Bristol-Myers Squibb

BMS CEO Lamberto Andreotti

15. Bristol-Myers Squibb ($BMY)
2014 revenue: $15.879 billion
2013 revenue: $16.385 billion

Over the past several years, as its Big Pharma peers engineered mega-mergers, made diversity-building acquisitions, and then started selling and spinning off units to focus on their strengths, Bristol-Myers has mostly been shrinking--sometimes by design.

Looking purely at numbers, BMS has had quite a comedown, with sales north of $20 billion as recently as 2011. Then unwelcome generic competition came calling on its blockbuster blood thinner Plavix, co-marketed with Sanofi ($SNY), taking a $3.5 billion bite out of its top line to leave 2012 sales at $17.6 billion. Since then, Bristol-Myers' biggest sales boost-and its biggest decline--came via dealmaking; in 2013, it sold to partner AstraZeneca ($AZN) the diabetes business they'd beefed up by buying Amylin Pharmaceuticals in 2012.

Despite offsetting growth from newer meds such as the melanoma therapy Yervoy and the anticoagulant it sells in partnership with Pfizer ($PFE), Eliquis, that same diabetes sale took its toll on Bristol-Myers' top line in 2014, pushing sales down to $15.88 billion from $16.4 billion in 2013.

Another drop is on its way for 2015. Abilify, the atypical antipsychotic that's now Bristol-Myers' biggest seller, goes off patent in April.

The $7.8 billion drug, marketed with Otsuka, already faces some head-to-head competition from Otsuka's long-acting injection, a solo act for the Japanese drugmaker. But generic pills will be a much bigger threat.

Bristol-Myers expects revenue to come in at $14.4 billion to $15 billion for 2015--and that's in spite of Opdivo, the blockbuster-to-be cancer-fighter that's now approved for melanoma and lung cancer. Analysts expect that med--first approved by the FDA in December--to bring in $600 million this year, if not more.

Incoming CEO Giovanni Caforio, who will take the reins from Lamberto Andreotti in May, understandably wants to focus on what happens after the "transition" in the company's portfolio over the next 12 to 24 months. "[O]ur number one priority remains to invest behind all of the opportunities we have, because we are very focused on driving growth beyond 2015," Calorie said at a conference last fall.

-- Tracy Staton (email | Twitter)

For more:
Special Report:
Top 10 Patent Losses of 2015: Abilify
New Bristol-Myers CEO on tap for $8.7M-plus pay package
Bristol-Myers' cancer meds are $15B bait for a big, deal-hungry buyer
Bristol-Myers braces for Abilify patent loss, predicting big sales drop for 2015
Bristol-Myers bails out of 'Diabetes Inc.' in $4.1B sell-out to AstraZeneca
Bristol-Myers, AZ aim for diabetes glory with Amylin buy

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