BMS income slips slightly, despite sales gains in Q2

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Bristol-Myers Squibb (BMS) has reported that its net income slipped to $1.27 billion in the 2010 second fiscal quarter, which ended June 30, compared with $1.3 billion in the prior-year quarter, despite an increase in net sales.

The second quarter 2010 net sales of $4.8 billion were an increase of 2 percent compared with the same period in 2009. According to BMS, U.S. healthcare reform legislation had a 1.5 percent negative effect on its overall net sales in the second quarter. However, its U.S. net sales increased 4 percent to $3.1 billion in the second quarter of 2010 compared to the same period in 2009. International net sales decreased 2 percent to $1.7 billion.

For the blockbuster antiplatelet agent clopidogrel (Plavix), worldwide net sales jumped 6 percent to $1.63 billion in this year’s second year quarter, compared with 2009 second quarter, according to the New York City-based company. Likewise, its U.S. net sales increased 7 percent to $1.5 billion.

However, its hypertension drug irbesartan/irbesartan-hydrochlorothiazide (Avapro/Avalide) dipped slightly, recording $307 million in worldwide net sales, compared with $313 million—a 2 percent drop. Similarly, BMS reported that the agent experienced a 5 percent sales decrease in the U.S. to $170 million.

For additional expenses, the company said its marketing, selling and administrative expenses decreased 3 percent to $894 million in the second quarter of 2010. Likewise, its advertising and product promotion spending decreased by 12 percent to $263 million in the second quarter of 2010. However, its research and development expenses increased 1 percent to $822 million in the second quarter of 2010.