UPDATE 1-Bristol-Myers profit beats forecasts, shares jump

* Q2 non-GAAP EPS $0.56/shr, tops $0.47/shr view

* Q2 revs rise 3 pct to $5.38 bln, top $5.29 bln view

* Bristol-Myers shares rise 3.5 pct premarket (Adds details on earnings, raised profit view)

NEW YORK, July 23 (Reuters) - Bristol-Myers Squibb Co (BMY.N) reported second-quarter earnings above Wall Street expectations on Thursday, fueled by improved profit margins and cost cutting, and raised its full-year 2009 earnings forecast.

Net earnings jumped to $983 million, or 49 cents per share,from $764 million, or 38 cents per share, in the year-earlier period. Its shares rose 3.5 percent in premarket trading.

Excluding special items, the drugmaker earned 56 cents per share. Analysts, on average, expected 47 cents, according to Reuters Estimates.

Global revenue rose 3 percent to $5.38 billion, topping the Reuters Estimates outlook of $5.29 billion.

Bristol-Myers, which late Wednesday said it would buy biotechnology company Medarex Inc MEDX.O for $2.4 billion, now expects full-year earnings of $1.95 to $2.05 per share, excluding special items. It previously forecast $1.85 to $2.

Shares of Bristol-Myers rose to $21 from the closing price of $20.29 Wednesday on the New York Stock Exchange. (Reporting by Ransdell Pierson; editing by Jeffrey Benkoe)