BMY

A month has gone by since the last earnings report for Gilead Sciences (GILD). Shares have added about 13.6% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Gilead due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Gilead Sciences, Inc. before we dive into how investors and analysts have reacted as of late. GILD Q2 Earnings Beat on HIV and Trodelvy Growth, Product Sales Outlook Raised Gilead Sciences reported a second-quarter 2026 adjusted loss of $6.75 per share, narrower than the Zacks Consensus Estimate of a loss of $7.07. In the year-ago quarter, GILD posted adjusted earnings of $2.01 per share. The significant decline was due to acquired in-process research and development (IPR&D) expenses related to the acquisitions of Arcellx, Tubulis and Ouro Medicines. Revenues increased 10% year over year to $7.80 billion, which beat the Zacks Consensus Estimate of $7.37 billion. Growth was driven by the HIV portfolio, along with Trodelvy and Livdelzi. Product sales, excluding Veklury, rose 10% to $7.60 billion. GILD's HIV Franchise Drives Growth HIV product sales increased 12% year over year to $5.69 billion, reflecting higher average realized prices and demand. The figure beat the Zacks Consensus Estimate of $5.4 billion and our model estimate of $5.35 billion. Flagship HIV therapy Biktarvy sales rose 7% to $3.80 billion, driven by pricing, favorable inventory dynamics and higher demand. Sales surpassed the Zacks Consensus Estimate of $3.65 billion and our model estimate of $3.72 billion. Biktarvy continues to lead as the regimen of choice for both naive and switch patients across major markets. Descovy sales jumped 48% to $967 million, comfortably exceeding the Zacks Consensus Estimate of $750 million and our model estimate of $701 million. The increase reflected higher demand and realized prices, particularly in HIV prevention. Incremental sales of newly approved Yeztugo (lenacapavir) for pre-exposure prophylaxis (PrEP) also boosted HIV product sales. Yeztugo generated sales of $232 million in the second quarter. Driven by a $4 billion annualized PrEP business and the continued strong performance of Biktarvy, Gilead raised its full-year HIV sales growth guidance to 9-10% from the previous 8% forecast. GILD continues to expect Yeztugo sales of approximately $1 billion in 2026. Gilead's Liver Disease Portfolio Sales Advance Liver Disease portfolio sales increased 10% to $877 million. The figure topped the Zacks Consensus Estimate of $800 million and our model estimate of $787 million. Higher demand for Livdelzi, hepatitis B treatments and Hepcludex more than offset lower hepatitis C product sales. GILD's Cell Therapy Sales Face Pressure Cell Therapy sales declined 14% year over year to $417 million amid continued competitive headwinds. The figure matched the Zacks Consensus Estimate but came below our model estimate of $418.8 million. Yescarta sales decreased 12% to $346 million due to competition. Tecartus sales fell 24% to $70 million because of in-class competition. Gilead now expects full-year Cell Therapy sales to decline by a mid-teens percentage. Trodelvy Boosts GILD’s Q2 Revenues Trodelvy sales increased 26% year over year to $457 million, beating the Zacks Consensus Estimate of $448 million and our model estimate of $427 million. Growth reflected stronger demand across triple-negative and previously treated HR-positive/HER2-negative metastatic breast cancer. The recent first-line metastatic triple-negative breast cancer approvals expand Trodelvy's addressable population. Management said adoption has broadened following regulatory approvals and treatment guideline updates. Gilead's Costs Reflect Acquisition Charges Adjusted product gross margin remained unchanged year over year at 86.9%. Adjusted research and development expenses declined 1% to $1.43 billion, as lower oncology clinical study activity offset costs associated with newly acquired businesses. Adjusted selling, general and administrative expenses increased 12% to $1.52 billion, mainly due to higher HIV promotional spending. Acquired in-process research and development expenses totaled $11.2 billion, primarily related to the Arcellx, Tubulis and Ouro Medicines acquisitions. As of June 30, 2026, Gilead's cash, cash equivalents and marketable debt securities totaled $3.2 billion, down from $10.6 billion as of Dec. 31, 2025. The decline was primarily due to $11.3 billion in acquisition-related cash outflows, $2.8 billion in debt repayments, $2.1 billion in dividend payments and $774 million in share repurchases. These acquisition-related charges were the main reason for the adjusted quarterly loss. Excluding the acquisitions and nonrecurring other revenues, management indicated that adjusted earnings would have been $2.27 per share. GILD Raises 2026 Base Business Outlook Gilead now expects product sales of $30.10-$30.40 billion in 2026, up from the earlier expectation of $30.00-$30.40 billion. Product sales excluding Veklury are projected to be in the band of $29.80-$30.10 billion, up from the previous guidance of $29.40-$29.80 billion. Veklury sales are now expected to be approximately $300 million, down from the earlier forecast of around $600 million, reflecting fewer COVID-19-related hospitalizations. Adjusted loss per share is projected to be between 30 cents and 65 cents compared with the previous loss guidance of 65 cents-$1.05. The improved adjusted earnings outlook reflects stronger base-business sales. Key Pipeline and Regulatory Updates From GILD The FDA accepted Gilead's supplemental new drug application for Yeztugo (lenacapavir) 300 mg tablets as a potential once-weekly oral HIV PrEP regimen, with a target date of Feb. 2, 2027. Gilead and partner Merck reported positive phase III results from the ISLEND-1 and ISLEND-2 studies, demonstrating the potential of the investigational once-weekly oral combination of islatravir and lenacapavir in virologically suppressed adults with HIV. The FDA also granted accelerated approval to Hepcludex for the treatment of chronic hepatitis D virus (HDV) infection in adults without cirrhosis or with compensated cirrhosis, making it the first and only FDA-approved therapy for HDV in the United States. Trodelvy received FDA approval for first-line metastatic triple-negative breast cancer (mTNBC), as a monotherapy for patients who are not candidates for PD-1/PD-L1 inhibitor-based therapy or in combination with Merck’s Keytruda (pembrolizumab) or Keytruda Qlex (pembrolizumab and berahyaluronidase alfa-pmph) for patients whose tumors express PD-L1 (CPS ≥10). The European Commission approved Trodelvy monotherapy for first-line unresectable locally advanced or metastatic TNBC in patients ineligible for PD-1/PD-L1 therapy. However, Gilead and partner Merck announced that the phase III EVOKE-03 study was discontinued. The study was evaluating Trodelvy plus Keytruda in first-line PD-L1-high metastatic non-small cell lung cancer after an independent review found the study was unlikely to meet its efficacy goals. It turns out, estimates review flatlined during the past month. Currently, Gilead has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Following the exact same course, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy. Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in. Gilead has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Gilead belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Bristol Myers Squibb (BMY), has gained 6.3% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Bristol Myers reported revenues of $12.97 billion in the last reported quarter, representing a year-over-year change of +5.7%. EPS of $2.04 for the same period compares with $1.46 a year ago. Bristol Myers is expected to post earnings of $1.68 per share for the current quarter, representing a year-over-year change of +3.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +1%. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Bristol Myers. Also, the stock has a VGM Score of B. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Gilead Sciences, Inc. (GILD) : Free Stock Analysis Report Bristol Myers Squibb Company (BMY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Bristol-Myers Squibb has delivered a strong 47.9% return over the past year, yet several valuation checks still frame the stock as cheap relative to an intrinsic value estimate and to market multiples. For investors, the question is whether the current share price reflects a genuine discount or simply the market catching up with earlier pessimism. The 47.9% gain over 1 year highlights how sharply sentiment toward Bristol-Myers Squibb has improved. This can reduce the margin of safety if fundamentals do not keep pace. The recent AI-driven antibody discovery collaboration with Chai Discovery may support expectations for future cash flows, while ongoing drug development and execution risks can still weigh on how much value investors are willing to assign today. Across broader checks, including an intrinsic value estimate using a Discounted Cash Flow (DCF) approach and earnings multiples, Bristol-Myers Squibb screens as undervalued with a value score of 5, which suggests the stock looks cheap on 5 of 6 measures. The stock's next move may depend on whether the current discount to the intrinsic value estimate and the roughly 44% DCF gap can persist after the recent share price recovery. Compare Bristol-Myers Squibb's recent 47.9% 1 year return and high value score with a hand-picked list of other stocks that screen as potential value opportunities using our 44 high quality undervalued stocks The Discounted Cash Flow (DCF) model here uses projected future cash flows to estimate what Bristol-Myers Squibb might be worth today. Bristol-Myers Squibb generated about $11.45b of free cash flow over the latest twelve months, and the 2 Stage Free Cash Flow to Equity model assumes that cash flows grow modestly at first, then level off. On these assumptions, the DCF points to an estimated intrinsic value of about $119 per share. That implies the current share price sits roughly 44% below this intrinsic value estimate, which suggests the stock screens as undervalued on cash flows. The recent AI driven antibody discovery collaboration with Chai Discovery may help explain why the market is giving more weight to Bristol-Myers Squibb's future cash generation, even though the DCF still indicates a sizeable gap to intrinsic value. Overall, the Discounted Cash Flow assessment indicates Bristol-Myers Squibb currently looks undervalued relative to its estimated intrinsic value. Our Discounted Cash Flow (DCF) analysis suggests Bristol-Myers Squibb is undervalued by 44.0%. Track this in your watchlist or portfolio, or discover 44 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Bristol-Myers Squibb. P/E is a useful cross check for Bristol-Myers Squibb because the company has positive earnings and sits in a sector where investors often compare valuations this way. On this measure, Bristol-Myers Squibb trades on a P/E of about 14.7x. This is below both the Pharmaceuticals industry average of roughly 16.7x and a much higher peer group average of about 61.4x. The Fair Ratio model, which factors in Bristol-Myers Squibb’s size, margins and risk profile, points to a P/E of about 18.3x. That is higher than the current 14.7x level. The gap suggests the stock is pricing in a discount to what this earnings based framework would imply. On the P/E multiple, Bristol-Myers Squibb stock appears undervalued compared with both the tailored fair ratio and wider peer benchmarks. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for Bristol-Myers Squibb pick up where the valuation work leaves off and spell out which paths for Bristol-Myers Squibb's growth, margins and earnings would need to play out for the stock to be worth meaningfully more or less than today's price. Instead of giving a single output from a model, they describe the future that output depends on so you can watch how the real business lines up with those expectations over time on the Community page. The community is split on Bristol-Myers Squibb, with one side focusing on pipeline execution and margin upside and the other highlighting patent and concentration risks. Bull case: 17% undervalued Read the full Bull Case to see why Bristol-Myers Squibb could be undervalued Bear case: 6% overvalued Read the full Bear Case to see why Bristol-Myers Squibb could be overvalued Do you think there's more to the story for Bristol-Myers Squibb? Head over to our Community to see what others are saying! Bristol-Myers Squibb screens as undervalued on both the Discounted Cash Flow (DCF) intrinsic value estimate and on earnings multiples, which is reinforced by a high value score across several checks. That combination points to a market that still prices in caution despite supportive cash flow and P/E signals. For you, the key question is whether Bristol-Myers Squibb can manage patent expiries and pipeline execution well enough for that discount to close rather than prove to be a value trap. 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. Companies discussed in this article include BMY. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

AbbVie's growth engine is firing on all cylinders, but on its latest earnings call, analysts focused on whether the company can defend its turf and execute on its next big pipeline bet. AbbVie (ABBV) is on a roll, with the stock up 29% in the past year and trading about 6% below its 52-week high. The company just posted a quarter of solid sales growth, beating expectations and raising its full-year guidance. But its latest call wasn't a victory lap. Instead, analysts focused sharply on whether this powerful momentum is built to last, probing the defensibility of its growth in the face of emerging competition and complex trials ahead. Is The SKYRIZI Moat Holding? The first test came on SKYRIZI, the immunology drug driving much of the company’s success with sales up 24% this quarter. The worry is straightforward: a new oral competitor has entered the psoriasis market, threatening to chip away at SKYRIZI’s dominance. For investors, this is a direct challenge to the durability of AbbVie’s primary growth engine. Management’s answer was direct and backed by data. They reported seeing “no degradation in any of our NBRx trends” since the competitor launched in March. In fact, they claimed that new prescription growth for SKYRIZI has actually accelerated. The company’s read is that the new drug is expanding the market for advanced therapies rather than stealing share. It was a confident, numbers-backed defense of their most important franchise. A Blind Spot In The Pipeline? The second challenge was more forward-looking, aimed at the next potential blockbuster franchise in hidradenitis suppurativa (HS), a chronic skin condition. AbbVie has two major assets, lutikizumab and RINVOQ, with crucial data coming soon. But one analyst highlighted a uniquely modern risk: the widespread use of GLP-1 weight-loss drugs. Because weight loss can reduce inflammation, the concern is that these drugs could “contribute to high placebo rates” in the trials, potentially masking the true benefit of AbbVie’s drugs and jeopardizing the studies. Management acknowledged the dynamic, explaining that the trials are large enough that any GLP-1 effect should appear in both the placebo and treatment groups, effectively canceling it out. The response was logical, but it left the risk on the table. Unlike the clear-cut defense of SKYRIZI, this answer underscored a real, external variable that could complicate a critical pipeline readout. Execution Now, Execution Next Ultimately, AbbVie’s management team successfully argued that its current commercial execution is holding strong against new competition. The stock's outperformance has been notable, and we recently looked at how ABBV stock moved away from its peer group. The call, however, shifted the focus from today's precision to tomorrow's pipeline. For investors who like the theme but not the single-stock risk, a broad healthcare ETF like XLV offers diversified exposure. The answer will come from the data. Management confirmed that results from the pivotal HS trials for both RINVOQ and lutikizumab are expected “later this year.” Investors should watch for any sign of elevated placebo rates in those HS trial results, as that will be the first real test of whether AbbVie’s pipeline execution is as solid as its current sales machine. Where One Stock's Open Questions Fit A Bigger Plan Every stock carries unresolved questions like these, and no earnings call settles all of them. Owning a sector fund spreads that risk across more names, but it is still one bet on one theme: when the theme wobbles, the whole basket wobbles with it. The Trefis High Quality (HQ) Portfolio takes the next step out. It holds about 30 businesses diversified across sectors, selected not on a theme but on quality itself: consistent cash generation, strong margins, and resilient balance sheets. No single unresolved debate, and no single industry, carries your result. It has a track record of outpacing a benchmark that combines the three major indices - the S&P 500, S&P Mid-cap, and Russell 2000. Track the debates on names you like, on top of a core built on quality rather than any one story.

-- IND clearance for ATR 1072 and launch of Corventis Phase 1/2 trial in PRKAG2 syndrome -- -- Achieved second milestone payment under global cardiovascular collaboration with Bristol Myers Squibb -- SAN DIEGO, Aug. 13, 2026 /PRNewswire/ -- Atrium Therapeutics, Inc. (Nasdaq: RNA) ("Atrium," "Atrium Therapeutics," or the "Company"), a biopharmaceutical company advancing precision cardiology by developing RNA therapeutics targeted to the heart, today reported financial results for the second quarter ended June 30, 2026, and highlighted recent corporate progress including FDA clearance of its Investigational New Drug (IND) application for ATR 1072 and continued achievements under its collaboration with Bristol Myers Squibb (BMS). "Our team continues to execute well, achieving FDA clearance of our IND for ATR 1072 and launching Corventis — Atrium's first Phase 1/2 trial and the first clinical study to evaluate a potential disease-modifying treatment for people living with PRKAG2 syndrome," said Kathleen Gallagher, President and Chief Executive Officer of Atrium Therapeutics. "Atrium's precision approach to genetic cardiomyopathies is part of a burgeoning frontier in medicine. Our experienced team is well-positioned to continue advancing and efficiently expanding our pipeline with urgency on behalf of patients and clinicians." Recent Highlights Received FDA clearance of IND application and Health Canada No Objection Letter for ATR 1072. FDA cleared Atrium's IND application for ATR 1072, allowing the Company to proceed with Corventis, a Phase 1/2 open-label, multicenter clinical trial designed to evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics, and efficacy of ATR 1072 in participants living with PRKAG2 syndrome. Additionally, the Company has received a No Objection Letter from Health Canada enabling the activation of planned Corventis study sites in Canada. The study will enroll approximately 37 participants across two parts: Part A, multiple ascending dose cohorts to characterize safety and support dose selection, and Part B, a single-arm expansion cohort at the recommended Phase 2 dose to further evaluate efficacy trends in cardiac structure and function. ATR 1072 is Atrium's first precision cardiology program to enter the clinic. Initiated clinical site activities for Corventis. Atrium continues to expect the first participant to be enrolled by the end of 2026. Earned a second milestone payment from Bristol Myers Squibb. Atrium achieved a second milestone under its global cardiovascular collaboration with BMS in August, triggering a payment of $15 million which will be accounted for in the third quarter financial statements. Anticipated Upcoming Milestones Enroll first participant in the Corventis Phase 1/2 trial for ATR 1072 by the end of 2026. Report initial trial data from Corventis demonstrating proof of concept in the second half of 2027. File IND application for ATR 1086 in 2027, with IND-enabling studies initiating in 2026. We are also advancing two undisclosed pipeline programs in rare cardiomyopathy targets and expect to select our next development candidate in 2027. Second Quarter 2026 Financial Results Collaboration Revenue: Collaboration revenue was $3.0 million for the second quarter of 2026, primarily related to R&D services under Atrium's research collaboration and license agreement with Bristol Myers Squibb. Research and Development (R&D) Expenses: R&D expenses were $15.3 million for the second quarter of 2026, primarily reflecting clinical trial preparations, IND-enabling activities, and continued development of the Company's overall research capabilities. General and Administrative (G&A) Expenses: G&A expenses were $10.3 million for the second quarter of 2026, driven by employee-related expenses, professional fees, and costs to support the Company's expanded operations. Cash, Cash Equivalents, and Short-term Investments: As of June 30, 2026, Atrium $263.9 million in cash, cash equivalents and short-term investments. The Company believes its current cash resources, inclusive of the receipt of the second milestone payment from had BMS earned in August, are sufficient to fund planned operations through mid-2028. About Atrium Therapeutics Atrium Therapeutics, Inc. (Nasdaq: RNA) is pioneering targeted delivery of ribonucleic acid (RNA) therapeutics to the heart to transform the standard of care for people living with cardiomyopathies. With the U.S. Food and Drug Administration's (FDA) recent clearance of its Investigational New Drug (IND) application for ATR 1072 for PRKAG2 (Protein Kinase AMP-activated non-catalytic subunit Gamma 2) syndrome, Atrium is advancing its first precision cardiology program into the clinic through the Corventis Phase 1/2 clinical trial. The Company's proprietary technology - designed at Avidity Biosciences, Inc. - combines the tissue selectivity of monoclonal antibodies (mAbs) and other targeted delivery ligands with the precision of oligonucleotides and is designed to selectively target the underlying drivers of genetically driven cardiac diseases through targeted, non-viral delivery of small interfering RNA (siRNA). This approach builds upon learnings from demonstrated delivery to skeletal muscle and applies it for efficient delivery to the heart, with the potential to overcome challenges associated with non-specific tissue delivery. Beyond ATR 1072, the Company's pipeline includes ATR 1086 for PLN (phospholamban) cardiomyopathy and two undisclosed research targets in rare cardiomyopathies. For more information about our RNA delivery platform, development pipeline and people, please visit https://atriumtherapeutics.com/ and engage with us on LinkedIn. Availability of Other Information About Atrium Therapeutics Investors and others should note that Atrium Therapeutics communicates with its investors and the public using its website https://atriumtherapeutics.com/, including, but not limited to, Atrium Therapeutics' disclosures, investor presentations and FAQs, Securities and Exchange Commission ("SEC") filings, press releases, public conference call transcripts and webcast transcripts, as well as on LinkedIn. The information that Atrium Therapeutics posts on its website or on LinkedIn could be deemed to be material information. As a result, Atrium Therapeutics encourages investors, the media, and others interested to review the information that it posts there on a regular basis. The contents of Atrium Therapeutics' website or social media shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. About PRKAG2 Syndrome PRKAG2 syndrome is a rare, autosomal dominant, early-onset cardiomyopathy caused by mutations in the PRKAG2 gene, which encodes the Gamma 2 regulatory subunit of AMPK. Mutations enhance AMPK activity leading to abnormal glycogen accumulation in heart, thickened heart muscles, electrical conduction problems, and arrhythmias. Based on current scientific literature estimates, there are at least 1,000 – 2,000 people with PRKAG2 syndrome in the U.S. Current management is limited to symptomatic treatment; no approved therapies exist to address the underlying genetic driver of disease. About PLN Cardiomyopathy Phospholamban ("PLN") cardiomyopathy is a rare autosomal dominant, progressive cardiac disease caused by mutations in PLN, a key regulator of sarcoplasmic reticulum Ca2+-ATPase 2a ("SERCA2a") calcium pump. PLN mutations produce protein aggregates that disrupt endoplasmic reticulum processes and lead to dilated, arrhythmogenic, or hypertrophic cardiomyopathies and a significantly increased risk of heart failure and sudden cardiac death. There are 2,000 – 4,000 people with pathogenic PLN variants in the United States. No approved therapies target the underlying molecular cause of the disease. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by words such as "potential," "can," "will," "plan," "may," "could," "would," "expect," "anticipate," "look forward," "believe," "committed," "investigational," "pipeline," "launch," or similar terms, or by express or implied discussions regarding Atrium Therapeutics' ("Atrium's" or "our") future results of operations and financial condition; the Company's expected cash runway and the period over which existing cash, cash equivalents and investments are expected to fund planned operations; research and development plans; anticipated timing, design and conduct of ongoing and planned preclinical studies and clinical trials for product candidates; the expected development, advancement and clinical evaluation of ATR 1072 for the treatment of PRKAG2 syndrome, including the expected timing of initiation, enrollment, dosing and availability of data from Corventis; the disease-modifying potential of ATR 1072 to treat PRKAG2 syndrome; our expectations regarding our RNA delivery platform and ability to generate high-quality cardiology development candidates, the timing and likelihood of regulatory filings and approvals for product candidates; the potential safety and therapeutic benefits of our product candidates; the timing and likelihood of success; plans and objectives of management for future operations; and future results of anticipated product development efforts. You should not place undue reliance on these statements. Such forward-looking statements are based on our current beliefs and expectations regarding future events, and are subject to significant known and unknown risks and uncertainties. Particular areas where risks or uncertainties could cause Atrium's actual results to be materially different than those expressed in Atrium's forward-looking statements include but are not limited to: the initiation, timing, progress, potential registrational quality, and results of our research and development programs, preclinical studies, any clinical trials, and other regulatory submissions; the potential for clinical trial results to differ from our preclinical studies; our ability to timely enroll a sufficient number of patients in our clinical trials, such as Corventis; the beneficial characteristics, including potential safety, efficacy and therapeutic effects of our product candidates and the potential advantages of our product candidates compared to alternative therapies; the success and capabilities of the RNA delivery platform; the prevalence of certain diseases and conditions we intend to treat and our estimates of the potential market opportunity for our product candidates; the timing of and costs involved in obtaining and maintaining regulatory approval of our current and any future product candidates; our ability to develop our current and future product candidates; the implementation of our strategic plans for our business, product candidates, research programs and technologies; developments related to our competitors and our industry; our competitive position and the success of competing therapies that are or may become available; our ability to maintain our current license agreements and collaborations and identify and enter into future license agreements and collaborations; the expected potential benefits of strategic collaborations with third parties and our ability to attract collaborators in the future; our reliance on third parties for manufacturing and to conduct preclinical studies and clinical trials of our product candidates; our ability to efficiently and cost-effectively conduct our current and future trials; the costs of operating as a public company; the accuracy of our estimates regarding future expenses, future revenue, capital requirements and the need for additional financing; the period over which we estimate our existing cash and cash equivalents will be sufficient to fund our future operating expenses and capital expenditure requirements; and other factors specified under the heading "Risk Factors" in Atrium's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC and in other filings and furnishings made by Atrium with the SEC from time to time, which are all available on the SEC's website at www.sec.gov. Atrium is providing the information in this communication as of this date and does not undertake any obligation to update any forward-looking statements contained in this communication as a result of new information, future events or otherwise, except as required by law. View original content to download multimedia:https://www.prnewswire.com/news-releases/atrium-therapeutics-reports-second-quarter-2026-financial-results-302851394.html

LEGN surged 6% as Q2 revenue of $388M beat estimates and adjusted EPS of $0.16 doubled consensus, marking the company's first-ever profitable quarter. CARVYKTI net sales hit $657M, up 50%, with JNJ co-developer Janssen supporting management's target of over $5B in peak annual sales. Alan Bash, interim CEO following Ying Huang's departure, emphasized continuity as Wall Street's $52 consensus target sits well above current share prices. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Legend Biotech didn't make the cut. Grab the names FREE today. Shares of Legend Biotech (NASDAQ:LEGN) are climbing 6% to $21.88 Tuesday midday after the company reported Q2 2026 results that paired a solid revenue beat with the first quarter of company-wide profitability in its history. LEGN stock is still down 41% over the past year, so today's reaction reads as validation of Legend Biotech's CARVYKTI ramp. Legend Biotech disclosed the results in an SEC filing before the open and hosted its earnings call at 8:00 a.m. ET. The commercial trajectory of CARVYKTI, the CAR-T multiple myeloma therapy Legend co-develops with Johnson & Johnson (NYSE:JNJ) through its Janssen unit, continues to anchor the investment case here. The setup entering the report was heavy for Legend Biotech. LEGN stock had drifted lower through July, and short-dated positioning had grown cautious around the ongoing CEO transition, leaving room for a squeeze on any clean numbers. Legend Biotech posted total revenue of $387.5 million, up 52% year over year, topping the $362.81 million estimate. Legend Biotech's adjusted EPS came in at $0.16, more than double the roughly $0.07 analyst consensus. The revenue beat headlined the report, though the bigger surprise sat further down the income statement. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Legend Biotech didn't make the cut. Grab the names FREE today. Legend Biotech booked net income of $33.2 million versus a net loss of $125.4 million a year earlier, adjusted net income of $63.1 million, and operating income of $57.7 million. That marks the company's first quarter of company-wide profitability on both an IFRS and adjusted basis. A meaningful piece of the swing reflects foreign exchange dynamics for Legend Biotech. Unrealized FX losses fell to $0.6 million in Q2 2026 from $110.9 million a year earlier, cushioning the bottom line even as operating gains did most of the work. The balance sheet also strengthened. Legend Biotech ended the quarter with approximately $965 million in cash, cash equivalents and time deposits and no long-term debt, boosted by about $212 million of net proceeds from a June public offering. Legend Biotech's CARVYKTI net trade sales reached $657 million, up 50% year over year, with U.S. sales up 32% and ex-U.S. sales up 128%. The mix highlights international momentum outpacing the more mature U.S. launch. CARVYKTI is now available across 348 treatment sites and 19 markets, with Ireland the most recent launch for Legend Biotech. Management reiterated peak annual sales potential above $5 billion, keeping CARVYKTI the central pillar of the LEGN investment case. In the multiple myeloma CAR-T space, Bristol Myers Squibb (NYSE:BMY) markets Abecma, the other approved BCMA CAR-T therapy. Competitive positioning against Bristol Myers Squibb remains a key debate, since Legend Biotech is still a single-product commercial story tied largely to CARVYKTI. Legend Biotech reported first clinical proof-of-concept for LB2501, an investigational in vivo CD19/CD20 dual-targeting CAR-T therapy, showing a 100% overall response rate and 83.3% complete response rate at the higher dose level in relapsed or refractory B-cell non-Hodgkin lymphoma. A U.S. IND filing is planned by year-end. The LB2102 DLL3-targeted CAR-T program is licensed to Novartis (NYSE:NVS), giving Legend Biotech a partnered second shot on goal beyond the Johnson & Johnson collaboration. Novartis funding for LB2102 lets Legend Biotech concentrate spend on wholly-owned candidates like LB2501. Sector conditions remain supportive. The iShares Biotechnology ETF (NASDAQ:IBB) is up 18.5% year to date, keeping the backdrop friendly for biotech beats. The IBB ETF is a large-cap-concentrated biotechnology fund and unleveraged, so sector-concentration caution applies here. The leadership context matters with Legend Biotech. Alan Bash is the company's interim CEO following the departure of former CEO Ying Huang last month, and some analysts trimmed their Legend Biotech stock price targets around the transition even while maintaining confidence in CARVYKTI's growth curve. Bash stated in the release, "With meaningful commercial and clinical momentum and a strengthened balance sheet, we remain confident in our ability to advance innovation and progress toward company-wide profitability." The tone from Legend Biotech's management underscored a focus on continuity through the search for a permanent chief executive. Meanwhile, the Wall Street setup still leans constructive. The consensus analyst target on LEGN stock sits at $52.10, well above where shares trade today, with 5 strong buys, 6 buys, and 4 holds. That distribution can compress if analysts lower their ratings and/or price targets around Legend Biotech's CEO search. Traders can watch for whether LEGN stock holds today's gains into the close, and they can check for refreshed analyst notes on Wednesday as well as follow-up commentary from Johnson & Johnson on CARVYKTI's trajectory. This marks a first quarter of profitability, so investors may want to size their positions with Legend Biotech's single-product concentration and early-stage pipeline profile in mind. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Legend Biotech didn't make the cut. Grab the names FREE today. Contact [email protected] for any questions or corrections.

Cytokinetics, Incorporated CYTK reported a second-quarter 2026 loss of $1.50 per share, narrower than the Zacks Consensus Estimate of a loss of $1.63 per share. In the year-ago quarter, the company reported a loss of $1.12 per share. Loss widened year over year due to higher SG&A expenses tied to costs associated with the commercial launch of Myqorzo and lower revenues. Revenues amounted to $28.6 million, which went down from $66.8 million in the year-ago quarter but surpassed the Zacks Consensus Estimate of $20 million. Cytokinetics’ shares have surged 28.1% year to date compared with the industry’s 3.6% growth. Image Source: Zacks Investment Research In December 2025, the FDA approved Myqorzo (aficamten) for adults with symptomatic obstructive hypertrophic cardiomyopathy (oHCM). Net product revenues from Myqorzo were $25.3 million in the second quarter. U.S. net product revenues totaled $23.0 million, while Europe contributed $2.30 million, reflecting initial distributor inventory purchases in Germany. Commercial adoption continued to broaden. More than 700 unique U.S. healthcare providers prescribed Myqorzo by June 30. More than 80% of dispensed prescriptions were paid, and management’s internal analysis indicated Myqorzo exited the quarter with greater than 40% new-to-brand prescription share in the cardiac myosin inhibitor category. Cytokinetics launched Myqorzo in Germany in June, marking its first European commercial rollout. The drug also received marketing authorization across the United Kingdom, while NICE recommended it for use in England and Wales. Beyond product sales, quarterly revenues included collaboration revenues of $3.29 million, up from $2.42 million in the year-ago quarter. No license and milestone revenues were recorded in the period. That absence caused the sharp year-over-year decline in total revenues. The second quarter of 2025 included $64.35 million in license and milestone revenues tied to the Bayer BAYRY collaboration for aficamten in Japan. Research and development expenses declined 11.2% year over year to $97.81 million. The decrease reflected higher clinical trial activity, supply-chain costs and medical affairs spending in the prior-year period, partly offset by higher personnel-related costs in 2026. Selling, general and administrative expenses rose 58.8% to $104.40 million. The increase reflected Myqorzo launch costs, the U.S. sales force and higher nonsales personnel-related expenses, including stock-based compensation. Cash, cash equivalents and investments totaled approximately $1.7 billion as of June 30, 2026, compared with $1.1 billion at the end of the first quarter. The increase primarily reflected a May public offering that generated approximately $760.1 million in net proceeds. The additional liquidity provides Cytokinetics with the financial flexibility to support the commercialization of Myqorzo and continue investing across its specialty cardiology pipeline. Cytokinetics now expects combined 2026 GAAP R&D and SG&A expenses of $860-$890 million, up from its prior projection of $830-$870 million. The company also raised its stock-based compensation expense guidance to $130-$140 million from $120-$130 million. Excluding stock-based compensation, combined R&D and SG&A expenses are projected to be in the $720-$760 million band. Management tied the increase primarily to commercial-readiness investments following positive ACACIA-HCM results and preparations for a potential 2027 Myqorzo launch in non-obstructive hypertrophic cardiomyopathy (nHCM). On the clinical front, ACACIA-HCM met both primary endpoints in symptomatic nHCM, showing statistically significant improvements in KCCQ Clinical Summary Score and peak VO2 versus placebo. Cytokinetics plans to submit a supplemental new drug application (sNDA) for aficamten in this indication in the fourth quarter of 2026. The FDA accepted CYTK’s sNDA for MAPLE-HCM, a phase III study of aficamten as monotherapy compared with metoprolol as monotherapy in patients with oHCM. The regulatory body assigned a target action date of Nov. 14, 2026. The company has also submitted new drug applications for aficamten in Hong Kong and Taiwan under its collaboration with Sanofi. Aficamten has been granted Priority Review designation by the Taiwan Food and Drug Administration. Meanwhile, regulatory filings for Myqorzo are also under review in Canada and Switzerland. The clinical development of aficamten, including the ongoing Japan cohort of the ACACIA-HCM study, is advancing. The company expects to complete the study in the third quarter of 2026. CAMELLIA-HCM, a phase III study of aficamten in Japanese patients with oHCM, is also ongoing. The study is being conducted by Bayer in collaboration with Cytokinetics to support potential marketing authorization in Japan. Other studies include CEDAR-HCM, a clinical trial of aficamten in a pediatric population with symptomatic oHCM. The study recently completed patient enrollment in the adolescent cohort of the study. Other pipeline candidates include omecamtiv mecarbil, a cardiac muscle activator, in patients with heart failure. A confirmatory phase III multi-center, double-blind, randomized, placebo-controlled trial, COMET-HF, to assess the efficacy and safety of omecamtiv mecarbil in patients with symptomatic heart failure with severely reduced ejection fraction is ongoing. Enrollment is expected to continue through 2026. The company continued enrolling patients in cohort 1 of the phase II AMBER-HFpEF trial evaluating ulacamten in patients with symptomatic heart failure with preserved ejection fraction and a left ventricular ejection fraction of at least 60%. Patient enrollment is expected to be completed in the Cohort 1 in the second half of 2026. The company recently initiated the second phase I randomized, double-blind, placebo-controlled, single ascending dose study of CK-4015089 (CK-089) in healthy volunteers. CYTK performance in the second quarter was encouraging. Myqorzo’s uptake is a strong early signal. The oHCM market represents a meaningful commercial opportunity, given the sizable population of symptomatic patients who have historically had limited pharmacologic options beyond beta-blockers, calcium channel blockers, or invasive procedures. The approval positions Cytokinetics as a key player in this growing specialty cardiology segment. Cytokinetics, Incorporated price-consensus-eps-surprise-chart | Cytokinetics, Incorporated Quote A potential approval in nHCM will expand the addressable market. However, Myqorzo faces competition from Camzyos (mavacamten), a first-in-class cardiac myosin inhibitor marketed by Bristol Myers Squibb BMY. BMY obtained FDA approval for the drug in 2022 for the treatment of adults with symptomatic New York Heart Association class II-III obstructive HCM to improve functional capacity and symptoms. Camzyos has put up a stellar performance since its approval. Cytokinetics currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cytokinetics, Incorporated (CYTK) : Free Stock Analysis Report Bristol Myers Squibb Company (BMY) : Free Stock Analysis Report Bayer Aktiengesellschaft (BAYRY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Xenon Pharmaceuticals Inc.? Here are five stocks we like better. Second-quarter revenue rose 3% to $149.4 million excluding non-recurring settlement revenue, as consumables growth was offset by a 47% decline in instrument revenue. Customers delayed purchases of existing spatial instruments while awaiting the new Atera platform. Atera orders have already exceeded expectations ahead of commercial shipments, though manufacturing capacity is limiting deliveries and the company still expects to ship about 40 systems in 2026. Shipments are expected to be concentrated in the fourth quarter, with a modest revenue decline anticipated in Q3 during the product transition. Gross margin improved to 74%, cash and marketable securities reached $552 million, and management raised full-year 2026 revenue guidance to $610 million–$630 million, representing 2%–5% growth excluding settlement revenue. Bristol Myers Squibb’s big buys: $18.1 billion in 2 biotech deals 10x Genomics reported second-quarter revenue of $151 million, including $1.6 million in license and royalty revenue tied to its settlement with Takara Bio. Excluding non-recurring settlement revenue in both periods, revenue was $149.4 million, up 3% from the prior-year quarter. Chief Executive Officer and Co-Founder Serge Saxonov said the quarter was marked by customer interest in Atera, the company’s new spatial biology platform. The company said booked Atera orders as of the end of the second quarter had already “greatly exceeded” its expectation to ship about 40 systems during 2026, although its shipment forecast remained unchanged as production ramps. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Total consumables revenue increased 7% year over year, with growth in both single-cell and spatial products. Single-cell consumables revenue rose 3%, supported by double-digit growth in reaction volumes, while spatial consumables revenue increased 16%. Chief Financial Officer Adam Taich said Xenium was the main driver of spatial consumables growth, though both Xenium and Visium consumables posted sequential growth. Saxonov said Xenium utilization remained strong during the quarter. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Instrument revenue, however, declined 47% year over year. Chromium instrument revenue fell 46%, while spatial instrument revenue declined 48%, primarily because of fewer systems sold. Management attributed the decrease in spatial instrument sales to customers holding off on purchases of existing products while awaiting Atera. Revenue performance varied by region. Excluding non-recurring license and royalty revenue, revenue in the Americas rose 6% and revenue in Europe, the Middle East and Africa increased 15%. Asia-Pacific revenue declined 19%, reflecting a comparison against roughly $4 million in China purchasing that had been pulled forward in the prior-year period ahead of potential tariff changes. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Atera is designed to provide spatial whole-transcriptome profiling with single-cell sensitivity at scale. Saxonov said the company has received broad early interest from universities, academic medical centers and biopharmaceutical companies across oncology, neuroscience, autoimmune and inflammatory disease, cardiometabolic research, kidney biology and transplant research. “The constraint is actually shifting the manufacturing capacity to ship the units in the second half of the year,” Saxonov said in response to an analyst question about why the company was maintaining its approximately 40-unit shipment outlook. The company expects Atera shipments to be weighted heavily toward the fourth quarter. Taich said Atera instruments alone are expected to account for most of the implied sequential revenue increase from the third to the fourth quarter, with consumables and normal seasonal trends accounting for the remainder. Management expects a modest sequential decline in total revenue in the third quarter as the spatial product transition continues. Taich said the expected decline reflects lower demand for current spatial instruments and some consumables as customers prepare to receive Atera systems. 10x Genomics also plans to begin processing customer samples through its Catalyst Research Services program alongside Atera’s commercial availability. The program is intended to give customers access to the platform for pilot studies, ongoing research work and projects conducted by organizations that do not yet have an Atera instrument. Saxonov said the Atera roadmap includes workflow automation, base-by-base spatial sequencing and protein multi-omics. During the quarter, the company acquired Proteintech Genomics, which it said brings protein-measurement technologies that can be used in a multi-omic context. Management said adoption of Flex APEX has contributed to higher single-cell reaction volumes, particularly in biopharmaceutical and translational research applications involving large-scale perturbation experiments. Saxonov said the company expects the large majority of customers that plan to transition to Flex APEX from its other products to do so by year-end. He also said whole-blood workflows introduced by the company can support longitudinal studies, distributed sample collection and research involving archived samples. According to management, distributed sample collection can lead to more centralized processing at core laboratories and service providers, reducing the need to place instruments at individual laboratories. Taich noted that Chromium instrument revenue represents about 2% of company sales, distinguishing instrument placements from demand for the broader Chromium platform and consumables. 10x Genomics described artificial intelligence as a structural demand driver for its products, as researchers increasingly generate single-cell and spatial data to train biological models. Saxonov said AI-related demand is becoming pervasive across customer segments, though the company did not quantify revenue directly attributable to AI applications. The company said it sees potential for its technologies in AI-enabled drug discovery, particularly in target identification and patient selection. Saxonov also said advances in agentic AI may lower the bioinformatics barrier for researchers analyzing complex biological datasets. Second-quarter gross margin rose to 74% from 72% a year earlier. Taich said the improvement reflected lower manufacturing costs, including $2.6 million of tariff refunds, and lower inventory write-downs. Excluding non-recurring settlement revenue, gross margin increased to 74% from 67% in the prior-year quarter. Total operating expenses were $132.1 million, compared with $95 million in the prior-year period. The periods included gains from patent-litigation settlements of $3.4 million in 2026 and $40.7 million in 2025. Excluding those gains, operating expenses were approximately flat year over year. The company ended the quarter with $552 million in cash, cash equivalents and marketable securities, up $105 million from a year earlier and $12 million sequentially. 10x Genomics raised its full-year 2026 revenue outlook to a range of $610 million to $630 million. Excluding non-recurring patent-litigation settlement revenue in both 2026 and 2025, the outlook represents annual growth of 2% to 5%. Management said its guidance assumes that academic-market conditions remain broadly consistent with current trends. Saxonov said funding sentiment has improved somewhat, but purchasing conditions remain tenuous as funding allocation processes, grant reviews and order processing continue to delay spending decisions. Xenon Pharmaceuticals Inc is a clinical‐stage biopharmaceutical company dedicated to discovering and developing novel, small‐molecule drugs targeting ion channels in the central and peripheral nervous system. The company's research focus centers on neurological and pain disorders—including epilepsy, migraine, and neuropathic pain—by modulating key ion‐channel proteins to restore normal neuronal function. Xenon's scientific platform draws upon advances in ion‐channel biology and structure‐based drug design to identify and optimize therapeutic candidates with the potential for improved safety and efficacy profiles compared with existing treatments. The company's pipeline comprises multiple preclinical and clinical programs. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Xenon Pharmaceuticals Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Editas Medicine EDIT incurred a loss of 15 cents per share in the second quarter of 2026, narrower than the Zacks Consensus Estimate of a loss of 30 cents. The company had reported a loss of 63 cents per share in the year-ago quarter. Collaboration and other research and development revenues totaled approximately $11.9 million, comfortably surpassing the Zacks Consensus Estimate of $2 million. Revenues were $3.6 million in the year-ago quarter. The increase reflected deferred revenues recognized following the expiration of certain rights under the company’s collaboration with Bristol Myers. Research and development expenses increased 25% year over year to $20.2 million in the second quarter of 2026. The increase was primarily related to higher external expenses supporting ongoing research and preclinical work for EDIT-401. General and administrative expenses declined 10% to $11.6 million from $12.9 million in the year-ago quarter. The decrease was due to lower employee-related expenses and reduced professional services costs following the workforce reduction and discontinuation of the reni-cel program. Editas recorded a restructuring and impairment benefit of $1.3 million in the reported quarter. This compared favorably with restructuring and impairment charges of $26.1 million in the second quarter of 2025. The benefit reflected favorable adjustments to previously estimated contract costs associated with the discontinuation of the reni-cel program. Editas had cash, cash equivalents and investments worth $211.6 million as of June 30, 2026, compared with $123.6 million as of March 31, 2026. The company expects its existing cash position to fund operating and capital needs into the second half of 2028. Year to date, shares of Editas have soared 34.1% compared with the industry’s 2.5% growth. Image Source: Zacks Investment Research Editas has no approved products in its portfolio at present. Therefore, progress with its gene-editing pipeline, particularly lead candidate EDIT-401, remains the company’s primary focus. EDIT-401 is an experimental, one-time in vivo gene-editing therapy targeting the LDLR gene. The candidate is being developed for patients with heterozygous familial hypercholesterolemia, an inherited disorder associated with elevated LDL cholesterol and increased cardiovascular risk. Editas presented new preclinical findings for EDIT-401 at several scientific conferences. A single dose of the candidate produced mean reductions of approximately 90% or more in LDL cholesterol, lipoprotein(a) and apolipoprotein B in non-human primates. The reductions were rapid and dose-dependent. A mean LDL cholesterol reduction of at least 90% remained durable for approximately six months. The company also reported no adverse clinical observations in non-human primates receiving a single dose of 1.5 milligrams per kilogram. Editas remains on track to submit a Clinical Trial Notification in Australia in August 2026. The filing is intended to support the initiation of a phase I/II study evaluating EDIT-401 in patients with heterozygous familial hypercholesterolemia. The study will assess the safety, tolerability and efficacy of a single dose of EDIT-401. Its first part will use a single ascending dose, open-label design. Editas has selected four clinical study sites across Australia and New Zealand. The company expects to provide an EDIT-401 data update in the first quarter of 2027. It also plans to complete enrollment in the dose-finding portion of the phase I/II study and report top-line results in 2027. Editas Medicine, Inc. price-consensus-eps-surprise-chart | Editas Medicine, Inc. Quote Editas currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the biotech sector are Harmony Biosciences HRMY, Repligen RGEN and Liquidia Corporation LQDA, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Over the past 60 days, estimates for Harmony Biosciences’ 2026 earnings per share have risen from $3.20 to $3.33, while estimates for 2027 have increased from $3.64 to $3.87 during the same time. HRMY shares have gained 2.2% year to date. Harmony Biosciences’ earnings missed estimates in three of the trailing four quarters and beat on the remaining occasion, delivering an average negative surprise of 13.97%. Over the past 60 days, estimates for Repligen’s 2026 earnings per share have risen from $1.99 to $2.06, while estimates for 2027 have increased from $2.57 to $2.62 during the same time. RGEN shares have declined 3.2% year to date. Repligen’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 16.80%. Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have risen from $2.97 to $3.02, while estimates for 2027 have increased from $4.81 to $5.31 during the same time. LQDA shares have surged 158.4% year to date. Liquidia’s earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 54.40%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Editas Medicine, Inc. (EDIT) : Free Stock Analysis Report Repligen Corporation (RGEN) : Free Stock Analysis Report Liquidia Corporation (LQDA) : Free Stock Analysis Report Harmony Biosciences Holdings, Inc. (HRMY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). 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Interested in Schrodinger, Inc.? Here are five stocks we like better. Second-quarter ACV rose 27% year over year to $29.6 million, driven by broader demand from pharmaceutical, biotech and materials-science customers. Revenue reached $58.9 million, while net income improved to $6 million from a $43 million loss a year earlier. Schrödinger launched early access for Bunsen, an agentic AI co-scientist, and signed a strategic software agreement with Bristol Myers Squibb. The company is also seeing growth from new offerings including Predictive Toxicology and RetroSynth. Management maintained 2026 ACV guidance of $218 million to $228 million but raised drug-discovery revenue guidance to $65 million-$75 million, reflecting a $10 million Ajax Therapeutics collaboration milestone. 3 Momentum Stocks That Could Soar Post-Market Volatility Schrodinger (NASDAQ:SDGR) said second-quarter annual contract value growth accelerated as demand broadened across large pharmaceutical customers, biotechnology companies and materials-science customers, while the company launched early access for Bunsen, its agentic AI co-scientist. Second-quarter ACV was $29.6 million, up 27% from a year earlier. ACV excluding contribution revenue was $22.6 million, an increase of 23% year over year and at the upper end of the company’s expectations, Chief Financial Officer Richie Jain said. First-half ACV totaled $58 million, representing 19% growth from the comparable 2025 period, while trailing four-quarter ACV reached $208 million. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control AI Pharma: 2 Paths to AI-Powered Drug Investment “The biopharma industry is increasingly recognizing that a computationally driven predict-first approach is a critical driver for accelerating drug discovery timelines and improving probabilities of success,” President and CEO Ramy Farid said. Total revenue for the second quarter was $58.9 million. Software revenue was $32.5 million, including $15.2 million of hosted revenue, or 47% of the software total. That compared with hosted revenue representing 31% of software revenue in the second quarter of 2025. → 3 Drone Stocks That Should Soar After the Summer Slump Simulations Plus Stock Drops 15% Despite EPS Beat Jain said the company’s planned transition toward hosted licenses continues to affect reported revenue growth because hosted-contract revenue is recognized ratably over the contract term rather than primarily upfront. Schrodinger said each 1-percentage-point increase in hosted revenue can temporarily reduce reported revenue by $2 million to $3 million, depending on renewal timing and contract duration. Software gross margin was 71%, compared with 76% a year earlier, reflecting the hosted-licensing transition. Contribution revenue was $3.4 million, down from $4.8 million in the prior-year quarter, primarily because initial Gates Foundation funding for the company’s Predictive Toxicology initiative had been completed. The decline was partly offset by a Gates Ventures grant supporting battery research. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure Drug discovery revenue increased to $23 million from $13.9 million in the prior-year period, primarily due to a $10 million collaboration milestone from Ajax Therapeutics. Total other income was $48.9 million, primarily associated with the completion of Eli Lilly’s acquisition of Ajax. Operating expenses declined 6% year over year to $74 million, which Jain attributed to lower headcount, contract research organization costs and professional-services fees. The company reported net income of $6 million, compared with a net loss of $43 million in the second quarter of 2025, and ended the quarter with $419 million in cash and marketable securities. Schrodinger launched Bunsen in early access during the quarter. Farid described the product as an AI co-scientist designed to execute the company’s validated computational methods and complex multistep workflows. The company said Bunsen can help computational chemists work more efficiently while enabling more drug hunters to use advanced simulations. Bristol Myers Squibb, a longtime customer and collaborator, is deploying Bunsen and expanding use of Schrodinger’s platform across its research organization under a new strategic software agreement. The agreement combines Bunsen with the company’s computational technologies for large-scale chemical exploration. Farid said the company expects to capture value from increased use of its platform through its throughput-based licensing model. He also said collaborations with NVIDIA and Google Cloud are providing additional tools and compute resources for Bunsen’s early-access program. Management said Bunsen is already being used internally in the therapeutics organization. Karen Akinsanya, president, head of therapeutics research and development, and chief strategy officer for partnerships, said the AI system has accelerated workflows involving target analysis, structural biology, and analysis of DMPK, pharmacology and toxicology data. Chief Technology and COO Pat Lorton said Bunsen can monitor computational jobs, identify failures and attempt restarts, potentially improving utilization of computing resources outside normal working hours. Schrodinger cited its Predictive Toxicology solution as an emerging contributor to ACV growth. The technology is intended to predict off-target binding risks before synthesis, allowing customers to address potential safety issues earlier in drug discovery. Farid said commercial evaluations are progressing well, though the company did not disclose the specific ACV contribution from the product. Farid also identified RetroSynth as another new product contributing to growth and said it is included in the Bristol Myers Squibb agreement. He said new products, along with increased usage by existing customers, are a major component of the company’s growth strategy. On market conditions, Farid said the biotechnology sector has improved compared with last year. He pointed to an increase in biotechnology IPO activity and said the company has seen fewer customers struggling to raise funds than it did in 2025. Schrodinger maintained its full-year 2026 ACV guidance of $218 million to $228 million, representing growth of 10% to 15% from 2025. Jain noted that the fourth quarter is typically the company’s largest ACV quarter and generally accounts for more than half of annual ACV. The company raised its full-year drug discovery revenue outlook to $65 million to $75 million, from a prior range of $55 million to $65 million, reflecting recognition of the Ajax milestone. It expects 2026 operating expenses to be lower than in 2025. For the third quarter, Schrodinger expects ACV excluding contribution of $41 million to $45 million, compared with $38.3 million in the third quarter of 2025, which included $2.2 million of contribution ACV. Akinsanya also highlighted Schrodinger’s July collaboration with Simcere Pharmaceutical Group, under which the company is eligible for development and commercial milestones and tiered royalties on net sales. She said the company has realized more than $750 million from therapeutic activities since 2020, including collaborations, co-invented drugs and co-founded companies. She also cited phase I data presented in June for Ajax asset AJ11095, a Type II JAK inhibitor, as initial clinical evidence supporting its intended differentiated target profile. Schrödinger, Inc is a life sciences and materials discovery company that specializes in the application of physics-based computational platforms to accelerate drug discovery and advanced materials design. Founded in 1990 by Professor Richard A. Friesner, Schrödinger has developed a suite of proprietary software tools—such as Maestro for molecular modeling, Glide for molecular docking and Jaguar for quantum chemistry calculations—that enable scientists to predict molecular behavior with high accuracy. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Schrodinger Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Interested in BioNTech SE Sponsored ADR? Here are five stocks we like better. BioNTech’s Q2 revenue fell to €106 million from €261 million a year earlier due to weaker U.S. COVID-19 vaccine demand. The company lowered 2026 revenue guidance to €1.6 billion–€1.9 billion, though it expects significant second-half revenue, including a €613 million Bristol Myers Squibb collaboration payment. Guido Oelkers will become CEO by Feb. 1, while co-founder Ugur Sahin remains involved. Management is positioning BioNTech’s transition toward a multi-product biopharmaceutical company centered on oncology, with more than 17 late-stage or pivotal readouts targeted through 2030 and beyond. Oncology programs advanced across multiple platforms: pumitamig produced a 62.5% confirmed response rate in an early lung-cancer study, gotistobart showed a 54% reduction in mortality risk versus docetaxel in an earlier-stage analysis, and the company progressed ADC and mRNA cancer-immunotherapy trials. 4 Reasons Pfizer Could Be a Value Play You Can't Miss BioNTech (NASDAQ:BNTX) reported second-quarter 2026 revenue of €106 million, down from €261 million a year earlier, as lower U.S. demand for its COVID-19 vaccine weighed on results. The prior-year quarter also benefited from a one-time compensation payment from Pfizer related to its decision to opt out of a shingles vaccine development program. The company lowered its full-year revenue outlook to €1.6 billion to €1.9 billion, citing softer-than-expected global COVID-19 vaccine demand, Germany’s planned use of previously manufactured vaccine inventory for the upcoming season, and the delayed timing of an out-licensed research-and-development milestone. BioNTech expects most of its 2026 revenue in the second half, including a €613 million collaboration payment from Bristol Myers Squibb expected in the third quarter. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Moderna Dips on Q2 Earnings But Can It Rip on a Short Squeeze? BioNTech announced that Guido Oelkers will become chief executive officer by Feb. 1 at the latest. Helmut Jeggle, chairman of the supervisory board, said Oelkers was selected for his strategic leadership, experience scaling global biopharmaceutical businesses and record of developing innovation-driven organizations. Oelkers most recently served as CEO of Sobi, where Jeggle said he more than quadrupled revenue over nine years. Current CEO and co-founder Ugur Sahin said he will remain actively involved in preparing for Oelkers’ onboarding and characterized the transition as part of BioNTech’s evolution from a research-focused organization into a multi-product biopharmaceutical company. → Financials Hit Record Highs as the AI Trade Unravels—Can They Keep Leading? Novavax Plunges on Earnings Miss: Falling Knife or Buying Opp? Sahin said BioNTech is advancing a tumor-focused oncology strategy spanning next-generation immunomodulators, antibody-drug conjugates, or ADCs, and mRNA cancer immunotherapies. The company is targeting more than 17 late-stage and pivotal-trial readouts through 2030 and beyond. Chief Medical Officer and co-founder Özlem Türeci highlighted progress for pumitamig, BioNTech’s investigational bispecific immunomodulator targeting PD-L1 and VEGF-A that is being developed with Bristol Myers Squibb. The company is running four registrational lung-cancer programs for the candidate, including trials in small cell lung cancer, first-line non-small cell lung cancer, PD-L1-high non-small cell lung cancer and unresectable stage 3 non-small cell lung cancer. → Why Rare Earth Processing Could Be the Real 2027 Opportunity At the American Society of Clinical Oncology meeting in June, BioNTech presented global phase II data from ROSETTA-Lung 02, which is evaluating pumitamig plus chemotherapy in previously untreated advanced non-small cell lung cancer. Among 40 evaluable patients, the combination generated unconfirmed and confirmed overall response rates of 72.5% and 62.5%, respectively, according to Türeci. In patients with PD-L1 tumor proportion scores below 1%, the confirmed objective response rate was 47.6%. It was 77.8% among patients with scores between 1% and 49%, while all six patients with scores of at least 50% responded. Türeci said the safety profile was manageable, with no new safety signals, and that the results support the ongoing global phase III program. BioNTech also expects a first interim analysis for gotistobart in late 2026 in pivotal-stage testing for metastatic squamous non-small cell lung cancer. Gotistobart is a selective regulatory T-cell-depleting CTLA-4 antibody being developed with OncoC4. In the non-pivotal first stage of the PRESERVE-003 study, Türeci said gotistobart reduced the risk of death by 54% versus docetaxel, with a hazard ratio of 0.46. Median overall survival had not been reached in the gotistobart arm, compared with about 10 months for docetaxel. The company dosed the first patient in a phase III study of elfetabart drozuntecan, formerly known as BNT324, in taxane-naive metastatic castration-resistant prostate cancer. The B7-H3-targeting ADC is being developed with DualityBio and is being tested against docetaxel in patients whose disease progressed after second-generation androgen receptor pathway inhibitors. Sahin said more than 1,000 patients have received the ADC across more than 10 tumor types, including 400 treated in combination with pumitamig. He said the company has seen durable disease control and a tolerable safety profile, including no significant interstitial lung disease events observed so far among patients treated for more than a year. BioNTech expects to present data later in 2026 from a phase I/II trial of pumitamig plus BNT324 in advanced non-small cell and small cell lung cancers. Türeci described the dataset as the first clinical data for a PD-L1/VEGF-A bispecific antibody combined with an ADC in lung cancer. In mRNA cancer immunotherapy, enrollment has been completed in a randomized phase II trial of autogene cevumeran in high-risk stage 2 or stage 3 colorectal cancer. An independent data safety monitoring board reviewed an interim analysis in June and recommended continuing the trial without modification. BioNTech expects the final, event-driven analysis in 2027. The company also expects a phase III progression-free-survival interim analysis later this year for BNT113, its HPV16-targeting mRNA immunotherapy being tested with pembrolizumab in first-line, PD-L1-positive HPV16-positive head and neck cancer. BioNTech reported adjusted research-and-development expense of €477 million in the second quarter, down from €509 million a year earlier, reflecting portfolio prioritization and favorable partner cost-sharing effects. Adjusted selling, general and administrative expense rose to €198 million from €137 million, driven by investments in operational systems, prelaunch activities and the inclusion of CureVac operations following the merger. For 2026, the company now expects adjusted R&D expense of €2 billion to €2.3 billion, while maintaining adjusted SG&A guidance of €700 million to €800 million. BioNTech ended the quarter with €16.6 billion in cash equivalents and security investments. CFO Ramon Zapata said the company has repurchased $152 million of shares under its up-to-$1 billion repurchase authorization. He said BioNTech’s capital-allocation priorities remain funding its priority pipeline and commercial capabilities, maintaining flexibility for external opportunities, and returning capital to shareholders. BioNTech SE (NASDAQ: BNTX) is a Germany-based biotechnology company that develops next-generation immunotherapies and vaccines, with a primary focus on messenger RNA (mRNA) technology. Founded in 2008 and headquartered in Mainz, BioNTech advances a platform approach to design and manufacture therapeutics across oncology, infectious diseases and other high unmet-need areas. The company is publicly traded on the NASDAQ exchange and became widely known for its rapid development and global deployment of an mRNA-based COVID-19 vaccine in collaboration with Pfizer. BioNTech's core activities include discovery research, clinical development and manufacturing of mRNA-based medicines, personalized cancer immunotherapies, engineered cell therapies, and antibody- and protein-based therapeutics. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "BioNTech Q2 Earnings Call Highlights" was originally published by MarketBeat. 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Image source: The Motley Fool. Thursday, July 30, 2026 at 8:15 a.m. ET Senior Vice President and Head of Investor Relations - Chuck Triano Board Chair and Chief Executive Officer - Christopher Boerner Executive Vice President and Chief Financial Officer - David Elkins Chief Commercialization Officer - Adam Lenkowsky Chief Medical Officer and Head of Global Drug Development - Cristian Massacesi Operator: Welcome to the Bristol-Myers Squibb Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Chuck Triano, Senior Vice President and Head of Investor Relations. Please go ahead. Charles Triano: Thank you, and good morning, everyone. We appreciate you joining our second quarter 2026 earnings call. With me this morning with prepared remarks are Chris Boerner, our Board Chair and Chief Executive Officer; and David Elkins, our Chief Financial Officer. Also participating in today's call is Adam Lenkowsky, our Chief Commercialization Officer; and Cristian Massacesi, our Chief Medical Officer and Head of Global Drug Development. Earlier this morning, we posted our quarterly slide presentation to bms.com that you can use to follow along with Chris and David's remarks. Before we get started, I'll remind everybody that during this call, we will make statements about the company's future plans and prospects that constitute forward-looking statements. Actual results may differ materially from those indicated by those forward-looking statements as a result of various important factors, including those discussed in the company's SEC filings. These forward-looking statements represent our estimates as of today and should not be relied upon as representing our estimates as of any future date, and we specifically disclaim any obligation to update forward-looking statements even if our estimates change. We'll also focus our comments on our non-GAAP financial measures, which are adjusted to exclude certain specified items. Reconciliations of certain non-GAAP financial measures to the most comparable GAAP measures are available at bms.com. Finally, unless otherwise stated, all comparisons are made from the same period in 2025, and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. All references to our P&L are on a non-GAAP basis. And with that, I'll hand it over to Chris. Christopher Boerner: Thanks, Chuck. Good morning, everyone, and thank you for joining our Q2 2026 earnings call. We delivered another excellent quarter, driven by disciplined execution across the business. Our progress towards transitioning the portfolio to fuel durable long-term growth is reflected in our growth portfolio's strong Q2 performance. At the same time, we're delivering strong performance from our existing business. We're also advancing a broad and differentiated pipeline while maintaining financial flexibility to invest in the highest value opportunities for patients and shareholders. Together, these efforts continue to strengthen the foundation we're building and increase our confidence in our ability to grow the company as we exit the decade. Let me walk you through some of the highlights of our performance, beginning with our Q2 results on Slide 4. Our growth portfolio continued its strong performance with sales up 14%. Key assets, including Reblozyl, Breyanzi, Camzyos, Opdualag and Qvantig continued to perform well with 10 products in our overall portfolio achieving double-digit growth. This performance demonstrates both the value creation of our portfolio and the continued execution of our commercial organization. Based on the strength of our results, we are increasing our full year 2026 revenue and adjusted EPS guidance. David will provide additional details shortly. Building on our in-market performance, our pipeline of differentiated assets is an important driver of our long-term growth, and we're making significant progress there as well. We had an exciting ASCO in June, where we shared data that reinforces the breadth of innovation across our leading oncology franchise. To highlight a few examples, in hematology, we presented positive Phase III data from the mezigdomide SUCCESSOR-2 study evaluating MeziKd for patients with relapsed or refractory multiple myeloma. The study showed a statistically significant and clinically meaningful improvement in progression-free survival. This further strengthens our confidence in the CELMoD class and its potential to drive the advancement of future myeloma treatment. In solid tumors, we saw encouraging Phase III data from two Iza-bren studies, supporting our strategy of building differentiated ADC capabilities across multiple difficult-to-treat solid tumors. We are also initiating our fourth global Phase III study in first-line EGFR-mutant non-small cell lung cancer. For pumitamig, we shared encouraging early Phase II global data in combination with chemotherapy for first-line non-small cell lung cancer and in terms of our expanding development program, we are initiating a new Phase II novel-novel study combining pumitamig with imzokitug, our CCR8 antibody. These programs reinforce the power of our innovation engine and support our strategy of combining different modalities to deliver transformational medicines and improve patient outcomes. Turning now to our near-term pipeline milestones we anticipate during the remainder of 2026 on Slide 5. We've talked about our ambition to translate a data-rich pipeline into durable long-term growth drivers, and we continue to expect pivotal readouts across our therapeutic areas by the end of this year. These near-term readouts represent compelling opportunities, including admilparant, a potential first-in-class medicine that could redefine the standard of care in pulmonary fibrosis, arlo-cel in relapsed or refractory multiple myeloma, iberdomide progression-free survival data, milvexian in secondary stroke prevention, RYZ101 in GEP-NETs and Sotyktu in lupus, a disease affecting millions of patients with very limited treatment options. Each of these pipeline opportunities carries the potential to redefine treatment standards, addressing large, underserved patient populations and helping to accelerate our long-term growth trajectory. Together, they represent multibillion-dollar peak sales potential and reflect the full depth and breadth of what we're building. For milvexian, we now expect the atrial fibrillation study to read out in the first quarter of 2027. This is an event-driven study and the updated timing from late 2026 reflects the pace of events. As a reminder, the study is being monitored by an independent data monitoring committee, which continues to endorse the study. And with the passage of time, as the study progresses, we are increasingly encouraged about milvexian's potential and look forward to seeing the results of this important study. With respect to the Cobenfy development program in Alzheimer's psychosis, based on the pace of enrollment in the ADEPT-2 and 4 studies and relapse events accruing more slowly than projected 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. While we await those readouts, we look forward to sharing safety and efficacy data later this year from the open-label lead-in portion of ADEPT-1 as well as data from ADEPT-3, which is the open-label rollover study for patients who have already completed the ADEPT-1, 2 and 4 studies. These data reinforce our continued confidence in the potential for this medicine in Alzheimer's psychosis. Finally, our Phase III BALSAM-1 and 2 studies evaluating Cobenfy in bipolar I disorder continue to enroll well, and we anticipate reading out in the first half of 2027. In addition to these upcoming data readouts, we're also beginning to see the next stage of our pipeline strategy come into focus as recent clinical progress translates into regulatory decisions. We are awaiting the August 17 PDUFA date for iberdomide and are ready for the launch of this important medicine, which has the potential to be the first commercialized CELMoD. This would represent a brand-new class of treatment for myeloma, a historically difficult to treat illness with a patient population that could significantly benefit from new innovative options. And we're pleased that the FDA accepted our NDA for mezigdomide with a PDUFA date of May 13, 2027. Together, iberdomide and mezigdomide continue to reinforce our confidence in the long-term potential of our protein degradation platform. The FDA also recently accepted our supplemental NDA for Camzyos in adolescents with obstructive hypertrophic cardiomyopathy and assigned a September 30 PDUFA date. At the same time, we continue to actively plan our previously announced Phase III study evaluating Camzyos in patients with nonobstructive hypertrophic cardiomyopathy and expect to initiate the study by the end of the year. I want to step back for a moment and take stock of where we are and why I'm energized by what's to come. Our growth portfolio is delivering today, and our differentiated pipeline is on the verge of multiple pivotal readouts with the potential to introduce more than 10 new medicines by the end of the decade, including iberdomide and mezigdomide, both of which have upcoming PDUFA dates. In addition, we also anticipate over 30 meaningful life cycle management opportunities during that same period. Our priorities are clear: continue executing with discipline and translate differentiated science into transformational medicines for patients. Turning to Slide 6. We continue to evolve how we operate as a company. Over the past few years, we've made significant progress rewiring BMS into a more agile, focused and efficient organization. This includes expanding the use of AI to help our teams move faster, execute better and operate more effectively. Over the past several years, BMS has embedded AI across its research and enterprise operations and demand for compute has grown alongside the scale and maturity of our AI capabilities. In support of this expansion, we've recently announced partnership agreements with both Anthropic and NVIDIA. Concretely, this will help our scientists do 3 things: understand disease biology more deeply, design and test candidate molecules faster and make earlier, better informed decisions about which programs to move forward. At the same time, we remain disciplined in how we manage our resources. Our focus on productivity continues to generate meaningful savings. When combined with our strong free cash flow generation and balance sheet, these efforts continue to fortify the company's financial foundation. Before I turn the call over to David, I'll emphasize that the strong financial foundation we've built provides us with the optionality and flexibility to continue investing in growth drivers, pursuing business development opportunities and returning cash to shareholders. And with that, David, over to you. David Elkins: Thank you, Chris, and good morning, everyone. We delivered another strong quarter with results continuing to highlight the underlying strength of our growth portfolio comprised of many products that are early in their life cycles. Our performance is also supported by disciplined investment in growth-oriented initiatives. Results were further bolstered by Eliquis. Based on this first half momentum and confidence in our second half outlook, we are raising our full year guidance for both revenue and adjusted diluted EPS. Let me begin with a review of our second quarter results. Starting with Slide 8. Total revenue in the second quarter increased 5% year-over-year to approximately $13 billion, with strong performance of our growth portfolio offsetting legacy portfolio decline. Growth portfolio revenue rose 14% to $7.6 billion, now representing nearly 60% of total revenue. As Chris referenced, multiple products contributed to this growth as this portfolio continues to emerge as a broadening foundation for durable long-term growth, further supported by the broad pipeline. Within the legacy portfolio, Eliquis delivered demand-driven growth of 21%, which nearly offset declines from generic entry across the remainder of the legacy portfolio. Despite full generic availability in the U.S., Revlimid revenue remains more resilient. Turning to product performance on Slide 9, starting with oncology. Qvantig continued its strong launch trajectory with revenue of $261 million and is now annualizing at over $1 billion. For Opdivo, revenue decreased 4% to approximately $2.5 billion, primarily driven by continued conversion to Qvantig in the U.S. In the quarter, we saw some inventory build at the wholesale level, reversing some of the drawdown we referenced in the first quarter. Opdualag delivered another quarter of strong double-digit growth, which continues to be driven by demand globally and its leading position as a standard of care in first-line melanoma in the U.S. Turning to Slide 10. Reblozyl grew 29%, reflecting solid uptake in first-line MDS-associated anemia, continued strength in the second-line setting and further penetration in the first-line RS-negative population. Breyanzi posted 41% growth in the second quarter, driven by its best-in-class profile and strong demand across approved indications in both the U.S. and international markets. As in prior years, we anticipate the typical summer demand patterns to moderate growth in the third quarter. Moving to cardiovascular and immunology on Slide 11. Eliquis revenue was approximately $4.5 billion, up 21%, driven by strong demand through continued market share gains. As a result of the price decrease implemented at the start of the year, U.S. second half sales are expected to benefit from the elimination of the accumulated CPI penalty in certain government channels. Camzyos revenues increased 59% to $416 million, reflecting continued promotional efforts, new patient prescriber additions and deeper penetration into the community setting. Now moving to immunology. Global revenue for Sotyktu grew 23%. We are supporting the recent indication for psoriatic arthritis in adults, and we look forward to the Phase III readouts in lupus later this year. I will wrap up our product performance review on Slide 12 with neuroscience. Cobenfy grew 81% to $63 million in revenue in the quarter, reflecting continued steady progress in the schizophrenia market. Let's now move to the P&L on Slide 13. Gross margin in the second quarter was 71.4%, reflecting product mix. Operating expenses for the second quarter were $4.1 billion. We continue to benefit from our strategic productivity initiative, which provides us both the ability to reduce expenses in identified areas as well as the flexibility to invest in multiple growth-oriented opportunities. Our effective tax rate in the quarter was 16.5%, reflecting jurisdictional earnings mix. Overall, diluted earnings per share were $2.04 for the quarter. Now turning to the balance sheet and capital allocation highlights on Slide 14. We remain in a strong financial position with approximately $11.5 billion in cash equivalents and marketable securities as of June 30. In the second quarter, we generated approximately $3.4 billion in operating cash flow and paid down an additional $1.2 billion in debt. In terms of capital allocation, we maintain a strategic and balanced approach to deploying our strong cash flows. Business development remains a priority, and we are regularly evaluating opportunities in the therapeutic areas we know best, while continuing to return cash to shareholders through our commitment to the dividend. Moving to guidance on Slide 15. We are increasing our full year 2026 financial guidance for both revenue and adjusted diluted EPS based upon our strong first half results and our current projections for the balance of the year, while maintaining our projections for gross margin, other income and expense and our tax rate. Incorporated into these revisions are projected higher Eliquis revenue growth of 20% to 25% and a less pronounced total legacy portfolio revenue decrease now expected to be between 4% and 6%. We have slightly increased our projected operating expenses for the year to account for accelerated prelaunch activities, supporting our CELMoDs, iberdomide and mezigdomide, the expanding pumitamig development program and opportunities to further support the growth portfolio. And reiterate Chris' comment, our strategy remains focused on driving execution across the organization to build momentum in our growth portfolio and advance our pipeline while maintaining financial flexibility to balance investment in future growth with disciplined shareholder-friendly capital allocation. In closing, our strong performance in the quarter reinforces our confidence to deliver long-term value for our patients and shareholders. And with that, I'll now turn the call back over to Chuck for Q&A. Charles Triano: Thanks, David. And everybody, if you could please help us post questions, operator, and we'll get started with the Q&A session. Operator: [Operator Instructions] The first question today comes from Geoff Meacham with Citibank. Geoffrey Meacham: Congrats on the quarter. Chris or Cristian, I guess I just wanted to talk about the ADEPT and milvexian studies going into 2027. I know they're event-driven, but maybe can you talk a little bit about what this means relative to your initial assumptions? Is there something in the patient population maybe that has changed or that is perhaps different than what you guys initially assumed? Just wanted to get a little bit more context for both of those. Christopher Boerner: Thanks for the question. Cristian? Cristian Massacesi: Geoff, thanks for the question. Let me start with Cobenfy with ADEPT. First, let me explain the reasons for the delay. Chris highlighted in his opening remarks, and let me dig into it. In ADEPT-1, we are recruiting events, psychotic relapses. And we are having now a slower pace of how we are recruiting these events than predicting. So this is -- can be seen overall as a -- in a positive way. And anyway, ADEPT-1 will be the first interim analysis to read out by the end of this year or beginning next year. ADEPT-2 and ADEPT-4 are different because like for the rest of Cobenfy program, the first priority has been to ensure the highest quality in terms of the patients we are including in the trial, the conduction of the study. If you think about it, this is one of the best ways to ensure for these trials, the highest chance of success. And then this is very important also to support the registration. So this scrutiny in preserving quality and increasing quality impacted the enrollment pace. The second point I want to make is about where we are now. I think we have implemented now several measures to accelerate this enrollment. And I think the pace and the projections on time lines are solid. Finally, related to your question on ADEPT program overall, there has been no change in any way in our confidence in both the underlying science, the scientific rationale and also the study designs that we are implementing in ADEPT program. We continue to believe that KarXT can provide a substantial benefit to patients with Alzheimer's disease and psychosis and actually, these are the main reasons that we decided to share the open-label data of ADEPT-1 and the rollover ADEPT-3 data in one of the next meeting of forums later this year. Moving to milvexian as you said and Chris said, first of all, we remain blinded, but this shifting into first quarter '27 of AFib time lines is, again, simply a reflection of the way the pace we are recruiting events. It is lower than predicted. DMC continue to oversee the study in a regular way and continue to endorse the conduction of the study. I see favorably this delay because actually it give us more confidence that we are a target for both the primary endpoint, noninferiority and the secondary endpoint is superiority on bleedings. I remain very excited. Milvexian can be the first Factor XI drug to be at parity on efficacy with Eliquis, not beating Eliquis on bleedings. Operator: The next question comes from Chris Schott with JPMorgan. Christopher Schott: Just following up on milvexian. I guess beyond just the noninferiority primary endpoint, I think there's a debate on the street of what type of hazard ratio you need to see for this drug to get broad adoption, cannibalizing sizable pieces of Eliquis versus just targeting maybe an underserved segment of the AF market. Can you just help frame out what you think you'd need to see from that study for this to be a very large opportunity for Bristol versus what would be maybe more of just an incremental new product for the company just in terms of how strong that data has to be? And if I just throw a second one really quickly. On the guidance increase, can you just talk a little bit about the drivers of the upside for the growth portfolio that's implied in the guidance? I guess is there any standout assets that are driving that upside? Christopher Boerner: Thanks for the question, Chris. I'll ask Adam to start and then David, you can jump in on guidance. Adam Lenkowsky: Great. Thank you, Chris. So Milvexian represents a significant commercial opportunity, and we know there is a need for a medicine that has low bleeding risk, lower than Eliquis and can play across both AFib and SSP. As far as the atrial fibrillation opportunity, this is a very large market. There are approximately 10 million patients diagnosed and treated in the U.S. We know this market well. We know the customers well, and we know what it takes to compete and win. Fear of bleeding continues to be the main reason why clinicians continue to hold back from using more Factor Xa in more patients. And despite what we see today with Eliquis, there's still roughly 40% of patients who should be anticoagulated, who are undertreated, they're underdosed or discontinued treatment, and that's driven largely by physician concerns around bleeding risk. And so I don't think it makes sense to speculate on hazard ratio. But what I can say is our study, as Cristian mentioned, was designed to demonstrate a superior bleeding profile compared to Eliquis with comparable efficacy. And so AFib patients with bleeding liability, risk factors are more likely to experience HCP hesitation today for anticoagulation treatment. So for example, patients who are elderly, low body weight represent a high unmet need, patients who have renal impairment. And milvexian has the potential not just to unlock those patients, but also we expect milvexian to shift first-line decision-making over time, allowing physicians to initiate and maintain milvexian treatment more confidently than they can even do today by using Eliquis. David Elkins: Thank you. And on guidance, Chris, look, it was -- you saw in the results, it was pretty pervasive across the growth portfolio. We saw really strong growth. Opdualag was up 22%, Reblozyl 29%. Breyanzi, we continue to see great growth there at 41% and Camzyos was at 59%. And as we also talked about, the Qvantig now, we got 15% share, so well on our way to that 30% to 40%. It's now annualizing over $1 billion. So if you look at Qvantig and Opdivo together, we're really pleased with the progress of that franchise. So it really is the underlying business, coupled with the strong performance of -- from a demand perspective on Eliquis that gives us confidence in our guidance for the year. Operator: The next question comes from Evan Seigerman with BMO Capital Markets. Evan Seigerman: I'm going to not ask one on milvexian or the ADEPT program. But taking a step back, you've been clear that BD remains a really important part of your long-term growth strategy. Can you just walk me through what excites you in biotech these days and kind of where you would look? I know you're not going to give specifics, but what type of technologies or therapeutic areas do you think would best fit within Bristol's portfolio? Christopher Boerner: So maybe I'll start, and then I'll ask Cristian to chime in. Look, thanks for the question, Evan. Business development, as you know and as we've discussed repeatedly, continues to be a top allocation priority. The way I think about BD just at a macro level is we've got a very strong late-stage pipeline. You see that in the commentary that we've made just this morning. We certainly don't feel any compulsion to chase deals. But as we've said consistently, if there's an opportunity that we can find that has a few things that are important to us, notably, they're in therapeutic areas that we know well. There are areas where the science is compelling. And of course, we need to be able to make a compelling case financially that we can drive value to the company and to shareholders. If those things come together and ideally continue to enable us to derisk our near-term growth profile, we certainly have the financial flexibility and the capabilities to be in the mix. And so that's been our guiding philosophy around business development for some time now, and it continues to be our focus. But Cristian, are there particular areas you would highlight? Cristian Massacesi: Thanks, Evan, for the question. There are -- I would frame in 2 ways. I'm excited by what is new, what is innovative in terms of new targets, but also the way you deliver your [ drugs ] against that target, the modalities. I think this is where I think internally, but also looking at external innovation is very, very -- continue to be very important. I want to give you some concrete examples. We know better and better the biology of the diseases where we are operating, think cancer, think neuroscience, cardiovascular. Now it's identifying targets that are becoming more and more relevant and then the way we deliver against them. I want to give an example of an internal product that is our CELMoD BCL6 is coming from our protein targeted degradation platform. BCL6 is a key target in lymphomas, drives lymphomas. But because it's a transcription factor, we're unable to inhibit them. Now with the degrader we can. This is just an example. Imagine the potential in neuroscience. We are building up our Alzheimer's portfolio. And we start to understand more and more on the biology of Alzheimer's. Now the question is, how can we deliver against amyloid, against tau, against new targets and how we can have better drugs to get into the brain. The shuttles is an example. So these are the kind of -- I hope I give you concrete examples on what I think innovation can look like, especially looking then at the development part that ultimately is our job. Operator: The next question comes from Emily Field with Barclays. Emily Field: A question on Cobenfy in the approved schizophrenia indication. You've talked about one of the drags on sales being that clinicians aren't titrating up quickly enough to the therapeutic dose. So just wondering if you could give us an update on how the educational efforts on optimizing that are going and when perhaps we could see that reflected in the sales trajectory? And if I could just sneak in another one on Sotyktu in lupus. Obviously, a lot of readouts coming in the lupus space over the next couple of years. So I was just wondering if you could highlight your confidence in the TYK2 MOA in this obviously notoriously difficult space. Christopher Boerner: So Adam, maybe you could start and Cristian, you can chime in as well. Adam Lenkowsky: Sure. Let me just take the first part of your question about Cobenfy. Cobenfy continues to deliver steady growth. And we see significant upside coming from future label expansions. What we're seeing today in schizophrenia is a number of positive leading indicators for the brand that continues to give us confidence. We're encouraged by the positive trends in total script volumes. In fact, in the quarter, we saw roughly a 15% growth in TRxs quarter-over-quarter. We're driving consistent increases in new prescribers and physician feedback continues to be positive. That said, we have areas where we need to make further progress. We need to accelerate new patient starts as well as improve repeat prescribing. As we shared before, this is a disease state that prescribing behavior is deeply entrenched and Cobenfy will continue to grow by building more positive experiences in the market. As far as dosing, we have been educating physicians on the importance of rapidly titrating Cobenfy to the effective dose of 125 milligrams as we see far too many patients that remain on either the 50 or 100-milligram dose. What we have seen, though, is an increase in 125-milligram prescribing since introducing our Phase IV switch study, which will both help maximize efficacy, but we need to see further increases in the dose shift towards the 125 milligrams. But taken together, we have a meaningful opportunity to continue to build confidence and bring clarity on how to maximize Cobenfy use. And overall, we do expect Cobenfy to grow consistently throughout the year with significant upside through a very broad LCM program. As far as Sotyktu in lupus, look, this is a market that is very different than the PsO market. Sotyktu remains really a strategically important asset, which we believe could see renewed momentum with our new indications, SLE, which will read out this year and Sjogren's will read out next year. In particular, a real need exists for more effective treatments. Those include treatments that reduce steroid dependence. That includes treatments that are associated with fewer side effects. And what we saw in our Phase II study gives us a lot of confidence. That study was one of the largest and most compelling in SLE to date, having met both the primary and key secondary efficacy endpoints. So we believe we have a real opportunity to differentiate Sotyktu based on overall clinical responses, efficacy in skin and joint involvement, the ability to reduce steroid dependence and also associated toxicity. So we very much look forward to our SLE data readout this year as this could really catalyze growth for the brand. Cristian Massacesi: Thanks, Adam, and thanks, Emily, for asking about these important readouts that will happen this year, both studies. As Adam said, the confidence stays on the Phase II. Adam explained very well why the Phase II was positive and positive for primary -- secondary endpoints. It's not very typical in this space. Now where I'm pleased is on the fact that we have been able to mimic the Phase II study into the Phase III studies. This is very important because when I look at patient demographics, disease characteristics, trial management, endpoints, everything is very matching. And there are in immunology, you have some kind of risk sometimes related to placebo response. I think that our teams and investigators did a very good job in managing that risk in terms of checking carefully steroid tapering and actively monitoring the primary endpoint. So really looking forward on the results this year. And I think, as Adam said, this can be a very important oral drug to bring in these patients. Operator: The next question comes from Asad Haider with Goldman Sachs. Asad Haider: Congratulations on the quarter. Maybe for Cristian on admilparant. This now seems to be becoming the key clinical event for the balance of the year given the updates that you guys just described. So just perhaps just level set us on expectations as we sharpen our pencils ahead of this readout. Can you contextualize where this fits into the IPF landscape if the clinical benefit turns out to be in line with currently available drugs, which have improved FVC by roughly 40% to 50%. What would be the use case for adding it in? And then on the PPF side, is that trial still tracking to read out closely after IPF? And then anything you can tell us on the filing strategy? Christopher Boerner: Thanks, Asad. I'll start with Cristian and then maybe, Adam, you can chime in as well. Cristian Massacesi: Thanks, Asad, for the question. You're right. This is becoming a very important readout. And guided by the end of this year. Let me start with the mechanism of action. LPA1 is a very important novel target because it's not working only on the fibrotic and inflammatory pathway, but also potentially on the epithelium repair pathway, and this is novel. We believe that admilparant can be first and best-in-class against LPA1. And the conviction on the Phase III, again, sits on the Phase II results, both in IPF and PPF. You know the results were very positive for FVC primary endpoint. What we did and we were able to do also in this setting was ensure consistency how we run the Phase II into the Phase III, again, in terms of endpoints, population, overall criteria. It is an important aspect I want to highlight in Phase III, we have 2 shots on goal in each of the studies, IPF and PPF because we are testing 2 doses, 60 milligram, that is the dose that emerged from the Phase II, but also 120 milligram that was introduced later. We know there is a dose relation activity. And this gives us more chances with both doses, also looking overall at the study conduction and how the blinded data are emerging on the safety side very well. Overall, I have to say I'm really looking forward to these readouts because the profile of this drug can be very helpful for patients with both IPF and PPF. IPF guided this year, PPF to the second part of your question will be just a few months after. So very, very same ballpark time lines beginning next year. Adam, do you want to speak about the positioning? Adam Lenkowsky: Yes. No, thanks for the question, Asad. So admilparant has the potential to play a truly meaningful role in both IPF and PPF as we expect an improved efficacy and tolerability profile. There is still a significant unmet need for new and improved therapies that slow disease progression, potentially even halting disease progression that are well tolerated and ultimately help patients better manage their disease. Remember, GI tolerability remains a significant challenge with current agents in the market. And in fact, 50% to 60% of IPF patients continue to stop their medications by 12 months, and that's with current standard of care. And what you've seen in the most recent launch, it clearly validates the market opportunity that there is an opportunity to gain significant share as better tolerated and more effective new treatment options emerge. And so what we're seeing happen in the market today is the emergence of a large second-line add-on and switch market for the first time. We're seeing that with -- JASCAYD is over 50% of their starts are coming after generics. So today, this is a roughly $4 billion market. We expect this market to grow significantly with improved treatment that could maybe double to $8 billion to $10 billion by the middle of the 2030s with improved treatment options. And we believe that admilparant truly has the potential to be foundational as a first branded option with the versatility of being used in combination. And so we very much look forward to the readout in the back half of this year. Operator: The next question comes from Seamus Fernandez with Guggenheim Securities. Seamus Fernandez: So I wanted to drill in a little bit on the CELMoDs. We've got 2 assets that are either filed or fileable with the agency. Just wanted to get a better sense of how in, let's say, 2028 to 2030, how you see the CELMoD is actually contributing to the growth revenue for the company. This does seem like a multibillion dollar, perhaps even a double-digit billion dollar potential opportunity if the earlier-stage studies read out positively. But even in the existing indications that you see today, what kind of contribution do you see coming from your CELMoD portfolio? Christopher Boerner: Thanks, Seamus. Great question. And obviously, we're quite excited about the platform and both iber and mezi, but Adam, you can chime in. Adam Lenkowsky: Yes. No, thank you, Seamus, for the question. So clearly, CELMoDs represent a significant commercial opportunity, and we're confident that both iberdomide and mezigdomide will deliver very strong growth for the company. And we're very much looking forward to iberdomide's PDUFA date, which is just a few weeks away, and our commercial teams are launch ready. We're also pleased to have a PDUFA date set for mezigdomide, as you heard earlier on the call, which will come in May of next year. Let me just step back. Recall that 70% to 80% of patients are treated with multiple myeloma in the community. And both iber and mezi are able to provide a balance of high potency, able to provide a manageable and very familiar toxicity profile that are able to provide a better experience for patients with the convenience of an oral treatment that fits within the workflow of their practice. So iber will replace Pomalyst and Revlimid in the leading triplet regimens in second line and combined with daratumumab and will amplify the efficacy of current IMiD-based regimens. Our goal is to make iber and mezi foundational in multiple myeloma, replacing Rev and Pom in second line over time. We do expect strong adoption in the community and PFS data should be available within just a few months after our approval, which will certainly help accelerate uptake as some physicians are going to want to see PFS data before adopting. But we are ready to launch. We know the work we need to do to establish both iber and mezi in the market. We're also excited about the upcoming readouts for golcadomide, which will be the third CELMoD in the market that has the opportunity to really revolutionize first-line LBCL and also play a significant role in second-line follicular lymphoma. So we're excited to bring these important medicines to patients, and we know these 3 drugs will provide meaningful contributions to growth for the company. Operator: The next question comes from Michael Yee with UBS. Michael Yee: Two questions, both for Cristian. On IPF, can you just talk a little bit about the 120 dose that you're using and how you feel about how much more efficacy that could add and what exposure analysis data you might have seen there in the context of also blood pressure questions and how you feel about the risk/benefit of the 120? And then just perhaps a clarification on milvexian. I know that everyone is asking about hazard ratios, but just so that you could confirm, I would assume that as a noninferiority study, you expect the hazard ratios certainly in the upper bound to be well above 1.0. But as long as it's noninferior, that is a win for you. Just wanted to clarify and confirm. Christopher Boerner: Thanks, Mike. And Cristian, you can start and then Adam, you can just chime in with any additional detail on milvexian. Cristian Massacesi: Thank you, Mike, for the question on IPF. As I said, we introduced 120-milligram dose based on some work coming modeling work showing that there was a dose relation. You remember in the Phase II, we tested 30 milligram, 50 milligram and 60 milligram was the dose showing better and higher benefit, and this is what we brought in Phase III. Then at the start of the Phase III, there was randomized run-in introducing 120, DMC have seen this data and cleared that dose. We believe that there is a dose relation. The real -- as you mentioned, the real unknown for the conduction of the study was the 120 safety profile in terms of [ hypotensions ]. What I can tell you is that DMC is monitoring regularly the study. We completed the recruitment. We are waiting the readout. And there was, in a blinded way, a very reassuring events safety profile rate. So this increased the confidence that we have 2 shots on goal, and the studies are fully powered for both doses. On related to milvexian, again, we remain blinded. And you're right, the margins on noninferiority are a range that is around 1, but the study is fully designed and powered to show a hazard ratio 1. This is what we expect, milvexian being as good as Eliquis in terms of stroke and systemic embolism and then, of course, being better on bleeding. Adam Lenkowsky: Yes. Just as far as what we're hearing from our physicians, I think, number one, physicians and payers, as we meet with them, they're not anchored on a specific percentage threshold. What they're looking for, though, is clinically meaningful reduction in major bleeding that translates into fewer events, fewer hospitalizations and ultimately, a lower cost in treating AFib patients. That's why Eliquis continues to play such a prominent role in the marketplace. Our customers focus on whether treatment enables them to have broader and more confident use of anticoagulation, preserving stroke protection while improving the safety margin has a potential to really meaningfully reshape the treatment dynamics that we see today. And we believe that the profile that we have described and we fully expect will drive significant demand and will be important for payers, patients and providers. Operator: The next question comes from Jason Gerberry with Bank of America. Jason Gerberry: Another one on IPF and maybe for Adam. Just given the really strong launch of JASCAYD by BI, does this impact the bar for success in your view? Does it elevate the maybe the commercial bar for success? Or is potentially winning and differentiating versus JASCAYD mainly on tolerability? And do you see the market potentially moving to polypharmacy much like markets like pulmonary hypertension. So I just wanted to get your perspective on some of those market considerations. Adam Lenkowsky: Yes. Jason, thanks for the question. As we said, Cristian and I both shared, IPF and PPF remains a market with significant unmet needs. And those needs are in both efficacy and tolerability improvement. Admilparant as the first ever LPA1 antagonist has the potential to play a real significant role, and we expect both improved efficacy and improved tolerability, specifically as it relates to GI toxicity, which even what we see today with some of the most recently approved products has an overall rate of diarrhea of 40%, over 60% in combination. And what we've seen with admilparant in our Phase II studies is a side effect profile that is comparable to placebo. And I think what you're getting at is, right, JASCAYD's launch validates the market opportunity and shows there's an opportunity to gain significant share as better tolerated and effective new treatment options emerge. And that's what we're seeing. We're seeing the creation of a second-line add-on market for the first time ever as over 50% of new JASCAYDs starts are coming after generic Ofev or generic Esbriet as switch or add-on treatments. And we'll see this part of the market grow substantially after generic use. So clearly, we'll see a big market in polypharmacy or in switch and add-on. As I talked about, this is a market that we think could double in size over time with improved treatment options. And admilparant certainly has the potential to be foundational both as a first branded option in monotherapy with the versatility of being used in combination, given what we expect to be a really exciting efficacy profile and tolerability profile. Operator: The next question comes from David Amsellem with Piper Sandler. David Amsellem: So I had a question about your tau program with the data coming next year. Just with the recent data from Biogen's diranersen, their tau ASO and just given the body of data for the A-beta therapies, I wanted to get a better sense from you on what you'd like to see from CDR Sum of Boxes and just the totality of the data that you get next year for moponetug in order to justify moving forward? And then also what you're seeing with that molecule that potentially differentiates it from diranersen? Cristian Massacesi: Thank you for the question, David. The -- our anti-tau antibody, moponetug is a very potential best-in-class and potent anti-Microtubule Binding Region tau. I want to -- I'm specific on this because there are many antibodies out there, but I think binding R1 and R3 domains in the MTBR, the microtubule region is believed to be very important because it is a critical area that lead to formation and spread of the tau tangles. So the job of the drug is blocking this spread from one neuron to another. We did the Phase I and the Phase I was very reassuring in terms of the safety and tolerability of the product, and now we completed the recruitment of the Phase II. The readout of the Phase II is going to be next year. As you said, it's an exciting moment because what is emerging is that the tau clearance is impacting cognition in Alzheimer's patients with mild impairment and cognitive impairment. And this can translate maybe into clinical benefit. So as you can imagine, our Phase II study will assess tau clearance, but we will assess also some endpoints related to cognition and potential overall clinical benefit. This will give us the way forward for the next stage of the development. I'm very excited about this space in general. We have now a second mechanism validated tau on top of amyloid. And I think now started to emerge also the discussion how we sequence the anti-amyloid versus anti-tau drug, how we combine them. And for us, it is an entry because, of course, we are very much into this space and developing the next generation of assets that are shuttles to increase the brain penetration. But very excited about moponetug and see the data next year. Operator: The next question comes from Luisa Hector with Berenberg. Luisa Hector: I wanted to just check on milvexian a little bit around how nimble you can be around launch costs. Do you need to pull back on any investment due to this delay? Or is it just a matter of a quarter, it's not a big deal? And with that in mind, could you remind us the setup? I mean, Eliquis, you have the sales force, you've had the rebate, but you've had some changes there with IRA and pricing. So as we think about the future, Eliquis and then milvexian hopefully launching, are there any constraints in that partnership with Pfizer on Eliquis that makes things more difficult when you launch milvexian? Just anything we should think about there or your sales force and your rebate are kind of transferable? Christopher Boerner: Adam, do you want to take that? Adam Lenkowsky: Sure, Luisa. Thanks for the question. As we said, milvexian represents a significant commercial opportunity. What's great about milvexian is we have the infrastructure that has been established now for many years with Eliquis. So we have that in place today, covering virtually all of the physicians in atrial fibrillation. It's also a high overlap with SSP as well, say, for some -- a small number of stroke neurologists that we'll be able to cover in the market today with our current Zeposia team. So we really have the full infrastructure commercially set, and we're very much looking forward to launching. As far as the interplay with Eliquis, Eliquis LOE, as you're aware, is April of 2028, and this lines up very nicely with the filing and launch time lines of milvexian. So we expect that Eliquis LOE to lead directly into the successful launch of milvexian. Christopher Boerner: Yes. And just to follow up, there would be no constraints with respect to the relationship that we have with Pfizer in terms of our ability to successfully launch and commercialize milvexian. Operator: The next question comes from David Risinger with Leerink Partners. David Risinger: Yes. Thanks very much and thanks for all the updates. So Chris, regarding milvexian and atrial fibrillation, you had stated in your prepared remarks, "an independent data monitoring committee continues to [ endorse ] the study and with the passage of time as the study progresses, we are increasingly encouraged about milvexian." So can you please comment further on the endorsement, including how you're interpreting study continuation as a positive signal when the DMC is evaluating both efficacy and bleeding. I ask because it's already known and clear that milvexian is associated with much lower bleeding risk than Eliquis. So that is not any surprise that lower bleeding would be positive in the trial. So I'm more interested in your interpretation on the primary endpoint of efficacy with respect to your observations. Christopher Boerner: Sure. Thanks, David. Maybe I'll start, and then Cristian, you can continue to chime in or extend upon your earlier comments. Look, we continue to see on a routine basis, the DMC looking, as you noted, both safety and efficacy. And if you look not only at the most recent reviews, but really just look at this over time, we've continued to see on this program a slowing of event rates, along with the continued view that the efficacy continues to be in line with expectations to continue the study. The safety, as you point out, we had a lot of confidence in. But in the backdrop of this broader program from a competitive standpoint, the fact that we continue to see DMC reviews and that as we look at the blinded data and see the event rate profile, we continue to gain confidence that this program has significant potential to read out in a way that would be a competitive product relative to the position that we have with Eliquis. But Cristian, do you want to comment further? Cristian Massacesi: Yes, David, let me use an analog in the same disease, AFib with the same class drug. One study was in recent times, stopped by the DMC based on regular data review because the events were going in a different direction. So there was actually a potential detriment on the primary endpoint on strokes and embolisms in the investigational arm versus the comparator arm Eliquis. So the DMC stopped that study because that was becoming a problem. So having DMC continues to assess the efficacy and safety data, as you say, and giving us very much closer to the final readout, the reassurance that the study can progress as planned is a good thing. It's a good thing because at least we are sure that we are not bringing some -- anything that goes against the patients or detriment to the patient on efficacy. Remember that this study needs to show noninferiority, needs to be as good as Eliquis on strokes. And considering the number of events that we recruited so far, the pace of events and the DMC continuous review, this is -- this looks good. And then as you said, the bleedings, probably milvexian is going to be better than Eliquis. This is the expectation. Christopher Boerner: So if you just step back in this program, generally, David, what I would say is that you continue to have very strong scientific rationale. We know the strong Phase II data that we had. As you've highlighted, we know the safety and on efficacy given the event profile and how it's evolving in a blinded fashion and DMCs continue to endorse the continuation of the study. You add all of that up, we feel very good about this program. Operator: The next question comes from Steve Scala with TD Cowen. Steve Scala: I have 2 questions. First, how will the increased growth of Eliquis in 2026 impact sales in 2027 and beyond? Is it a tailwind, a headwind or neither in '27? And is any portion of those revenues in '26 sustainable? Secondly, after a number of Phase III setbacks in recent years, Bristol actively addressed study conduct deficiencies. Curious where you stand relative to resolving them? And are milvexian and Cobenfy delays completely unrelated to any lingering study conduct issues such as maybe assessment of primary events? Christopher Boerner: So thanks for the question, Steve. Maybe, Adam, you want to start with Eliquis and then Cristian, you can address the second part of the question. Adam Lenkowsky: Yes, Steve, thanks for the question. Eliquis continues to deliver strong demand growth. In fact, in the U.S., new-to-brand share is approaching 80%. As we said coming into this year, we would see the benefit of the WAC reduction taken January 1 in the second half of the year. And thus, sales in the U.S. in the second half would be higher than in the first half of the year. And as we talked about -- as David talked about, Eliquis sales this year are anticipated to grow roughly 20% to 25% year-over-year. Now we still expect the $1.5 billion to $2 billion step down in 2027 that we referenced on the Q1 call. We'll clearly provide any appropriate update in conjunction with our 2027 guidance when issued. But the U.S. sales certainly would carry forward to next year, offset by the patent expiry of Eliquis in Europe in mid-Q4. Cristian? Cristian Massacesi: Thank you, Steve, for the question. Very, very broad one. Let me tell you that -- let me start with a general concept. The Phase III trial can fail if the science doesn't hold, you cannot do a lot on that but most of the time fails because also execution, can be related to the execution. Execution means not only how you run the trial, but also the study design, the statistical assumptions, the comparator and performance and so on. So what we did as a general way of working was to identify in any of the ongoing studies, potential risks and mitigate that. Because this is none -- it's impossible to have 100% probability of success in any of the registrational studies. But you can get -- you want to get as closer as possible to that. And this is what now we are working, integrating AI technology, data and everything to have for each program this TTS improvement. Milvexian and Cobenfy delays are unrelated in a certain way because milvexian is event-driven. And actually, the event is slowing down favorably because it bring us on what we were expecting. And for Cobenfy, quality is another potential aspect of -- that can lead to failure of studies and preserving quality is capital to increase success. And this is one of the reasons for ADEPT-2 and ADEPT-4 of the delay. ADEPT-1, again is event-driven and actually event coming slower, can be a good sign. Christopher Boerner: Steve, let me just weigh in on maybe that last comment. So Cristian is approaching his 1-year anniversary at the company. And I just want to say I'm incredibly pleased with the progress that he and the team have made. He has been consistently focusing on making sure we have the right scientific talent and expertise across therapeutic areas. He's brought an incredible focus on being great operationally. He's made good progress on ensuring we've got the right infrastructure and ways of working. And at the end of the day, we continue to make sure that we're investing in the right areas of science where the company can be successful. And if you add all of that up, I feel very good that the R&D engine that he's helping to build is going to sustain the growth of this enterprise. Charles Triano: And operator, if we could please take our last question. Operator: The last question today will come from Akash Tewari with Jefferies. Akash Tewari: Just a clarification on milvexian. You previously mentioned both bleeding events and AFib events need to mature for the trial to stop. Are both bleeding and AFib tracking slower than expected? Or have we already reached the required number of events for bleeding events already? Cristian Massacesi: Thank you, Akash. The -- I don't drive on the number of events. What I can tell you because this is -- we disclosed this, we need to recruit 430 events for primary endpoint, strokes and embolism and 530 events for bleeding. We want to achieve both numbers before locking the database and have the readout because the primary endpoint is very important, but also then we test the superiority on bleeding is also very important. So we are on track for this, and this will happen first quarter '27. Christopher Boerner: Thanks, Cristian. So let me just say in closing that I just want to reiterate that a big focus of the team has been to drive what we call a say-to-do ratio. And I think what you're seeing in the performance for the quarter is that we're doing what we said we do -- we would do. Today's results really underscore the impact of what we see as a multiyear strategy to reshape our business and drive sustainable growth. We're delivering very strong commercial execution across our growth portfolio. We're advancing a broad and differentiated pipeline while being very disciplined and maintaining the financial flexibility that we need to invest in future growth while also, of course, returning capital to shareholders. We continue to see the company through focused execution. We continue to strengthen rather the company through focused execution, and we're very confident in the long-term trajectory of the business. So finally, I'd like to just thank our colleagues around the world for their continued dedication to the mission that we have and to their focus on serving our patients. So thank you all for joining us today. And as always, we'll be available for any follow-up questions. Thanks. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Before you buy stock in Bristol Myers Squibb, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bristol Myers Squibb wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Bristol Myers Squibb. The Motley Fool has a disclosure policy. Bristol-Myers Squibb (BMY) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Pfizer PFE reported second-quarter 2026 adjusted earnings per share of 77 cents, which beat the Zacks Consensus Estimate of 68 cents per share. Earnings were flat year over year. Revenues came in at $15.03 billion, up 3% from the year-ago quarter on a reported basis and 1% on an operational basis. Total revenues beat the Zacks Consensus Estimate of $14.45 billion. Growth in Eliquis, Padcev, the Vyndaqel family and Lorbrena offset steep declines in COVID-19 products. International revenues rose 3% on an operational basis to $6.18 billion. U.S. revenues were flat at $8.86 billion. Pfizer reports its revenues under three broad sub-segments of its Biopharma operating segment — Primary Care, Specialty Care and Oncology. In first-quarter 2026, Pfizer created a new Hospital and Biosimilars Division within its Biopharma segment, moving certain off-patent brands, generic sterile injectables and biosimilars out of Specialty Care and Oncology. Primary Care sales declined 2% on an operational basis to $5.5 billion. Oncology revenues rose 2% to $4.17 billion, while Specialty Care sales increased 7% to $3.35 billion. Hospital and Biosimilars revenues declined 2% to $1.64 billion. In Primary Care, alliance revenues and direct sales from partner Bristol-Myers BMY for Eliquis increased 19% to $2.43 billion as higher demand trends globally were partially offset by price and generic erosion in some ex-U.S. markets. Eliquis sales beat the Zacks Consensus Estimate of $1.98 billion. Prevnar family revenues declined 4% to $1.34 billion and missed the consensus estimate of $1.39 billion. U.S. sales fell 13%, more than offsetting a 10% increase in the international market. Direct sales and alliance revenues from partner BioNTech BNTX for the COVID vaccine, Comirnaty, were $261.0 million in the quarter, down 34% year over year, missing the consensus estimate of $278 million. The decrease reflected a smaller favorable adjustment to the returns provision and lower U.S. utilization following narrower vaccination recommendations. Paxlovid revenues plunged 95% to $21 million due to lower COVID-19 infections and reduced government purchases in some international markets. Sales fell well short of the consensus estimate of $119 million. Nurtec ODT/Vydura contributed $421.0 million in the quarter, up 17% year over year. Among the new products, Pfizer’s RSV vaccine, Abrysvo, recorded sales of $208 million, up 43% on an operational basis. In Oncology, Ibrance revenues were flat at $1.06 billion, exceeding the Zacks Consensus Estimate of $1.05 billion. Padcev sales climbed 23% to $667 million and surpassed the consensus estimate of $661 million. Padcev benefited from strong demand trends mainly due to market share gains in first-line metastatic urothelial cancer and launch momentum from the new muscle-invasive bladder cancer indication. Xtandi alliance revenues declined 6% to $534 million. Lorbrena revenues rose 37% to $354 million while Adcetris sales fell 23% to $196 million. Inlyta revenues decreased 12% to $218 million. Braftovi/Mektovi revenues rose 23% to $223 million. Vyndaqel family revenues increased 8% to $1.76 billion, slightly exceeding the Zacks Consensus Estimate of $1.75 billion. Growth reflected continued patient diagnosis and improved access in international markets, along with U.S. market expansion, which partially offset the impact of price erosion as a result of new payer contracts in the United States. Xeljanz sales declined 23% to $251 million, while Enbrel revenues fell 10% to $142 million. Cibinqo sales rose 34% to $94 million. Within Hospital and Biosimilars, oncology biosimilar sales increased 1% to $359 million, and Inflectra revenues rose 23% to $171 million. Pfizer raised the lower end of its 2026 revenue guidance. The company now expects revenues between $60.5 billion and $62.5 billion, compared with the previous range of $59.5 billion to $62.5 billion. The range indicates a decline from 2025 revenues of $62.6 billion due to lower revenues from COVID products and loss of revenues from the upcoming patent cliff. The revised outlook reflects approximately $1.5 billion of better-than-expected non-COVID product performance, partly offset by a $1 billion reduction in expected COVID-19 product revenues. Pfizer now expects around $4 billion from COVID-19 products in 2026, lower than the prior expectation of around $5 billion. The adjusted earnings guidance was reaffirmed at $2.80-$3.00 per share. However, the guidance now absorbs a 10 cents per share charge related to its licensing deal with Innovent Biologics. Some other guidance ranges were also maintained. Adjusted R&D expenses are expected to be in the range of $10.5 billion to $11.5 billion in 2026, while adjusted SI&A spending is targeted between $12.5 billion and $13.5 billion. The adjusted effective tax rate is expected to be approximately 15% in 2026. Pfizer delivered a solid second quarter, beating estimates for both earnings and revenues. Eliquis, Vyndaqel, Ibrance and Padcev slightly exceeded their respective consensus estimates, while Prevnar, Comirnaty and Paxlovid fell short. Strength in non-COVID products continued to offset declining pandemic-related sales for Pfizer. Excluding BioNTech-partnered Comirnaty and Paxlovid, revenues increased 5% operationally. Sales of Pfizer’s newly launched and acquired products grew 18% on an operational basis in the quarter, in line with the company’s expectation of record continued double-digit growth. Pfizer raised the lower end of its revenue outlook for 2026, backed by a continued strong performance of its new and acquired products. Pfizer also said it expects additional cost savings of $2.5 billion, which it expects to realize from 2027 through 2029. Shares were rising slightly in pre-market trading in response to the better-than-expected quarterly performance. Pfizer’s stock has risen 0.5% so far this year compared with an increase of 10.0% for the industry. Image Source: Zacks Investment Research Pfizer is navigating a difficult transition following the sharp decline in COVID-related sales. The market is concerned about Pfizer’s ability to replace declining COVID-related revenues and offset upcoming patent expirations through new product launches, pipeline development and contributions from acquisitions. Pfizer’s revenue and earnings guidance for 2026 indicates mostly flat to slightly negative growth. However, though Pfizer’s 2026 sales guidance indicates minimal growth, the company expects a high single-digit revenue CAGR for five years starting in 2029. It expects the growth to be driven by its advancing R&D pipeline and the continued progress of new and acquired products. The company is rebuilding its pipeline in oncology and obesity, which it believes can drive growth in 2028 and beyond. Several key pivotal readouts are expected over the next 12 months. The company expects its recently launched and acquired products and a strong pipeline to help revive top-line growth toward the end of the decade. Pfizer has a Zacks Rank #3 (Hold) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Pfizer Inc. (PFE) : Free Stock Analysis Report Bristol Myers Squibb Company (BMY) : Free Stock Analysis Report BioNTech SE Sponsored ADR (BNTX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). 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