Biotech Values

[JohnWayne]

Re: BMY / Yervoy / CTLA-4

For now, PD(L)1-naive patients ARE the entire IO market. There's no compelling evidence of what to do in PD(L)1-experienced pts. In 1L NSCLC and other tumor types, BMY and every company is trying to figure out what to add onto PD(L)1 to beat out current standards of therapy -- i.e. the low hanging fruit for monotherapy has been plucked, now the question is how to expand into more tumor types via combos.

For BMY, huge bet has been placed on CTLA-4 being the way to expand into more tumor types. What to do after these PD(L)1 combos fail is important, but that's much farther out IMO, and I don't see any reason to believe BMY has much of an advantage over the field in this endeavor.