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Investing.com - Bristol-Myers Squibb Co. (NYSE:BMY), a prominent pharmaceutical company with a market capitalization of $97 billion and an impressive "GREAT" financial health score according to InvestingPro, announced on Friday that its Phase 3 INDEPENDENCE study of luspatercept (Reblozyl) in combination with JAK2 inhibitor for frontline myelofibrosis-associated anemia did not meet its primary endpoint.
The study failed to achieve red blood cell transfusion independence during any consecutive 12-week period starting within the first 24 weeks, with the company noting the results narrowly missed statistical significance (p=0.0674 versus placebo + JAKi).
Despite missing the primary endpoint, Bristol-Myers Squibb reported "clinically meaningful improvement" in red blood cell transfusion independence favoring Reblozyl over the placebo combination.
Secondary measures showed benefits for Reblozyl on multiple fronts, including 50% reduction in red blood cell transfusion burden, reduction by 4+ red blood cell units, and proportion of patients with hemoglobin increases of 1 g/dL while achieving 12-week red blood cell transfusion independence.
Raymond (NSE:RYMD) James maintained its Market Perform rating on Bristol-Myers Squibb following the announcement, with full data from the study expected to be presented at an upcoming medical meeting.
In other recent news, Bristol Myers Squibb announced that its Phase 3 INDEPENDENCE trial for Reblozyl in treating myelofibrosis-associated anemia did not meet its primary endpoint of red blood cell transfusion independence. Despite this, the company noted clinically meaningful improvements in transfusion independence among patients receiving Reblozyl compared to placebo. Meanwhile, Bristol Myers Squibb, in collaboration with Pfizer (NYSE:PFE), will offer a 40% discount on Eliquis for uninsured or underinsured patients through their Eliquis 360 Support program. This initiative aims to provide direct savings to patients, reflecting ongoing discussions about drug pricing in the U.S.
UBS has maintained its Neutral rating on Bristol Myers Squibb, with a price target of $52.00, ahead of the company’s second-quarter earnings report. UBS projects second-quarter sales of $3.5 billion for Eliquis and earnings per share of $1.72, excluding certain expenses. Additionally, Bristol Myers Squibb declared a quarterly dividend of $0.62 per share on its common stock, maintaining its consistent dividend payment schedule. The company also reported high response rates for its CAR T cell therapy liso-cel in patients with relapsed or refractory marginal zone lymphoma, with 95.5% achieving a response. The therapy showed a consistent safety profile with low rates of severe side effects.
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