Bristol-Myers Squibb Company: Quick Thoughts on Reported AZN/BMY Talks

研报英文原文证据摘录

Bristol-Myers Squibb Company: Quick Thoughts on Reported AZN/BMY Talks

J P M O R G A N North America Equity Research

02 August 2026

Bristol-Myers Squibb Company Overweight

BMY, BMY US

Quick Thoughts on Reported AZN/BMY Talks Price (31 Jul 26):$65.31

Pharmaceuticals — Major &

The Financial Times reported that AstraZeneca (AZN, covered by Richard Vosser) Specialty

has been in talks over recent months on merging with/acquiring BMY, and we want Chris Schott, CFA AC

to provide our thoughts/context. While the headlines are a surprise/a deal appears (1-212) 622-5676

far from certain, we would note that BMY’s growth profile is more challenging in christopher.t.schott@jpmorgan.com

the near-term (with well-understood but still-significant LOEs now through 2029) Hardik Parikh, CFA

but more attractive 2030+ (as the company moves past its LOE cycle and as the (1 212) 622-2875

hardik.k.parikh@jpmorgan.com

company’s mid- to late-stage pipeline drives growth). The company also continues

Ethan Brown

to trade at a depressed valuation (~10x 2026E EPS), clearly reflecting the

(1-212) 622-4928

upcoming patent cliff but a pipeline that has yet to be fully derisked. ethan.brown@jpmchase.com

• BMY’s late- to mid-stage pipeline assets provide a pathway to returning Taylor(1-212) 622-0790Hanley

to growth post-LOEs. The company is approaching a data-rich period in 2H26 taylor.hanley@jpmchase.com

and into 2027 for several important mid- to late-stage assets that we think can

Ekaterina V Knyazkova, CFA

lead to growth late in the decade/2030s. First up is a pivotal readout for LPA1 (1-212) 622-9576

antagonist (admilparant) for idiopathic pulmonary fibrosis (IPF) later this year. ekaterina.v.knyazkova@jpmchase.com