Bristol-Myers Squibb records $3.8 billion sales in first quarter

US drug major Bristol-Myers Squibb (NYSE: BMY) has reported its first quarter results showing higher-than-expected earnings but missing out on sales expectations.

Total revenues were $3,811 million, almost flat from $3,831 million last year, although this was still $80 million less than Wall Street expectations, reported Reuters. Net earnings, or GAAP diluted EPS, was $0.56 per share, up from $0.37 last year, while non-GAAP diluted EPS was $0.46, compared to analysts’ expectations of $0.43, according to Reuters. Shares were down 2.2% to $49.24 before the market opened.

Lamberto Andreotti, chief executive of Bristol-Myers Squibb, said: “In the first quarter, we again delivered strong financial results, demonstrating the strength of our core brands and our focus on operational execution. We continue to build a foundation for long-term success by investing across our portfolio, developing our innovative pipeline and advancing our evolution to a diversified specialty care BioPharma leader.”