Bristol-Myers Squibb Company (BMY) and partner Abbott Laboratories (ABT) recently presented data on their oncology candidate elotuzumab from a phase II study. The randomized study evaluated the drug, combined with a low-dose dexamethasone and Celgene Corporation’s (CELG) Revlimid, in treatment-experienced multiple myeloma patients at two doses- 10 mg/kg and 20 mg/kg. Bristol-Myers/Abbott Laboratories presented the data on elotuzumab at the 54th annual conference of the American Society of Hematology (ASH).
Data from the study revealed that the median progression-free survival (PFS: the time without disease worsening or death) was not reached after 20.8 months of follow up in the 10 mg/kg arm. Moreover, the objective response rate (:ORR) was observed to be 92% in the 10 mg/kg arm. The median PFS and ORR were found to be 18.6 months and 76%, respectively, for patients treated with the 20 mg/kg dosage of elotuzumab. The safety profile of the candidate was found to be consistent with those revealed by the earlier studies.
Apart from the above phase II study, Bristol-Myers/Abbott Laboratories are also evaluating elotuzumab in other studies. The combination of elotuzumab (10 mg/kg), Revlimid and low-dose dexamethasone is being evaluated in two phase III studies. Moreover, a combination of Takeda’s Velcade and dexamethasone with or without elotuzumab is also being evaluated in a phase II study in patients suffering from relapsed/refractory multiple myeloma.
We currently have a Neutral recommendation on Bristol-Myers which carries a Zacks #3 Rank (Hold). Our stance is similar on Abbott Laboratories.
Large-cap pharma stocks currently holding a Zacks #2 Rank (Buy) include companies like Sanofi (SNY), Novo-Nordisk (NVO), Johnson & Johnson (JNJ) and Roche (RHHBY).
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