Bristol-Myers Profit, 2011 Forecast Miss Estimates
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Bristol-Myers Squibb Co., whose top-selling blood thinner Plavix faces generic competition next year, said fourth-quarter profit decreased 41 percent, missing analyst estimates after higher-than-expected taxes.
Income from continuing operations fell to $483 million, or 28 cents a share, from $818 million, or 41 cents a share, a year earlier, New York-based Bristol-Myers said today in a statement. Excluding one-time items, profit was 47 cents a share, missing by 1 cent the average estimate of 15 analysts surveyed by Bloomberg.