Bristol-Myers quarterly profit beats expectations as costs cut

Reuters - UK Focus

April 29 (Reuters) - U.S. drugmaker Bristol-Myers Squibb Co reported higher-than-expected quarterly earnings, helpedby cost cuts, but sales fell short of Wall Street expectations.

The company on Tuesday said it earned $937 million, or 56cents per share in the first quarter ending March 31, helped bygains from the recent sale of its diabetes drugs to longtimepartner AstraZeneca Plc (NYSE: AZN - news) . That compared with $609million, or 37 cents per share, in the year earlier period.

Excluding special items, Bristol-Myers earned 46 cents pershare. Analysts, on average, were expecting 43 cents per share,according to Thomson Reuters I/B/E/S.

(Reporting by Ransdell Pierson, Editing by Franklin Paul)

View Comments (0)