October 24, 2012 / 11:35 AM / in 5 years

Bristol-Myers results fall short, as Plavix sales evaporate

Oct 24 (Reuters) - Bristol-Myers Squibb Co’s quarterly results missed Wall Street expectations, as cheaper generic drugs virtually erased sales of its blood clot preventer Plavix, but the U.S. drugmaker stuck to its full-year profit forecast.

Global sales of Plavix, sold in partnership with French drugmaker Sanofi, plunged 96 percent in the third quarter to $64 million. The pill was the world’s second-biggest-selling medicine until its U.S. patent lapsed in May.

Bristol-Myers on Wednesday said it lost $711 million, or 43 cents per share in the quarter, as it took a $1.8 billion charge for an experimental treatment for hepatitis C called BMS-986094 that disappointed in clinical trials. In the year-earlier period, the company earned $969 million, or 56 cents per share.

Excluding special items, Bristol-Myers earned 41 cents per share in the quarter. Analysts, on average, had expected 42 cents per share, according to Thomson Reuters I/B/E/S.

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