Bristol-Myers Squibb Company (NYSE: BMY) has announced double-digit net sales growth in a quarter highlighted by important new data on ELIQUIS ® for stroke prevention in patients with atrial fibrillation and continued investment in external innovation with several strategic transactions. The Company also confirmed guidance for 2011.
- Bristol-Myers Squibb posted third quarter 2011 net sales of $5.3 billion, an increase of 11%, or 8% excluding the impact of foreign exchange, compared to the same period a year ago.
- U.S. net sales increased 11% to $3.5 billion in the quarter compared to the same period a year ago. International net sales increased 12%, or 4% excluding foreign exchange, to $1.9 billion.
- Gross margin as a percentage of net sales was 73.7% in the quarter compared to 73.3% in the same period a year ago.
- Marketing, selling and administrative expenses increased 14% to $1.0 billion in the quarter.
- Advertising and product promotion spending decreased 11% to $205 million in the quarter.
- Research and development expenses increased 18% to $973 million in the quarter.
- The effective tax rate on earnings before income taxes was 26.0% in the quarter, compared to 19.3% in the third quarter last year.
- The Company reported net earnings attributable to Bristol-Myers Squibb of $969 million, or $0.56 per share, in the quarter compared to $949 million, or $0.55 per share, a year ago.
- The Company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $1.0 billion, or $0.61 per share, in the third quarter compared to $1.0 billion, or $0.59 per share, for the same period in 2010.
- The incremental impact in 2011 over 2010 of the two additional U.S. health care reform provisions for new discounts associated with the Medicare Part D coverage gap and the annual pharmaceutical company fee decreased third-quarter EPS by approximately $0.04.
- Cash, cash equivalents and marketable securities were $11.0 billion, with a net cash position of $5.4 billion as of September 30, 2011.
"Our solid financial results, key R&D data and multiple business development transactions together demonstrate our ability to execute our short-term plans while at the same time laying a solid foundation for our future," said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb.
"I am quite pleased with the Company's diverse achievements. We had strong sales and earnings growth in the quarter. We are excited by the strength of the Phase III data presented on ELIQUIS for stroke prevention in patients with atrial fibrillation and by the possibility that ELIQUIS could play a key role in the Company's future. Our continued commitment to combining external and internal innovation led to the completion of five strategic transactions under our String of Pearls strategy."
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company committed to discovering, developing and delivering innovative medicines that help patients prevail over serious diseases.