Bristol-Myers Squibb (BMS) Co. has reported an increase of 76% of profits in its fourth-quarter on Thursday. According to the experts, this increase is in-part due to the recently approved diabetes drug. Despite of increase in profit percentage, this profit is still below that of Wall Street expectations.
The company focused its attention on the rapid sales growth of Onglyza, an injectable diabetes drug. However, results have been dominated by two established products i.e. Plavix, blood thinner, and Abilify, the psychiatric drug. The growth of sales of Onglyza rose by 110% to $153 million. Sales of the drug Abilify increased 4% to $737 million.
Net income increased to $852 million from $483 million or from 50 cents per share to 28 cents per share in the 2010 quarter. Moreover, adjusted income increased by 12% to $906 million from $807 million or 53 cents per share from 47 cents per share for the same quarter in the year 2010.
Total sales rose 7% from $5.11 billion to $5.45 billion. The company is expecting that full-year earnings per share will be between $1.90 – $2.00 in the year 2012.
The company earned $3.71 billion for the full-year of 2011 i.e. $2.16 per share on sales of $21.24 billion.