Bristol-Myers says key trial for lung cancer drug succeeds

Earnings


Bristol-Myers Squibb said its immunotherapy Opdivo helped patients with a common type of lung cancer live longer without the disease worsening in an eagerly awaited late-stage study.

Shares fell 1 percent after trading up 3 percent in morning trade on Monday.

The company, which also reported better-than-expected quarterly earnings, said the trial was testing Opdivo in combination with its own drug Yervoy in patients with first-line non-small cell lung cancer (NSCLC).

Opdivo is going head to head with rival drugs from Merck, Roche and Astrazeneca in the multibillion-dollar cancer immunotherapy market. Shares in all three companies were down.

“It was hugely important that this trial succeed in some way for Bristol because first-line advanced lung cancer is such an important commercial opportunity,” said Brad Loncar, chief executive of Loncar Investments, which runs the Loncar Cancer Immunotherapy ETF.

“It is a much-needed win for their company and also perhaps a win for the science in general.”

The NSCLC patients being tested in the trial had high tumor mutation burden, “an important biomarker for the activity of immunotherapy,” Bristol-Myers said.

In the past, companies had been classifying patients on the terms of expression of a protein called PD-L1, but that had mixed success, according to Loncar.

An independent committee recommended that the study continue, based on an interim analysis for another main goal – overall survival, or helping patients survive longer while on the treatment, Bristol-Myers added.

Fourth-quarter net loss attributable was $2.33 billion compared with a year-ago profit of $894 million, as the drugmaker took a $2.9 billion charge.

Excluding one-time items, the company said it earned 68 cents per share in the quarter ended Dec. 31, analysts were expecting 67 cents, according to Thomson Reuters I/B/E/S.

Sales of Opdivo came in at $1.36 billion, above the consensus estimate of $1.29 billion.

Blood thinner Eliquis’ sales rose nearly 44 percent to $1.36 billion.

The company forecast 2018 adjusted earnings per share of $3.15-$3.30. Analysts had expected $3.23 per share.



Source link

Products You May Like

Articles You May Like

State pensions and fund companies feel heat over their gun stock investments
Steve Jobs’ pre-Apply job application to raise $50,000 at auction
Bank of America worried about threat of cryptocurrency to its business
Big tax breaks to lure Amazon’s HQ2 won’t pay off
Fed’s bond buying during financial crisis was not that effective, economists say

Leave a Reply

Your email address will not be published. Required fields are marked *