Bristol-Myers Squibb Reports Higher Profit, Revises Full-Year Outlook
July 25 2019 - 8:13AM
Dow Jones News
By Aisha Al-Muslim
Bristol-Myers Squibb Co. (BMY) said its profit and revenue rose
in the latest quarter on stronger demand for its key drugs, as the
global biopharmaceutical company looks ahead to closing its $74
billion acquisition of rival Celgene Corp. (CELG) later this
year.
The New York-based company reported a profit for the second
quarter of $1.43 billion, or 87 cents a share, up from $373
million, or 23 cents a share, a year earlier.
Excluding one-time items, earnings were $1.18 a share, above the
$1.06 a share analysts polled by FactSet were looking for.
Revenue rose 10% to $6.27 billion, above the consensus forecast
of $6.12 billion.
Revenue growth was helped by its two largest brands, Opdivo,
which is used to treat types of lung cancer, and blood-thinner
Eliquis. Revenue from Opdivo grew 12%, while Eliquis increased by
24%.
For 2019, Bristol-Myers Squibb lowered its per-share earnings
guidance range to $3.73 to $3.83, down from its previous outlook of
$3.84 to $3.94. The company increased its adjusted per-share
earnings range to $4.20 to $4.30, up from its prior forecast of
$4.10 to $4.20.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
July 25, 2019 07:58 ET (11:58 GMT)
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