What's Next for Bristol-Myers Squibb After Its Opdivo Setback?

The signs were definitely there for a disappointment from Bristol-Myers Squibb (NYSE: BMY). Several weeks ago, AstraZeneca (NYSE: AZN) reported its checkpoint inhibitor Imfinzi failed to improve progression-free survival in a late-stage study targeting lung cancer. There were concerns that Bristol-Myers Squibb (BMS) could experience a similar letdown when the company announced results from a late-stage study of its own checkpoint inhibitor, Opdivo, combined with chemotherapy in treating lung cancer.

A disappointment came, but it was in a totally different indication. Last week, BMS announced mixed results from its late-stage CheckMate-214 clinical trial evaluating a combination of Opdivo and Yervoy as a first-line treatment for renal cell carcinoma, the most common type of kidney cancer. Improvement in progression-free survival for the combo wasn't statistically better than that of Pfizer's (NYSE: PFE) Sutent chemotherapy. What's next for Bristol-Myers Squibb after this setback for Opdivo?

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Source: Fool.com