Replies to post #203154 on Biotech Values

[north40000]

Thank you...I am on I-phone, search disadvantage re computer for fast- breaking news...note the BMY spin on those results? Another illustration why BMY is in desperate search for combo-therapy to pair with Opdivo...we hold BMY but not MRK.

[DewDiligence]

BMY CHECKMATE-026 post-mortem:

Today’s PR is the first time BMY disclosed the PD-L1-expresssion threshold (≥5%) in CHECKMATE-026.

In retrospect, we can surmise that Opdivo would’ve had a better chance in first-line NSCLC if they had chosen a higher PD-L1-expression threshold than 5%; however, this was an instance where the science and the business exigencies were pulling in opposite directions.

[JohnWayne]

BMY - Monumental surprise. Interesting that BMY very explicitly described 5% cutoff as primary endpoint, on recent investor calls it's sounded like they were conducting a hierarchical analysis that would have started at higher cutoffs. Will be very interesting to see data at 10%, 25%, 50% cutoffs, but seems like a stretch to expect any regulatory path forward even if those data are good.

Still think BMY is well positioned in 1L NSCLC with combo trials, but this failure certainly casts a spectrer over their program.

Also, of note, it's the very first Phase 3 failure for a PD-1 inhibitor.

[DewDiligence]

Factoid—BMY is trading at the highest level since the CHECKMATE-026 results were released on 8/5/16 (#msg-124331983). The current share price ($75.34) is only a hair below the all-time high.