Why Bristol Myers Squibb Jumped Nearly 10% on Friday
Bristol Myers Squibb (NYSE: BMY) shareholders are certainly finishing the trading week on a high note. The drugmaker's stock is up 9.6% as of 1:14 p.m. ET, according to data from S&P Global Market Intelligence, in response to a surprisingly strong second-quarter report and subsequently raised full-year guidance.
Give credit to Bristol Myers Squibb's newer drugs like Opdivo, Yervoy, and Opdualag. These cancer-fighting treatments led the company's so-called Growth Portfolio to total revenue of $5.6 billion, up 18% year over year. Meanwhile, its legacy portfolio -- largely made up of blood-thinning Eliquis and oncology drug Revlimid -- still managed to produce modest growth. All told, Q2's top line grew 9% year over year to $12.2 billion, beating estimates of only $11.5 billion. Per-share profits of $2.07 were up from the year-ago comparison of $1.75, also topping estimates of $1.63 per share.
This pace of forward progress isn't apt to slow in the foreseeable future, either. Bristol Myers Squibb upped its full-year revenue forecast slightly, in addition to raising its 2024 earnings guidance from a range of only $0.40-$0.70 per share to a new prediction of $0.60-$0.90 per share.
Source Fool.com
