Bristol-Myers Squibb revenue falls as expected

US drug major Bristol-Myers Squibb (NYSE: BMY) reported results for the second quarter of 2013 showing that sales were down 9% year on year at $4.05 billion following the US patent expiration of Avapro/Avalide (irbesartan) in March 2012 and Plavix (clopidogrel) in May 2012. Forbes analysts had predicted the 9% revenue drop after revenue has fallen in the past four quarters.

Generally Accepted Accounting Principles (GAAP) diluted earnings per share (EPS) were down 16% to $0.32 and non-GAAP diluted EPS was down 8% to $0.44. Analysts quoted by the Wall Street Journal had expected earnings of $0.44 cents on revenues of $4.04 billion. The paper also said the company’s shares were up less than 1% in premarket trade.

The company reported net earnings attributable of $536 million compared to $645 million a year ago. Excluding Plavix and Avapro/Avalide, net sales grew by 10% compared to the second quarter of 2012, the company noted.