Shares of Bristol-Myers Squibb (BMY) ended last week largely unchanged. The global biopharmaceutical company reported its third quarter results on Wednesday.
Third Quarter Results
Bristol-Myers reported third quarter revenues of $3.74 billion, down 30% on the year. Excluding the patent expiration of Plavix and Avapro/Avalide, revenues were up 7% on the year. Revenues came in short of analysts expectations, who looked for quarterly revenues of $3.96 billion.
The company took a $1.8 billion non-cash impairment charge related to the discontinued development of BMS-986094, a nucleotide polymerase which was in Phase II development for the treatment of hepatitis C.
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