After last month’s pivot from an in-person event amid omicron concerns, the annual J.P. Morgan healthcare conference has finally kicked off virtually. So boot up those computers and get your meeting links ready, because it’s set to be a week full of biopharma action.
Here’s your Day 1 need to know, featuring Bristol Myers Squibb’s plan to grow despite knockoff competition to its top drugs and more.
Fierce Pharma will be covering the day’s biggest news at it happens. Check back here for updates, and catch Fierce Biotech’s coverage here.
- Kicking off the Big Pharma presentations Monday morning was Bristol Myers Squibb, which stole the show ahead of 2019’s J.P. Morgan healthcare conference with its massive Celgene buyout. At BMS’ session, execs said the drugmaker aims to grow despite generic and biosimilar competition by expanding its key brands and advancing its pipeline. The company also sees opportunity in “disciplined business development.” BMS’ new product portfolio can deliver $25 billion or more by 2029, execs figure, and the company is planning seven launches from its mid- to late-stage pipeline. BMS has 50 drugs in its early pipeline and can lean on $45 billion to $50 billion in free cash flow where needed.
As BMS weathers Revlimid’s upcoming loss of exclusivity, it expects megabrands Opdivo and Eliquis to keep on churning in the coming years, delivering many billions in additional sales by 2025 before their own patent cliffs later in the decade. Reblozyl, a first-in-class anemia drug approved in 2020, could generate $4 billion by 2029—although competition may be coming from others in the field. The company also spotlighted several other blockbusters-in-the-making among its late-stage drug candidates. On the dealmaking side, BMS said it plans to continue scouting for small and mid-sized “bolt-on” transactions that can refresh its pipeline. Meanwhile, the company is working on paying down debt and recently authorized a whopping $15 billion share buyback program.