Bristol-Myers Squibb posts downturn in 2nd-qtr 2010 profit, after hiving off nutrition business

US drug major Bristol-Myers Squibb posted second quarter 2010 net sales of $4.77 billion, an increase of 2% compared to the same period in 2009, noting that US health care reform had a 1.5% negative effect on revenues in the reporting period. However, profit was down nearly 6%, due to the loss of revenue from its former nutrition business, spun off late last year. Group turnover was well be analysts' consensus expectations of about $5.4 billion.

US net sales increased 4% to $3.1 billion in the second quarter, while International net sales decreased 2%, or 3% excluding foreign exchange impact, to $1.7 billion, noted B-MS. The company's shares rose 1% to $25.01 in afternoon trading, but dipped 0.7% to $24.93 by close of trading in what was a bullish day for both the drug sector and the broader market on Wall Street.