Why Bristol Myers Squibb Stock Rocked the Market Today
Key Points
Much of this was attributable to the fine performance of its growth portfolio.
This lineup of medicines should continue to do well for the pharmaceutical giant.
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The latest medicines from Bristol Myers Squibb (NYSE: BMY) were the driving force behind the company's considerable share price gain on Thursday. The pharmaceutical company's first-quarter results were juiced by double-digit sales gains in its growth portfolio, which, in turn, drove stronger-than-expected fundamentals. Grateful investors sent the stock soaring by more than 5% in response.
Two beats in the first quarter
For the quarter, Bristol Myers Squibb's overall revenue rose by 3% year over year to $11.5 billion. That was largely due to the growth portfolio, which saw a 12% improvement and contributed $6.2 billion to the tally. By contrast, the legacy portfolio of older medicines slipped by 6% to under $5.3 billion.
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Going in the opposite direction was net income not under generally accepted accounting practices (GAAP). This fell to $3.2 billion ($1.58 per share) from the first quarter 2025 profit of $3.7 billion.
The bottom-line drop wasn't ideal, however, Bristol Myers Squibb still convincingly beat the average analyst estimate of $1.42 per share for non-GAAP (adjusted) profitability. Ditto for revenue, as the consensus pundit expectation was $10.9 billion.
Every drug in the growth portfolio, save for cancer treatment Opdivo, saw year-over-year sales increases. Conversely, every drug in the legacy portfolio save for one (blockbuster blood thinner Eliquis) experienced declines.
Growth for the win
In its earnings release, Bristol Myers Squibb reaffirmed its existing guidance for the entirety of 2026. Total revenue should come in at $46 billion to $47.5 billion, while per-share adjusted earnings are forecast at $6.05 to $6.35. The average analyst projections -- $47.1 billion and $6.25, respectively -- fall within these ranges.
The company's growth portfolio has become an increasingly powerful driver of top-line expansion and sustained profitability. It's a large portfolio packed with treatments across numerous therapeutic areas. This, combined with a wide pipeline, makes Bristol Myers Squibb a dynamic company and a stock worth considering as a buy.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bristol Myers Squibb. The Motley Fool has a disclosure policy.
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