Bristol-Myers Squibb reports successful first quarter

Bristol-Myers Squibb has announced its financial results for the first quarter of 2011, highlighting signs of strong growth and progress towards its business goals.

The company's net sales rose by four percent year on year to reach a total of $5.01 billion (3.04 billion pounds), allowing the firm to confirm its guidance for its full-year performance.

During the quarter, a number of key research and development milestones were met, including the achievement of US regulatory approval for the melanoma drug Yervoy, while it also received positive opinions from EU regulators on Eliquis and Nulojix.

Lamberto Andreotti, chief executive officer of Bristol-Myers Squibb, said it expects to receive a number of further positive decisions from global healthcare regulators over the course of the year.

"The strength of our financial and research and development performance in the first quarter confirms our ability to execute our focused biopharmaceutical strategy and helps position us for long-term success," he added.

Bristol-Myers Squibb is currently attending the American Transplant Congress in Philadelphia, where it is showcasing new clinical data on belatacept, a drug for renal transplant patients.