Bristol-Myers Squibb and Merck going opposite ways with PD-1 inhibitors

Q4 results for Merck (MRK -0.3%) and Bristol-Myers Squibb (BMY +2.3%) present stark contrasts between their rival PD-1 inhibitors with the former clearly demonstrating superior execution in sales and expanding approved uses.

Merck’s Keytruda (pembrolizumab) is the company’s top seller, averaging over 75% growth per quarter over the past two years. Sales grew 45% yoy to $3,111M in Q4 2019.

BMY’s Opdivo (nivolumab), briefly its top drug, now #2 again behind blood thinner Eliquis, has averaged almost 24% growth per quarter over the same time frame, but the trend has been steadily down since Q3 2018. Sales were $1,763M last quarter, down 2% from a year ago.

Keytruda growth/quarter (Q4 2019 – Q1 2018): +45%, +62%, +58%, +55%, +66%, +80%, +89%, +151%.

Opdivo growth/quarter (same lookback): -2%, +1%, +12%, +19%, +33%, +42%, +36%, +34%.

Keytruda, initially OK’d in the U.S. in September 2014, is now approved for 15 cancers.

Opdivo, initially OK’d in the U.S. in December 2014, is approved for nine cancers.

https://seekingalpha.com/news/3539335-bristol-myers-squibb-and-merck-going-opposite-ways-pdminus-1-inhibitors