Bristol-Myers Squibb raises forecast as strong 2nd-qtr 2011 results beat forecasts

US drug major Bristol-Myers Squibb (NYSE: BMY) yesterday reported second-quarter 2011 net profit of $902 million, or $0.52 a share, down nearly 3% due to higher taxes and increased costs for production, marketing and administration. Adjusted (non-GAPP) earnings were $971 million, or $0.56 a share. However, net sales for the quarter at $5.4 billion, increase 14%, or 10% excluding the impact of foreign exchange, compared to the same period a year ago.

The company still beat expectations; analysts surveyed by FactSet Research expected earnings of $0.55 cents a share, on revenue of $5.05 billion. B-MS is raising its 2011 GAAP EPS guidance range to $2.08 to $2.18 and its non-GAAP EPS range to $2.20 to $2.30.

US net sales increased 15% to $3.6 billion, while international net sales increased 13%, or 3% excluding foreign exchange impact, to $1.9 billion. The incremental impact in 2011 over 2010 of the two additional US health care reform provisions for new discounts associated with the Medicare Part D coverage gap and the annual pharmaceutical company fee decreased second quarter EPS by approximately $0.03, the New York-based firm noted.