Bristol-Myers Squibb (NYSE: BMY) stock jumped during intraday trading after the pharmaceutical giant announced strong second-quarter results and raised its full-year guidance.
On Friday, Bristol-Myers Squibb (NYSE: BMY) delivered better-than-expected second-quarter results, driven by robust sales from new products and its top-selling blood thinner, Eliquis.
For the second quarter of 2024, Bristol-Myers Squibb reported total revenue of $12.2 billion, a 9% increase from $11.2 billion in the same period last year. This revenue figure beat analysts’ average expectations of $11.5 billion, according to LSEG data.
In addition, the drugmaker posted earnings of $1.68 billion, or 83 cents per share, a decrease from $2.07 billion, or 99 cents per share, in the previous year. However, the company reported adjusted earnings of $2.07 per share, significantly above the analyst estimate of $1.63.
Moreover, Bristol-Myers Squibb said its growth portfolio, which includes new treatments such as anemia drug Reblozyl and heart medication Camzyos, as well as established brands like cancer immunotherapy Opdivo, saw an 18% year-over-year increase in sales. Key contributors to this growth included:
- Eliquis: Sales reached $3.4 billion, a 7% increase from the prior year, aligning with analyst expectations.
- Opdivo: Sales rose 11% to $2.4 billion.
- Reblozyl: Sales surged 82% to $425 million.
- Camzyos: Sales more than tripled to $139 million.
In light of these results, Bristol-Myers Squibb raised its full-year earnings guidance. The company now expects earnings of $0.60 to $0.90 per share, up from the previous estimate of $0.40 to $0.70 per share. Analysts had forecast full-year earnings of $0.51 per share.
Bristol-Myers Squibb (NYSE: BMY) Stock Price Action
BMY stock surged 11.44% on Friday, closing at $50.45, marking an 18.32% increase for the week. The trading volume was 35,856,963 shares, significantly higher than the average daily volume of 15.85 million.
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