Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Street
The Street
Business
Martin Baccardax

Bristol Myers

Bristol Myers (BMY) shares slumped lower Monday after the drugmaker published results from a mid-stage trial of its developing stroke treatment that failed to meet the primary goal of the study. 

Bristol Myers said the phase 2 trial showed success in that its new drug candidate designed to prevent secondary strokes, an anticoagulant known as milvexian, showed a 30% relative risk reduction, as well as a favorable safety profile, when compared to placebos.

However, in data presented to the the European Society of Cardiology on Sunday, the study's primary endpoint -- which included by a dose response in terms of stroke incident as well as a brain infarction biomarker -- was not met.   

"Secondary strokes continue to be a serious health risk for stroke patients and we believe these data demonstrated the potential of milvexian to address a key unmet need in this population," said Dr. Puneet Mohan, vice president, milvexian clinical development at Bristol Myers. "The AXIOMATIC-SSP results, together with previously reported findings from the Phase 2 study of milvexian in total knee replacement, further reinforce our confidence in this asset and we expect to initiate our broad Phase 3 program later this year."

Bristol Myers shares were marked 6.35% lower in early Monday trading to change hands at $66.70 each, a move that nudge the stock into negative territory for the past six months. 

Late last month, Bristol Myers boosted its full-year profit forecast to a range of between $4.20 to $4.30 per share following better-than-expected second quarter earnings that were powered in part by a 24% surge in its Eliquis blood clot treatment.

Bristol-Myers said non-GAAP earnings for the three months ending in June came in at $1.18 per share, up 16.8% from the same period last year and 10 cents ahead of the Street consensus forecast. Group revenues, Bristol-Myers said, rose 10.52% to $6.3 billion and again topped analysts' estimates of $5.72 billion.

 

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.