Bristol-Myers Squibb Reports Record First Quarter Sales & Earnings
Bristol-Myers Squibb Company (NYSE:BMY) today reported sales and earnings for the quarter ended March 31, 2001.
"As reflected by the first quarter results, Bristol-Myers Squibb is off to a solid start in fulfilling our commitment to meet or exceed earnings per share growth expectations for 2001. We remain comfortable with current consensus estimates of $2.41 for diluted earnings per share for the year," said Charles A. Heimbold, Jr., chairman and chief executive officer. "Our growth strategy remains focused on our core Medicines business where we saw very good double-digit pharmaceutical sales growth of 10% worldwide, excluding foreign exchange, with especially good growth of 13% in the U.S. Notable drivers of that growth included the GLUCOPHAGE® product line, increasing 31% with sales of $557 million, PLAVIX®, up 48% to $298 million, AVAPRO®, up 28% to $111 million and PRAVACHOL®, up 10% with sales of $507 million in the quarter."
"Our ongoing commitment to scientific leadership was underscored with a significant increase of 17% in pharmaceutical R&D spending during the quarter. We anticipate FDA approval for the new irritable bowel syndrome drug, tegaserod, which we have agreed to copromote with its developer, Novartis. Also, we expect to be seeking approval for ABILITAT™, for schizophrenia, and subject to the review of data from the most recent clinical trials – for VANLEV™, to treat hypertension. The divestitures of Zimmer and Clairol are progressing according to plan and should be completed on schedule."
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