Biotech Values

[jq1234]

>> Since PD-(L)1-containing regimens don't work for a majority of patients, a key value driver for all of the I-O companies is going to be finding what works for patients who fail PD-(L)1-containing regimens. It seems doubtful that Yervoy (or any CTLA-4 agent) will play a significant role for those patients.

That's for PD-(L)1 monotherapy. In the largest indication 1st line NSCLC, it seems PD-(L)1 in combination with chemo, unlike monotherapy, works for majority of patients. If IO/IO combo can't carve out reasonable market share in 1st line, it will be very tough to compete from behind.

As of PD-(L)1 failure population, it is anyone's guess who would win that game. That's a tough position to be in for BMY who used to be leader in IO space. IO space changes so fast, it seems IO/chemo, IO/TKI combination will likely dominate combination for awhile since IO/IO data have been very weak lately IMO. BMY is trying to catch up in IO/chemo, IO/TKI since previous late stage focus had been on PD1/CTLA4 combo.