Bristol-Myers Squibb (BMS) has reported its financial earnings for the 2009 second quarter, recording a 36 percent increase in net income over the previous-year quarter.
In fact, the company reported second quarter net earnings from continuing operations attributable to BMS of $983 million, compared to $722 million for the same period in 2008, marking a 36 percent increase.
The New York City-based BMS posted 2009 second quarter net sales from continuing operations of $5.4 billion, an increase of 3 percent, compared to the same period in 2008. The company said its improvement was "mostly driven by higher manufacturing rationalization charges in 2008, favorable foreign exchange impact, cost improvements, favorable product mix and price increases."
The company was able to reduce its spending in the comparative 2009 second quarter, which positively impacted its bottom line. Marketing, selling and administrative expenses decreased by 8 percent to $1.1 billion in the second quarter of 2009, compared to the same period in 2008, primarily due to a continued reduction in general and administrative expenses.
BMS also said that its advertising and product promotion spending decreased by 5 percent to $400 million in the second quarter of 2009, compared to the 2008 second quarter. However, the company noted that its research and development expenses remained flat, to $829 million in the second quarter of 2009, compared to the year-ago quarter in 2008.
For biopharmaceuticals, BMS said its total net sales equaled $4.7 billion in the second quarter of 2009, representing an increase of 4 percent, compared to the 2008 second quarter. The sales growth was led by global sales increases for Plavix of 11 percent.
Importantly, the company said it increased its net cash position by nearly $300 million to $2.7 billion as of June 30, compared to March 31.