Pharmaceutical major Bristol-Myers Squibb (BMY) lifted its full-year adjusted earnings guidance early on Thursday as it posted better-than-expected results for its second-quarter which were supported by double-digit growth in its blood clot prevention treatment Eliquis.
Revenue rose to $6.27 billion in the three months ended June 30, up from $5.7 billion in the corresponding quarter of the prior year, surpassing the consensus estimate of analysts polled by Capital IQ for $6.1 billion.
Supporting the results was a 24% jump in sales of Eliquis to $2.04 billion. Sales of lung cancer treatment Opdivo rose by 12% to $1.82 billion and revenue from Orencia, a rheumatoid arthritis treatment, rose by 9% to $778 million.
Adjusted earnings per share came in at $1.18, up 17% from a year earlier and also comfortably ahead of analysts’ mean estimate of $1.06.
“We had a very good second quarter where we delivered strong financial results while also advancing our integration planning for the acquisition of Celgene,” Giovanni Caforio, chief executive of Bristol-Myers Squibb, said.
For the full-year, the company said that it is now targeting adjusted earnings per share of $4.20 to $4.30, up from earlier guidance of $4.10 to $4.20. The latest guidance is ahead of analysts’ forecasts for $4.16.