Bristol Myers swings to profit and beats second quarter estimates as Opdivo returns to growth

Bristol Myers Squibb Co. BMY,
said Wednesday it swung to second-quarter profits of $1.055 billion, or 47 cents per share, after a loss of $85 million, or 4 cents per share, in the prior period. Adjusted EPS came in at $1.93, ahead of the FactSet consensus of $1.89. Revenue rose from $10.129 billion to $11.703 billion, also exceeding the FactSet consensus of $11.269 billion. “We delivered a strong quarter in each of our four therapeutic areas, including building momentum for our new product portfolio and Opdivo starting to grow again,” said Chief Executive Dr. Giovanni Caforio in a statement. Opdivo was first approved by the Food and Drug Administration in 2014 as a treatment for melanoma and has since received approval for other indications. Opdivo’s second-quarter revenue rose 16% to $1,910 billion. Bristol Myers has updated its full-year earnings per share to a range of $2.77 to $2.97, from a previous range of $3.18 to $3.38. It still expects full-year adjusted earnings per share of $7.35 to $7.55. It expects global revenues to grow at high-single digits. Shares were just ahead of the market but are up 8.8% over the past year as the S&P 500 SPX,
won 17%.