Driven by the strong sales of leading products, earnings of Bristol-Myers Squibb (NYSE: BMY) increased in the third quarter and exceeded the market’s projection. Total revenues rose 6%. The company also provided its revised outlook for fiscal 2019. The stock gained early Thursday, following the announcement.
At $6.0 billion, third-quarter revenues were higher by 6% from the year-ago period. The top line benefited from a 7% sales growth in the US market. International sales rose by 3% during the quarter.
The New York-based pharmaceutical company reported adjusted earnings of $1.17 per share, up from last year’s earnings of $1.09 per share and above Wall Street’s prediction. Net earnings attributable to shareholders climbed to $1.4 billion or $0.83 per share from $1.9 million or $1.16 per share last year.
Product-wise, sales of anticoagulant Eliquis and Sprycel moved up 22% and 14% respectivley, year-over-year, while sales of melanoma drug Yervoy declined 8%.
“With strong momentum in our R&D and commercial organizations, I am looking forward to the tremendous opportunity when Bristol-Myers Squibb and Celgene come together as one, to deliver innovative medicines and transform patients’ lives ,” said CEO Giovanni Caforio.
The company lowered its guidance for full-year unadjusted earnings to $3.46 -$3.56 per share from the previous outlook of $3.73- $3.83 per share. Meanwhile, it raised the adjusted earnings guidance range to $4.25-$4.35 per share to $4.20-$4.30 per share. Full-year effective tax rate, on unadjusted basis, is expected to be between 13% and 14%.
The company said it is on track to complete the acquisition of biopharma company Celgene. Also, preparations are on for the post-acquisition integration.
Earlier this week, Pfizer (NYSE: PFE) reported lower revenues and earnings for the third quarter. The results, however, topped the market’s expectations. The management also revised up the full-year earnings and revenue guidance.
Bristol-Myers’ stock plunged to a six-year low in early July, but bounced back in the following weeks. The shares moved up 15% since the beginning of the year and 10% in the past twelve months.
After Novavax (NASDAQ: NVAX) reported its progress on developing the COVID-19 vaccine at the end of February, the shares of the company started trading in double-digits after a long time.
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