Pharmaceutical firm Bristol-Myers Squibb Company (NYSE: BMY) reported second-quarter 2020 financial results on Thursday morning. The results were better than analysts’ expectations.
Revenues surged 61% to $10.13 billion and adjusted earnings moved up to $1.63 per share from $1.18 per share in the second quarter of 2019. On a reported basis, the company posted a loss of $0.04 per share, compared to earnings of $0.87 per share last year.
“Our second quarter results reflect the passion and focus of our employees, who continue to introduce new medicines, support patients with serious diseases and deliver strong results during the COVID-19 pandemic,” said CEO Giovanni Caforio.
BMY shares rose 5% immediately after the earnings announcement during Thursday’s pre-market trading, after closing the previous session higher. The stock has gained 26% in the past 12 months.