Bristol-Myers Results Boosted by Cancer Drugs
July 28 2016 - 7:50AM
Dow Jones News
Bristol-Myers Squibb Co. said its second-quarter revenue rose
17%, again driven by the growth of the pharmaceutical company's
Opdivo cancer immunotherapy and other key drugs.
Per-share earnings and revenue beat expectations, and the
company also raised its 2016 guidance.
For the year, Bristol-Myers now expects per-share earnings of
$2.55 to $2.65, compared with its previous estimate of $2.50 to
$2.60.
For the three-month period ended June 30, Bristol-Myers reported
revenue rose to $4.87 billion from $4.16 billion a year earlier.
Analysts polled by Thomson Reuters expected revenue of $4.65
billion.
Opdivo, also known as nivolumab, was first approved for sale in
December 2014 for advanced melanoma and has since received
approvals for other diseases, most recently for classical Hodgkin
lymphoma. In the latest quarter, Opdivo sales soared to $840
million from $122 million a year earlier.
Sales of Yervoy, another skin-cancer immunotherapy drug,
declined again in the latest quarter, falling 19% to $241 million
globally, partly because of Opdivo's growth, particularly in skin
cancer. However, Yervoy sales increased 32% to $179 million in the
U.S., with a boost from the U.S. Food and Drug Administration's
approval last year of the company's Opdivo/Yervoy combination
regimen for melanoma, which also received approval from European
regulators in May. Bristol's Yervoy was the first immunotherapy,
approved in 2011.
Among other key drugs, sales of anticlotting drug Eliquis sales
grew 78% to $777 million, and sales of hepatitis C drugs increased
14% to $546 million.
Over all, Bristol-Myers reported a profit of $1.16 billion, or
69 cents a share, compared with a year-earlier loss of $130
million, or 8 cents a share. Analysts expected per-share profit of
67 cents.
The year-earlier period included charges of 48 cents a share
related to the company's acquisition of biotechnology company
Flexus, which provided Bristol-Myers with a pipeline of
investigational immunotherapy treatments.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
July 28, 2016 07:35 ET (11:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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