Bristol Myers Squibb Co (BMY) Options

BMY, new 52=high

Schizo drug approval coming?
Deep Pipeline.
$BMY

Keeping an eye on this one, looking for a repeat. Bought on 7/9, sold 8/9 for a 15.96% gain.
Record date is 10/4, looking at $50.00 9/27 Options to get me in on time. Divvy is $0.60
Will see what develops.

BMY range bound

easy mOnAAy BMY

safest buy in market right now at $39-$42

other safe bets

PFE CSCO SLB BP CAG HRL CPB

Boom

RNAZ Buyout coming….

AZN pays BMY/Ono Pharma $510M to_settle_all_patent_litigation_regarding Imjudo/Imfinzi:

https://www.fiercepharma.com/pharma/bristol-myers-astrazeneca-settle-pd-1-ctla-4-cancer-immunotherapy-patent-suits-510m

BMY 2Q23 CC transcript:

https://www.fool.com/earnings/call-transcripts/2023/07/27/bristol-myers-squibb-bmy-q2-2023-earnings-call-tra

BMY reports 2Q23 results—cuts 2023 non-GAAP EPS guidance:

PR:
https://s21.q4cdn.com/104148044/files/doc_financials/quarterly_reports/2023/BMY-Q22023-Earnings-Press-Release.pdf

CC slides:
https://s21.q4cdn.com/104148044/files/doc_presentations/2023/BMY-2023-Q2-Results-Investor-Presentation-Appendix.pdf


2023 non-GAAP EPS guidance is now $7.35-7.65, down $0.60 from the prior range of $7.95-8.25. The new guidance represents a 4% YoY decline at the midpoint of the range. The reason for the cut is lower expected sales of Revlimid (now generic) and Pomalyst (soon to be generic).

Opdivo monotherapy—>statsig OS/PFS as_addend_to_cisplatin_in first-line bladder cancer:

https://finance.yahoo.com/news/opdivo-nivolumab-combination-cisplatin-based-105900450.html

The trial in question is a 600-patient sub-study of CHECKMATE-901, which is now complete. (The other part of CHECKMATE-901, which compares Opdivo/Yervoy vs chemo, is ongoing.) The trial had no requirement for PD-L1 expression.

Today’s PR does not contain a hazard ratio or any other detailed results; those data will be presented at an unspecified medical conference.

Opdivo for bladder cancer is already FDA-approved in the adjuvant (#msg-165546303) and second-line (#msg-128386168) settings. Approval in the first-line (unresectable or metastatic) setting would give Opdivo across-the-board coverage for bladder cancer.

BMY opts-in for worldwide rights_to PRTA’s anti-tau compound, PRX005:

https://www.businesswire.com/news/home/20230710599297/en

PRTA reported phase-1 data for PRX005 in Alzheimer’s disease in Jan 2023 (#msg-171085895).

BMY opted in for the US rights to PRX005 in 2021 (#msg-164573926), which resulted in an $80M milestone payment to PRTA. Today’s opt-in for the ex-US rights generates an additional $55M payment to PRTA.

This collaboration, which BMY inherited from CELG (#msg-139431013), potentially includes two drug candidates in addition to PRX005 (one targeting TDP-43 and one with an undisclosed target), but BMY has as yet opted in only for PRX005 and has shown no interest in the other two candidates, as far as I know.

GERN submits Imetelstat NDA for treatment of transfusion-dependent anemia in adult patients with low-to-intermediate-1 risk myelodysplastic syndromes:

https://www.businesswire.com/news/home/20230620336071/en

This is an indication where BMY is seeking FDA approval for Reblozyl and where Reblozyl is already approved in the EU.

BMY sues US government regarding IRA:

https://www.bms.com/impact-of-the-inflation-reduction-act-on-innovative-medicines-for-patients.html

The arguments are very similar to MRK’s IRA lawsuit (#msg-172068691). It seems pretty likely that these lawsuits will eventually be consolidated.

BMY’s ASCO slide set:

https://s21.q4cdn.com/104148044/files/doc_presentations/2023/bmy-asco-investor-presentation.pdf

These are the slides that accompanied BMY’s investor webcast today.

Opdivo bests Adcetris in first-line-HL PFS—immature_OS_data_trending_in_favor_of_Opdivo:

https://www.fiercepharma.com/pharma/seagens-top-selling-drug-under-threat-bristol-myers-opdivo-beats-adcetris-lymphoma Compared with Adcetris, Bristol Myers Squibb’s Opdivo significantly reduced the risk of cancer progression or death by 52% [i.e. the HR for PFS was 0.48—Dew] in adults and children with newly diagnosed stage 3 or 4 classical Hodgkin lymphoma, according to phase 3 data unveiled at the 2023 American Society of Clinical Oncology annual meeting. Both drugs were used on top of the AVD regimen of chemotherapy.

The collaborative group-conducted trial, coded SWOG S1826, randomized nearly 1,000 patients. The results point to Opdivo-AVD as “a new standard of care that is better tolerated and results in a higher proportion of patients with durable remissions” than Adcetris-AVD, Oreofe Odejide, M.D., from the Dana-Farber Cancer Institute and an invited ASCO expert, said in a statement.

…Opdivo is currently only allowed in HL following Adcetris treatment thanks to an FDA accelerated approval in 2016. The new SWOG trial will support an FDA filing for Opdivo in front-line treatment, Herrera told Fierce Pharma in an interview. It could also help Bristol Myers turn the original conditional nod into a full approval.

…The Opdivo regimen has yet to show a significant patient survival benefit. By the data cutoff, 11 (2.2%) deaths happened in the Adcetris arm, compared with four (0.8%) for Opdivo. It will take a few years for the OS data from this trial to reach maturity.

Repotrectinib NDA has 11/27/23 PDUFA date—(with FDA priority review):

https://finance.yahoo.com/news/u-food-drug-administration-accepts-105900511.html

The indication is locally advanced or metastatic ROS1-positive NSCLC.

CHMP approves Opdivo/chemo in neoadjuvant NSCLC:

https://www.businesswire.com/news/home/20230525005752/en

Milvexian—>FDA Fast Track designation for_all_indications:

https://finance.yahoo.com/news/milvexian-granted-u-fda-fast-105900364.html

The three indications BMY is pursuing in phase-3 are: secondary stroke prevention; ACS; and primary stroke prevention in patients with AF.

BMY’s BMS-986278 for IPF will advance to phase-3:

https://www.businesswire.com/news/home/20230519005266/en

IMMP +65% on interim (single-arm) phase-2 data for LAG-3 drug with Keytruda in NSCLC:

https://finance.yahoo.com/news/immutep-efti-combination-pembrolizumab-achieves-120000596.html

IMMP’s eftilagimod alpha is a LAG-3 protein that targets the same biologic pathway as BMY’s relatlimab, one of the component drugs (along with Opdivo) in Opdulag.

BMY’s Opdulag, which was FDA approved in Mar 2022 for first-line melanoma, is already selling at an annualized rate of $500M in the US alone (#msg-171784010).

Please see #msg-168259768 for related info.

BMY’s ASCO/EHA/ICML lineup:

https://www.businesswire.com/news/home/20230510006079/en

$3.4M insider sale yesterday by BMY’s CSO, Rupert Vessey:

https://www.sec.gov/Archives/edgar/data/14272/000001427223000114/xslF345X04/wf-form4_168323704827586.xml

Unless Vessey is buying a house, a sale of this size at this price level is somewhat concerning.

BMY 1Q23 CC transcript:

https://finance.yahoo.com/news/q1-2023-bristol-myers-squibb-042637576.html

BMY 1Q23 results…

PR:
https://news.bms.com/news/corporate-financial/2023/Bristol-Myers-Squibb-Reports-First-Quarter-Financial-Results-for-2023/default.aspx

CC slides:
https://s21.q4cdn.com/104148044/files/doc_presentations/2023/BMY-2023-Q1-Results-Presentation-Appendix.pdf

2023 non-GAAP EPS guidance remains $7.95-8.25, +4% YoY at the midpoint of the range.

BMY’s CCO, Christopher Boerner—>CEO effective 11/1/23:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000014272/000114036123020605/brhc20052030_8k.htm

CEO, Giovanni Caforio will become Executive Chairman on 11/1/23. Between now and 11/1/23, Boerner will have the title of COO.

CHMP approves Camzyos:

https://finance.yahoo.com/news/bristol-myers-squibb-receives-positive-184200509.html

CHMP approves Breyanzi in second-line LBCL:

https://www.businesswire.com/news/home/20230330005697/en

FDA approval in this indication came in Jun 2022 (#msg-169240243).

BMY, EVO extend/expand neurodegeneration collaboration:

https://www.accesswire.com/viewarticle.aspx?id=746175&lang=en

The collaboration now runs for another eight years, and EVO receives an additional $50M in up-front cash.

Note that BMY and EVO are also collaborating in protein degradation (#msg-168811996).

EC approves Sotyktu for psoriasis:

https://finance.yahoo.com/news/bristol-myers-squibb-receives-european-105900011.html

Essentially same label as FDA’s.

TAK-279 vs Sotyktu (from biopharmadive.com): #msg-171480207.

BMY will not launch Opdualag in Germany due to pricing constraints on FDC (combination) drugs:

https://endpts.com/bristol-myers-axes-german-launch-of-new-cancer-drug-citing-pricing-hurdles/

BMY/JNJ unveil_phase-3_program_for Milvexian—50,000 patients_across_three_ trials_in secondary stoke prevention, ACS, and AF/primary stroke prevention:

https://www.businesswire.com/news/home/20230228006466/en Enrollment has begun for the Librexia STROKE trial, which is evaluating milvexian in addition to standard of care antiplatelet therapy for stroke prevention in patients after an acute ischemic stroke or high-risk transient ischemic attack. The Librexia ACS trial, which will evaluate event reduction in acute coronary syndromes in addition to standard of care antiplatelet therapy, and the Librexia AF trial, which will investigate milvexian compared to apixaban [Eliquis] in the prevention of stroke in patients with atrial fibrillation, will also initiate during the first half of 2023. Milvexian is an oral FXIa inhibitor. The phase-3 trial in secondary stroke prevention is at: https://www.clinicaltrials.gov/ct2/show/NCT05702034 .

The commercial impetus for the Milvexian program is to supersede Eliquis (BMY) and Xarelto (JNJ) when those drugs go off-patent or become subject to Medicare price-setting. The competition for Milvexian is Bayer’s Asundexian, another oral FXIa inhibitor that started a somewhat less aggressive phase-3 program (#msg-169841711) that does not have a trial for ACS.

Opdivo PDUFA date for adjuvant melanoma—>10/13/23:

https://finance.yahoo.com/news/u-food-drug-administration-accepts-115900042.html

The corresponding MAA has been validated by the EMA, starting the review clock.

The sBLA and MAA are based on the CHECKMATE-076 study, which showed HR=0.42 for the primary RFS endpoint (#msg-170239823).

BMY’s ACC lineup:

https://www.businesswire.com/news/home/20230224005299/en

BMY/TVST report Abecma data from phase-3 KarMMa-3 study:

https://www.businesswire.com/news/home/20230209005647/en At a median follow up of 18.6 months, treatment with Abecma (n=254) demonstrated a clinically meaningful and statistically significant improvement in the primary endpoint of progression-free survival (PFS) compared with standard regimens (n=132), with a median PFS of 13.3 months (95% CI: 11.8-16.1) vs. 4.4 months (95% CI: 3.4-5.9), respectively (HR:0.49; p<0.0001).Abecnma is currently FDA-approved for fifth-line MM; the results above should enable a label expansion into the third-line setting.

BMY -2.5% today—possible reason is that the CEO just sold $18M worth of stock—approximately half his holding—(the Form-4 filing hit the wires last night after the close):

https://www.sec.gov/Archives/edgar/data/14272/000001427223000044/xslF345X03/wf-form4_167590496019590.xml

It's hard to interpret a transaction of this size as non-bearish. I wonder if Giovanni Caforio is planning to retire in the next 12-18 months.

Bayer enrolls first phase-3 patients for FXIa inhibitor, Asundexian:

https://www.businesswire.com/news/home/20230208005322/en
• The OCEANIC program will investigate the efficacy and safety of asundexian (BAY2433334) in the prevention of stroke in patients with atrial fibrillation and also patients with a non-cardioembolic ischemic stroke or high-risk transient ischemic attack (TIA)
2
• OCEANIC-AF and OCEANIC-STROKE are expected to enroll more than 27,000 patients in over 40 countries Bayer’s competition in this arena is BMY/JNJ’s Milvexian (#msg-169818942, #msg-169841711), which is awaiting the start of phase-3.

BMY 4Q22 CC transcript:

https://www.fool.com/earnings/call-transcripts/2023/02/02/bristol-myers-squibb-bmy-q4-2022-earnings-call-tra/

BMY’s Sotyktu patients are coming approximately 1/3 from treatment-naïve, 1/3 for Otezla switches, and 1/3 from biologic switches. (Source: 4Q22 CC.)

BMY 4Q22 CC slides:

https://s21.q4cdn.com/104148044/files/doc_presentations/2022/BMY-Q4-2022-Results-Presentation-with-Appendix.pdf

BMY 4Q22 results—2023 guidance:

https://news.bms.com/news/corporate-financial/2023/Bristol-Myers-Squibb-Reports-Fourth-Quarter-and-Full-Year-Financial-Results-for-2022/default.aspx

2023 non-GAAP EPS guidance is $7.95-8.25; at the midpoint of the range, this is a 4% increase relative to 2022’s non-GAAP EPS of $7.70.

CHMP approves BMY’s Sotyktu for psoriasis:

https://www.businesswire.com/news/home/20230125005858/en

Addendum—Breyanzi is the first CAR-T to show efficacy in CLL, as far as I know. rrCLL is a large market; if Breyanzi’s complete-response rate after, say, 5 years is as high as 15-20%, this indication could be a meaningful commercial contributor.

Breyanzi, which is currently approved for various forms of relapsed NHL, has annualized sales of under $200M.

BMY’s Breyanzi meets primary endpoint in rrCLL/SLL single-arm trial:

https://finance.yahoo.com/news/bristol-myers-squibb-announces-transcend-115900140.html Bristol Myers Squibb today announced topline results from TRANSCEND CLL 004, a Phase 1/2, open-label, single-arm, multicenter study evaluating Breyanzi (lisocabtagene maraleucel) in adults with relapsed or refractory (R/R) chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL). Results from TRANSCEND CLL 004 showed the study met the primary endpoint of complete response rate compared to historical control in the prespecified subset of patients with R/R CLL that was refractory to a BTK inhibitor and pretreated with a BCL-2 inhibitor. The trial listing is at:
https://www.clinicaltrials.gov/ct2/show/NCT03331198

BMY’s JPM webcast slides:

https://www.sec.gov/Archives/edgar/data/14272/000114036123000970/brhc10046308_99-1.htm

BMY’s Breyanzi continues to show robust results in second-line LBCL after longer follow-up:

https://www.fiercepharma.com/pharma/bristol-myers-bolsters-breyanzis-earlier-lymphoma-case-elevated-car-t-fight-against-gilead-0

Data from the same trial presented one year ago (at ASH 2021) are in #msg-164317285.

BMY’s ASH presentations:

https://finance.yahoo.com/news/bristol-myers-squibb-announces-first-115900939.html

BMY boosts annualized dividend to $2.28—(from $2.16):

https://finance.yahoo.com/news/bristol-myers-squibb-announces-dividend-211600245.html

At the current share price ($79.88), the new annualized payout is a yield of 2.9%.