News Summary: Bristol-Myers swings to 3Q loss

Associated Press Published: October 24, 2012
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ROUGH QUARTER: Bristol-Myers Squibb Co. swings to a $711 million loss on a $1.8 billion charge for failed research and generic competition with decimated sales. It misses analysts' expectations and slashes its 2012 profit forecast.

THE NUMBERS: The loss equals 43 cents per share. Excluding charges Bristol made $969 million, or 56 cents per share. Generic competition to drugs including blood thinner Plavix, which had been the world's second-best-selling drug, cuts revenue 30 percent to $3.74 billion.

THE REACTION: One analyst says Bristol won't see much growth before 2020, and shares slide.


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