Patent expiries batter Bristol-Myers 2nd-quarter 2012 results

26 July 2012

Bristol-Myers Squibb (NYSE: BMY) posted second quarter 2012, highlighted by the planned $5.3 billion acquisition of Amylin Pharmaceuticals (The Pharma Letter July 2), with net sales of $4.4 billion, a decrease of 18% compared to the same period a year ago.

The downturn follows the US patent expiration of Avapro/Avalid (irbesartan) in March 2012 and Plavix (clopidogrel, co-marketed with Sanofi) in May 2012. Excluding Plavix and Avapro/Avalide, net sales grew by 8% compared to the second quarter of 2011.

B-MS reported net earnings attributable to the company of $645 million, or $0.38 per share, in the quarter compared to $902 million, or $0.52 per share, a year ago. Non-GAAP net earnings attributable to B-MS of $808 million, or $0.48 per share, in the second quarter, compared to $971 million, or $0.56 per share, for the same period in 2011, matching the average estimates of 16 analysts compiled by Bloomberg.

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