Bristol Myers Squibb raised its full-year revenue forecast on Thursday, with better-than-expected second-quarter results fueled by the blood thinner Eliquis alongside newer additions to its portfolio — heart drug Camzyos and anemia treatment Reblozyl.
The Princeton, New Jersey-based drugmaker reported second-quarter revenue of $12.97 billion, up 6% from the same period a year earlier
Adjusted earnings came in at $2.04 per share. Analysts had expected revenue of $11.75 billion and adjusted earnings of $1.59 per share, according to Reuters. The company lifted its full-year revenue guidance to a range of approximately $49 billion to $50 billion, up from a prior range of approximately $46 billion to $47.5 billion, the company said.
The company also updated its adjusted earnings-per-share target to between $6.75 and $7.00, stepping up from the prior guidance band of $6.05 to $6.35. Eliquis, which Bristol Myers shares with Pfizer, brought in $4.48 billion in the quarter, up 22%. For the full year, Bristol Myers now expects Eliquis sales to grow between 20% and 25%, more than doubling the 10% to 15% growth it had previously projected.