Stock Watch: Is Oncology Still King?
Shifting Dynamics In Pharma’s Biggest Franchise
Big pharmaceutical oncology franchise sales generally grew in the third quarter of 2023, but some were transitioning through loss of exclusivity and others were not being helped by their most innovative therapies.
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Earnings season was not going too badly until a spate of self-inflicted wounds by BMS and Sanofi soured sentiment. Many new product launches remained too small to help.
Once a cancer drug powerhouse, Roche’s newer oncology launches were not taking up the slack caused by biosimilar competition to its former blockbusters. Something else was required.
Keytruda brought in its usual stacks of cash, but Merck’s Q3 earnings call focused largely on a recent alliance with Daiichi Sankyo and the pharma’s growing emphasis on cancer ADCs.