David V. Elkins
Executive Vice President & Chief Financial Officer at Bristol-Myers Squibb
Thank you, Giovanni, and welcome again to our first quarter earnings call. I'm pleased to turn to slide nine to discuss our top line performance. Unless otherwise stated, I will discuss sales performance on an underlying basis, which excludes the impact of foreign exchange translation. Total company revenues in the quarter exceeded $11.6 billion, growing 7% year-over-year.
This was driven by strong double-digit sales of our in-line and new product portfolio, partially offset by our recent LOEs. Let's take a closer look at our new product portfolio performance on slide 10. In the first quarter, the new product portfolio contributed $350 million in revenue, more than doubling revenue versus prior year. With the combination of factors, including the usual year-end buying patterns impacting sequential performance, we remain confident in the growth potential of the new product portfolio.
The first-in-class approvals of Opdualag and yesterday's FDA approval of Camzyos further strengthened our confidence in the new product portfolio. We also look forward to our upcoming PDUFA date for deucravacitinib in September, which would deliver another first-in-class medicine for patients with the opportunity to deliver more than $4 billion in nonrisk-adjusted revenue in 2029. These initial approvals are just the beginning as many of these new medicines have significant expansion opportunities into additional indications. Now let's look at our expanded more diversified business by therapeutic area.
Turning to our solid tumor performance on slide 11. Opdivo and Yervoy continued their growth trajectory, growing double digits versus prior year. This is driven by continued demand for our newly launched indications and our core indications. In the U.S., Opdivo grew double-digit versus prior year, driven by demand in first-line lung, renal and gastric cancer as well as adjuvant esophageal and bladder cancers. Outside the U.S., first quarter year-over-year revenues increased double digit.
This strong growth was primarily driven by expanded access in emerging markets as well as demand for new indications in developed markets as we continue to secure reimbursement. Looking forward, we expect continued growth of Opdivo from our new and expanding indications. With the launch of Opdualag in mid-March, we are pleased to be the only company with three approved I-O agents. While early days in the launch, we generated approximately $6 million in sales, half of which was demand and the other half stocking.
We are encouraged by the initial feedback suggesting the potential for Opdualag to be a new standard of care for patients with metastatic melanoma, and I look forward to providing more updates as the year progresses. Now let's move to our growing cardiovascular portfolio on slide 12. I'll start with Eliquis, which continues to grow globally, with revenues up 14% year-over-year. In the U.S., sales increased 12% versus prior year, driven primarily by total prescription growth of 10%. Internationally, sales were strong, up 17% versus a year ago.
This strong double-digit growth was primarily driven by increased share across key markets, and the brand continues to be the number one NOAC in multiple countries. Turning to our expanded portfolio. I'm really excited about the approval of mavacamten now known as Camzyos for patients with symptomatic obstructive hypertrophic cardiomyopathy or oHCM. We plan to leverage BMS's existing CV leadership, building our strong expertise and relationship, focused initially at top HCM centers.
Our field teams are excited to bring this product to patients in the U.S., and Chris can provide more details on our go-to-market strategy in the Q&A session. Now let's turn our attention over to a few of our hematology products on slide 13, starting with Revlimid. Sales in the quarter were nearly $2.8 billion. Revenues were primarily impacted by generic entry. During Q1, we saw generics enter the U.S. later than expected entry and so far at a modest pace.
As mentioned last quarter, we expect variability quarter-to-quarter due to the uncertainty of how generic players will enter the market, though there is no change to our outlook for the U.S. Revlimid this year and beyond, we expect favorability we saw in Q1 to reverse in Q2. And internationally, generics launch broadly across Europe in mid-February and erosion has been faster than expected. As a result, we now expect full year global sales to be approximately $9 billion to $9.5 billion. Based upon U.S. phasing and ex U.S. dynamics, we expect second quarter global revenues to be approximately $2 billion.
Pomalyst global revenues grew from 9% versus prior year. Global revenues continued to be driven by volume and market share gains as patients move to earlier lines of treatment and extending duration of treatment. Now moving to Reblozyl, which generated revenues of $156 million in the quarter. Sales were up 41% versus prior year, primarily driven by continued demand in ESA refractory MDS patients. In the U.S. to date, we have robust on-label share in RS-positive patients. We're seeing encouraging trends in the reduction of time in the switch from ESA failures, which is also supported by NCCN guidelines.
We have also made progress in physicians uptrading a patient's dose to ensure sustained duration and benefit. Our focus remains on patient identification and dose titration for optimal outcomes. And outside the U.S., Reblozyl continues to grow with increased share in both MDS and beta-thalassemia associated anemia. We have now launched in six countries outside the U.S. and expect to launch in more markets in 2022. Moving to cell therapy launches, Abecma and Breyanzi.
Abecma generated revenues of $67 million in the first quarter. As expected, sales were largely similar to the fourth quarter of 2021 as demand continues to be robust, and worked hard to expand capacity. We are on track to expand capacity in the middle of this year to be able to help more patients with highly refractory multiple myeloma. As it relates to Breyanzi, sales in the quarter were $44 million. Sales were driven primarily by demand in the U.S., while physicians continue to recognize Breyanzi's best-in-class profile.
We are very pleased with the recent EU approval for Breyanzi in third-line plus large B-cell lymphoma and look forward to launching in select markets in 2022. Additionally, we are preparing for the U.S. launch of Breyanzi in second-line large B cell lymphoma in June and are ramping up capacity in order to treat more patients. Moving to our immunology product summary on slide 14. Orencia sales grew 6% versus prior year due to expanded U.S. sales, driven by increased market share in the U.S.
As it relates to Zeposia, global sales in the quarter were $36 million, doubling sales compared to prior year. Sequentially in the U.S., we saw encouraging demand growth that was offset primarily by buying patterns from prior quarter and higher gross-to-net impacts related to patient access and ulcerative colitis. We are pleased with the awareness and perception of Zeposia in UC and are encouraged by the strong increase in new patient starts.
We continue to work further expanding volume while strengthening access and reimbursement and expect to have increased contribution from UC in the second half of this year and expanding in 2023. Internationally, Zeposia continues to secure reimbursement in other markets for MS as well as obtain additional reimbursement for the newly approved UC indication last quarter. Lastly, as we continue to broaden our immunology portfolio, launch plans are already underway to prepare for deucravacitinib's upcoming PDUFA date in September.
Now, let's turn to our first quarter P&L on slide 15. As noted recently, we changed the presentation of our non-GAAP results. Along with other pharmaceutical companies, we no longer exclude significant research and development charges or other income resulting from upfront or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights. These charges have been included in our GAAP results, and there's no impact to the economics of our business.
Going forward, we will now include these previously specified charges in both GAAP and non-GAAP results as a new line item called acquired in-process research and development as well as capture the previously specified income in our OI&E line item. In the quarter, operating expenses, excluding acquired in-process research and development increased versus prior year, primarily due to increased MS&A driven by differences in timing of spend in the prior year as well as investments in our new product portfolio.
Net charges of $280 million consisting of acquired in-process R&D charges offset by licensing income are primarily driven by upfront milestone payments associated with the Immatics and Dragonfly licensing agreements. The first quarter effective tax rate was impacted by earnings mix. Even with this new financial presentation and the $0.10 impact from the inclusion of acquired in-process R&D and previously specified income, our strong performance in the quarter allowed us to grow non-GAAP EPS 13% versus last year.
Excluding this, the new presentation chain of non-GAAP EPS would have grown 18%. Now moving to the balance sheet and capital allocation on slide 16. Cash flow generation for the company remained strong. Cash flow from operations in the quarter was approximately $3.8 billion. We ended the quarter in a strong liquidity position with approximately $15 billion in cash and marketable securities.
Our capital allocation priorities remain unchanged. BD continues to be a top priority, and we remain committed to continued debt reduction and returning capital to shareholders. And in the quarter, we executed a $5 billion accelerated share repurchase program. Approximately 65 million shares or 85% of the $5 billion aggregate repurchase price were delivered to the company in the quarter. The ASR will settle over the next couple of quarters, and we remain opportunistic about future share repurchases. Now turning to our 2022 non-GAAP guidance on slide 17.
As you know, we guide based upon prevailing exchange rates at the time we report the results. We're updating our top line guidance to be in line to prior year, primarily due to movements in foreign exchange, reflecting the spot rate of the dollar today and faster erosion of Revlimid outside the U.S. Recent LOE product guidance is also being changed to reflect the updated Revlimid outlook in the range of $9 billion to $9.5 billion. So FX headwinds impact our entire portfolio.
The outlook for in-line products and the new product portfolio remains unchanged. This reflects the strong performance and confidence in our future growth drivers. We now expect total operating expenses, excluding in-process R&D, to decline in the low single digits versus prior year, driven primarily by cost discipline and the impact of foreign exchange. Excluding the change in financial presentation that we've adopted for non-GAAP earnings, there is no change to our outlook for non-GAAP EPS for the year.
With the impact of certain acquired in-process R&D and licensing income that are now included in non-GAAP EPS, our new range of $7.44 to $7.74. This change is driven by the previously announced $0.10 impact from the actuals in the first quarter, an additional $0.11 related to the buyout of future royalty obligations from mavacamten that occurred in April.
Before we move on to Q&A, I want to thank our colleagues around the world to continue to deliver strong commercial, clinical and financial results. And I'm really excited for what lies ahead. I'll now turn it back over to Tim and Giovanni for Q&A.