.July 29, 2024 04:53:00 PM

Bristol-Myers Squibb (NYSE:BMY) saw its shares surge over 11% after reporting strong second-quarter results that beat Wall Street’s expectations. The company posted EPS of $2.07, well above the Street estimate of $1.64, with revenue reaching $12.2 billion, a 9% increase from the same quarter last year.

The strong performance was driven by Bristol-Myers Squibb’s Growth Portfolio, which saw revenues rise to $5.6 billion, an 18% jump. Key products like Opdivo, Reblozyl, Camzyos, and Opdualag fueled this growth, offsetting declines in Abecma.

Reflecting confidence in its growth trajectory, Bristol-Myers Squibb raised its full-year guidance, now anticipating adjusted EPS for 2024 to be in the range of $0.60 to $0.90, significantly higher than the Street estimate of $0.51. Additionally, the company expects full-year revenue to be at the upper end of the low single-digit range.