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    Steven Scala

    Managing Director and Senior Research Analyst at TD Cowen

    Steve Scala is a Managing Director and Senior Research Analyst at TD Cowen, specializing in the pharmaceutical and biotechnology sectors, and covering major companies such as AbbVie, Bristol-Myers Squibb, AstraZeneca, Merck, Pfizer, Eli Lilly, Novartis, and Royalty Pharma. With over 30 years of industry experience, Scala has established a strong performance track record, ranking in the top half of Wall Street analysts with a success rate exceeding 60% and an average return per recommendation of around 13%. He began his long-standing tenure at TD Cowen in the late 1980s and is recognized for his contributions such as leading the firm’s annual drug pricing survey influencing 25% of U.S. drug spend. Scala holds both CFA and MBA credentials and is additionally a registered pharmacist (R.Ph.), underscoring his deep expertise in healthcare research.

    Steven Scala's questions to BRISTOL MYERS SQUIBB (BMY) leadership

    Steven Scala's questions to BRISTOL MYERS SQUIBB (BMY) leadership • Q2 2025

    Question

    Steven Scala from TD Cowen asked for an update on the path forward for the COBENFI ARISE data and for clarification on the filing status of SOTYKTU in psoriatic arthritis and the confidence level in its lupus and Sjogren's programs.

    Answer

    EVP & Chief Medical Officer Samit Hirawat confirmed that SOTYKTU has been submitted for psoriatic arthritis. Regarding the ARISE data, he stated that analysis is ongoing and no discussions with regulators have occurred yet. He expressed confidence in the lupus and Sjogren's programs, noting they are based on positive Phase 2 data and are enrolling well.

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