HSBC Adjusts Price Target on Bristol-Myers Squibb to $60 From $65

Bristol Myers Squibb's experimental pulmonary fibrosis drug admilparant met the main goal at 60 mg in a phase 3 trial but missed the target at 120 mg. The company reported topline results, with detailed data to be presented later. Both doses were well tolerated, but one death occurred in the 120 mg group. BMS shares fell about 3% in early trading.

Bristol Myers Squibb reported positive topline results from a Phase 3 trial for its investigational IPF treatment, highlighting progress in addressing the disease.

Bristol Myers Squibb's iberdomide (Zenbexus) with daratumumab and dexamethasone (ZDd) showed a 51% reduction in disease progression risk vs standard treatment in a phase 3 trial. Median PFS was 42 months with ZDd vs 20 months with DVd. The FDA approved ZDd for RRMM in August 2026 based on earlier MRD-negative CR results. Full trial results will be presented in 2026.

Bristol Myers Squibb's phase 3 ALOFT-IPF trial showed that a 60 mg dose of admilparant significantly improved lung function in idiopathic pulmonary fibrosis (IPF) patients. The 120 mg dose slowed decline but was not statistically significant. BMS plans regulatory submissions and will present detailed results later. Admilparant is also being studied for progressive pulmonary fibrosis, with results expected in 2027.

BMY reported mixed phase III trial results for admilparant in IPF, with a 60-mg dose showing statistical significance. The stock declined. Positive phase III results for RYZ101 in GEP-NETs were reported, meeting primary endpoints. BMY is reshaping its portfolio with new approvals and pipeline developments. CTNM shares dropped 36% due to uncertainty around its IPF candidate.

Takeda's zasocitinib showed superior efficacy over Bristol Myers Squibb's deucravacitinib in treating moderate to severe plaque psoriasis, with 36.5% of participants achieving complete clearance vs. 13.9%, according to a phase 3 study presented at the European Academy of Dermatology and Venerology Congress. Zasocitinib also demonstrated faster and more complete effects, with no new safety signals observed.