By Michael Erman
(Reuters) -Bristol Myers Squibb reported better on Thursday than expected income from the first quarter and increased his prediction on the entire year of growth from his portfolio of medicines that encourage a patient's own immune system to combat cancer.
The shares of the company have fallen by more than 20% in the past month, because the concern about the investors about the tariff threats of US President Donald Trump has greeted the markets.
Chief Financial Officer David Elkins said in an interview that the worldwide footprint of the company brings it in a good position to treat the rates.
“We have a really resilient supply chain and we have production worldwide,” Elkins said. “That gives us a lot of flexibility to move our production where necessary.”
Earlier this month, the US started a probe in the pharmaceutical sector as part of an attempt to impose rates on industry.
Elkins said it was too early to understand the impact of potential rates that are aimed at the pharmaceutical industry, and that the prediction of Bristol Myers did not contain any assumptions with regard to them.
Turnover in the quarter decreased less sharply than the analysts of Wall Street had predicted, from $ 11.2 billion for the quarter, a decrease of $ 11.9 billion a year earlier. According to LSEEG, analysts had expected a turnover of approximately $ 10.6 billion.
The sale of the company's immunotherapy from the company was $ 2.3 billion in the quarter, compared to Wall Street predictions of just under $ 2 billion. The sale of his older immunotherapy, Yervoy, was $ 624 million in the quarter, more than $ 100 million higher than the predictions of analysts.
The American medicine maker also benefited if the sale of some of his older or off-patent medicines such as blood thinner Eliquis, who shares it with Pfizer, and Revlimid of blood cancer decreased less than expected.
The company achieved a profit of $ 2.5 billion, or $ 1.20 per share, roughly in line with the expectations of Wall Street.
The increased his prediction for the entire year for income to a range of $ 45.8 billion to $ 46.8 billion compared to his earlier prediction of $ 45.5 billion.
It now expects the profit for the entire year in the range of $ 6.70 to $ 7 per share.
(Reporting by Michael ErmanDiting by Bill Berkrot)
