UPDATE: Bristol-Myers Squibb Q3 Earnings Top Estimates

Bristol-Myers Squibb Company

reported better-than-expected third-quarter earnings. The New York-based company posted a quarterly profit of $721 million, or $0.43 per share, versus a year-ago profit of $692 million, or $0.42 per share. Excluding non-recurring items, its adjusted earnings slipped to $0.45 from $0.46 per share. Its sales dropped 4% to $3.92 billion. However, analysts were expecting a profit of $0.42 per share on revenue of $3.80 billion. U.S. revenues dropped 3% to $2.0 billion, while international revenue declined 4% in the quarter. Cash, cash equivalents and marketable securities were $11.5 billion as of September 30, 2014. “Our financial results in the third quarter reflect our continued focus on balancing long-term growth with short-term performance, as we achieved significant progress in our pipeline and saw strong in-market performance for key products including Eliquis, Yervoy, Sprycel and Orencia,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. The company cut its full-year net earnings forecast to $1.15 to $1.25 per share, from $1.50 to $1.60 per share. However, the company affirmed its adjusted earnings forecast of $1.70 to $1.80 per share. It also projects 2014 revenue of $15.2 billion to $15.8 billion, versus analysts' estimates of $15.59 billion. Bristol-Myers Squibb shares gained 1.27% to close at $52.50 yesterday.