Deucravacitinib

For the first time in a while, investors seem excited about Bristol Myers Squibb’s late-stage pipeline. Bristol Myers on Thursday flagged at least 10 potential data readouts coming this year that could lead to new approvals or label expansions for existing drugs. Analysts quickly picked up on this and fired off several questions on BMS’ earnings call, suggesting the highest level of pipeline optimism since CEO Chris Boerner took over in late 2023. And though dealmaking will still be a “top priority,” Boerner said Bristol Myers could end up being a little bit more picky on potential buyouts. “We’re in a very strong position with the late-stage pipeline — we don’t need to chase deals,” Boerner said. “That said, we’re going to continue to be looking out for opportunities.” While the executive had also flagged dealmaking as a top priority last year, the company only pulled off two small acquisitions — Orbital Therapeutics and 2seventy bio — in 2025. Bristol Myers also signed an $11 billion-plus partnership with BioNTech on a new cancer bispecific and a smaller licensing agreement with Harbour BioMed for up to $1.2 billion. Reflecting that newfound anticipation, Bristol Myers’ stock price $BMY is up more than 35% since the end of October. Shares rose about 4% Thursday morning. Boerner’s early tenure was marked by significant cost-cutting, layoffs and pipeline reorganization . He took on the task of creating a more “agile” company following his predecessor’s buyouts of Karuna, Mirati and RayzeBio, while running up against the impending patent cliffs for blockbuster drugs like Eliquis and Opdivo. But 2026 is expected to be a big pipeline year for Bristol Myers, with seven pivotal trials expected to read out for experimental drugs. Those include studies for two protein degraders and a fibrosis drug developed in-house, a blood thinner being developed with Johnson & Johnson, the lead RayzeBio drug, and a CAR-T from the Celgene acquisition of Juno Therapeutics. In addition, there are three studies for Cobenfy in Alzheimer’s-associated psychosis and two for Sotyktu in lupus that should have results before the end of the year. The excitement for the pipeline isn’t stopping this year, either. Bristol Myers is also currently planning eight pivotal trials for its BioNTech-partnered PD-1xVEGF bispecific drug pumitamig, in one of immuno-oncology’s hottest up-and-coming arenas. The first of those late-stage readouts is expected in 2028.