ASCO: A Biotech Scorecard

Genentech (DNA): This is a clear winner at this year's ASCO. The Avastin breast cancer data from the AVADO trial was strong, and ImClone's Erbitux doesn't appear to be a competitive threat in lung cancer. I didn't get a chance to spend much time on the data from its early-stage pipeline, but the hedgehog inhibitor GDC-0449 looks very promising. Remember, that's a drug partnered with Curis (CRIS), so it gets a good ASCO grade too.

Exelixis (EXEL): I saw positive early data from XL184 in patients with medullary thyroid cancer. This is a very small indication, but the company plans on starting a pivotal phase III trial this summer. That's a good sign of progress for Exelixis.

Celgene (CELG): The company showed strong Revlimid data in multiple myeloma and other blood-borne cancers this weekend. It's been a good meeting for Celgene; Revlimid remains a strong growing presence in front-line multiple myeloma and now there is exciting data suggesting the drug could have a big role in non-Hodgkin's lymphoma.

There was also increasing chatter at ASCO this weekend that the EORTC Dacogen survival trial in myelodysplastic syndrome patients will disappoint. Nothing confirmed, just a lot of talk, but if that turns out to be true, it would be positive for Celgene's drug Vidaza.

Medarex (MEDX): Updated survival data on its melanoma drug ipilimumab was mixed but not very compelling, especially since we already know that the drug can't be filed with the Food and Drug Administration until results are ready from the ongoing phase III study in front-line melanoma patients. That's not happening anytime soon.