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BMY-BioNTech Partnership: A Potential Catalyst for Long-Term Gains?
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Key Takeaways
Bristol Myers and BioNTech's pumitamig plus chemo showed a 76.3% response rate in ES-SCLC.
The phase II trial data supported dose selection for the pivotal ROSETTA LUNG-01 study.
Pumitamig received FDA Orphan Drug status for small cell lung cancer treatment in 2025.
Bristol Myers ((BMY - Free Report) ) and partner BioNTech ((BNTX - Free Report) ) recently presented interim data from a global randomized mid-stage study evaluating pumitamig plus chemotherapy in patients with extensive-stage small cell lung cancer (ES-SCLC).
Pumitamig is a novel investigational bispecific antibody, combining two complementary, validated mechanisms in oncology into one single molecule. Pumitamig combines PD-L1 checkpoint inhibition aimed at restoring T cells’ ability to recognize and destroy tumor cells with the neutralization of VEGF-A.
Pumitamig is being jointly developed by BioNTech and BMY. The candidate is also known as BNT327 or BMS986545. The interim analysis included 43 patients with untreated ES-SCLC (Cohort 1) who received pumitamig in combination with standard of care chemotherapy in two dose levels.
Data from the phase II study showed a 76.3% confirmed objective response rate, 100% disease control rate and a median progression-free survival of 6.8 months.
Pumitamig plus chemotherapy demonstrated a manageable safety profile with no new safety signals and a low discontinuation rate.
The positive data underscores the efficacy of the combination and confirms dose selection for the ongoing global pivotal late-stage ROSETTA LUNG-01 study.
The FDA granted Orphan Drug designation to pumitamig for the treatment of patients with small-cell lung cancer in 2025.
BMY collaborated with BNTX in June 2025. Bristol Myers is looking to expand its pipeline/portfolio, as the legacy portfolio is being adversely impacted due to the continued generic impact on Revlimid, Pomalyst, Sprycel, and Abraxane.
Data from ongoing trials (on a preliminary basis) underscore the potential for combining anti-PD-L1 and anti-VEGF-A — two well-established therapeutic targets — into a single molecule to deliver synergistic clinical benefits for patients across multiple tumor types.
Competition in the Dual Target Cancer Therapy Space
Developing bispecific antibodies that target two proteins, namely PD-1 and VEGF, has lately been one of the lucrative areas in cancer treatment, attracting pharma giants Merck ((MRK - Free Report) ) and Pfizer ((PFE - Free Report) ).
In November 2024, pharma giant Merck received an exclusive global license to develop, manufacture and commercialize LM-299, a novel investigational PD-1/VEGF bispecific antibody from LaNova. Merck’s oncology portfolio boasts a blockbuster PD-L1 inhibitor, Keytruda, and the company is looking to build a diversified oncology pipeline spanning differentiated mechanisms and multiple modalities.
Earlier in the year, Pfizer inked a licensing agreement with 3SBio, which granted the former exclusive rights for the development, manufacturing and commercialization of 3SBio’s SSGJ-707, a bispecific antibody targeting PD-1 and VEGF developed using 3SBio’s proprietary CLF2 platform.
The candidate is already being evaluated in China for non-small cell lung cancer, metastatic colorectal cancer and gynecological tumors. 3SBio will receive a payment of $1.25 billion. Pfizer will also make an equity investment of $100 million in 3SBio.
In addition, the agreement grants Pfizer the option to extend the license to include exclusive development and commercialization rights to SSGJ-707 in China. In exchange for the exclusive rights in China, Pfizer will pay 3SBio up to $150 million in option payments.
BMY’s Price Performance, Valuation and Estimates
Shares of Bristol Myers have lost 13% year to date against the industry’s growth of 5.5%.
Image Source: Zacks Investment Research
From a valuation standpoint, BMY is trading at a discount to the large-cap pharma industry. Going by the price/earnings ratio, BMY’s shares currently trade at 7.66X forward earnings, lower than its mean of 8.47X and the large-cap pharma industry’s 14.94X.
Image Source: Zacks Investment Research
The bottom-line estimate for 2025 has moved south to $6.50 from $6.56 in the past 60 days, while that for 2026 has moved north to $6.07 from $6.03 in the same timeframe.
Image: Shutterstock
BMY-BioNTech Partnership: A Potential Catalyst for Long-Term Gains?
Key Takeaways
Bristol Myers ((BMY - Free Report) ) and partner BioNTech ((BNTX - Free Report) ) recently presented interim data from a global randomized mid-stage study evaluating pumitamig plus chemotherapy in patients with extensive-stage small cell lung cancer (ES-SCLC).
Pumitamig is a novel investigational bispecific antibody, combining two complementary, validated mechanisms in oncology into one single molecule. Pumitamig combines PD-L1 checkpoint inhibition aimed at restoring T cells’ ability to recognize and destroy tumor cells with the neutralization of VEGF-A.
Pumitamig is being jointly developed by BioNTech and BMY. The candidate is also known as BNT327 or BMS986545. The interim analysis included 43 patients with untreated ES-SCLC (Cohort 1) who received pumitamig in combination with standard of care chemotherapy in two dose levels.
Data from the phase II study showed a 76.3% confirmed objective response rate, 100% disease control rate and a median progression-free survival of 6.8 months.
Pumitamig plus chemotherapy demonstrated a manageable safety profile with no new safety signals and a low discontinuation rate.
The positive data underscores the efficacy of the combination and confirms dose selection for the ongoing global pivotal late-stage ROSETTA LUNG-01 study.
The FDA granted Orphan Drug designation to pumitamig for the treatment of patients with small-cell lung cancer in 2025.
BMY collaborated with BNTX in June 2025. Bristol Myers is looking to expand its pipeline/portfolio, as the legacy portfolio is being adversely impacted due to the continued generic impact on Revlimid, Pomalyst, Sprycel, and Abraxane.
Data from ongoing trials (on a preliminary basis) underscore the potential for combining anti-PD-L1 and anti-VEGF-A — two well-established therapeutic targets — into a single molecule to deliver synergistic clinical benefits for patients across multiple tumor types.
Competition in the Dual Target Cancer Therapy Space
Developing bispecific antibodies that target two proteins, namely PD-1 and VEGF, has lately been one of the lucrative areas in cancer treatment, attracting pharma giants Merck ((MRK - Free Report) ) and Pfizer ((PFE - Free Report) ).
In November 2024, pharma giant Merck received an exclusive global license to develop, manufacture and commercialize LM-299, a novel investigational PD-1/VEGF bispecific antibody from LaNova. Merck’s oncology portfolio boasts a blockbuster PD-L1 inhibitor, Keytruda, and the company is looking to build a diversified oncology pipeline spanning differentiated mechanisms and multiple modalities.
Earlier in the year, Pfizer inked a licensing agreement with 3SBio, which granted the former exclusive rights for the development, manufacturing and commercialization of 3SBio’s SSGJ-707, a bispecific antibody targeting PD-1 and VEGF developed using 3SBio’s proprietary CLF2 platform.
The candidate is already being evaluated in China for non-small cell lung cancer, metastatic colorectal cancer and gynecological tumors. 3SBio will receive a payment of $1.25 billion. Pfizer will also make an equity investment of $100 million in 3SBio.
In addition, the agreement grants Pfizer the option to extend the license to include exclusive development and commercialization rights to SSGJ-707 in China. In exchange for the exclusive rights in China, Pfizer will pay 3SBio up to $150 million in option payments.
BMY’s Price Performance, Valuation and Estimates
Shares of Bristol Myers have lost 13% year to date against the industry’s growth of 5.5%.
Image Source: Zacks Investment Research
From a valuation standpoint, BMY is trading at a discount to the large-cap pharma industry. Going by the price/earnings ratio, BMY’s shares currently trade at 7.66X forward earnings, lower than its mean of 8.47X and the large-cap pharma industry’s 14.94X.
Image Source: Zacks Investment Research
The bottom-line estimate for 2025 has moved south to $6.50 from $6.56 in the past 60 days, while that for 2026 has moved north to $6.07 from $6.03 in the same timeframe.
Image Source: Zacks Investment Research
BMY currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.