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Opdivo: Blockbuster Oncology Drug in 3Q17

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Opdivo

Bristol Myers Squibb’s (BMY) Opdivo is approved for the treatment of non-small cell lung cancer, classical Hodgkin’s lymphoma, renal cell carcinoma, metastatic melanoma, squamous cell carcinoma of the head and neck, urothelial carcinoma, hepatocellular carcinoma, and certain types of colorectal cancer.

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Recent Opdivo developments

The above chart shows Opdivo’s revenue trends over the last few quarters. In 3Q17, Opdivo reported revenue of $1.3 billion, 38% growth from 3Q16. Several Opdivo developments have been announced recently.

  • On December 5, 2017, the FDA lifted partial clinical holds on two clinical studies, Checkmate-039 and CA204142, which were evaluating Opdivo in combination with other drugs for the treatment of patients with refractory or relapsed multiple myeloma.
  • On November 30, 2017, Bristol-Myers Squibb announced that it had stopped the Checkmate-078 study, a Phase 3 study evaluating Opdivo for the treatment of non-small cell lung cancer. The study was stopped after an independent data monitoring committee confirmed that the study had met its primary endpoints, showing superior overall survival.
  • On November 28, 2017, the European Medicines Agency validated a type-II application for expanding the use of Opdivo with Yervoy in the treatment of patients with advanced renal cell carcinoma. The validation confirms that the submission of the application is complete and that the European Medicines Agency will begin its review process.

Notably, the VanEck Vectors Morningstar Wide Moat ETF (MOAT) has a 25.4% exposure to healthcare companies. MOAT has a 2.5% exposure to Bristol-Myers Squibb, a 2.7% exposure to Biogen (BIIB), a 2.5% exposure to Pfizer (PFE), and a 2.4% exposure to Amgen (AMGN).

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