Bristol-Myers Squibb's (BMY) protocol updates to the phase 3 long-term extension study of admilparant in idiopathic pulmonary fibrosis introduce some added risk while maintaining a favorable overall risk-benefit profile, UBS Securities said Tuesday in a report.

The updates, issued in May, describe a small number of mild or short-lived liver-test abnormalities and one fatal case of multiorgan failure in a patient with several other medical complications, the report said.

UBS said it is unclear whether the fatal case was caused by the drug, and there is no indication at this stage that treatment would require additional liver monitoring. The updated protocol now includes routine testing, which is common in idiopathic pulmonary fibrosis studies, the report said.

UBS said the key determinant will be the magnitude of efficacy in the upcoming phase 3 readout, expected in Q4 and likely in October.

UBS has a buy rating on Bristol-Myers stock and an $80 price target.

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