Summary Box: Bristol-Myers beats profit forecast

AP News
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Posted: Oct 26, 2010 5:54 PM
Summary Box: Bristol-Myers beats profit forecast

BALANCING ACT: Slight spending cuts at drugmaker Bristol-Myers Squibb Co. are offset by flat sales, bigger government discounts and other factors, so third-quarter net income drops 2 percent to $949 million.

BETTER THAN EXPECTED: Excluding effects of a discontinued business and other one-time items, profit would have been a little higher, at $1 billion, or 59 cents a share, 6 cents higher than analysts anticipated.

PUERTO RICO PROBE: The FDA won't approve a new organ transplant drug until Bristol fixes a host of deficiencies at its Manati, Puerto Rico, factory.