Bristol-Myers Profit Falls but Sales Jump 14 Percent
The Associated Press reports that Bristol-Myers Squibb Co. said its second-quarter profit fell nearly 3 percent due to higher taxes and increased costs for production, marketing and administration. Those were partly offset by a 14 percent jump in sales. The company, which sells blockbuster blood thinner Plavix, still beat Wall Street expectations, and it increased its earnings-per-share forecast for 2011 by 8 to 10 cents. New York-based Bristol-Myers said net income was $902 million, or 52 cents per share, down from $927 million, or 53 cents a share, a year earlier. Excluding a total of $69 million in one-time restructuring and licensing charges, it would have made 56 cents per share. Revenue totaled $5.43 billion, up from $4.77 billion in 2010''s second quarter, on strong increases for most drugs and encouraging initial sales for a new cancer medicine. The company raised its full-year profit forecast to $2.08 to $2.18 per share, or $2.20 to $2.30 per share excluding one-time items. In January, it gave a forecast of $2 to $2.10 per share, or $2.10 to $2.20 excluding one-time items. Bristol also confirmed its forecast of $1.95 per share, excluding one-time items, for 2013. That''s the first full year after generic competition starts slashing Plavix revenue.