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Bristol-Myers Drops After Cancer Drug Combo Rejected in Europe

  • Shares reverse earlier gains after CEO’s announcement on call
  • Drugmaker’s second-quarter earnings topped estimates
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Bristol-Myers Squibb Co.’s euphoria from a solid second-quarter earnings report lasted less than four hours.

During a call discussing the company’s second-quarter results, Chief Executive Officer Giovanni Caforio said that Bristol-Myers’s combination cancer treatment had failed to secure additional approval from European regulators for use in a form of kidney cancer. Adding new indications for the drugs has been a key part of their growth.