Bristol Myers Squibb's (BMY) CELMoD franchise remains underappreciated, with confidence building ahead of the Aug. 17 Food and Drug Administration decision on iberdomide, RBC Capital said in a Monday note.

Management expects iberdomide to replace certain existing multiple myeloma regimens and highlighted data supporting accelerated approval, while also pursuing a filing for mezigdomide based on positive progression-free survival results from the SUCCESSOR-2 study, the analysts said.

Bristol Myers management believes CELMoDs offer advantages over bispecific therapies through oral dosing, familiar safety profiles and broader use in community settings, while complementing CAR-T therapies through a different mechanism of action, RBC said.

RBC also highlighted golcadomide as an overlooked lymphoma opportunity and said consensus estimates may undervalue the CELMoD franchise, with many analysts not yet modeling related revenue despite positive late-stage data.

RBC maintained its sector perform rating on the stock with a price target of $60.

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