UPDATE: Bristol-Meyers Squibb Posts Upbeat Q4 Results, Issues Downbeat Forecast

reported stronger-than-expected results for the fourth quarter, but the company issued a downbeat FY15 outlook. The New York-based company reported a quarterly profit of $13 million, or $0.01 per share, compared to $726 million, or $0.44 per share, in the year-ago period. Its adjusted earnings came in at $0.46 per share. Its revenue fell 4% to $4.26 billion. However, analysts were expecting earnings of $0.41 per share on revenue of $4.04 billion. U.S. revenues slipped 8% to $2.1 billion in the period. Gross margin widened to 77.3% from 71.3%. Marketing, selling and administrative expenses rose 8% to $1.2 billion, while research and development expenses gained 24% to $1.2 billion in the quarter. "We had an excellent fourth quarter to close a strong year financially and operationally, and made significant progress in our I-O pipeline with the approval of Opdivo in the U.S. for patients with advanced melanoma,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. For the full-year, Bristol-Meyers Squibb projects adjusted earnings of $1.55 to $1.70 on revenue of $14.4 billion to $15 billion. Analysts expected earnings of $1.70 per share on revenue of $15.64 billion. Bristol-Meyers Squibb shares declined 0.90% to $61.90 in pre-market trading.