Bristol Myers Crashes Again: Another Trial Failure Shocks Investors

Bristol Myers Squibb has once again found itself in the spotlight for all the wrong reasons, with the company announcing that it has halted a Phase 3 trial of its experimental blood thinner, milvexian. The trial, which targeted patients recovering from acute coronary syndrome, was deemed unlikely to meet its primary endpoint by an independent data monitoring committee. The news, which broke on November 14, 2025, led to a 3.1% drop in BMY shares, contributing to a year-to-date decline of 17%. This marks yet another addition to a string of high-profile late-stage clinical failures for Bristol in 2025, including drugs like Cobenfy, Camzyos, Opdualag, and Reblozyl. Although milvexian’s development continues in two other Phase 3 trials, the abrupt termination of one arm has raised investor concerns about the program’s broader viability and what it signals for a firm already grappling with looming patent expirations and weak growth visibility beyond 2028.