Bristol-Myers Squibb Co. said its second-quarter revenue rose 7%
with a boost from sales of its Opdivo immunotherapy drug and its
hepatitis C franchise.
Revenue increased to $4.2 billion from $3.89 billion a year
earlier. Excluding currency effects, the growth was 16%. Analysts
polled by Thomson Reuters expected revenue of $3.72 billion.
The better-than-expected revenue growth contributed to the
pharmaceutical company raising full year guidance. For the year,
the company raised its per-share earnings estimate by a dime and
now expects $1.70 to $1.80.
Bristol-Myers has gained attention as a leader in developing
drugs that enlist the power of the immune system against
cancer.
Opdivo, initially approved in late December, contributed sales
of $122 million in its second quarter on the market, up sharply
from $40 million in the first quarter. Sales of Yervoy, another
skin-cancer immunotherapy, fell 8% from a year earlier to $296
million, amid a 21% decline in U.S. sales—partly owing to the
growth of Opdivo for skin cancer in the U.S.
The company's hepatitis C franchise contributed sales of $479
million, boosted by recognition of $170 million previously deferred
revenue in France related to an early access program.
The earnings report comes two days after Bristol-Myers said a
late-stage trial of skin-cancer drug Opdivo was stopped early
because the drug provided superior overall survival in advanced
renal-cell carcinoma patients, further strengthening Bristol-Myer's
position in immunotherapies. The drug also received U.S. regulatory
approval to treat lung cancer earlier this year.
Also, in a recent study, a combination of Opdivo and the
company's other skin cancer drug Yervoy delayed the progression of
melanoma longer than either drug alone—results that could support
wider use of both drugs.
In addition to clinical trials of the immunotherapies to treat
other cancers, Bristol-Myers also has continued to expand its
pipeline through deals, including April acquisition of
immunotherapy drug developer Flexus and licensing of gene-therapy
cardiovascular programs from uniQure.
Overall, Bristol-Myers reported a loss of $130 million, or eight
cents a share, up from $333 million, or 20 cents a share, a year
earlier. The latest period a charge of 48 cents a share related to
the Flexus acquisition. Excluding such one-time items, per-share
earnings rose to 53 cents from 48 cents. Analysts expected
per-share profit of 36 cents.
Write to Tess Stynes at tess.stynes@wsj.com
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