Bristol Myers Squibb says sales of Revlimid, Eliquis increased in the third quarter

Shares of Bristol Myers Squibb Co. gained 0.6% in premarket trading on Wednesday after the drug maker beat expectations for the quarter and saw sales rise for two of its top-selling products. The company had earnings of $1.5 billion, or 69 cents per share, in the third quarter of 2021, down from $1.8 billion, or 82 cents per share, in the same quarter a year ago. Adjusted earnings per share were $2.00 per share, against a FactSet consensus of $1.92. Bristol reported revenue of $11.6 billion for the quarter, up from $10.5 billion in the same three months of last year. The FactSet consensus was $11.6 billion in revenue. Cancer drug Revlimid had $9.5 billion in sales for the third quarter of this year, up 8% from $8.8 billion in the same quarter a year ago, and sales of blood-thinner Eliquis jumped 17% to $8.1 billion, compared with $6.9 billion in the same period a year ago. The company lowered its guidance for the year, saying it now expects EPS of $2.68 to $2.83, compared with previous guidance of $2.77 to $2.97, and adjusted EPS of $7.40 to $7.55, compared with previous guidance of $7.35 to $7.55. Bristol's stock is down 6.1% for the year, while the broader S&P 500 is up 21.8%.

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