Bristol-Myers Posts Higher 3Q Sales, Lower Profit

LINDA A. JOHNSON

TRENTON, N.J. (AP) — Drugmaker Bristol-Myers Squibb Co. on Thursday reported a solid increase in third-quarter revenue, due to strong sales growth for its blockbuster blood thinner Plavix and other key medicines, and boosted its profit forecast.

Higher average drug prices and lower spending on marketing and administration also boosted the performance for the maker of Abilify, which treats schizophrenia and bipolar disorder, and HIV drugs Sustiva and Reyataz.

However, New York-based Bristol-Myers said its net income from July through September was $966 million, down by nearly two-thirds from $2.6 billion a year earlier. That figure was inflated by a one-time, $2 billion gain from the sale of a business. Excluding that, profit was up by 64 percent in the last quarter.

The world's No. 15 drugmaker by revenue had sales of $5.49 billion, just a hair below the $5.52 billion analysts expected. A year ago, revenue totaled $5.25 billion.

Both totals include profits from the company's majority interests in Mead Johnson Nutrition Co., $699 million this quarter and $744 million a year ago. In the interim, Bristol-Myers sold about 20 percent of the company in an initial public offering.