Bristol-Myers Squibb's Profit Falls in Q2

Bristol-Myers Squibb Company announced its second quarter 2011 results on 28 July.

Affected by rising costs, New York-based drug maker Bristol-Myers Squibb Company saw its profit drop in the second quarter.

Bristol-Myers Squibb Company managed to exceed Wall Street estimates with stronger-than-expected EPS and revenues. The company reported EPS of adjusted net income of 56 cents/share versus the 55 cents/share estimate and revenues of $5.43 billion versus the $5.04 billion estimate. Revenue climbed 14% from the same period last year.

The company's year over year revenue increases in the past five quarters have averaged 13.8%.

For the year, Bristol-Myers Squibb reported net income of $2.16 per share. The company trumped analyst