Earnings roundup: BMS to cut $1B more

Big Pharma inundated the market with earnings reports the last two days, for the most part surpassing analyst expectations. But the reports buried some of the biggest news: That Bristol-Myers Squibb is plotting a major add-on to its $1.5 billion restructuring, and that GlaxoSmithKline's embattled diabetes med Avandia saw sales plummet by almost half. Here are the highlights:

  • Bristol-Myers Squibb reported better-than-expected revenues of $5.2 billion, up from $4.47 billion a year earlier, with adjusted earnings at 43 cents per share, up from 31 cents. Star performers for the company included its clot-buster Plavix and psych drug Abilify, whose sales rose 17 percent and 28 percent respectively. Results also benefited from the company's $1.5 billion cost-cutting program--which it plans to expand by an additional $1 billion. No details yet on how.
  • Eli Lilly profits soared by 45 percent for the quarter to $958 million, or 88 cents a share, on an 11 percent increase in revenues to $5.15 billion. Its antidepressant Cymbalta saw sales grow by 26 percent, with a 19 percent increase domestically and a whopping 80 percent rise on the international market. Tadalafil, the ED treatment, grew sales by 24 percent.
  • Pfizer's profits more than doubled to $2.78 billion on strong international sales growth, which offset generic competition in the U.S. Sales grew by 9.5 percent to $12.13 billion, but U.S. revenues dropped by 2 percent as the allergy med Zyrtec and cancer drug Camptosar went generic. Lipitor sales grew by 9 percent, largely internationally.
  • GlaxoSmithKline beat market expectations, numbers-wise, on strong vaccine and asthma-drug sales. But analysts are concerned about a 46 percent drop in sales of the diabetes med Avandia and disappointing results in its consumer health business.
  • Wyeth sales grew 5 percent to $5.9 billion, with almost all of that increase coming from the weak dollar; its net income fell by 6 percent to $1.12 billion, including charges related to its cost-cutting program. Excluding those charges, its EPS of 91 cents beat analyst estimates. The company's lead product, the antidepressant Effexor, grew sales by 5 percent, and its pneumonia vaccine Prevnar boosted revenues by 9 percent.

 - find Lilly's results at the Wall Street Journal
- check out Bristol's report at CNN Money
- get the Pfizer and Wyeth news at CNN Money
- read the GSK consensus in Forbes

Suggested Articles

The efficacy between Keytruda and FerGene's nadofaragene firadenovec look comparable in their studies, though Merck has at least one upper hand.

Thursday, the FDA approved the first three generic versions of Gilenya, but they may not hit the market anytime soon due to ongoing litigation.

Gilead is hoping to score a patent extension on TAF meds, but patient advocates say that would reward conduct that harmed patients.