Bristol-Myers Squibb Reports Higher Profit, Revises Full-Year Outlook

By Aisha Al-Muslim

Bristol-Myers Squibb Co. (BMY) said its profit and revenue rose in the latest quarter on stronger demand for its key drugs, as the global biopharmaceutical company looks ahead to closing its $74 billion acquisition of rival Celgene Corp. (CELG) later this year.

The New York-based company reported a profit for the second quarter of $1.43 billion, or 87 cents a share, up from $373 million, or 23 cents a share, a year earlier.

Excluding one-time items, earnings were $1.18 a share, above the $1.06 a share analysts polled by FactSet were looking for.

Revenue rose 10% to $6.27 billion, above the consensus forecast of $6.12 billion.

Revenue growth was helped by its two largest brands, Opdivo, which is used to treat types of lung cancer, and blood-thinner Eliquis. Revenue from Opdivo grew 12%, while Eliquis increased by 24%.

For 2019, Bristol-Myers Squibb lowered its per-share earnings guidance range to $3.73 to $3.83, down from its previous outlook of $3.84 to $3.94. The company increased its adjusted per-share earnings range to $4.20 to $4.30, up from its prior forecast of $4.10 to $4.20.

Write to Aisha Al-Muslim at [e-mail]

(END) Dow Jones Newswires

July 25, 2019 07:58 ET (11:58 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.