Bristol-Myers Squibb (NYSE:BMY) raised its full-year outlook on Thursday after delivering third-quarter results that exceeded analyst expectations, supported by robust sales from its expanding Growth Portfolio.
The pharmaceutical giant reported earnings of $1.63 per share, beating the consensus estimate of $1.52, while revenue rose 3% to $12.2 billion, ahead of forecasts calling for $11.8 billion.
Sales from Bristol-Myers’ Growth Portfolio — which includes newer therapies and key launches — climbed 18% year-over-year, or 17% excluding currency fluctuations, to $6.9 billion, underscoring the growing contribution of its next-generation products.
“We delivered strong results this quarter as a result of continued execution across the business and ongoing Growth Portfolio momentum,” said Christopher Boerner, board chair and CEO of Bristol Myers Squibb.
“We’re focused on building for the future by accelerating innovation, advancing our pipeline, staying agile and delivering more transformational medicines to more patients.”
Following the strong quarter, the company tightened and slightly raised its full-year guidance, now projecting earnings per share between $6.40 and $6.60, compared with its prior range of $6.35 to $6.65, and above market expectations of $6.36.
Bristol-Myers also lifted its revenue forecast to $47.5–$48 billion, up from $46.5–$47.5 billion previously and surpassing the consensus estimate of $47.34 billion.
The results highlight steady operational execution and accelerating growth from the company’s newer treatments, which are increasingly offsetting declines in older blockbuster drugs facing generic competition.