Bristol-Myers Shares Slide as Cancer-Drug Race Intensifies

(Bloomberg) -- Bristol-Myers Squibb Co.’s blockbuster cancer drug Opdivo didn’t sell as well as analysts had expected in the fourth quarter, suggesting that the drugmaker is facing increasing pressure in a competitive market for immunotherapy treatments.

• Opdivo sales were $1.80 billion in the quarter, falling short of Wall Street’s average estimate of $1.84 billion. The company also withdrew an FDA application for another use of Opdivo in lung cancer, a key immuno-oncology field.

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• During a call with investors Thursday, CEO Giovanni Caforio said the Celgene deal would create the “No. 1 oncology franchise.” The combined portfolio will see near-term growth mainly driven by Celgene’s assets, he said.
• Bristol-Myers already gave its 2019 forecast earlier this month.
• Bristol-Myers shares were down 0.7 percent to $49.62 at 9:57 a.m. in New York on Thursday. The stock is down 4.2 percent year-to-date, compared with a 5.2 percent gain in the S&P 500.
• For more on the fourth-quarter results, click here.

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