Bristol Myers Squibb (NYSE:BMY) shares gained 4% on Thursday after the pharmaceutical giant reported fourth-quarter results that surpassed expectations, signaling that its "Growth Portfolio" is successfully absorbing the impact of patent expirations on legacy blockbusters.
The Princeton, New Jersey-based company reported revenue of $12.5 billion, a 1.4% increase that topped the $12.24 billion analyst consensus.
The growth was spearheaded by a 16% surge in its Growth Portfolio, which now accounts for nearly 60% of total revenue.
Key drivers included the immuno-oncology mainstay Opdivo ($2.69 billion) and the anemia treatment Reblozyl ($666 million), alongside the rapid adoption of newer launches like the heart drug Camzyos and the CAR T-cell therapy Breyanzi.
The quarter was a study in portfolio transition.
While newer drugs flourished, the Legacy Portfolio fell 15% to $5.1 billion as generic competition eroded sales of the cancer therapy Revlimid (down 55%).
However, the anticoagulant Eliquis remained a bright spot, with sales growing 8% to $3.45 billion.
Despite a $0.60 per share impact from R&D-related charges, BMY posted adjusted EPS of $1.26, beating the $1.13–$1.15 estimated by Wall Street.
Looking forward, CEO Chris Boerner characterized 2026 as a "data-rich" year for the company.
BMY issued 2026 revenue guidance of $46 billion to $47.5 billion, well above the $44.2 billion analyst consensus. The company also anticipates six major clinical trial readouts in the second half of 2026.