Leerink downgrades Bristol Myers, flags pipeline risks

** Bristol Myers Squibb BMY.N shares fall 1.9% to $60 premarket

** Leerink Partners downgrades drugmaker's stock to "market perform" from "outperform", cuts PT to $59 from $73

** BMY up 13.4% YTD through last close; new PT implies ~3.5% downside

** Brokerage cites uncertainty around three key BMY programs, upcoming patent expiries

** Says experimental lung-disease drug admilparant could disappoint on effectiveness/safety, including possible liver problems and low blood pressure; cuts 2032 sales est 38%

** Questions if experimental blood thinner milvexian can match BMY's Eliquis in preventing strokes in patients with irregular heartbeat; cuts 2032 sales est 25%

** Says cheaper generic antipsychotics could limit demand for schizophrenia drug Cobenfy even if it is approved for Alzheimer's-related psychosis

** Cuts 2032 EPS est 11% to $4.96