Eli Lilly and Bristol-Myers Squibb beating the consensus
- on 07.22.10
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U.S. Laboratories Eli Lilly and Bristol-Myers Squibb on Thursday posted quarterly results above expectations, despite a tighter price controls in Europe, fluctuations in exchange rates and costs of health reform in the U.S. .
Eli Lilly has taken its game in the second quarter thanks to cost control and higher prices in the U.S. on some of its best sales.
Its competitor Bristol-Myers Squibb's side took advantage of its management fees and costs considerably less.
At 5:47 p.m. GMT, Eli Lilly took 0.52% to 35.13 dollars, while Bristol-Myers Squibb advanced 0.81% to $ 24.95.
Eli Lilly has posted a profit of 1.35 billion dollars (1.04 billion euros), $ 1.22 per share, against $ 1.16 billion, or $ 1.06 per share for the same period the previous year.
Excluding items, bpa the group stood at $ 1.24 per share, well above the consensus of $ 1.10 Thomson Reuters set I / B / E / S.
MARKETS REASSURE
Turnover was up 9% to 5.75 billion dollars against 5.58 billion expected by markets.The increase would have been only 8% if the dollar had not been so low.
"(Eli) Lilly beat the consensus for the quarter because its sales are greater than expected, about 3%, largely thanks to the Zyprexa and Cymbalta," said Barbara Ryan, analyst at Deutsche Bank.
Bristol-Myers Squibb's side recorded a profit of $ 1.27 billion, or 53 cents per share, against $ 1.17 billion, or 44 cents a share, a year ago.
Excluding extraordinary items, the company posted a bpa to 54 cents, almost exactly what the consensus predicted.
Group sales rose 2% to 4.77 billion dollars, less than the expected $ 4.86 billion.
For the current fiscal year, Eli Lilly raised its earnings estimates for 2010 to between 4.50 to $ 4.65 per share, excluding exceptional items, against 4.40 to 4.55 dollars per share originally anticipated .
Bristol-Myers Squibb has meanwhile confirmed its earnings guidance for fiscal 2010.
According to Seamus Fernandez, an analyst at Leerink Swann, the results published by Eli Lilly, Bristol-Myers, Abbott Laboratories and Johnson & Johnson also allayed the fears of investors, who worried about the state of the U.S. pharmaceutical industry.
"The worst forecasts of international prices, exchange rates and reform the health system are not met," adds the analyst.
He said investors may be reassured by these macroeconomic factors and focus more on the fundamentals of each group.