Shares of Bristol-Myers Squibb have risen following boosted sales expectations relating to the company’s ipilimumab drug, designed to treat melanoma.
Bristol-Myers reported improved survival times when the drug was used as a first-line treatment against advanced skin cancer, with Citi Investment Research analyst John Boris estimating that the drug could reach total sales of $960m by 2015.
Its shares rose 2.96% to $26.77 in morning trading and could rise again after the US Food and Drug Administration issues its decision on the drug, scheduled for later this week.
Ipilimumab became the first drug to improve survival times in melanoma patients last year, with patients taking the drug living four months longer on average.
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