Bristol-Myers beats expectations, as new products kick in

US drug major Bristol-Myers Squibb (NYSE: BMY) pleased investors, seeing its shares close up 2.6% at $35.81 yesterday, with its fourth-quarter and full-year 2012 financial results, posting figures that beat consensus forecasts despite a sharp down turn in sales and earnings, largely as a result of loss of patent exclusivity on its former blockbuster blood thinner Plavix (clopidogrel), co-marketed with originator Sanofi. B-MS’ shares closed up 2.6% at $35.81 yesterday.

Fourth-quarter revenues plunged 23% to $4.19 billion, but still beat Wall Street expectations of $4.12 billion. Earnings came in at $925 million, up 8.6%, or $0.50 per share, in the year-earlier quarter Excluding special items, such as a $411 million tax benefit from the write-off of a failed hepatitis C drug, the company earned $0.47 cents per share, compared with average analysts’ expectations of $0.43.