Global biopharmaceutical company Bristol-Myers Squibb (NYSE:BMY) saw its shares rise Thursday after it posted fourth quarter results that topped analyst views.
Shares of the company rose 2.58 per cent as at about 10:15 a.m. EDT, trading at $35.80.
Bristol-Myers also set its 2013 adjusted earnings guidance range to between $1.78 and $1.88.
For the three months that ended December 31, 2012, net earnings were $925 million or 56 cents per share, compared to $852 million or 50 cents per share, a year ago.
Adjusted net earnings were $777 million or 47 cents per share, compared to $906 million or 53 cents per share, in the year-ago quarter.
Net sales of $4.2 billion fell 23 per cent compared to $5.5 billion in the same period a year ago, following the U.S. patent expiration of blood pressure medication Avapro/Avalide in March, and anti-stroke drug Plavix in May.
Excluding the loss of the two medications, Bristol-Meyers said net sales grew by 13 per cent.
Analysts, according to Thomson Reuters, expected per share earnings of 43 cents on sales of $4.12 billion.
“With regulatory approvals for Eliquis and Forxiga, and good operating performance in the fourth quarter, Bristol-Myers Squibb had a strong finish to an important year of transition,” said CEO Lamberto Andreotti.
“In 2012 we continued to effectively execute our strategy, and continued to build the post-Plavix portfolio and operating structure that provide a solid foundation for our future growth.
“As we begin 2013, I am looking forward to our many opportunities, including the growth of the existing key brands, the execution of the new launches, and the continued delivery of a diverse and sustainable R&D pipeline.”
U.S. sales decreased 38 per cent to $2.2 billion in the quarter, while international sales rose six per cent to $2.0 billion.
Gross margin was 74.3 per cent in the quarter, compared to 74.9 per cent a year earlier, the company said.
Bristol-Myers is focused on the research and development of treatment in five key therapeutic areas: cardiovascular and metabolism, oncology, neuroscience, immunoscience and virology.