Bristol-Myers Misses Earnings Estimates on Drug Sales
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Bristol-Myers Squibb Co., the only drugmaker among the top 12 to decline in trading this year, reported sales and earnings trailed analyst estimates after revenue from its top medicine vanished to generic competition.
The third-quarter net loss attributable to Bristol-Myers was $711 million, or 43 cents a share, the New York-based company said today in a statement. The loss included a $1.83 billion charge for the failure of a hepatitis C drug. Excluding the charge, profit was 41 cents a share, 1 cent below the average of 16 analyst estimates compiled by Bloomberg.