AstraZeneca/BMS: Key issues regarding the press reports

Research evidence excerpt

AstraZeneca/BMS: Key issues regarding the press reports

3 August 2026

AstraZeneca/BMS EquitiesPharmaceuticals

Key issues regarding the press reports Global

◆ Press reports over the weekend indicated AstraZeneca and Rajesh Kumar*

BMS have been in “talks to combine” Senior Global Life Sciences & Healthcare Analyst

HSBC Bank plc

rajesh4kumar@hsbcib.com

◆ The companies have not commented; there would be key +44 20 7991 1629

challenges (strategic and regulatory) for a deal Morten Herholdt*

Global Life Sciences & Healthcare Analyst

◆ We continue to rate AstraZeneca and BMS Hold with morten.herholdt@hsbc.com

unchanged TPs + 44 20 7992 4082

Akshata Agarwal*

Associate

The news: An FT article (2 August 2026) states that Astrazeneca is in talks with Bangalore

Bristol Myers Squibb “to combine…according to people familiar with the matter”. The

article further adds “The talks could yield a deal in the near future but may be delayed * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

or fall apart, the people said”. Neither company has commented on the report.

HSBC view – key issues: We are unclear on the basis of this news article. The

reported “strategic rationale” for a deal is that it would improve AstraZeneca’s US

footprint in a material manner. Further, there could be synergies in combining the

oncology and cardiovascular portfolios.

The first challenge is likely to be around the anti-trust issues, in oncology and, to a

lesser extent, in cardiology. Both BMS and AstraZeneca are leading companies in the

immuno-oncology space with competing assets and pipelines in the space. The

combined scale, rebate wall and pipeline (which seems to be aligned with different