PGIM Jennison Health Sciences Fund Sold its Position in Bristol-Myers Squibb Co. (BMY) in Q2

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]