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Home Industry News BMS report “strong” performance in fourth quarter 2007

BMS report “strong” performance in fourth quarter 2007

1st February 2008

Bristol-Myers Squibb’s (BMS) chief executive officer James M Cornelius has reported a “strong” performance for the fourth quarter of 2007.

The company has also revised 2008 earning guidance in order to reflect the sale of its medical imaging business which was completed earlier this month.

Its fourth quarter 2007 net sales reached $5.4 billion (2.7 billion pounds) – an increase of 33 per cent compared to the same period in 2006.

The company also reported a fourth quarter net loss of $133 million under US generally accepted accounting principles (GAAP), which compared to a net loss of $170 million for the same period.

Mr Cornelius insisted that the financial results demonstrated the power of its medicine range in helping people to fight against serious diseases.

He added that the sale of Medical Imaging strengthened the firm’s ability to consider future acquisitions that would add to its capabilities and portfolio of biotech and speciality medicines.

Commenting on this year’s restructuring efforts, Mr Cornelius documented: “Our Productivity Transformation Initiative, which helps identify ways to operate more efficiently, has spawned a new culture of continuous improvement.”

BMS announced this month that its medical imaging division had been acquired by the private equity firm Avista Capital Partners.

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