Hengrui Deal Expands BMY's Clinical Port, but Near-Term Readouts Drive Narrative

Research evidence excerpt

Hengrui Deal Expands BMY's Clinical Port, but Near-Term Readouts Drive Narrative

May 12, 2026 | 10:08 ET~

Bristol-Myers Squibb

BMY-NYSE Rating Price: May-11 Target Total Rtn BioPharma

Market Perform $55.67 $60.00 12%

Evan David Seigerman Analyst

evan.seigerman@bmo.com (212) 444-4328

Malcolm Hoffman, CFA VP Associate

Hengrui Deal Expands BMY's Clinical Port, but Near- malcolm.hoffman@bmo.com (646) 438-2627

Conor MacKay VP AssociateTerm Readouts Drive Narrative

conor.mackay@bmo.com (347) 988-4235

Bottom Line: Legal Entity: BMO Capital Markets Corp.

Bristol and Hengrui Pharma deal to develop early-stage assets across therapeutic

2YR Price Volume Chart

areas provides additional potential revenue opportunities beyond key LOEs. 70

Bristol announced a strategic collaboration and license agreement with Hengrui 65

Pharma. Under the agreement, both companies will develop a portfolio comprised of 13 6055

early-stage assets across hematology, immunology, and oncology (four assets are from 50 7060

Bristol, four from Hengrui, and five to be co-discovered/developed). At a potential 45 5040

total deal-value of up to ~15.2B, today's deal could take steps to address Bristol's 40 2010

upcoming LOEs, but more work needs to be done. 35 Nov May Nov May 0

LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Key Points Company Data in $

Dividend $2.52 Shares O/S (mm) 2,042.1While specific assets and indications were not disclosed, Bristol's Hengrui

deal adds four additional assets to Bristol's pipeline in the near term, and a Yield 4.5% Market Cap (mm) $113,682

potential five additional assets to follow. Bristol will be entitled to exclusive ex- Net Debt (mm) $2,419 AD Vol. (mm) 8.39

China commercialization rights to Hengrui-originated assets for which Hengrui will be BMO Estimates in $