Bristol-Myers beats Street

BMY posted second quarter adjusted EPS of $0.46, beating by $0.07 the Street's estimate of $0.39 and up one penny from the second quarter of 2003. The company also raised its 2004 guidance, but said that EPS in 2005 and 2006 will be below Street expectations.

For the year, BMY increased its non-GAAP EPS guidance to $1.60-$1.65 from $1.50-$1.55. However, the pharma company also said its 2005 and 2006 EPS figures are expected to be below the Street estimates of $1.49 and $1.46. BMY said that its products that have lost or will lose exclusivity have higher margins than its recently launched or potential new drugs. ...