Updated from 10:14 a.m. EDT
On the heels of a swine flu-related rally yesterday of pharmaceutical stocks,
reported a 3% uptick in profit.
The New York-based company posted earnings of $921 million, or 32 cents a share, compared with $891 million, or 33 cents, in the same period last year. Excluding one-time items, earnings would have been 48 cents, in-line with analysts' forecast.
According to an article on Monday on RealMoney.com, the company
. In the coming years, the article says, Bristol-Myers will lose patent protection on some of its best-selling drugs, such as Plavix, Avapro and Abilify. As a result, it has been scrambling to develop a new pipeline of drugs.
Sales in the first quarter grew 3% to $5.02 billion from $4.89 million last year.
Sales of blood thinner Plavix, which accounts for almost half of company sales, reached $1.44 billion, up 10%. Sales of antidepressant Abilify climbed 30% to $589 million.
During the quarter, Bristol-Myers
a portion of
Mead Johnson Nutrition
into a publicly traded company, retaining an 83% stake.
The company expects full-year earnings in the range of $1.58 to $1.73 a share.
Bristol shares were recently falling 2.1 to $20.10.
, which also reported
Tuesday, saw slightly lower profit based in part on generic competition and a strong dollar.
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