Bristol-Myers (
) reported second-quarter total revenues of $5,384 million this morning, an increase of 4% from the second quarter in 2008. This was ahead of our forecasts by $125 million.
Revenues consisted of $4,665 million in pharmaceutical product sales, up 9%, and $719 million in Nutritional sales, down 1%. Growth in the pharmaceutical division was driven by strong sales of Plavix at $1,539 million, up 11%, Sustiva at $312 million, up 11%, Baraclude at $179 million, up 32%, Abilify at $643 million, up 22%, Orencia at $148 million, up 40%, and Sprycel at $109 million, up 43%.
Adjusted (non-GAAP) net income for the second quarter totaled $1,103 million, up 28% from the second quarter in 2008. This equated to earnings per share of 56 cents, up 29% and 10 cents above our forecast. GAAP net income, which includes depreciation, restructuring, downsizing, and certain one-time costs, totaled $977 million, or 49 cents per share.
For the full year 2009, management sees adjusted earnings per share between a range of $1.95 and $2.05. We currently forecast $2.04 per share.
On July 22, 2009, Bristol announced it would acquire Medarex (
) for $16.00 per share. The transaction will cost Bristol a net of $2.1 billion in cash. With Medarex, Bristol acquires the UltiMAb Human Antibody Development System, which produces high affinity, fully human antibodies for use in a broad range of therapeutic areas, including immunology and oncology. Bristol will also acquire Medarex’s next-generation Antibody-Drug Conjugate (ADC) technology, which is a novel and proprietary platform that could open new fields in oncology drug development.
Medarex pipeline includes seven antibodies in clinical trials under Medarex's sole sponsorship and 3 other antibodies being co-developed with other partners. Finally, Bristol will acquire full ownership and rights to ipilimumab, which, if approved, could be an important contributor to Bristol-Myers Squibb’s future growth.
The companies have collaborated on the development of ipilimumab, a novel immunotherapy currently in phase III development for the treatment of metastatic melanoma. The companies also have an ongoing phase II study in lung cancer as well as phase III studies in adjuvant melanoma and hormone-refractory prostate cancer.
