Thoughts Heading into Phase 3 Milvexian Atrial Fibrillation Data Heading into the Ph3 readout of milvexian in atrial fibrillation (1Q27), we see a positive overall risk / reward for the BMY story, although with a wide range of potential outcomes (+15-20% in bull case, down ~20% on study failure). We believe there is a high probability of milvexian showing a significantly lower bleed rate relative to the current SOC Eliquis, with controversy for the study centered on efficacy. Here, we estimate a ~40% probab ...