Biotech Values

[JohnWayne]

How so? For many studies, the success of Opdivo is inextricably linked to Yervoy. Yervoy itself might not be a huge driver of value (especially as BMY continues to explore lower and less frequent doses), but if CTLA-4 combos don't pan out, then BMY will have a lot of failed trials on the horizon.

They certainly seem to be diversifying their combo strategy in NSCLC and elsewhere, but they'll lose out on a lot of first mover advantages if Yervoy combos fail.