Financial Report: Bristol-Myers Squibb 4Q09

Bristol-Myers Squibb 4Q09

4Q Revenues: $5.0 billion (+11%)

4Q Earnings: $1.1 billion (-19%)

FY Revenues: $18.8 billion (+6%)

FY Earnings: $4.4 billion (+20%)

Comments: BMS’s share of Plavix sales rose 10% in 4Q09 and FY09 to $1.6 billion and $6.1 billion, respectively. Orencia sales grew 37% in FY09 to $602 million, nod Sprycel was up 36% to $421 million. Erbitux royalties dropped 9% to $683 million for the year. R&D expenses dropped slightly to $1.1 billion in 4Q09, and rose 2% to $3.6 billion in FY09. Earnings in 4Q08 were benefited by a $900 million sale of ImClone shares.

BMS and Lilly announced that they have restructured the collaboration agreements between BMS and ImClone; both companies will now share in the cost of developing NSCLC treatment necitumumab in the U.S., Canada and Japan, as well as its potential commercialization. Lilly has exclusive rights in all other markets.

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