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How Will Bristol-Myers Squibb’s Immunology Portfolio Evolve?


Jun. 5 2019, Updated 3:53 p.m. ET

Immunology portfolio

Bristol-Myers Squibb’s (BMY) acquisition of Celgene (CELG) is expected to make the combined company a top-five player in the I&I (immunology and inflammation) space with leading drugs such as Orencia and Otezla in its portfolio.

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Orencia growth trends

In the first quarter, Bristol-Myers Squibb’s biologic drug, Orencia, indicated for RA (rheumatoid arthritis), PsA (psoriasis), and for pediatric patients with moderate to severely active polyarticular JIA, reported revenues of $640 million, a YoY rise of 8%. In fiscal 2018, the drug reported revenues of $2.71 billion, a YoY rise of 9%. The drug is scheduled to lose exclusivity in the US and EU in 2021 and in Japan in 2019. Bristol-Myers Squibb is currently evaluating Orencia in phase 3 trials in multiple indications such as idiopathic inflammatory myopathy and Sjögren’s Disease.

Otezla growth trends

At the end of the first quarter, Otezla accounted for 37.1% of the new-to-brand market psoriasis share, significantly ahead of all its key competitors. In the first quarter, the drug reported revenues of $389 million, a YoY rise of 10%. In addition to leadership in the new-to-brand prescription share in the US, Otezla is also reporting robust uptake in ex-U.S. markets such as France and Japan.

In fiscal 2018, Otezla reported revenues of $1.61 billion, a YoY rise of 26%. The drug is expected to report revenues of $1.9 billion in fiscal 2019, a YoY rise of 19%. According to the fourth-quarter earnings conference call, label expansion in indications such as Behcet’s disease, scalp psoriasis, and pediatric, genital, and mild-to-moderate psoriasis is expected to add up to $500 million to the drug’s peak revenue potential in future years.

Antitrust issues

On March 26, Bristol-Myers Squibb filed a form 8-K to inform investors of the request received by both the company and Celgene from the FTC (U.S. Federal Trade Commission) asking for additional documentation about the pending merger. This request is focused on the possibility of the combined companies’ PsA drugs harming the overall competition in this segment.


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