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Bristol-Myers Squibb(BMY Quote) reported a sharply lower profit in the third quarter as generic competition continued to eat away at drug sales and the company ratcheted up spending on research and development of new drugs.
Net income slid 16.3% to $ 758 million, or 38 cents a share, vs. $906 million, or 47 cents a share, in the year-ago period. Excluding items, the company earned 44 cents a share. Revenue increased 1% to $5.42 billion.
The Thomson First Call consensus forecast was $771.4 million, or 39 cents a share, on revenue of $5.3 billion. ...
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