The New York-based drug company posted earnings of 77 cents per share, beating analysts' expected 65 cents per share. Revenue rose 21% year-over-year to $4.92 billion, exceeding Wall Street's projected $4.79 billion.
"We had a great quarter, the performance of our products was very strong across the board," Bristol-Meyers CEO Giovanni Caforio told CNBC's Meg Tirrell during Thursday afternoon's "Power Lunch."
He noted the solid performance of two of the company's drugs, Opdivo and Eliquis. Opdivo is a cancer treatment drug, and Eliquis is a blood thinner.
"Opdivo grew in the U.S, and internationally with really good launches in Europe. Eliquis has almost doubled in sales across the world. I feel really good about where we are as a company, and about where we are going," Caforio added.
Additionally, Bristol-Meyers announced its board approved a $3 billion share repurchase program along with an increase in R&D investments.
"It's going to be all about focusing resources on the highest priority. We made important announcements today that speak to the strength of our business and the confidence with which I look at 2017," Caforio said.
Regarding the upcoming result of the U.S. presidential election and the possibility of stricter drug pricing, he remains confident in the company's broad portfolio to offset concerns.
"We have innovated medicines, they're very differentiated, and they address areas of medical need. I'm very confident in the promise of our portfolio and the pipeline," he noted.
Shares of Bristol-Meyers were higher 5.58% to $52.05 in late afternoon trading on Thursday.
(Bristol-Myers is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with a free trialhere.)
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