Do More With Reuters
Partner Services

UPDATE 2-Bristol profit beats forecasts, helped by Plavix

Thu Jul 24, 2008 6:44pm IST
 
Email | Print | | Single Page
[-] Text [+]

(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...

Dubai Debt Fears

Villas are seen on the The Palm, Jumeirah, with Atlantis, The Palm, under construction on the breakwater (crescent), May 3, 2008.  REUTERS/Jumana El Heloueh

Banks outside the Gulf played down their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets.  Full Article | Slideshow 

India Investment Summit 2009
India Investment Summit 2009

Top executives and bankers discuss their own plans and the broader opportunities and challenges for India.  Full Coverage 

People stroll outside the Taj Mahal hotel ahead of the first anniversary of the militant attacks in Mumbai, November 24, 2009.  REUTERS/Punit Paranjpe
Investors worry about another attack

The risk of militants striking again worries investors who fear that a second attack similar to last year's Mumbai raids could shake the economy.  Full Article | Full Coverage 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

road to Copenhagen

BLOGS

Photo
Calculated Move

Reliance aims big with $12 bln bid for LyondellBasell.  Blog 

SHOWCASE

Capital Raising
Capital Raising

Analysis - China banks' rush for billions could trip markets.  Full Article 

 
Photo
Bonus Payout

"Bonus" has become a dirty word on Wall Street.  Full Article 

 
Bubble trouble?
Bubble trouble?

With the BSE Sensex at around 17,000 points, are the Indian equity markets looking at a possible bubble?   Commentary 

 
Funding Blues
Funding Blues

A popular tactic used by Indian brokerages to raise money for rich clients is likely to be banned.  Full Article 

 
Recovery Path
Recovery Path

Indian techie logging out of downturn gloom.  Full Article 

 
Central Banks Cautious
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.   Full Coverage 

 
Risky Proposal
Risky Proposal

Rupert Murdoch courts trouble if he blocks Google on news.  Full Article