NEW YORK (AP) - Bristol-Myers Squibb Co. reported a 76% increase in fourth-quarter profit, driven in part by sales of a recently approved diabetes drug and hefty charges a year earlier, though the drugmaker still fell short of Wall Street's expectations.

The company focused attention on rapid sales growth for its three-year-old injectable diabetes drug Onglyza. But results were dominated by the blood thinner Plavix, the world's second best-selling drug, which loses U.S. patent protection this year.

Net income rose to $852 million, or 50 cents per share, up from $483 million, or 28 cents per share. Excluding charges, adjusted profit was 53 cents per share.

Total sales increased 7 percent to $5.45 billion.

According to FactSet, analysts expected earnings per share of 55 cents on sales of $5.51 billion.

Date: January 26, 2012
Source: Associated Press