From: Richard Kahn <

From: Richard Kahn < To: "jeffrey E." <[email protected]> Subject: Fwd: BMY Fails in 1L Lung (-17%)...MRK to Rally (+10%)...+ve Read-thru for AZN/Roche Date: Fri, 05 Aug 2016 13:58:36 +0000 Attachments: MRK.pdf Inline-Images: image001jpg01D1EEF46A35D9C0.jpg FYI - Enhanced owns 5000 BMY at 66.94 Richard Kahn Begin forwarded message: From: "Ens, Amanda" Subject: BMY Fails in 1L Lung (-1P/0)...MRK to Rally (+10%)...+ve Read-thru for AZN/Roche Date: August 5, 2016 at 8:44:46 AM EDT To: "Rich Kahne< Reply-To: "Ens, Amanda" < BMY in a BIG surprise announced that CheckMate-026 FAILED to hit the primary PFS endpoint in 1L lung cancer (NSCLC) (link to press release). There was NO expectation that this would happen following MRK's successful results from KeyNote-024 which met both PFS & OS endpoints. BMY is trading down 18% on the back of the results while MRK is trading +12%. Note AZN has reversed earlier losses (now +1.3%) while Roche is +0.6%. Note that MRK's data from KN-024 had PDL1 tumor expression >50% vs BMY's trial which was >5%....could be an issue of trial design here. Link to MRK Note About CheckMate -026 CheckMate -026 is a Phase 3, open-label, randomized study of Opdivo as monotherapy versus investigator's choice chemotherapy in patients with advanced non-small cell lung cancer (NSCLC). Patients enrolled in the trial had received no prior systemic treatment for advanced disease and tested positive for PD-L1 expression. The trial randomized 541 patients to receive either Opdivo 3 mg/kg intravenously every two weeks or investigator's choice chemotherapy in squamous patients (gemcitabine with cisplatin/gemcitabine with carboplatin/paclitaxel with carboplatin) and non- squamous patients (pemetrexed with cisplatin/pemetrexed with carboplatin) until disease progression, unacceptable toxicity, or completion of 6 cycles. The primary endpoint is progression-free survival, as assessed by the Independent Radiology Review Committee, in patients with ≥ 5% PD-L1 tumor expression. EFTA00822174 Daniel Lundquist Healthcare Specialist Sales Global Equities The power of global connections TM' Disclaimer: This material was prepared by Sector Specialist Sales personnel of Merrill Lynch and is subject to the terms available at the following link: This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at If you are not the intended recipient, please delete this message. Vr EFTA00822175