Strong ESMO Data Supports Our Above-Consensus Expectations for Immuno-Oncology Drugs
Data coming out of the European Society for Medical Oncology congress reinforces our higher-than-consensus expectations (20% higher in 2021) for immuno-oncology drugs, with Bristol-Myers Squibb and Roche representing the most undervalued stocks with heavy exposure to this drug class. Further, the strong data reinforces wide moat ratings for these companies as well as for Merck and AstraZeneca as the strong efficacy rates in lethal cancers should support strong pricing power and fast patient adop...
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