BMY: Is the Market Underpricing Zenbexus?

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.

Our latest report unravels four key investor questions:

•Is ZENBEXUS still being valued as a contained relapse opportunity, or should investors begin pricing a broader IMiD franchise rebuild?

• Is consensus still too anchored to Revlimid erosion rather than potential post-generic franchise recovery?

• How should investors separate the approved commercial opportunity from the larger long-term myeloma opportunity?

• Does the tolerability profile support broader use, or could it constrain adoption?