Bristol-Myers Squibb hails ‘very good’ performance in 2011

Bristol-Myers Squibb has published its financial report for the 2011 fiscal year, during which the company experienced year-on-year growth and achieved a number of key targets.

The biopharmaceutical company's net sales total for the year came to $21.24 billion (13.56 billion pounds), up by nine percent compared to 2010, with a solid fourth-quarter total of $5.45 billion contributing to this performance.

These strong sales came at the end of a year in which the company was able to achieve vital new product approvals for drugs such as Yervoy, Nujolix and Eliquis, while executing 12 strategic transactions and acquisitions.

Lamberto Andreotti, chief executive officer of Bristol-Myers Squibb, said these developments will help the company to compensate for the loss of exclusivity of drugs such as Plavix and Avapro in 2012.

"In the fourth quarter, we delivered solid financial results, concluding a very good year that sets the foundation for the long-term growth of the company," he added.

Last week, the company strengthened its leadership via the appointment of Toys 'R' Us chief executive Gerald Storch as the newest member of its board of directors.