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Bristol Myers Q2 Profit Rises 29%, Announces Medarex Acquisition (BMY)
By Dividend.com Staff
July 23rd, 2009
Drugmaker Bristol Myers Squibb Co. (BMY) said Thursday that its second quarter profit rose 29% due to higher sales and cost-cutting measures.
Bristol Myers also announced a big acquisition of antibody technology company Medarex Inc. (MEDX).
The New York City-based company reported second quarter net income of $983 million, or 49 cents per share, up from $764 million, or 38 cents per share, in the year-ago period.
Revenue rose 3.5% in the latest quarter, to $5.4 billion from $5.2 billion last year.
On average, Wall Street analysts expected a lower profit of 47 cents, on slightly higher revenue of $5.3 billion.
Bristol Myers Q2 Earnings Highlights
Pharmaceutical division sales rose 4% to $4.67 billion.
Mead Johnson nutrition business sales were flat at $719 million.
Plavix drug sales rose 11% to $1.54 billion.
The stronger dollar reduced earnings by 5% in the second quarter.
Lowered high end of 2009 full-year profit forecast, now expects $1.58 to $1.68 per share, down from $1.58 to $1.73
Excluding charges, expects full-year profit of $1.95 to $2.05, up from $1.85 to $2.
Prior to reporting the second-quarter earnings, Bristol Myers on Wednesday night announced that it would acquire Medarex, Inc. for $2.1 billion in cash. Medarex owns anitbody technology that is used to manufacture drugs.
Bristol Myers shares rose 24 cents, or +1.2%, in morning trading Thursday.
The Bottom Line
We had removed shares of BMY from our “recommended” list back on June 10, when the stock was trading at $19.45. The company has a dividend yield of 6.11%, based on last night’s closing stock price of $20.29. The company may have to think about trimming its dividend after using $2 Billion in cash on this deal. We’ll keep a close eye on the company’s news.
Bristol Myers Squibb Co. (BMY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Bristol Myers Q2 Profit Rises 29%, Announces Medarex Acquisition (BMY)
By Dividend.com Staff
July 23rd, 2009
Drugmaker Bristol Myers Squibb Co. (BMY) said Thursday that its second quarter profit rose 29% due to higher sales and cost-cutting measures.
Bristol Myers also announced a big acquisition of antibody technology company Medarex Inc. (MEDX).
The New York City-based company reported second quarter net income of $983 million, or 49 cents per share, up from $764 million, or 38 cents per share, in the year-ago period.
Revenue rose 3.5% in the latest quarter, to $5.4 billion from $5.2 billion last year.
On average, Wall Street analysts expected a lower profit of 47 cents, on slightly higher revenue of $5.3 billion.
Bristol Myers Q2 Earnings Highlights
Pharmaceutical division sales rose 4% to $4.67 billion.
Mead Johnson nutrition business sales were flat at $719 million.
Plavix drug sales rose 11% to $1.54 billion.
The stronger dollar reduced earnings by 5% in the second quarter.
Lowered high end of 2009 full-year profit forecast, now expects $1.58 to $1.68 per share, down from $1.58 to $1.73
Excluding charges, expects full-year profit of $1.95 to $2.05, up from $1.85 to $2.
Prior to reporting the second-quarter earnings, Bristol Myers on Wednesday night announced that it would acquire Medarex, Inc. for $2.1 billion in cash. Medarex owns anitbody technology that is used to manufacture drugs.
Bristol Myers shares rose 24 cents, or +1.2%, in morning trading Thursday.
The Bottom Line
We had removed shares of BMY from our “recommended” list back on June 10, when the stock was trading at $19.45. The company has a dividend yield of 6.11%, based on last night’s closing stock price of $20.29. The company may have to think about trimming its dividend after using $2 Billion in cash on this deal. We’ll keep a close eye on the company’s news.
Bristol Myers Squibb Co. (BMY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
