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Ahead of its R&D Day on Thursday, Bristol Myers Squibb (NYSE:BMY) highlighted its pipeline, saying that the number of drug candidates it advances in registrational trials is expected to double from six to 12 over the next 18 months.
Cell therapies and protein degraders dominate the drugs entering Phase 3 development over the period. In addition to 12 late-stage programs, the company boasts 25 indications of expansion opportunities and nine early-stage assets with a high likelihood of success.
Bristol Myers (BMY), which is set to lose its pricing power in the federal healthcare program, highlighted three R&D objectives, including plans to seek 10 INDs per year and achieve a ~20% clinical success rate towards approval.
The company also intends to cut its R&D timeline to a median of 6.5 years from first-in-human trials to approval.
“We are seeing the impact of our focused efforts to strengthen our R&D engine and pipeline as we’ve executed against our priorities over the past four years,” Bristol Myers’s outgoing CEO Giovanni Caforio said.
“This work is a key enabler of our goal of delivering long-term sustainable growth and ensuring we help more patients prevail over serious diseases,” noted chief operating officer Chris Boerner, who is set to take over the company’s leadership in November.
