Bristol-Myers Squibb Co
But the New York drugmaker narrowly beat Wall Street earnings expectations due to cost controls that boosted profit margins, and the company reaffirmed its full-year and longer-term earnings forecasts.
Bristol-Myers said it earned $638 million, or 32 cents per share, compared with $661 million, or 33 cents per share, in the year-earlier period.
Excluding special items, Bristol-Myers earned 48 cents per share. Analysts on average expected 47 cents per share, according to Reuters Estimates.
The company said sales rose 3 percent to $5.02 billion, about $125 million shy of Wall Street expectations.
(Reporting by Ransdell Pierson; Editing by Maureen Bavdek)