Caforio Out, Boerner In as BMS Sees Slight Decline with Generic Competition

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1. Bristol Myers Squibb's CEO Giovanni Caforio will resign on November 1st.

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2. Christopher Boerner, the company's COO, will succeed Caforio.

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3. BMS reported a 3% dip in Q1 earnings compared to 2022.

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4. The company faces patent cliffs for three top-earning drugs this decade.

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5. Eliquis is set to lose patent protection in 2026, while Opdivo will lose it in 2027.

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6. Revlimid has already faced generic competition after losing patent protection in 2022.

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7. BMS' US market grew by 4% with $8 billion in revenues.

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8. The company expects $10-13 billion in risk-adjusted sales by 2025 from its new product portfolio.

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9. BMS is discontinuing early-stage development of iberdomide in lymphoma.

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10. The company is also discontinuing a Phase I LSD1 inhibitor for oncology and ending Phase III development of Opdivo in adjuvant melanoma.

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