UPDATE 1-Bristol beats forecast, on lower costs, taxes

NEW YORK, July 22 (Reuters) - Bristol-Myers Squibb Co (BMY.N) reported on Thursday better than expected second-quarter earnings, helped by cost controls, lower taxes and higher sales of its arthritis and cancer treatments.

The New York-based drugmaker earned $1.27 billion, or 53 cents per share from continuing operations, compared with $1.17 billion, or 44 cents per share, in the year-earlier period.

Excluding special items, Bristol earned 54 cents per share. Analysts on average had expected 53 cents per share, according to Thomson Reuters I/B/E/S.

The company said its quarterly sales rose 2 percent to $4.77 billion. Wall Street had expected sales of $4.86 billion. (Reporting by Ransdell Pierson, editing by Gerald E. McCormick)