BMY：特发性肺纤维化临床终点达成，但个股仍受各类疑问与剩余催化事件路径制约

This morning BMY announced that Admilparant met the primary endpoint versus placebo in ALOFT-IPF, and that RYZ101 demonstrated a clinically meaningful and statistically significant impact on PFS in advanced GEP-NETs. However, we note there appears to be no dose-response (60mg successful, 120mg not), the "met primary endpoint" language made no reference to clinical meaningfulness, and the liver-toxicity questions have not yet been validated with disclosures of ALT or AST; these details will likely only be resolved with full data presentation, possibly at ATS in May 2027. We believe the stock is constrained not only by Admilparant uncertainties but more heavily by the impactful upcoming Milvexian and Cobenfy read-outs. For Milvexian, LIBREXIA-SSP topline is expected before year-end while LIBREXIA-AF is expected in Q1 next year;