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Opdivo: Growth Trajectory in Lung Cancer Indication

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Opdivo’s revenue growth trends

Bristol-Myers Squibb’s (BMY) Opdivo reported total revenues of $1.79 billion in the third quarter, which is a rise of 42% YoY (year-over-year). Among the revenues, the company earned $1.14 billion from the sale of Opdivo in the US market, which is a rise of 47% YoY.

In the first nine months of 2018, Opdivo earned total revenues of $4.93 billion, which is a rise of 37% YoY. Among the revenues, the company earned $3.10 billion from the sale of Opdivo in the US market, which is a rise of 35% YoY.

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Growth drivers

According to Bristol-Myers Squibb’s Evercore ISI HealthCONx Conference transcript, immuno-oncology therapies haven’t managed to secure approvals and reimbursement in many European markets in the first-line NSCLC (non-small cell lung cancer) indication. Moving forward, it is expected to take an additional 12 months for immuno-oncology therapies to make their presence felt in the first-line NSCLC setting in Europe. Bristol-Myers Squibb expects Opdivo’s revenue erosion in the second-line NSCLC indication in Europe to commence mainly from late 2019 to early 2020.

Bristol-Myers Squibb plans to enter the first-line NSCLC indication with its immuno-oncology chemo combination regimens.

The company expects data from Part 2 of the Phase 3 trial, CheckMate-227, which compares the Opdivo and chemotherapy combination regimen with chemotherapy based on the overall survival in the first-line NSCLC indication, in 2019.

According to Bristol-Myers Squibb’s press release, the company managed to study the predictive power of the Tumor Mutation Burden biomarker based on favorable results from Part 1a of the CheckMate-227 trial, which compared the Opdivo-Yervoy combination regimen with chemotherapy based on progression-free survival in first-line NSCLC indication.

Bristol-Myers Squibb expects data from the CheckMate 9LA trial, which evaluates the combination of Opdivo, Yervoy, and chemotherapy in first-line NSCLC indication, in 2019.

These trials are expected to play a pivotal role in strengthening Bristol-Myers Squibb’s position in the NSCLC segment.

Next, we’ll discuss the growth trends for Bristol-Myers Squibb in the melanoma market.

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