Bristol-Myers Squibb reports strong first-quarter growth

Bristol-Myers Squibb has reported strong commercial growth in the first quarter of 2012, while confirming its targets for the full-year period.

The pharmaceutical company's net sales advanced by five percent year on year to $5.3 billion (3.27 billion pounds), while double-digit earnings growth was achieved and several key research and development milestones were met.

Important achievements included the recommendation granted for the European approval of the diabetes drug Forxiga, while encouraging clinical trial data from the company's metabolics and hepatitis C pipeline was also reported.

The firm continues to expect to achieve an earnings-per-share figure of between $1.90 and $2 for 2012 as a whole.

Lamberto Andreotti, chief executive officer at Bristol-Myers Squibb, said: "This first-quarter performance continues to demonstrate our ability to balance delivering strong financial results in the short term with positioning the company for long-term success."

Last month, the company secured top spot in a 100 Best Corporate Citizens list compiled by Corporate Responsibility magazine.