BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Bristol-Myers Squibb Company (BMY) Posts $711 Million Loss From Generic Plavix Cutting Sales, Research Charge


10/24/2012 8:16:20 AM

Drugmaker Bristol-Myers Squibb Co. posted a rare loss in the third quarter as U.S. sales hemorrhaged due to new generic competition to blood thinner Plavix and the company took a big charge for a failed research project. The company slashed its profit forecast for the full year, and its shares fell more than 2 per cent in premarket trading. The maker of diabetes drug Onglyza said Wednesday that it lost $711 million, or 43 cents per share. A year ago, the New York-based company posted net income of $969 million, or 56 cents per share. Excluding the charge, net income would have been $685 million, or 41 cents per share, a penny below analysts' expectations of 42 cents. Total revenue fell 30 per cent, to $3.74 billion, short of the $4 billion analysts anticipated. That was mainly because revenue from blood thinner Plavix, which had been the world's second-bestselling drug until U.S. generic competition hit in May, dropped 96 per cent in the July-September quarter to $64 million. Total U.S. sales dropped an astounding 43 per cent, to $2 billion, as generic competition to two other big sellers piled on. Those are blood pressure drugs Avapro and Avalide, whose combined sales fell 56 per cent to $96 million. Fellow drugmaker Eli Lilly likewise was hurt by generic competition — to its all-time bestseller, the antipsychotic Zyprexa, whose sales fall 68 per cent to $374.5 million. Its net income rose slightly, though, on a drop in expenses and a one-time gain.

Read at News Release

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES