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BMY: Is the Market Underpricing Zenbexus?
Can risk–benefit support a broader successor thesis.

Following FDA approval, Zenbexus is no longer just pipeline optionality; our latest BMY report addresses whether it is a contained late-line RRMM opportunity, or the start of a broader IMiD franchise rebuild? The answer depends less on the approval itself and more on whether forthcoming earlier-line data can support a materially larger duration and share than current expectations reflect.
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