Bristol-Myers Squibb (NYSE:BMY) shares surged over 11% on Friday after the pharmaceutical company reported strong second-quarter results, beating Wall Street's expectations for both earnings and revenue, and subsequently raised its full-year guidance.
The company posted EPS of $2.07, well above the Street estimate of $1.64. Revenue for the quarter reached $12.2 billion, exceeding the Street estimate of $11.52 billion. This marked a 9% increase from the same quarter last year.
Driving the strong performance was Bristol-Myers Squibb's Growth Portfolio, with revenues rising to $5.6 billion, an 18% jump. This growth was fueled by high demand for key products such as Opdivo, Reblozyl, Camzyos, and Opdualag, although it was partly offset by declines in Abecma. The Legacy Portfolio also saw a 2% increase in revenue, supported by Eliquis and Pomalyst, despite a drop in Revlimid sales due to generic competition.
Reflecting confidence in its growth trajectory, Bristol-Myers Squibb raised its full-year guidance. The company now anticipates adjusted EPS for 2024 to be in the range of $0.60 to $0.90, up from the previous forecast of $0.40 to $0.70, and significantly higher than the Street estimate of $0.51. Additionally, the company now expects full-year revenue to be at the upper end of the low single-digit range, an improvement over the previously forecast low single-digit increase.