Bristol-Myers Squibb (BMS) has reported its financial results for the third quarter and nine months (end-Sept. 30).
BMS posted third quarter net sales of $5.1 billion, an increase of 22 percent over the same period in 2006. The pharmaceutical company said its increase in net earnings compared to 2006 is due to strong sales growth of key and newer products and reflects the adverse impact of generic competition for Plavix in the third quarter of 2006, which caused its sales to double.
For the nine months (end-Sept. 30), net sales increased 5 percent, including a 2 percent favorable foreign exchange impact, to $14.5 billion compared to the same period in 2006.
Research and development expenses increased 9 percent to $827 million in the third quarter of 2007 from $756 million in the same period in 2006. The increase reflects higher licensing up-front payments and continued investments in late-stage compounds, partially offset by sharing of co-development costs with alliance partners AstraZeneca and Pfizer, according to BMS.
BMS has warned that it plans more job cuts this year amid a difficult drug approval environment.