Tempus Announces $192.5 Million in Agreements with BMS and Pathos Over Five Years
Key Facts
On October 23, 2026, Tempus announced a series of agreements with Bristol-Myers Squibb and Pathos AI to expand the use of its de-identified, multimodal real-world data, data analytics programs and agentic tools, and machine-learning models. Total cash payments due to Tempus under the oncology agreement with BMS and the neurology agreement with Pathos amount to about $192.5 million over approximately five years. The amount comprises $137.5 million for the oncology agreement and $55 million for the neurology agreement. The agreements cover two separate tracks: licensing oncology data to BMS and providing neurological data to Pathos, which can use it to help BMS develop therapies. The expected payments place the agreements among Tempus’s commercial activities based on licensing data and analytical tools to drugmakers.
Under the oncology agreement, the scope of the license allows BMS to use the data with its Foundry drug development platform, which it licensed separately from Pathos. The main agreement between Tempus and BMS is based on the master services agreement signed on August 22, 2018. It follows an initiative announced by the two companies on May 14, 2026, to improve clinical trial design and increase the likelihood of technical and regulatory success across five initial programs. Tempus said the earlier initiative used its AI-powered Lens platform with a large library of de-identified multimodal records to analyze clinical research. The company said BMS and Tempus used those insights to improve clinical research design, as part of a broader effort linking data to better trial and patient selection.
The neurology agreement runs for five years and targets the delivery and licensing of 500,000 de-identified records for patients with Alzheimer’s disease or specified neurological conditions, at a rate of 100,000 records per year during the agreement term. The agreement also includes a license to Tempus’s agentic data-analysis tool. According to the filing, Pathos can use the data and tool for its internal purposes, as well as to help BMS with therapy development activities. Payments associated with this agreement total $55 million, compared with $137.5 million for the oncology agreement, bringing total cash payments due to Tempus to about $192.5 million over approximately five years. The number of records and their annual delivery rate make execution a central part of the agreement, alongside the licensing of the data and tool.
The agreements come as Tempus expands its data-licensing business. The company recorded total revenue of $382.5 million in the second quarter of 2026, up 22% year over year. Revenue from its data and applications segment was $93.2 million in the same quarter. Revenue at its Insights unit, which focuses on data licensing and modeling, also grew 36% year over year. In oncology, Tempus announced that 13 of its research abstracts had been accepted for presentation at the European Society for Medical Oncology congress in Madrid, scheduled for October 23-27, 2026. This adds context to the company’s data and clinical research business during the period in which the agreements were announced.
TEM shares closed at $63.81 on October 22, 2026, according to EL7 data. Tempus said its third-quarter 2026 financial results will be released on November 2. The results will provide the next financial update after the company’s second-quarter revenue, including revenue from data and applications and its Insights unit. The contractual relationship between Tempus and BMS dates to the master services agreement dated August 22, 2018, while the October agreements expand the scope of work among the parties. The current announcement combines an oncology licensing agreement with BMS and a neurology data agreement with Pathos, while keeping each agreement’s scope and payments separate.