Bristol Myers Squibb on thursday achieved strong year-on-year growth In the third quarter of 2024, sales easily beat the consensus forecast, driven by old and new products.

On the strength of its third-quarter performance, BMS raised its full-year revenue forecast and now expects year-over-year growth of approximately 5%; This is higher than its previous estimate of an upper end of low-single-digit growth. The company’s full-year diluted earnings per share (EPS) outlook was also raised to $0.75 to $0.95, from the previous range of $0.60 to $0.90.

“Our overall business mix is ​​starting to transform as our growth portfolio becomes a larger component,” CEO Christopher Boerner said during an investor call on Thursday, touting the pipeline’s combination of several “short-term catalysts” and a “disciplined focus on expense management.”

These factors are key to the company’s “focus on execution in the near term while setting the stage for long-term sustainable growth,” Boerner said.

In the third quarter, BMS reported total global revenue of $11.9 billion, up 8% year over year in constant currencies and up 6% from the consensus estimate of $11.3 billion.

In an investor note, William Blair analyst Matt Phipps noted that BMS owed its strong quarter to the reliable performance of its legacy brands, including Revlimid and Eliquis, and the “attractiveness” of its growth portfolio brands, including Breyanzi, Abecma and Reblozyl. exceeded consensus estimates.”

Multiple myeloma drug Revlimid fell “less than expected,” Truist Securities analyst Srikripa Devarakonda said in an investor note. Its sales fell 1% in the quarter to $1.4 billion, but still beat expectations of $1.1 billion. Blood thinner Eliquis remains BMS’s best-performing asset, generating just over $3 billion in revenue in the third quarter, up 11% year over year.

BMS’s earnings call focused primarily on the newly approved schizophrenia treatment Cobenfy. Gains FDA approval in September 2024. Boerner said the drug had “multi-billion-dollar potential” and would help the company accelerate its growth, but the company’s optimism appeared largely restrained.

BMO Capital Markets analyst Evan Seigerman said in an investor note that “while we appreciate the conservatism in neuropsychology, management comments have been somewhat muted,” particularly on revenue expectations, especially since “the launch is expected to be a slow development of schizophrenia.”

In contrast, Seigerman expects Alzheimer’s psychosis to be a more “emotionally powerful” opportunity for Cobenfy. cobenfy currently in Phase III development For this indicator.

“While we are encouraged by Bristol’s progress in revenue and spending in the quarter, the transformative change Bristol needs will come down the pipeline,” Seigerman wrote.

Consensus top sales estimate for Cobenfy is $5.4 billion. During Thursday’s investor call, BMS said it expects to see a “sales pickup” for Cobenfy starting in the second half of 2025, following expanded access to Medicare and Medicaid patients.