Pharmaceutical industry struggles as demand weakens
- Bristol Myers Squibb stock falls after drug approval delayed
- Abecma gene therapy treatment not approved for earlier use in certain blood cancer
- Bristol Myers shares slipped 4.4% while 2seventy declined 12%
- BMY shares have slumped almost 30% this year
- Pharmaceutical industry struggling as demand for Covid-19 medicines weakens
Bristol Myers Squibb (BMY) stock is facing a decline after U.S. regulators delayed the approval for the earlier use of one of its drugs. The gene therapy treatment, Abecma, developed in collaboration with 2seventy Bio (TSVT), will not be approved for earlier treatments of a certain kind of blood cancer by the Dec. 16 deadline. Currently, Abecma is approved for use after four or more prior lines of therapy, but the companies were seeking approval for it to be used earlier in the treatment process. As a result of this setback, Bristol Myers shares slipped 4.4% to $48.65, while 2seventy shares declined 12% to $1.87. This decline adds to the overall slump of BMY shares, which have fallen almost 30% this year. The pharmaceutical industry as a whole has been struggling due to weakened demand for Covid-19 medicines, with the S&P 500 industry index down 4.5%.
Public Companies: Bristol Myers Squibb (BMY)
Private Companies: 2seventy Bio
Key People:
Factuality Level: 7
Justification: The article provides information about Bristol Myers Squibb’s drug Abecma and its delayed approval for earlier use in the treatment of a certain kind of blood cancer. It also mentions the decline in Bristol Myers and 2seventy’s shares. The information provided seems to be factual and based on market news. However, the article lacks in-depth analysis and context about the struggles of the pharmaceutical industry and the impact of weakened demand for Covid-19 medicines.
Noise Level: 4
Justification: The article provides some relevant information about Bristol Myers Squibb’s drug approval delay and the decline in their stock price. However, it lacks in-depth analysis, evidence, and actionable insights. It briefly mentions the struggles of the pharmaceutical industry due to weakened demand for Covid-19 medicines, but does not provide any further details or context.
Financial Relevance: Yes
Financial Markets Impacted: Pharmaceutical industry
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to the pharmaceutical industry, which is a financial topic. It discusses the struggles of Bristol Myers Squibb and the delay in approval for one of its drugs. However, there is no mention of an extreme event or its impact rating.
www.marketwatch.com 
