An Early Surprise Win For BMS’s Opdivo/Yervoy In Lung Cancer

CheckMate-9LA testing nivolumab plus ipilimumab plus chemo was stopped early due to a survival win. The promise of another foothold in first-line lung cancer could buoy investors ahead of what could be disappointing Q3 sales.

Digital illustration of lung cancer cells in color background

Bristol-Myers Squibb Co. should be able to forestall some investor concerns about lagging sales of its one-time leading PD-1 inhibitor Opdivo when third quarter results are released on 31 October with the surprise announcement 22 October of an important win in the critical first-line lung cancer setting for the combination of Opdivo plus Bristol’s CTLA-4 inhibitor Yervoy and chemotherapy.

It’s an oddly similar dynamic to the previous quarter, when positive results from the Phase III CheckMate-227 trial came out the evening before second-quarter sales and earnings were released. The '227 data, which support the immuno-oncology combination’s use as a chemo-free option for first-line non-small cell lung cancer, dominated the earnings call – where Q2 Yervoy (ipilimumab) sales dropped from Q1, although they rose 17% from the second quarter of 2018 to $367m. Opdivo sales increased 12% year-over-year to $1.82bn for the second quarter of 2019

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