Bristol Myers reports 10% quarterly sales growth as cancer drugs rebound
October 27, 2021
Bristol Myers Squibb Co on Wednesday said its third-quarter sales rose 10% and reported higher-than-expected earnings as its core cancer business regained momentum after a decline earlier this year.
The New York-based drugmaker's revenue for the quarter of $11.6 billion and adjusted profit of $2.00 per share both topped Wall Street estimates of $11.58 billion in sales and $1.92 per share, according to IBES data from Refinitiv.
Bristol Myers raised the low end of its full-year adjusted profit forecast by 5 cents and now expects to earn $7.40 to $7.55 per share.
Bristol Myers had missed analysts' estimates in the first quarter, largely due to a decline in sales of its growth driver, the cancer immunotherapy Opdivo.
Sales growth has since recovered even as the Delta variant of the coronavirus caused a surge in global COVID-19 cases that could have kept people from seeking treatment for other diseases.
Read More: https://finance.yahoo.com/news/bristol-myers-reports-10-quarterly-110506247.html