Bristol-Myers Squibb Co. on Friday reported third-quarter profit of $721 million.
The New York-based company said it had profit of 43 cents per share. Earnings, adjusted for non-recurring costs, came to 45 cents per share.
The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.
The biopharmaceutical company posted revenue of $3.92 billion in the period, also exceeding Street forecasts. Analysts expected $3.79 billion, according to Zacks.
Bristol-Myers expects full-year earnings in the range of $1.70 to $1.80 per share.
Bristol-Myers shares have dropped 1 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 5.5 percent. The stock has risen 7 percent in the last 12 months.
