Core Insights - The PGIM Jennison Health Sciences Fund's second-quarter 2025 investor letter highlights significant volatility in equities, with the S&P 1500 Health Care Index declining 6.9%, underperforming the S&P 500's 10.9% return [1] - Health care providers, life sciences tools, biotechnology, and pharmaceuticals underperformed the index, while healthcare technology and medtech sectors showed gains [1] - Bristol-Myers Squibb Company (NYSE:BMY) is identified as a key stock, with a market capitalization of $89.885 billion and a one-month return of -5.80% [2][3] Company Analysis: Bristol-Myers Squibb Company - Bristol-Myers Squibb focuses on developing drugs across various therapeutic areas, including Cardiovascular Disease, Oncology, Hematology, and Immunology [3] - The company has three major franchises facing patent expirations: Revlimid (generic entry in 2026), Eliquis (generic entry in 2028/29), and Opdivo (biosimilar competition starting in 2029) [3] - The fund initiated a position in BMY due to perceived undervaluation and expectations for its neuropsychiatric asset, Cobenfy, but later reduced its position following negative updates on trial results and a disappointing quarter [3]

Core Insights - Bristol Myers Squibb is expanding its direct-to-consumer offerings by making its blood thinner Eliquis and psoriasis therapy Sotyktu available at significantly discounted prices for cash-paying customers [2] Company Developments - The announcement of the price reduction comes just days before a September 29 deadline set by President [2]

Bristol Myers Squibb said on Thursday it will sell its psoriasis drug Sotyktu directly to cash-paying patients at a more than 80% discount to the drug's list price. ...

Company Performance - Bristol Myers Squibb (BMY) closed at $44.16, reflecting a -1.67% change from the previous day, underperforming the S&P 500's daily loss of 0.29% [1] - Over the last month, BMY shares decreased by 4.87%, contrasting with the Medical sector's loss of 0.33% and the S&P 500's gain of 3.08% [1] Upcoming Earnings Report - The company is set to release its earnings on October 30, 2025, with projected earnings of $1.65 per share, indicating a year-over-year decline of 8.33% [2] - The Zacks Consensus Estimate for revenue is $11.77 billion, down 1.03% from the previous year [2] Full Year Estimates - Analysts expect full-year earnings of $6.5 per share and revenue of $47.31 billion, representing changes of +465.22% and -2.06% respectively from last year [3] Analyst Estimates and Market Sentiment - Recent adjustments to analyst estimates for Bristol Myers Squibb reflect evolving short-term business trends, with positive revisions indicating analyst optimism [4] - The Zacks Rank system, which incorporates estimate changes, currently rates Bristol Myers Squibb as 3 (Hold) [6] Valuation Metrics - Bristol Myers Squibb has a Forward P/E ratio of 6.91, significantly lower than the industry average of 19.48 [7] - The company has a PEG ratio of 2.3, compared to the industry average PEG ratio of 1.68 [7] Industry Context - The Medical - Biomedical and Genetics industry, which includes Bristol Myers Squibb, holds a Zacks Industry Rank of 98, placing it in the top 40% of over 250 industries [8] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]

Bristol-Myers Squibb (NYSE:BMY) extended losses for the seventh consecutive session on Wednesday as the stock ended 1.58% lower at $44.20. Between September 16 and September 23, BMY lost over 3%. On a year-to-date basis, it has declined by nearly 21% compared to a 12.86% rise ...

Core Insights - Bristol Myers Squibb (BMY) announced positive data from the late-stage study on iberdomide for patients with relapsed or refractory multiple myeloma (RRMM) [1][8] - The phase III EXCALIBER-RRMM study demonstrated statistically significant improvement in minimal residual disease (MRD) negativity rates compared to the control arm [2][8] - The study is designed to assess dual-primary endpoints of MRD negativity and progression-free survival (PFS), with additional secondary endpoints including overall survival (OS) and health-related quality of life [3] Study Details - The EXCALIBER-RRMM study is a multicenter, two-stage, randomized, open-label trial evaluating iberdomide in combination with Darzalex and dexamethasone versus Darzalex, bortezomib, and dexamethasone [1][3] - The safety profile of iberdomide in combination with daratumumab and dexamethasone is consistent with previous studies, and the trial will continue to evaluate PFS and OS [4] - BMY plans to discuss the results with health authorities as iberdomide represents a novel class of medicines called CELMoDs, which may change the treatment landscape for multiple myeloma [5] Portfolio Expansion - BMY's Growth Portfolio includes drugs such as Opdivo, Orencia, and Yervoy, as the company seeks to expand its pipeline due to the adverse impact of generics on its legacy portfolio [6] - BMY's shares have decreased by 17.8% year-to-date, while the industry has grown by 5.2% [6] Collaboration and New Developments - BMY is collaborating with BioNTech on the development of pumitamig, a bispecific antibody for extensive-stage small cell lung cancer, which has shown a 76.3% confirmed objective response rate in interim data [9][10] - The approval of Cobenfy for schizophrenia broadens BMY's portfolio and validates its acquisition of Karuna Therapeutics, representing a new pharmacological approach to treating schizophrenia [11][12]

Core Insights - The National Healthcare Security Administration (NHSA) announced the review results for the 2025 National Basic Medical Insurance (BMI) catalog and the first version of the commercial health insurance innovative drug catalog, marking a critical phase in the "dual catalog" adjustment process [1] - In the first year of the "dual catalog" discussions, 534 products passed the initial review for the BMI catalog, while 121 drugs were included in the commercial insurance innovative drug catalog, with over 60% of the 121 drugs being "double reported" [1][2] - The "double reported" drugs reflect the pharmaceutical companies' uncertain mindset regarding drug pricing negotiations in the BMI process, with high-priced drugs often targeting commercial insurance while others focus on BMI [2][3] Group 1: Drug and Company Analysis - A total of 79 drugs from 74 companies were "double reported," with 4 companies reporting two or more drugs, indicating a competitive landscape among pharmaceutical firms [1][3] - The "double reported" drugs include various categories, such as 19 rare disease drugs and 3 CAR-T therapies, showcasing a diverse range of therapeutic areas [1][5] - The highest annual treatment cost among the "double reported" drugs is approximately 1.5 to 2 million yuan for a rare disease drug from Takeda, highlighting the financial implications for both companies and patients [8][9] Group 2: Market Dynamics and Strategies - The "double reporting" strategy is seen as a low-cost strategic exploration for companies, allowing them to gauge market responses without significant investment [3][4] - Companies are motivated to participate in both catalogs to avoid being at a disadvantage if competitors succeed in securing listings in one while they do not [3][4] - The overall pass rate for the commercial insurance innovative drug catalog is estimated to be below 30%, indicating a challenging environment for companies seeking approval [4][9] Group 3: Insights on Rare Diseases and CAR-T Therapies - Rare disease drugs face significant hurdles in entering the BMI catalog, with only 13 out of 48 rare disease drugs passing the initial review in 2024, suggesting a low success rate [9][10] - CAR-T therapies are viewed as having a better chance of entering the commercial insurance catalog, with companies adjusting their strategies based on past experiences in BMI negotiations [10][11] - The pricing strategies for CAR-T drugs reflect a calculated approach, with companies aware of the need to control costs to meet BMI requirements while also targeting commercial insurance [10][11] Group 4: Cross-National Company Participation - Among the "double reported" drugs, 14 are from 10 multinational companies, indicating a strong interest from global players in the Chinese market [20][21] - The competitive landscape includes multiple drugs targeting similar conditions, leading to a scenario where companies are closely monitoring each other's submissions [22][23] - The performance of these drugs in commercial health insurance products, particularly in the context of "惠民保" (Hui Min Bao), has been promising, providing a potential pathway for future approvals [26][28]

In this article, we will be taking a look at the 10 Best Pharma Stocks to Buy According to Billionaires. Bristol-Myers Squibb Company is placed third among them. Bristol-Myers Squibb Company (NYSE:BMY), a global biopharmaceutical leader in oncology, immunology, cardiovascular disease, and fibrosis, is undergoing major strategic changes as it adapts to shifting market conditions. On September 17, 2025, the company announced plans to divest its 60% stake in a pharmaceutical joint venture in China. The move ...

Core Insights - The discussion focuses on the potential of cell therapy, particularly in the hematology space, highlighting current advancements and future innovations [1][2] Company Insights - Bristol's Head of the cell therapy business, Lynelle, is involved in the conversation, indicating the company's commitment to this area of research and development [1] - The company is positioned to leverage proof points from existing therapies while exploring innovative solutions in the cell therapy sector [2] Industry Insights - The cell therapy market is experiencing significant innovation, with expectations for growth and new applications in hematology [2] - The conversation aims to provide insights into the current landscape of cell therapy and its future trajectory within the industry [1][2]

Summary of Bristol-Myers Squibb Company (NYSE:BMY) FY Conference Call - September 23, 2025 Company Overview - **Company**: Bristol-Myers Squibb Company (BMY) - **Focus**: Cell therapy, particularly in hematology and autoimmune diseases Key Points and Arguments Cell Therapy Potential - Bristol-Myers Squibb has been involved in cell therapy for four years, launching the first CAR T in multiple myeloma and the third CD19 CAR T [2][3] - The company has treated 13,000 patients, gaining significant clinical and translational data, which has accelerated its pipeline [3] - Current assets include Orva-cel (GPRC5D) and Breyanzi (CD19), both showing promise for durable remissions with a one-time infusion [4][5] Market Dynamics and Challenges - The healthcare system has limited the uptake of CAR T therapies compared to expectations from a decade ago, with only 2 out of 10 eligible patients currently receiving CAR T [16][17] - Community practices treat 70% of patients, and there is a need for better integration of CAR T therapies into these settings [10][11] - Recent reductions in patient burden and REMS (Risk Evaluation and Mitigation Strategy) requirements are expected to improve access and referrals [10][11] Competitive Landscape - Breyanzi has become the number one CD19 CAR T in the U.S., Germany, Japan, and France, attributed to its best-in-class profile and broad indications for B-cell malignancies [14][15] - The company anticipates growth in outpatient settings due to Breyanzi's safety profile, allowing for home monitoring post-infusion [15][16] Innovation and Future Directions - Bristol-Myers Squibb is exploring both autologous and allogeneic CAR T therapies, with a focus on off-the-shelf solutions for broader patient access [22][23] - The company is excited about the potential of GPRC5D in multiple myeloma, especially for patients who are quad-class exposed [27][28] - The dual-targeting approach aims to address the high unmet need in newly diagnosed multiple myeloma patients [37][38] Regulatory Environment - The FDA's current stance has not changed significantly, and the company expects to replicate promising efficacy and safety profiles in upcoming trials [33][35] Long-term Vision - Bristol-Myers Squibb aims to deliver CAR T therapies to over 100,000 patients, expanding into diseases previously thought untreatable [60][61] - The company is committed to creating an ecosystem that facilitates access to CAR T therapies, particularly in rheumatology [55][58] Additional Important Insights - The potential market for CAR T in autoimmune diseases is significantly larger than in hematology, with a three to five times larger patient population [43][44] - The company is actively working to educate and create partnerships among rheumatologists and hematologists to improve patient access to CAR T therapies [55][56] - The excitement around CAR T therapies is palpable, with patients expressing regret for not receiving treatment sooner [19][46] This summary encapsulates the key discussions and insights from the Bristol-Myers Squibb conference call, highlighting the company's strategic focus on cell therapy and its commitment to addressing patient needs in hematology and autoimmune diseases.