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Investing.com -- Bristol-Myers Squibb reported second-quarter earnings that exceeded analyst expectations, driven by strong performance across its Growth Portfolio, prompting the pharmaceutical giant to raise its full-year guidance. The stock rose 2.2% following the announcement.
The company reported adjusted earnings of $1.46 per share for the second quarter, significantly beating the analyst estimate of $1.06. Revenue came in at $12.27 billion, surpassing the consensus estimate of $11.34 billion and representing a 1% increase YoY. The results include a $0.57 per share impact from an acquired in-process research and development charge associated with the BioNTech (NASDAQ:BNTX) strategic partnership.
Bristol-Myers Squibb (NYSE:BMY)’s Growth Portfolio, which includes products like Opdivo, Reblozyl, and Breyanzi, generated $6.6 billion in revenue, an 18% increase YoY (17% excluding foreign exchange impact). This growth helped offset a 14% decline in the Legacy Portfolio, which was affected by generic competition and U.S. Medicare Part D redesign.
"We are making good progress rewiring the company for long-term growth. In the second quarter, we delivered strong results across our Growth Portfolio, continued to optimize our cost structure, and added to our innovative pipeline with strategic partnerships," said Christopher Boerner, board chair and chief executive officer.
Based on the strong quarterly performance, Bristol-Myers Squibb raised its full-year 2025 revenue guidance to approximately $46.5 billion to $47.5 billion, up from the previous range of $45.8 billion to $46.8 billion. The company also lowered its adjusted earnings forecast to $6.35 to $6.65 per share from $6.70 to $7.00. It now includes the unfavorable $0.57 per share impact from the BioNTech charge.
Among the standout performers in the Growth Portfolio, Breyanzi saw a 125% YoY increase in sales to $344 million, while Camzyos grew 87% to $260 million. The company’s flagship cancer drug Opdivo generated $2.56 billion in revenue, a 7% increase YoY.
U.S. revenues decreased 3% to $8.5 billion, while international revenues increased 10% to $3.8 billion (8% excluding foreign exchange impact).