B-MS' profit accelerates on good exchange rate
US drug giant Bristol-Myers Squibb reported an 8% jump in profit in the second quarter of 2008, exceeding Wall Street expectations on a boost from the weak dollar.
Net income for the company rose 20% to $706.0 million. GAAP earnings from continuing operations were $0.36 per share, whereas non-GAAP EPS, excluding exceptional costs, were up 36% to $0.42 compared with the first quarter of 2007. The firm's revenue rose 16% to $5.2 billion, with pharmaceuticals providing $4.5 billion and nutritionals $728.0 million, up 16% and 17%, respectively.
Analysts polled by Thomson Financial had only expected non-GAAP revenue of $5.09 billion, with $0.40 earnings per share. B-MS has reaffirmed its 2008 earnings per share guidance for adjusted profit as between $1.60 and $1.70. The analysts expect the higher end bracket to be the average, predicting $1.70 per share.
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