Bristol Myers Squibb Co (BMY)

Bristol-Myers Squibb Co. Stock (BMY) dropped by 3.82% from $50.84 to $48.90 in the trading on Monday November 20, 2023. The reasons why BMY stock down today is due to the delay in FDA approval. The ODAC will review data for its Abecma gene therapy based on results from the pivotal Phase 3 KarMMa-3 study. The FDA has not yet confirmed the date of the ODAC meeting and has informed the companies that a decision on the application will not be made by the Prescription Drug User Fee Act (PDUFA) target action date of December 16, 2023.

Bristol-Myers Squibb Company Stock (BMY) dropped by 6.43% from $56.61 to $52.97 in the trading on Thursday October 26, 2023. The reason why BMY stock down today include:

• Decreased revenues: Bristol's sales fell 2% but were ahead of the Street's $10.96 billion projection. Several of Bristol Myers' big-name drugs missed expectations. Revenue from cancer drug Opdivo grew 11% to $2.28 billion, but narrowly lagged forecasts for $2.32 billion. Eliquis sales edged up 2% to $2.71 billion, below projections for $2.84 billion. Revlimid sales also plummeted 41% to $1.43 billion.
• Several difficulties: Bristol Myers has faced slower-than-expected adoption for cardiomyopathy drug Camzyos and insurance headwinds for Sotyktu. Bristol Myers is already struggling with generics taking a bite out of one of its cancer heavyweights.
• Concerns about milestone achieving: Previously, Bristol Myers expected new products like anemia treatment Reblozyl, psoriasis medicine Sotyktu and multiple sclerosis drug Zeposia to generate $10 billion to $13 billion in sales in 2025. Now, the company doesn't expect to reach the low end of that until 2026.