Bristol-Myers Squibbon Thursday posted a 29 percent jump in second-quarter profit due to higher sales of several key products and significant cost-cutting that overcame effects of the strong dollar.
The maker of blood thinner Plavix, the world's second-bestselling medicine, and psychiatric drug Abilify said its net income was $983 million, or 49 cents per share.
That compares with $764 million, or 38 cents per share, a year earlier.
New York-based Bristol-Myers said revenue rose 3.5 percent to $5.4 billion from $5.2 billion in the second quarter of 2008.
Analysts polled by Thomson Reuters were expecting, on average, earnings per share of 47 cents and revenue of $5.3 billion.
The strong performance comes after the world's No. 15 drugmaker last night announced a $2.1 billion deal to buy Medarex, which owns antibody technology used to create drugs.
Sales in the Bristol-Myers pharmaceutical division rose 4 percent, to $4.67 billion.
Revenue from the company's share of the Mead Johnson nutrition business was flat at $719 million.
"We are well on track to continue delivering on our growth commitments," Chief Executive James M. Cornelius said in a statement. "Our business performance and financial strength position us well to invest in further opportunities for long-term growth."
Cornelius said the Medarex deal is another example of the Bristol-Myers strategy, dubbed String of Pearls, to acquire biotechnology drugs and companies and transform its technological capabilities.