BMY Bristol Myers Squibb Co

By Tess Stynes 

Bristol-Myers Squibb Co. said its first-quarter revenue rose a better-than-expected 8.7%, boosted by the continued expansion of the pharmaceutical company's Opdivo cancer immunotherapy and growth of other key drugs.

The pharmaceutical company's adjusted per-share earnings, excluding certain one-time items, topped analysts' estimates and Bristol-Myers raised its 2016 guidance.

The company now expects per-share earnings of $2.50 to $2.60 and revenue growth in low-double digit range this year, compared with its previous estimate for per-share profit of $2.30 to $2.40 and revenue growth in the mid-single digits.

For the three month-period ended March 31, Bristol-Myers reported revenue increased to $4.39 billion from $4.04 billion a year earlier. Excluding currency effects, the growth was 11%. Analysts polled by Thomson Reuters expected revenue of $4.25 billion.

The company's Opdivo, also known as nivolumab, was first approved for sale in December 2014 for advanced melanoma.

Chief Executive Giovanni Caforio said in prepared remarks that "the launch of Opdivo continues to accelerate with data in new cancers, additional indications and continued rapid market adoption."

Bristol-Myers in its earnings release noted that Opdivo recently received approval in Europe to treat renal cancer and lung cancers. The company also received positive opinions from European regulators on its combination Opdivo/Yervoy treatment for melanoma and Empliciti in multiple myeloma.

For the latest quarter, Opdivo sales surged to $704 million from $40 million during the year-earlier period, when it was entering the market. Analysts have expected Opdivo will amass billions of dollars in yearly sales, as its launch progresses and its use continues to broadens to other cancers.

Sales of Yervoy, another skin-cancer immunotherapy drug declined again in the latest quarter, falling 19% to $263 million globally, partly because of Opdivo's growth, particularly in skin cancer. However, U.S. Yervoy sales increased 10% to $199 million in the U.S., with a boost from the approval of Bristol-Myers' Opdivo/Yervoy combination regimen for melanoma.

Bristol's Yervoy was the first immunotherapy, approved in 2011.

Over all, Bristol-Myers reported a profit of $1.2 billion, or 71 cents a share, unchanged from the year earlier. Excluding one-time items, adjusted per-share earnings rose to 74 cents from 71 cents. Analysts expected per-share profit of 65 cents.

Among other key drugs, sales of anticlotting drug Eliquis sales more than doubled to $734 million.

Sales of its hepatitis C franchise drugs grew 62% to $427 million.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

April 28, 2016 07:13 ET (11:13 GMT)

Bristol Myers Squibb (NYSE:BMY)
Historical Stock Chart
From Apr 2024 to May 2024

Bristol Myers Squibb (NYSE:BMY)
Historical Stock Chart
From May 2023 to May 2024