Bristol-Myers Squibb's Pulmonary Fibrosis Treatment Still Viable Despite Recent Mixed Phase 3 Results, UBS Says

01:11 PM EDT, 10/15/2026 (MT Newswires) -- Bristol-Myers Squibb's (BMY) LPA1 antagonist admilparant can still be viable despite recent mixed results in its phase 3 study evaluating the investigational oral therapy in adults with idiopathic pulmonary fibrosis, UBS said in a note emailed Thursday. In the study, the lower 60-milligram dose met its primary endpoint, while the higher 120-milligram dose missed with results that showed a slowing in the decline in lung function but was not statistically significant, according to a company statement Monday. A recent paper published by Bristol-Myers on the study design was "incrementally positive" as it showed that the 60-milligram dose had a higher hurdle to overcome statistically, meaning the efficacy of the lower dose could be better than initially assumed, UBS analysts said. Results are still validating for the LPA1 pathway, as admilparant is seen having a forced vital capacity benefit that can be competitive with Boehringer Ingelheim's Jascayd in treating idiopathic pulmonary fibrosis, as well as progressive pulmonary fibrosis, which has a larger total addressable market, the analysts said. UBS kept its buy rating on the company's stock with a price target of $80 per share. Price: 61.23, Change: +1.95, Percent Change: +3.29