Bristol Myers ends PRX019 neurodegeneration program after Phase 1 as quarterly revenue climbs
- Bristol Myers Squibb will not advance PRX019, a neurodegeneration antibody licensed from Prothena in 2024, after reviewing Phase 1 data; the tau-targeting moponetug collaboration continues.
- It also discontinued ORM-6151, an early degrader-antibody conjugate for blood cancer acquired from Orum in 2023.
- Third-quarter revenue rose 7% to $13.1 billion, and full-year revenue guidance was raised to $49.75-50.25 billion.
💡 Points Based on public reports
Two cuts in one print, against a 7% revenue beat, say BMS is pruning aggressively to fund its growth portfolio. Walking away from PRX019 after Phase 1 while keeping the tau antibody leaves Prothena's BMS exposure concentrated in a single bet, and it signals that BMS wants neuro assets with clearer differentiation, not option-style optionality.
BMS drops Prothena-partnered neuro drug, sales outlook improves on a Q3 beat ↗