Financial Report: Bristol-Myers Squibb

Bristol-Myers Squibb
 
4Q Revenues: $5.4 billion (+33%)

4Q Loss: $89 million (loss of $134 million in 4Q2006)

FY Revenues: $19.3 billion (+12%)

FY Earnings: $2.2 billion (+37%)

Comments: Worldwide pharmaceutical sales increased 39% to $4.4 billion in the quarter. U.S. pharma sales were up 65% to $2.5 billion due to increased Plavix sales, as well as growth of Abilify, Reyataz, the Sustiva Franchise and Erbitux, and sales of newer products Orencia, Baraclude, Sprycel and Ixempra. Plavix sales increased 177% to $1.4 billion in the quarter (growth is skewed because of the temporary Plavix generic issues in 4Q06). Abilify sales were up 28% to $462 million. Reyataz sales increased 31% to $334 million in the quarter. Sustiva sales increased 17% to $260 million. Erbitux sales increased 11% to $185 million in the quarter. 4Q07 R&D expenses were $1.1 million (+42%) reflecting the in-process R&D charge of $230 million related to the Adnexus acquisition. 4Q07 results also include charges of $292 million associated with the company’s restructuring initiative and an impairment charge of $275 million.