Bristol-Myers Squibb BMY class action, merger and settlement news

Opinion · Devil's advocate

Fact-check-o-meter

Bristol Myers reports cleanly, but its upbeat release leaves the hard parts to the 10-Q and the call

Bristol Myers' second-quarter release shows GAAP and non-GAAP results side by side and its numbers match the 10-Q. The release credits Eliquis growth to demand while the 10-Q also points to a list price cut that lowered rebates, and two delayed late-stage readouts appear in the slides only as 2027 dates. Its legal record is long and is described in the 10-Q.

1. Press release vs filing · weight medium

   Eliquis growth: demand in the release, pricing too in the 10-Q

   The company said: "Demand increased for Eliquis" source

   The record says: The 10-Q says Eliquis revenue rose 22% "primarily due to higher demand, foreign exchange impacts of 1% and 2%, respectively, and higher average net selling prices in the U.S. In 2026, the Company reduced the list price for Eliquis in the U.S., which resulted in higher realized average net selling prices due to lower rebates." It adds: "In the EU, the apixaban composition of matter patents and related SPCs expire in November 2026." source

   Our view: Eliquis is BMS's biggest product, at $4.48 billion in the quarter. Part of its growth came from a rebate change, not only more patients, and the European patent cliff is weeks away, so the quarter's Eliquis pace may say less about 2027.

2. Press release vs filing · weight medium

   Delayed Cobenfy and milvexian readouts not flagged in the release

   The company said: "Raising 2026 revenue guidance to a range of ~$49.0 billion to $50.0 billion" source

   The record says: The earnings slides list "Milvexian AF (LIBREXIA-AF1)" and "Cobenfy AD Psychosis (ADEPT)" under 2027 without saying either had moved. Fierce Pharma reported the same day that "Rather than readouts in 2026, BMS now expects data from the three Adept trials to arrive beginning in early 2027," and that LIBREXIA-AF "is now slated to read out in the first quarter of 2027 rather than this year." Neither the release nor the 10-Q text discusses the change. source

   Our view: These are two of the largest bets in the pipeline. The timing change was explained on the earnings call rather than in the written release, so investors reading only the release would see a raised outlook and miss that both readouts moved from 2026 into 2027.

3. Science · weight medium

   Zenbexus win is open-label, approval rests on MRD, survival is still a secondary

   The record says: ClinicalTrials.gov describes EXCALIBER-RRMM as "A Phase 3, Two-Stage, Randomized, Multicenter, Open-label Study" of 939 participants with PFS and MRD-negative complete response as primary outcomes and overall survival as a secondary outcome, with estimated primary completion on 2027-11-16. CancerNetwork reported a PFS hazard ratio of 0.49 and that the MRD-negative complete response data supported the August 2026 accelerated approval, which may be contingent on confirmatory trials. source

   Our view: The PFS gap against DVd is large, and PFS is a hard endpoint, which counts in BMS's favor. But with no blinding, an approval built on MRD, and no overall survival data in the topline report, the full results presentation at ASH on 12 to 15 December is the real check, including on safety, since the label carries thromboembolism warnings per the same CancerNetwork report.

4. Press release vs filing · weight low

   GAAP and non-GAAP shown together

   The company said: "GAAP EPS was $1.62 and non-GAAP EPS was $2.04" source

   The record says: The release reports both measures in its first bullet points and in its results table, and notes: "GAAP and non-GAAP EPS include the impacts of Acquired IPRD charges and licensing income." source

   Our view: This is a fair presentation. The non-GAAP framing does not hide the GAAP figure, and the revenue numbers match the 10-Q.

5. Legal and disclosure record · weight medium

   Securities and CVR suits are disclosed, one settled

   The record says: Note 18 says two putative class actions were filed against Celgene beginning in March 2018 in the U.S. District Court for the District of New Jersey and "the court granted final approval of the settlement in May 2026." It also discloses a June 2021 action in the U.S. District Court for the Southern District of New York alleging breaches of the Celgene CVR Agreement over a "$ 6.4 billion potential obligation", which BMS disputes and which remains pending, along with a Texas attorney general Plavix suit and patent cases. source

   Our view: The Celgene securities case is now resolved. The CVR case is the matter with a large stated dollar figure; BMS disputes it and no trial date is set, according to the filing.

This is opinion. We compare the company's own announcements with its filings and the scientific record, and link every source. It is not an allegation of wrongdoing and not investment or legal advice. Legal items list only matters disclosed in filings or by courts and regulators. Checked Oct 23, 2026. Companies can respond through our right of reply.