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How First CELMoD MRD-Based Approval in Myeloma At Bristol Myers Squibb (BMY) Has Changed Its Investment Story

Simply Wall St · 2d ago
  • In August 2026, Bristol Myers Squibb received accelerated FDA approval for ZENBEXUS (iberdomide) in combination with daratumumab, hyaluronidase-fihj and dexamethasone to treat adults with relapsed or refractory multiple myeloma after at least one prior therapy, making it the first FDA-approved CELMoD in this setting.
  • The approval is the first in relapsed or refractory multiple myeloma based on achieving minimal residual disease-negative complete responses, highlighting how highly sensitive MRD testing is starting to influence regulatory decisions and drug development in oncology.
  • We’ll now examine how this first-in-class CELMoD approval, anchored on MRD-negative complete responses, could reshape Bristol Myers Squibb’s investment narrative.

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Bristol-Myers Squibb Investment Narrative Recap

Bristol Myers Squibb’s investment case rests on whether its newer oncology and cardiovascular drugs, plus business development, can offset looming patent expiries on Eliquis and Opdivo. The accelerated ZENBEXUS approval adds a new mechanism in multiple myeloma and may modestly strengthen the near term pipeline catalyst set, but the biggest overhang remains execution on late stage assets and how quickly the legacy portfolio erodes.

Among recent announcements, the reported merger talks with AstraZeneca are the most relevant in context of ZENBEXUS. A potential combination would overlay an already complex story around patent cliffs and pipeline durability with additional regulatory and integration risk, at the same time as BMS is introducing first in class agents that could be central to its standalone growth narrative.

Yet against this potential upside, investors should be aware that litigation and regulatory scrutiny could still...

Read the full narrative on Bristol-Myers Squibb (it's free!)

Bristol-Myers Squibb’s narrative projects $40.1 billion revenue and $8.6 billion earnings by 2029. This implies a 6.2% yearly revenue decline but an earnings increase of about $1.3 billion from $7.3 billion today.

Uncover how Bristol-Myers Squibb's forecasts yield a $62.96 fair value, in line with its current price.

Exploring Other Perspectives

BMY 1-Year Stock Price Chart
BMY 1-Year Stock Price Chart

Some analysts were far more optimistic, assuming BMS could lift earnings to about US$10.2 billion by 2029, but the ZENBEXUS decision may ultimately shift both those upbeat assumptions and the more cautious views around patent, pricing and pipeline risk.

Explore 6 other fair value estimates on Bristol-Myers Squibb - why the stock might be worth 23% less than the current price!

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.