Citi analyst Andrew Baum believes Eli Lilly's (LLY) equity story has "become sharper" with the uncertainty of the failed solanezemab trial now removed. Recent and anticipated launches are set to drive an anticipated annual earnings growth rate of 13% over the next five years, Baum tells investors in a research note. He views the growth as attractive and continues to prefer Lilly and Bristol-Myers (BMY) among the U.S. major pharmaceutical names. The analyst lowered his price target for Lilly shares to $100 from $110 to reflect the failure in Alzheimer's and keeps a Buy rating on the name.

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.