Drug maker Bristol-Myers Squibb Co. (BMY), while reporting higher third-quarter results above the market estimates, on Thursday updated fiscal 2025 outlook above the Street.
In pre-market activity, Bristol-Myers shares were gaining around 1.8 percent to trade at $43.42.
For fiscal 2025, the company now expects adjusted earnings per share in a range of $6.40 to $6.60, compared to previously expected $6.35 to $6.65 per share.
The outlook includes an $0.80 per share net impact from Acquired IPRD charges and licensing income.
Further, Bristol Myers Squibb now expects revenue in a range of approximately $47.5 billion to $48.0 billion, higher than previously expected approximately $46.5 billion to $47.5 billion.
The Wall Street analysts on average expect the company to report earnings of $6.36 per share on revenues of $47.34 billion. Analysts' estimates typically exclude special items.
In the third quarter, the company's earnings came in at $2.201 billion or $1.08 per share, compared with $1.211 billion or $0.60 per share last year.
Adjusted earnings were $3.318 billion or $1.63 per share for the period, compared to $3.7 billion or $1.80 per share a year ago.
Analysts on average had expected the company to earn $1.52 per share.
The company's revenue for the period rose 2.8 percent to $12.222 billion from $11.892 billion last year. The Street was looking for revenues of $11.80 billion.
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