On July 26, the company raised its outlook for 2007 adjusted profit to a range of $1.35 to $1.45 per share from previous estimates of $1.30 to $1.40 per share, on continued strong performance of several key products, including blood thinner Plavix, and cost reductions.

Plavix is the company's top seller, with worldwide sales of $1.19 billion reported in the most recent quarter.

For fiscal 2008, Bristol-Myers forecast profit between $1.60 and $1.70 per share, assuming no significant acquisitions or divestitures. That also assumes the company and its product partner, Sanofi-Aventis, maintain exclusivity for the Plavix patent through at least 2008.

Analysts surveyed by Thomson Financial project earnings per share of $1.44 and $1.69 for fiscal 2007 and 2008, respectively.

Separately, Chief Executive James Cornelius told a group of analysts at the health care conference that by 2012, he hopes the company has re-established itself as the leader in oncology drugs. He also said the company is focusing on biologics, which "has the most long-term potential."

Shares of Bristol-Myers rose 19 cents to close at $28.