Bristol Myers Squibb reported a pair of Phase 3 wins tied to its fibrosis and RayzeBio programs, underscoring renewed clinical momentum for the company’s oncology and organ-disease pipeline. The company’s Monday update followed an earlier readout in which one of its lung fibrosis efforts, admilparant, fell short of a main objective. The Phase 3 successes also highlight BMS’s continued effort to diversify late-stage risk across multiple modalities—an approach that matters as investors weigh probability-of-success across a crowded late-stage landscape.