Bristol-Myers Squibb posts 22% rise in Q3 net sales

The company reported Q3 2007 net earnings of $858 million, or $0.43 per diluted share, compared to $338 million, or $0.17 per diluted share for the same period in 2006. The 2007 results include a one-time pre-tax gain of $247 million on the sale of the Bufferin and Excedrin brands in Japan.

The increase in net earnings in 2007 as compared to 2006 is due to strong sales growth of key and newer products in 2007 and reflects the adverse impact of generic competition for Plavix in the Q3 of 2006, according to the company. Worldwide pharmaceutical sales increased 24% to $3.9 billion in the third quarter of 2007, including a 3% favorable foreign exchange impact, compared to the same period in 2006.

The company revised its 2007 earnings guidance for fully diluted earnings per share to be between $1.28 and $1.33 from $1.35 to $1.45, reflecting a charge related to the company’s recent acquisition of Adnexus Therapeutics. However, excluding one-time items, Bristol-Myers lifted its profit projections to a range of $1.42 to $1.47 per share from $1.35 to $1.45 previously.

Bristol-Myers Squibb also said that it remains in discussions with the FDA regarding bladder cancer treatment vinflunine. Based on FDA feedback, the company said that it does not expect to file a new drug application for the therapy.

James Cornelius, CEO, said: “We’re making significant progress in identifying ways to operate more efficiently and reduce costs companywide as we maintain investments in our productive pipeline, which continues to yield important new therapies, including the recent addition of Ixempra for breast cancer. We’re also boosting our presence in biologics with the announced acquisition of Adnexus Therapeutics.”