1.77 billion in annual sales, showing a 76% increase, mainly driven by demand from patients with anemia caused by myelodysplastic syndromes (MDS). Compared to weekly erythropoiesis-stimulating agents (such as epoetin alfa), Reblozyl, which is administered subcutaneously once every three weeks, offers better transfusion independence and greater hemoglobin increase.

In the cardiovascular field, Camzyos (mavacamten), the world's first cardiac myosin inhibitor, was approved in the U.S. in 2022 and entered the Chinese market in 2024, being included in the national health insurance. It generated $602 million in global sales, an increase of 161%, making it another growth driver for BMS. Currently, Camzyos is approved for obstructive hypertrophic cardiomyopathy, and its Phase III clinical trial for non-obstructive hypertrophic cardiomyopathy is progressing, with completion expected in March 2025.

Eliquis (apixaban) has become the flagship product for BMS, generating $13.33 billion in revenue (+9%). However, its core patent will expire in 2026.

BMS's best-selling product in the autoimmune field is the CTLA4-Fc fusion protein Orencia (abatacept), which generated $3.68 billion in 2024, after nearly 20 years of market penetration. The oral selective S1PR modulator Zeposia (ozanimod), which has been approved for multiple sclerosis and ulcerative colitis, saw sales growth to $566 million.

As the world's first TYK2 allosteric inhibitor, Sotyktu (deucravacitinib) completed its second full year of sales, generating $246 million, which fell short of market expectations. Currently, Sotyktu is approved for plaque psoriasis, but its Phase III studies for psoriatic arthritis have been successful, and it is expected to expand its market further.

Looking ahead, BMS expects 2025 revenue to be approximately $45.5 billion, primarily due to an anticipated 18-20% revenue decline for its legacy products. Additionally, BMS will expand its strategic productivity program, aiming to save an additional $2 billion in costs by the end of 2027.