BMS shelves Prothena-partnered neuro drug after Phase 1 review, but raises full-year revenue outlook on 7% Q3 sales growth

Bristol Myers Squibb announced it will not move forward with the neurodegeneration candidate BMS-986495 (PRX019), a monoclonal antibody licensed from Prothena. The decision follows a review of Phase 1 data from a trial in healthy volunteers.

The partnership with Prothena began in May 2024, with BMS paying $80 million upfront and agreeing to up to $617 million in milestone payments plus royalties. While the early trial results were not sufficient to continue development, the companies said other aspects of their collaboration will remain intact.

This pipeline cut comes after BMS also discontinued a blood‑cancer candidate acquired from Orum last month. Despite the setbacks, the company reported a 7% rise in third‑quarter sales, prompting it to lift its full‑year revenue forecast.

The moves reflect BMS’s focus on prioritizing assets that show stronger early‑stage data while leveraging its broader portfolio to sustain growth.