Wednesday, October 23 14:09:04
Bristol-Myers Squibb reported better-than-expected quarterly earnings today, fuelled by strong sales of cancer and diabetes drugs, but stuck to its earlier full-year 2013 profit forecast.
The company, which employs nearly 300 people in Ireland, said it earned $692 million, or 42 cents per share in the third quarter. That compared with a loss of $711 million, or 43 cents per share, in the year-earlier period when the company took a big charge for an experimental hepatitis C drug that showed disappointing results in clinical trials.
Excluding special items, Bristol-Myers earned 46 cents per share. Analysts, on average, expected 44 cents per share, according to Thomson Reuters I/B/E/S.
Global revenue rose 9 percent to $4.07 billion, topping Wall Street expectations of $3.99 billion.
The company reaffirmed it expects earnings for full-year 2013 of $1.70 to $1.78 per share, excluding special items. It earned $1.99 per share last year.
Diabetes drug Onglyza and a related drug called Kombiglyze had combined sales of $211 million, up 19 percent from the year-ago period. Sales of Orencia, for rheumatoid arthritis, rose 22 percent to $375 million.
Sales of leukemia drug Sprycel jumped 20 percent to $316 million, while sales of Yervoy - a new type of treatment for melanoma that works by spurring the immune system - soared 33 percent to $238 million.
Double-digit sales gains of such newer drugs helped offset plunging sales of blood clot preventer Plavix, and blood pressure medicine Avapro, which are both facing competition from cheaper generics. (Reuters)