BMY: CELMoD Franchise Underappreciated Ahead of Iberdomide PDUFA

Research evidence excerpt

BMY: CELMoD Franchise Underappreciated Ahead of Iberdomide PDUFA

RBC Capital Markets, LLC

Trung Huynh (Analyst)

(415) 212-0012, trung.huynh@rbccm.com

Justin Burns, CFA (Vice President)

(415) 445-8668, justin.burns@rbccm.com

June 29, 2026 Sector Perform

NYSE: BMY; USD 57.52 Bristol-Myers Squibb Company Price Target USD 60.00RESEARCH CELMoD Franchise Underappreciated Ahead of Scenario Analysis*

Iberdomide PDUFA Downside Current Price Upside

Our view: On Friday, we spoke with Filip Odqvist, VP, Head of the U.S. Scenario Price Target Scenario

CELMoD Commercial Team. The discussion reinforced our conviction that 50.00 57.52 60.00 70.00

the CELMoD franchise remains materially underappreciated by consensus. 9% 9% 26%

Management are confident in the Iber approval decision this August *Implied Total Returns

and emphasized that CELMoDs are designed to replace Revlimid and Key Statistics

Shares O/S (MM): 2,047.0 Market Cap (MM): 117,743EQUITY Pomalyst based triplets in 2L/3L RRMM, targeting a combined addressable Dividend: 2.52 Yield: 4.4%

market that represents the majority of second-line patients. The Mezi Avg. Daily Volume: 12,478,811

SUCCESSOR-2 data supports a near-term filing without waiting for

SUCCESSOR-1. We continue to view the CELMoDs as a meaningful near- RBC Estimates

term catalyst not fully captured by the market. FY Dec 2025A 2026E 2027E 2028E Revenue 48,193.8 47,303.7 46,091.3 41,480.6

Key points: EPS, Ops Diluted 6.15 6.29 6.08 5.51 P/E 9.3x 9.2x 9.5x 10.4x

Iberdomide: Potential for First MRD-Based Approval in MM

• Iberdomide-dara-dex targets DPd, DRd, and DKd regimens in 2L patients Revenue Q1 Q2 Q3 Q4 2025 11,201.0A 12,269.3A 12,221.8A 12,501.7A who are largely daratumumab-naïve or lightly exposed (~50-70% of 2L 2026 11,489.0A 11,477.4E 11,978.4E 12,359.0E