Bristol-Myers Squibb (BMY) shares surged 5.23% in pre-market trading on Thursday following the company's announcement of better-than-expected third-quarter results and an increase in its full-year revenue forecast. The pharmaceutical giant's strong performance was driven by robust sales of its cancer immunotherapy Opdivo and blood thinner Eliquis, which helped offset declining revenues from drugs facing generic competition.

For the third quarter, Bristol-Myers Squibb reported revenue of $12.22 billion, surpassing analysts' average estimate of $11.8 billion. Adjusted earnings per share came in at $1.63, beating the consensus expectation of $1.51. The company's "growth portfolio," which includes Opdivo and newer products like heart drug Camzyos, saw an 18% increase in revenue to $6.9 billion.

In light of the strong quarterly performance, Bristol-Myers Squibb raised its full-year revenue guidance to a range of $47.5 billion to $48 billion, up from its previous forecast of $46.5 billion to $47.5 billion. This upward revision reflects the company's confidence in its ability to navigate challenges posed by patent expirations on several best-selling drugs. The positive outlook and solid earnings results have clearly resonated with investors, as evidenced by the significant stock price jump.