Bristol-Myers Investors Feel the Harsh Downside of Cancer Bet

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  • Stock drops 16 percent after Opdivo fails in lung cancer trial
  • CEO says immunooncology remains ‘central pillar’ of strategy

For almost four years, Bristol-Myers Squibb Co. investors have profited handsomely thanks to the company’s sharp focus on cancer. On Friday, they felt the other side of that concentrated bet.

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