Oncology market is Big. 66% of BMY revenue
Found this pretty interesting it offers some insight into current Oncology market and one of companies Oncolytics has a trial with. ----------------------------------- With its purchase of Celgene in late 2019,Bristol Myers Squibb(BMY, $65.60) became a biotech and cancer-fighting machine. BMY has top cancer drugs like Opdivo, Revlimid, Yervoy and Pomalyst under its umbrella, and its oncology drugs now account for roughly 66% of its total revenues or more than $27 billion last year. Any catalysts that deal with BMY's cancer portfolio are paramount to its bottom line. --------------------- Many recent events for BMY have focused on its blockbuster drug Opdivo. The treatment has been a mixed bag lately, with overall sales falling 3% year-over-year to $1.7 billion in the first quarter of 2021. This follows a similar decline in fiscal 2020. Merck's (MRK) own wonder cancer drug Keytruda has taken much of Opdivo's thunder and has seen sales explode, jumping 19% year-over-year in the first quarter of 2021. --------------------------------------- Drugmakers can often pick up incremental sales, push patent expiration and breathe new life into older drugs with expanded label coverage. With Opdivo sales falling as Keytruda gains more market share, pivoting the drug into other cancer-fighting uses is critical to BMY getting more sales into its coffers. ------------------------------ And with Keytruda sales rising fast, the biotech stock needs some major wins to keep the drug a powerhouse. It could get those this summer, with the FDA expected --- issue a decision on using Opdivo as an adjuvant therapy in patients with muscle-invasive urothelial carcinoma by Sept. 3, 2021. -------------------------------- Guggenheim analyst Seamus Fernandez, who maintains a Buy rating on BMY, is upbeat about Opdivo sales. Physician checks that showed "solid early uptake" for the drug and the "combined use of Opdivo plus Yervoy and Opdivo plus Cabometyx will expand Opdivo sales significantly," he says. Because of this, Guggenheim estimates an additional $3.5 billion in Opdivo sales between 2025 and 2028, with revenue peaking at around $11 billion by the time the drug's patent expires in 2028.