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Bristol Myers Squibb posts better than expected Q3 earnings
New Delhi: Bristol Myers Squibb Co on Thursday posted better-than-expected third-quarter earnings, with most of its top-selling drugs outperforming Wall Street forecasts, as many Americans resumed routine medical care they had put off earlier in the coronavirus pandemic.
The company said it earned $1.87 billion, or 82 cents a share, in the quarter, up from $1.35 billion, or 83 cents a share, a year ago.
This year's results include sales of drugs acquired with the $74 billion purchase of Celgene late last year.
Excluding one-time items, Bristol Myers said it earned $1.63 a share for the quarter. Analysts on average expected $1.49, according to IBES data from Refinitiv.
The New York-based company raised its full-year profit forecast and now expects to earn $6.25 to $6.35 per share, up from its prior view of $6.10 to $6.25 a share.
Sales were $10.54 billion in the quarter, beating analysts' forecasts by about $200 million.
The company's cancer drugs Revlimid, Opdivo and Pomalyst, as well as rheumatoid arthritis medicine Orencia, all exceeded Wall Street expectations.
Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751