Bristol-Myers Squibb reported Thursday a profit for the second quarter that declined from last year, hurt by higher restructuring and licensing charges.
However, sales of company's block-buster blood thinner drug Plavix grew 15%, helping adjusted earnings per share and quarterly revenues top analysts' expectations.

The company also raised earnings guidance for the full-year 2011, and confirmed its minimum adjusted earnings forecast for fiscal 2013.

The New York-based drug maker reported net earnings of $902 million or $0.52 per share for the second quarter, lower than $927 million or $0.53 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter grew to $969 million or $0.56 per share from $941 million or $0.54 per share in the year-ago quarter.
On average, 18 analysts polled by Thomson Reuters expected the company to earn $0.55 per share for the quarter. Analysts' estimates typically exclude special items.

Impact of the two additional U.S. healthcare reform provisions and an annual pharmaceutical company fee decreased earnings by about $0.03 per share on both reported and adjusted basis.

Net sales for the quarter grew 14% to $5.43 billion from $4.77 billion in the same quarter last year, and topped fifteen Wall Street analysts' consensus estimate of $5.04 billion. Excluding the impact of foreign exchange, sales grew only 10%.

The double-digit sales growth was primarily attributable to the strong initial performance of Yervoy, and important new product approvals in both the U.S. and Europe, and key data from the company's cardiovascular, oncology and diabetes franchises.

U.S. net sales for the quarter increased 15% to $3.6 billion, and international net sales grew 13%, or 3% excluding foreign exchange impact, to $1.9 billion from last year.

The company's block-buster blood thinner Plavix, which will lose patent exclusivity in 2012, increased global sales by 15% to $1.87 billion, and bipolar disorder drug Abilify's sales grew 12% to $706 million from last year.

Hepatitis B treatment Baraclude increased sales by 31%, and arthritis drug Orencia saw 28% higher sales. Cancer drug Sprycel reported a 46% growth in sales.

Among recently launched drugs, type 2 diabetes drugs Onglyza and Kombiglyze together delivered $112 million in sales. Cancer drug Yervoy delivered $95 million in sales in its first quarter on the market in the U.S.

Gross margin for the quarter contracted 50 basis points to 72.7% from the same quarter a year ago.

Looking ahead to fiscal 2011, Bristol-Myers Squibb raised its adjusted earnings guidance to a range of $2.20 to $2.30 per share from the prior forecast in the range of $2.10 to $2.20 per share. Street is currently looking for full-year 2011 earnings of $2.21 per share.

For fiscal 2013, the company reaffirmed its minimum adjusted earnings guidance of $1.95 per share.