Bristol-Myers posts better-than-expected results, Opdivo growth slows

U.S. drugmaker Bristol-Myers Squibb Co reported a higher-than-expected third-quarter profit on Thursday, helped by strong sales of blood thinner Eliquis, even as the growth of its blockbuster cancer treatment Opdivo slowed.

Bristol-Myers, which is set to buy biotechnology company Celgene Corp for $74 billion later this year, posted net earnings of $1.35 billion, or 83 cents a share, in the quarter, down from $1.9 billion, or $1.16 a share, last year. Excluding one-time items, the company said it earned $1.17 a share, exceeding analysts' expectations of $1.07 a share, according to IBES data from Refinitiv.

The company raised both ends of its full-year adjusted earnings forecast range by 5 cents and now expects a profit of $4.25 to $4.35 per share. Analysts had been estimating the company will earn $4.28 a share in 2019. Sales of cancer immunotherapy Opdivo rose only 1% from a year ago to $1.82 billion, roughly in-line with Wall Street expectations. Once viewed as the company's most important growth driver, Opdivo sales have hovered around $1.8 billion a quarter for the past four quarters.

Meanwhile, Merck & Co's rival drug Keytruda brought in nearly $3.2 billion in the third quarter, up 67% from the previous year. There has been widespread investor concern over the dominance of Keytruda, as it has become the go-to treatment for newly diagnosed advanced lung cancer, the most lucrative oncology market. Bristol-Myers is hoping recent positive results in two clinical trials will help improve Opdivo's position in lung cancer.

Eliquis, which Bristol shares with Pfizer Inc, continues to be a bright spot. Its sales rose 22% to $1.93 billion, while analysts were estimating $1.85 billion. Sales of rheumatoid arthritis drug Orencia and leukemia treatment Sprycel also were stronger than analysts had forecast.

Revenue in the quarter rose 6% from a year ago to $6 billion, also topping Wall Street expectations of $5.89 billion. Bristol-Myers shares closed up 2% at $56.87 on the New York Stock Exchange on Wednesday.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)