Bristol-Myers Tops Street 3Q Forecasts

NEW YORK (AP) -

Bristol-Myers Squibb Co. on Thursday reported third-quarter earnings of $1.2 billion.

The New York-based company said it had profit of 72 cents per share. Earnings, adjusted for non-recurring costs, were 77 cents per share.

The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.

The biopharmaceutical company posted revenue of $4.92 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $4.75 billion.

Bristol-Myers expects full-year earnings in the range of $2.80 to $2.90 per share.

Bristol-Myers shares have declined 28 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 5 percent. The stock has declined 24 percent in the last 12 months.

In trading Thursday afternoon, Bristol-Myers shares rose $2.67, or 5.4 percent, to $51.96.