Bristol-Myers goes into red, on charges and Plavix sales slump

US drug major Bristol-Myers Squibb (NYSE: BMY) reported financial results for the third quarter of 2012, with net sales plunging 30% to $3.7 billion, following the US patent expiration of hypertension drug Avapro/Avalide (irbesartan) in March 2012 and blood thinner Plavix (clopidogrel)in May 2012.

Excluding Plavix, sold in partnership with French drugmaker Sanofi, and Avapro/Avalide, net sales grew by 7% compared to the third quarter of 2011. Already down 5.7% this year, B-MS shares fell 2.2% to $32.50 in premarket trading yesterday.

For the reporting period, B-MS posted net loss attributable to the company of $711 million, or $0.43 per share, in the quarter compared to net earnings of $969 million, or $0.56 per share, a year ago. The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $685 million, or $0.41 per share, in the third quarter, compared to $1.0 billion, or $0.61 per share, for the same period in 2011.