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