Drug maker Bristol-Myers Squibb Co. (BMY) said Thursday it expects earnings per share of at least $1.95 in 2013, excluding one time items, laying the foundation for "sustained growth expected to begin in 2014." In a meeting with the investment community, the company will additionally provide a comprehensive business overview and highlight positive pipeline developments about its post-Plavix era.
The pharma firm expects 2013 to be the first full year of impact from the loss of patent exclusivity for blood thinner Plavix in the U.S., which is the world's second best-selling drug. In the just concluded fourth quarter, the company's worldwide revenues of Plavix rose 10% to $1.62 billion from $1.47 billion a year earlier.
At the meeting today, the management will review the accomplishments made as part of its BioPharma transformation. The meeting will also dwell upon key revenue drivers such as Plavix, Abilify and the HIV portfolio. More recent launches such as Orencia, Sprycel and Baraclude are gaining ground in their respective therapeutic areas, the company noted.
Another aspect that will be discussed at the meeting is the company's late-stage and early development pipeline, particularly with regard to the progress made in Alzheimer's disease and hepatitis C. Bristol-Myers Squibb will also highlight Onglyza and the trends realized since its launch in 2009.
The company plans to launch five other compounds - apixaban, belatacept, brivanib, dapagliflozin and ipilimumab - by 2012, subject to regulatory approval. These are expected to drive growth in 2013 and beyond.
Pharmaceutical firms are trying to consolidate to mitigate the impact of patent expiry for key drugs. While firms such as Pfizer Inc. (PFE) went in for big deals, like its acquisition of Wyeth last October, Bristol Myers Squibb has been following its 'String of Pearls' strategy concentrating on smaller deals.
For Pfizer, between 2010 and 2012, drugs that make up 42% of its pharmaceutical revenue are slated to lose patent protection, including Aricept, Lipitor, Viagra, Detrol, Geodon and Xalatan. Lipitor alone accounted for 28% of Pfizer's pharmaceutical sales in 2008.
It is estimated that generic competition will take away about $11 billion in annual sales for Bristol Myers Squibb in the next six years.
According to James Cornelius, chairman and chief executive officer of the company, "In December 2007, we outlined a strategy and a set of deliverables. Since then we have delivered consistently by executing relentlessly on our BioPharma strategy, meeting our commitments and sustaining excellent operational and financial performance."
The company announced Monday that Cornelius is retiring and that its chief operating officer Lamberto Andreotti will become the new chief executive officer, effective May 4.
Andreotti said today, '"I am fully confident in our ability to deliver on our three major strategic imperatives -- driving our performance in the next few years, improving our earnings base in 2013 and sustaining growth in 2014 and beyond. We have important strategic, operational and financial levers which will allow us to fully realize our potential as a BioPharma leader, and to deliver on our near-term and long-term growth opportunities."
Bristol Myers Squibb recently reported a significant rise in profit for the fourth quarter, helped by a gain from the split-off of Mead Johnson. Fourth-quarter net earnings attributable to the company surged to $8.03 billion or $4.06 per share from $1.24 billion or $0.63 per share in the same period a year earlier. Net sales for the quarter was $5.03 billion, up 11% from $4.54 billion in the prior year quarter.
BMY closed Wednesday's regular trade at $24.33, down from the previous close of $24.72, on 14.35 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.