Bristol-Myers Squibb posts 7-percent rise in Q3 sales, led by Eliquis, Opdivo

Bristol-Myers Squibb reported Thursday that third-quarter sales rose 7 percent year-over-year to $5.3 billion, broadly in line with analyst estimates, with growth led by key products such as Eliquis and Opdivo. Net income in the three-month period reached $845 million, down from $1.2 billion in the prior year.

"We had a good quarter, demand for Eliquis and Opdivo was strong," commented CEO Giovanni Caforio. In the quarter, sales of Opdivo jumped 38 percent to $1.3 billion, besting analyst forecasts of $1.2 billion, while revenue from Eliquis climbed 39 percent to $1.2 billion, matching predictions.

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Additionally, revenue from Orencia rose 10 percent to $632 million, with sales of Sprycel totalling $509 million, up 8 percent versus the third quarter of 2016. Sales of Yervoy improved 13 percent to $323 million, while revenue from Empliciti rose 46 percent to $60 million. Meanwhile, sales for Bristol-Myers Squibb's hepatitis C portfolio plunged 81 percent year-over-year to $73 million.

For the full year, Bristol-Myers Squibb said it now expects earnings per share in the range of $2.95 to $3.05, up from an earlier estimate of between $2.90 and $3.00. Analysts predict annual earnings of $2.99 per share.

Commenting on the results, Leerink analyst Seamus Fernandez said "the bottom-line miss was due primarily to lower gross margin, resulting from changes in product mix and inventory."

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