Latest news with #Pomalyst
CNBC
24-06-2025
- Business
- CNBC
Cigna sues Bristol Myers for alleged monopoly over blockbuster cancer drug
Cigna sued Bristol Myers Squibb on Tuesday, accusing the drugmaker of violating U.S. antitrust law by keeping generic versions of its blockbuster blood cancer drug Pomalyst off the market so it could retain a monopoly. In a complaint filed in Manhattan federal court, Cigna said Bristol Myers' Celgene unit filed sham lawsuits to protect its patents for Pomalyst, whose chemical name is pomalidomide, and paid off several generic drugmakers to end legal challenges. The insurer also said Celgene did nottell the U.S. Patent and Trademark Office that a Boston doctor had obtained a patent for pomalidomide to treat multiple myeloma, and defrauded that office by claiming "unexpected" positive results in testing. By having "willfully maintained monopoly power" over brand name and generic Pomalyst, Bristol Myers caused purchasers such as Cigna to overpay by "many hundreds of millions, if not billions, of dollars," the complaint said. Bristol Myers, based in Princeton, New Jersey, did not immediately respond to requests for comment. Cigna, based in Bloomfield, Connecticut, is seeking unspecified triple damages. It sued nearly three months after a Manhattan federal judge dismissed a proposed class action led by Blue Cross Blue Shield of Louisiana raising similar claims. In that case, U.S. District Judge Edgardo Ramos said the plaintiffs failed to show Celgene committed fraud in procuring patents for Pomalyst, or that Celgene filed baseless lawsuits against generic drugmakers that led to fraudulent settlements. Bristol Myers' U.S. sales of the drug, which is also sold under the name Imnovid, totaled $2.7 billion last year and $537 million in the first three months of 2025. Multiple myeloma is a blood cancer that affects plasma cells in bone marrow. There is no known cure, and the five-year survival rate was 62.4% between 2015 and 2021, according to the National Cancer Institute.
Reuters
24-06-2025
- Business
- Reuters
Cigna sues Bristol Myers over alleged monopoly for multiple myeloma drug Pomalyst
NEW YORK, June 24 (Reuters) - Cigna (CI.N), opens new tab sued Bristol Myers (BMY.N), opens new tab on Tuesday, accusing the drugmaker of violating federal antitrust law by maintaining a monopoly over a blockbuster multiple myeloma drug sold under the brand name Pomalyst. The insurer said Bristol Myers and its Celgene unit have delayed generic versions of Pomalyst from entering the market, causing Cigna and other purchasers to overpay by hundreds of millions, and perhaps billions, of dollars. Cigna filed its lawsuit in Manhattan federal court.
Reuters
08-04-2025
- Business
- Reuters
Bristol Myers wins dismissal of lawsuit alleging Pomalyst monopoly
NEW YORK, April 8 (Reuters) - Bristol Myers Squibb (BMY.N), opens new tab won the dismissal of a proposed class action accusing it of fraudulently obtaining patents and filing sham patent lawsuits to maintain an illegal monopoly on its blockbuster blood cancer drug Pomalyst, keeping cheaper generic versions off the market. In a 70-page decision made public on Tuesday, U.S. District Judge Edgardo Ramos in Manhattan said the health insurer Blue Cross Blue Shield of Louisiana and other Pomalyst purchasers failed to show that Bristol Myers and the former Celgene Corp violated the federal Sherman antitrust law. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. Ramos said the plaintiff purchasers failed to establish fraud in the procurement of six patents related to Pomalyst. He also said they failed to show how nine lawsuits that Celgene filed between 2017 and 2020 against generic drug producers such as Teva ( opens new tab and Mylan (VTRS.O), opens new tab were "objectively baseless" and led to fraudulent settlements. Lawyers for the plaintiffs did not immediately respond to requests for comment. The plaintiffs claimed they were overcharged for Pomalyst since at least October 2020, when generic versions of the multiple myeloma treatment allegedly could have been launched but for the defendants' alleged illegal scheme. Pomalyst sales totaled $3.55 billion in 2024, or about 7.3% of Bristol Myers' $48.3 billion of overall revenue. The drug was developed by Celgene, which Bristol Myers bought in 2019. Bristol Myers is based in Princeton, New Jersey. The case is Louisiana Health Service & Indemnity Co et al v Celgene Corp et al, U.S. District Court, Southern District of New York, No. 23-07871.
Yahoo
06-02-2025
- Business
- Yahoo
Bristol Myers forecasts 2025 revenue below estimates after strong quarter
By Michael Erman (Reuters) -Bristol Myers Squibb on Thursday posted better-than-expected fourth-quarter earnings, but said its 2025 revenue would fall more sharply than Wall Street had forecast due to generic competition for some of its older drugs. Shares of the drugmaker fell nearly 4% to $57.33 before the bell. The company forecast 2025 revenue of around $45.5 billion, down from $48.3 billion in 2024 and below analyst expectations of $47.4 billion, according to LSEG data. It forecast 2025 earnings in the range of $6.55 to $6.85 a share, below the average analyst estimate of $6.92 a share. The drugmaker also said it is expanding its cost-cutting program by an additional $2 billion by the end of 2027, bringing the total cost cuts under the program to $3.5 billion. Bristol has already been contending with sharp revenue loss from its cancer drug Revlimid, which brought in nearly $13 billion in 2021 and just $5.8 billion last year due to generic rivals. But Chief Executive Chris Boerner said in an interview the company will also be hurt in 2025 by the loss of exclusivity of other cancer drugs Pomalyst, Sprycel and Abraxane. "We've been very clear about our focus, which is driving sustained top-tier growth as we exit the decade, and specifically increasing the velocity of growth in the last couple of years exiting this decade and into the next," Boerner said. "Our focus is working on making sure that the period in which the business is declining is as short and as shallow as possible." Shares of Bristol Myers closed at $59.71 on Wednesday. The stock is up around 25% over the past year, driven in part by investor enthusiasm for its new schizophrenia drug Cobenfy, which was approved by the FDA last September. The company said it earned $3.4 billion, or $1.67 per share in the fourth quarter, down from $3.5 billion, or $1.70 per share, a year ago. Analysts, on average, had forecast earnings of $1.46 a share for the quarter. Revenue in the quarter rose 8% to $12.3 billion, topping analyst estimates of $11.6 billion. Sales of its cancer immunotherapy Opdivo rose 4% to $2.5 billion, while Revlimid sales fell 8% to $1.3 billion. Analysts had expected sales of those drugs to be around $2.5 billion and $1.1 billion, respectively. Sign in to access your portfolio
Reuters
06-02-2025
- Business
- Reuters
Bristol sees sharper 2025 revenue drop after better-than-forecast Q4
Feb 6 (Reuters) - Bristol Myers Squibb (BMY.N), opens new tab on Thursday posted better-than-expected fourth quarter earnings, but said its 2025 revenue would fall more sharply than Wall Street had forecast due to generic competition for some of its older drugs. The company forecast 2025 revenue of around $45.5 billion, down from $48.3 billion in 2024 and below analyst expectations of $47.4 billion, according to LSEG data. It forecast 2025 earnings in the range of $6.55 to $6.85 a share, below the average analyst estimate of $6.92 a share. The drugmaker also said it is expanding its cost-cutting program by an additional $2 billion by the end of 2027, bringing the total cost cuts under the program to $3.5 billion. Bristol has already been contending with sharp revenue loss from its cancer drug Revlimid, which brought in nearly $13 billion in 2021 and just $5.8 billion last year due to generic rivals. But Chief Executive Chris Boerner said in an interview the company will also be hurt in 2025 by the loss of exclusivity of other cancer drugs Pomalyst, Sprycel and Abraxane. "We've been very clear about our focus, which is driving sustained top-tier growth as we exit the decade, and specifically increasing the velocity of growth in the last couple of years exiting this decade and into the next," Boerner said. "Our focus is working on making sure that the period in which the business is declining is as short and as shallow as possible." Shares of Bristol Myers closed at $59.71 on Wednesday. The stock is up around 25% over the past year, driven in part by investor enthusiasm for its new schizophrenia drug Cobenfy, which was approved by the FDA last September. The company said it earned $3.4 billion, or $1.67 per share in the fourth quarter, down from $3.5 billion, or $1.70 per share, a year ago. Analysts, on average, had forecast earnings of $1.46 a share for the quarter. Revenue in the quarter rose 8% to $12.3 billion, topping analyst estimates of $11.6 billion. Sales of its cancer immunotherapy Opdivo rose 4% to $2.5 billion, while Revlimid sales fell 8% to $1.3 billion. Analysts had expected sales of those drugs to be around $2.5 billion and $1.1 billion, respectively.
