Categories AlphaGraphs, Earnings, Health Care, LATEST

Bristol-Myers Squibb (BMY) earnings: Q3 results beat amid strong product sales

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.

Bristol-Myers Squibb (BMY) earnings: Q3 results beat amid strong product sales

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.

Related: Bristol-Myers lets go of psoriasis drug to save Celgene merger

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.

Related: Bristol-Myers Q2 2019 Earnings Conference Call Transcript

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.

We’re on Flipboard! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Most Popular

Target Corp posts strong results in Q3: Infographic

Target Corporation (NYSE: TGT) reported fourth-quarter 2020 financial results before the opening bell today. The department store chain reported Q4 revenue of $28.3 billion, up 21% year-over-year and higher than

Key highlights from Autodesk (ADSK) Q4 2021 earnings results

Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per

Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%

Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top