DB-Bristol-Myers Squibb ADEPT-ing 2 Irregularities Yields Silver Lining-20251203

ADEPT-ing 2 Irregularities Yields Silver Lining. Speaking with BMY, ADEPT-2 (A2)identified sufficient irregularities that were enough to impact the trial. Given BMYstill blinded, they could not disclose # of sites/patients, but the irregularities werefound at US sites which are no longer part of the ADEPT program or had de minimiscontributions - other ADEPT trials are not impacted by these A-2 irregularities.

Large Alzheimer's Disease Psychosis (ADP) stakes. We estimate there's ~5M AlzDementia patients, of which ~2M with diagnosed Psychosis. We model this largeTAM representing ~$10B peak unadjusted Rev stream for Cobenfy. As previouslynoted, we're modeling ADP with a 50% probability of success (unchanged) for $5Bof peak adjusted Revs. More importantly, we see ADP being a key driver of BMY'sRev/EPS trough formation starting 2033 (with help from LIBREXIA-AF and someLPA1).