Hold Rating Maintained for Bristol-Myers Squibb Amid Uncertainty in CELMoD Franchise Developments

Matt Phipps’s rating is based on a combination of factors surrounding Bristol-Myers Squibb’s recent developments in their CELMoD franchise. The interim analysis of the Phase III EXCALIBER-RRMM study showed promising results with iberdomide achieving significant improvement in minimal residual disease negativity rates. However, the trial is still ongoing, and the crucial progression-free survival data is not expected until 2026, leaving some uncertainty about the long-term success of the treatment.
While the initial results are encouraging, the full potential of the CELMoD franchise will be clearer once head-to-head trials against existing treatments like Revlimid and Pomalyst are completed. These trials are essential for the strategic transition of the company’s IMiD drugs, especially as they face generic competition. The decision to use the lowest dose of iberdomide in the study’s second stage suggests potential concerns about toxicity at higher doses, adding another layer of caution to the outlook. Therefore, Phipps maintains a Hold rating as he awaits more definitive data and clarity on the competitive positioning of the CELMoD franchise.

Phipps covers the Healthcare sector, focusing on stocks such as Upstream Bio, Inc., Amgen, and Bristol-Myers Squibb. According to TipRanks, Phipps has an average return of -4.6% and a 40.00% success rate on recommended stocks.

In another report released on September 11, BMO Capital also maintained a Hold rating on the stock with a $47.00 price target.