Bristol-Myers Squibb reports quarterly net loss

Bristol-Myers Squibb has reported that for the fourth quarter ended December 31st, the firm recorded a net loss of $134 million (68.25 million pounds), compared to net earnings of $499 million during the same period in 2005.

The company stated that its net sales of $4.2 billion were also lower during the fourth quarter of 2006 than the $5 billion reached during the corresponding period in the previous year.

Attributing the net loss in earnings to the launch of generic clopidogrel bisulphate last August, the firm claimed that the loss of its patent for Pravachol in a number of markets also had a significant impact on the company’s performance.

Commenting on the results, Jim Cornelius, chief executive officer at Bristol-Myers Squibb, said: “The company remains focused on executing our strategy and building shareholder value, with an expected return to sales and earnings growth beginning this year.”

Looking forward, the firm possesses a “robust” late-stage pipeline and reports an increasing demand for its products, he added.

In related news, Bristol-Myers Squibb and AstraZeneca recently announced that the two firms will be collaborating to develop two compounds currently being studied for the treatment of type-two diabetes.