BRISTOL MYERS SQUIBB

Ultimovacs ASA presented updated data from the UV1 Phase II NIPU trial at the 2024 ESMO Congress, showing increased clinical benefit for the epithelioid subgroup with a median PFS improvement of 5.5 months for UV1 combined with ipilimumab and nivolumab versus 2.9 months for immunotherapy alone. The trial did not meet the primary endpoint of improved PFS but demonstrated a doubling of ORR and a 27% reduction in risk of death. The full results will be presented in a poster at the congress.

Golcadomide, a next-gen molecular glue CELMoD compound, is projected to generate $45 mn annually by 2036 in the US. Developed by Bristol-Myers Squibb, it treats various lymphomas and leukemia. The risk-adjusted NPV (rNPV) model, considering phase transition success rates and likelihood of approval, provides a conservative valuation. BMS reported $45,006 mn in FY2023 revenue, with a net margin of 17.8%.

MYK-224, under development for obstructive hypertrophic cardiomyopathy and diastolic heart failure, is expected to generate $18 mn annually by 2035 in the US. Bristol-Myers Squibb, a biopharmaceutical company, reported revenues of $45,006 mn in FY2023, with a net margin of 17.8%. A risk-adjusted NPV (rNPV) model, accounting for drug development risks, is available for MYK-224's valuation.

Investing in dividend-paying stocks like Bristol Myers Squibb and Royalty Pharma can provide steady income, with both companies rapidly increasing their payouts. Bristol Myers Squibb, with a 4.9% yield, has raised its dividend for 15 consecutive years and has multiple growth drivers. Royalty Pharma, offering a 2.9% yield, has seen a 60% increase in free cash flow since 2020 and is poised for exponential growth in royalties and dividends.

Sickle cell disease (SCD) affects 20 million globally, with standard treatments including hydroxyurea, voxelotor, pain management, and BMT. Haplo-HSCT and gene therapies offer alternatives when MSD BMTs are unavailable. SCD causes chronic hemolysis, inflammation, and premature death, with supportive care aiming to reduce disease progression. BMT is effective but has complications like GVHD, and barriers include donor availability and financial constraints. Gene therapy shows promise with reduced SCD-related complications but faces issues like cost and accessibility. Haplo-HSCT, with improved responses in trials, may serve as an alternative.

Kynurenine, a tryptophan metabolite, exacerbates Alzheimer’s disease (AD) by inhibiting astrocyte glycolysis and lactate production, starving neurons. IDO1 inhibitors, which block kynurenine production, could potentially treat AD and other neurodegenerative diseases.

Multiple myeloma treatments, including quadruple regimens and CAR T-cell therapy, improve PFS and MRD negativity. Debate exists on optimal timing for CAR T use, with arguments for earlier or later lines. Accessibility and patient-specific factors influence treatment decisions.

Autolus Therapeutics' obe-cel, an autologous CAR-T cell therapy for relapsed/refractory adult B-cell Acute Lymphoblastic Leukemia, awaits FDA approval on November 16, 2024. The therapy targets CD-19 and has shown a 78% ORR in the FELIX study, with potential peak revenues of ~$300m. Despite a 25% share price drop, Autolus holds $700m in cash and has partnerships with BioNTech, Moderna, and Bristol Myers Squibb, positioning it for future growth.

Worldwide Clinical Trials appoints Alessandra Vignola as president of cardiovascular and metabolic business unit, leveraging her 30+ years of experience in pharmaceutical and clinical research to drive advancements in diabetes, obesity, and cardiovascular-kidney-metabolic diseases.

Verastem, Inc. (VSTM) develops cancer treatments targeting the RAS/MAPK pathway, focusing on pancreatic, lung, colorectal, and low-grade serous ovarian cancers. Its leading therapy combines Avutometinib and Defactinib, with a rolling NDA submission expected to finalize by 2H2024 for recurrent LGSOC. VSTM also explores additional indications for metastatic pancreatic cancer and mKRAS G12C NSCLC. The company's tight cash runway makes it a high-risk, high-reward investment, but its current valuation and pathway to approval suggest a bullish outlook.