Bristol-Myers Squibb (BMY) Q3 2026 Earnings Call: Q&A Summary

Q: What is the confidence in the 120 mg dose for IPF given the mixed results, and do you still expect both 60 mg and 120 mg to work in the PPF study?

A: Cristian Massacesi stated the company is pleased with the Phase III ALOFIPF results, noting the 60 mg dose met the primary endpoint with a favorable safety profile. The 120 mg dose showed improvement but did not reach statistical significance, and the company will continue to analyze the data and present it at a medical meeting next year.

Q: How does the Admiprant opportunity compare to historical products, is it a top product, and did it show a benefit on time to event or mortality?

A: Adam Lenkowsky noted that the market for IPF and PPF could nearly double, and Admiprant's safety profile is a key differentiator that will help it gain share. Cristian Massacesi added that the company is pleased with the overall outcome and will present secondary endpoint data at a medical meeting next year.

Q: Are additional studies needed for Admiprant to maximize commercial value, or is the existing data set sufficient?

A: Cristian Massacesi stated the study had an equal distribution of monotherapy and add-on treatments, and the company will not comment on subgroup outcomes until the data is presented. Adam Lenkowsky added that the market is expanding, and the upcoming PPF readout will complement the IPF results.

Q: What is the early launch feedback and uptake for Zenbexus?

A: Adam Lenkowsky reported positive early feedback and adoption in both community and hospital settings. The company expects 70% to 80% of patients to be treated in the community and aims for Zenbexus to replace REVLIMID and POMALYST regimens.

Q: What is the market missing regarding recent pipeline readouts, and what is the confidence in the Milvexian SSP study?

A: Cristian Massacesi highlighted that 2026 has been a successful year for readouts, and the Milvexian SSP study was designed based on solid Phase II data showing a 30% risk reduction. Chris Boerner added that the company is focused on building a business that delivers sustained growth.

Q: Will the Q1 AFIB readout for Milvexian provide specific numerical details or just a top-line result?

A: Chris Boerner explained that the company understands the importance of the AFIB study and will work to strike a balance between providing an accurate view of the outcome in the press release and ensuring a fulsome presentation at a future medical conference.

Q: What is the status of the ADAPT trial enrollment and remediation, and should we expect the readouts to be staggered?

A: Cristian Massacesi confirmed the program is tracking as guided, with a potential interim analysis for ADAPT-1 later this year. He noted that readouts may be staggered or coincide, and the company will present open-label data at the CTAD presentation in November.

Q: What are the growth constraints for Cobenfy, and how does the Alzheimer's market differ from schizophrenia?

A: Adam Lenkowsky explained that Q3 sales were impacted by inventory destocking, but the company expects growth to track with prescription volume. He noted that Alzheimer's is a much larger market with no approved treatments, and safety is critical given the elderly patient population.

Q: What is the confidence in the small cell lung cancer studies given the IMDELTRA data?

A: Cristian Massacesi stated the company welcomes the data and is running registrational studies with gocatomide and nivolumab. Chris Boerner added that in hard-to-treat diseases, there is room for multiple agents to be used in combination.

Q: What are the pushes and pulls for the business in 2027, and is the street misjudging the LOE cycle?

A: David Elkins stated the company has strong momentum with 8 products annualizing over $1 billion in the growth portfolio. He noted the company anticipates a $1.5 billion to $2 billion step-down for Eliquis and remains on track with its strategic productivity initiative.

Q: What is the updated strategy for business development, and what progress is being made with AI partnerships?

A: Chris Boerner stated that business development remains a top priority and the company is agnostic on deal size. Regarding AI, he noted the company is targeting a 20% to 30% reduction in drug testing timelines. Cristian Massacesi added that AI is accelerating R&D with concrete examples in discovery and development.

Q: Does the difference in BD spend over the last 12 months reflect valuation discipline or confidence in the internal pipeline?

A: Chris Boerner reiterated that business development is a top capital allocation priority and the company has the capacity to be in the mix for deals that make financial sense. He emphasized that the company remains active and focused on long-term growth.

Q: What is the regulatory path forward for Raise 101, and what is the market opportunity?

A: Cristian Massacesi expressed excitement about the alpha actinium-based radioligands. Adam Lenkowsky added that while the opportunity in Getnet is relatively modest, the program validates the platform and the company sees it as an engine for future INDs.

Q: What is the pace of conversion to Qvantig, and how does it rank in priority?

A: Adam Lenkowsky reported that 17% of IV business has converted to subcu, and the company is tracking toward the 30% to 40% range. Chris Boerner added that Qvantig is an important new medicine and the company is building a pipeline of differentiated products and platforms.

Q: Can you walk us through the patient death in the Phase I autoimmune CAR-T trial and the path forward?

A: Cristian Massacesi explained that the program is currently paused to review data, and the company identified the root cause as a change in reagent selection. He noted this was the only grade 5 event out of 190 patients and the company remains fully committed to the program. Chris Boerner added that the company has seen transformational activity and will continue to be rigorous in its study conduct.