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Opdivo Could Drive Bristol-Myers Squibb’s Revenue Growth in 2017

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Aug. 18 2017, Updated 9:38 a.m. ET

Opdivo revenue trends

In 2Q17, Bristol-Myers Squibb’s (BMY) Opdivo generated revenues of around $1.2 billion, which reflected ~45% growth on a year-over-year (or YoY) basis and ~6% growth quarter-over-quarter. In 2Q17, Opdivo contributed around 23% of Bristol-Myers Squibb’s net revenues.

In 2Q17, Opdivo generated revenues of ~$768 million in the US market, which reflected ~19% growth on a YoY basis. Outside the US market, Opdivo generated revenues of ~$427 million in 2Q17 compared to $197 million in 2Q16.

The chart above represents the revenue curve of Bristol-Myers Squibb’s Opdivo from 2Q16 to 2Q17. To learn more about Opdivo, please read How BMY’s Opdivo Is Expected to Perform in 2017.

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Recent regulatory approval

In August 2017, the FDA approved the Opdivo injection for the treatment of individuals aged above 12 years with microsatellite instability-high (or MSI-H) or mismatch repair deficient (or dMMR) metastatic colorectal cancer (or mCRC) that has progressed after fluoropyrimidine, oxaliplatin, and irinotecan therapy.

This regulatory approval was based on the results from the CheckMate-142 trial, where Opdivo demonstrated an objective response rate (or ORR) of 28% among patients who were previously treated with fluoropyrimidine, oxaliplatin, and irinotecan therapy.

In the Checkmate-142 trial, among the 74 patients who received Opdivo, 72% of the patients were previously treated with fluoropyrimidine, oxaliplatin, and irinotecan therapy. Among patients who previously received fluoropyrimidine, oxaliplatin, and irinotecan therapy, 28% responded to Opdivo therapy.

Among all 74 enrolled individuals, 32% responded to Opdivo treatment, 2.7% of these patients experienced complete response (or CR), and 30% of the patients experienced partial response (or PR).

Bristol-Myers Squibb’s Opdivo faces stiff competition from Merck’s (MRK) Keytruda, Roche’s (RHHBY) Tecentriq, and Eli Lilly’s (LLY) Alimta.

Bristol-Myers Squibb comprises ~0.46% of the portfolio holdings of the Vanguard S&P 500 ETF (VOO).

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