Key Takeaways GILD will acquire Arcellx for $115 per share plus a $5 CVR, valuing the deal at $7.8 billion.The deal centers on anito-cel, a BCMA CAR-T therapy under FDA review with a December 2026 decision date.GILD expects the acquisition to be accretive from 2028 and strengthen its oncology and cell therapy portfolio.Gilead Sciences, Inc. (GILD) announced that it will acquire a clinical-stage biotechnology company, Arcellx (ACLX) , for $115 per share in cash plus a $5 contingent value right, implying an e ...

在2025年12月举行的美国血液学会（ASH）年会上，Anitocabtagene autoleucel（anito-cel）在重度预处 理的R/R MM患者中展现出令人振奋的疗效：客观缓解率（ORR）高达96%，完全缓解（CR）或严格完 全缓解（sCR）率达到74%，且缓解持久性良好，安全性可控。这项研究结果不仅为R/R MM患者带来 了新的治疗选择，也进一步巩固了BCMA CAR T疗法在晚期骨髓瘤治疗中的核心地位。 21世纪经济报道记者季媛媛 2月23日，吉利德科学宣布与其长期合作伙伴Arcellx达成最终协议，将以每股115美元现金、总股权价值 约78亿美元的价格收购后者。消息一出，Arcellx盘前股价应声暴涨近80%。 这一收购背后被认为是吉利德旗下Kite Pharma在细胞治疗领域布下的一枚重子。根据协议条款，吉利 德将获得Arcellx的全部控股权，但故事并未结束。Arcellx的股东未来还有机会获得每股5美元的或有价 值权（CVR），而触发条件是核心资产anito-cel在上市后至2029年底，全球累计净销售额达到至少60亿 美元 。 这一"对赌"条款显示了吉利德对anito-cel成为重 ...

Key Takeaways Bristol Myers emerges as the stronger near-term pick over Merck.BMY's new drugs, label expansions and $2B cost-savings plan support 2026 margins.MRK faces Gardasil weakness, Keytruda exclusivity loss and a $2.5B generic headwind.Merck & Co. (MRK) and Bristol Myers Squibb (BMY) are major global drugmakers with expansive, diversified portfolios.Merck stands out for its leadership in oncology, complemented by strong positions in infectious diseases and vaccines.Bristol Myers, meanwhile, concentra ...

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 Insights - The company reported flat total revenue of approximately $12.5 billion for Q4 year-over-year, with a growth portfolio revenue increase of 15% to $7.4 billion, representing nearly 60% of total revenue in the quarter [1][5] - The CEO highlighted strong fourth-quarter performance, with the growth portfolio up 15% year-over-year in Q4 and 17% for the full year, nearly offsetting a $4 billion decline in revenue from the legacy portfolio [2][5] - The company anticipates a "data-rich" 2026, expecting top-line registrational readouts for six potential new products and multiple pivotal oncology readouts [3][9] Financial Performance - The company guided for 2026 revenue of $46.0–$47.5 billion and non-GAAP EPS of $6.05–$6.35, forecasting a 12–16% decline in the legacy portfolio due to loss-of-exclusivity [4][13] - Eliquis is expected to grow 10–15% in 2026, but sales are projected to decline by approximately $1.5–$2 billion in 2027 [4][16] - The company ended 2025 with around $11 billion in cash and equivalents, having completed a $10 billion debt paydown ahead of schedule [17] Product Performance - Key products in the growth portfolio include Reblozyl, which exceeded $2 billion, and Opdualag, Breyanzi, and Camzyos, each surpassing $1 billion in 2025 [5] - Opdivo revenue rose 7% in Q4 to nearly $2.7 billion, driven by new indications and market share gains [6] - Breyanzi's Q4 revenue increased by 47%, supported by demand across approved indications, and it received FDA approval for additional cancer types [7] Pipeline and Future Outlook - The company expects significant pipeline activity in 2026, with potential new products including milvexian and admilparant, and anticipates pivotal readouts for Sotyktu and Cobenfy [9][10] - Management is focused on a $2 billion productivity program, having achieved about $1 billion in savings in 2025, with plans to realize the remaining savings in 2026 and 2027 [3][15] - The company is preparing for eight registrational studies expected to commence by year-end, including studies in non-small cell lung cancer [12]

Core Insights - Bristol-Myers Squibb Company (BMY) reported fourth-quarter 2025 adjusted earnings per share (EPS) of $1.26, exceeding the Zacks Consensus Estimate of $1.15, but down from $1.67 in the same quarter last year [1] - Total revenues reached $12.5 billion, surpassing the Zacks Consensus Estimate of $12.25 billion, and reflecting a 1% increase from the previous year [1] - The stock price increased following the better-than-expected quarterly results [1] Financial Performance - BMY's shares have increased by 28.5% over the past six months, while the industry has grown by 43.8% [2] - U.S. revenues remained flat year over year at $8.56 billion, while international revenues rose by 5% to $3.94 billion [3] - The Growth Portfolio revenues increased by 16% to $7.39 billion, primarily driven by immuno-oncology drugs like Opdivo [6][7] - The Legacy Portfolio revenues decreased by 15% to $5.11 billion, impacted by generic competition on key drugs, despite an 8% increase in Eliquis sales to $3.45 billion [11] Key Drug Performance - Opdivo sales increased by 9% year over year to $2.69 billion, surpassing estimates [8] - Yervoy contributed $810 million, up 20% year over year, and Reblozyl sales surged 22% to $666 million [9] - Breyanzi sales rose by 49% to $392 million, while Camzyos sales skyrocketed by 59% to $353 million [10] Cost and Margin Analysis - Adjusted gross margin decreased to 71.9% from 74% in the previous year due to a change in product mix [14] - Adjusted research and development expenses declined by 8% to $2.56 billion, and adjusted marketing, selling, and administrative expenses decreased by 1% to $2.09 billion [15] Future Guidance - For 2026, BMY provided revenue guidance of $46-$47.5 billion, supported by the Growth Portfolio's strong performance [17] - The company expects adjusted earnings to be in the range of $6.05-$6.35 for the full year, with the Zacks Consensus Estimate for 2026 EPS at $6.08 [17] Pipeline Updates - In December 2025, the FDA approved Breyanzi for adult patients with relapsed or refractory marginal zone lymphoma [18] - A supplemental biologics license application for Opdivo in combination with other drugs for Hodgkin lymphoma is under priority review, with a decision expected by April 8, 2026 [19]

Core Insights - Bristol Myers Squibb reported fourth-quarter 2025 revenues of $12.50 billion, exceeding the consensus estimate of $12.281 billion, marking a 1% year-over-year increase [1] - The company highlighted significant progress in 2025, with a strong Growth Portfolio and a robust balance sheet, allowing for continued investment in growth drivers [1] Financial Performance - Adjusted earnings for Bristol Myers Squibb were reported at $1.26, surpassing the consensus of $1.11, although this reflects a 25% decline due to acquired IPRD charges and licensing income [2] - The Growth Portfolio generated revenues of $7.4 billion, a 16% increase (15% at constant currency), primarily driven by the immuno-oncology portfolio, Camzyos, Breyanzi, and Reblozyl [3] - Legacy Portfolio revenues decreased to $5.1 billion, a 15% decline (16% Ex-FX), with increased demand for Eliquis offset by generic impacts and higher U.S. government channel rebates [3] Product Sales - Eliquis sales reached $3.45 billion, an 8% increase [4] - Opdivo sales increased by 9% to $2.69 billion, while Orencia generated $1.01 billion in sales, up 1% [4] - Yervoy sales rose by 20% to $810 million, and Reblozyl saw a 22% increase in quarterly sales to $666 million [4] Future Outlook - For fiscal 2026, Bristol Myers Squibb expects adjusted earnings of $6.05-$6.35 per share, compared to the consensus of $6.02 [5] - The company anticipates 2026 sales of approximately $46 billion-$47.50 billion, exceeding the consensus of $44.16 billion, with a projected revenue decline of 12-16% for the Legacy Portfolio, partially offset by the Growth Portfolio [5] - Global Eliquis revenues are expected to increase by 10%-15% in 2026 [5] - The company projects a gross margin of around 69-70%, influenced by product mix changes [6]

Core Insights - The company demonstrated strong fourth-quarter performance in 2025, with a growth portfolio that increased by 15% year-over-year, contributing significantly to overall revenue [1][15] - The company is focused on executing a multiyear plan aimed at long-term growth, entering 2026 with positive momentum [1][12] - The company anticipates 2026 revenue between $46 billion and $47.5 billion, driven by strong performance from its growth portfolio despite a projected decline in its legacy portfolio [12][13] Financial Performance - Total revenue for Q4 2025 was approximately $12.5 billion, with the growth portfolio accounting for nearly 60% of total revenue [15] - Key brands such as Reblozyl, Breyanzi, and Camzyos showed significant growth, with Breyanzi's revenue up 47% and Camzyos growing 57% [18][19] - The company achieved approximately $1 billion in cost savings in 2025, with plans to realize an additional $1 billion in 2026 and 2027 [20][49] Product Development and Pipeline - Breyanzi received FDA approval for additional cancer types, enhancing its market position [6] - The company has multiple pivotal studies planned for 2026, with expectations for significant data readouts that could enhance the growth profile of its portfolio [10][30] - The company is focusing on expanding its product offerings in oncology, immunology, and neuroscience, with several new medicines expected to launch by 2030 [8][11] Market Dynamics - Eliquis is projected to grow by 10% to 15% in 2026, driven by increased global demand and a recent price reduction that enhances patient access [13][40] - The company anticipates a revenue decline of $1.5 billion to $2 billion for Eliquis in 2027 due to generic competition, which is expected to impact its overall revenue [25][82] - The company is strategically focused on business development opportunities that align with its existing therapeutic areas, while also considering new market expansions [39][44]

Financial Data and Key Metrics Changes - The company reported total revenue in Q4 2025 was approximately $12.5 billion, flat year-over-year, while the growth portfolio revenue increased by 15% to $7.4 billion, representing close to 60% of total revenue in the quarter [14][15] - For the full year, the growth portfolio grew 17%, offsetting a decline of roughly $4 billion in revenue from the legacy portfolio [6][7] - Adjusted diluted earnings per share for Q4 were $1.26, and for the full year, it was $6.15, both figures including a net charge related to in-process R&D and licensing income [20] Business Line Data and Key Metrics Changes - Opdivo revenue grew 7% to nearly $2.7 billion in Q4, driven by new indications and share growth in first-line non-small cell lung cancer [15] - Reblozyl delivered 21% growth, reflecting solid uptake across first- and second-line MDS-associated anemia patients [16] - Breyanzi's revenue increased by 47% in Q4, driven by strong demand across its approved indications [16] - Eliquis revenue was nearly $3.5 billion in Q4, an increase of 6%, driven by demand growth and market share gains [16] Market Data and Key Metrics Changes - The company anticipates 2026 revenue in the range of $46 billion to $47.5 billion, reflecting strong performance from the growth portfolio and a projected revenue decline for the legacy portfolio of 12%-16% [12][21] - Eliquis is expected to grow 10%-15% in 2026, driven by global demand growth and a recent price reduction [12] Company Strategy and Development Direction - The company aims to deliver industry-leading sustainable growth into the 2030s and beyond, focusing on executing its growth strategy and advancing its pipeline [11][23] - The company plans to introduce more than 10 new medicines and over 30 meaningful launch opportunities by 2030, with a data-rich period expected in 2026 [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value for patients and shareholders, emphasizing the importance of executing growth strategies and optimizing cost structures [23] - The company is focused on maintaining a strong say-to-do ratio and embedding this culture into its operations [11] Other Important Information - The company completed its targeted $10 billion debt paydown ahead of schedule and generated strong cash flow from operations of approximately $2 billion in Q4 [20] - The effective tax rate in Q4 was 22.1%, reflecting a one-time non-tax deductible in-process R&D charge related to the Orbital acquisition [19] Q&A Session Summary Question: Insights on pivotal catalysts for 2026 - Management highlighted the potential for over 10 phase III data readouts in 2026, with a focus on products like CELMoDs and Milvexian [25][28] Question: Eliquis dynamics for 2026 - Eliquis is expected to maintain strong performance with a 75% market share in the U.S., supported by recent pricing strategy adjustments [38][39] Question: Update on Milvexian and AFib study - The study is progressing well, with a focus on demonstrating non-inferiority to Eliquis while also aiming for a better bleeding profile [46][66] Question: Cost savings in 2026 - The company achieved over $1 billion in cost savings in 2025 and expects to continue reducing expenses while reinvesting in growth drivers [51][52] Question: Admilparant's hypotension risk - Management indicated that the hypotension risk observed in phase II was well managed in phase III studies, with ongoing monitoring [89]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was approximately $12.5 billion, flat year-over-year, while the growth portfolio revenue increased by 15% to $7.4 billion, representing nearly 60% of total revenue [14][15] - For the full year, the growth portfolio grew 17%, offsetting a decline of roughly $4 billion in revenue from the legacy portfolio [6][7] - Adjusted diluted earnings per share for Q4 were $1.26, and for the full year, it was $6.15, both including a net charge related to in-process R&D and licensing income [20] Business Line Data and Key Metrics Changes - Opdivo revenue grew 7% to nearly $2.7 billion in Q4, driven by new indications and share growth in first-line non-small cell lung cancer [15] - Reblozyl achieved 21% growth, reflecting solid uptake across MDS-associated anemia patients [16] - Breyanzi's revenue increased by 47% in Q4, driven by strong demand across its approved indications [16] - Eliquis revenue was nearly $3.5 billion in Q4, up 6%, supported by demand growth and market share gains [16] Market Data and Key Metrics Changes - The U.S. market for Eliquis saw a 4% revenue increase, contributing to its overall growth [16] - Camzyos revenue grew 57% to $353 million in Q4, benefiting from global demand growth [17] - Sotyktu's global revenue grew 3%, with upcoming PDUFA dates for psoriatic arthritis and phase III readouts for lupus and Sjögren's disease [17] Company Strategy and Development Direction - The company aims to deliver industry-leading sustainable growth into the 2030s, focusing on executing its growth strategy and advancing its pipeline [11][23] - A multi-year plan is in place to rewire the company for long-term growth, with expectations to introduce over 10 new medicines and 30 meaningful launch opportunities by 2030 [9][10] - The company is expanding the use of AI to enhance operational efficiency and reinvest strategically in growth [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth portfolio's ability to drive revenue despite anticipated declines in the legacy portfolio due to ongoing LOE impacts [12] - The company expects 2026 revenue in the range of $46-$47.5 billion, with a projected decline of 12%-16% in the legacy portfolio [12][21] - Management highlighted the importance of maintaining a strong say-to-do ratio and delivering on commitments as part of the company culture [11] Other Important Information - The company completed a targeted $10 billion debt paydown ahead of schedule and generated strong cash flow from operations of approximately $2 billion in Q4 [20] - The effective tax rate for Q4 was 22.1%, reflecting a one-time non-tax deductible in-process R&D charge related to the Orbital acquisition [19] Q&A Session Summary Question: Insights on pivotal catalysts for 2026 - Management highlighted the potential for over 10 phase III data readouts this year, with a focus on products like Milvexian and Admilparant [25][28] Question: Eliquis dynamics for 2026 - Eliquis is expected to grow 10%-15% in 2026, driven by market share gains and pricing strategy adjustments [39] Question: Business development priorities - The company is focused on deepening its presence in existing therapeutic areas while remaining opportunistic for new opportunities [37] Question: Milvexian AFib study updates - The study is progressing well, with a focus on demonstrating non-inferiority to Eliquis and potential benefits in bleeding risks [46] Question: Admilparant's hypotension risk - Management indicated that the hypotension risk is being well managed in the phase three studies, with a focus on higher dosing [89]