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Bristol Myers Squibb reports positive results for psoriatic arthritis drug
PRINCETON, N.J. - Bristol Myers Squibb (NYSE:BMY), a prominent player in the pharmaceuticals industry with annual revenue of $47.64 billion and a market capitalization of $101.69 billion, announced Wednesday that its oral medication Sotyktu (deucravacitinib) demonstrated significant efficacy in treating adults with active psoriatic arthritis in a Phase 3 clinical trial. According to InvestingPro data, the company maintains a robust gross profit margin of 74.69%, reflecting its strong operational efficiency in drug development and commercialization.
In the POETYK PsA-1 trial, 54.2% of patients receiving Sotyktu achieved at least a 20% improvement in disease symptoms (ACR20) at Week 16, compared to 34.1% for those on placebo. The difference was statistically significant with a p-value of less than 0.0001.
The trial evaluated Sotyktu in patients who had not previously received biologic disease-modifying antirheumatic drugs. Patients treated with Sotyktu showed improvements across multiple measures, including skin symptoms, disease activity, and quality of life indicators.
The company also presented new data from the POETYK PsA-2 trial showing that clinical responses continued to improve through Week 52 for patients receiving continuous Sotyktu treatment. At Week 52, 62.2% of these patients achieved ACR20 response.
"Improvements in joint and skin symptoms, as well as quality of life, are important treatment goals," said Philip Mease, director of rheumatology research at Providence Swedish Medical Center, who was quoted in the press release.
The safety profile remained consistent with previous studies, with upper respiratory tract infection being the most frequent adverse event (5.1% for Sotyktu versus 3.0% for placebo). Serious adverse events were infrequent through Week 16. For investors tracking Bristol Myers Squibb’s performance, InvestingPro analysis suggests the stock is currently undervalued, with additional insights available through their comprehensive Pro Research Report, which covers over 1,400 US stocks.
Sotyktu is a selective tyrosine kinase 2 (TYK2) inhibitor that works by inhibiting signaling of key cytokines involved in immune-mediated diseases. It is currently approved in numerous countries for treating moderate-to-severe plaque psoriasis.
Psoriatic arthritis is a chronic immune-mediated disease affecting up to 30% of psoriasis patients, causing inflammatory arthritis, skin lesions, and other symptoms that can significantly impact physical function and quality of life. Bristol Myers Squibb has maintained dividend payments for 55 consecutive years, with a current dividend yield of 4.96%, demonstrating its commitment to shareholder returns while investing in innovative treatments. InvestingPro subscribers have access to 8 additional key insights about BMY’s financial health and growth prospects.
The information in this article is based on a press release statement from Bristol Myers Squibb.
In other recent news, Bristol-Myers Squibb has announced a significant acquisition deal involving its subsidiary, RayzeBio, which will obtain worldwide rights to develop and commercialize OncoACP3, a prostate cancer treatment, from Philochem AG. The deal is valued at up to $1.35 billion, with an upfront payment of $350 million and potential milestone payments of up to $1 billion. In another development, Bristol-Myers Squibb has entered into a 50/50 co-development agreement with BioNTech for the bispecific antibody BNT327, aimed at treating solid tumors. This collaboration involves an upfront payment of $1.5 billion to BioNTech and additional milestone payments, as noted by JPMorgan analysts.
Analysts from Raymond James have maintained a Market Perform rating on Bristol-Myers Squibb, acknowledging the company’s strategic initiatives to enhance its growth portfolio. Meanwhile, Citi analysts reiterated a Neutral rating on the company’s stock following updates from the American Society of Clinical Oncology meeting, where Bristol-Myers Squibb presented promising phase 1 results for its drug iza-bren in lung cancer treatment. Additionally, BMO Capital Markets has maintained a Market Perform rating on Bristol-Myers Squibb, observing a slight increase in prescriptions for its schizophrenia medication, Cobenfy, and projecting higher revenue than current Wall Street estimates. These developments reflect Bristol-Myers Squibb’s ongoing efforts to expand its oncology and psychiatric medication portfolios.
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