Bristol Myers Squibb's Growth Portfolio rose 12% to $7.7 billion in the third quarter, supplying nearly all of the company's 7% revenue gain to $13.1 billion, while shares were roughly flat in midday trading. Adjusted EPS fell 17% to $1.35 from $1.63, mainly because of acquired IPRD charges for upfront payments on licensed drug candidates, which cost $0.58 a share net of licensing income. The Legacy Portfolio rose 1%, helped by Eliquis outpacing generic erosion, though Eliquis faces patent expiration later this decade. The company raised its 2026 revenue guidance to $49.75 billion to $50.25 billion, and the adjusted EPS range was updated to absorb the charges. The article says investors should watch whether the Growth Portfolio holds double-digit growth and whether the licensed programs produce data that justifies their cost.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Bristol Myers’ Growth Drugs Hit $7.7 Billion: Rapid Earnings Reaction
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