Bristol-Myers Squibb (BMY) - Get Report posted stronger-than-expected second quarter earnings Thursday, and boosted its full-year profit forecasts while adding that its $74 billion acquisition of Celgene Corp. (CELG) - Get Report would likely close in early 2020.
Bristol-Myers said non-GAAP earnings for the three months ending in June came in at $1.18 per share, up 16.8% from the same period last year and 10 cents ahead of the Street consensus forecast. Group revenues, Bristol-Myers said, rose 10.52% to $6.3 billion and again topped analysts' estimates of $5.72 billion as its blood clot treatment Eliquis saw sales rise 24% to $2.04 billion.
Looking into 2019, Bristol-Myers said it would lower its GAAP earnings guidance by around 10 cents per share, to a range of $3.73 to $3.83 per share, but added 10 cents to its non-GAAP forecast, publishing a new range of $4.20 to $4.30 per share.
"We had a very good second quarter where we delivered strong financial results while also advancing our integration planning for the acquisition of Celgene," said CEO Giovanni Caforio. "Through strong commercial execution and financial discipline we are establishing a solid foundation from which we can build the leading biopharma company, well-positioned to address the unmet needs of our patients and create long-term shareholder value."
Bristol Myers shares edged 0.5% higher at the start of trading to change hands at $43.42 each following the earnings release, a move that extends the stock's year-to-date decline to around 18%.