Bristol Myers Squibb reports “solid” quarter

Despite “unfavourable” foreign exchange rates, pharmaceutical and health care product manufacturer Bristol-Myers Squibb has reported that its first quarter net sales increased by three per cent.

The firm stated today that its pharmaceutical sales increased to $3.7 billion (two billion pounds), a rise of three per cent when compared to the same period in 2005.

Bristol-Myers Squibb also reported that its US sales outperformed international pharmaceutical sales, with American figures rising by 17 per cent in the first quarter, whereas the firm’s international sales saw a ten per cent fall during the same period.

Bristol-Myers Squibb said this was “primarily” result of a decline surrounding anti-cancer compound Taxol and Pravachol, which is used to lower cholesterol levels. However, the pharmaceutical manufacturer did state that newer drugs, such as HIV/Aids drug Reyataz and Schizophrenia treatment Abilify, had helped to “offset” these falls.

Commenting on the overall results today, Peter R. Dolan, chief executive officer, said: “This was another solid quarter for Bristol-Myers Squibb, as we continued to grow our key products, execute our strategy and advance our pipeline.”

Mr Dolan concluded: “We are ramping up our efforts announced last December to reduce our cost base, which we expect will deliver a minimum of $500 million in additional savings in 2007 and an incremental $100 million in 2008, as we prepare the company for an expected period of sustained earnings growth over several years, beginning in 2007.”

Bristol-Myers Squibb is based in New York, it employs around 42,000 people and reports global sales of around $19 billion.

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