Bristol Myers Squibb THURSDAY touted strong year-over-year growth in the third quarter of 2024, with sales well above the consensus estimate, driven by its older and newer products.

Building on its third-quarter performance, BMS raised its full-year revenue guidance, now expecting a year-over-year increase of around 5%, or a up from its previous forecast of low-single digit growth. The company’s full-year diluted earnings per share (EPS) outlook was also raised to $0.75 to $0.95, from the previous range of $0.60 to 0. $90.

“Our overall mix of businesses is starting to transform as our growth portfolio becomes a larger piece,” CEO Christopher Boerner said on an investor call Thursday, touting his pipeline combination — which is getting closer of several “near-term catalysts” – and a “disciplined focus on spending management”.

These factors, Boerner said, are key to the company’s “focus on near-term execution while laying the foundation for long-term sustainable growth.”

In the third quarter, BMS reported total global revenues of $11.9 billion, representing 8% year-over-year growth at constant currencies, and an increase of 6% from to the consensus estimate of $11.3 billion.

In a note to investors, William Blair analyst Matt Phipps attributed BMS’ strong quarter to reliable performance from its legacy brands, including Revlimid and Eliquis, and “traction” from its growth portfolio brands such as Breyanzi, Abecma and Reblozyl, all of which beat consensus estimates.

Truist Securities analyst Srikripa Devarakonda said in a note to investors that the multiple myeloma drug Revlimid declined “less than expected.” Its sales fell 1% in the quarter to $1.4 billion but still beat the consensus of $1.1 billion. Anticoagulant Eliquis continues to be BMS’ best-performing asset, jumping 11% year-over-year to bring in just over $3 billion in the third quarter.

BMS’ earnings call was primarily focused on its recently approved schizophrenia treatment, Cobenfy, which got the green light from the FDA in September 2024. Boerner said the drug had “multibillion-dollar potential” and would help the company accelerate its growth, although the company’s optimism seemed largely measured.

BMO Capital Markets analyst Evan Seigerman said in a note to investors that “while we appreciate the conservatism in neuropsychology, management’s commentary has been somewhat muted regarding revenue expectations,” especially more than “the launch should be a slow evolution in the context of schizophrenia”.

In contrast, Seigerman expects Alzheimer’s psychosis to be a stronger opportunity for Cobenfy “in terms of feeling.” Cobenfy is currently in phase III development for this indication.

“While we are encouraged by Bristol’s progress during the quarter in terms of revenue and expenses, the transformative change Bristol needs will come from its pipeline,” Seigerman wrote.

The consensus estimate for Cobenfy’s peak sales is $5.4 billion. BMS expects to see a “sales ramp” for Cobenfy starting in the second half of 2025, following broad access to Medicare and Medicaid patients, Adam Lenkowsky, chief commercialization officer, said on the investor call on Thursday.