UPDATE 2-Bristol profit beats forecasts, helped by Plavix
(Adds details, analyst comment, product sales, byline)
By Ransdell Pierson
NEW YORK, July 24 (Reuters) - Bristol-Myers Squibb Co on Thursday posted quarterly earnings that beat forecasts, helped by higher sales of blood clot preventer Plavix and schizophrenia treatment Abilify, and the company announced an additional $1 billion in planned cost cuts.
The New York-based drugmaker earned $764 million, or 38 cents per share, in the second quarter, compared with $706 million, or 36 cents per share, in the year-earlier period.
Excluding special items, such as discontinued operations, Bristol-Myers (BMY.N: Quote, Profile, Research) earned 43 cents per share. Analysts on average expected 40 cents per share, according to Reuters Estimates.
"The quarterly beat came primarily from stronger-than-expected Abilify sales, coupled with solid cost-containment," J.P. Morgan analyst Chris Schott said in a research report.
Global company sales from continuing operations jumped 16 percent to $5.2 billion, above the $5.09 billion Reuters Estimates forecast. They would have risen 11 percent if not for favorable foreign exchange factors.
Bristol said it is on track to achieve $1.5 billion in planned cumulative savings by 2010 from a productivity initiative begun late last year. Moreover, the company said it is taking steps to create an additional $1 billion in cost savings by 2012.
The cost savings could somewhat help offset expected plunging sales of Plavix when the $5 billion-a-year anti-clot drug faces U.S. generic competition by May 2012. Continued...
Pledge to support economies
G20 financial leaders pledged to prepare strategies to end emergency support for their economies, but to keep the aid flowing until recovery was assured. Full Article | Related Story
Galleon case
U.S. insider trading probe widens
Fourteen people were charged with fraud and conspiracy in a dramatic widening of an insider trading scandal. Full Article




India
US
UK










