Bristol-Myers beats Street

BMY posted second quarter non-GAAP EPS of $0.47, beating by $0.11 the Street's $0.36 estimate and up 2% from $0.46 in the same period in 2004. The increase in earnings reflects a significantly lower tax rate in the quarter. Second quarter net sales were up 1% to $4.9 billion, including a 2% benefit from foreign exchange rates, but excluding sales from BMY's Oncology Therapeutics Network unit, which was sold in May. Global pharmaceutical sales for the second quarter were up 1% to $3.9 billion.

As reported by partner ImClone (IMCL) on Tuesday, second quarter sales of colorectal cancer drug Erbitux were $98 million, up 36% from $72 million in the second quarter of 2004. Since its launch in April, HBV drug Baraclude has posted $5 million in sales. ...