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BMY: Is the Market Underpricing Zenbexus?
Aug 18, 2026
Following FDA approval, Zenbexus is no longer just pipeline optionality; our latest BMY report addresses whether it is a contained late-line RRMM opportunity, or the start of a broader IMiD franchise rebuild? The answer depends less on the approval itself and more on whether forthcoming earlier-line data can support a materially larger duration and share than current expectations reflect.
Our latest report unravels four key investor questions:
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Is ZENBEXUS still being valued as a contained relapse opportunity, or should investors begin pricing a broader IMiD franchise rebuild?
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Is consensus still too anchored to Revlimid erosion rather than potential post-generic franchise recovery?
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How should investors separate the approved commercial opportunity from the larger long-term myeloma opportunity?
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Does the tolerability profile support broader use, or could it constrain adoption?
Year | Stock | Call | Move |
|---|---|---|---|
2026 | Roche | Giredestrant persevERA fails in ITT | -5% |
2025 | BAY | OCEANIC-STROKE reduces stroke | +11% |
2025 | BMY | Factor IX reduces strokes | +4% |
2025 | MRK | MRK: Sotatercept: Pulmonary HT CADENCE-PH p2 positve | +4% |
2025 | MRK | Oral PCSK9 CORAL-reef LIPIDs P3 positve | +5% |
2025 | BMY | LIBREXIA-ACS trial missed | -4% |
2025 | NOVN | Oral Fablata eGFR benefit leave inj BAFF/APRIL's undifferentiated | +2% |
2025 | ROG | ROG: Giredestrant evERA P3 PFS driven by ESR1 benefit only | -2% |
2025 | NOVN | Remibrutinib FDA approved | +3% |
2025 | NOVN | Successful phase III NEPTUNUS | +4% |
2025 | VERA | ORIGIN3 well ahead of expectations | +68% |
2025 | NOVN | P3 APPULSE +ve switch from C5 inc Hb by 2 | +2% |
2024 | BMY | Cendakimab: eosinophilic oesophagitis P3 positve | +4% |
2024 | AZN | Dato-DXD misses OS in Lung and Breast | -12% |
2024 | SRPT | Wide label FDA approval of Duchenne Gene Rx | +52% |
2024 | CYTK | Royalty deal, not Buy out | -33% |
2024 | MRK | FDA approval of Pulmonary HT drug | +5% |
2023 | Pfizer | FDA approval of Hair loss drug | +2% |
2023 | Novartis | Kisqali wins in early stage breast cancer | +25% |
2023 | MRK | TIGIT fails | -5% |
2023 | CNCE | Alopeica BuyOut | +186% |
2022 | ROG | TIGIT fails | -5% |
2022 | AZN | Lynparza positive phase III in prostate cancer | +5% |
2021 | Novartis | Unprecedented OS from Kisqali in all breast cancer | +4% |
2021 | BMY | Successful Factor XIa blot clot prevention trial | +2% |
2021 | GSK | Best in class CKD phase III | +2% |
2021 | JNJ | Legend BCMA FDA delay | -3% |
2021 | BMY | Abecma FDA approval | +4% |
2021 | JNJ | Amivantamab FDA approval | +2% |
2020 | BMY | FDA approval of Ipi+nivo with best OS ever | +3% |
2020 | Novartis | Zolgensma best in class data in SMA | +5% |
2019 | MRK | CM227 better long term survival than MRK | -6% |
2019 | Bristol | CHECKMATE 227 meets OS | +6% |
2018 | Incyte | NKTR-214 misses ORR expectation at SITIC | +51% |
2018 | Incyte | IDO fails | -52% |
2017 | Bristol | IO/IO combo successful in Kidney cancer | +5% |
2017 | Puma | Neratinib FDA approval | +200% |
2017 | Roche | Perjeta fails in majority of APHINITY | -9% |
2016 | Bristol | Opdivo fails in 1st line Lung cancer | -20% |
2015 | Bristol | Opdivo benefit restricted in 2L Lung cancer | -8% |
2014 | Roche | TDM1 fails | -7% |
2014 | Roche | MetMab fails | -5% |
2013 | Novo | Levmir pricing | +20% |
2013 | Novo | FDA rejects degludec | -13% |
2012 | Roche | dalcetrapib fails | -7% |
2011 | Roche | Avastin formally withdrawn breast | -5% |
2010 | Astra | FDA rejects Brillinta | -11% |
2010 | Roche | Avastin Breast 2nd ODAC | -10% |
2010 | Novartis | Gilenya FDA approved | +7% |
2010 | Novartis | Unanimous +ve ODAC Gilenya | +7% |
2009 | Sanofi | Prescribing ignored Lantus scare | +20% |
2009 | Roche | Avastin fails early colon cancer | -13% |
2008 | Roche | Avastin thesis | -30% |
2007 | Roche | Avastin Breast ODAC | -9% |
2007 | Sanofi | Acomplia ODAC | -13% |
2006 | Sanofi | Plavix generic FTC | -9% |
Dr Amit Roy, Founding Partner
Dr Roy has been serving the Hedge Fund and Mutual Fund community for 20 years with bold, contrarian research, founding Foveal LLP in 2014.
After graduating from the University of Cambridge and gaining Membership of the Royal College of Surgeons, he became one of the youngest Cardio-Thoracic surgeons in the U.K. He developed a unique insight into the drivers of drug safety and pharmaceutical risk assessment during his years in R&D at Roche Pharmaceuticals, while gaining an MBA from London Business School. Amit was a Managing Director at Nomura and head of European Healthcare Equity Research since 2008, having joined from Citigroup. He has delivered a consistent, strong track record of predicting the outcomes of key catalysts and value drivers in the biotech & pharma sectors for over 20 years, yielding persistent alpha for his clients.
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