"Bristol-Myers Squibb had a strong finish to an important year of transition," CEO Lamberto Andreotti said in a statement. "In 2012 we continued to effectively execute our strategy and continued to build the post-Plavix portfolio and operating structure that provide a solid foundation for our future growth."
Bristol's biggest hopes to revive sales come from two drugs approved at the end of 2012, Eliquis and Forxiga, followed by two drugs in midstage patient testing, for hepatitis C and the bone marrow cancer multiple myeloma.
Forxiga, a once-a-day pill for adult Type 2 diabetes patients, was approved in the European Union in November. It's the first drug in a new class called SGLT2 inhibitors. Known chemically as dapagliflozin, Forxiga works independently of insulin to remove excess blood sugar from the body differently than other Type 2 diabetes drugs. Bristol developed it with partner AstraZeneca PLC. The two companies plan in mid-2013 to submit new data and again seek U.S. approval, after the Food and Drug Administration rejected the drug last January.
Eliquis, part of a heavily touted new generation of anticlotting drugs, was developed with Bristol's partner Pfizer Inc. After being rejected by the FDA twice as the agency awaited additional research data, Eliquis finally got approval on Dec. 28 for treating the most common type of irregular heartbeat, atrial fibrillation, in patients at risk for strokes or dangerous clots.
While analysts generally consider Eliquis the best of three new anticlotting drugs , the other two — Pradaxa, from German drugmaker Boehringer Ingelheim, and Xarelto from partners Johnson & Johnson and Bayer Healthcare — have a big start. That means Bristol and Pfizer could have a tough time persuading patients and doctors satisfied with Xarelto or Pradaxa to switch to Eliquis.
Bristol-Myers said that in 2013 it expects earnings per share of $1.54 to $1.64, or $1.78 to $1.88 excluding charges, and revenue of $16.2 billion to $17 billion. Analysts had expected adjusted earnings of $1.84 per share on revenue of $16.55 billion.
For all of 2012, Bristol's net income fell 47 percent to $1.96 billion, or $1.16 per share. Revenue dropped 17 percent from 2011, to $17.62 billion.
Linda A. Johnson can be followed at http://twitter.com/LindaJ_onPharma