Bristol-Myers Squibb reports second quarter financials

Bristol-Myers Squibb has announced its financial results for the second quarter of the 2007 fiscal year, with the firm recording net sales of $4.9 billion (2.4 billion pounds), a rise of one per cent when compared the second quarter of 2006.

The company saw net earnings of $706 million during the quarter on a GAAP basis – equivalent to $0.36 per diluted share, an increase from $667 million, or $0.34 per diluted share, for the comparable period last year.

Global pharmaceutical sales were relatively stable at $3.9 billion for the quarter, with US pharmaceutical sales rising by two per cent and international sales showing a three per cent decrease.

These trends were attributed to competition from generics for Pravachol and Taxol in Europe which were offset by sales of newer products, including Abilfify, Baraclude and Sprycel.

James M Cornelius, chief executive officer of Bristol-Myers Squibb, said: “Since stepping into the role of chief executive ten months ago, I have been struck by this organisation’s desire to help patients prevail over serious disease and encouraged by its continuing commitment to build shareholder value.”

He added that the second-quarter results have shown the company to continue adding to this value.

In May 2007, Bristol-Myers Squibb announced the start of construction work on its new $750 million manufacturing plant in Devens, Massachusetts.