BMS performance led by double-digit sales growth

Bristol-Myers Squibb (BMS) has announced its financial results for the second quarter of 2008, with the company reporting a strong performance led by double-digit worldwide sales growth.

The company reported broad-based net sales growth from continuing operations of 16 per cent to $5,023 million (2,529 million pounds).

Pre-tax earnings from continuing operations rose 24 per cent against the comparable quarter in 2007 to $1,221 million.

GAAP earnings per share (EPS) for the quarter increased by 20 per cent on last year’s figure to $0.36, while the company reaffirmed its EPS guidance of between $1.36 and $1.46.

The company said it plans to make an additional $1 billion in productivity savings by 2012

James M Cornelius, chairman and chief executive officer of BMS, said: “We are making measurable strides against the strategy we outlined for investors last year.”

He added the company is making acquisitions, investing in its product pipeline and entering into licensing agreement to deliver on its commitments to patients and investors while reporting strong sales growth.

Last week, BMS announced the appointment of Quentin Roach as senior vice-president and chief procurement officer of the company.