Bristol Myers Squibb (BMY) stock rose solidly early Friday after the company reported adjusted earnings of $2.07 per share on $12.2 billion in second-quarter sales.
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On average, analysts polled by FactSet expected the pharma company to earn $1.62 per share and report $11.54 billion in sales.
In the year-earlier period, Bristol came in with $1.75 earnings per share and $11.23 billion in sales.
Blood thinner Eliquis buoyed revenue while cost cutting efforts also helped the bottom line.
For the year, the company guided to EPS of 60-90 cents from 40-70 cents previously. Analysts projected earnings of 51 cents a share and $46.02 billion in sales.
In premarket trades on today’s stock market, Bristol Myers Squibb stock climbed 4.4%, moving toward its 200-day moving average. Shares recently retook their 50-day moving average, according to MarketSurge.
More to follow.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
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