The growth of products including Plavix, Sprycel, Yervoy helped Bristol-Myers Squibb record a net sales increase of 11% to $5.3 billion in the third quarter of 2011.
Net sales in the US were up 11% to $3.5 billion and international sales increased by 12% to £1.9 billion which saw GAAP Diluted EPS and Non-GAAP Diluted EPS both up.
Lamberto Andreotti, CEO, BMS, says the “solid financial results” demonstrate the company’s ability to “execute our short-term plans while at the same time laying a solid foundation for our future”.
Product sales growth was led by Plavix which grew 8% and Abilify which recorded a 14% increase in sales in Q3. Onglyza and the recently launched Kombiglyze combined to deliver revenue of $127 million in the quarter, Yervoy raised $121 million with BARACLUDE (+36%), Sprycel (+47%), Orencia (+27%) all generating increased sales.
As a result, gross margin as a percentage of net sales was up slightly to 73.7% compared to Q3 2010, although expenses in marketing, selling, administration, advertising, product promotion and R&D all increased.
BMS’ results were boosted by important new data from its pipeline, including analysis on Eliquis for stroke prevention in patients with atrial fibrillation which, when compared to warfarin, reduced the risk of stroke or systemic embolism by 21%, the risk of major bleeding by 31% and the risk of mortality by 11%.
“I am quite pleased with the Company’s diverse achievements,” said Lamberto Andreotti. “We had strong sales and earnings growth in the quarter. We are excited by the strength of the Phase III data presented on ELIQUIS for stroke prevention in patients with atrial fibrillation and by the possibility that ELIQUIS could play a key role in the Company’s future.