Bristol-Myers Squibb's 3rd-qtr 2008 profit triples due to big gain from $4.1B sales of ConvaTec
US drug major Bristol-Myers Squibb's third-quarter 2008 profit tripled on the comparable period the year before thanks to a gain from the sale of its wound-care business.
Net income reached $2.58 billion, or $1.29 per share, versus $858.0 million, or $0.43 per share, narrowly beating analysts expectations of $0.42, after the sale earlier this year of ConvaTec to Nordic Capital and Avista Capital Partners for $4.1 billion (Marketletter May 12).
During the period, revenue jumped 14% to $5.25 billion. On the day of the news, October 23, shares in the New Jersey-based firm rose 3% to $18.05.
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