Revenue was higher during the period as well, up 22% to $5.05 billion, edging out analysts' consensus view of $5.02 billion.
Helping the company achieve these robust profits was BMY's blood-thinning medication Plavix, which saw sales double to $1.25 billion. The company is continuing a legal battle with Apotex over a generic version of Plavix, which hit shelves last August but has been pulled amid a patent dispute. The Plavix patent is scheduled to expire in 2011. Generic competition had negative repercussions for cholesterol drug Pravachol, which saw sales drop 55% in the third quarter as a result.
But for now, BMY looks forward to a positive fourth quarter. Excluding items, BMY now expects to earn $1.42 to $1.47 per share in the current reporting period, up from prior targets of $1.35 to $1.45 per share and surrounding analysts' per-share estimates of $1.44. For 2008, BMY officials expect to bank between $1.60 and $1.70 per share, excluding restructuring charges and other items. Wall Street is counting on the top end of this range, looking for $1.70 per share in the next fiscal year.
In late-morning trading, BMY shares have jumped 2.4% higher, but so far have been unable to hurdle their 10-day moving average, hovering menacingly overhead. Earlier this week, the trendline crossed below the stock's 20-day moving average, which can be a bearish technical sign.
Beth Gaston Moon is an analyst at Schaeffer's Investment Research.
Visit AOL Money & Finance for more earnings coverage
In late-morning trading, BMY shares have jumped 2.4% higher, but so far have been unable to hurdle their 10-day moving average, hovering menacingly overhead. Earlier this week, the trendline crossed below the stock's 20-day moving average, which can be a bearish technical sign.
Beth Gaston Moon is an analyst at Schaeffer's Investment Research.
Visit AOL Money & Finance for more earnings coverage
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