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Opinion
Max Nisen

Bristol-Myers Goes From Hunter to Target

Setbacks to cancer drug Opdivo have turned the tables.

Less than a year ago, Bristol-Myers Squibb Co. was the fourth-largest biopharma company in the U.S. with a premier cancer drug asset and the potential to go out and buy just about anything. 

But after setbacks to its immune-boosting cancer drug Opdivo that have drastically limited its growth potential, the company on Thursday was forced to cut its 2017 earnings guidance and now expects sluggish growth in the year to come. Technical difficulties that interrupted the company's earnings call for several minutes were probably the most enjoyable part of the day for executives as analysts grilled them about the company's strategy. Shares dropped more than 5 percent to their lowest point since 2014.