By Dave Sebastian
Bristol-Myers Squibb Co. (BMY) swung to a fourth-quarter loss as its expenses increased, though it beat adjusted-earnings and sales expectations.
The pharmaceutical company on Thursday posted a net loss of $1.06 billion, or 55 cents a share, compared with net income of $1.16 billion, or 71 cents a share, in the same quarter last year. Adjusted earnings were $1.22 a share.
Analysts polled by FactSet were expecting earnings of 85 cents a share, or 88 cents a share on an adjusted basis.
Revenue for the quarter was $7.95 billion, compared with $5.97 billion in the prior year, driven by the acquisition of Celgene Corp. that closed on Nov. 20. Analysts were looking for $7.12 billion.
Expenses rose to $8.07 billion from $4.47 billion in the comparable period last year.
Bristol last Friday said it withdrew its application in the European Union for the combination of Opdivo and Yervoy for the treatment of advanced non-small cell lung cancer. EU regulators turned Bristol's application away due to protocol changes in its CheckMate-227 study, the company said.
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