Celgene Corporation (CELG) at ASCO: Ho-Hum, Ho-Hum, and Hmmm

Hmmm for Revlimid
Not everything announced by Celgene Corporation (NASDAQ:CELG) was ho-hum, though. The company also presented results from a phase 3 study of a Revlimid combo in treating newly diagnosed multiple myeloma.

The surprise from this study was that patients taking Revlimid along with melphalan and prednisone had a much lower median progression-free survival rate of 24 months than the 38 months for patients on a high-dose chemotherapy and tandem autologous stem cell transplant regimen called MEL200. The five-year overall survival rate for patients on the Revlimid combo was also lower than those taking MEL200 — 62% versus 71%, respectively.

Celgene Corporation (NASDAQ:CELG) did have some good news from the study. Patients taking Revlimid as a maintenance therapy for either regimen showed higher median progression-free and overall survival rates.

Celgene shares have fallen by 3% or so this week, but that drop pales in comparison to the year-to-date gains of almost 50%. The disappointing Revlimid results won’t have a lasting impact on the stock’s performance.

Also, more studies including Revlimid in first-line treatment of multiple myeloma are likely on the way. In April, results from a phase 1/2 trial with Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX)‘ Kyprolis in combination with Revlimid and low-dose dexamethasone  showed promising results. Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) received Food and Drug Administration approval for Kyprolis as a third-line treatment for multiple myeloma in July 2012. Kyprolis is technically a rival to Celgene’s Pomalyst, but there’s room for both drugs to be successful.

Updates about Abraxane and Pomalyst this week probably caused a few yawns. Unfavorable results for Revlimid might have raised some eyebrows. However, I think Celgene Corporation (NASDAQ:CELG) continues to be a stock that will excite investors over the long run.

The article Celgene at ASCO: Ho-Hum, Ho-Hum, and Hmmm originally appeared on Fool.com.

Fool contributor Keith Speights has no position in any stocks mentioned. The Motley Fool recommends Celgene Corporation (NASDAQ:CELG).

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