TRENTON, N.J. (AP) — The first generic competition to Bristol-Myers Squibb Co.’s top-selling drug, blockbuster blood thinner Plavix, has slashed sales as expected, dragging down the drugmaker’s second-quarter results.

Five of the company’s newer medicines saw sales jump by more than 20 percent, picking up some of the slack, according to results released Wednesday. In addition, the company just made a sizable bet on a venture that could eventually vault Bristol-Myers back to prominence in the huge, fast-growing market for diabetes medicines.