Bristol-Myers Squibb says it made progress in Q1 2009

Bristol-Myers Squibb made outstanding strategic progress during the first three months of the year, it has stated.

Compared to the same period in 2008, net sales increased by three per cent to $5,015 million (3,397 million pounds).

Non-GAAP earnings per share from continuing operations also saw a growth of 23 per cent.

James M Cornelius, chairman and chief executive officer of the company, remarked the firm’s operating performance was excellent.

He added decisive actions had been taken to help expand the business into a leader of the biopharmaceutical industry and the agreement with Otsuka will provide financial stability over the coming years.

While the firm had managed costs carefully and maintained a strong balance sheet, the company had also advanced its virology and cardiology pipeline.

“Clearly, we are delivering on our commitments to become a stronger, leaner and more effective enterprise,” remarked Mr Cornelius.

Earlier this month, Bristol-Myers Squibb and ZymoGenentics reported that the investigational compound PEG-Interferon lamba was well tolerated in patients with relapsed HCV in a clinical trial.