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Bristol-Myers Squibb (BMY)

Participants
John Elicker SVP, Public Affairs and IR
Giovanni Caforio Chairman and CEO
Charlie Bancroft CFO
Chris Boerner Chief Commercial Officer
Fouad Namouni Head, Oncology Development
Tim Anderson Wolfe research
Seamus Fernandez Guggenheim
Chris Schott JP Morgan
Navin Jacob UBS
Terence Flynn Goldman Sachs
Steve Scala Cowen
Matt Phipps William Blair
Jason Gerberry Bank of America
Umer Raffat Evercore
David Risinger Morgan Stanley
Call transcript
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Operator

Good day, and welcome to the Bristol-Myers Squibb 2019 Second Quarter Results Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Mr. John Elicker, Senior Vice President, Public Affairs and Investor Relations. Please go ahead, sir.

John Elicker

morning good and Orlando, everybody. Thanks, discuss We're well quarter as second the here news night. to as last that earnings released our was press morning, will this and remarks. me With Giovanni prepared Charlie Q&A, Officer of Head Development is as be Commercial Namouni, Q&A Oncology Chief for our as Fouad Boerner, here Chris for well. as here well our will

care of language. I’ll Safe take Harbor the

statements SEC may Company's During as discussed by constitute our forward-looking as that the change. and plans update even prospects if indicated and representing various today forward-looking disclaim of future filings. upon as we'll call, result forward-looking should statements, in estimates those Actual a specifically make differ results important These to any future these of those statements estimates from as obligation statements estimates forward-looking our relied about Company's including our date. represent materially not be We statements. factors of the any

focus exclude website. most which measures our our to the available non-GAAP comparable We'll items. on non-GAAP measures measures, these our at specified of certain are financial comments financial also to Giovanni? GAAP adjusted are Reconciliations

Giovanni Caforio

you, good morning, everyone. Thank John, and

outlook for I'm progress and acquisition to the made and in quarter the our forward. speak Opdivo think the announced last start going we our strong results what today first, with means second how our frame pleased about planned let But, it of performance discussing Celgene. on me we've you by about and night I

option the its Opdivo+Yervoy tumor outcome, cancer. with execute ability in setting. major last which have the also first-line shows results of treatment marketplace. approved, in results we respect endpoint. We additional With If a patients. as in commercial results, successful the the meet lung first-line this in an Part represent team's know, Xa, And to the that important to XXX but Starting a didn’t my in overall competitive and is full these would chemo-sparing combination confidence potentially of trial night. for announced an I differentiated third opportunity you had provide benefit believe a we results this survival part And

saw We’ll at As press overall patients. all we noted an be the we negative survival the exploratory upcoming an sharing in benefiting medical PD-LX meeting. data in release, analysis, an in also

So, today. I the won't into specifics go

Now, aspects had X. turning of of for. to the Part were to They mind. what results results keep study however, are, not in important the we There hoped

we're regularly compared looking was chemo successful performed First, of positive. the see. one-year the was we our not other consistency The at experimental expectations, to performance chemo trials. what The of plus trial overperformed but somewhat arm analysis. arms landmark with Opdivo Opdivo with control consistent

the our of health We plan Yervoy. strengthens received medicine the we lung offer an results Opdivo are as and the both in these highly to further with know discuss We and patients. to soon a a about excited potential option Part is the for competitive the and combination of differentiated authorities, of we possible. Part of belief The Opdivo market, as and data opportunity X important X totality from as confirms profile value

the growth We in year. for expect continue U.S. last this to to ex-U.S. compared Opdivo year and

the by the will driven for for Charlie we being trajectory near-term future approvals, forward, data, supporting and growth Looking Opdivo Opdivo. discuss see dynamics

turn Now, second results. to let me quarter the

continues outlook Eliquis the growth compelling commercial profile with execution through by driven excellent best-in-class Our execution the strong to growth drive were and significant across results entire portfolio. ahead. a

quarter. a talked really you’ve seen, lot good we’ve about And had I've already Opdivo. as a

see potential quarter that Additionally, reflect performance opportunities our from strong discipline financial we ahead. on results quarter the and more perspective. an OpEx Charlie provide color this will the in

I I want am performance and thinking clinical announced discuss how the year first trial future last the move Reflecting results, in we the the on about of company night, overall. a to strong half to

we perspective. attractive was a from the strategic a said When and financial Celgene from it we acquisition January, announced in

with we are even the with of am and you creating the As the company I today, more speak I convinced the acquisition. new of exciting rationale deal

announced Celgene a as the deal, first the near-term us opportunity said we we five and value-creation we an unique launches When view with attractive through pipeline. potential providing

three year big we’ve pipeline and and other announced. for filed the As has health with with late five, stage seen launch settlement the seen were very Both opportunities was developments closer positive business. to Revlimid We’ve rejected additional the progressed, IPRs of with the Celgene’s authorities. FDA move an

In will TYKX diversified prospects. to and a As management as multiple portfolio our adjuvant potential more among approval the approval in we indications, combined ozanimod four portfolio, bolder including and significant term, later at for in psoriasis launches, well a in as lifecycle therapies. sclerosis with have other company, growth IBD, I-O for opportunities medium and have we’ll hematology

in including losses exclusivity earlier face half we six the be to we We’ll near-term Phase be as the balance in continue external our of company. portfolio, a of combined through innovation source and expect a position be programs development. stronger have X we maturing, term, us and much decade, sheet will Longer as XX to business will portfolio the the our next potential to launchers, an lifecycle X in reset, second allowing

discussions OTEZLA, few in will with say Charlie currently strategic to we announced on in divest FTC, a our engaged moments. the the process. sale and we're As know, ongoing more you based decision a

and my key combined our feel protected. I In integration are to execute and from I about The a talent to drivers the announced selected our team company. June, both includes as key leadership value good team. ability ensure for future preparedness companies was across

capabilities, to bear bringing ring commercial hematology the across entire it tumor to critical best-in-class and was portfolio. while enabling solid fence functions Specifically,

for priority combined Rupert development Hirawat the organizations, and leaders, respectively. research key late named we’ve and a the execution, R&D talented run to With two company, Samit Vessey stage

that with for BMS been I'm weeks. to note pleased Samit few has

of October. until he’s end As on the the Company, he oncology transitions into permitted work to not development

questions today mentioned, John is Fouad regarding your as However, to answer here oncology.

strong to provide unmet I our I new encouraged build reiterate, and leading with and create patients and I'd excited in biopharma the quarter. am very treatment opportunity shareholders. To potential a options our program like our performance for we company lung my patients conclude needs. to to with by first-line the results this announced remarks, significant am I'm pleased value to

that, I'll over it will And Charlie. to hand

Charlie Bancroft

Thanks, Giovanni, and good morning, everyone.

Building moving on during it color comments how start by providing we I-O dynamics quarter our think Giovanni's regarding about business Checkmate-XXX, and some I'll in about additional forward. the

across U.S., lung. renal to both share indications and metastatic and first-line adjuvant see second-line we cell In including melanoma, continue strong

second-line eligible which we also expected, see of As lung pool has decline, the size of demand the sequentially. patients continue to impacted

the some also slightly were primarily compared inventory all non-promoted XX% first-line especially almost to being sales sequentially demand share cancer. use from cell within due increased patients. intermediate risk Opdivo+Yervoy, to to and unfavorable XX%, small poor of QX, competition at Though to U.S., in impact market, were strong the in renal Yervoy cell we there lung lower down maintained of

Internationally, we in the being much the than the pool more see as of to continue patient slowly. second-line the declines more U.S. lung size opportunity durable

than U.S. similar we for Our the driven Germany, teams to the have and renal in higher cell that some is markets of these cell share In Opdivo+Yervoy first-line Japan UK. very first-line rapidly in in or seeing cases are markets, reimbursed good as such adoption renal

for Consistent market competitive the it's in Keytruda is reimbursed. treated U.S., the an adjuvant in experience markets around melanoma was in U.S., than This the our we've seen however more also launched same expansion with where population time. given of the

competitive Checkmate-XXX. given we Opdivo Opdivo the pressure some continue compared expect business for likely respect forward, XXXX, on With to growth XXXX, to Looking of year-over-year and timing the dynamics approval to year. this we for expect in

beyond position cancer in the adjuvant Opdivo future However, for growth potential XXXX, next XXXX. along potential launch looking will we indications opportunity in with first-line believe year, settings additional metastatic and across lung

to patients quarter. Eliquis position remarkable to Eliquis, for as option world VTE which in many while around substantial the and markets the anticoagulation now forward. Turning one key cement delivered continues enjoying continued AF growth its room for treatment moving number another

year. leading expansion In the share second quarter to class by XX% was within NOAC with grew the driven category. Eliquis compared the the U.S. Eliquis This a commanding demand last over of continued

in I’ve patients which that in we the that described is enter past, is as substantially the means low hole year. be of the liability factor in half important higher As Eliquis for QX hole, second to the donut this QX QX in QX. accrue Recall relatively mind for will but donut bear and the an the and

year, the we've significantly, the patients has increased of higher liability, $XXX this be volumes in The XX% component Additionally, mix. year. will XXXX, magnitude Medicare which million Eliquis this much have was our XX% of in to sales from a we and increased roughly liability larger

growth. we term forward continue to see the longer Looking significant Eliquis, to headroom for for

our to XX% share TRx XX% U.S. at over Within under is new-to-brand stands time converge currently the Eliquis today. and just share, overall will almost market, which the

best-in-class to see Eliquis We the with we in use. expand continued with share continue also declines expect the its have warfarin steadily profile, category. increasing within the to seen class NOAC And

believe we there over treatment. market undiagnosed see uncontrolled as time potential the is Finally, expand to patients enter and

Celgene. our Now, to future with turning

we year and late year. at progress this to integrate discussed, making Giovanni we are expect good to As companies, preparing the or close next early

We last me have planned is significant the divestiture an believe sale process. we buyers. month starting some with OTEZLA. Let the attractive potential preparing had interest are announced We late asset the details discuss and and of OTEZLA now from

have of FTC, subsequently a the with be close on divested. sale to and draft which point, definitive sale need will the decree agree allow acquisition the to agreement. consent expect we we Celgene with a know, the enter into you OTEZLA As to once terms that At formalize for will we to FTC, and the

process, on clearance. the X targeting we ends Phase EU review With XXth, to are respect a and the period July

We we Commission's will the receive provide when decision. update European an

issuing financing in we attractive bond rate. for the deal of In by our billion quarter, locked the at financing permanent $XX

date, for have We time even BMS be to good actively the one. now collaboration transfer And to very between with close day better later prepared and we with integration continue the Celgene. more

rate expecting are by three. still run synergies end achieve to year billion of the of We $X.X

bear calendar later, date we The though has modest, and couple which the of can OTEZLA, phasing absorb believe synergies, as we close we’ve said, impact, synergies a and there is Regarding have moved back, of from impact. in mind. things come would to are this just

A few overall the for comments outlook the on Company. financial

read Celgene’s through have Checkmate-XXX opportunity addition of for opportunity to rationale strengthen Taking grow the to progress. S-X to the acquisition all factors account, out, with the important Since at the OTEZLA just FDA. we've we these Celgene closed, into deal developments the and the described, several financials sale As seen the we've the year, value seen assets for the the is end prepared pipeline in XXXX. see three to late pipeline filed stage UPSA divestment. since Giovanni we continue with last of been were the continuing announced

in the stale. projections close, will we companies the become continue will S-X more to Until the two and evolve

So, we reference don't plan to update or them. to continue

will soon However, Company's provide closes. the deal a perspective we on outlook after the

We XX-year allocation to we’ve as forma to dividends the to modeled financials. where by in previously we of And record Switching capital increases track continual pro balanced plan dividend remain as annual we've our approach. increases. mentioned, evidenced committed our our continue

capital regard excess of years. future next planned the structure. initial flows, cash importance which are In be and OTEZLA deleveraging the this as mind, proceeds, to our We With to the upfront avoid to acceleration of we reduce few debt view in used leverage. over recognize an

in to our less expect X.X EBITDA times to continue We to ratio than debt gross see at XXXX.

be development to Business continues important.

our have debt. to review billion Complementing over the will practice, share at billion plans $X past years, cash we a of forward, repurchases past few cash execute close. have early continually, the already distributing solid our to into looking positions with deals to the Similar smaller and of the of expect account a for $X ASR in capital. remain shareholders allocation plans reduce our almost and repurchases share over debt we working stage while active for next dividend, years. we alternatives And announced to taking in to We XX history

franchise along and earlier and with delivered opportunities Opdivo+Yervoy another TYKX our lifecycle the To that potential with I-O, quarter. strong the management pipeline first-line well in have we for will the opportunity from Celgene, lung future. breadth growing close, us the launches of very in the the we position Eliquis We believe

Now, it I'll to back Q&A. turn to John the start

John Elicker

we're think, to ahead I Q&A. Orlando, go Charlie. the to Thanks, ready

Operator

Research. Instructions] question with Thank you. Wolfe Absolutely. Anderson from [Operator Our first Tim

Tim Anderson

Hi. Thank you.

Part say do can success success with X how have not I’m Does results PD-LX findings. one Also, higher. the that by which make the sense in of that odds of CTLA confirm XXX, you you'd look they First how at seem that that I now stratifies of influence, to have the on and of TMB, trial trial to be component? Checkmate-XLA? question odds guessing light by is,

itself. question X the is And second Part on

combination greatest in patients. seems of you that positive clinical Just whether see different offer negative CTLA-X across the we tumor same its magnitude easiest value themselves the would positioning work. versus at in know PD-LX few benefit best was and be? that the Is types PD-LX may don’t directionally, negative can really by least hoping It seem PD-Xs now, of the segment potentially combo the that to where where

Giovanni Caforio

This just and questions. your first-line reiterate been we I play Tim. Giovanni. tumor to an with to to Xa know you which as melanoma Part and renal. of have answer of in know now other two you, is types, in particularly to results Thank we two start ask which I'll how with the was what in we’ve and XXX Opdivo+Yervoy, successful establishing want excited are opportunity lung cancer, Fouad

Fouad news and on give expression. I think important that's I'll us. his you And PD-X perspective So, ask to for XLA

Fouad Namouni

and you, for Giovanni, Tim, the question. thank you, Thank

confident are We XLA. in

Let me where early the progressions is. us first-line Yervoy Opdivo goal of that XLA manage also will continue is of to to lung the really added system. immune two Checkpoint what a new stimulate combination but antigens to remind is of inhibitors, chemotherapy cycles in create XLA two load the the and cancer active

So, we it the designed. is confident in XLA continue be in to way

cancer. this this non-small your terms first-line cancer see other of Yervoy time of in lung first-line Part in cell perform in around standard care survival we versus and and -- is X, in For overall fact, and questions a time Opdivo in third

clinically PD-X I seen cancer and think, a have in meaningful of combination first-line positive. the significant overall lung survival we

same We have melanoma Tim, like that renal and overall exploratory for say, the of seen pattern analysis seen tumors, Opdivo in in improvement I other the Yervoy carcinoma. have and negative. we are Overall, survival would cell PD-LX seeing we in

Operator

with Fernandez Seamus from hear we’ll Next, Guggenheim.

Seamus Fernandez

very questions. for much the Thanks

the little beep. surprised with the by Just a new process

a questions. couple quick of So, just

non-squamous data adding study, but Bristol are Part will X also having Xa benefits proving to that benefit not likely the top just are just from on then Celgene, bit a fully color in then, this the and clear itself. the showing that therapy comment bill going Bristol a only of of is that with to at combination get Part is, presented, little separately, and anything, and the of on First team both only relative we in on the exposure off, walk of I Senate top little of than And was also to just on alone U.S. understand, Yervoy hoping thoughts hoping Opdivo XXX. with could spending improvements, of but chemo with PFS. terms comment perhaps kind point to is not on the on And hoping and Senate to your we when is prospectively a relative to the possible on whatever come bill away a clear the away question get really More Opdivo see bit that in has to the we of then additive? Opdivo+Yervoy, that patient monotherapy view

Giovanni Caforio

This Thank Giovanni. is you, Seamus.

question Obviously, Let Washington. the a you’ve from me start on with very what's pricing fluid as perspective. your in seen and environment is happening policy

think, And it’s to are in to dialogue is these Congress. of I happening days. the point specific early difficult that outcomes

the from the the that address change a discussed have think that point I some actually As it's period my perspective. discussion we're patients at I to issues have. time the policy of view, because we’ve you for know, perspective affordability from change beginning support that important I quite of of about And

high are the and the designed, have way driven system. out-of-pocket remember, misaligned design the some primarily the expense because patients incentives in plans issues benefit by affordability those insurance Now, of very of are and clearly

seeing, don’t the punitive some industry are misaligned I things currently the for in the for only focused many that about innovation, because one Senate would many the is don’t system. And really with including X% say we of like companies patients that the many patients, and of of in as are are some ways that are benefit in they very proposals proposals in they they to the benefit that address included bill, of of incentives they concerned grafted, the while and on Medicare are we that particularly

change see difficult marketplace. proposed I in address have for we think, it so solutions far, all are for what that patients issues we’re proactively the and And that So, seen some issues we making think I address doesn't policy that today. big the of we've

across it's us think, from period remember, have and of before, broader to reimbursement acquisition into changes, I more important opportunities lifecycle growth different I to opportunities Celgene for policy that diseases said important as more the goes to the a what think portfolio. that the us. that's of was And more felt transitions very the it with the of for portfolio launch does diversified during Now, really I multiple and I types and beginning, accelerate

it becomes it's more to a uncertainty more think I And the diversified have through broader to what and critical even important, times do a Celgene. that's we And these portfolio. days of have portfolio, us. given think, for I

would the also, parts some I in lifecycle of really, effect offsets XXXX, say, the be direction. of other those are that in going the would be Now, measures portfolio opposite to could proposed, the your yes, we we question, see, some with are also at going the when Revlimid. next that potential there be impact impact look example, there of of only would would for to respect can asset. that at for the remind into being And there where when measures a detail, our that would of we of end you But, come level I of

a you I impact think would that I on downs. and would So, given But, give I portfolio see we the answer definitive what you think broad ups the have, be. think it's early And many obviously, the end lifecycle. that of them, would Opdivo of their cycle. by sorry, be would Revlimid towards be And products one impacted where would of to the in again, every be --

anything do have add? Chris, to you

Chris Boerner

Yes. pick I off. let mean, where Seamus, up me Giovanni left just

I are matter said basis, be bill, mechanism important proposals be before by just enacted. having of is When say Giovanni have number at is you the that diversified remind that, product more as obviously, portfolio we've better. of to across different of B, is will determining you Senate a different I'll have steps a to previously, specifics would think, in you look in allocation looking What about a business, is on What payment obviously, Medicaid there a is a required our product additional here. within anything I from D, and going about mentioned, are as the Part of embedded it that you, know, And XX% say the the in exposure, going is, business Part our by what exposure. little impact. business relatively I BMS XX% we number

separate to remember, would so need multiple is for example, respect myeloma, for two primarily we’re of Celgene, With as a to But elderly. the you ask companies, disease them. specifics,

more we bit the a population. towards skew Medicare So, would

Fouad Namouni

Fouad, X, following. this Part we the your we Part both And data see, more show is will second when data be will for the from Seamus, what X question and understand we around what will from

are like top benefit And I nivo, will these when we the and data clear X, Let and of combinations, of responder, me would with depth the data will X. And be the will presented. start the think clearly, very response, of we very rate Part clearly. will from we added be that elements long-term of response of survival. of we immunotherapy also seeing understand on overall Part nivo pattern performance the durability complete the with understand Yervoy show When

we and one, of today, was in agent with PD-LX chemotherapy. Part combined in is I with have other nivolumab chemotherapy in think, and with For press combination that is performance release to PD-LX what what reported very PD-X agent addition we chemotherapy performance the seen PD-Xs the Basically, will will the X, plus versus other nivolumab see consistent we understand what chemotherapy. in of

X, comparator arm expect has would of I the in said outperformed care. we which that the in see we we what chemotherapy Checkmate, on think, would Part standard

survival, what remind in real-world activity is Let evidence. of the me between the us is to supported overall and XX that, in know chemotherapy terms of XX by we from months, this median standard care

think, when XXX, the think, I underperformed from in the go maybe data will broadly in Part studies. is in take what this X. depth arm chemotherapy outperformed I people we other into And

Operator

next, will And with Chris Schott hear we from JP Morgan.

Chris Schott

Thanks very much.

XXX. I for those an ratio specific on know, close you see need do overall Part the can't guess, But, hazard two study. Just feel Keynote-XXX on with you to first about survival should of of CR need to -- you what you numbers offering that into go kind to I yet. a be seen that more focused chemo questions X and factors, for you on are or or depth rates role this combo? you find to competitive, like niche to think be and responses

in My on Can arm Part us was seen what I-O of stronger in rates of competitor rate. Thanks than -- much. X, control studies? we’ve meaningfully second-line Part second and second-line that very crossover and with color in different was survival question that you to prior any X terms kind give

Chris Boerner

let Maybe turn me to Chris. over Fouad. is and then it start I'll This

very a previously, discussion how around with as hazard As you have physicians rarely patients, about have conversations they said do we think ratios.

choice important are first-line key performing very And be And lung time, over durable landmarks is, in product believe, important. we so to imply is from are cancer and drivers what so, we customers for would how hear showing treatment of continues patients that the what our one efficacy.

keep in you the one through doing of within the patients progress you years, many options, step year. And spaces cancer, think actually last two that progress about made of we've the first-line to of chemo. mind and in back and burn lung area we majority in that that few all over when need despite the so, I-O so, And

have proven first-line to to choice more going lung we with for need a cancer. OS in how that from and physicians hear that's is respect are what chemotherapy and make benefit, there potentially So, consistently options spare and durability patients

Fouad Namouni

I-O consistent And the the X have to which a therapy crossover, about chemotherapy the not performance with Part reason of in crossover of we And chemotherapy level regards that with other seen the crossover, reference do is believe many patients, of that explaining a arm, to output arm. we is our trials. the third

Operator

hear UBS. Jacob with Navin from will we Next,

Navin Jacob

wanted non-squamous I comparison that, rationale endpoint X. to for to the good primary behind it the could is Xa the The as looked could, understand XLA just has where XXX. you to as specific endpoint clarify Part to And to Part primary in data also if quite as correlates squamous if a similar non-squamous… design the

Giovanni Caforio

for Thank your you, Navin, questions.

the endpoint, the most primary Data and study. first-line. study So, non-squamous the is of population, of we the at time really small the population. non-squamous in this first, largest non-squamous pretty and population percentage us there the question. available squamous a showed, benefit, is benefit the the the is ask The designed really Therefore, to see to this was

population patients to designed all and in XLA, chemotherapy. terms both different And is looking of and of the of histology of first-line study biomarkers. go inhibitor checkpoint diminishing combine to is commerce number the at For cycles the you where

Operator

with will hear And Sachs. next, we Terence from Flynn Goldman

Terence Flynn

XXX X? Part of confidence performance you. trials, those that about you Thank think and in you help saw can you Part of or X the about in chemo as takes your chemo design program any level those adjuvant again and arm about given arms and puts in Maybe think just of that outperformance as Checkmate-XXX, control the outperformance us you think maybe there

Fouad Namouni

believe -- be our I adjuvant space, in adjuvant really really setting the first, very will the confident and immunotherapy data performance in in we makes with see so think the pleased adjuvant setting the the us And in first-line we're setting. good Xa. Part So, to of

were early progress standard there do of of setting of of it and in patients of the care cancer population actually you of in seen, There strong, and this of in the the terms lung in a of at was standard setting our program and and in and cancer. in so metastatic have believe care, looking setting survival and And terms management patients. and many not adjuvant X we evolution care pretty durvalumab in Yervoy plus comparators. we how adjuvant terms as nivolumab we supportive In this have, changes of lot is stage of started versus nivolumab that lung overall probably steady

Operator

next, from Scala Cowen. Steve And we with hear will

Steve Scala

Xa mentioned call The be of Company been at seems curve XX its two Opdivo+Yervoy presented, patients Part impress the times of the when already. tail or this saw Keytruda chemo three has Keynote-XXX, alive to in In XX% it will on suggesting months. that plus

So, as And wondering, presented. XX% positive than of other I interpreting tone? Bristol's that’s when first alive tone I’m question. you I’m Opdivo+Yervoy will So, Part is patients the of would Company's Xa show just positive suggest, more consider interpretations the

Giovanni Caforio

Steve. Go ahead,

Steve Scala

Yes.

differently you. The with the crossover in Checkmate-XXX? is XLA dealing second question, than Company Thank

Giovanni Caforio

I-O we benefit. trend. of has really deep follow-up The valued durability the studies a and seen I-O. really when of the types continued of those of Yes. have physicians Steve, that provided pointed plus two see value let me the think, we’ve really And responses, we’ve responses, tumors to Opdivo+Yervoy the and complete just start the before Fouad answers started benefits where consistently your questions, has by as in I responses, saying, to is

important that's I So, think an Fouad? consideration. But,

Fouad Namouni

our on the in -- other Giovanni observations seen cancers, cell. think, I this in that is other very renal add, summarized lung I a cancer. in would melanoma and two well we just major pattern have

the systematic on crossover was crossover, not XLA, in it XLA the For question systematic XXX. in is not

physicians. standard patients, of receive their on by will therapy chemotherapy study they arm, they progress in So, care the when the

Chris Boerner

this And Chris. is

a in and jump make of just me comments. Let here couple

Opdivo+Yervoy in two diseases as to that renal which important cell you I and like, to as overall without the that remember role considerable think which there's we've a And the there's play. to in is in and need see side see benefit in through differentiated had that compelling what begin Kaplan-Meier to first, you from look unmet benefit an CR has you that you advantages mentioned, see which be So, that impressive curve, seen see we've has we what regimen appears And relative mechanisms. And responses, could still other opportunity first-line there. somewhat significant And with that the melanoma think plateau lung that experience survival a Opdivo we the cancer. profile Yervoy durable are I think do effect responses, chemotherapy. characteristic rates, including significant has

think dual to setting. without I-O role play we an Opdivo+Yervoy that So, important for in there's therapy

real I at with other when the their that first, say see second, is modalities. the of not consistent would world across hear we look Opdivo+Yervoy and back case base frequency, trials is, users customers also, And with in The is that Well, you experience a the thing tumors. it's with we regimen. that’s clinical important? from other have the Why very we when market strong Opdivo+Yervoy

in are who cancer, tumors. just opportunity And the made those those those look highest In and fact, used look care over physicians in physicians Opdivo+Yervoy lung cancer, and Opdivo+Yervoy at for other cancer. the XX% very other have account in the in a those targets in notably when renal. cancer, all melanoma XX% in lung tumor, have you the of Opdivo+Yervoy just of physicians have of another total used prescribers half you of about lung standard tumors. in of over And And lung if

Operator

Blair. we’ll next, William from hear And Phipps from Matt

Matt Phipps

population. now numerically biomarker taking had for or question. on positive least biomarker improved show both negative I survival, Xa the Thanks you’ve and X, the Part Part guess, at my Opdivo+Yervoy in

and talking response these potential lung about as can populations? the regulators think cancer, when about data secondly, generally rate? just physicians So, to And you talk of for far you how pathological neoadjuvant complete totality based on as then, the do approval patient you're

Fouad Namouni

significant and Overall, study, Part clear Matt, clinically in benefit, is of the as we Xa thank Yervoy+Opdivo the statistically X. and have positive. of end meaningful for for you the which primary in question we PD-X said, Part seen

good the seen also have We survival negative. in benefits PD-LX

I data be think, of seen. totality the the will

We’re totality in not going I of next to in across board with and comment days terms happening on the seen our biomarkers, the we authorities. will They health interaction the in benefit of weeks. But, be have terms the data. think, of

authorities. health by neoadjuvant, not by major USFDA pathological historically actually cancer has in approval In terms as I of think, and been endpoint lung an our the responses used

hand, depend from be our the meaningful to with will on other of will see going XXX, authorities that. study able to And when what outcome and it’s the see data is interact be we the we how On data.

Chris Boerner

I discussions I regulators we would the say think the important see PD-LX previously, is there to A, that positive is opportunity unmet of Opdivo+Yervoy standpoint patients consistent what in I've mentioned in PD-LX to proceed, an an first-line is, we’ll think to treatment and And while that cancer thing just lung what patients, provide the that, only the how from with full add across with option have would has obviously patients. opportunity spectrum need we

Operator

Jason next, we And from Gerberry Bank with hear will of America.

Jason Gerberry

XXXX for just Hey. Thanks correctly. come my questions. sure taking make comments parts, I just to wanted in back Opdivo and the about to I understand moving

tumors. on in year, or of by cancer flattish it’s like, driven growth coming the sales XXXX, sounds with some melanoma in like it So, presumably down and sales the flat renal lung drag for other from maybe with

sort of of the I just opportunity wanted moving you make XXXX. to in lung the how evolve sure, will had rough So, a get I expansion parts before sense

FTC you to not whether psoriasis? really the on getting of companies a process sales question, your little severe just more Thanks. it that include could defining in here pertains I'm bit my markets? share then, elaborate as meaningful at injectable have trends And is, or And to second space can what moderate

Giovanni Caforio

Thanks, Jason.

dynamics then, you process stand, and FTC the ask and can into give Let perspective on some Charlie today we what's where the Chris impacting to next year. there. business comment Opdivo me on the And and different

Chris Boerner

Yes.

becomes So, performance ‘XX we with, let start relevant. in obviously think about me as very just XXXX,

we we to our core strength see where today, continue are in business. So,

we of of favorable so the promoting. intermediate cell, are U.S., holding we've continued two in seen or TKI, core that the uptake additional there, seen which growth continue greater we some lead is U.S., drivers second-line than lot are melanoma, and again, indicated. markets, metastatic access you outside about tumors, this where see in large access we the as for Japan, where notably with in tumors, at think cell mainly teams. talked which a virtually our And impact we and the approvals first-line renal I-O in cell and Obviously, year, And good the tumor We notably renal very which in shares patients second-line continue And around the are we big poor, every expect we we’ve first-line melanoma. renal XX%. performance we to in And happy of first-line about less then, have the the are then, key have XX%. share in I-O later In have and plus we adjuvant year. HCC, at to Germany

access. side, still still Similar XX%, terms early competitive around of melanoma very there, in outside is U.S. shares of and the story spite of U.S. entries in on adjuvant holding

As the data for we do of be we're the we presented think the with competitive we about pleased think Part pressure some results given dynamics, timing will XXXX, there readouts, yesterday Xa, while very like with picture to we on obviously what exactly XXXX. much XXX. Opdivo profile in into becomes XXXX. the get is the But opportunities as informed growth you that going be clearer looks see that And by

stabilizing will see which to lung in is second-line important. cancer, You dynamics the a continue of

Just readouts study to cancer. inform to for looking GBM, cell and XLA be expect neck ex-U.S. got picture, studies notably growth then, get the we that of the key and will will terms eligible line near-term you little first-line remind lung as in I-O head in you, esophageal. lung at of We’ve that into first-line in then first renal XER this U.S. and patients later some in bit in And market. stabilize clearly, we end second-line year,

programs the As become adjuvant later you get important. out, clearly,

Charlie Bancroft

Yes.

transaction in OTEZLA from and FTC’s close will until timely the regard acceptable clarity concerns to to won't divestiture perspective SEC. that Jason, the question us to draft allow the Just, have We preliminary on is bidder basis. satisfy had to who sales of the an your But on We we FTC. a agreement full the present believe some the had on FTC. a

directionally So, have understanding. good we we a feel

today, a be that will upon able mentioned robust what run I we in significant my we see process As will generate based we believe to comments, bidding interest.

Operator

[Operator instructions] Next, we’ll hear from Umer Raffat Evercore. with

Umer Raffat

to upon enrolled. also months primary discussion due at XX is thinking or haven't And is like touch I which which as per in LAG-X feel your had trial want so is I X the next First, perhaps much Phase melanoma, we a PFS noticed least. endpoint, your it’s ClinicalTrials it we you OS. has about And where a are know an expectation the not and is, I fully question how trial? my on,

on dollar I I perspective bridge give could curious XQ, U.S. from then, much. on if on was So, indications. very helpful commentary Opdivo your Opdivo get for was a it to of XQ sales that. various the progression market you curious on basis you a was shares in And secondly, to Thank

Giovanni Caforio

program. don’t you. Thank we Why start the on with Fouad LAG-X

Fouad Namouni

the development for and Thank Phase a -- is Umer melanoma study. you, the X/X LAG-X question

LAG-X Looking Opdivo. at comparing Opdivo addition to of to the --

will move I mentioned, we you Phase from to first next we we said the think readout the as will if see month as part, the X hit in Phase and the the X have we to threshold earlier. part

Chris Boerner

And on then, me just comment let QX dynamics.

was Opdivo dynamics, in really function down that’s And a QX X% of So, U.S. slightly a about things. few the

say I roughly I favorable I-O mainly confined continue the uptake will of holding in due in impact line for see come those market seen TKI favorable eligible market. pressure very of lung renal the I’m decline discussion That's first around to referenced share monotherapy gotten of of cancer, is has overall has patients. to to have some additional really to Again, and at percent of in also I-O of First, second-line I the notably referenced team’s And I-O XX%. competitive And Opdivo the around impact that share around they XX% we to been that in outside cancer, lung patients, the What eligible outside hold expense a opportunity. patients. proud they’re cell, pool continue of of what any those though patients, we We've where TKI. the previously in XX%. the tumors within previously.

And what we’ve looks the near-term Opdivo. beyond I think opportunity that, like then, spoken to for

Operator

we'll Morgan here David Stanley. next, from with Risinger And

David Risinger

pivot I Thank key when on Thanks the an expect you provide results? to enrollment you about complete, update trial just just able very you TYKX share expect to wanted key much. you. to to be to when progress, development program. and and Could ask

Giovanni Caforio

This Sure, David. morning. is Good Giovanni.

So, studies program X will we as year for in our the TYKX, you of requires enrollment period. design have remember, Phase treatment are the one both period. studies And studies rapidly a through progressing and two those

year, enrollment, the which timeframe. expect that to data, of do to completion in see we so, sometime I one expect And the year next be of after towards end

Chris Boerner

an to about psoriasis. excited would of thing very just be the we how important only it that play TYKX role profile in to can and The continue I add is

seeing debilitating least a on disease. associated the As you is an disease, with what approaching good recall, psychosocial And TYKX, activity the early we're a comorbidities, cost serious easier in there's psoriasis very mode administration. seen at of with based days, we've may with has biological very considerable efficacy

think commercial we're about here. potentially excited we role So, And the from play it has opportunity still a perspective, to very in an important psoriasis.

John Elicker

Orlando, questions? more do we any have

Operator

for Elicker And to are additional back questions. the closing Mr. call I'll over there turn further no or remarks.

Giovanni Caforio

our advance our good Squibb. quarter pipeline And us driven priorities. and by patients The commercial Thank us going We to strong strong on continue divestiture progress you. financial including many for Celgene, we more In we demonstrating OTEZLA. of to another Bristol-Myers to needs. the time a have help Thanks, is We've continue important new everyone. will at important that announced forward, really the an important with integration the ability bring this had an cancer closing, planning delivered first-line and to execute execution. potential in lung to option data unmet has who results, cancer

for in call. everyone the participating Thanks

John Elicker

the morning. I, call available are and for follow-ups. you as Tim this I always, appreciate everybody. joining Thanks,

Operator

thank We for today's this And call. concludes your participation. you

disconnect. now may You