Bristol reports double earnings

Drug developer Bristol-Myers Squibb Co. said Thursday its third-quarter profit more than doubled on a surge in sales of its blood thinner Plavix, and raised its outlook for adjusted 2007 earnings.

BY: admin | Thu Jul 10, 2008

The New York-based company earned $858 million, or 43 cents per share, from $338 million, or 17 cents per share, a year earlier.

Excluding special items, Bristol-Myers earned 38 cents per share in the latest quarter where analysts on average were expecting 36 cents.

The better-than-expected results were due largely to cost cutting and controlling expenses, including research spending, analysts said.

Rising sales
Revenue rose 22 percent to $5.05 billion from $4.15 billion; analysts expected profit of 37 cents per share on revenue of $5.02 billion.

Sales of the cholesterol drug Pravachol fell 55 percent to $86 million because of generic competition.

Meanwhile, Plavix sales doubled to $1.25 billion, offsetting falling sales of Pravachol and making up the bulk of the company's pharmaceutical sales.

Based on favorable trends, Bristol raised its full-year 2007 earnings forecast to a range of $1.42 to $1.47 per share, excluding special items. It had previously projected $1.35 to $1.45.

Shares rose 72 cents to $29.14 in midday trading Thursday.

October 26 2007

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