Bristol Myers Beats on Earnings, Cancer Drug Sales Disappoint

Drug maker Bristol Myers (BMY) posted earnings of $0.71 per share on Tuesday, beating analyst estimates. Revenue was also higher than expected, coming in at $4.04B - a 6 percent increase on last year's numbers.The bio-pharmaceutical company benefited from increased sales of its depression treatment Abilify this quarter, but is facing competition from similar copies of the drug in the US. The New York based company was hit by the strong dollar but remains optimistic about its pipeline of immunotherapy cancer drugs and latest Hepatitis C treatments. Sales of the company's latest cancer drug Opdivo missed Wall Street expectations which knocked the stock price in this morning.