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Market: NYSE
Sector: Medical
EPIC: BMY
Latest Price: 32.71  (-0.03% Descending)
52-week High: 35.29
52-week Low: 26.38
Market Cap: 55,249.90M
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Bristol Myers Squibb
www.bms.com

Bristol-Myers Squibb is a global producer and distributor of pharmaceuticals and other healthcare-related products. The merger of Bristol-Myers with Squibb in 1989 created what was then the world’s second-largest pharmaceutical enterprise. The company’s key business areas cover pharmaceuticals, infant formulas and nutritional products, ostomy & advanced wound care, cardiovascular imaging and over-the-counter products.

Full Bristol Myers Squibb profile here
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Bristol-Myers posts Q4 rise in profit, but falls short of Street views

26th Jan 2012, 11:45 am by Joyanta Acharjee
Bristol-Myers posts Q4 rise in profit, but falls short of Street views

Bristol-Myers Squibb (NYSE:BMY) Thursday reported a 76 percent increase in fourth-quarter earnings due to sales of a diabetes drug and hefty charges last year, but still missed Street estimates.

For the quarter that ended December 31, net income rose to $852 million, or 50 cents per share, up from $483 million, or 28 cents per share a year earlier.

Adjusted income rose 12 percent to $906 million, or 53 cents per share, from $807 million, or 47 cents per share, for the same period of 2010.

Total sales increased seven percent to $5.45 billion from $5.11 billion.

Analysts were expecting earnings of 55 cents per share on sales of $5.51 billion, according to FactSet.

The company focused attention on rapid sales growth for its three-year-old oral diabetes drug Onglyza, which saw sales increase 110 percent to $153 million.

The New York-based company said fees and discounts under the US health care overhaul reduced earnings per share by four cents in the latest quarter.

The year-earlier results were weighed down by $324 million in expenses, including charges for streamlining global operations, depreciation and shutdown costs, licensing payments and a tax charge.

Bristol-Myers said it expects 2012 full-year earnings per share between $1.90 and $2.00. Analysts are looking for $1.98 per share, on average.

Bristol-Myers and French partner Sanofi (NYSE:SNY) jointly market blood thinner Plavix, the world's second-best-selling drug, which posted a three percent drop in sales to $1.67 billion in the latest quarter.

The drug loses US patent protection in May, and Bristol has initiated a dozen or more partnerships and deals aimed at developing new revenue-generating products.

Among the most highly anticipated of those drugs is the anti-clotting pill Eliquis, which is approved in the European Union for preventing clots in patients getting hip or knee replacement surgery.

Bristol and its partner on the drug, Pfizer (NYSE:PFE), are seeking US approval for the drug for stroke prevention, which would allow them to market it for millions more patients.

The Food and Drug Administration has given Eliquis a priority review, with a March 28 target date for a ruling.

Also due to lose patent protection in 2012 is blood pressure drug Avapro. Sales of that drug and its foreign counterpart Avalide fell 23 percent, to $195 million.

Sales of the company's second biggest product, schizophrenia and bipolar drug Abilify, rose four percent to $737 million.

For full-year 2011, the company earned $3.71 billion, or $2.16 per share, on sales of $21.24 billion. Excluding one-time items income was $2.28 per share.

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