Last month, Bristol Myers delivered unwanted news, telling investors that sales of new drugs it’s counting on this decade will grow more slowly than expected.
One of the chief culprits for that guidance shift was Abecma, sales of which dropped by 13% year over year during the third quarter. In an earnings call, Bristol Myers attributed that decline to increased competition from drugs like Johnson & Johnson and Legend Biotech’s rival myeloma therapy Carvykti, as well as to “manufacturing maintenance” being done to solve earlier production challenges.
