Many Readouts On Tap, But Patent Expirations Depress Growth

研报英文原文证据摘录

Many Readouts On Tap, But Patent Expirations Depress Growth

TD Cowen Pharmaceutical Industry Pulse Bristol Myers Squibb

Global Research July 2026

Bristol Myers Squibb Key Upcoming Events

Time Frame Event Type Product Event

2026 Clinical Admilparant (LPA1 Antagonist) Phase III idiopathic pulmonary fibrosis data (ALOFT-IPF)

Arlo-cel Phase II registrational 4L+ MM data (QUINTESSENTIAL)

BCMAxGPRC5D CAR-T Phase I r/r MM data

Cobenfy Phase III data (ADEPT-1/2/4) in Alzheimer's Disease psychosis

Golcadomide Phase II 1L FL data (GOLSEEK-2)

Iberdomide Phase III PFS data (EXCALIBER-RRMM) in 2L+ r/r MM

Milvexian Phase III data (LIBREXIA-STROKE) in SSP

Full Phase III data (LIBREXIA-ACS) in ACS (topline negative)

Phase III data (LIBREXIA-AF) in AF

MYK-224 Phase IIa data (AURORA-HFpEF) in HFpEF

Navlimetostat Phase I solid tumor data

Opdivo Phase III Adjuvant HCC data (CHECKMATE-9DX)

RYZ101 (225Ac SSTR2 RLT) Phase III cohort data (ACTION-1) in 2L+ SSTR2+ GEP-NET

Reblozyl Full Phase II data (CA056-015) in TD and NTD alpha-thalassemia (positive topline)

Sotyktu Phase III data (POETYK-SLE 1 & 2) in SLE

Zola-cel Phase I autoimmune disease data (Breakfree-1/2)

Regulatory Iberdomide Regulatory approval for 2L+ r/r MM (8/16/2026 PDUFA)

Source: Company data

New Products Key To EPS Recovery

Project 2026 EPS To Be Up On Easy Comparison

We estimate 2026 EPS of $6.36 (+3%) on revenue of $47.5B (-1%). We estimate GPM

to decline 3.3pp to 69.3%, SG&A to decrease 5.7%, and R&D to increase 0.2%, leading

to an Operating Margin of 35.0%. Net non-operating income is forecast to decrease

$1.4B to (-$700MM) as AZN diabetes royalty ends and Keytruda royalty steps down,

tax rate of 18.1%, and average share count to increase 9MM to 2,049MM.

Bristol Myers Squibb 2026 Guidance Versus Our Estimates