2seventy bio stock drops 24% as competition catches up with BMS-partnered multiple myeloma drug

Com­pet­i­tive pres­sure and a pause in man­u­fac­tur­ing due to rou­tine main­te­nance have pushed US sales of Abec­ma (ide­cab­ta­gene vi­cleu­cel), Bris­tol My­ers Squibb and 2sev­en­ty bio’s CAR-T cell ther­a­py for mul­ti­ple myelo­ma, to new lows, caus­ing BMS to miss Wall Street’s quar­ter­ly ex­pec­ta­tions by about $40 mil­lion and 2sev­en­ty’s stock $TSVT to drop by 24% in af­ter­noon trad­ing.

The an­nounce­ment from Bris­tol My­ers, which equal­ly shares Abec­ma with 2sev­en­ty­bio, on lack­lus­ter sales pushed 2sev­en­ty — which does not an­nounce its quar­ter­ly re­sults un­til Nov. 14 — to re­lease an SEC fil­ing to­day mak­ing clear that com­pet­i­tive dy­nam­ics im­pact­ing Abec­ma are here to stay, and “will con­tin­ue in­to the fourth quar­ter of 2023.”

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