Bristol-Myers Squibb reports double-digit net sales growth

Bristol-Myers Squibb has announced its financial results for the first quarter of the 2008 fiscal year, with the company reporting robust double-digit net sales growth together with strong earnings growth for the period.

The firm announced broad-based net sales growth from continuing operations of $5.2 billion (2.6 million pounds), an increase of 20 per cent compared to the first quarter last year.

Overall sales were driven by a strong performance of the pharmaceutical sector, which accounted for $4.2 billion of total sales.

Earnings from continuing operations before minority interest and income tax rose 51 per cent over the same period last year, up to $852 million.

James M Cornelius, chairman and chief executive officer of Bristol-Myers Squibb, said: “Our medicines are performing well, as was evident this quarter, and our pipeline is steadily advancing.

“This is good news for patients and healthcare professionals who count on us, as well as shareholders who invest in us.”

He added that the company is focused on the discovery and development of drugs to help people in the battle against disease.

Last month, Bristol-Myers Squibb announced the appointment of Jean-Marc Huet as senior vice-president and chief financial officer of the firm.