Key Takeaways

• Bristol-Myers Squibb's second-quarter results beat revenue and adjusted EPS expectations.

• The company raised its full-year adjusted EPS guidance and now projects adjusted revenue to land in the upper end of its previously issued range.

• Revenue growth was driven by sales of its blood thinner Eliquis and cancer drug Opdivo.

Bristol-Myers Squibb (BMY) shares climbed Friday after the company beat expectations with its second-quarter results and raised its full-year guidance.

The pharmaceutical giant now expects 2024 adjusted revenue to climb in the higher end of the low-single-digit percentage increase it called for in April. Adjusted earnings per share (EPS) guidance was raised to a range of $0.60 to $0.90, up from $0.40 to $0.70.

In the second quarter, Bristol-Myers Squibb posted adjusted EPS of $2.07 on revenue of $12.2 billion, beating consensus expectations of $1.63 and $11.54 billion of analysts polled by Visible Alpha.

Eliquis, Opdivo Sales Jump

Eliquis, Bristol-Myers Squibb’s blood thinner drug, was a major driver of growth for the company’s legacy portfolio. Worldwide revenue for the drug jumped 7% year-over-year to $3.42 billion, including more than $2.5 billion in the U.S.

The cancer drug Opdivo was a standout for what the company calls its growth portfolio, with revenue increasing 11% to nearly $2.4 billion.

Shares of Bristol-Myers Squibb jumped nearly 8% to $48.77 as of 10:30 a.m. Friday.

Read the original article on Investopedia.