Bristol Myers' Antitrust Allegations: Lawsuit Over Alleged Patent Deception For Blood Cancer Drug
Portfolio Pulse from Vandana Singh
Bristol Myers Squibb Co (BMY) is facing a lawsuit from Blue Cross Blue Shield of Louisiana, accusing the company of using deceptive patents and illicit strategies to maintain its dominance in the blood cancer drug market with Pomalyst. The lawsuit alleges that BMY violated U.S. antitrust laws, leading to overpayment for Pomalyst. The lawsuit seeks damages equal to three times the alleged overcharge. In 2022, Pomalyst generated nearly $3.5 billion in revenue out of Bristol Myers' total of $46.16 billion.
September 07, 2023 | 2:03 pm
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NEUTRAL IMPACT
Teva Pharmaceutical Industries was mentioned in the lawsuit as one of the generic companies that Bristol Myers reached settlements with.
Teva Pharmaceutical Industries was mentioned in the lawsuit as one of the generic companies that Bristol Myers reached settlements with. However, the impact on Teva's stock price is uncertain.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Bristol Myers Squibb Co is facing a lawsuit over alleged patent deception for blood cancer drug Pomalyst, which could potentially lead to financial damages.
The lawsuit could potentially lead to financial damages for Bristol Myers Squibb Co, which could negatively impact the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100