Bristol-Myers Squibb (NYSE:BMY) reported mixed earnings for first quarter 2014 -- revenue declined by about 1% to $3.8 billion, as a decline in U.S. revenue of 10% was almost offset by a 10% lift in international revenue. Gross margin increased slightly to 75% from 72% last year, and marketing, selling, and administration expense declined to $960 million, helping drive an increase in adjusted EPS to $0.46.

That top line decline was due in part to Bristol's divestment of its half of a diabetes partnership with AstraZeneca (NYSE:AZN) (Bristol sold it to Astra for $4.3 billion). Individual drug performance was good, with Baraclude up 11% and the oncology franchise helping drive growth as well.

There were several other important takeaways from the quarter which helped generate additional revenue growth -- in the video below, Motley Fool health care analysts Michael Douglass and David Williamson discuss the quarter and what to watch for moving forward.

David Williamson has no position in any stocks mentioned. Michael Douglass has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.