What Happened?
Shares of biopharmaceutical company Bristol Myers Squibb (NYSE: BMY) jumped 4.3% in the morning session after the company posted third-quarter financial results that beat expectations and raised its full-year sales forecast. Total revenues for the quarter came in at $12.22 billion, an increase of 2.8% from the same period a year ago, surpassing analyst estimates. The company also reported adjusted earnings of $1.63 per share, which was better than anticipated. Following these results, Bristol-Myers lifted its annual revenue guidance to a new midpoint of $47.75 billion. The market reacted positively to the earnings beat and improved outlook, signaling investor confidence in the company's performance.
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What Is The Market Telling Us
Bristol-Myers Squibb’s shares are not very volatile and have only had 6 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
The previous big move we wrote about was 29 days ago when the stock gained 5.5% on the news that the U.S. Food and Drug Administration (FDA) granted Fast Track Designation to its experimental antibody, BMS-986446, for the treatment of early Alzheimer's disease. This special status was intended to help speed up the development and review of drugs that treat serious conditions where there is an unmet medical need. The drug candidate, which was in a mid-stage trial, aimed to slow or delay the progression of Alzheimer's. Adding to the positive news, Bristol Myers Squibb also announced it had joined a consortium with other pharmaceutical companies, including Takeda and Astex, to use artificial intelligence to improve the drug discovery process.
Bristol-Myers Squibb is down 19.6% since the beginning of the year, and at $45.67 per share, it is trading 27.6% below its 52-week high of $63.11 from March 2025. Investors who bought $1,000 worth of Bristol-Myers Squibb’s shares 5 years ago would now be looking at an investment worth $781.35.
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