BMY Advances CELMoD Program With Positive Phase III Results

Bristol Myers Squibb BMY recently reported positive interim results from the late-stage SUCCESSOR-2 study.

This study is evaluating the efficacy and safety of mezigdomide in combination with carfilzomib and dexamethasone (MeziKd) versus carfilzomib and dexamethasone (Kd) in patients with relapsed or refractory multiple myeloma (RRMM).

The results mark an important milestone for the company’s next-generation CELMoD program and could strengthen its long-term position in the highly competitive blood cancer market.

More on BMY’s Multiple Myeloma Study Results  

The phase III SUCCESSOR-2 trial showed that oral mezigdomide in combination with carfilzomib and dexamethasone significantly improved progression-free survival compared with carfilzomib and dexamethasone alone in patients with RRMM.

Safety findings were consistent with the known profile of the drugs used in the regimen.

Notably, SUCCESSOR-2 represents the first positive phase III study for mezigdomide and the second successful phase III study for BMY’s CELMoD program, reinforcing confidence in the company’s targeted protein degradation platform.

Patients enrolled in the study will continue to be followed for overall survival and long-term safety outcomes. The data will be presented at a future medical meeting and shared with regulators.

Despite major treatment advances, multiple myeloma remains incurable, and most patients eventually relapse or become resistant to therapy. As a result, demand for new treatment options—especially those effective after prior therapies—remains strong.

Mezigdomide is an oral CELMoD (cereblon E3 ligase modulator) agent designed for myeloma cell killing and immune activation more effectively than earlier immunomodulatory drugs. If approved, the therapy could offer a convenient oral treatment option for patients previously treated with widely used therapies such as anti-CD38 antibodies and lenalidomide.

BMY Looking to Diversify Portfolio Amid Legacy Drugs Decline

BMY had a strong multiple myeloma portfolio with blockbuster therapies like Revlimid and Pomalyst. However, Revlimid has been facing generic competition, putting pressure on revenue growth.

Hence, the successful development of mezigdomide will be a strong boost for the company.

The company’s targeted protein degradation platform—built over two decades—also includes investigational approaches such as ligand-directed degraders and degrader antibody conjugates. These programs aim to tackle disease-driving proteins that were previously considered difficult to target with traditional drugs.

The SUCCESSOR-2 results add another pipeline catalyst for BMY and support its efforts to rebuild growth following patent expirations on key drugs.

Mezigdomide is also being evaluated in combination with bortezomib and dexamethasone (MeziVd) in the phase III SUCCESSOR-1 study, as well as in combination with elranatamab and dexamethasone in RRMM.

Other CELMoD agents in BMY’s quiver include iberdomide and golcadomide.

Shares of the company have lost 1.4% in the past year against the industry’s growth of 14.3%.

Bristol Myers delivered a resilient performance in 2025, supported by strong contributions from key growth drivers, such as Opdivo, Opdualag, Reblozyl, Breyanzi and Camzyos. These products helped stabilize the company’s revenue base despite ongoing generic erosion across its legacy portfolio.

Looking ahead, potential approvals of new drugs and label expansions for existing drugs should further diversify revenue streams.

BMY’s Zacks Rank & Key Picks

BMY currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the drug/biotech sector are Catalyst Pharmaceuticals CPRX, ADMA Biologics ADMA and ANI Pharmaceuticals ANIP. While Catalyst Pharmaceuticals currently sports a Zacks Rank #1 (Strong Buy), both ADMA and ANI Pharmaceuticals carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 earnings per share (EPS) have increased from $2.53 to $2.82, and the same for 2027 have grown from $2.85 to $3.20. CPRX’s shares have risen 18.3% in the past year.

Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.

Over the past 60 days, estimates for ADMA’s 2026 EPS have increased from 82 cents to 96 cents. ADMA’s shares have lost 9% in the past year.

ANI Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 22.21%.

Over the past 60 days, estimates for ANI Pharmaceuticals’ 2026 EPS have increased from $8.20 to $9.00, while the same for 2027 have risen from $9.25 to $10.10. ANIP’s shares have gained 21.8% in the past year.

ANI Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 22.21%.

 

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