Bristol Myers Squibb raised its full-year outlook Thursday after reporting higher profit and revenue in the latest quarter, driven by its portfolio of newer treatments. The biopharmaceutical company now expects earnings of $6.75 to $7 a share on revenue of $49 billion to $50 billion, up from a prior forecast of $6.05 to $6.35 a share on revenue of $46 billion to $47.5 billion.

Analysts polled by Fact Set had projected earnings of $6.34 a share on revenue of $47.45 billion. The revised guidance reflects confidence in the company's consistent execution and continued momentum across its product lineup.

Chief Executive Chris Boerner said the strong quarterly performance and ongoing demand for key drugs gave the company the confidence to lift its outlook. The raise signals resilience amid patent expirations and competitive pressures.

Investors responded positively to the news, with shares rising in premarket trading. The updated forecast underscores Bristol Myers' ability to deliver growth through its newer assets while managing legacy product declines.