Bristol-Myers Squibb has revealed that its fourth-quarter losses were minimised due to increased sales of key drug Plavix.
The New York-based company said that for the quarter ending on 31 December, it lost $89m, compared with a loss of $134m, a year ago, when sales of blood thinner Plavix plunged.
The 2007 results included a $292m restructuring charge, a $230m acquisition charge and a $275m impairment charge related to the write-down.
The pharmaceutical giant said that revenue rose by 33% to $5.38bn from $4.06bn, as worldwide sales of Plavix nearly tripled to $1.37bn.
And global pharmaceutical sales increased 39% to $4.4bn in the fourth quarter, which the company attributed to the weaker dollar.
The group’s chief executive James Cornelius said: “We are in an excellent position, the industry is going through interesting and difficult times and we expect to be a winner in this industry.”
Back in December, the group unveiled plans to cut its workforce by about 10% and close more than half of its manufacturing plants in a bid to save $1.5bn by 2010.
Copyright © PA Business 2008