Bristol-Myers Squibb Company / 2seventy bio, Inc.

Relapsed/Refractory Multiple Myeloma (BCMA CAR-T)

36K US cases/yr · $1.2B Combined 2024 US+global BCMA CAR-T sales: Abecma $406M + Carvykti ~$963M worldwide · $242M / $963M Abecma 2024 US sales vs. Carvykti 2024 global sales (Abecma losing share to Carvykti)

Disease Overview

Multiple myeloma is a plasma-cell malignancy and the second most common hematologic cancer in the US. The NCI SEER program estimates 36,110 new cases and 12,030 deaths in 2025, with a 5-year relative survival of approximately 61%. Despite quadruplet induction (e.g., daratumumab + VRd) and autologous stem-cell transplant (ASCT) becoming standard in transplant-eligible patients, multiple myeloma remains incurable, with most patients cycling through proteasome inhibitors (bortezomib, carfilzomib), immunomodulatory drugs (lenalidomide, pomalidomide), anti-CD38 antibodies (daratumumab, isatuximab), BCMA bispecifics (teclistamab, elranatamab), and BCMA CAR-T in later lines. The relapsed/refractory population eligible for BCMA-directed CAR-T therapy is estimated at 10,000-15,000 triple-class exposed patients annually in the US, with roughly 202,793 people living with myeloma as of 2023. Triple-class exposed disease (progression through a PI, IMiD, and anti-CD38) carries median overall survival under 12 months on conventional therapies, creating strong demand for one-time BCMA cell therapies despite cost and logistics challenges.

Competitive Landscape

The BCMA-directed multiple myeloma landscape is bifurcated between approved cell therapies and bispecifics plus a deep pipeline of next-generation assets. Approved BCMA CAR-T therapies: BMS/2seventy's Abecma (idecabtagene vicleucel, approved 2021, $406M 2024 global sales, $242M US) and J&J/Legend Biotech's Carvykti (ciltacabtagene autoleucel, approved 2022, $963M 2024 global sales growing >80% YoY and now dominant in 2L+ post-CARTITUDE-4 OS benefit). Approved BCMA T-cell engaging bispecifics: J&J's Tecvayli (teclistamab) and Pfizer's Elrexfio (elranatamab). GPRC5D bispecific Talvey (talquetamab, J&J) and FcRH5 bispecific cevostamab (Roche, Phase 3) expand the T-cell-redirecting class beyond BCMA. Pipeline BCMA-directed assets: Arcellx/Gilead's anitocabtagene autoleucel (anito-cel, Phase 3 iMMagine-1, primary partner competition to Abecma), Allogene's ALLO-715 (allogeneic BCMA CAR-T), Caribou Biosciences' CB-011 (CRISPR-engineered allogeneic BCMA CAR-T), and multiple in vivo BCMA programs (Kelonia KLN-1010, Capstan/AbbVie portfolio, Umoja-AbbVie expansion). BMS's buy-in of 2seventy eliminates the 50/50 Abecma profit share as Carvykti captures category leadership and in vivo/allogeneic entrants threaten long-term autologous CAR-T economics.