（来源：一度医药） 转自：一度医药 2025年7月25日，百时美施贵宝（纽约证券交易所代码：BMY）今日宣布，任命Cristian Massacesi博士 为执行副总裁、首席医疗官兼研发负责人，该任命将于2025年8月1日生效。在此职位上，Massacesi博 士将负责监管公司在所有治疗领域的早期和晚期产品开发工作。 即将卸任该职位的Samit Hirawat博士，在过去六年中一直担任百时美施贵宝执行副总裁、首席医疗官兼 研发负责人。此次卸任，Hirawat博士是为了寻求新的职业发展机会。他将于2025年8月1日正式离开现 有岗位，不过在2025年11月1日之前，他将继续以公司顾问的身份履职，以此保障交接过程能够无缝衔 接。 Cristian Massacesi博士的职业生涯始于肿瘤内科医生，这一经历让"以患者为中心"的理念深植于他的职 业准则中。在超过 20 年的全球生物制药行业从业生涯里，他积累了从早期研发到后期开发，再到全球 监管审批的全流程经验，擅长推动突破性科学成果落地，还曾带领团队探索创新策略并把握合理风险。 在加入BMS之前，Massacesi博士曾任阿斯利康和Alexion的首席医疗官，以及阿 ...

Core Insights - Bristol Myers (BMY) has shown a strong performance recently, gaining 6.3% in a month, outperforming the industry (3.9% gain) and the S&P 500 [1][7] - The company is focusing on newer drugs to stabilize revenue as legacy drugs face generic competition [4][10] - Recent pipeline setbacks have raised investor concerns, but there is optimism around new drug approvals and label expansions [7][20] Financial Performance - BMY's stock performance has improved after being under pressure, with a raised annual guidance following first-quarter results [3] - The company is trading at a price/earnings ratio of 7.93x forward earnings, lower than the large-cap pharma industry's average of 15.26x [16] - The Zacks Consensus Estimate for 2025 EPS has decreased from $6.89 to $6.37 over the past 60 days [18] Drug Pipeline and Growth Drivers - New drugs like Opdualag, Reblozyl, and Breyanzi are crucial for offsetting the impact of legacy drug patent expirations [4][7] - Opdivo has shown solid revenue growth driven by volume, with recent label expansions expected to boost sales further [5] - The FDA has accepted a supplemental new drug application for Sotyktu, with a decision expected in March 2026 [6] Challenges and Setbacks - Generic competition is impacting sales of key drugs like Revlimid and Eliquis, with Eliquis sales down 4% in Q1 due to Medicare Part D redesign [10][11] - Recent phase III study results for Reblozyl and Camzyos did not meet primary endpoints, raising concerns among investors [12][15] - The company plans to engage with regulatory bodies regarding marketing applications despite these setbacks [14] Strategic Collaborations - A recent collaboration with BioNTech for the co-development of bispecific antibody BNT327 is expected to enhance BMY's pipeline in cancer treatment [9]

Core Insights - Bristol Myers is focused on expanding the label for its key drugs, with Reblozyl being a significant contributor, generating $478 million in Q1, reflecting a 35% year-over-year increase [1][9] Drug Indications and Performance - Reblozyl is approved in the U.S. for treating anemia in adult patients with beta thalassemia requiring regular RBC transfusions and for ESA-naïve patients with very low- to intermediate-risk myelodysplastic syndromes [2] - It is also indicated for patients with anemia failing an erythropoiesis stimulating agent and requiring multiple RBC units over 8 weeks [3] Clinical Study Results - The phase III study INDEPENDENCE for Reblozyl did not meet its primary endpoint of RBC transfusion independence in myelofibrosis-associated anemia patients [4] - Despite this, patients showed a numerical improvement in RBC transfusion independence, and several secondary measures indicated a clinically meaningful benefit [5] Competitive Landscape - Keros Therapeutics is developing a competing treatment for transfusion-dependent anemia, having recently initiated a phase III study [6] - Reblozyl also competes with established erythropoiesis-stimulating agents like Procrit, which operates through different mechanisms [7] Financial Performance and Valuation - Bristol Myers' shares have decreased by 9.6% year-to-date, contrasting with the industry growth of 0.7% [8] - The company is trading at a price/earnings ratio of 7.78x forward earnings, lower than its historical mean and the large-cap pharma industry's average of 14.91x [11] Earnings Estimates - The bottom-line estimate for 2025 has been revised down to $6.37 from $6.89 over the past 60 days, with a similar decline for 2026 [12] - Recent consensus estimate trends show a downward revision across multiple time frames [13]

Company Performance - Bristol Myers Squibb (BMY) ended the recent trading session at $48.02, demonstrating a +2.85% change from the preceding day's closing price, outperforming the S&P 500 which registered a daily gain of 0.06% [1] - The stock has fallen by 0.49% in the past month, leading the Medical sector's loss of 1.83% and undershooting the S&P 500's gain of 5.88% [1] Earnings Forecast - The company is scheduled to release its earnings on July 31, 2025, with a predicted EPS of $1.17, indicating a 43.48% decline compared to the equivalent quarter last year [2] - The consensus estimate projects a revenue of $11.33 billion, reflecting a 7.1% fall from the equivalent quarter last year [2] Full Year Estimates - For the full year, the Zacks Consensus Estimates project earnings of $6.37 per share and a revenue of $46.26 billion, demonstrating changes of +453.91% and -4.23%, respectively, from the preceding year [3] Analyst Estimates - Recent modifications to analyst estimates for Bristol Myers Squibb indicate the ever-changing nature of near-term business trends, with positive estimate revisions being a sign of optimism about the business outlook [4] Zacks Rank and Valuation - The Zacks Rank system currently holds Bristol Myers Squibb at 3 (Hold), with the Zacks Consensus EPS estimate having moved 5.7% lower within the past month [6] - The company has a Forward P/E ratio of 7.33, indicating a discount compared to its industry's Forward P/E of 17.79 [7] PEG Ratio - Bristol Myers Squibb currently trades at a PEG ratio of 2.44, compared to the Medical - Biomedical and Genetics industry's average PEG ratio of 1.47 [8] Industry Ranking - The Medical - Biomedical and Genetics industry is part of the Medical sector, holding a Zacks Industry Rank of 95, placing it in the top 39% of all 250+ industries [9]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Biopharma in North America - **Market Analysis**: Comprehensive analysis of the US drug market conducted by IQVIA Rx Key Market Metrics - **Total Prescription Year-over-Year (YoY) Growth**: - Latest weekly growth (week ending July 11, 2025) was +4.0%, up from +3.4% the previous week and +2.5% over the past 12 weeks [1][6] - For the week ended July 11, the total market weekly TRx YoY change was +4.0%, compared to +1.8% a year ago [2] Prescription Trends - **Rolling 4-week TRx YoY**: +3.0% - **Rolling 12-week TRx YoY**: +2.5% - **Extended Unit (EUTRx) Weekly YoY Growth**: +3.3%, which is below the TRx YoY [2] - **Sequential Weekly TRx Growth**: +12.0%, a significant increase compared to -7.3% the week before [2] Company-Specific Insights - **Bristol Myers Squibb (BMY)**: - Cobenfy approved for schizophrenia on September 26, 2024, with scripts at ~2,040 for the week, up from ~1,820 the previous week [3] - To meet 2025 consensus expectations, Cobenfy TRx needs to track at ~2-3x the volumes from recent schizophrenia launches [3] - **Vertex Pharmaceuticals (VRTX)**: - Journavx approved for acute pain on January 30, 2025, with scripts at ~5,880 for the week, up from ~5,180 the previous week [4] - Hospital scripts, which are not captured by IQVIA, account for ~28% of total scripts [4] - **Gilead Sciences (GILD)**: - Yeztugo approved on June 18, 2025, with latest week TRx at ~70, up from ~20 the previous week [5] - Yeztugo's injectable formulation accounted for 54% of total TRx [5] Competitive Landscape - **Launch Comparisons**: - GILD's Yeztugo compared to Descovy and Apretude [5] - BMY's Sotyktu launch tracked against AMGN's Otezla [9] - LLY's Kisunla launched in July 2024 for Alzheimer's [9] Pricing and Sales Analysis - **Immunology Pricing**: Updated charts for 2Q25 for Stelara and Tremfya, analyzing how additional indications impact price per script [10] - **Biosimilar Adoption**: Comprehensive analysis of biosimilars across various branded drugs [12] Notable Trends - **Seasonal Respiratory Vaccine Tracking**: Exhibits tracking RSV and COVID vaccine weekly and monthly TRx launch trends [11] - **Key Products Performance**: Detailed tracking of TRx market share and performance for major pharmaceutical companies [48] Conclusion - The biopharma industry in North America is experiencing positive growth in total prescriptions, with significant contributions from new product launches and competitive dynamics among major players. The analysis indicates a robust market environment with potential investment opportunities in emerging therapies and established products.

Core Insights - Bristol Myers Squibb and Pfizer will sell their blood thinner Eliquis directly to patients at a discount of over 40% due to pressure from the Trump administration to lower drug prices [1][2] - The new pricing strategy aims to reduce the monthly cost from approximately $606 to $346, effective September 8, targeting uninsured, underinsured, and self-pay patients [2] - The discounted price remains significantly higher than the average out-of-pocket cost for commercially insured patients and the negotiated Medicare price set to take effect next year [3][4] Pricing Strategy - The new program bypasses traditional intermediaries like pharmacy benefit managers and insurers, allowing for direct sales to patients [2] - The initiative is designed to expand access to Eliquis, reduce out-of-pocket costs, and provide transparent pricing for patients [4][5] Market Context - The move is seen as a response to the Trump administration's executive order aimed at linking U.S. drug prices to those in other developed countries [6] - Analysts do not expect this program to negatively impact the net pricing for Bristol Myers Squibb and Pfizer, as they already provide substantial rebates to pharmacy benefit managers [6]

Pharmaceutical Industry Dynamics - Pfizer and Bristol-Myers Squibb will directly sell blood thinner Eliquis to patients [1] - The cash-pay price for Eliquis will be $346 per month [1]

Company Strategy - Bristol-Myers Squibb and Pfizer plan to sell blood thinner Eliquis directly to patients [1] - The sale will be at a discounted cash price [1]

Core Insights - Bristol Myers Squibb (BMY) has entered a strategic collaboration with BioNTech (BNTX) for the co-development and co-commercialization of the investigational bispecific antibody BNT327, which targets various solid tumors [1][8] - The collaboration involves an upfront payment of $1.5 billion and a total of $2 billion in non-contingent anniversary payments through 2028, which will increase BMY's operating expenses [2][8] - BMY is currently facing revenue pressures from its legacy portfolio due to generic competition affecting drugs like Revlimid and Eliquis [3][8] Financial Impact - The total expenses related to the collaboration are expected to adversely impact BMY's bottom line, with approximately $1.5 billion likely incurred in Q2 [2][8] - BMY's share price has decreased by 15% year-to-date, contrasting with the industry growth of 1.3% [7] - The bottom-line estimates for 2025 and 2026 have been revised downwards, with the 2025 estimate dropping from $6.89 to $6.52 [12] Competitive Landscape - The bispecific antibody market, particularly targeting PD-1 and VEGF, is becoming increasingly competitive, with major players like Merck and Pfizer also developing similar therapies [4][6] - Merck has secured a global license for a novel PD-1/VEGF bispecific antibody, LM-299, while Pfizer has entered a licensing agreement for SSGJ-707, another bispecific antibody targeting the same proteins [5][6] Valuation Metrics - BMY is currently trading at a price/earnings ratio of 7.40x forward earnings, which is below its historical mean of 8.53x and the large-cap pharma industry's average of 14.79x [10]

Core Viewpoint - Bristol-Myers Squibb is preparing to announce its Q2 2025 earnings, with expectations of adjusted earnings of $1.585 per share and sales of $11.31 billion, despite slight downward revisions in revenue and earnings estimates for 2025 [1][2]. Financial Performance - The company anticipates a low-single-digit percentage increase in total revenue for the later 2020s, primarily due to updated assumptions for its cancer drug Yervoy [2][4]. - Bank of America Securities has revised the company's earnings model, showing a decline of more than 1% in total revenue and EPS for Q2, with similar trends for 2025 [3][4]. Product Performance and Market Dynamics - Key products such as Pomalyst, Revlimid, Camzyos, and Orencia are expected to face significant headwinds due to U.S. drug pricing reforms [5]. - The earnings call will focus on the commercial performance of products like Cobenfy, Camzyos, Reblozyl, and Breyanzi, which are crucial for immediate revenue streams [7][8]. Industry Challenges - The evolving landscape of U.S. drug pricing policies, including the 'most favored nation' rule and potential pharma-specific tariffs, poses systemic pressures on the pharmaceutical industry, affecting Bristol-Myers Squibb [6]. - The company is expected to face several challenging years ahead, with anticipated earnings declines driven by generic competition [10]. Valuation Insights - Bristol-Myers Squibb is considered one of the cheaper companies in large-cap biopharma, with a price-to-earnings ratio of 7 to 8 times expected 2025 earnings, comparable to peers like Pfizer, GSK, Biogen, and Merck [9].