With the end of the second quarter wrapping up, drug industry giants are reporting a variety of financial results.
Here's where six major drugmakers stand after the end of the second quarter:
Bristol-Myers Squibb reported second quarter revenues of $4.9 billion, a 17 percent increase from the second quarter of 2015. Sales of the cancer drug Opdivo, which reached $840 million this quarter, are expected to keep growing despite competition from Merck's Keytruda. Sales of Yervoy, a melanoma treatment often paired with Opdivo or Keytruda, decreased 19 percent to $241 million for the quarter. Bristol-Myers Squibb now expects total earnings of $2.55 to $2.65 per share for the year.
Astrazeneca saw second quarter earnings decrease by almost a third due to generic competition of the company's best-selling cholesterol drug Crestor. Core earnings fell 31 percent year over year to 83 cents per share, while revenue dropped 11 percent to $5.60 billion per share compared to the second quarter of 2015. However, the Britain-based company's lung cancer drug Tagrisso surpassed expectations with second quarter sales of $92 million. Astrazeneca expects a low to mid single-digit percent decrease in revenue and core earnings at constant exchange rates throughout the remainder of 2016.
Eli Lily reported better-than-expected sales for the second quarter, thanks to the success of the Indianapolis-based company’s new drugs. Trulicity — an injectable diabetes treatment — hit sales of $201 million. Sales of the two-year-old drug Cyramza, used to treat stomach and lung cancer, jumped 68 percent from the second quarter of 2015 to $147 million. Eli Lily's revenue hit $5.4 billion in the second quarter, marking a 9 percent increase from last year and exceeding Wall Street's prediction of $5.15 billion.
Celgene posted net sales of $2.74 billion in the second quarter, marking a 22 percent increase year over year. The Summit, N.J.-based company had a net income of $598 million for the quarter, compared to $356 million for the second quarter of 2015. Sales of Revlimid, a treatment for multiple myeloma, jumped 18 percent to $1.70 billion. Celgene now expects adjusted earnings of $5.70 to $5.75 per share for 2016, compared to the original estimate of $5.60 to $5.70 per share.
Merck reported an unexpected revenue increase in the second quarter due to the success of its cancer drug Keytruda and new hepatitis treatments. The Kenilworth, N.J.-based drugmaker posted sales of $314 million for Keytruda and $112 million for its new hepatitis C drug Zepatier in the second quarter. Merck recorded a second quarter profit of $1.21 billion, or 43 cents a share, compared to $687 million, or 24 cents a share, in the same quarter the year prior. Sales grew 0.6 percent to $9.84 billion this quarter, compared to $9.78 billion in the second quarter of 2015.
More articles on the drug market:
J&J sells experimental asthma drug to GSK for $230M
Sen. Bernie Sanders' DNC speech tackles high prescription drug costs: 4 things to know
4 latest FDA approvals