Bristol-Myers Squibb (NYSE: BMY ) released its second-quarter earnings before the bell today, posting a non-GAAP EPS of $0.48 on $3.889 billion in revenue. The Street was expecting slightly lower numbers for EPS at $0.44 and revenue at $3.85 billion for the quarter.
Despite beating the Street's estimates, revenue still fell by 4% in the second quarter compared to the same period a year ago. This drop was due mostly to its exit from the diabetes market after selling the bulk of these assets to AstraZeneca earlier this year. When this revenue loss is excluded, Bristol's second-quarter revenues actually increased by 7% for the year.
Bristol saw most of its top-line growth for the quarter generated by a handful of products, namely Yervoy, Sprycel, Orencia, and Eliquis. In particular, Yervoy posted an impressive 38% increase in sales to $321 million for the quarter, compared to a year ago. Sprycel sales also rose nicely in the quarter by 18% to $368 million.
Looking ahead, Bristol is pushing hard to gain two regulatory approvals for its PD-1 inhibitor nivolumab (Trade name Opdivo) within the next 12 months. If it can gain approvals as a treatment for advanced melanoma and non-small cell lung cancer next year, Bristol's outlook should change in a hurry. Until then, the Street is expecting the company to post increasingly weak quarterly numbers due to its ongoing restructuring process.
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