Bristol-Myers Profit Slips, But Tops Expectations

Bristol-Myers Squibb reported Friday third-quarter net profit that rose to $721 million, or 43 cents a share, from $692 million, or 42 cents a share, in the year-earlier period. Excluding non-recurring items, adjusted per-share earnings fell to 45 cents from 46 cents, but beat the FactSet consensus analyst estimate of 42 cents. The drug maker lowered its full-year 2014 net earnings-per-share outlook range to $1.15 to $1.25, from $1.50 to $1.60, but affirmed its adjusted EPS outlook of $1.70 to $1.80. Sales declined 4% from last year to $3.92 billion, amid a 3% drop in U.S. sales, but topped analyst forecasts of $3.81 billion. The company expects 2014 revenue of $15.2 billion to $15.8 billion, surrounding analyst projections of $15.58 billion. The stock, which was still inactive in premarket trade, has slipped 1.2% year to date, while the S&P 500 had gained 5.5%.