BMS beats analyst expectations on strong cancer, RA drug sales
- Bristol-Myers Squibb on Friday morning announced Q3 earnings that beat analysts' expectations. BMS took in net income of $721 million (a 4.2% rise over Q3 2013), or $0.45 per share in profits excluding one-time items—three cents per share higher than estimates.
- Key drug sales led the better-than-expected results. The malignant melanoma drug Yervoy saw $350 million in sales, a gain of 47% compared to last year. The rheumatoid arthritis drug Orencia also ballooned by 18% to $444 million, and leukemia treatment Sprycel sales rose 22% to $385 million.
- Overall revenue fell 4% to $3.9 billion, which was also higher than expectations. BMS stock was up 2.5% in morning trading.
BMS' impressive cadre of drugs came through for the company in a big way during Q3. And the good news for the company is that even more impressive cancer drug sales may be on the horizon.
BMS' Opdivo, a novel melanoma therapy that's part of the exciting new PD-1 inhibitor class of cancer drugs, received breakthrough designation from the FDA last month. That sets up an exciting battle with Merck's own PD-1 drug, the historic Keytruda.
- Bloomberg Businessweek Bristol-Myers Tops Estimates on Strong Drug Sales