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Bristol-Myers Squibb Beats Q2 Earnings Forecast, Lifts 2020 Profit Outlook

Bristol-Myers said it sees full-year revenues in the region of $40.5 billion to $42 billion as Eliquis continues to offset the ongoing slowdown in Opdivo sales.

Bristol-Myers Squibb Co.  (BMY) - Get Bristol-Myers Squibb Company Report posted stronger-than-expected second quarter earnings Thursday, and boosted its full-year profit outlook, as stronger sales of its Eliquis blood clotting treatment offset the continue slump in revenues from Opdivo.

Bristol-Myers said non-GAAP earnings for the three months ending in June were pegged at $1.63 per share, up 38.1% from the same period last year and firmly ahead of the Street consensus forecast of $1.48 per share. Group revenues, Bristol-Myers said, rose 61% to $10.13 billion, again topping analysts' forecasts of a $9.97 billion tally.

Looking into the final half of the year, Bristol-Myers said it sees non-GAAP earnings of $6.10 to $6.25 per share, compared to a prior forecast of $6.00 to $6.20, and revenues in the range of $40.5 billion to $42 billion, a modest increase from the lower end of its previous forecast.

“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.

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“Our teams drove strong commercial execution while continuing to progress our integration initiatives. With several new product launches and the achievement of multiple milestones from our late-stage pipeline, I am confident that we are building a leading biopharma with a renewed portfolio of transformational medicines. Our financial flexibility and continued opportunities to invest in innovation position us well to deliver for the long-term,” he added. 

Bristol-Myers shares were marked 4.1% higher in early trading following the earnings release to change hands at $62.22 each, a move that trims the stock's year-to-date decline to around 3%.

Worldwide sales of its blood clot treatment, Eliquis, rose 6% to $2.16 billion, offsetting a slide in revenues for Opdivo, the group's blockbuster cancer treatment, which fell 9% to $1.65 billion.