We consider the operator $H={d^4dt^4}+{ddt}p{ddt}+q$ with 1-periodic coefficients on the real line. The spectrum of $H$ is absolutely continuous and consists of intervals separated by gaps. We describe the spectrum of this operator in terms of the Ly
apunov function, which is analytic on a two-sheeted Riemann surface. On each sheet the Lyapunov function has the standard properties of the Lyapunov function for the scalar case. We describe the spectrum of $H$ in terms of periodic, antiperiodic eigenvalues, and so-called resonances. We prove that 1) the spectrum of $H$ at high energy has multiplicity two, 2) the asymptotics of the periodic, antiperiodic eigenvalues and of the resonances are determined at high energy, 3) for some specific $p$ the spectrum of $H$ has an infinite number of gaps, 4) the spectrum of $H$ has small spectral band (near the beginner of the spectrum) with multiplicity 4 and its asymptotics are determined as $pto 0, q=0$.
