The world’s first multiple myeloma cell therapy has it all to do

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With Bristol Myers Squibb/Bluebird’s ide-cel, now branded Abecma, making it across the US finish line, investors might glance nervously at how much this BCMA-targeted Car-T therapy is expected to sell. The 2026 forecast is $1.2bn, according to sellside consensus compiled by Evaluate Pharma, a seemingly tall order given that Abecma has surprisingly been indicated for fifth-line use, even though its KarMMa study was in fourth-line patients. Of course, much of the number will be down to Abecma breaking into earlier lines of multiple myeloma, but here toxicity could trip the therapy up: the label lists hamophagocytic lymphohistiocytosis/macrophage activation syndrome and cytopenia in a boxed warning in addition to the cytokine release and neurotoxicities that are standard with Car-T therapies. There is also an impressive list of BCMA-targeting antibodies and cell therapies, including Johnson & Johnson’s cilta-cel, that could soon compete against Abecma. Not that any of this matters for holders of contingent value rights derived from Bristol’s 2019 takeover of Celgene; since the CD19-targeted Car-T therapy Breyanzi failed to be approved before the end of last year, that security has already lapsed.

Selected BCMA-targeted multiple myeloma therapies
Project Company Modality 2026e sales ($m) Status
Blenrep (belantamab mafodotin) Glaxosmithkline ADC 1,462 Marketed
Abecma (ide-cel) Bristol Myers Squibb/Bluebird Car-T therapy 1,198 Approved
Cilta-cel Johnson & Johnson/Legend Car-T therapy 500 Filed
ALLO-715 Allogene Therapeutics Car-T therapy 479 Phase 1
CTX120 Crispr Therapeutics Car-T therapy 171 Phase 1
C-CAR088 Cellular Biomedicine Group Car-T therapy 74 Phase 1
HPN217 Harpoon Therapeutics Trispecific MAb 46 Phase 2
AUTO8 Autolus Therapeutics Bispecific Car-T 46 Preclinical
AMG 420 Amgen/Boehringer Ingelheim Bispecific MAb 19 Phase 1
bb21217 Bristol Myers Squibb/Bluebird Car-T therapy 13 Phase 1
Source: Evaluate Pharma sellside consensus. ADC=antibody-drug conjugate.

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