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Bristol Myers Profits Up 63 Percent in 2Q,
Cite Early Success of a Schizophrenia Treatment NEW YORK (AP) -- Brisk worldwide drug sales and the early success of a schizophrenia treatment helped Bristol-Myers Squibb Co.'s second-quarter profits soar 83 percent. Earnings rose to $878 million, or 45 cents a share, from $479 million, or 25 cents a share, in the same period a year earlier, the company reported Thursday. The latest quarter includes pretax gains that added up to about $92 million, offset partially by pretax charges totaling about $45 million. Analysts expected earnings of 38 cents a share, according to a survey by Thomson First Call In a conference call with analysts, chief executive Peter Dolan said demand for the pharmaceutical company's prescription products "continues to be robust." He expressed particular confidence about Abilify, the schizophrenia drug, and Reyataz, an AIDS drug already approved for U.S. use that is now being considered by European regulators. Dolan said he also remains confident about Erbitux -- the cancer drug that ensnared ImClone Systems Inc. founder Sam Waksal in an insider trading scandal -- and hoped it could be resubmitted for approval by the U.S. Food and Drug Administration later this year. Bristol purchased a 19.9 percent stake in ImClone as part of a $2 billion investment in 2001. Sales rose 22 percent, including a favorable foreign exchange boost of 4 percent, to $5.05 billion from $4.13 billion. Bristol-Myers, which also reaffirmed its full year earnings guidance, said the 22 percent increase in sales was driven by a 17 percent increase in volume and a 1 percent price increase, in addition to the favorable foreign currency effect. Domestic sales rose 23 percent, helped by a continued strong demand for its prescription drugs. International sales rose 21 percent, including an 11 percent favorable foreign exchange impact. Sales of Abilify, introduced in November, totaled $65 million in the quarter. Sales of Pravachol, a cholesterol-lowering agent, rose 56 percent to $698 million, while sales of heart-attack and stroke prevention drug Plavix rose 31 percent to $557 million. In early afternoon trading, shares of Bristol-Myers were up 97 cents, or almost 4 percent, to $26.84 on the New York Stock Exchange. |