Bristol Myers drug fails main goal in cancer-linked anemia trial
The study did not achieve statistically significant results in helping patients with myelofibrosis become free from red blood cell transfusions for any 12-week period during the first 24 weeks of treatment.
The miss could signal long-term challenges for the company as future revenues rely on expanding the use of key drugs, Raymond James analysts said.
They noted several missed opportunities for broader approvals, including Sotyktu in ulcerative colitis and Crohn's, Camzyos in heart disease, Opdualag in early-stage melanoma, and Cobenfy in schizophrenia.
The company, however, remained upbeat about the drug's prospects and said more patients receiving Reblozyl saw a reduction in the number of transfusions needed and an increase in hemoglobin levels, a key measure of anemia. The side effects seen in the trial were similar to those previously reported for Reblozyl.
"It is promising to see that Reblozyl led to clinically relevant improvement of anemia for patients with myelofibrosis," said Anne Kerber, head of hematology, oncology, and cell therapy at Bristol Myers.
Reblozyl is already approved for certain types of anemia related to other blood disorders, including myelodysplastic syndromes and beta-thalassemia. Bristol Myers recorded $1.77 billion in global sales of Reblozyl in 2024.
The late-stage trial in myelofibrosis patients tested Reblozyl with a Janus kinase inhibitor drug, a class of medicines that works by slowing down the immune system.
Myelofibrosis is a type of cancer that scars the bone marrow, inhibiting production of healthy blood cells.
Reblozyl's failure in the trial might be positive for Disc Medicine (IRON.O), opens new tab, as investors might look favorably at its hepcidin portfolio, given the strength of data and limited treatment options, BMO Capital Markets analysts said.
Shares of Disc Medicine rose 4%, while Bristol Myers slipped 1% in morning trading.
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