By Michael Erman
July 30 (Reuters) – Bristol Myers Squibb raised its full-year revenue and profit forecast on Thursday after strong sales of blood thinner Eliquis and newer medicines such as heart drug Camzyos and anemia treatment Reblozyl helped second-quarter results top analysts’ estimates.
Shares of the U.S. drugmaker rose as much as 2.5% in premarket trading.
The company reported second-quarter revenue of $12.97 billion, up 6% from a year earlier and above analysts’ average estimate of $11.75 billion, according to LSEG data. Adjusted earnings were $2.04 per share, topping expectations of $1.59 per share.
The company raised its full-year revenue forecast to $49 billion to $50 billion from its previous range of $46 billion to $47.5 billion. Bristol Myers now sees adjusted 2026 earnings of $6.75 to $7.00 a share, up from its prior view of $6.05 to $6.35.
Bristol Myers has been working to offset sales declines from older medicines facing generic competition, particularly blood cancer treatment Revlimid, once its top-selling drug. Revlimid sales fell 49% to $425 million in the quarter.
“Our growth portfolio grew 15% in Q2,” Chief Commercialization Officer Adam Lenkowsky said in an interview. “We now have nine products that were growing double digits, and these are all medicines that are early in their life cycle.”
Reblozyl sales of $735 million topped analysts’ expectations of about $664 million. Camzyos generated $416 million versus expectations of $365 million, while cancer cell therapy Breyanzi brought in $484 million compared with Wall Street estimates of $422 million.
The company raised its Eliquis sales forecast for the year to growth of 20% to 25%, from a prior projection of 10% to 15%. Sales of Eliquis, which Bristol Myers shares with Pfizer, were $4.48 billion in the quarter, up 22% and above analysts’ estimates of $4.06 billion.
Eliquis’ share of new U.S. prescriptions is approaching 80%, Lenkowsky said.
The company had raised its Eliquis forecast in February, saying a price cut would allow it to avoid penalties imposed by the U.S. government’s Medicare health insurance program.
Sales of blockbuster cancer immunotherapy Opdivo fell 3% to $2.49 billion, slightly below expectations.
Bristol Myers is focused on converting patients to Opdivo Qvantig, a subcutaneous version of the immunotherapy, Lenkowsky said, adding that conversion from intravenous Opdivo is approaching 15%.
Qvantig generated $261 million in quarterly revenue, above analysts’ estimates of $215 million.
Combined sales of Opdivo and Qvantig are growing at a mid-single-digit rate, the company said.
(Reporting by Michael Erman in New Jersey; Editing by Bill Berkrot)
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