Drug maker Bristol-Myers Squibb Co. (NYSE:BMY) said it has won the approval of the U.S. Food and Drug Administration (FDA) for the expanded use of its cancer drug, Erbitux.
The FDA has approved Erbitux, in combination with platinum-based chemotherapy, for late-stage head and neck cancer after a study showed that Erbitux was found to extend the lives of patients along with chemotherapy, compared to those on chemotherapy alone.
Bristol-Myers co-markets Erbitux in the U.S. along with Eli Lilly & Co. (NYSE:LLY). Meanwhile, Erbitux was already approved for certain types of colon cancer and non-metastatic head and neck cancer along with first-line radiation therapy.
For the third quarter, Bristol-Myers said Erbitux sales were up 8 percent at $172 million, accounting for 3 percent of its total product sales. For the third quarter of 2011, Eli Lilly recognized royalty revenue of $97.2 million for Erbitux, an increase of 2 percent from last year.