WRAPUP 1-Bristol-Myers, Wyeth Q2 profits top estimates

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

* Wyeth Q2 non-GAAP EPS 98 cts, tops 85 cts view

* Roche misses forecast on costs of Genentech deal (Adds details on Bristol, Wyeth, Roche earnings, byline)

By Ransdell Pierson

NEW YORK, July 23 (Reuters) - Bristol-Myers Squibb Co (BMY.N) and Wyeth reported on Thursday that earnings easily topped expectations, continuing the positive second-quarter drumbeat set by other large drugmakers.

But Swiss drugmaker Roche (ROG.VX) missed estimates, with a 29 percent drop in first-half net profit, hit by costs related to the Genentech purchase earlier this year. Still, its stock rose thanks to the strength of its underlying business.

Bristol-Myers net earnings jumped to $983 million, or 49 cents per share, from $764 million, or 38 cents per share, in the year-earlier period.

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

"Bristol reported impressive second-quarter results, coupling a topline (revenue) beat with lower expenses across the board," Chris Schott, an analyst with JP Morgan, said in a research note.

Bristol shares were up 1.8 percent to $20.65 on the New York Stock Exchange.

Bristol-Myers said its earning beat was due largely to expense controls, but also to currency factors that lowered the cost of goods sold.

In recent weeks, other drugmakers handily beat Wall Street predictions as the stronger dollar led to lower valuations of their overseas inventories, and cut their costs of goods. But a big initial run-up in their stocks receded as investors realized the inventory benefits do not frequently recur.

Bristol-Myers' 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 [ID:nN22348568], now expects full-year earnings of $1.95 to $2.05 per share, excluding special items. It previously forecast $1.85 to $2.

Quarterly sales of its biggest product, blood clot preventer Plavix that it markets in collaboration with Sanofi-Aventis SA (SASY.PA), rose 11 percent to $1.54 billion.

Several of its newer products continued to show strong growth, including leukemia treatment Sprycel, whose sales rose 41 percent to $107 million. Sales of Baraclude, used to fight infections with hepatitis B, surged 32 percent to $179 million, fueled by demand in China.

Schizophrenia treatment Abilify, which does not cause weight gains seen with rival schizophrenia medicines, jumped 22 percent to $643 million.

WYETH

Wyeth's quarterly profit jumped 13 percent, helped by rising sales of its Enbrel arthritis drug and Prevnar vaccine against childhood infections.

Its earnings increased to $1.27 billion, or 94 cents per share, from $1.12 billion, or 83 cents per share, a year ago.

Excluding special items, Wyeth earned 98 cents per share. Analysts, on average, expected 85 cents per share.

Global company revenues slipped 4 percent to $5.70 billion, about $100 million higher than estimates.

Prevnar sales jumped 13 percent to $783 million. Wyeth's overseas sales of Enbrel increased 6 percent to $736 million, while its portion of North American revenue from the medicine jumped 7 percent to $304 million.

Wyeth is slated to merge with Pfizer Inc (PFE.N) in the coming months. Wyeth shares rose 23 cents to $47.09 on the NYSE.

ROCHE

Roche, the world's largest maker of cancer drugs, upped its earnings guidance due to the Genentech deal and now expects double-digit core earnings per share growth in 2009 and 2010, compared to a previous target to stay at the 2008 level. [ID:nLM233133]

Its first-half net profit fell to 4.1 billion Swiss francs ($3.8 billion) from 5.7 billion francs last year and compared with an average outlook of 5.0 billion francs, according to a Reuters poll of 15 analysts. (Reporting by Ransdell Pierson; editing by Jeffrey Benkoe)