NEW YORK (TheStreet) -- Shares of Bristol-Myers Squibb (BMY) - Get Report are down 0.88% to $75.80 in pre-market trading on Thursday despite posting 2016 second-quarter earnings and revenue that topped analysts' projections.
Before the market open, the New York City-based pharmaceutical company reported adjusted earnings of 69 cents per share, beating analysts' estimates of 67 cents per share.
Revenues climbed 17% year-over-year to $4.87 billion and topped analysts' projections by roughly $200 million, according to Reuters.
The results were driven by sales of its treatments for hepatitis C, cancer and blood clots. The company's Opdivo treatment for melanoma, lung cancer and kidney cancer reached $840 million in sales during the most recent period, while its Eliquis treatment for blood clots reported revenue that surged 78% year-over-year to $777 million.
Bristol-Myers boosted its per-share earnings outlook for the full year to a range between $2.55 and $2.65 per share, up from its previous forecast of $2.50 to $2.60 per share. Analysts are looking for adjusted earnings of $2.60 per share for the year.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B+.
Bristol-Myers' strengths such as its increase in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: BMY
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.