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      Earnings season, much like spring, is in full bloom as Big Pharma companies offer a glimpse at their performance during the first quarter of 2024.

      Thus far, drugmakers have largely produced solid financials, topping expectations from analysts on Wall Street and raising full year outlooks accordingly.

      A group of prominent pharma companies unveiled their respective earnings Thursday morning, with some soaring and others reeling.

      Check out how AstraZeneca, Bristol Myers Squibb, Merck and Sanofi did in Q1 2024:

      AstraZeneca

      AstraZeneca reported $12.6 billion in total revenue for Q1, up 17% from this time last year. The drugmaker’s earnings per share (EPS) rose 21% to $1.41 and its core EPS increased 7% to $2.06. 

      The driving force behind the company’s topline growth was its oncology portfolio, with cancer drugs contributing $5.1 billion in revenue, representing 26% year-over-year growth. 

      The British pharma giant’s cardiovascular, renal and metabolism segment generated just over $3 billion in revenue thanks to Farxiga and Lokelma growing by double-digits.

      Though revenue from vaccines and immune therapies dropped by 35%, respiratory and immunology grew 15% to $1.8 billion and rare disease jumped 12% to just over $2 billion.

      “Our strong pipeline momentum continued and already this year we announced positive trial results for Imfinzi and Tagrisso that were unprecedented in lung cancer, the data from both of these studies will be presented during the ASCO plenary in June,” AstraZeneca CEO Pascal Soriot said in a statement. “We are also looking forward to seeing the results of several other important trials throughout the year.”

      Soriot’s pay has been a point of contention as of late. He received a total compensation package of £16.9 million in 2023, up from £15.3 million in 2022, and recently fought to secure a £18.7 million pay package against criticism from some company investors. This week, he said the compensation package is part of an effort to make the company competitive and attract his potential successor.

      AstraZeneca also reiterated its total revenue and core EPS guidance – both of which are expected to increase by low double-digit to low teens percentages – at constant exchange rates for the full year. The British pharma giant is set to further delve into its business strategy at its annual Investor Day on May 21.

      Like other drugmakers, AstraZeneca also embraced the ongoing dynamics of industry wide consolidation.

      Towards the end of the quarter, AstraZeneca announced plans to acquire Fusion Pharmaceuticals for up to $2.4 billion. The company also bought rare endocrine disease biotech Amolyt Pharma for $800 million upfront.

      On the marketing side of things, AstraZeneca embarked on a number of front-facing initiatives, including a partnership with New York Rangers captain Jacob Trouba and his mom to raise awareness of cancer screenings, its asthma-focused effort supporting Fasenra and its Walter the Dino push for Airsupra.

      Bristol Myers Squibb

      The main takeaway from Bristol Myers Squibb’s earnings report is that the company is planning to cut more than 2,000 jobs, accounting for 6% of its workforce.

      Though total revenues grew 5% to $11.8 billion, the pharma giant cut its EPS outlook after posting a quarterly loss of $5.89 per share – one year after recording an EPS of $1.07.

      As such, it is initiating a plan to cut $1.5 billion in costs by the end of next year. The lackluster earnings report coupled with the job-cutting effort sent BMS’ stock down more than 7% during the trading session late Thursday morning.

      “We had a good start to 2024, with revenue growth, important advances in our pipeline and the closure of several strategically important transactions,” BMS CEO Christopher Boerner, PhD, said in a statement. “Our focus remains on strengthening the company’s long-term growth profile. As a part of our continued evolution, we’re executing a strategic productivity initiative that will allow us to be more agile, drive efficiency across the company, and prioritize investing in opportunities where we see the greatest potential to get the most promising medicines to patients as quickly as possible.”

      For 2023 as a whole, Boener received $8.4 million in total compensation. The company also paid former CEO Giovanni Caforio, MD $19.7 million during his final year at the helm.

      Despite the challenging financial situation, BMS had some wins on the regulatory and clinical front during the quarter.

      The Food and Drug Administration approved the cell therapy Abecma, which it developed with 2seventybio, in less severely affected patients with a type of blood cancer. The company also said KarXT showed efficacy that was maintained through one year in an open-label extension and its combination of Opdivo (nivolumab) and Yervoy (ipilimumab) improved overall survival.

      However, its immunology product Zeposia also failed a Phase 3 study.

      As for marketing, the drugmaker tapped actor Ted Danson to helm the SO, Have You Found It? campaign supporting its plaque psoriasis treatment Sotyktu (deucravacitinib).

      Merck 

      Merck beat expectations with $15.7 billion in quarterly sales, up 9% year-over-year, as well as a non-GAAP EPS of $2.07, up 48% over the same period. 

      Merck’s net income soared 69% to $4.7 billion as perennial performers like Keytruda and Gardasil grew by double digits.

      Arguably the most meaningful development during the first quarter of 2024 was the FDA’s approval of Winrevair for injection, making it the first activin signaling inhibitor therapy for pulmonary arterial hypertension (PAH).

      The treatment for PAH represents the fruits of Merck’s $11.5 billion acquisition of Acceleron Pharma in 2021.

      “We drove strong growth across key therapeutic areas, executed strategic business development, and in the U.S., we are now launching Winrevair, a significant new product in the cardiometabolic space for adults with pulmonary arterial hypertension, a progressive and debilitating disease,” Merck CEO Robert M. Davis said in a statement. “We have important opportunities ahead of us across all areas of our business, and we are highly focused on realizing them.”

      Looking ahead, Merck raised and narrowed its full year outlook for worldwide sales, now between $63.1 billion and $64.3 billion, as well as its non-GAAP EPS range, now between $8.53 and $8.65.

      Beyond the Winrevair news, Merck also made waves on the clinical side.

      The company announced plans to conduct clinical trials to evaluate the efficacy and safety of a single-dose regimen of its human papillomavirus vaccine Gardasil 9 and released positive Phase 3 data on V116, its investigational, 21-Valent pneumococcal conjugate vaccine. 

      However, the company also reported the failure of a late-stage study of a combination of Keytruda and Lynparza in the early treatment of certain lung cancer patients. Meanwhile, the FDA granted priority review for Keytruda plus chemotherapy for treating primary advanced or recurrent endometrial carcinoma.

      As it relates to dealmaking, Merck announced an agreement with Pearl Bio, a Khosla Ventures-backed biotech, that could be worth as much as $1 billion. It also scooped up biotech startup Abceutics for $208 million. 

      In terms of personnel, Merck tapped former GE HealthCare exec Betty Larson as EVP, chief human resources officer, succeeding Steve Mizell.  

      Sanofi

      Finally, Sanofi’s net income dropped due to increasing competition from generics but its net sales rose.

      The Paris-based drugmaker’s net sales ticked up 2.4% to €10.4 billion, though its net income dropped 43% to €1.1 billion and its business operating income fell 14.7% to €2.8 billion.

      Dupixent continues to generate reliable revenue for the company, with sales up nearly 25% to €2.8 billion. By segment, its pharma division brought in €606 million, vaccines delivered €1.1 billion and the soon-to-be spun off Consumer Healthcare segment grew 9% to €1.5 billion.

      Sanofi reiterated its business EPS to decrease by low single digits at CER including a higher expected tax rate.

      “We are off to an excellent start in 2024, delivering on our strategic priorities and a transformation of our portfolio of medicines and vaccines to become a development-driven, tech-powered biopharma company committed to serving patients and accelerating growth,” Sanofi CEO Paul Hudson said in a statement. 

      He added that the company is still waiting on regulatory decisions for Dupixent in COPD, noting that it could prove to be a major development for the company if it comes to pass.

      As for the future of its Consumer Healthcare spinoff, Sanofi said it is still on track to take place in Q4 but added that all options are open.

      During the quarter, Sanofi also closed natural killer cell company Kiadis nearly four years after purchasing it for $357 million and said Phase 2b results for amlitelimab support its potential for treating atopic dermatitis.

      In addition to these four drugmakers, Daiichi Sankyo, West Pharmaceuticals and Astellas Pharma reported their respective latest earnings as well.