Bristol-Myers Squibb Q1 net income down

For the first quarter of 2009, Bristol-Myers Squibb reported diluted earnings per share of $0.32, a decrease of 3%, compared to $0.33 for the same period of 2008.

The company reported net sales of $5.01 billion for the first quarter of 2009, an increase of 3%, compared to $4.89 billion for the first quarter of 2008.

Bristol-Myers Squibb reported net earnings of $921 million for the first quarter of 2009, compared to $891 million for the first quarter of 2008.

James Cornelius, chairman and CEO of Bristol-Myers Squibb, said: “Our operating performance was excellent at both the top and bottom lines. We made outstanding strategic progress, taking decisive actions that shift our focus toward future growth as a biopharma leader. The collaboration agreement we signed with Otsuka gives us improved financial stability in the upcoming years, mitigating some of the volatility we would have otherwise experienced leading up to 2014.

“We also completed two more transactions that advanced our String of Pearls strategy – expanding our pipelines in virology and cardiology – all while maintaining a strong balance sheet and carefully managing costs. Clearly, we are delivering on our commitments to become a stronger, leaner and more effective enterprise.”