Bristol Myers-Squibb 2nd-qtr sales dip 4% but still better than expected

US drug major Bristol-Myers Squibb (NYSE: BMY) has reported second-quarter 2014 results, which show a 4% decline on total revenues to $3.9 billion over the same period last year.

Despite being down on second quarter figures for 2013, Reuters reported that the revenues were better than expected, topping Wall Street expectations of $3.85 billion. Bristol-Myers Squibb accounts for this by saying sales would have risen 7% had it not sold its global diabetes business to AstraZeneca. The figures being better than expected can be attributed by cost controls and good performance by its newer drugs.

The company earned $333 million, which equates to $0.20 per share, and compares poorly with $536 million and $0.32 per share in the same period for the previous year. Non-generally accepted accounting principles (GAAP) diluted EPS was $0.48.