Summary Box: Drugmaker Bristol-Myers has strong 3Q

AP News
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Posted: Oct 27, 2011 2:56 PM
Summary Box: Drugmaker Bristol-Myers has strong 3Q

REVENUE RISE: Bristol-Myers Squibb Co. posted its second straight quarter of double-digit sales growth, to a total of $5.4 billion, due to higher prices and selling more of key prescription drugs.

COST CRUNCH: Its third-quarter profit only rose 2 percent, due to higher taxes and research spending and costs to launch some new medicines. But adjusted results beat analysts' views.

POSITIVE OUTLOOK: A good start for new melanoma drug Yervoy, four recent deals to license rights to experimental drugs and a strong pipeline of other drugs in development are all promising for Bristol.