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Bristol-Myers Q2 Sales Fall, Will Focus on Cancer Drugs

TheStreet

Bristol-Myers Squibb's murky earnings report reveals a company still in flux. Earnings were slightly above analyst estimates at 48 cents a share. The company's revenue came in at $3.9 billion, down 4% from the same quarter last year. The sales decline is a result of the company selling its stake in a diabetes alliance with AstraZeneca. The company's CEO said, "During the second quarter we delivered strong financial and operating results, invested in key business development opportunities, and achieved important regulatory milestones..." Bristol-Myers is hopeful of winning regulatory approval for its new immunotherapy treatment in the next year as the company looks to narrow its focus on cancer drugs. TheStreet’s Julie Cerullo reports from New York.