Bristol-Myers Squibb reported a 1% drop in first quarter revenue to $3.81bn, but investors and analysts were more focused on the company's research and development pipeline – namely, the cancer immunotherapy nivolumab – than its commercial portfolio.
New York-based Bristol-Myers's revenue declined from $3.83bn during the first quarter of 2013, but non-GAAP diluted earnings per share (EPS) increased 12% to $0.46 as the company cut sales, administrative and promotional costs to refocus financial resources on research and development activities, including licensing and acquisitions
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