Bristol-Myers Squibb sees 1st-qtr 2011 profit jump 33%; key R&D milestones

US drug major Bristol-Myers Squibb Company (NYSE: BMY) last Thursday announced first quarter 2011 results that included strong sales and earnings growth, and several key R&D milestones - most notably US regulatory approval for Yervoy (ipilimumab), for which peak sales of $2 billion have been projected by analysts (The Pharma Letter March 28).

The company also confirmed guidance for the full year of earnings per share at $2 to $2.10, or $2.10 to $2.20 excluding one-time items.

Sales Increased 4% to $5.0 billion and B-MS said its first-quarter profit jumped 33% due to higher sales, a payment from a law suit and a charge a year earlier. Net income was $986 million, or $0.57 per share, up from $743 million or $0.43 per share in the 2010 first quarter. Excluding several small accounting charges and gains, net income was $1 billion, or $0.58 per share, beating the expectations of analysts surveyed by FactSet, who forecast EPS of $0.53 and revenue of $4.98 billion. Analysts typically exclude one-time items.