Bristol-Myers Reports Q2 Profit Match, Revenue Beat
Bristol-Myers Squibb Co. reported a second-quarter profit match and revenue beat on Thursday, but shares plummeted 6.2% in premarket trade on news of rival AstraZeneca's late-stage clinical trial failure, which could carry implication for Bristol-Myers' own cancer drug combination. Earnings for the latest quarter declined to $916 million, or 56 cents per share, from $1.17 billion, or 69 cents per share in the year-earlier period. Adjusted earnings-per-share were 74 cents, compared with the FactSet consensus of 74 cents. Revenue rose to $5.14 billion from $4.87 billion, compared with the FactSet consensus of $5.09 billion. Sales of cancer drug Opdivo came in at $1.20 billion, above the FactSet consensus of $1.13 billion. Sales of blood thinner Eliquis came to $1.18 billion, above the FactSet consensus of $1.14 billion. Sales of autoimmune disease drug Orencia came to $650 million, below the FactSet consensus of $655 million. Sales of chemotherapy drug Sprycel came in at $506 million, above the FactSet consensus of $484 million. And sales of cancer drug Yervoy came in at $322 million, above the FactSet consensus of $312 million. The company also updated its 2017 guidance, lowering its EPS guidance range to $2.66 to $2.76 from $2.72 to $2.87 and raising the lower end of its adjusted EPS guidance range to $2.90 to $3.00 from $2.85 to $3.00. Bristol-Myers shares have lifted 0.6% over the last three months, compared with a 3.7% rise in the S&P 500 .
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