Bristol-Myers Squibb sees profit fall while revenue increases
Cancer drugs and anti-inflammatory drugs increase sales significantly
Bristol-Myers Squibb has posted a fourth-quarter net profit of US$726m in 2013, a 21.5% fall a year after the company took a significant tax benefit related to its acquisition of hepatitis C drug developer Inhibitex. Revenue increased 6% to $4.4bn.
US revenues increased 1% to $2.3bn in the quarter compared with the same period a year ago, while international revenues increased 11% to $2.2bn.
For the full year, sales dipped by 7% to $16.4bn, while profit rose by 33% to $1.54bn.
Sales of leukaemia drug Sprycel increased by 30% to $365m, and melanoma drug Orencia by 22%, while Orencia, for rheumatoid arthritis rose by 22% to $397m. Anti-inflammatory drug Orencia saw a 22% increase in sales, while antipsychotic drug Abilify was down 22%.
The fourth quarter was highlighted by the company’s announcement to sell its stake in a diabetes joint venture with AstraZeneca as Bristol-Myers Squibb advances its BioPharma speciality care strategy. The company achieved important regulatory milestones in the quarter for Eliquis in the US, daclatasvir/asunaprevir in Japan, daclatasvir in Europe and Farxiga in the US.
'In the fourth quarter we continued to grow and evolve our business, delivering solid financial results and achieving regulatory milestones for products that are important to our long-term success,' said Lamberto Andreotti, Chief Executive, Bristol-Myers Squibb. 'We are looking forward to 2014 as an important year to advance our speciality care BioPharma model and deliver on key opportunities in immuno-oncology and hepatitis C that will position us well for long-term growth.'