Bristol-Myers Squibb Third Quarter Featured Solid Operating Performance

Bristol-Myers SquibbBristol-Myers Squibb Company (NYSE: BMY) reported results for the third quarter of 2010. Highlights in the quarter included: the presentation of new data on investigational compounds in the diabetes and cardiovascular disease franchises at major medical meetings; the completion of important regulatory milestones in the oncology, diabetes and immunoscience franchises; the acquisition of ZymoGenetics; and double-digit EPS growth. The company also confirmed guidance for 2010.

"The third quarter continued to highlight the excellent progress we are making with our innovative pipeline, an important driver in the success of our differentiated and focused BioPharma strategy," said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb.

"We delivered double-digit EPS growth in the quarter, presented encouraging data on apixaban and dapagliflozin, received regulatory approval in Japan for ORENCIA®, and completed filings for regulatory review in the U.S., Europe and Japan. We also completed our acquisition of ZymoGenetics, adding to our strong portfolio in Hepatitis C and demonstrating our continued focus on strategic transactions," Andreotti said.

Third Quarter Financial Results

  • Bristol-Myers Squibb posted third quarter 2010 net sales of $4.8 billion. U.S. health care reform had a 1.6% negative effect on net sales in the third quarter.
  • U.S. net sales increased 4% to $3.1 billion in the third quarter of 2010 compared to the same period in 2009. International net sales decreased 6%, or 3% excluding foreign exchange impact, to $1.7 billion.
  • Gross margin as a percentage of net sales was 73.3% in the third quarter 2010 compared to 72.5% in the same period in 2009.
  • Marketing, selling and administrative expenses decreased 6% to $892 million in the third quarter of 2010.
  • Advertising and product promotion spending decreased 10% to $231 million in the third quarter of 2010.
  • Research and development expenses remained flat at $824 million in the third quarter of 2010.
  • The effective tax rate on earnings from continuing operations before income taxes was 19.3% in the third quarter of 2010, compared to 23.4% in the same period in 2009.
  • The Company reported third quarter GAAP net earnings from continuing operations of $949 million, or $0.55 per share, compared to $892 million, or $0.45 per share, for the same period in 2009.
  • The Company reported third quarter non-GAAP net earnings from continuing operations of $1.0 billion or, $0.59 per share, compared to $944 million, or $0.47 per share, for the same period in 2009. An overview of specified items is discussed under the "Use of Non-GAAP Financial Information" section.
  • The impact of U.S. health care reform decreased third quarter EPS from continuing operations by approximately $0.02 on both a GAAP and non-GAAP basis.
  • Cash, cash equivalents and marketable securities were $10.9 billion, resulting in a net cash position of $4.2 billion as of September 30, 2010.

Most Popular Now

The Merck Accelerator Program 2019

The Merck Accelerator is looking for real partners so that you can work together in shaping the future. With programs in the headquarters in Germany, in China and the Sat...

Pre-clinical success for a universal flu vaccine o…

Researchers from the University of Oxford's Department of Zoology have demonstrated pre-clinical success for a universal flu vaccine in a new paper published in Nature Co...

Imfinzi is the first immunotherapy to demonstrate …

AstraZeneca and MedImmune, its global biologics research and development arm, have presented data on overall survival (OS) in the Phase III PACIFIC trial of Imfinzi durin...

Global survey reveals that physicians need more in…

Results from a new global survey revealed that more than one-third (36%) of the 310 physicians surveyed do not think they have sufficient information required to make inf...

In clinical trials, new antibody therapy controls …

Thanks to improvements in antiretroviral therapy, HIV is now a manageable condition. Yet even the best drugs do not entirely eliminate the virus, which latently lingers i...

Sandoz Healthcare Access Challenge #SandozHACk ret…

Sandoz, the Novartis generics and biosimilars division, today announces the launch of the second Sandoz Healthcare Access Challenge (HACk). The #SandozHACk is a global co...

The Nobel Prize in Physiology or Medicine 2018 was…

Cancer kills millions of people every year and is one of humanity's greatest health challenges. By stimulating the inherent ability of our immune system to attack tumor c...

Novartis licenses three novel anti-infective progr…

Novartis announced today that it has entered into a licensing and equity agreement with Boston Pharmaceuticals for the development of three novel anti-infective drug cand...

Pfizer to award more than $3 million in grants to …

Pfizer Inc. today announced the recipients of the Advancing Science through Pfizer Investigator Research Exchange (ASPIRE) Breast Cancer Research Awards. Four grants tota...

FDA approves first treatment for advanced form of …

The U.S. Food and Drug Administration today approved Libtayo (cemiplimab-rwlc) injection for intravenous use for the treatment of patients with metastatic cutaneous squam...

DNA islands effective as 'anti-bacterial drones'

Genomic "islands" that evolved from viruses can be converted into "drones" that disable Staphylococcus aureus, bacteria that are often resistant to antibiotics and pose a...

FDA awards 12 grants to fund new clinical trials t…

The U.S. Food and Drug Administration today announced that it has awarded 12 new clinical trial research grants totaling more than $18 million over the next four years to...