Bristol Myers swings to profit to beat second-quarter estimates as Opdivo returns to growth

Bristol Myers Squibb Co.
BMY,
-0.30%

said Wednesday it swung to a profit of $1.055 billion, or 47 cents a share, in the second quarter, after a loss of $85 million, or 4 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.93, ahead of the $1.89 FactSet consensus. Revenue rose to $11.703 billion from $10.129 billion, also ahead of the $11.269 billion FactSet consensus. “We delivered a strong quarter across each of our four therapeutic areas, including building momentum for our new product portfolio and Opdivo returning to growth,” Chief Executive Dr. Giovanni Caforio said in a statement. Opdivo was first approved by the Food and Drug Administration in 2014 as a treatment for melanoma and has since won approval for other indications. Sales of Opdivo rose 16% in the second quarter to $1.910 billion. Bristol Myers updated its full-year EPS guidance to a range of $2.77 to $2.97 from a prior range of $3.18 to $3.38. It still expects full-year adjusted EPS of $7.35 to $7.55. It expects worldwide revenues to grow in the high-single digits. Shares were flat premarket, but have gained 8.8% in the year to date, while the S&P 500
SPX,
-0.47%

has gained 17%.

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