Overview

• Bristol-Myers Squibb and BioNTech reported that BNT327, also known as pumitamig, achieved a 76% tumor reduction rate in a Phase II study in small cell lung cancer and has progressed to Phase III in a collaboration valued at up to $11.1 billion.
• Updated Phase I results for BMS-986504, a PRMT5 inhibitor, showed a 29% response rate in MTAP-deleted non-small cell lung cancer, reinforcing a biomarker-driven development approach.
• In July 2025, BMS launched an autoimmune-focused spinout with Bain Capital funded with $300 million, retaining a 20% ownership stake and potential milestone and royalty upside.
• Legacy products continued to deliver in Q2 2025, with Eliquis sales rising 8% to $3.7 billion and Opdivo revenue up 7% to $2.6 billion.
• Analysts at BMO Capital and William Blair maintained Hold ratings in early September, citing modest uptake for Cobenfy and questions about VEGF-based strategies achieving broad survival gains in NSCLC.