On October 12, Bristol-Myers Squibb fell 3.36% in regular trading, trading at $57.025/share, with Turnover of $268 million. The decline came despite the company announcing two successful Phase 3 trial results earlier in the day. Shares had surged roughly 4% in pre-market trading following the news on Admilparant for idiopathic pulmonary fibrosis and RYZ101 for a rare endocrine cancer, suggesting the intraday reversal was driven by profit-taking as investors digested the prior gains.

The Admilparant 60 mg dose met its primary endpoint with statistically significant improvement in forced vital capacity at week 52 versus placebo, while the 120 mg dose showed a non-significant trend. RYZ101, a radiopharmaceutical therapy acquired through RayzeBio, also met its primary endpoint. Despite the positive pipeline catalysts, the pullback reflects a sell-the-news reaction, as broader patent-cliff concerns for Bristol-Myers Squibb continue to pressure sentiment.

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