Bristol-Myers Squibb's third-quarter results show what one big drug can do. Net income more than doubled to $858 million on revenues of $5.1 billion--and Plavix was the biggest reason. Third quarter last year, generic Plavix hit the market [1], sending sales of the clot-fighting drug into a downward spiral. Bristol's results sagged, too.
But in June, the company won a patent fight over the drug [2], now protected through 2011. Meanwhile, stocks of the generic form have run low, forcing patients back to the brand-name product. So Plavix sales almost doubled to $1.25 billion during the quarter.
Sales of other Bristol drugs grew, too. Abilify revenues jumped 34 percent, for instance. But it was Plavix that made the difference--and while it may bode well for Bristol in the short term, it quantifies just how much trouble [3] Big Pharma faces from generic competition as its major patents expire.
- see the financial results [4] from Bristol-Myers
- read the report [5] for more
Related Articles:
Patent victory reignites rumors of BMS takeover. Report [2]
Better times ahead for BMS? Report [6]
Generic Plavix grabs big market share. Report [1]
Top 5 deals of the first half of 2007: BMS and AZ. Special report [7]
Links:
[1] http://www.fiercebiotech.com/story/also-noted-generic-plavix-grabs-big-market-share-medarex-to-collaborate-on-/2006-08-22
[2] http://www.fiercebiotech.com/story/patent-victory-reignites-rumors-of-bms-takeover/2007-06-20
[3] http://www.fiercebiotech.com/story/patent-cliff-looms-for-big-pharma/2007-05-02
[4] http://www.fiercebiotech.com/press-releases/press-release-bristol-myers-squibb-company-reports-financial-results-third-quarter-an
[5] http://www.nasdaq.com/aspxcontent/NewsStory.aspx?
[6] http://www.fiercebiotech.com/story/spotlight-better-times-ahead-for-bms/2007-04-23
[7] http://www.fiercebiotech.com/special-reports/top-5-deals-first-half-2007