Unlike most of its rivals, the drugmaker offers a pleasant report to investors - third-quarter profit more than doubled on a surge in sales of its blood thinner Plavix, and the earnings outlook for the year was raised. Bristol earned $858 million, or 43 cents per share, compared with a profit of $338 million, or 17 cents a year ago. Excluding one-time items, earnings were 38 cents compared with Wall Street forecasts of 37 cents.
Revenue rose 22 percent to $5.05 billion from $4.15 billion. Plavix sales doubled to $1.25 billion, offsetting falling sales of the Pravachol cholesterol drug due to generic competition. The Plavix sales increase follows widely publicized deal with Apotex, which launched a generic version last August, but halted sales following a legal dispute with Bristol. A federal court ruling favored Bristol, but is under appeal by Apotex and Bristol warned it could face renewed generic competition if the appeal is successful. The patent is set to expire in 2011, the Associated Press reminds us.
"We're making significant progress in identifying ways to operate more efficiently and reduce costs companywide as we maintain investments in our productive pipeline," says Bristol ceo Jim Cornelius in a statement. However, he didn't offer any specifics on a promised reorganization. Later today, he will hold separate teleconferences for analysts and investors, and the media. We will share details as they emerge.
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