Bristol-Myers Squibb posts 11 percent sales increase

Bristol-Myers Squibb has reported an 11 percent increase in net sales for the third quarter of 2011.

The pharmaceutical firm said its global sales totalled $5.3 billion (3.3 billion pounds) for the three-month period, up from $4.8 billion during the corresponding quarter last year.

According to the Associated Press, the company's third-quarter revenues came in at just above the $5.29 billion forecast by analysts.

The firm was boosted by the better-than-expected performance of its new advanced melanoma drug Yervoy, which posted sales of $121 million.

Sales of blood thinner Plavix, its best-selling product, jumped by eight percent to $1.79 billion.

In addition, the emergence of strong phase III data for new stroke prevention treatment Eliquis was hailed as an important moment for the company.

Lamberto Andreotti, chief executive of Bristol-Myers Squibb, declared himself "quite pleased" with the firm's "diverse achievements" during the quarter.

He said the organisation is excited by "the possibility that Eliquis could play a key role in the company's future".