BMS’ Q2 results see cut in 2013 financial forecast

A slow start to sales of Bristol-Myers Squibb's heart drug and fallen sales profits have led to a cut in the global pharma company's 2013 profit forecast. BMS' second quarter financial results reported that it had adjusted its GAAP EPS guidance range to $1.41 - $1.49, from $1.54 - $1.64.

BMS posted second quarter net sales of $4 billion, which is a decrease of 9% compared to the same period a year ago. This is largely due to the US patent expiration of high blood pressure drug, Avapro / Avalide (irbesartan), in March 2012, followed by blood clot treatment Plavix (clopidogrel) in May 2012. Excluding these patent expirations, net sales grew by 10% compared to the second quarter of 2012.

"In the second quarter, the strength in the performance of some of our key products, the important data we presented across our portfolio and the key regulatory filings we made in the U.S. strengthen our confidence as we build a solid foundation for future growth. We will continue to invest the necessary resources across our portfolio to grow existing brands, support the execution of new launches and deliver a diverse and sustainable pipeline."

Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb.