Bristol-Myers Squibb Company (NYSE:BMY) is volatile on Wednesday as investors position ahead of its quarterly earnings release.
• What are BMY shares currently doing?
The drugmaker also expanded a long-running manufacturing partnership. Wall Street expects Bristol Myers Squibb to report quarterly earnings on Thursday. Analysts forecast earnings of $1.23 per share.
On Jan. 28, Piper Sandler reiterated an Overweight rating on the stock, raising the price forecast from $62 to $66.
According to Benzinga Pro, Bristol-Myers Squibb stock has decreased more than 2% in the past year. Investors can gain exposure to the stock via First Trust Nasdaq Pharmaceuticals ETF (NASDAQ:FTXH).
Strategic Expansion
Under the latest development, Bristol-Myers broadened its collaboration with OXB, a cell and gene therapy manufacturing specialist.
The partners signed a Commercial Supply Agreement covering lentiviral vector manufacturing for CAR-T therapies.
The deal supports Bristol-Myers Squibb's expanding CAR-T pipeline. OXB will manufacture and supply viral vectors at commercial scale. OXB expects to begin commercial production in 2026. Manufacturing remains subject to regulatory approvals.
Manufacturing Footprint
Production will occur at OXB facilities in Oxford, U.K. and Durham, North Carolina.
The agreement builds on a partnership first announced in early 2020. The companies previously collaborated during clinical development.
OXB said the contract should generate “meaningful multi-year revenue”. Management said the deal supports existing financial guidance.
The agreement aligns with OXB's focus on commercial-stage cell and gene therapy manufacturing services.
Chris Holt, vice president of cell therapy vector and external manufacturing operations, said the expanded agreement reflects Bristol Myers Squibb's confidence in OXB's manufacturing capabilities and supports scalable production as its CAR-T therapies move toward commercialization.
"The transition from clinical to commercial manufacturing with BMS marks an important milestone for both companies," said Dr. Sebastien Ribault, chief business officer of OXB.
Bristol-Myers Price Action: After heading higher, BMY shares are trading down by 2.55% to $57.63 at publication on Wednesday.
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