Bristol-Myers Squibb raises earnings forecast after strong Q3 sales

Bristol-Myers Squibb raised its full-year earnings forecast as better-than-expected sales of drugs treating conditions including cancer beat analyst estimates in the third quarter.

Bristol-Myers forecast 2020 adjusted earnings per share of $6.25 (€5.30) to $6.35, up from $6.10 to $6.25. Quarterly revenue was $10.54 billion, beating a $10.34 billion estimate by analysts. The New York-based company said the healthcare system, disrupted early on by the Covid-19 pandemic, is now recovering.

“It’s a very resilient business, despite the global pandemic,” chief financial officer David Elkins said in an interview. “People are continuing to get their medicines because these are very serious diseases they’re battling.”

The New York-based drugmaker expects 2020 revenue of $41.5 billion to $42 billion, according to a company statement. Analysts had expected $42 billion.

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Adjusted earnings for the quarter were $1.63 per share, the company said, beating analyst estimates of $1.49 per share. Sales of the multiple myeloma drug Revlimid and immuno-oncology therapy Opdivo, two key blockbusters, topped analyst projections, though revenue for the blood thinner Eliquis fell short, at $2.10 billion compared with expectations of $2.12 billion. Other drugs, including immuno-oncology medication Yervoy and the anemia drug Reblozyl, also beat expectations.

Last month, Bristol-Myers announced it was buying the biotech MyoKardia, and earlier this week reported positive late-stage results for a plaque psoriasis drug. Bristol-Myers shares rose about 2 per cent in premarket trading on Thursday. - Bloomberg