Bristol-Myers Squibb Co. (NYSE: BMY) released its second-quarter earnings report before the markets opened on Thursday. The company posted $0.69 in earnings per share (EPS) on $4.87 billion in revenue, versus consensus estimates from Thomson Reuters calling for $0.67 in earnings per share (EPS) on $4.65 billion in revenue. In the same period of last year, the company reported EPS of $0.53 and revenue of $4.16 billion.
In terms of the outlook for the 2016 full year, the company increased its EPS guidance to a range of $2.55 to $2.65 from $2.50 to $2.69. The consensus estimates are EPS of $2.60 and $18.62 billion in revenue for the full year.
In July, the U.S. Food and Drug Administration (FDA) accepted for priority review and the European Medicines Agency (EMA) validated the applications submitted for Opdivo for patients with previously treated recurrent or metastatic squamous cell carcinoma of the head and neck (SCCHN).
Back in May, the company and its partner, AbbVie Inc. (NYSE: ABBV), announced the European Commission (EC) approval of Empliciti for the treatment of multiple myeloma as combination therapy with lenalidomide and dexamethasone in patients who have received at least one prior therapy.
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The company reported its business segment revenues as follows:
- Oncology, $1.57 billion
- Cardiovascular, $777 million
- Immunosciencem $593 million
- Virology, $1.36 billion
- Neuroscience, $35 million
- Mature products and all others,$537 million
Bristol-Myers CEO Giovanni Caforio, M.D., commented on earnings:
During the second quarter we delivered strong sales and earnings growth, achieved important regulatory milestones with Opdivo across multiple types of cancer, and further advanced our leadership in Immuno-Oncology through the breadth of the clinical data we presented at ASCO. I am confident strong performance of our in-line products, progress with our diversified pipeline and our focused approach to business development position us well for continued success.
On the books, Bristol-Myers cash and cash equivalents totaled $2.93 billion at the end of the quarter, versus $2.64 billion in the first quarter of this year.
Shares of Bristol-Myers closed Wednesday up 1.9% at $76.47, with a consensus analyst price target of $ and a 52-week trading range of $51.82 to $77.12. Following the release of the earnings report, the stock was actually down about 1% at $75.60 in early trading indications Thursday.
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