Bristol-Myers Squibb: Nice catalyst path ahead – deep analyses shows favorable milvexian + IPF + Adept risk/reward too – Maintain Buy with new $80 PT

Research evidence excerpt

Bristol-Myers Squibb: Nice catalyst path ahead – deep analyses shows favorable milvexian + IPF + Adept risk/reward too – Maintain Buy with new $80 PT

Figure 1: Illustrative timing analysis indicates the push to Q1:27 implies a stroke

HRSource:at UBSor belowEstimatesthe& Research.cut-off needed for stat sig of 1.13Illustrative

2- ADEPT studies are now being pushed out to 2027 and this was also expected

especially given ADEPT-2 needed to re-enroll new patients as they are fixing up the trial

sites that had some issues (see our note here on the issues disclosed at some of the

Miami sites). So ADEPT-2 & 4 are in 2027 and likely ADEPT-1 too which is the relapse

prevention study, though the co says there might be an INTERIM for this one by YE or

early 2027. ADEPT-4 also requires patients to be biomarker positive for Alzheimer's so

enrollment might be slower due to higher screen failures too… as for ADEPT-1, co says

events are accruing slower than anticipated (ie pts are all enrolled into the lead in and

get drug and then responders are re-randomized to pbo or drug and so relapse events

are happening slower and this could be due to either not enough responders to begin

with but also could be a drug effect and pts aren't relapsing fast enough)… We will get

data though from the ADEPT-1 "lead in" period either at a medical meeting or some sort

of forum later this year and we will know % responders to get a better sense on the

interim topline coming after that -- if it's a medical meeting could be CTAD which is Nov

16-19 so possible and feasible in our view.

3 - IPF readout coming in Q4 and we estimate October/November time frame

based on a 52 week endpoint and ct.gov enrollment/PCD timing. We think the