NEW YORK (TheStreet) -- Shares of Bristol-Myers (BMY) - Get Report were higher by 6.28% to $52.40 in late-morning trading on Thursday as the company reported 2016 third-quarter results that surpassed analysts' expectations and hiked its full-year earnings forecast.
Before today's opening bell, Bristol-Myers posted adjusted earnings of 77 cents per share, beating analysts' estimated 65 cents per share.
Revenue rose 21% year-over-year to $4.92 billion, which exceeded Wall Street's projected $4.79 billion.
In the 2016 third-quarter, the company saw a year-over-year increase in sales of its lung cancer drug Opdivo, melanoma treatment Yervoy and blood clot inhibitor Eliquis.
Bristol-Myers now expects to report adjusted earnings of $2.80 to $2.90 per share in 2016 vs. its prior estimates of $2.55 to $2.65 per share. Analysts surveyed by FactSet are looking for adjusted earnings per share of $2.62 for the year.
The company forecasts 2017 adjusted earnings in the range of $2.85 to $3.05 per share, while analysts surveyed by FactSet are modeling adjusted earnings of $2.93 per share.
Additionally, Bristol-Myers said its board approved a new $3 billion share repurchase program, in addition to the remaining $1.1 billion in its current plan.
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Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Bristol-Myers as a Buy with a ratings score of B-. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, compelling growth in net income and good cash flow from operations. The team feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: BMY