As previously reported, Morgan Stanley analyst David Risinger downgraded Bristol-Myers (BMY) to Equal Weight from Overweight after the Opdivo + Yervoy combination showed worse efficacy cross-trial compared to Merck's (MRK) Keytruda+chemo combo. Given the trial results reported yesterday from the companies, Keytruda+chemo appears to be set to become the preferred regimen in first-line non-squamous non-small cell lung cancer, Risinger tells investors. The analyst, who also reduced his long-term pipeline projections for Bristol's novel IO agents, lowered his price target on the stock to $58 from $78.
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Reports Q1 revenue $11.9B, consensus $11.46B. "We had a good start to 2024, with revenue growth, important advances in our pipeline and the closure of several strategically important transactions. Our focus remains on strengthening the company's long-term growth profile. As a part of our continued evolution, we're executing a strategic productivity initiative that will allow us to be more agile, drive efficiency across the company, and prioritize investing in opportunities where we see the greatest potential to get the most promising medicines to patients as quickly as possible," said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. "
Reports Q1 revenue $15.8B, consensus $15.2B. "Merck has begun 2024 with continuing momentum in our business. We are harnessing the power of innovation to advance our deep pipeline and are maximizing the impact of our broad commercial portfolio for the benefit of patients," said Robert Davis, chairman and chief executive officer, Merck. "We drove strong growth across key therapeutic areas, executed strategic business development, and in the U.S., we are now launching WINREVAIR, a significant new product in the cardiometabolic space for adults with pulmonary arterial hypertension, a progressive and debilitating disease. We have important opportunities ahead of us across all areas of our business, and we are highly focused on realizing them."