Bristol-Myers Expects Quarterly Profit to Fall

Bristol-Myers Squibb Co. said second-quarter profit may fall more than analysts expected on costs to reduce bloated customer inventories first disclosed in April.

Inventory costs will reduce second-quarter earnings by as much as 17 cents, the drug maker said, more than the 14-cent reduction some analysts had estimated.

The drug maker’s shares fell 37 cents to $25.90 in NYSE trading.