Bristol-Myers Squibb has been named ‘Best Big Drug Company of 2011’ by US-based business magazine Forbes on the back of a 32% share price hike over the course of the year.
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The US-based pharmaceutical company enjoyed a successful year, with several pipeline drugs reporting positive trial results and clearing regulatory hurdles.
The company’s cancer treatment Yervoy, the first drug shown to extend patient survival in those suffering metastatic melanoma by several months, received US Food and Drug Administration approval, with analysts citing it as a potential multi-billion dollar drug.
Bristol-Myers Squibb also published the results of a clinical trial of blood-thinning drug Eliquis, the first anti-coagulant proven to reduce the risk of death compared with warfarin, the previous standard of care in stroke patients.
Other anticoagulants, such as Bayer and Johnson & Johnson’s Xarelto, and Boehringer Ingelheim’s Pradaxa, have been deemed essentially similar to warfarin, and Eliquis is currently primed to receive FDA approval.
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By GlobalDataBristol-Myers Squibb highlighted the 2009 acquisition of biotechnology firm Medarex, which received criticism at the time, as a pivotal moment in the company’s recent upturn in fortunes as it provided the company with full rights to Yervoy.
Image caption: Bristol-Myers Squibb’s headquarters in New York, US.
