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Bristol-Myers misses 3Q profit forecasts

NEW YORK (AP) -- Bristol-Myers Squibb Co. (BMY) on Thursday reported third-quarter earnings of $845 million.

On a per-share basis, the New York-based company said it had net income of 51 cents. Earnings, adjusted for non-recurring costs, were 75 cents per share.

The results fell short of Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.

The biopharmaceutical company posted revenue of $5.25 billion in the period, which topped Street forecasts. Seven analysts surveyed by Zacks expected $5.2 billion.

Bristol-Myers expects full-year earnings in the range of $2.95 to $3.05 per share.

Bristol-Myers shares have increased 9.5 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 14 percent. The stock has increased 29 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BMY at https://www.zacks.com/ap/BMY