Barclays analyst Carter Gould initiated coverage of Bristol-Myers with an Equal Weight rating and $69 price target. He believes the Celgene acquisition improves the near-term growth profile, gives it a broad new product cycle, and makes the P&L "capable of weathering the forthcoming Revlimid and Eliquis loss of exclusivities," Gould tells investors. However, he has an Equal Weight rating to reflect the 41% move higher in the shares in the last six months as well as his skepticism that CM-9LA/227 data/approval will move the needle meaningfully in lung cancer. The analyst initiated coverage of the U.S. Biopharmaceuticals industry with a Positive view citing waning near-term concerns on drug pricing reform, evidence of innovation and attractive valuations.

Bristol Myers Squibb and Cellares, a development and manufacturing organization dedicated to clinical and industrial-scale cell therapy manufacturing, announced a worldwide capacity reservation and supply agreement for the manufacture of CAR T cell therapies in a transaction valued up to $380M in upfront and milestone payments. As part of the agreement, Cellares will optimize, automate, and tech-transfer select Bristol Myers Squibb CAR T cell therapies onto its automated and high-throughput manufacturing platform, the Cell Shuttle. Cellares will dedicate multiple Cell Shuttle and Cell Q systems with fully automated, high-throughput quality control for Bristol Myers Squibb's exclusive use. The Cell Shuttles and Cell Qs will be deployed in Cellares' Smart Factories in the U.S., EU, and Japan. This agreement expands upon the existing collaborations between Bristol Myers Squibb and Cellares. In August 2023, Bristol Myers Squibb participated in Cellares' Series C financing to launch the first IDMO Smart Factory in an effort to meet the demand for cell therapies globally. That same month, Bristol Myers Squibb joined Cellares' Technology Adoption Partnership Program to evaluate the Cell Shuttle's automated manufacturing capabilities.