Cancer, Diabetes Drugs Fuel Bristol-Myers Squibb Profits

By EarningsFOXBusiness

Bristol-Myers Squibb (NYSE:BMY) swung to a stronger-than-expected profit in the third quarter and reaffirmed its full-year outlook on Wednesday as sales for some of its biggest pharmaceutical products rebounded in international markets.

The New York-based drug maker reported net income of $692 million, or 42 cents a share, compared with a year-earlier loss of $711 million, or 43 cents, driven by strong sales and sharply decreased marketing and advertising costs.

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Excluding one-time items, Bristol-Myers said it earned 46 cents, topping average analyst estimates by two pennies.

Revenue for the three-month period climbed 9% to $4.1 billion from $3.7 billion a year ago, beating the Street’s view of $3.99 billion.

The sales gains were led by an 18% improvement to $2.0 billion in its international markets, as well as a 1% increase in the U.S., also to $2.0 billion.

"We demonstrated solid financial performance and presented new clinical data further characterizing key brands from our immuno-oncology and diabetes franchises," Bristol-Myers CEO Lamberto Andreotti said in a statement.

Bristol-Myers’ skin cancer treatment Yervoy posted sales gains of 33%, while its type-2 diabetes drug Kombiglyze grew 19% and its leukemia drug Sprycel increased 20%.

Bristol-Myers reaffirmed its fiscal 2013 non-GAAP EPS between $1.70 and $1.78, in line with the consensus view of $1.73.

Its shares in recent trade were down about 1% to $49.25 following a broader market selloff, however they remain up about 51% on the year.