UPDATE: Bristol-Myers Reports Upbeat Q2 Earnings, Raises 2011 Forecast

Bristol-Myers Squibb Co BMY reported upbeat second-quarter earnings and lifted its 2011 projections. Bristol-Myers reported its quarterly earnings at $902 million, or $0.52 per share, down from $927 million, or $0.53 per share, in the year-earlier period. Its revenue surged 14% y/y to $5.4 billion. Bristol-Myers' adjusted earnings came in at $971 million, or $0.56 per share. However, analysts were expecting earnings of $0.55 per share on revenue of $5.05 billion. Bristol-Myers Squibb lifted its 2011 adjusted earnings forecast to a range of $2.20 to $2.30 per share. BMY shares closed at $28.61 yesterday.