Bristol-Myers Squibb Company has posted lower net profit of US$ 726 million during the fourth quarter ended December 2013 as against $925 million in the corresponding period of last year. Its net product sales increased by 6.9 per cent to $3,298 million from Rs 3,084 million and its alliance and other revenue moved up to $1,143 million from $1,107 million.

The fourth quarter was highlighted by the company’s announcement to sell its diabetes business as part of the continued evolution of its successful BioPharma strategy to a specialty care model. The company achieved important regulatory milestones in the quarter for Eliquis in the US, daclatasvir/asunaprevir in Japan, daclatasvir in Europe and Farxiga in the US.  In addition, the company provided financial guidance for 2014.

Lamberto Andreotti, chief executive officer, said, “In the fourth quarter we continued to grow and evolve our business, delivering solid financial results and achieving regulatory milestones for products that are important to our long-term success. We are looking forward to 2014 as an important year to advance our specialty care BioPharma model and deliver on key opportunities in immuno-oncology and hepatitis C that will position us well for long-term growth.”

For the full year ended December 2013, Bristol's net sales, including alliance and other revenues,  declined by 7 per cent to $16,385 million from $17,621 million in the previous year. Its net product sales declined by 9.9 per cent to $12,304 million from $13,654 million in the previous year. Its net profit went up sharply to 30.8 per cent to $2,563 million from $1,960 million as the company provided $1,830 million in the previous year for impairment charges as compared to nil in 2013.

The sales of key product like Baraclude improved by 10 per cent to $1,527 million during 2013 from $1,388 million. The sales of Reyataz improved by 2 per cent to $1,551 million from $1,521 million and that from Sustiva Franchise moved up by 6 per cent to $1,614 million from $1,527 million. The sales of Sprycel increased smartly by 26 per cent to $1,280 million and that of Orencia increased by 23 per cent to $1,444 million from $1,176 million.