Bristol Posts Negative Immuno Oncology Data in Smaller Cancer Setting, Leading to FVE Cut
Bristol-Myers reported disappointing Phase III data from CheckMate 451 in small cell lung cancer, or SCLC, with Opdivo and Yervoy, leading to a fair value estimate cut to $61 from $64. While the drug combination continues to look well positioned in melanoma and renal cancer, the failure to show a survival benefit in SCLC reduces our peak sales for Bristol's immuno oncology drugs to just over $10 billion, down by close to $800 million annually. Nevertheless, Bristol's solid positioning in immuno ...Bristol-Myers Squibb is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The company's products are sold worldwide, primarily to wholesalers, specialty distributors, retail pharmacies, hospitals, government entities and the medical profession. The company manufactures products in the United States and Puerto Rico and has manufacturing operations in two foreign countries. The company has products in the following therapeutic classes: hematology, oncology, cardiovascular and immunology. The company's pharmaceutical products include chemically-synthesized or small molecule drugs and products produced from biological processes, called biologics.
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