Executives at drugmaker Bristol-Myers Squibb Co. are telling analysts at a business briefing they have 60 potential drugs in development, seven in late-stage studies.
The company says it expects future revenue from those medicines and growing sales from existing drugs to help offset an expected plunge in Plavix sales in 2012. That's when U.S. generic competition will start slashing sales of the $6 billion-a-year blood thinner, the world's second-best-selling drug.
The New York-based company's strategy aims to replace that revenue with new drug sales to maintain profits. Bristol-Myers forecasts earnings per share in 2013 will be at least $1.95, a little more than analysts expect.
The business briefing comes two days after news of a CEO change.
© Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.