Bristol Myers Squibb increased its full-year financial guidance following a strong performance in the second quarter, driven by robust sales of its newer drug portfolio. The biopharmaceutical company announced on Thursday that it now anticipates earnings per share (EPS) between $6.75 and $7.00, with revenue projected to reach $49 billion to $50 billion. This represents a significant upward revision from its previous outlook of $6.05 to $6.35 in EPS and $46 billion to $47.5 billion in revenue.

The company reported net income of $3.32 billion, or $1.62 per share, for the second quarter ended June 30. This compares with net income of $1.31 billion, or 64 cents per share, recorded in the same period last year. Adjusting for certain one-time items, Bristol Myers Squibb’s core earnings per share stood at $2.04, surpassing analyst expectations of $1.60 per share, according to FactSet data.

Revenue for the quarter was driven by strong demand for Bristol Myers Squibb’s newer treatments, which helped offset challenges in other areas of its business. Analysts had forecast revenue of $47.45 billion for the full year, placing the company’s updated guidance well above market expectations.

The improved outlook underscores Bristol Myers Squibb’s ongoing efforts to expand its portfolio and capitalize on recent acquisitions and product launches aimed at addressing serious diseases. The company did not provide detailed segment-level revenue breakdowns in its earnings release but noted that growth was broad-based.

Bristol Myers Squibb joins a number of pharmaceutical firms that have recently revised earnings forecasts upward amid a favorable environment for specialty medications and increased demand for innovative therapies. The company’s revised guidance reflects confidence in its strategic direction and operational execution going forward.