Bristol-Myers Squibb has suffered heavy setback during the fourth quarter ended December 2012 and its revenue declined sharply by 23.2 per cent to $ 4,191 million from $ 5,454 million in the corresponding period of last year following the US patent expiration of Avapro/Avalide in March 2012 and Plavix in May 2012. Excluding Plavix and Avapro, net sales grew by 13 per cent compared to the fourth quarter of 2011.

Its US sales declined by 38 per cent to $2.2 billion. However, its international net sales increased by 6 per cent to $2 billion. The sales of Plavix declined sharply by 64 per cent during the quarter under review to $2,547 million from $7,087 million and that Avapro/Avalide declined by 47 per cent to $503 million from $952 million.

The company's net earnings before non-controlling interest declined by 24.9 per cent to $924 million from $1,231 million. The loss from non-controlling interest for the fourth quarter ended December 2012 amounted to one million as against gain of $379 million in the last period. Thus, its net earnings after taking into account non controlling interest, improved to $925 million from $852 million.

The earnings before income tax provision declined sharply by 67.8 per cent to $513 million from $1,594 million. It gain $411 million from its tax provision in the quarter under review as compared to provision of $363 million in the last period. Its earnings per share improved marginally to $0.56 from $ 0.50 in the similar period of last year.

The company received US FDA approval for Eliquis to reduce the risk of stroke and systemic embolism in patients with nonvalvular atrial fibrillation. Eliquis also received regulatory approval for this indication in Japan and Canada in December, in Europe in November, and in South Korea in January. The company co-develops and co-commercializes Eliquis with its partner, Pfizer.

For the full year ended December 2012, Bristol's sales declined by 17.1 per cent to $17,621 million from $21,244 million in the previous year. Its net profit declined sharply by 47.2 per cent to $1,960 million from $3,709 million. EPS came down sharply to $1.17 from $2.18 in the last period.

Lamberto Andreotti, CEO, said, “With regulatory approvals for Eliquis and Forxiga, and good operating performance in the fourth quarter, Bristol-Myers Squibb had a strong finish to an important year of transition. In 2012, we continued to effectively execute our strategy, an continued to build the post-Plavix portfolio and operating structure that provide a solid foundation for our future growth. As we begin 2013, I am looking forward to our many opportunities, including the growth of the existing key brands, the execution of the new launches, and the continued delivery of a diverse and sustainable R&D pipeline.”