Bristol Myers Squibb’s stock gains with Eliquis sales jumping 9% during the third quarter

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Shares of Bristol Myers Squibb Co. gained 1.9% in premarket trading on Thursday after the drug maker largely beat expectations for the third quarter. The company had earnings of $1.87 billion, or 82 cents per share, in the third quarter of 2020, up from $1.36 billion, or 83 cents per share, in the same quarter a year ago. Adjusted earnings per share were $1.63, against a FactSet consensus of $1.49. Bristol’s revenue for the quarter nearly doubled, to $10.54 billion, compared with $6.01 billion in the same quarter of 2019. The FactSet consensus was $10.32 billion. The boost in revenue was driven by the closing of the Celgene acquisition late last year. Revenue rose 6% on a pro-forma basis for the quarter. On a reported basis, sales of its blockbuster blood thinner Eliquis were up 9% in the last three months to $2.09 billion, while Opdivo sales fell 3% to $1.78 billion in the third quarter. Bristol boosted its 2020 guidance for adjusted EPS to 6.25 to $6.35. The FactSet consensus is $6.28. Shares of Bristol have gained 1.9% so far this year, while the S&P 500 is up 6.6%.
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