Cancer Drug Sales Boost Bristol-Myers Squibb Performance

NEW YORK (AP) — Bristol-Myers Squibb stock is up more than 7 percent after the drugmaker reported strong drug sales and raised guidance for the year.

The biopharmaceutical company said global revenues for the third quarter were driven by sales of the cancer drug Opdivo, which tripled to $615 million from a year ago. Sales of Eliquis, a cardiovascular medicine, rose 90 percent from a year ago to $884 million.

Bristol-Myers reported third quarter earnings of $1.2 billion, easily beating last year’s $706 million.

The New York-based company said it earned 72 cents per share in the three months ended Sept. 30, up from 42 cents per share a year earlier. Earnings, adjusted for non-recurring costs, were 77 cents per share, compared with last year’s 39 cents.

The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.

The company posted revenue of $4.92 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $4.75 billion. The company had revenue of $4.1 billion for the same period last year.

Bristol-Myers expects full-year earnings in the range of $2.80 to $2.90 per share. It had previously targeted a range of $2.55 to $2.65 per share.

Bristol-Myers Squibb Co. shares rose $3.57, or 7.2 percent, to $52.86 in afternoon trading. The stock has declined almost 21 percent over the past year.

Follow us on Twitter and Facebook for updates on the latest pharmaceutical and biopharmaceutical manufacturing news!