Bristol Myers Squibb reported on July 30 that it exceeded expectations for both revenue and earnings per share in the second quarter, but these results were tempered by further delays in key clinical trial data for its neuropsychology drug Cobenfy.
The company announced $12.97 billion in second-quarter revenue, surpassing the consensus estimate of $11.73 billion and marking a 5% increase from the same period last year. Earnings per share reached $2.04, which is 28% above consensus estimates of $1.60. As a result, Bristol Myers Squibb raised its annual revenue guidance by 6% to a midpoint of $49.5 billion and increased EPS expectations by 11% to $6.88.
However, Bristol Myers Squibb said it has postponed Phase 3 topline readouts for two drugs: Cobenfy under the ADEPT program for Alzheimer’s disease psychosis and milvexian, an investigational oral Factor XIa inhibitor developed with Johnson & Johnson. CEO Chris Boerner said on an earnings call that enrollment challenges have affected the ADEPT-2 and ADEPT-4 studies, while relapse events have been slower than expected in ADEPT-1.
“We now anticipate top-line data readouts from the ADEPT program to begin in early 2027 and be spread across the year, with the potential interim analysis for ADEPT-1 later this year,” Boerner said during the call. He added that open-label safety and efficacy data from ongoing studies would be shared later this year.
Cobenfy was acquired as part of Bristol Myers Squibb’s $14 billion purchase of Karuna Therapeutics in 2024. The company previously delayed one trial after reopening enrollment due to “irregularities” at certain study sites but did not specify details about those issues at that time.
Boerner also addressed questions about broader trial conduct concerns following last year's early discontinuation of another Phase 3 milvexian study after an independent committee found it unlikely to meet efficacy goals, “It’s impossible to have 100% the probability of success in any of the registrational studies.”
Looking ahead, Bristol Myers Squibb cited sales growth from products including Orencia, Reblozyl, Camzyos, Opdivo infusions, Revlimid, and Eliquis as drivers behind its commercial performance this quarter. Despite missing sales expectations for Cobenfy by about four percent at $63 million, Chief Commercial Officer Adam Lenkowsky said efforts are underway to improve new patient starts and repeat prescribing.
