Bristol Myers Squibb announced positive Phase 3 results for its experimental idiopathic pulmonary fibrosis drug admilparant, but the outcome was mixed. Only the lower 60 mg dose met the trial's primary endpoint of slowing the decline in forced vital capacity over a year. The 120 mg dose showed an effect on disease progression but did not reach statistical significance.
The confusing result drew contrasting analyst reactions. RBC Capital Markets' Trung Huynh called the high-dose failure "confounding" and said it requires further explanation. Leerink Partners' David Risinger noted the results could support regulatory approval but that the lack of dose response raises questions about the drug's profile. William Blair's Matt Phipps was more optimistic, saying the lower-dose success is likely to open a blockbuster opportunity.
The market response was also telling. Bristol Myers shares initially climbed more than 6% before settling into a roughly 4% loss. Contineum Therapeutics, which has a different LPA1 antagonist in Phase 2 testing, saw its stock fall about 30%. Bristol Myers said admilparant demonstrated a well-tolerated safety profile, though earlier trial revisions had sparked liver-related safety concerns.
Separately, the company claimed success in a late-stage study of the radiopharmaceutical RYZ-101 for certain neuroendocrine tumors, a drug it gained through its $4.1 billion acquisition of RayzeBio.