Bristol-Myers misses 4Q profit forecasts

Markets Associated Press

Bristol-Myers Squibb Co. (BMY) on Thursday reported fourth-quarter net income of $894 million, after reporting a loss in the same period a year earlier.

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The New York-based company said it had profit of 53 cents per share. Earnings, adjusted for non-recurring costs, were 63 cents per share.

The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.

The biopharmaceutical company posted revenue of $5.24 billion in the period, which topped Street forecasts. Six analysts surveyed by Zacks expected $5.15 billion.

For the year, the company reported profit of $4.46 billion, or $2.65 per share. Revenue was reported as $19.43 billion.

Bristol-Myers expects full-year earnings in the range of $2.70 to $2.90 per share.

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Bristol-Myers shares have decreased 15 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 3 percent. The stock has fallen 21 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BMY at https://www.zacks.com/ap/BMY

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Keywords: Bristol-Myers Squibb, Earnings Report