Bristol-Myers Profit Falls on Generic Sales
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Bristol-Myers Squibb Co. said first-quarter earnings tumbled as combined sales of three key drugs fell 90% on fierce competition from cheaper generics, sending shares to a five-year low.
The New York-based drug giant said company revenue shrank 7% to $4.3 billion, excluding nonrecurring items. Profit from continuing operations fell 30% to $875 million, or 45 cents a share, beating estimates by 2 cents.
The firm warned this month that earnings in the quarter would decline by as much as 30% because of competition from generic forms of its cancer drug Taxol, diabetes treatment Glucophage and anxiety medicine BuSpar.
Shares fell $1.11, or 3.6%, to $29.89 on the NYSE.
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