Biotech Values

[DewDiligence]

BMY/JNJ re BMS-986177 opportunity:

All but forgotten amid the CELG merger is the FXIa oral-anticoagulant program where BMY is partnered with JNJ in development of a compound called BMS-986177 (#msg-140083631).

It hasn’t been completely overlooked, however. Citi’s Andre Baum just upgraded BMY to Buy based largely on the potential of BMS-986177. From Barron’s:

https://www.barrons.com/articles/bristol-myers-stock-celegene-pipeline-eliquis-51578406501

Baum wrote that BMS-986177 could “expand and replace” what he says is a $17 billion market for so-called new oral anticoagulants [mainly Eliquis and Xarelto].

“We anticipate 1st approval [of BMS-986177] in 2024, shortly before the anticipated [loss of exclusivity] for Eliquis,” Baum wrote. “We regard our $1 billion risk-adjusted sales estimate as highly conservative.”

Eliquis loses exclusivity in the US and most major markets in 2026* (#msg-149837229).

*BMS/PFE have settled patent litigation with MYL and some other generic-Eliquis filers, although litigation with other patent challengers continues.