Approval of Celgene's (CELG) Pomalyst Largely Expected by Street (ONXX)
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Rating Summary:
7 Buy, 27 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Celgene's (Nasdaq: CELG) Pomalyst (pomalidomide) might have some potential after all.
According to a recent Bloomberg survey of five analysts, Pomalyst is likely to win FDA approval for the treatment of multiple myeloma in patients who have failed at least two prior therapies.
Pomalyst is favored with an 80 percent to 90 percent chance of approval on February 10th, the PDUFA deadline.
One analyst from Cowen said both data and the unmet medical need make approval for Pomalyst "as easy as it gets."
The analysts don't see Pomalyst as a potential competitor to Onyx Pharmaceuticals (Nasdaq: ONXX) Kyprolis, which was approved by the FDA last July for the same use. RBC's Michael Yee notes that, while both drugs are somewhat similar, both will compete well in the third line. He sees patients that start on Pomalyst eventually moving over to Kyprolis, vice-versa, and some even taking both drugs at the same time.
No reimbursement issues are expected, according to Brean Capital.
Bloomberg-compiled data has sales of Pomlyst reaching $1.06 billion in FY17, compared with expectations for Kyprolis sales of $1.48 billion in the same period.
Shares of Celgene are indicated for a higher open Friday.
According to a recent Bloomberg survey of five analysts, Pomalyst is likely to win FDA approval for the treatment of multiple myeloma in patients who have failed at least two prior therapies.
Pomalyst is favored with an 80 percent to 90 percent chance of approval on February 10th, the PDUFA deadline.
One analyst from Cowen said both data and the unmet medical need make approval for Pomalyst "as easy as it gets."
The analysts don't see Pomalyst as a potential competitor to Onyx Pharmaceuticals (Nasdaq: ONXX) Kyprolis, which was approved by the FDA last July for the same use. RBC's Michael Yee notes that, while both drugs are somewhat similar, both will compete well in the third line. He sees patients that start on Pomalyst eventually moving over to Kyprolis, vice-versa, and some even taking both drugs at the same time.
No reimbursement issues are expected, according to Brean Capital.
Bloomberg-compiled data has sales of Pomlyst reaching $1.06 billion in FY17, compared with expectations for Kyprolis sales of $1.48 billion in the same period.
Shares of Celgene are indicated for a higher open Friday.
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