Bristol-Myers Squibb Co. saw revenue fall 3% to $15.88 billion in 2014, in part because of declining sales of its top-selling drug, the antipsychotic Abilify, which fell 12% for the year.
Worldwide revenue for the New York-based pharmaceutical giant also was impacted by a stronger dollar, with foreign exchange having a negative impact on the top and bottom line, company executives told investors during an earnings call Tuesday.
Net income was down about 22%, to $2.0 billion in 2014, compared with $2.56 billion in 2013. The manufacturer had reported a non-cash charge in the fourth quarter because of the transfer of $1.5 billion in U.S. pension obligations.
The U.S. market, which generates about half of Bristol-Myers Squibb's sales, did not perform as well as international markets. In the U.S., revenues dropped 7% to $7.71 billion for the year, compared with $8.32 billion in 2013.
Despite declining sales of Abilify, the company reported strong numbers for two of its oncology therapies. Sales of melanoma drug Yervoy rose 36% to $1.31 billion for the year, compared with $960 million in 2013, while sales of Sprycel, which treats leukemia, rose 17% to $1.49 in 2014, compared with $1.28 billion the year before.
Bristol-Myers Squibb said it expected revenues of between $14.4 billion and $15 billion in 2015.
The company announced last week that Dr. Giovanni Caforio, who serves as chief commercial officer and chief operating officer, will take over as CEO in May. Current chief executive Lamberto Andreotti has been named executive chairman of the board.
It divested its diabetes business in December 2013.
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