Bristol-Myers beats forecasts, raises full-year profit view

(Reuters) - Bristol-Myers Squibb Co reported far better than expected quarterly results thanks largely to delayed reimbursement for two hepatitis C treatments in France and demand for other leading company medicines.

The U.S. drugmaker, which raised its full-year profit forecast because of the strong second-quarter results, on Thursday said it lost $130 million, or 8 cents per share, in the period.

Excluding special items, including an $800 million research charge related to the company's recent purchase of Flexus Biosciences, Bristol-Myers earned 53 cents per share. That was well above the average analyst forecast of 36 cents per share, according to Thomson Reuters I/B/E/S.

Company revenue rose 7 percent to $4.16 billion, about $400 million more than Wall Street expected. Revenue would have risen 16 percent if not for the stronger dollar, which lowers the value of sales outside the United States.

New hepatitis C treatments Daklinza and Sunvepra had combined sales of $479 million in the quarter, about $220 million above forecasts. A pricing agreement with the French government allowed Bristol-Myers to receive $170 million for previously unreimbursed sales of the medicines.

Results were also helped by demand for Opdivo, a new treatment for melanoma and lung cancer that works by removing a mechanism cancer cells use to evade detection by the immune system. It had sales of $122 million in the quarter.

Bristol-Myers said it now expects full-year earnings of $1.70 to $1.80 per share, from its earlier view of $1,60 to $1.70.

(Reporting by Ransdell Pierson; Editing by Chizu Nomiyama)

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