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Bristol Myers sales fall, cuts 2023 forecast as drugs face competition

Drugmaker Bristol Myers Squibb said on Thursday its second-quarter sales fell more than expected and cut its full-year forecast as two of its top drugs, blood cancer treatment Revlimid and blood thinner Eliquis, face generic competition. The company now expects 2023 revenue to fall by low single digit percentages, primarily due to lower-than-expected Revlimid sales. Bristol Myers is in the midst of a leadership change, with CEO Giovanni Caforio expected to step down in November to be succeeded by Chief Operating Officer Christopher Boerner.