Bristol Myers Squibb buoyed by surge in sales of key drugs

Bristol Myers Squibb Co (NYSE:BMY) was set for a strong start as first quarter earnings beat forecasts on the back of booming sales of key cancer drug Opdivo and blood thinner Eliquis. Opdivo sales jumped by 60% in the three months to March with the immuno-oncology drug also granted approval for a range of new cancer indications. Eliquis sales meanwhile were 50% ahead and the two drugs combined helped group sales rise by 12% to US$4.9n. Net earnings were US$1.6bn, or US $0.94 per share, compared to US$1.2bn, a year ago though this number was boosted by a US$0.18 payment from Merck’s PD-1 antibody patent settlement. For the year, Bristol Myers now expects earnings of between US$2.72 to US$2.87, a rise of 7% at the top end. Global revenues will increase by mid-single digits, it added. “During the first quarter we delivered strong sales and earnings growth, achieved important regulatory milestones for Opdivo in the U.S. and Europe and presented important new data across our Immuno-Oncology and fibrosis portfolios,” said Giovanni Caforio, chief executive.