On August 3, Bristol-Myers Squibb rose 3.28% overnight, trading at $67.45/share, with turnover of $599,800.

On the news front, sources revealed that UK pharma giant AstraZeneca is in preliminary discussions with Bristol-Myers Squibb regarding a potential merger. If completed, the combined entity could be valued at approximately $400 billion, potentially making it one of the largest transactions in pharmaceutical industry history.

The merger speculation comes on the heels of Bristol-Myers Squibb's strong Q2 earnings released on July 30, which significantly exceeded expectations. The company reported adjusted EPS of $2.04, far surpassing the consensus estimate of $1.59, while revenue reached a record $12.97 billion versus the $11.745 billion estimate. The company also raised its full-year guidance substantially, now expecting adjusted EPS of $6.75 to $7.00 and full-year revenue of $49.0 to $50.0 billion, up from prior guidance of $46.0 to $47.5 billion. Core product Eliquis saw its annual revenue growth forecast upgraded to 20%-25% from the previous 10%-15%.

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