High Drug Sales Drive Strong Second Quarter for Bristol-Myers

Bristol-Myers Squibb (NYSE:BMY) experienced a stronger than anticipated second quarter, with strong sales for new heart, hepatitis C, and cancer medicines increasing revenues.
According to an article on Pharmaceutical Processing:

Bristol-Myers’ recent purchase of startup Flexus Biosciences Inc. resulted in an $869 million charge, plus most of the tax bill and quarterly loss. But it gives Bristol-Myers a company trying to develop immuno-oncology drugs with a different mechanism than Opdivo and Yervoy.
Excluding the acquisition charge and other one-time items, Bristol-Myers posted adjusted income of $890 million, or 53 cents per share. Analysts surveyed by FactSet were expecting 36 cents, on average.
The $130 million net loss amounted to 8 cents per share. In 2014’s second-quarter, Bristol-Myers posted net income of $333 million, or 20 cents per share.

 
Click here to read the full article on Pharmaceutical Processing.