International performance keeps BMS afloat
pharmafile | October 28, 2003 | News story | Sales and Marketing |
International sales of several key drugs helped Bristol-Myers Squibb to minimise the effects of continued US generic competition in the first quarter of 2003.
Net revenues remained virtually static at $4.71 billion, despite a significant decline in US sales of the Glucophage diabetes franchise and cancer drug Taxol, which are both facing generic competition.
Total US sales declined by 6% in total, but international growth of 15% led the company to reiterate its forecast of a 30% growth in earnings for the year. Net income for the quarter dropped 11% to $761 million.
"Several of our leading pharmaceutical products in key franchises continue to demonstrate solid gains", said Peter Dolan, Chairman and Chief Executive. "We are investing in our growth opportunities by increasing advertising and promotion, and those investments rose very significantly in the quarter".
The inventory build-up situation that led to the company restating $2.6 billion worth of earnings in March also continued to skew figures, with BMS saying this was responsible for an 11% drop in sales of anticlotting agent Plavix.
It estimated that prescription demand for the drug, co-marketed with Sanofi-Synthlabo, increased by 30% in the first quarter.
Other positive signs include new schizophrenia drug Abilify, which recorded sales of $37 million five months after launch, taking 4% of the weekly new prescription share of the US antipsychotic market. New data on the use of Abilify for the long-term treatment of schizophrenia will be presented at the American Psychiatric Association in May.
The company's top-seller, the statin Pravachol, generated sales of $613 million, a 13% increase, while hypertension treatment Avapro, antiretroviral Sustiva and chemotherapy agent Paraplatin all recorded double-digit growth.
Taxol sales rose 23% internationally to $192 million while the Glucophage franchise declined 14% overall, despite growth of Glucophage XR and Glucovance, which both topped sales of $100 million.
