BMS lowers 2017 guidance

Bristol-Myers Squibb Co. (NYSE:BMY) fell $2.73 to $46.82 on Thursday after releasing 2016 earnings and lowering its non-GAAP EPS guidance for 2017. The company now expects adjusted EPS of $2.70-$2.90, down from $2.85-$3.05.

On a conference call, CFO Charles Bancroft said foreign exchange dynamics and the potential for increased competition for cancer drug Opdivo nivolumab from Keytruda pembrolizumab led to the revision. Specifically, he alluded to the possible broadening of Keytruda's label to include its approval in combination with chemotherapy in a broader first-line non-small cell lung cancer (NSCLC) indication than that for which Keytruda is already approved. FDA is reviewing an sBLA for Keytruda in that setting, with a May 10 PDUFA date (see BioCentury Extra, Jan. 11)...