Bristol-Myers Squibb’s stock is up on better-than-expected earnings

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Shares of Bristol-Myers Squibb gained 4.2% in premarket trading on Thursday on better-than-expected earnings and a positive patent ruling on its blockbuster blood thinner Eliquis that was announced Wednesday evening.
The drugmaker had a loss of $85 million, or 4 cents a share, in the second quarter of 2020. It had a gain of $1.4 billion, or 87 cents a share, in the same quarter a year ago. Adjusted earnings per share were $1.63 per share. The FactSet consensus was $1.48. Sales jumped to $10.1 billion for the quarter, up from $6.2 billion in the same quarter in 2019, against a FactSet consensus of $9.99 billion. The revenue increase was primarily driven by the company’s acquisition of Celgene, which closed in November. Bristol said that it had expected a $600 million hit to sales for the quarter as a result of lower demand for its products during the pandemic. Sales of Eliquis gained 6% to $2.1 billion during the quarter, while revenue for the cancer therapy Opdivo tumbled 9% to $1.6 billion. Bristol’s stock is down 7.0% for the year, while the S&P 500 has rallied 3.0%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.