As Bristol Myers Squibb races against patent expirations for its biggest moneymakers, late-stage trial wins for a targeted cancer therapy and a lung-disease drug could offer fresh momentum.

Bristol Myers announced Monday that its pipeline candidate RYZ101 significantly improved progression-free survival in a Phase 3 trial of patients with rare, advanced gastrointestinal and pancreatic tumors.

The trial tested RYZ101 against the standard of care in patients whose disease had progressed after Lutetium-177-based therapy, which uses isotopes to deliver localized radiation to cancer cells. Progression-free survival is a measure of how long a patient lives during and after treatment without their disease worsening.

Bristol Myers stock gained 2.2% on Monday, outpacing the broader market and putting shares on track to snap a two-day losing streak.

While developing cancer drugs is notoriously complex, pharmaceutical companies continue to prioritize oncology as they channel resources into the search for more effective treatments. An IQVIA report found that oncology accounted for the largest share of trial starts in 2025, representing 38% of all Phase I to Phase III industry-sponsored trials.

Demand and market growth for new cancer therapies have accelerated substantially in recent years, reshaping the treatment landscape. One-third of trials last year involved novel therapeutic modalities including antibody-drug conjugates, radiopharmaceuticals, gene therapies, and multi-specific antibodies, marking a threefold increase over the past decade.

Radiopharmaceuticals, which are gaining momentum in both cancer diagnosis and treatment, have drawn increased attention following GE HealthCare's purchase of Sofie Biosciences last week. Bristol Myers officially entered the space in 2023 with its $4.1 billion acquisition of RayzeBio, the original developer of RYZ101.

Also on Monday, Bristol Myers reported that a lower dose of its experimental drug admilparant met the main goal of a late-stage trial in patients with idiopathic pulmonary fibrosis, a progressive condition that causes irreversible lung scarring.

The trial evaluated two doses of admilparant against a primary goal of improving lung function at 52 weeks. A 60-milligram dose, taken twice daily, demonstrated a statistically significant benefit over placebo in preserving lung function, whereas a 120-milligram dose didn't achieve statistical significance.

The readouts come amid the drugmaker's search for its next blockbuster treatments. Bristol Myers faces a major patent cliff in 2028, when key protections begin to expire for its largest revenue drivers, Opdivo and Eliquis. The latter is co-commercialized with Pfizer.

In turn, Bristol Myers is leaning on newer drugs to replace lost revenue. Chief among that effort is antipsychotic medication Cobenfy, still viewed as a blockbuster hopeful despite a slower-than-expected commercial start and a string of clinical setbacks.