Bristol-Myers Squibb (NYSE:BMY) reported its second quarter results this morning, with an 18% loss in revenue from last year to $4.44B, and net income of $645M, down almost 29% from last year. At $0.38 per share, the company fell short of the $0.50 that analysts had expected, largely due to loss of exclusivity on two of its major drugs – Plavix and Avapro/Avalide. Outlooks for Q3 have been lowered to an average of $0.42 per share from $0.44, and full-year expectations followed suit from $1.96 to $1.94 . Although Q2 proved disappointing, BMY showed profit increases in the preceding four quarters and even beat analyst expectations in the first quarter of 2012. Shares were down less than 1% in premarket trading.
Net income fell 23% for Eli Lilly (NYSE:LLY), however the company was still able to beat analysts’ $0.77 average predictions with $0.83 per share. Income fell alongside sales of its best-selling Zyprexa (down 73%), which lost patent protection last year. Sales of antidepressant Cymbalta, which climbed 22% in the quarter, helped bolster the loss. LLY raised its previous expectations for the year, increasing per-share earnings forecasts from $3.15 – $3.30 to $3.30 – $3.40; analysts average $3.30 for 2012. Shares were up 2% before the bell.