Bristol-Myers Squibb Posts 3Q Sales Growth as R&D Spending Rises

By Matt Grossman

Bristol-Myers Squibb Co. on Wednesday logged year-over-year sales growth and posted earnings that exceeded analysts' adjusted-profit forecast for the third quarter, while the abatement of the Covid-19 pandemic led to an increase in research-and-development spending.

The New York City-based pharmaceutical company recorded earnings of 69 cents a share, compared with 82 cents a share a year earlier. Net income was $1.55 billion, down from $1.87 billion.

Stripping out one-time items, the company's adjusted earnings were $2.00 a share. Analysts were forecasting adjusted earnings of $1.92 a share, according to FactSet.

Revenue rose by 10% to $11.62 billion, from $10.54 billion a year earlier, it said. Analysts had anticipated revenue of $11.61 billion.

Demand for Bristol's Revlimid and Eliquis drugs drove a 12% increase in U.S. revenue year over year to $7.3 billion. International sales were up 8% at $4.3 billion, the company said.

Research-and-development expenses grew 7% to $2.4 billion, in part because of the comparison with a lull in such activity a year ago during the earlier phases of the pandemic, the company said.

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(END) Dow Jones Newswires

October 27, 2021 07:33 ET (11:33 GMT)

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