BRISTOL MYERS SQUIBB (BMY) Company Report

BMS to provide Eliquis free to Medicaid for a 3-year period starting January 1, 2026 under a new agreement.
Agreement includes donation of over seven tons of Eliquis API to the U.S. Strategic Active Ingredient Reserve.
BMS will receive 3 years of tariff relief and be exempt from future pricing mandates.
Commitment to balanced pricing for new launches and ~80% off list prices for direct-to-patient access to Sotyktu, Zeposia, Reyataz, Baraclude, and Orencia.

Dec 19, 2025, 8:05 PM

Press Release

Bristol Myers Squibb outlines next wave of hematology assets

BMY

New Projects/Investments

Bristol Myers Squibb’s drug development in hematology is anchored by three priorities—science, execution, and value—and driven by two complementary platforms: targeted protein degradation and cell therapy.
The CELMoD iberdomide, in combination with daratumumab and dexamethasone for newly diagnosed multiple myeloma patients not receiving transplant, achieved 95% ORR, 68% CR, and MRD negativity in over two-thirds of patients at 22 months.
Mezigdomide plus a proteasome inhibitor and dexamethasone demonstrated ORR > 80% in patients with 1–2 prior lines and > 70% ORR in heavily pretreated patients, supporting pivotal SUCCESSOR-1 and -2 trials.
Arlo-cel, the GPRC5D-targeting CAR-T, showed ORR > 90% and MRD-negative CR in over 40% of heavily pretreated relapsed/refractory multiple myeloma patients at nearly two years of follow-up.
Breyanzi became the first CAR-T approved for marginal zone lymphoma—across five cancer types—and achieved number-one worldwide CD19 CAR-T sales aided by expanded manufacturing capacity.

Dec 11, 2025, 2:00 PM

Transcript

Bristol Myers Squibb outlines next-wave hematology updates

BMY

BMS highlights leadership in hematology through two platforms: targeted protein degradation (CELMoDs) and cell therapy with two approved CAR-T therapies, Abecma and Breyanzi, plus pipelines in Phase 3 and early trials.
Iberdomide and Mezigdomide, pivotal-stage CELMoDs, are advancing in Phase 3 (EXCALIBER-RRMM, SUCCESSOR-1/2) after early data showed Iberdaradex ORR 95%, CR 68%, and MRD negativity > 66%.
Golcadomide, a first-in-class CELMoD degrader, demonstrated front-line combo efficacy (24-month PFS ~ 79%, DOR > 90%) supporting ongoing Phase 3 GOLSEEK-1 and GOLSEEK-4 trials in LBCL and FL.
Breyanzi became the #1 global CD19 CAR-T, driven by manufacturing scale-up, differentiated safety profile, and broader indications, while dual BCMA/GPRC5D CAR-T data are expected next year.

Dec 11, 2025, 2:00 PM

Transcript

Bristol Myers Squibb outlines next‐generation hematology pipeline

BMY

Bristol Myers Squibb is focusing on two core platforms in hematology: targeted protein degradation (CELMoDs, ligand-directed degraders, degrader ADCs) and cell therapy (two approved CAR-T products plus next-generation assets).
Two pivotal‐stage CELMoDs, Iberdomide (EXCALIBER-RRMM) and Mezigdomide (SUCCESSOR-1/2), are in phase 3 with PFS top-line data expected next year.
ArloCell, a first-in-class GPRC5D CAR-T, demonstrated >90% ORR and >40% MRD-negative CRs in heavily pretreated multiple myeloma; pivotal Quintessential readout expected next year.
In lymphoma, golcadomide plus R-CHOP achieved 79% 24-month PFS, while the BCL6 ligand-directed degrader showed 65% ORR in DLBCL and FL; phase 3 GOLSEEK data slated for 2028.
Multiple pivotal and early-stage readouts across these platforms are anticipated in 2026–2028, underpinning BMS’s hematology growth trajectory.

Dec 11, 2025, 2:00 PM

Transcript

Bristol Myers Squibb unveils new lymphoma research data at ASH 2025

BMY

Bristol Myers Squibb presented new targeted protein degradation and cell therapy data for lymphoma at ASH 2025.
Two-year follow-up of golcadomide + R-CHOP showed 79% PFS, 88% CMR, and 90% MRD negativity.
Golcadomide + rituximab in relapsed/refractory FL achieved 97% ORR and 78% CRR; in DLBCL, 58% ORR and 44% CRR.
BMS-986458 monotherapy in heavily pre-treated NHL yielded a 65% ORR (54% DLBCL, 80% FL) and 21% CRR (7% DLBCL, 40% FL).
Long-term Breyanzi results: four-year TRANSFORM landmark PFS 52.2%, OS 61.5%; three-year TRANSCEND FL CR 94%, 36-month PFS 68%.

Dec 8, 2025, 9:30 PM

Press Release

Bristol Myers Squibb’s Breyanzi approved for relapsed marginal zone lymphoma

BMY

Product Launch

The FDA approved lisocabtagene maraleucel (Breyanzi) as the first CD19-directed CAR T therapy for adults with relapsed/refractory marginal zone lymphoma after ≥2 prior systemic treatments .
In the TRANSCEND FL trial, Breyanzi achieved a 95.5% overall response rate and 62.1% complete response rate among 66 patients at a median 21.6-month follow-up .
Safety was manageable, with 76% cytokine release syndrome (4% grade 3; no grade 4/5) and 33% neurologic events (4% grade 3; no grade 4/5) .
This marks Breyanzi’s fifth FDA approval, extending its indications to five B-cell malignancies and adding authorizations in major international markets .

Dec 5, 2025, 5:14 AM

Morningstar

Bristol Myers Squibb outlines growth portfolio and pipeline at Citi Healthcare Conference

BMY

Product Launch

New Projects/Investments

CFO David Elkins said the growth portfolio now accounts for >50% of revenues (up 18% YoY), with four products annualizing over $1 billion (Reblozyl >$2 billion). He reiterated targets for 10 new NMEs and 30 additional indications by 2030, backed by $17 billion cash and $1 billion of efficiency savings per year through 2027.
CCO Adam Lenkowsky reported Cobenfy’s weekly prescriptions (TRXs) approaching 2,700, outpacing recent schizophrenia launches, supported by strong Medicaid, Medicare, and commercial access.
The ADEPT Alzheimer’s psychosis program—including four Phase 3 trials—remains on track for a late-2026 readout, while additional Phase 3/4 studies in bipolar mania, autism irritability, and Alzheimer’s agitation and cognition are already underway.
BMS is advancing mid-late stage assets (Milvexian stroke prevention & AFib readouts in 2026; LPA1 in pulmonary fibrosis; CELMoDs Iberdomide/Mezigdomide) and expanding modality breadth through partnerships with Orbital (in vivo cell therapy), radiopharmaceuticals (Philochem), and BioNTech (VEGF/PD-1 combinations).

Dec 4, 2025, 2:00 PM

Transcript

Bristol-Myers Squibb outlines Cobenfy progress and portfolio strategy

BMY

Cobenfy ADEPT II study will continue with enrollment increased to ~400 patients after FDA and DMC review; full program readouts expected late 2026, and weekly schizophrenia TRxs have risen to ~2,700, nearing a 3,000 TRx weekly run rate—best in recent launches.
The growth portfolio now comprises over 50% of revenues, with four products annualizing >$1 billion (Reblozyl >$2 billion); 2026 catalysts include Phase III data for iberdomide, mezigdomide, LPA1 in pulmonary fibrosis, and milvexian readouts in stroke prevention and AFib.
Efficiency programs delivered $1 billion in savings in 2025, with a further $1 billion targeted by 2027, bolstering cash flow and funding for BD and new launches.
AI is being deployed across discovery, clinical design, manufacturing predictability and back-office automation to accelerate timelines, improve success rates and drive further cost efficiencies.

Dec 4, 2025, 2:00 PM

Transcript

Bristol Myers Squibb outlines 2026 growth priorities and pipeline at Citi Healthcare Conference

BMY

M&A

New Projects/Investments

Growth portfolio now represents over 50% of total revenue, growing 18% in Q3 2025, with four products annualizing above $1 billion and Reblozyl exceeding $2 billion.
Pipeline poised for 10 new NMEs and 30 additional indications by 2030, with key 2026 catalysts including iberdomide and mezigdomide (CELMoDs), LPA1 in pulmonary fibrosis, and late-stage Milvexian trials in secondary stroke prevention and AFib.
Deployment of AI across R&D, manufacturing, and internal processes is driving $1 billion in cost savings in 2025, with another $1 billion targeted for 2026–2027.
Commercial momentum includes Cobenfy approaching 2,700 weekly TRXs with strong Medicaid/Medicare access, and Opdivo’s subcutaneous “Cuvantic” formulation gaining accelerated conversion post–J-code implementation.
Strategic business development advances cell therapy via Orbital acquisition and a BioNTech PD-1/VEGF mRNA partnership, and expands the radiopharmaceutical portfolio with Philochem, alongside sourcing innovative assets globally including China.

Dec 4, 2025, 2:00 PM

Transcript

Bristol Myers expands ADEPT-2 Alzheimer's study after data review

BMY

New Projects/Investments

Bristol Myers Squibb will delay ADEPT-2 study results for Cobenfy until end of 2026 to enroll additional patients after inconsistencies at certain trial sites were identified.
The trial is a Phase 3, multicenter, randomized, double-blind, placebo-controlled study with primary endpoints on NPI-C Hallucinations & Delusions and secondary endpoints including CGI-S.
Bristol Myers maintains its FDA filing schedule, expecting cumulative ADEPT‐1 and ADEPT-4 results by the end of 2026 despite the ADEPT-2 delay.
Cobenfy, already approved for schizophrenia, aims to be the first treatment for agitation and psychosis in Alzheimer’s via muscarinic receptor agonism; Bristol Myers reported $48.03 billion in revenue and a 23.78% operating margin, with ~70% of sales in the U.S..
Shares rose about 5% to $50.76 in morning trading, reflecting cautious investor optimism.

Dec 3, 2025, 1:31 PM

Morningstar

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