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Bristol-Myers Squibb sales fall as profits rise

Date published: 26/01/2006

Bristol-Myers Squibb has reported a fourth quarter fall in sales of three per cent. Sales were down to $5 billion as the company's second biggest seller Pravachol, which lowers cholesterol, was hit by increased competition.

However, earnings rose in the fourth quarter to $499 million from $139 million at the same time in 2004. The firm has also predicted lower sales and earnings for 2006 but expects 2007 to see a return to growth.

Bristol-Myers Squibb chief executive Peter Dolan said: "We're continuing to increase investments in our pharmaceutical growth drivers and in our late-stage pipeline, with R&D spend alone up 14 per cent in the fourth quarter. "These investments are already returning solid results.

"We also expect to commercialise several drugs in 2006, including the anticipated launch of Orencia, our internally discovered biologic therapy recently approved in the US for rheumatoid arthritis. Enfamil infant formula, Bristol-Myers Squibb's third largest product, also grew 15 per cent for the year."

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