Bristol Myers Squibb reported strong fourth quarter results, with revenue up 1% to $12.5 billion and earnings per share at $1.26. The stock rose over 1.5% on Thursday despite a down day for the S&P 500. The company’s forecast for 2026 exceeded Wall Street expectations, with revenue projected to be between $46 billion and $47.5 billion. Bristol Myers’ growth portfolio saw a 17% year over year increase to $7.39 billion, offsetting a 15% decline in its legacy portfolio. The company expects continued growth for its blood thinner Eliquis, even as it faces loss of exclusivity in Europe. Additionally, Bristol Myers is on track to deliver $1 billion in cost savings in 2026 and is preparing for a year filled with important trial readouts. Analysts are optimistic about the company’s stock, increasing the price target to $62 from $50.

Read more at CNBC: We’re increasing our price target on Bristol Myers after earnings and guidance top forecasts