Biotech Values

[DewDiligence]

…whether or not BMY should be taking a 5% hit on a project that was fairly high risk to begin with is another matter…

The 5% hit today is reasonable, IMO, despite the fact that I think the Milvexian program still has potential (see below).

In AF, it will be difficult for Milvexian monotherapy to show superiority to Eliquis (the likely phase-3 trial design), but I think Milvexian’s phase-3 chances will be somewhat better in the SSP and ACS indications, where Milvexian will presumably be tested as an addend to DAPT.

From your post, it sounds as though you’ve written off the Milvexian program in its entirety. My view is that Milvexian is unlikely to be an Eliquis-magnitude blockbuster, but it could yet be a material contributor.