Bristol Myers Squibb has reported net income of $2.2bn for Q3, up 82%, representing EPS of $1.08 (+81%). On an adjusted basis, however, EPS came in at $1.63, down 9% year-on-year.

Revenue rose 3% to $12.2bn, driven by sustained growth in the growth portfolio, whose revenues reached $6.9bn, up 18%.

This momentum was driven in particular by immuno-oncology, as well as Reblozyl (+37%), Camzyos (+89%) and Breyanzi (+60%). The Legacy portfolio, on the other hand, declined 12%, impacted by expected erosion from generics, despite increased demand for Eliquis (+25%).

"We delivered strong results this quarter through the continued execution of our strategy and the momentum of our growth portfolio," said Christopher Boerner, CEO of Bristol Myers Squibb. "We remain focused on the future, accelerating innovation and advancing our pipeline to deliver more transformative medicines to more patients."

On the strength of this performance, the group is raising its revenue forecast for 2025, now expected to be between $47.5bn and $48.0bn (compared to $46.5bn to $47.5bn previously).

The adjusted EPS range has also been revised upward to $6.40-$6.60, including a net negative impact of $0.80 related to acquired IPRD expenses and license revenues.

Following this announcement, the stock rose nearly 2% in pre-market trading in New York.