Bristol-Myers Squibb Co (BMY) (Q3 2026) Earnings Call Highlights: Revenue Climbs 7% to $13. ...

Negative Points

• Opdivo revenue declined 6% to $2.4 billion due to conversion to Qvantig and generic competition.

• Eliquis faces upcoming loss of exclusivity in Europe in Q4 2026, with a projected $1.5-$2 billion revenue step-down.

• Milvexian's 120 mg dose in IPF did not achieve statistical significance, raising questions about high-dose efficacy.

• Cobenfy launch challenges: slow titration to effective dose and inventory destocking impacted Q3 sales; need to accelerate new patient starts.

• Zola-cel (autoimmune CAR-T) program remains paused due to a Grade 5 sepsis event, with restart timing uncertain pending regulatory review.

Q & A Highlights

Q: With the recent mixed results in the IPF study for admilparant, how confident are you in the 120 mg high dose, and do you still expect both 60 mg and 120 mg to work in the PPF study? A: Cristian Massacesi, Chief Medical Officer, noted the Phase 3 ALOFIPF study met its primary endpoint at 60 mg with a statistically significant improvement and an excellent safety/tolerability profile, with discontinuations at or below placebo. The 120 mg dose showed a decline but was not statistically significant; preclinical work showed adequate target coverage at both doses, but 120 mg was not formally tested in Phase 2. BMS continues to analyze the data, will present it at a medical meeting next year, and is testing both doses in the PPF studies.

Q: What are you seeing in the early weeks of the Zembexus (iberdomide) launch, and what feedback are you hearing from community and academic myeloma physicians on uptake, tolerability, and where it's being used? A: Adam Lenkowsky, Chief Commercialization Officer, said it is still early but adoption in the first few weeks is pleasing, with positive physician feedback driven by MRD results and simplicity of use. Use is coming from both community and hospital settings, with the majority expected from the community where 70%80% of patients are treated. BMS aims to establish a broad prescriber base and position Zembexus (and later mezigdomide) as foundational therapies replacing IMiD-based regimens, with PFS data to be presented at ASH.

Q: How do you frame the admilparant opportunity relative to historical IPF products, and could it become one of your biggest products given PPF may be a larger opportunity than IPF? A: Adam Lenkowsky said there is significant need for new, effective, well-tolerated disease-modifying therapies in IPF and PPF, with safety and tolerability a key differentiator given GI and cough challenges in older comorbid patients. The IPF market is about $4 billion today and could nearly double as a large second-line switch and add-on market emerges. BMS is running prelaunch activities and looks forward to the PPF readout early next year as the larger commercial opportunity complementing IPF.

Q: How confident are you that milvexian can succeed in secondary stroke prevention (SSP), given baseline characteristics and the randomization window versus competitive studies? A: Cristian Massacesi said the study was designed on a solid Phase 2 trial showing a 30% risk reduction in strokes, with careful dose selection and benefit-risk profiling. The randomization window was based on BMS's own Phase 2 and prior Phase 3 data, and the data suggest the selected window could provide the best efficacy. BMS looks forward to the SSP readout this year and the atrial fibrillation readout in Q1 next year.

Q: With the ADAPT program timelines reiterated for 2027, what is the current enrollment progress and quality remediation status, and should ADAPT-1, 2, and 4 readouts land together or be staggered? A: Cristian Massacesi said everything is tracking as guided, with a potential interim analysis for ADAPT-1 later this year and top-line results for the ADAPT program in 2027; readouts are event-driven and may coincide or be staggered. At CTAD in November, BMS will present open-label lead-in data from ADAPT-1 and data from the open-label extension rollover study, which address improvements in psychotic symptoms and support ongoing development.

Q: How will you communicate the Q1 2027 milvexian atrial fibrillation readoutwill the press release include numerical details, given the non-inferiority margin is critical? A: Chris Boerner, CEO, acknowledged the AFIB study is an important opportunity but stressed it sits within a broader, rich pipeline. BMS will work to give an accurate view of the outcome that conveys the opportunity, and providing more specifics in the press release will likely be important, balanced against communicating the data more fully at a future medical conference. BMS will work with its partner to strike that balance.

Q: On IPF add-on usage, would additional studies be needed to maximize commercial value, or is the existing data set enough? And what are the pushes and pulls for 2027 and the LOE cycle? A: Cristian Massacesi noted the study had equal distribution of monotherapy and add-on treatments and BMS is not commenting on subgroups until data presentation. Adam Lenkowsky said the market should expand significantly as a large second-line switch and add-on market emerges. David Elkins, CFO, said the business is performing well with eight growth products annualizing over $1 billion, offset by an anticipated $1.5 billion$2 billion Eliquis step-down and a $2 billion productivity initiative on track by end-2027, with $13 billion in cash providing flexibility.

Q: Can you provide updated thoughts on business developmentideal stage of development, therapeutic area, deal structures, and transformative dealsand on embedding AI across the research organization? A: Chris Boerner said BD remains a top capital allocation priority, with BMS agnostic on deal size and focused on scientific and strategic fit, near-term growth portfolio strengthening, and financial sense. On AI, BMS is embedding it across the value chain with specific targets, including a 20%30% reduction in drug testing timelines and halving the time from target selection to lead molecule identification. Cristian Massacesi added AI is concretely accelerating R&D and improving probability of technical success, citing the Tempus partnership in neuroscience.

Q: Cobenfy saw 50% year-over-year growth but numbers appear modestwhat is the largest constraint, and how might Alzheimer's disease psychosis differ from schizophrenia? A: Adam Lenkowsky said net sales were impacted by inventory decrease after a Q2 build, expected to normalize in Q4, with total prescription volume up roughly 3%4% sequentially. Leading indicators are positive, with new prescribers doubling from last year, but BMS needs to accelerate new patient starts and improve repeat prescribing, particularly educating physicians on rapid titration to the effective 125 mg dose with antiemetics for GI effects. Alzheimer's disease psychosis is a much larger market (~7 million diagnosed in the US, 30%50% with psychosis), treated largely by PCPs, NPs, and PAs, with safety a key

For the complete transcript of the earnings call, please refer to the full earnings call transcript .