REUTERS: Bristol Myers Squibb Co raised its annual profit forecast on Thursday on hopes of a recovery in demand for its hospital-administered drugs, which had dropped as patients stayed away from doctors' offices due to the COVID-19 pandemic.
The U.S. drugmaker said it expects demand from new patients and for its products administered by doctors to start recovering in the third quarter and fully recovery in the fourth quarter.
Other companies such as Pfizer Inc and Bristol's close rival Merck & Co also expect medical visits to return to normal by the fourth quarter.
Bristol now expects full-year adjusted profit of US$6.10 to US$6.25 per share, up from its prior range of US$6-US$6.20 per share.
The company's total revenue rose 61.5per cent to US$10.13 billion in the second quarter, above Refinitiv estimate of US$9.97 billion, mainly due to its US$74 billion buyout of Celgene.
Sales of its cancer drug Opdivo, however, fell 9per cent to US$1.65 billion, roughly in line with analysts' estimates. Sales of blood thinner Eliquis, which it shares with Pfizer, rose 6per cent to US$2.16 billion.
Bristol reported a net loss of US$85 million, or 4 cents per share, in the quarter ended June 30, compared with a profit of US$1.43 billion, or 87 cents per share, mainly due to amortization of assets and higher costs from the Celgene deal.
(Reporting by Manas Mishra in Bengaluru; Editing by Arun Koyyur)