Bristol-Myers Posts Strong Third Quarter - TheStreet

Bristol-Myers Squibb (BMY) - Get Report, the nation's third-largest pharmaceutical company, this morning said it topped analysts' earnings estimates by a penny.

The company, which counts diabetes drug Glucophage and cholesterol treatment Pravachol among its top products, said it earned 62 cents a share during the third quarter, vs. the 61-cent estimate and the year-ago 54 cents. The company is one of the most widely covered of the drug names, with 27 analysts polled by

First Call/Thomson Financial

.

Bristol-Myers said its net income was $1.24 billion during the quarter, up 13% from the $1.09 billion a year ago.

The company announced last month that within the next six to 12 months it will divest itself of its Clairol beauty products and Zimmer orthopedics businesses. The shares closed yesterday at $58.88.