Bristol-Myers Squibb third-qtr earnings top expectations

US pharma major Bristol-Myers Squib (NYSE: BMY) posted a strong set of financials for the third quarter of 2014, pushing the firm’s stock up 2.15% to $53.63 by close of trading o Friday, with sales boosted by hefty double-digit growth for several of its key drugs.

Net sales in the third quarter (excluding revenues from the diabetes business divested to AstraZeneca) climbed 7% to $3.88 billion, driven by strong sales of drugs targeting the oncology market. Strong sales of the company’s rheumatoid arthritis drug Orencia (abatacept), and anti-clotting drug Eliquis (apixaban), also boosted the top line in the reported quarter. Revenues (including the divested business) slipped 4% to $3.92 billion. Total revenues were ahead of Wall Street average estimates of $3.8 billion.

B-MS posted earnings of $721 million for the quarter, or up 2% $0.43 per share ($0.45 excluding special items), compared with $692 million, or $0.42 per share, in the same period a year ago. The earnings per share beat analysts' average estimates of $0.42 cents per share, according to Reuters.