BOSTON (Thomson Financial) - Bristol-Myers Squibb Co. Thursday said
second-quarter earnings from continuing operations rose to $722 million, or 36
cents a share, from $588 million, or 30 cents a share, in the year-ago period.
Excluding special items, adjusted earnings rose to 43 cents from 31 cents a
share.
The mean estimate of analysts polled by Thomson Reuters was for
second-quarter earnings of 40 cents a share.
Revenue for the New York-based provider of pharmaceuticals products rose 16%
to $5.2 billion from $4.47 billion a year earlier. Analysts, on average, had
estimated revenue of $5.09 billion.
For 2008, Bristol-Myers affirmed its adjusted earnings guidance of $1.60 to
$1.70 a share. Analysts, on average, project 2008 profit of $1.65 a share.
In addition, the company said it plans to expand its productivity
initiatives, which Bristol-Myers said will result in an additional $1 billion of
cost savings by 2012.
Shares closed Wednesday at $21.89.
Casey Logan
cl/jw
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