Bristol-Myers Squibb Company
) performed encouragingly in the third quarter of 2013 with both
earnings and revenues surpassing the Zacks Consensus Estimate.
The impressive performance in the quarter was primarily due to
strong sales of the new drugs especially in the cancer and
diabetes fields. Bristol-Myers has been trying to offset the
declining sales of some of its important products by bringing in
new products through in-licensing deals. We are also impressed by
the company's efforts to develop its pipeline.
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Bristol-Myers is looking to strengthen its product portfolio by
launching new drugs to make up for the loss of revenues following
the genericization of key drugs, especially blood thinner Plavix.
Bristol-Myers co-developed Plavix with
In order to improve efficiencies and sustain long-term growth,
the biopharmaceutical company made multiple changes in its senior
management team. Bristol-Myers expanded the role of Giovanni
Caforio. Caforio will now oversee the company's commercial
operations across the globe. Previously, he served as the
president of the U.S. unit of the company. Murdo Gordon will
takeover Caforio's U.S. role following the latter's elevation.
Caforio will be Gordon's boss.
Bristol-Myers made further changes to its management team. The
company has decided to expand Charles Bancroft's role also.
Bancroft will henceforth be responsible for the company's
financial operations across the globe. He will also be
responsible for the entire financial planning and business
development and strategy to sustain long-term growth. Prior to
the expansion of his responsibilities, Bancroft served the
company as executive vice president and chief financial officer.
Caforio as well as Bancroft will continue to be part of the
senior management team of Lamberto Andreotti, the chief executive
officer of the company. Andreotti will oversee the work of both
Caforio and Bancroft. The changes to the top brass are in line
with Bristol-Myers' efforts to improve efficiencies going
Bristol-Myers carries a Zacks Rank #3 (Hold). Companies such as
Jazz Pharmaceuticals Public Limited Company
) currently look attractive. Both stocks carry a Zacks Rank #1