Bristol-Myers Squibb jumps on strong 1st-qrt 2010 figures, despite lowering forecasts

Shares of US drug major Bristol-Myers Squibb advanced 5% to $25.57 midday trading yesterday, after the company reported first-quarter 2010 net income 16.5% higher at $743 million, or $0.43 a share, up from $0.32 for the same period a year ago. Sales rose 11% to nearly $4.81 billion. On an adjusted basis, the New York-based drugmaker's earnings from continuing operations were $0.56 a share, versus $0.42, beating analysts' expectations of a profit of $0.51 a share, on revenue of $4.73 billion, according to estimates compiled by FactSet Research.

The favorable currency exchange rates favorably boosted revenues in the quarter by approximately 3%. The recently enacted health care reform has negatively impacted net sales in the reported quarter by 1%.

Sales boosted by Plavix and HIV drugs