Bristol-Myers Squibb posts flat 3rd-qtr 2010 sales, but EPS beats expectations

US drug major Bristol-Myers Squibb (NYSE: BMY) posted third quarter 2010 net sales of $4.80 billion, just marginally higher than the $4.79 billion recorded in the like, year-earlier quarter, coming in below consensus estimates. US health care reform had a 1.6% negative effect on net sales in the third quarter, the firm noted.

Net sales in the USA increased 4% to $3.1 billion, while international net sales decreased 6%, or 3% excluding foreign exchange impact, to $1.7 billion. Gross margin as a percentage of net sales was 73.3% in the third quarter 2010 compared to 72.5% in the same period in 2009.

The company reported third quarter GAAP net earnings from continuing operations of $949 million, or $0.55 per share, compared to $892 million, or $0.45 per share, for the same period in 2009. Non-GAAP net earnings from continuing operations were $1.0 billion or, $0.59 per share, compared to $944 million, or $0.47 per share, for the same period in 2009, beating by $0.0 6 the average estimate of 16 analysts surveyed by Bloomberg.