Bristol-Myers Squibb’s first quarter disappoints
The first-quarter financial performance by Bristol-Myers Squibb has fallen short of analysts’ predictions.
The company saw a fall in first-quarter profits versus last year by 45 per cent as cardiovascular products have come off patent.
The news comes in a week when AstraZeneca also suffered lower profits thanks to generics competition (https://pharmaphorum.com/2013/04/25/astrazeneca-profit-down-by-quarter/). GlaxoSmithKline also reported a drop in first-quarter profits this week (https://pharmaphorum.com/2013/04/24/glaxosmithkline-profit-down-selling-off-brands/).
“The first quarter was a good start to an important year in which our focus will be on the growth of existing brands, the execution of new launches and the continued delivery of a diverse and sustainable pipeline”
Lamberto Andreotti, chief executive, Bristol-Myers Squibb.
There was a 27 per cent drop in income to $3.83 billion for New York-based Bristol-Myers, against analysts’ estimation of $3.87 billion in sales.
Bristol-Myers Net Drops on Lower Sales of Heart Drugs (Fox Business)
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