BRISTOL-MYERS SQUIBB CO earnings calls

admilparant dose results confidence

Q (Michael Yee · UBS): Analyst asked about confidence in the 120 mg high dose and whether both 60 mg and 120 mg doses will complete the package.

A: Management said the Phase 3 met the primary endpoint at 60 mg with significant FVC improvement and reported excellent safety and tolerability for both doses. They noted the 120 mg dose showed improvement but it was not statistically significant and that they continue to analyze the data and will discuss with regulators.

admilparant overall view and next steps

Q (Cristian Massacesi): Analyst asked for comments on the admilparant results and the mixed 120 mg findings and whether the program remains viable.

A: Management said they are pleased with positive topline results and believe the drug could be first-in-class LPA1 antagonist in a hard-to-treat area. They confirmed both 60 mg and 120 mg were tested in Phase 3, preclinical work showed target coverage for both, and they will continue analysis and present data at medical meetings.

Symvexis early launch feedback

Q (Alexandria Hammond · Wolfe): Analyst asked what early weeks of the Symvexis launch look like and what physician feedback and uptake patterns are.

A: Management said launch is early but adoption in the first few weeks has been pleasing and physician feedback is positive. They cited MRD strength, simplicity of use, and uptake in both community and hospital settings, and expect most use in the community.

"We are pleased with the adoption that we are seeing over the first few weeks on the market, and physician feedback has been positive." — Adam Lenkowsky

Milvexian stroke study confidence

Q (Seamus Fernandez · Guggenheim): Analyst asked what the market may be missing from recent Phase III readouts and how confident management is Milvexian (SSP) can succeed given baseline characteristics and randomization window concerns.

A: Management said 2026 has produced a strong flow of positive readouts and that careful trial design and scrutiny helped mitigate risks. For SSP they said the study was based on a solid Phase 2 showing 30 percent risk reduction and that their chosen randomization window was selected to provide the best efficacy; they are looking forward to the SSP data.

"This study was designed based on a very solid phase 2 trial. That we run showing 30 percent risk reduction in strokes." — Cristian Massacesi

admilparant commercial potential and endpoints

Q (Akash Tewari · Jeff): Analyst asked how admilparant compares to others in IPF, whether it could be a top product, and if it showed time-to-event or mortality benefit.

A: Management said there remains significant need for well-tolerated, disease-modifying therapies in IPF and PPF, and safety/tolerability will be a key differentiator for admilparant. They highlighted positive FVC impact and similar discontinuation rates to placebo, and said they expect the market to grow with potential for a large second-line switch/add-on market.

"We know that safety and tolerability will be a key area of differentiation for admilparant." — Adam Lenkowsky

ADEPT trial timelines and readouts

Q (Matt Phipps · William Blair): Analyst asked for enrollment progress, site remediation, and whether ADEPT-1, 2, and 4 readouts will coincide or be staggered.

A: Management said everything is tracking to guidance and they may have an interim analysis for ADEPT-1 later this year. They expect top-line readouts across the ADEPT program throughout 2027, with some readouts possibly coinciding and others staggered, and will present open-label data at an upcoming CTAD meeting.

"We have a potential interim analysis for ADEPT-1 later this year. And we anticipate the top line results readouts for all the ADEPT program throughout 2027." — Cristian Massacesi

small cell lung cancer studies relevance

Q (Carter Gould · Carter): Analyst asked about confidence in small cell lung cancer studies and relevance after Bayer frontline data and whether strategy will change.

A: Management said the ESMO data are impressive and welcome, and their registrational studies will help benchmark novel mechanisms like Biogen's ASO. They noted ongoing combinations with their agents and that the space will need multiple therapies and combinations over time.

"But, I think, these are studies that allow us first of all, to benchmark the activity of a novel mechanism of action like Biogen's ASO, in this space." — Cristian Massacesi

AFib readout communication details

Q (Courtney Breen · Bernstein): Analyst asked whether the Q1 AFib readout will include numerical details in the press release or only a positive/negative result.

A: Management said they will work to give an accurate view of the study outcome in the initial press release and recognize that providing specifics will be important, but they must balance that with presenting the data fully later at a medical conference. They will coordinate with their partner to strike that balance.

"We are gonna work to give an accurate view of the outcome of the study and a view that allows you to get a sense of the opportunity that we have with AFib." — Christopher S. Boerner (CEO·CHAIR)

IPF add-on use and 2027 outlook

Q (Christopher Schott · JPMorgan): Analyst asked whether additional studies are needed for add-on use of admilparant and about near-term business pushes/pulls for 2027 and beyond.

A: Management said the study had equal distribution of monotherapy and add-on, and they will not comment on subgroup outcomes until data presentation. They reiterated market expansion expectations and discussed portfolio performance, expected Eliquis LOE step-down, and productivity initiatives to manage the business into 2027.

"The study that we run, as you know, has an equal distribution of monotherapy and add-on treatments." — Cristian Massacesi

BD strategy and AI adoption

Q (Asad Haider · Goldman Sachs): Analyst asked about updated BD preferences (stage, area, deal size) and progress embedding AI across R&D with partners like Anthropic and NVIDIA.

A: Management said BD remains a top capital allocation priority and they will focus on opportunities that make scientific and strategic sense and create shareholder value, regardless of deal size. On AI they are embedding tools across the company with specific targets (for example reducing drug testing timelines) and are making concrete progress in research and development to accelerate discovery and predict outcomes.

"BD continues, as we have said, consistently to be a top allocation priority." — Christopher S. Boerner (CEO·CHAIR)

Cobenfy growth constraints

Q (Mohit Bansal · Wells Fargo): Analyst asked why Cobenfy growth is modest versus expectations and what constraints exist; will Alzheimer's be different.

A: Management said Cobenfy grew 30% year over year but net sales were affected by inventory normalization from a Q2 build. They cited constraints: need to accelerate new patient starts, improve repeat prescribing, and ensure rapid titration to the effective 125 mg dose with antiemetic support; for Alzheimer's the market and care settings differ and safety in elderly patients is especially important.

"We need to accelerate new patient starts. We need to improve repeat prescribing." — Adam Lenkowsky

RAISE 101 regulatory and commercial view

Q (David Amsellem · Piper Sandler): Analyst asked about regulatory path after the RAISE 101 interim PFS readout and the market opportunity for GEP-NETs and beyond.

A: Management said the positive interim PFS in SSTR2-positive GEP-NETs validates their actinium radioligand approach and they have started interacting with regulators. They noted GEP-NETs are rare (about 18 thousand U.S. diagnoses annually) with a modest commercial opportunity after Lutathera but view RAISE 101 as an IND engine to expand radiopharmaceutical programs.

"First, alpha actinium based radioligands are working post lutetium and potentially can work instead of lutetium." — Cristian Massacesi

Qvantig conversion progress and priority

Q (Geoffrey Meacham · Citibank): Analyst asked how far conversion from IV to Qvantig SC has progressed and how Qvantig ranks versus other oncology priorities.

A: Management said they have converted roughly 17% of IV to subcutaneous Qvantig to date and see uptake across multiple tumors and indications, with patients and practices preferring the quick SC injection. They are tracking toward their target conversion of 30% to 40% and view Qvantig as an important differentiated oncology medicine among several platform priorities.

"We have now converted roughly 17% of IV to subcu launch to date." — Adam Lenkowsky

Zolacel safety pause and path forward

Q (RBC): Analyst asked about the patient death in the Phase 1 autoimmune CAR T trial, the relationship to the June pause, and the path forward and risk/benefit for CAR T in autoimmune disease.

A: Management said they remain excited about Zolacel based on 190 Phase 1 patients with a compelling safety and efficacy profile and meaningful benefit for severe autoimmune patients. They paused voluntarily to review data, identified a root cause related to a reagent selection/activation change which they have corrected, are working with authorities to restart, and noted the single Grade 5 septic pneumonia was the only such event in the program.

"We truly remain excited about Zolacel program because when we look at the totality of our data, we had 1 hundred and 90 patients treated in Phase 1." — Cristian Massacesi

BD spending versus peers explanation

Q (Evan Seigerman · BMO): Analyst asked why BD spend is lower than some peers — valuation discipline, confidence in pipeline, or ability to grow the portfolio to cover LOE.

A: Management reiterated BD is a top capital allocation priority and they are active in the space, seeking deals that make scientific and strategic sense and create shareholder value; they have capacity to engage when opportunities meet their criteria. They closed the call by restating strong performance, diversified growth, pipeline progress, and financial discipline.