Iovance Biotherapeutics (NasdaqGM:IOVA) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsAndrew Tsai - Managing DirectorBrian Gastman - EVP of Transitional Medicine and ResearchCorleen Roche - CFODan Kirby - Chief Commercial OfficerDavid Dai - DirectorFrederick Vogt - Interim CEO and PresidentIgor Bilinsky - COOReni Benjamin - Managing DirectorSara Pellegrino - SVP of Investor Relations and Corporate CommunicationsNone - Company RepresentativeConference Call ParticipantsAsthika Goonew ...

Iovance Biotherapeutics (NasdaqGM:IOVA) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsAndrew Tsai - Managing DirectorBrian Gastman - EVP of Transitional Medicine and ResearchCorleen Roche - CFODan Kirby - Chief Commercial OfficerDavid Dai - DirectorFrederick Vogt - Interim CEO and PresidentFriedrich Finckenstein - Chief Medical OfficerIgor Bilinsky - COOReni Benjamin - Managing DirectorSara Pellegrino - SVP of Investor Relations and Corporate CommunicationsNone - Company Representa ...

Astellas and Vir Biotechnology Announce Global Strategic Collaboration to Advance PSMA-targeting PRO- XTEN® Dual-masked T-Cell Engager VIR-5500 for the Treatment of Prostate Cancer [Accessibility Statement] Skip Navigation--Astellas stands on the forefront of healthcare change to turn innovative science into value for patients.(PRNewsFoto/Astellas Pharma Inc.) (PRNewsfoto/Astellas Pharma Inc.)Vir Biotechnology- Astellas and Vir Biotechnology to co-develop and co-commercialize VIR-5500 through a sharing of e ...

Core Insights - Bristol Myers Squibb's (BMY) revenue performance in 2025 shows a transition with growth from new products offsetting declines in legacy drugs [1][9] - Total revenues were flat year over year, with a 17% increase in sales from the growth portfolio and a 15% decline in legacy products due to generic competition [1][9] Legacy and Growth Portfolio - The legacy portfolio, including drugs like Eliquis, Revlimid, Pomalyst, Sprycel, and Abraxane, is under pressure due to loss of exclusivity for four drugs [2] - The growth portfolio, featuring drugs such as Opdivo, Opdivo Qvantig, Orencia, and others, is crucial for maintaining revenue stability [2] Immuno-Oncology and Key Drug Performance - The immuno-oncology (IO) portfolio, particularly Opdivo, continues to show strong sales momentum due to label expansions and market share growth [3] - Opdivo Qvantig's approval has contributed to growth, with robust initial uptake across approved tumor types in the U.S. [4] - Reblozyl has achieved an annualized sales run rate above $2 billion, while Breyanzi has surpassed $1 billion in annualized sales [5] Future Outlook and Competition - Management anticipates a further decline of 12-16% in legacy sales for 2026, guiding revenues to $46.0-$47.5 billion [7] - BMY faces increasing competition in oncology from companies like Merck, particularly with the success of Keytruda [8][10] Market Performance and Valuation - BMY's shares have gained 12.7% over the past year, compared to the industry's growth of 19.6% [13] - The company is trading at a price/earnings ratio of 9.80x forward earnings, which is lower than the large-cap pharma industry's average of 18.82x [14] Earnings Estimates - The Zacks Consensus Estimate for 2026 EPS has increased to $6.15 from $6.04, while the estimate for 2027 has risen to $5.94 [17]

Core Viewpoint - Bristol Myers Squibb (BMY) has improved its near-term outlook following strong fourth-quarter 2025 results, with a stock increase of 7.6% post-earnings, reflecting enhanced investor sentiment [2][3]. Group 1: Financial Performance - BMY's stock has surged 31.2% over the past three months, outperforming the industry growth of 11.9% [3]. - The company's fourth-quarter revenues from its growth portfolio increased by 16% to $7.4 billion, accounting for 59% of total revenues [7]. - The blockbuster drug Opdivo generated $2.7 billion in sales during the fourth quarter, marking a 9% year-over-year increase [8]. - BMY's legacy portfolio faced a 15% revenue decline in the fourth quarter due to generic competition, impacting overall performance [15]. Group 2: Growth Drivers - Key brands in BMY's growth portfolio include Opdivo, Reblozyl, Breyanzi, and Camzyos, which have shown significant revenue contributions [7][9]. - Reblozyl's annualized sales have exceeded $2 billion, driven by strong uptake in MDS-associated anemia patients [11]. - Breyanzi sales surged 49% in the fourth quarter, surpassing a $1 billion annualized run rate [12]. - The FDA approval of Cobenfy for schizophrenia treatment has led to initial sales of $155 million in 2025, indicating strong market potential [13][14]. Group 3: Pipeline and Future Prospects - BMY is developing a robust pipeline with six promising candidates expected to report top-line data in the second half of the year [20]. - The acquisition of Orbital Therapeutics has added a next-generation CAR T-cell therapy candidate to BMY's pipeline [21]. - Collaboration with BioNTech on the bispecific antibody pumitamig has shown encouraging interim results in treating triple-negative breast cancer [22][23]. Group 4: Valuation and Estimates - BMY shares currently trade at a price/earnings ratio of 10.16x forward earnings, which is lower than the large-cap pharma industry's average of 18.76x [24]. - The Zacks Consensus Estimate for 2026 EPS has increased to $6.13 from $6.08 over the past week [25]. Group 5: Cost Management and Revenue Outlook - BMY is targeting $2 billion in annualized cost savings by the end of 2027, having achieved approximately $1 billion in savings in 2025 [29]. - Management projects 2026 revenues to be between $46.0 billion and $47.5 billion, down from $48.2 billion in 2025, due to ongoing pressure from legacy product sales [30].

Core Viewpoint - BeyondSpring Inc. is participating in the Immuno-Oncology 360° Conference 2026 to present its innovative cancer therapy, Plinabulin, which aims to enhance PD-1/PD-L1 blockade and address resistance in cancer treatment [1][2]. Company Overview - BeyondSpring Inc. is a clinical-stage biopharmaceutical company focused on developing first-in-class therapies for high unmet medical needs, with its lead asset, Plinabulin, in late-stage clinical development for non-small cell lung cancer (NSCLC) and other indications [4]. Presentation Details - Dr. Lan Huang, Co-Founder, Chairman, and CEO, will present on the topic "Overcoming PD-1/L1 Resistance: Translational Insights with Plinabulin" on February 11, 2026, from 4:55 PM to 5:10 PM ET at the Sheraton Boston Hotel [3]. - The presentation will be part of the Translational Science & Biomarkers track, focusing on expanding therapeutic horizons [3]. - Following the presentation, slides will be available on the company's website [3]. Mechanism of Action - Plinabulin operates as a dendritic cell maturation agent, which supports both anti-cancer activity and immune modulation, providing a unique approach to resensitizing tumors that are resistant to checkpoint inhibitors [4].

Core Insights - Bristol Myers Squibb (BMY) has partnered with Janux Therapeutics to develop a novel tumor-activated therapeutic targeting a validated solid tumor antigen across multiple cancer types [2] - Janux is set to receive up to $50 million in upfront and near-term milestone payments, with potential additional milestones totaling approximately $800 million, along with tiered royalties on global product sales [3] - BMY will lead clinical development and global commercialization after the IND submission, while Janux will remain involved through the first phase I study [4] Collaboration and Development - BMY's collaboration with Microsoft aims to enhance early detection of lung cancer using AI-powered radiology solutions [4] - In 2025, BMY partnered with BioNTech for the co-development of the investigational bispecific antibody pumitamig (BNT327) for various solid tumor types [5] - Interim results from a phase II study of pumitamig in combination with chemotherapy for triple-negative breast cancer showed encouraging antitumor activity and a manageable safety profile [6][7] Competitive Landscape - BMY competes in the oncology space with major players like Merck and Pfizer, with Merck's Keytruda being a dominant drug in immuno-oncology [9] - Merck is developing bispecific antibodies targeting PD-1 and VEGF, while Pfizer has a diverse oncology portfolio including ADCs and bispecifics [10][13] Financial Performance and Valuation - BMY shares have increased by 25.4% over the past six months, outperforming the industry growth of 22.8% [15] - The company is trading at a price/earnings ratio of 9.02x forward earnings, which is lower than the large-cap pharma industry's average of 18.18x [17] - The Zacks Consensus Estimate for BMY's 2025 EPS has decreased to $6.33 from $6.51 over the past 60 days, while the estimate for 2026 has increased [19]

Core Insights - BioNTech SE (NASDAQ:BNTX) is recognized as a leading high-growth European stock, with Goldman Sachs upgrading its rating from Neutral to Buy and increasing the price target from $115 to $142, emphasizing its pivotal role in oncology [1] - The company has an extensive portfolio targeting a market estimated to exceed $100 billion, with significant results expected in 2026, positioning BioNTech as a potential leader in the next phase of oncology treatments [2] - Despite acknowledging competition in clinical development, Goldman Sachs views BioNTech as having a "unique risk/reward opportunity" in the evolving oncology landscape [3] Company Overview - BioNTech SE is a German biotechnology firm focused on developing and commercializing innovative immunotherapies and vaccines for cancer and infectious diseases [3]

Core Insights - Vaximm AG has appointed Sébastien Wieckowski, PhD, as Chief Scientific Officer, enhancing its leadership in oral T-cell immunotherapies for cancer [1][3] - Dr. Wieckowski's multidisciplinary background in immunology and data science is expected to accelerate discovery and optimize platform performance [2] Company Developments - The appointment of Dr. Wieckowski comes at a crucial time as Vaximm advances its lead candidate, VXM01, into further clinical development stages while exploring new targets [3] - Dr. Wieckowski will lead strategic enhancements to Vaximm's VXM platform, aiming to strengthen and expand its capabilities [3][4] R&D Strategy - Dr. Wieckowski has been integral to Vaximm's R&D strategy, significantly contributing to the development of VXM01 in oncology [4] - His leadership is anticipated to ensure a rigorous, data-driven evolution of Vaximm's core platform, enabling expansion into various oncology and non-oncology indications [4] Company Background - Vaximm AG is a privately held Swiss-German biotechnology company and a subsidiary of OSR Holdings, Inc., focusing on oral T-cell immunotherapy using live, attenuated bacterial vectors [5] - The lead candidate VXM01 targets VEGFR-2 and has shown clinical activity and safety across multiple cancer indications [5] Parent Company Overview - OSR Holdings, Inc. is a global healthcare holding company dedicated to advancing biomedical innovations in health and wellness through its subsidiaries [6]

Evorpacept Program - ALX Oncology's Evorpacept is a leading CD47 program with a unique design and inactive Fc region, showing activity in five combinations and targeting a CD47 biomarker[8] - In HER2+ Gastric Cancer, the Overall Response Rate (ORR) increased from 26% with Trastuzumab + Ramucirumab + Paclitaxel to 65% with Evorpacept + Trastuzumab + Ramucirumab + Paclitaxel in the ASPEN-06 subset, a randomized Phase 2 trial[31] - In HER2+ Breast Cancer, the ORR was 56% with Evorpacept + Zanidatamab compared to a benchmark of 22% with Margenza® + Chemo[32] - In indolent NHL, the complete response rate improved from a Rituximab benchmark of 18% to 54% with Evorpacept + Rituximab[35] - The addition of Evorpacept reduced the risk of disease progression or death by 61% for patients with retained HER2+ disease and high CD47 expression (Hazard Ratio = 0.39)[46] - The addition of Evorpacept led to improved overall survival for patients with retained HER2+ and high CD47 expression (Hazard Ratio = 0.63)[49] - Approximately 20,000 addressable patients are CD47-high in 2L+ HER2+ Breast Cancer, representing a $2-4 billion market opportunity[73] ALX2004 Program - ALX2004 is a highly differentiated EGFR ADC in Phase 1 dose escalation, targeting EGFR-expressing tumors including NSCLC, CRC, HNSCC, and ESCC, with initial safety data anticipated in 1H 2026[8, 99] - Preclinical data supports dose-dependent activity and a differentiated safety profile for ALX2004, with no evidence of payload-related ILD in NHP toxicity studies[8, 82] - ALX Oncology's projected cash runway extends into Q1 2027, driving key milestones for both Evorpacept and ALX2004 programs[10, 105]