Bristol-Myers Matches Analyst Estimates on Plavix Sales Drop
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Bristol-Myers Squibb Co. said second-quarter profit fell in line with analyst expectations, as sales of the company’s top-selling drug Plavix plunged 60 percent after losing market exclusivity in May.
Net income dropped 28 percent to $645 million, or 38 cents a share, from $902 million, or 52 cents, a year earlier, the New York-based company said today in a statement. Excluding some items, profit was 48 cents a share, matching the average estimates of 16 analysts compiled by Bloomberg. Revenue fell 18 percent to $4.44 billion, also meeting analyst projections.