The bio-tech market has seen a flurry of developments involving Bristol-Myers Squibb. Positive outcomes include the approval of Bristol Myers' colorectal cancer therapy by the US FDA and promising results from clinical trials of Breyanzi. The company's shares outperformed competitors on several strong trading days. But the company also faced challenges, such as a downgraded stock recommendation, sluggish sales of some newer drugs, and a significant market cap drop. The firm reported a quarterly loss and outlined plans for a $1.5 billion cost-cutting strategy, which involves nearly 1,000 job cuts in New Jersey. However, the company is eyeing long-term growth. They expect to launch 16 new products by 2030 and expand the health equity grant initiatives. Litigation issues have caused concerns, with a judge rejecting challenges to Medicare drug-price negotiations and Sanofi, BMS ordered to pay $916M over Plavix marketing. M&A activity includes acquiring RayzeBio for $4.1 billion and Karuna Therapeutics for $14 billion. There's also an announced multi-year strategic collaboration to develop immune medicines with Repertoire, and a $380 million agreement for cell manufacturing technology with Cellares.
Bristol-Myers Squibb News Analytics from Wed, 20 Dec 2023 08:00:00 GMT to Sun, 30 Jun 2024 15:31:11 GMT -
Rating -4
- Innovation 4
- Information 1
- Rumor -4
