Bristol Myers Squibb (BMY) Q1 FY26 earnings call: guidance and Q&A

How confident is management in the key end-of-year programs (notably Milvexian), and how do these readouts shape BD strategy and deal size?

Massacesi walked through a data-rich 2026/2027 (iberdomide PDUFA Aug 17, mezigdomide SUCCESSOR-II, Milvexian AFib/SSP by year-end with unchanged confidence, Cobenfy ADEPT, admilparant IPF/PPF). Boerner said BD is a top priority unaffected by readouts; BMS has a strong late-stage pipeline, doesn't need to chase deals, is 'size agnostic' and has financial horsepower for multiple-sized deals across early, mid and late stage.

“We're size agnostic as we've been, and we certainly have the financial horsepower to go after multiple sized deals.”

asked by Asad Haider · answered by Christopher Boerner

What is the Pumitamig data cadence over 6–12 months, and where is Qvantig demand strongest vs Opdivo IV?

Massacesi described a 'replace and expand' strategy for pumitamig (PD-1xVEGF bispecific), with Phase II NSCLC front-line data at ASCO and novel internal combinations (with Iza-bren ADC, an internal inhibitor) positioning it as a potential IO backbone. Elkins said Qvantig is used across RCC, gastric and melanoma, with >10% IV-to-SC conversion in ~a year and a 30–40% conversion target over two years.

“we've now delivered over 10% conversion from IV to Qvantig in the U.S. in just over a year in the market”

asked by Geoffrey Meacham · answered by David Elkins

How would management approach subgroup analysis if Milvexian AFib doesn't cleanly hit, and is there still a commercial opportunity?

Massacesi reiterated on-track, blinded, event-driven AFib/SSP trials with DMC recommending continuation; AFib tests non-inferiority vs apixaban plus superiority for bleeding, and he expects both endpoints met. Lenkowsky sized the unmet need: ~40% of patients who should be anticoagulated are untreated/underdosed/discontinued due to bleeding concerns, giving Milvexian 'true blockbuster potential.'

“despite the highly effective drug like Eliquis roughly 40% of patients who should be anticoagulated are either untreated underdosed or the discontinued treatment”

asked by Alexandria Hammond · answered by Adam Lenkowsky

What design/patient-selection aspects increase confidence in a successful Milvexian readout?

Massacesi cited Phase II total-knee-replacement data as a good surrogate, refined dose selection landing on 100mg twice daily, and a 20,500-patient trial well-powered for a non-inferiority margin of 0.8%–1.3%, then superiority testing for major and clinically-relevant non-major bleeding (with alpha split).

“we recruited 20,500 patients. So very well powered for inferiority margin. We disclose these margins cost 0.8% to 1.3%.”

asked by Evan Seigerman · answered by Cristian Massacesi

Why add confirmed-Alzheimer's biomarker criteria to ADEPT-4, and how confident is management on mezigdomide's SUCCESSOR-1 vs POMALYST?

Massacesi said ADEPT-4's biomarker selection (plasma or imaging) reduces heterogeneity and was not driven by ADEPT-2 conduct issues, at the cost of higher screen failures. On CELMoDs, he framed SUCCESSOR-2's earlier-than-expected interim PFS as clearing a higher bar and expressed high confidence that the more-potent mezigdomide can beat REVLIMID/pomalidomide in the SUCCESSOR-1 replacement design.

“when you eat an interim PFS means that you eat a bar that is higher according to the study, what the study was designed for”

asked by Akash Tewari · answered by Cristian Massacesi

What are the key Phase II-to-Phase III risks for admilparant, and how does antifibrotic dropout shape the opportunity?

Massacesi highlighted LPA1's triple action (fibrosis, inflammation, repair), >60% improvement vs placebo in lung-function decline at 60mg BID in Phase II with a clear dose response (Phase III tests 60mg and 120mg), similar Phase II/III populations, and no safety flags (hypotension/syncope). Lenkowsky noted ~50–60% of patients discontinue current standard of care by 12 months on GI tolerability, positioning admilparant as potentially foundational and combinable.

“We have more than 60% improvement versus placebo in the lung function decline with 60-milligram BID.”

asked by Seamus Fernandez · answered by Cristian Massacesi

What is Camzyos's outlook after competitor approval, and what role do the CELMoDs play based on initial data?

Lenkowsky cited ~25,000 US Camzyos patients, high persistency, ~90% on the 5mg start dose with a single titration step, and an established 4-year REMS as competitive advantages versus aficamten's multi-step titration. On CELMoDs, iberdomide and mezigdomide are targeted to become foundational, replacing REVLIMID and POMALYST in second-line community myeloma (70–80% of patients).

“we are approaching 25,000 patients now prescribed Camzyos in the U.S. with thousands more prescribed internationally”

asked by Christopher Schott · answered by Adam Lenkowsky

Given competitor VEGF/PD-1 signals, how does management view PFS-to-OS regression for pumitamig?

Massacesi argued bispecifics deliver two mechanisms more selectively/safely than two antibodies; VEGF impacts PFS, and ASCO data will show PFS-to-OS translation. His base case: a good PFS gain plus statistically significant OS gain without a dramatic safety cost is 'good enough' to serve as a backbone for future combination regimens, and the IO component may provide OS uplift beyond historical VEGF experience.

“I don't think we can be so simply -- we can simplify so much like in the past, the VEGF inhibitors did not translate in U.S. because here, we have the IO component.”

asked by Mohit Bansal · answered by Cristian Massacesi