BMS' profit down, Lilly's up

Bristol-Myers Squibb (BMS) has reported a drop in second-quarter profit that the company attributes to the 2009 spin-off of its nutritionals unit. Profit was down by about 6 per cent compared to last year's second quarter, coming in at $927m, or 53 cents per share.

Revenue was up slightly, coming in at $4.77bn for the quarter, compared to $4.67bn in 2009's second quarter.

Eli Lilly and Company's second-quarter net income was up 16 per cent to $1.35bn, or $1.22 per share, compared to $1.16bn, or $1.06 per share, in the second quarter of 2009. Revenue was up 9 per cent to $5.75bn.

However, Lilly's good news was tempered by the fact that the numbers largely reflect robust sales of drugs that are due to go off patent in the coming years.

For example, antipsychotic Zyprexa (olanzapine) sales were up 5 per cent to $1.26bn and antidepressant Cymbalta (duloxetine) sales were up 17 per cent to $867.7m. Zyprexa is due to lose US patent protection next year, while Cymbalta will go off patent in 2013.