NEW YORK (TheStreet) -- Bristol-Myers Squibb (BMY) fell Tuesday after the pharmaceutical company reported mixed first-quarter earnings and announced it would seek FDA approval of its highly-anticipated drug nivolumab by the end of the year.
Bristol-Myers reported earnings of $937 million, or 56 cents a share, up from $609 million, or 37 cents a share, in the same period one year earlier. Excluding items, profit was 46 cents a share, which beat the estimate fo 43 cents from analysts polled by Thomson Reuters I/B/E/S.
But sales declined 1% year over year to $3.81 billion, which was approximately $80 million less than analysts' expectations.
The company's effective tax rate was 5%, down from 7.6% in the same period one year ago. Bristol-Myers increased the low end of its profit guidance to $1.70 a share, excluding items, from $1.65 and kept the high end at $1.80 for the full year.