Bristol Myers Squibb Third-Quarter Earnings Report

(Reuters) – Bristol Myers Squibb (NYSE:BMY) reported better-than-expected earnings for the third quarter on Thursday, attributing the results to strong sales from both established and newer drugs.

The pharmaceutical company earned $3.7 billion in the quarter, or $1.80 per share, down from $4.1 billion or $2 per share a year prior. Analysts had anticipated earnings of $1.49 per share according to LSEG data.

Revenue rose by 8% to $11.89 billion, surpassing forecasts of $11.28 billion.

Sales for the blood cancer drug Revlimid dropped 11% to $1.41 billion, but still exceeded expectations of $1.11 billion. Sales of Eliquis increased 11% to $3 billion, beating estimates of $2.83 billion.

Chief Financial Officer David Elkins stated, "The legacy portfolio has continued to contribute a significant amount of cash flow to the company, and that's enabled us to deleverage and strengthen the balance sheet."

He added that most of the company's overall growth was driven by a 20% increase in the growth portfolio compared to the previous year. Sales of Breyanzi and Camzyos more than doubled year-over-year.

Bristol Myers has also raised its full-year earnings forecast to 75 to 95 cents a share, revising it from the previous estimate of 60 to 90 cents. Analysts had projected full-year earnings of around 71 cents a share.