Regeneron’s Libtayo shows response rate in line with Keytruda’s in first-line NSCLC

Interim data from a Phase III study showed that the response rate to Regeneron’s Libtayo among first-line lung cancer patients was comparable to the rate in the label of competing PD-1 inhibitor Keytruda. If upcoming Libtayo data show a survival benefit and the drug gains a label expansion, it would still need to overcome Keytruda’s multiyear head start and gain market share from a blockbuster whose quarterly sales have crossed $3 billion across several indications.

The data contributed to a rise in the share price of Regeneron Pharmaceuticals Inc. (NASDAQ:REGN), which climbed $21.56 to $332.60 on Tuesday. The gains translated to an increase of about $2.3 billion in market cap. Also on Tuesday, Regeneron announced a share buyback and reported 3Q19 earnings that beat estimates...