Bristol Myers Squibb Co. said its revenue rose 5.2% in the first quarter of the year thanks to sales growth for its in-line products, while adjusted earnings narrowly beat analyst expectations.
The New York City-based pharmaceutical company said revenue rose to $11.65 billion from $11.07 billion in the same period last year, driven by double-digit sales growth for its blood thinner Eliquis and cancer treatment Opdivo.
Net earnings were $1.28 billion for the quarter, or 59 cents a share, down from $2.02 billion, or 89 cents a share, a year earlier.
Stripping out one-time items and amortization costs, earnings were $1.96 a share. Analysts surveyed by FactSet had forecast $1.91 a share.
The company said marketing, selling and administrative expenses rose 9.9% for the quarter to $1.83 billion due to timing differences for its spending compared to the same period a year ago, as well as investments in its product portfolio. Research and development expenses also were higher.
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