Bristol-Myers Squibb (NYSE: BMY) announced today that third-quarter earnings were solidly higher, resulting in an increased target for overall 2007 earnings. In the latest reporting period, the drug manufacturer posted net income of $858 million, or 43 cents per share, up from a year-ago profit of $338 million (17 cents per share). Excluding items, the company banked 38 cents per share, or a penny better than Wall Street's expectations.
Revenue was higher during the period as well, up 22% to $5.05 billion, edging out analysts' consensus view of $5.02 billion.
Helping the company achieve these robust profits was BMY's blood-thinning medication Plavix, which saw sales double to $1.25 billion. The company is continuing a legal battle with Apotex over a generic version of Plavix, which hit shelves last August but has been pulled amid a patent dispute. The Plavix patent is scheduled to expire in 2011. Generic competition had negative repercussions for cholesterol drug Pravachol, which saw sales drop 55% in the third quarter as a result.
Revenue was higher during the period as well, up 22% to $5.05 billion, edging out analysts' consensus view of $5.02 billion.
Helping the company achieve these robust profits was BMY's blood-thinning medication Plavix, which saw sales double to $1.25 billion. The company is continuing a legal battle with Apotex over a generic version of Plavix, which hit shelves last August but has been pulled amid a patent dispute. The Plavix patent is scheduled to expire in 2011. Generic competition had negative repercussions for cholesterol drug Pravachol, which saw sales drop 55% in the third quarter as a result.
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