Bristol-Myers Drops to 2-Year Low as Cancer Drug Disappoints
- Results contrast with positive data from Merck’s Keytruda
- Bristol-Myers stock down as much as 10%, Merck rises
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Bristol-Myers Squibb Co. dropped to the lowest level in two years after its immune-based therapy Opdivo fell short of already low expectations in study results that throw into question whether the drug can help lung-cancer patients who’ve just been diagnosed.
The results were in stark contrast to the performance of Merck & Co.’s Keytruda in a similar group of patients. Keytruda reduced the risk of death or cancer progression by 50 percent in a study, giving Merck a head start on all of its competitors in the race for the best new immune therapy against lung tumors, the most common cancer in the world.