BMS’ ‘big beat’ clouded by Cobenfy, heart disease data delays

News Business BMS’ ‘big beat’ clouded by Cobenfy, heart disease data delays July 30, 2026 | 4 min read | Gabrielle Masson Twitter LinkedIn Facebook Email Print Strong quarterly results are prompting Bristol Myers Squibb to lift its 2026 outlook, though the company is facing another delay for key Cobenfy Alzheimer’s data and a pushed-back readout for milvexian. Bristol Myers Squibb rang in beats for both revenue and earnings per share in the second quarter, but the news was overshadowed by yet another delay of key data for the neuropsychology drug Cobenfy.The New Jersey pharma booked $12.97 billion in second-quarter revenue, topping the consensus estimate of $11.73 billion and representing a 5% jump from the same time last year. EPS also came in at $2.04, 28% above consensus estimates of $1.60, according to a Thursday earnings report.

The quarterly findings have prompted the Big Pharma to raise annual revenue guidance 6% to a midpoint of $49.5 billion, plus boost EPS expectations by 11% to $6.88.But it’s not all good news. BMS has pushed out the Phase 3 topline readouts for two drugs: the ADEPT program evaluating Cobenfy for Alzheimer’s disease psychosis and a Johnson & Johnson-partnered investigational oral Factor XIa inhibitor called milvexian. The ADEPT-2 and 4 studies have faced enrollment challenges.

In ADEPT-1, relapse events have been accruing more slowly than expected, CEO Chris Boerner said on a Thursday earnings call.“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,” he said.ADEPT encompasses numerous Phase 3 trials designed to expand Cobenfy’s label beyond schizophrenia. BMS picked up the oral drug in 2024 in the $14 billion buyout of Karuna Therapeutics.If the delay triggers a sense of déjà vu, you’re not alone—this isn’t the first time BMS has postponed the ADEPT findings. In December 2025, the pharma had to reopen enrollment for one of the trials—ADEPT-2—after identifying “irregularities” due to trial execution at some study sites.

The pharma didn’t specify what these irregularities were but pushed the readout to late 2026.Now, “’27 is the new late ’26?” BMO analyst Evan David Seigerman wondered about the latest delay. The later readout will likely cloud BMS’ top- and bottom-line beats, he wrote.While investors await the main readouts, BMS plans on sharing safety and efficacy data later this year from the open-label, lead-in portion of ADEPT-1, plus data from an open-label rollover study of patients who have already completed the ADEPT-1,-2 and -4 studies, Boerner said.“These data reinforce our continued confidence in the potential for this medicine in Alzheimer’s psychosis,” he added. Alzheimer’s disease BMS Delays Cobenfy Alzheimer’s Psychosis Data After ‘Irregularities’ in Phase III Study Analysts had noted “unease” from investors regarding the state of the Phase III ADEPT-2 trial, with BMS at one point telling Leerink Partners that the reopening of enrollment would be a “significant development.” December 3, 2025 · 2 min read · Tristan Manalac Read more Meanwhile, the milvexian hold up is for the Phase 3 LIBREXIA-AF trial in atrial fibrillation.

Findings from the late-stage LIBREXIA-STROKE study of the candidate in secondary stroke prevention are still expected by the end of this year.The delay follows the early discontinuation of a separate Phase 3 for milvexian late last year. Partners BMS and J&J stopped the acute coronary syndrome study early after an independent data committee said the trial was unlikely to meet its efficacy goal.That failure added to a pile of pivotal trial disappointments BMS recorded last year, prompting questions about broader trial conduct concerns on Thursday’s earnings call.“It’s impossible to have 100% the probability of success in any of the registrational studies,” CMO and R&D head Cristian Massacesi said. However, he pointed to BMS’ efforts to integrate AI and other processes into its program to improve that chance.

Cardiovascular disease BMS Jettisons Coronary Trial for J&J-Partnered Anticoagulant Bristol Myers Squibb and Johnson & Johnson will continue to test the asset in stroke and atrial fibrillation. November 14, 2025 · 1 min read · Dan Samorodnitsky Read more When focusing on the wins, BMS’ quarterly beat was driven by sales growth for autoimmune inflammatory medicine Orencia, anemia injection Reblozyl, Camzyos for obstructive hypertrophic cardiomyopathy (oHCM) and under-the-skin Opdivo infusions. Legacy portfolio beats for oral immunomodulatory med Revlimid and blood thinner Eliquis—more than 100% and 13%, respectively—also bolstered commercial performance.

Notably, BMS raised yearly revenue expectations for Eliquis by 20-25%.Meanwhile, Cobenfy sales came in at $63 million, missing expectations by about 4%. When asked about the drug’s uptake in schizophrenia, CCO Adam Lenkowsky pointed to two areas in need of improvement.“We need to accelerate new patient starts as well as improve repeat prescribing,” Lenkowsky said on the investor call. “As we shared before, this is a disease state that prescribing behavior is deeply entrenched.

Cobenfy will continue to grow by building more positive experiences in the market.” Mergers & acquisitions Biopharma strikes 50+ M&As deals in H1, led by Lilly’s $25B spend The total of 52 mergers and acquisitions for the first half of 2026 reflects what analysts, industry watchers and executives are saying over and over: M&A is back. July 1, 2026 · 1 min read · Annalee Armstrong Read more Despite a slew of M&A announcements across other Big Pharmas this year, BMS is signaling a more measured approach to dealmaking.“We’ve got a very strong late-stage pipeline. We certainly don’t feel any compulsion to chase deals,” Boerner said.

To pique BMS’ interest, potential M&A targets would have to be in a therapeutic area the company knows well that could also drive shareholder value.“If those things come together and ideally continue to enable us to de-risk our near-term growth profile, we certainly have the financial flexibility and the capabilities to be in the mix,” the CEO concluded. Twitter LinkedIn Facebook Email Print Earnings Pipeline Alzheimer’s disease Phase 3 Schizophrenia Bristol Myers Squibb Company Gabrielle Masson Gabrielle is a senior editor at BioSpace. You can reach her at gabrielle.masson@biospace.com.