Bristol Myers Squibb (NYSE:BMY) posted third-quarter results that beat analysts’ consensus forecast while raising its outlook for the remainder of the year.

The New York City-headquartered company announced third-quarter revenues of $10.5 billion and profits of $1.63 per share for the quarter that ended Sept. 30, 2020 . Compared with the same quarter last year, profits were 39.3% higher.

The consensus estimate for profits was $1.49 per share.

“Our financial strength and flexibility combined with our robust inline businesses, multiple launches and progress in our deep pipeline, including the promising results from the deucravacitinib trial, strongly position the company to deliver our mission and help more patients,” said Dr. Giovanni Caforio, the company’s CEO.

The $74-billion acquisition of Celgene, which was completed on Nov. 20, 2019, was the main driver of revenue growth in the quarter.

Bristol Myers shares have risen about 0.9% since Jan. 1 compared with the S&P 500’s gain of roughly 2%.

The company boosted its earnings-per-share guidance for the rest of the year to $6.25 to $6.35 per share. Its previous guidance was $6.10 to $6.25 per share.

Wall Street reacted to the third-quarter earnings announcement by sending BMY shares down -2.4% to $63.88 in mid-day trading.