New drug is good news for cancer patients, but not for its maker's stock

New Jersey–based drug company Celgene (CELG) on Monday reported highly anticipated data for Revlimid, its multiple myeloma cancer pill. And it didn't disappoint: at the annual American Society of Hematology meeting, Celgene showed that Revlimid reduced the risk of progression by 50% among newly diagnosed patients who used the drug and chemotherapy, followed by maintenance therapy, compared with those who only used chemotherapy. Patients who used Revlimid longer saw a 75% risk reduction, and 92% were alive after one year.