Bristol-Myers Squibb sees double-digit first quarter growth

Bristol-Myers Squibb has published its financial breakdown for the first quarter of 2010, reporting double-digit growth in terms of sales and earnings.

The biopharmaceutical company’s sales total increased by 11 per cent year-on-year to $4.8 billion (3.1 billion pounds), while net earnings per share were 34 per cent above their first quarter 2009 levels.

This was led primarily by improving sales of the company’s heart disease treatment Plavix, while virology treatments such as Baraclude, Reyataz and Sustiva also saw double-digit growth.

In addition, the company achieved a number of developmental milestones in the last three months, including the presentation of phase III trial results for upcoming drugs such as ipilimumab.

Lamberto Andreotti, chief executive officer-designate of Bristol-Myers Squibb, said: “I am excited about the portfolio of products we have in development and look forward to key clinical data for many of them being presented in the next few months.”

Earlier this month, the company appointed Charles Bancroft, who was previously serving as its acting chief financial officer, to become the role’s permanent occupant.