Bristol Myers Squibb (BMS) is placing increased emphasis on early-stage research and partnerships, according to statements from its leadership at the J.P. Morgan Healthcare Conference. Chief Research Officer Robert Plenge addressed perceptions that large pharmaceutical companies are primarily focused on late-stage deals, stating, “It’s happening now. We’re doing it now,” during an interview with BioSpace. He added, “It’s the late stage [deals] that get all the attention, but it doesn’t mean that the earlier stuff isn’t happening.”
CEO Chris Boerner told conference attendees that BMS is entering a “data-rich period,” which could result in up to 10 new medicines and more than 30 significant launch periods by 2030. Boerner said, “Taken together, what emerges is a younger and more diversified portfolio that will provide an impressive foundation for sustained growth leading into 2030 and beyond.”
Plenge explained that while high-value late-stage deals attract immediate attention due to their size and reduced risk, BMS has also been active in early-stage agreements. One example cited was BMS’s collaboration with AI-drug discovery company insitro, initiated over five years ago to develop therapies for ALS and frontotemporal dementia (FTD). The original agreement included $50 million upfront and $20 million in milestones for insitro. In October 2025, BMS expanded the partnership with an additional $20 million upfront payment and up to $2 billion in potential milestones and royalties.
BMS is particularly interested in an ALS target identified through this partnership, as reflected in the updated terms of the agreement.
Another early-stage initiative highlighted by Plenge involves Harbour BioMed, a Chinese biotechnology firm working on bispecific antibodies using its Harbour Mice platform. The companies agreed to collaborate on developing new multispecific antibodies with $90 million paid upfront by BMS and up to $1.035 billion available through future milestones and other payments.
The acquisition of Karuna Therapeutics in 2023 was also mentioned as part of BMS’s broader strategy. While Cobenfy is currently drawing most of the attention, Plenge noted there is ongoing work on muscarinic receptor biology within Karuna’s pipeline: “Even though the attention is Cobenfy, there’s insight into these biological pathways, specifically muscarinic receptor biology, that we’re continuing to prosecute as well.” He added that while improvements may not be necessary immediately for Cobenfy, BMS aims to maintain its position as a leader in muscarinic biology.
The recent acquisition of Orbital Therapeutics was also cited as having strengthened BMS's cell therapy pipeline with a focus on in vivo CAR T technology.
“There’ll be things over the course of the year that may not get the attention, but they’re also going to be kind of discovery platforms or early-stage deals,” Plenge said.
Looking ahead geographically, Plenge indicated continued interest in China following the Harbour deal: “We will look for innovation wherever it emerges. And right now, China is a great place to do that,” he said.
Recent financial results showed BMS reported $12.2 billion in sales for the third quarter of 2025—exceeding analyst expectations—but faced questions regarding slow adoption rates for schizophrenia drug Cobenfy and anticipated Alzheimer’s psychosis trial outcomes.
