Bigger Bristol-Myers ploughs ahead despite pandemic

In the second quarter of 2020, the acquisition of rival cancer specialist Celgene drove revenues at Bristol-Myers Squibb (NYSE: BMY) to $10.1 billion, a rise of 61% on the same period of 2019 and roughly what analysts were expecting.

Following generally accepted accounting principles (GAAP), the firm posted a loss of 4 cents per share and lowered its 2020 earnings per share (EPS) guidance to between 6 cents and 9 cents.

The revenue increase was weighted towards the USA market, where sales grew 77% to $6.5 billion in the quarter. Global revenues increased 40% to $3.6 billion.