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The US drug maker Bristol-Myers Squibb has encountered a barrier in the competitive immunotherapy market by withdrawing a combination drug application to treat lung cancer, even though its quarterly earnings were optimistic.
The New York-based company announced Thursday the voluntary withdrawal of its application for US approval of its cancer treatment – a combination of Opdivo and Yervoy – for the treatment of a certain type of non-small-cell lung cancer . The company said that after recent discussions with the Food and Drug Administration, it felt it needed more data.
"We did not think that approval of this application would have had a commercial impact in the short term," said Vamil Divan, an badyst at Credit Suisse, adding that this "raises new questions about the company's overall strategy" in the US. lung cancer.
Bristol-Myers Squibb's successful drug Opdivo, which has been approved to treat several types of cancer, posted sales of $ 1.8 billion in the fourth quarter. Although it exceeded estimates by some badysts, with a Reuters poll showing sales forecasts of $ 1.47 billion, it missed more, with a Bloomberg survey forecasting sales of 1.84 billion of dollars.
The drug maker has been a pioneer in checkpoint inhibitors, a kind of immunotherapy that turns the body's immune system into a weapon against tumors, but has faced fierce competition from companies like Merck. Indeed, Keytruda's immunotherapy for the latter exceeded Bristol-Myers Squibb's Opdivo treatment for the first time last summer.
For the fourth quarter, the company said its revenues jumped 10 percent to $ 5.97 billion, just below expectations of $ 5.98 billion, according to a study by Refinitiv from badysts.
It posted a profit of 1.19 billion USD for the quarter, compared with a loss of 2.3 billion USD for the same quarter of the previous year. This translates into a profit of 73 cents per share, compared to a loss of $ 1.42 per share. Adjusted for non-recurring items, the company posted earnings of 94 cents per share above expectations at 85 cents.
In January, Bristol-Myers Squibb agreed to acquire Celgene on a $ 90 billion deal. The partnership would create a world leader in oncology, with nine drugs each generating more than $ 1 billion in annual sales and a potential pipeline of up to $ 15 billion in revenue.
"We are starting 2019 with good momentum in our current operations, with Opdivo and Eliquis continuing to be strong and growing franchises," said managing director Giovanni Caforio. "Our Celgene acquisition project will enable us to create a leading biopharmaceutical company with leading franchises, significant short-term launch opportunities and a broad and broad portfolio, thereby creating opportunities for growth." stronger foundations for long-term sustainable growth.
The shares of the US pharmaceutical manufacturer have hardly changed at the pixel and are down almost 4% since the beginning of the year. This follows a 15% decline in 2018.
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