Bristol Myers Squibb announced raises to its full-year financial guidance following second-quarter performance that outpaced Wall Street projections. The pharmaceutical company reported quarterly revenue of $12.97 billion, representing a 6% increase year-over-year and exceeding the analyst consensus estimate of $11.75 billion. Adjusted earnings per share reached $2.04, surpassing expectations of $1.59.
In response to the strong quarterly showing, the company elevated its full-year revenue forecast to a range of $49 billion to $50 billion, up from the previous guidance of $46 billion to $47.5 billion. Full-year adjusted earnings guidance was similarly increased to $6.75 to $7.00 per share from the prior range of $6.05 to $6.35.
The results were led by performance across the company’s growth-oriented product portfolio. Blood thinner Eliquis, co-marketed with Pfizer, generated $4.48 billion in quarterly sales, growing 22% and exceeding analyst estimates of $4.06 billion. The company raised its full-year Eliquis sales growth forecast to 20% to 25%, compared with a prior projection of 10% to 15%. Anemia treatment Reblozyl delivered $735 million in sales, outperforming expectations of approximately $664 million, while heart medicine Camzyos generated $416 million versus the estimated $365 million.
The drugmaker continues to navigate a transition away from older medicines facing generic competition. Blood cancer treatment Revlimid, once the company’s leading revenue generator, saw quarterly sales decline 49% to $425 million. According to the Chief Commercialization Officer, the company’s growth portfolio expanded 15% during the quarter, with nine products achieving double-digit growth rates. Cancer immunotherapy Opdivo experienced a modest 3% quarterly sales decline to $2.49 billion, though the company is advancing a subcutaneous version called Qvantig, which generated $261 million in quarterly revenue and exceeded analyst expectations of $215 million.
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