Will Librexia ACS Study Setback Dent BMY's Cardiovascular Portfolio?

Core Insights - Bristol Myers Squibb (BMY) has decided to discontinue the late-stage Librexia study on milvexian, a cardiovascular candidate, due to an interim analysis indicating it is unlikely to meet primary efficacy endpoints [1][2][8] - The discontinuation represents a setback for BMY's cardiovascular ambitions, which include the drugs Camzyos and Eliquis [3][8] Company Developments - The Independent Data Monitoring Committee (IDMC) recommended continuing two other late-stage studies: Librexia AF for atrial fibrillation and Librexia STROKE for secondary stroke prevention, with top-line data expected in 2026 [4][8] - BMY's cardiovascular portfolio includes Camzyos, which received FDA approval in 2022 for treating obstructive hypertrophic cardiomyopathy, and Eliquis, a major revenue contributor developed in partnership with Pfizer [3][4] Competitive Landscape - Cytokinetics is developing aficamten, a potential competitor to Camzyos, with an FDA approval target date extended to December 26, 2025 [5][6] - JNJ's Xarelto, a Factor Xa inhibitor like Eliquis, faces patent challenges in the U.S., which may impact its market position [6] Financial Performance - BMY's shares have declined by 19.1% year-to-date, contrasting with the industry growth of 16.5% [7][8] - The company is trading at a price/earnings ratio of 7.55x forward earnings, below its historical mean of 8.41x and the large-cap pharma industry's average of 16.84x [9] Earnings Estimates - The Zacks Consensus Estimate for 2025 earnings per share has increased, while the estimate for 2026 has decreased [10]