Gross margin was 75.7% in this quarter, compared to 74.5% in the same period a year ago. At the same time, research and development expenses increased 31% to $1.9 billion, primarily due to the acquisition of Flexus Biosciences.
The company also increased its guidance range for the 2015 full year. Bristol-Myers expects revenues to be in the range of $15.5 billion to $15.9 billion and EPS in the range of $1.70 to $1.80, up from $1.60 to $1.70. There are consensus estimates of $1.77 in EPS on $15.42 billion in revenue for the full year.
In terms of its segments, the company reported sales:
- Virology, of $1.44 million
- Oncology, $992 million
- Neuroscience, $107 million
- Immunoscience, $461 million
- Cardiovascular, $437 million
- Mature products and all others, $724 million
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Giovanni Caforio, M.D., CEO of Bristol-Myers, commented on earnings:
We had a very good quarter, with strong sales across our portfolio, encouraging results from clinical trials and important regulatory milestones. I am excited by our progress in Immuno-Oncology as we continue to advance our leadership position and transform cancer treatment. As our Immuno-Oncology data continues to emerge, it is clear we have a tremendous opportunity, and we are making the right strategic investments to capitalize on the full potential of our portfolio.
At the end of the second quarter, the company had cash, cash equivalents and marketable securities of $10.11 billion, compared to $11.89 billion at the end of March 2015.
In morning trading Thursday, Bristol-Meyers shares were down 0.5% at $69.02, in a 52-week trading range of $47.55 to $70.54. The stock has a consensus analyst price target of $70.94.
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