Bristol-Myers Squibb reports Q3 loss

Rebecca Aris

pharmaphorum

Bristol-Myers Squibb today reported its third quarter financial results. It announced net sales of $3.7 billion, a decrease of 30% compared with the same period a year ago. This follows the US patent expiration of Avapro® / Avalide® in March 2012 and Plavix® in May 2012.

In addition, in August BMS announced discontinuation of a nucleotide polymerase (NS5B) inhibitor that was in Phase II development for the treatment of hepatitis C, BMS-986094.

"Bristol-Myers Squibb faced challenges in the third quarter, including the discontinuation of BMS-986094 for the treatment of hepatitis C. I am proud of how we worked through these challenges and made the right decisions for patients…we remain strong and well-positioned for future success...”

Lamberto Andreotti, Chief Executive Officer, Bristol-Myers Squibb.

Plavix, sold in partnership with French drugmaker Sanofi, was the world's second-biggest-selling medicine until the lapse of its US patent.

Excluding Plavix and Avapro / Avalide, net sales increased by 7% compared with the third quarter of 2011.