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PRINCETON, N.J. - Bristol Myers Squibb (NYSE:BMY), a prominent pharmaceutical company with $47.7 billion in annual revenue and currently trading near its 52-week low, announced Tuesday that its Phase 3 EXCALIBER-RRMM study of iberdomide combined with daratumumab and dexamethasone demonstrated statistically significant improvement in minimal residual disease negativity rates in patients with relapsed or refractory multiple myeloma.
The trial will continue as planned to evaluate the other dual-primary endpoint of progression-free survival and key secondary endpoints including overall survival and safety, according to a company press release. The safety profile was reported to be generally consistent with previous studies. According to InvestingPro analysis, Bristol Myers Squibb maintains strong financial health with a 74% gross profit margin and has consistently paid dividends for 55 consecutive years, demonstrating its long-term stability in drug development.
Iberdomide belongs to a novel class of medicines called cereblon E3 ligase modulators (CELMoDs), which build on Bristol Myers Squibb's experience in targeted protein degradation.
"Iberdomide represents the first of a novel class of medicines, called CELMoDs, which has the potential to create a new foundation for multiple myeloma treatment that may be combined with other therapies," said Anne Kerber, Senior Vice President, Head of Development, Hematology, Oncology and Cell Therapy at Bristol Myers Squibb.
The EXCALIBER-RRMM study is comparing iberdomide in combination with daratumumab and dexamethasone against daratumumab, bortezomib, and dexamethasone in approximately 664 patients with relapsed or refractory multiple myeloma.
Minimal residual disease negativity, one of the study's dual-primary endpoints, refers to the reduction of cancer cells to undetectable levels using highly sensitive testing methods. MRD negativity is increasingly recognized as a potential predictor of improved clinical outcomes in multiple myeloma treatment.
The company stated it plans to discuss these results with health authorities. With an EBITDA of $19.1 billion and currently trading below its InvestingPro Fair Value, Bristol Myers Squibb shows strong potential for investors. For deeper insights into BMY's valuation and 12+ additional ProTips, explore the comprehensive Pro Research Report available on InvestingPro, covering what really matters for informed investment decisions.
In other recent news, Bristol Myers Squibb has announced plans to launch its schizophrenia treatment, Cobenfy, in the United Kingdom in 2026, with pricing set to match its U.S. list price of $22,500 annually. Additionally, Bristol Myers Squibb has amended its agreement with BioNTech for the co-development of the investigational bispecific antibody BNT327, with a $1.5 billion upfront payment and potential milestone payments up to $7.6 billion. In another development, Bristol Myers Squibb and SystImmune have received Breakthrough Therapy Designation from the U.S. FDA for their experimental drug iza-bren, which targets advanced EGFR-mutant lung cancer. Meanwhile, Veeva Systems announced that Bristol Myers Squibb has committed to its Vault CRM platform, reinforcing Veeva's standing in the CRM space. Stifel has reiterated its Buy rating on Veeva Systems, maintaining a price target of $320.00, following this commitment. These developments highlight Bristol Myers Squibb's active engagement in both pharmaceutical advancements and strategic partnerships.
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