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Profit triples as revenue jumps

October 24, 2008|TIMES WIRE SERVICES

Bristol-Myers Squibb Co. said its third-quarter profit tripled, mainly because of a big gain from selling its high-tech wound-care business.

In a bright spot for a pharmaceutical industry wrestling with slumping sales, the maker of blood thinner Plavix posted a double-digit sales jump, sharply boosted its profit forecast and paid off its debt.

The New York-based company said net income for the quarter rose to $2.58 billion, or $1.29 a share, up from $858 million, or 43 cents, a year earlier.

The latest result was boosted by the Aug. 1 sale of the ConvaTec business for $4.1 billion.

Excluding that and other one-time items, the New York company posted a profit of $588 million, or 46 cents a share, down from $753 million, or 33 cents. Analysts were expecting 42 cents a share in the latest quarter.

Revenue rose 14% to $5.25 billion

Bristol-Myers shares gained 52 cents, or 2.9%, to $18.05.

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