Bristol-Myers Squibb has posted net income of $645 million for the second quarter, down 28% due to generic competition to the bloodthinner blockbuster Plavix and the antihypertensive Avapro.

Revenues sank 18% to $4.44 billion, with Plavix (clopidogrel) falling 60% to $741 million. The drug lost patent protection in USA in May, two months after generics of Avapro (irbesartan) were approved across the pond. The latter drug's sales fell 53% to $117 million.

However, most of B-MS' drugs fared well. Sales of the antipsychotic Abilify (aripiprazole) edged up 1% to $711 million and as for the firm's HIV drugs, the Sustiva (efavirenz) franchise rose 5% to $388 million, and Reyataz (atazanavir) was up 3% to $406 million. Revenues from Baraclude (entecavir) for hepatitis B climbed 22% to $357 million.

Sprycel (dasatanib) for leukaemia leapt 26% to $244 million, while Orencia (abatacept) for rheumatoid arthritis increased 27% to $290 million. The cancer agent Erbitux (cetuximab) was up 3% to $179 million, while the melanoma drug Yervoy (ipilimumab) soared 71% to $162 million. The diabetes drugs Onglyza (saxagliptin) and Kombiglyze (saxagliptin/metformin) together delivered $172 million, up 54%.

Chief executive Lamberto Andreotti said "we have been preparing for the expected loss of exclusivity of Plavix and Avapro for a number of years and I am pleased with our company’s progress". He mentioned the firm's promising immuno-oncology pipeline and "the innovative planned acquisition of Amylin" in tandem with AstraZeneca which was announced earlier this month.