Bristol-Myers Squibb Company (NYSE: BMY) reported financial results for the third quarter and nine months ended September 30, 2007 and updated earnings guidance for the full year. The company posted third quarter 2007 net sales of $5.1 billion, an increase of 22% over the same period in 2006. Bristol-Myers Squibb reported third quarter 2007 net earnings of $858 million, or $0.43 per diluted share, under U.S. Generally Accepted Accounting Principles (GAAP), compared to $338 million, or $0.17 per diluted share for the same period in 2006. The 2007 results include a one-time pre-tax gain of $247 million ($144 million net of tax, or $0.07 per diluted share) on the sale of the BUFFERIN® and EXCEDRIN® brands in Japan. On a non-GAAP basis excluding specified items, third quarter 2007 net earnings were $764 million, or $0.38 per diluted share, compared to $438 million, or $0.22 per diluted share for the same period in 2006. The increase in net earnings in 2007 as compared to 2006 is due to strong sales growth of key and newer products in 2007 and reflects the adverse impact of generic competition for PLAVIX® in the third quarter of 2006.
"We remain focused on developing breakthrough medicines for patients worldwide, while also delivering shareholder value," said James M. Cornelius, chief executive officer, Bristol-Myers Squibb. "We're making significant progress in identifying ways to operate more efficiently and reduce costs companywide as we maintain investments in our productive pipeline, which continues to yield important new therapies, including the recent addition of IXEMPRA® for breast cancer. We're also boosting our presence in biologics with the announced acquisition of Adnexus Therapeutics. Our key products continue to demonstrate solid growth as we move forward with the transformation of our pharmaceutical business to help even more people prevail in their fight against serious diseases."
For the nine months ended September 30, 2007, net sales increased 5%, including a 2% favorable foreign exchange impact, to $14.5 billion compared to the same period in 2006. Net earnings in the first nine months of 2007 on a GAAP basis were $2.3 billion, or $1.14 per diluted share, compared to $1.7 billion, or $0.88 per diluted share for the same period last year. On a non-GAAP basis, excluding specified items, Bristol-Myers Squibb reported net earnings of $2.2 billion, or $1.13 per diluted share for the nine months ended September 30, 2007, compared to $1.8 billion, or $0.89 per diluted share for the same period last year.
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About Bristol-Myers Squibb
Bristol-Myers Squibb is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life. For more information, visit www.bms.com.