Bristol’s Focus Returns To IO Following Celgene Vote
Q1 Earnings Preview: With the positive vote on its merger with Celgene behind it, Bristol now needs to focus on growing its immuno-oncology business, where several upcoming catalysts could bolster Opdivo.
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The Checkmate-227 results surprised with an OS benefit for Opdivo plus Yervoy in first-line NSCLC and a miss for the Opdivo-chemotherapy combination. Bristol reported a solid quarter, with growth for IO, Eliquis.
Firm hopes to minimize merger disruption by maintaining separate BMS, Celgene cancer expertise. Opdivo posts solid growth, but longer-term worries persist.
With no more activist investor challenge, shareholders of both companies overwhelmingly approved the deal. Bristol said it will have leading positions in oncology and cardiovascular disease, and gain five potential blockbusters in the Celgene buyout.