BMY: Does the IPF Phase 3 Win Change the Investment Case?

Bristol Myers’ positive Phase 3 ALOFT-IPF result is an important development, but does it establish a commercially competitive IPF franchise? Our latest research examines whether admilparant can differentiate against an increasingly demanding competitive landscape, and why the investment case may be more compelling in progressive pulmonary fibrosis (PPF). We estimate combined peak sales of $800m across both indications, with significant questions remaining over the eventual commercial opportunity.

Key questions our IPF report answers include:

• Does admilparant's positive Phase 3 outcome translate into a commercially competitive IPF treatment?

• Can admilparant establish sufficient clinical differentiation to support meaningful IPF market share?

• Could PPF ultimately represent a more important commercial opportunity for admilparant than IPF??