On Thursday biopharmaceutical firm Bristol Myers Squibb Co. (BMY) said it earned an increased profit in the quarter despite a drop in revenue.
The New York, New York-based company reported a fourth quarter net income of $925 million, or 56 cents per share, up compared to the $852 million, or 50 cents per share, earned a year earlier.
Adjusted earnings per share was 47 cents for the quarter. This beat Wall Street estimates as analysts were expecting an EPS of 43 cents.
The company’s revenue decreased by -23.18% to $4.19 billion. However, this still beat the analyst view of $4.12 billion.
Analysts are expecting the pharmaceutical company to earn $1.83 per share in the fiscal 2013. BMY is giving an EPS guidance of $1.78 to $1.88.
Bristol Myers Squibb shares were up 77 cents, or +2.21%, during morning trading on Thursday. The stock is up +10.45% over the past year.
The Bottom Line
We have been recommending shares of Bristol Myers Squibb (BMY) since Aug.25, 2009, when the stock was trading at $22.58. The company has a 4.01% dividend yield, based on last night’s closing stock price of $34.90.
Bristol Myers Squibb Co. (BMY) is recommended at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.