Is Bristol Myers Squibb's New Multiple Myeloma Drug a Game Changer

Key Takeaways

• Bristol Myers Squibb’s Iberdomide, a next-generation CELMoD agent, has received FDA Breakthrough Therapy Designation and Priority Review for relapsed/refractory multiple myeloma, with a PDUFA date of August 17, 2026.
• Iberdomide demonstrates superior potency and a potentially better safety profile compared to older IMiDs like Revlimid, positioning it as a significant successor in the $1.3 billion multiple myeloma market by 2035.
• Despite a strong pipeline and attractive dividend yield of 4.66%, BMY faces revenue headwinds from patent expirations, making Iberdomide’s successful launch crucial for future growth.