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Bristol-Myers Squibb (BMY)

Participants
Tim Power VP IR
Giovanni Caforio Chairman and CEO
David Elkins CFO
Chris Boerner Chief Commercialization Officer
Nadim Ahmed President Hematology
Samit Hirawat Chief Medical Officer & Head of Global Drug Development
Geoff Meacham Bank of America
Terence Flynn Goldman Sachs
Chris Schott JPMorgan
Tim Anderson Wolfe Research
Steve Scala Cowen
Khushal Patel Guggenheim Securities
Andrew Baum Citi
Navin Jacob UBS
Matt Phipps William Blair
Call transcript
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Operator

Good day, and welcome to the Bristol-Myers Squibb 2020 Second Quarter Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Tim Power, Vice President, Investor Relations. Please go ahead sir.

Tim Power

good and [ph], Rolando morning everyone. Thanks, joining earnings call. for us today XXXX quarter second our for Thanks

Joining morning and Chief Hirawat Board today's Officer; Chair of Chief me Nadim Caforio, Head Officer. Medical call and Giovanni this Financial Drug Hematology our Global Chief Officer with are prepared Ahmed, Chris and Executive Chief participating President our Officer; Also David Boerner, our are Elkins, Development. in remarks Commercialization our Samit and

to slides posted with to we've follow note, you along and for you remarks. Giovanni's As David bms.com

we read Before our statements. get forward-looking going, I will

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

it specified focus to non-GAAP comparable adjusted our which on our to are over slide also available of measures financial GAAP that, Reconciliations non-GAAP measures, hand exclude Giovanni With financial will We measures I'll comments to most certain items. these are the bms.com. three. at on

Giovanni Caforio

that everyone. hope morning and everyone remaining you, Thank good safe. I healthy is Tim, and

and our has relying to continue the of As medicines us. around those thank to our commitment we the delivering with want dedication patients on to our world pandemic, continue colleagues to to one us our I mission the enabled impact navigate to to

our comment the Court's this pleased we AF, call, patents. Eliquis. in the In yesterday's favor VTE. with to the reflects brought IP regard Before let on decision briefly very by we for have innovation the to on starting patients medicine both these help news me rule We believe on are

to slide four. turn Let's

with another Strong our commercial quarter performance clinical the have start and long-term with launches. multiple reinforced very promising milestones important a potential. We financial solid that pipeline of delivered strong and performance including achievement

advance Our business in integration to the part was efforts. our by ability enabled

organization. working are well across teams the Our

systems coming deliver to and $X.X on never Our a in the and end and With are future Bristol-Myers by pipeline we have foundation, the and flexibility, XXXX. together financial are a of track significant deep Squibb. been synergies billion strong portfolio I confident more of in broad

teams the results take moment Before our workplace I coming back I how into discuss would to the and a our are talk field. about to

a taking are We thoughtful to and workplace. our return the approach phased to

as Our for locations to position ensure colleagues, timelines the protect And safety market. company. and continue competitive of to and recruiting have and our deliver enhance resumed circumstances permit, patients patients we where while our measures trials. of we significant long-term are we country restrictions colleagues, taking we safety clinical to the providers by medicines In our and vary a can

U.S. and returned field. local their virtually, the effectively and continuing to for possible regional laboratories globally work. vital discovery continue to Depending researchers the conditions to are on have Our where sales and teams returning our medical in and to engage

industry, with for COVID-XX including variety the COVID-XX. biopharma areas also to global broader We researchers, the ways of therapies response on life sciences support in and to effort continue working community a the accelerate

place will ensure plans the we evolve, adapt While well. to continues in to our that have with uncertainty operate COVID-XX pandemic remains how and business

provide five. slide to David later Now, the let on the me will quarter call. in details more turn

I'll a So moment take cover to highlights. the

on demand demand my and in business, for $XX.X execution. sales positive encouraged QX, while and sales. fully underlying aligned an related with medicines very and our medicines, of the First, remain resilience our enabled the our billion expectations. COVID strength And impact We and dynamics inventory our I'm very commercial by strong in robust of dynamics posted had

made And made of particularly important second are the launched while good for which of We in our pipeline. two early in at the and therapy to launch clearly new for And Phase progress quarter, our are our cycle, medicines, positive cancer have we new encouraging in also we X During progress We with authorities our delivered Also submission initial the the performance. with medicines colitis, with the Zeposia cell approvals seeing also several pivotal cycle, look we ulcerative during regulatory future presenting process medical quarter, dual for results achieved health first-line the and we ide-cel. indications. forward launch we discussing we IO therapy. lung meeting.

start We to are expectation With and to This in XXXX. plus return initial physicians feedback Opdivo of very sales in early with indications encouraging annual good first-line. adoption. our good that will launches a Yervoy off Opdivo growth supports from

and view we launched SXP adoption the trends label we've far, respect the and customers in And quarter foundation strong including will so for flow. be the this in are seen important an have very pleased with for driver the provide our The the further position best-in-class company. future. feedback results strong the treatment operating Reblozyl with we patients with by Early with ease with MDS. And a that encouraged of support We we've financial Zeposia cash strengthened from delivered in MS. for results And with our initiation. a we're demanded

every June, products, and slide will more to We discussed potential on an unprecedented into the believe our and long executing during launch benefiting with the six, across launch series the bring So that new build our provide indications, have initial our opportunities. as of growing in additional an we number to of on us products new patients investor our renew new we looking forward, we new for are almost with turning term. one market portfolio success, business. our to opportunity And

a billion lifecycle deliver opportunities their non-risk basis. $XX together new adjusted launches with could on we estimate management approximately fact, In revenue peak that the in

began potentially of use launched quarter, indications. data this asset inhibitor, clinical Zeposia. we potential autoimmune based our year, having Later is products and we medicine. this we And key the During data broad to a an also significant with expand for new realize we TYKX which potential key expect delivered several as the believe to

have we this indication. very have this and we a new our Phase received the And promise. program fact, in on pipeline look data In full of looking of And forward for Liso-cel psoriatic November. enforcing meeting we the PDUFA the beyond at forward in dates presenting data near are term, September, X in medical U.S. We recently view. CC-XXX X course, embarking in to for for finally Phase in a an TKYX to launches upcoming arthritis

of next the Turning to am slide encouraged by medicines the progress emerging. are that seven. I with wave

eosinophilic taking our multiple In have two cell cendakimab relatlimab inhibitor. more have modes; In pipeline disease and inhibitor, Our cardiovascular we in Nektar. in our are Bempeg six year, forward LAG-X X X assets IO, to this well includes In potential are in to we next data that achieved And cell looking BCMA finally GI, see have myeloma, iberdomide promise as areas. immunology proof-of-concept esophagitis. than into Phase with and trials engager. early year later partnered we our we XIa or CC-XXXXX, Phase spanning disease, factor multiple it, with as close and T or

our areas. significant our could our as I'm with management look with new presence of financial expanding TYKX agents and renewing sustaining have Such enables our All efforts. a opportunities that inhibitor, flexibility potential opportunities, GI we our broadening leadership commercial and confident earlier with franchise in therapeutic Along cardiovascular. portfolio, the launches, programs, myeloma, strengthen starting potential. our assets our in in immunology external have the key of hematology multiple establishing When these and R&D internal position sources position lifecycle complement the innovation our and a franchise at in I have our these and to franchise assets in pipeline to with Zeposia

slide Now, to moving eight.

efforts Our of and all very I'm of portfolio our the points successfully dedication. a for of of term. the the the integrating be colleagues executed this first their well, around long to thank to while the we've our accomplishments In opportunity company. the year, half future been never them accomplishments and These realizing has for number important proud teams renew globe. possible tireless of without focus our very our None would extraordinary brighter.

the and is people. talent company to attract, our retain it in have to the incredible develop priority continue We best and

hand it our the the to I perspective provide me recent Before orders over executive on U.S. David, in let

increasing of would to reducing goals. out-of-pocket medicines for supportive access the achieve We rebate rule Actions like cost the these and seniors. medicines help are of

IPI. where financials care when quarter. over with to through where We and about the not systems impose ability and government walk the lead in However, policy from from impact would often, do I'll at R&D, socialist appropriately fight groups sign to a to price in physicians treat invest the research executive controls which order with that to we to significant to the against to the on firmly innovation, not. to leading David are our and patient a has time We, controls would and IPI it described IPI now innovative foreign health price disease access decision administration's disagree controls and this hand the patients the the price even too COVID-XX. healthcare David? importing continue Starting are not believe The systems very new have countries, medicines. potential you concerned has do countries run for industry, of having administration U.S. as on have industry reward our

David Elkins

again everyone. you Hello, Giovanni. for you, today. And Thank joining call thank our

in of As be impressed Giovanni our wake COVID-XX. very mentioned, of the teams I execution continue by to the

Our results of and pick exceptional the resiliency half have quarter our first second portfolio.

more in quarter significant performance second. flat performance of of in XX. stocking quarter. had year-over-year the bit $XX.X basis, are performance a the billion, as in the first the the a our in unwinding top a On first in to recent including dig slide solid We related line built COVID let's now reversed sales So second inventory on turning quarter

look prioritized growth year-over-year across our brands. strong sales half of growing results, year the Importantly, billion at if $XX.X were our you majority X% vast at with

of turn versus Eliquis let's to our prior double Eliquis year. XX. U.S. demand brand the growth with robust on Now TRx with in XX% slide starting digit remain key trends performing

first in quarter, COVID level largely the as significant mentioned, As and which expected, due we reversed favorable impact to QX. from saw patient in Channel stocking

quarter versus sales billion Second X% were prior growing year. global approximately $X.X

very of year to and at out the quarterly dynamics first If you in the like XXXX. to sales the were versus half gap Eliquis. would half you the remind the of noise, of second look half the coverage We related XX% of sales strong, up wash first

of half this explained a to that to second keep liability there year the substantially manufacturer population the step when the which additional XX% As in responsibility liability impact increased there's Recall hole, related the patient they year. this reflects we've in XX%. accrue the in where entered in the past, higher our we factor from in are donut to drivers changed XXXX, to has up not XXXX, full in the mind. Though for

saw COVID is of to to component second sales to the seen despite mix. is of these fourth second perspective Eliquis. underlying coverage half and per lower we've the be gross expect levels large strong half size we year. our patient. demand year the the first gross the Because phasing quarters. further a It year, compared increasingly as the in Eliquis the of before, that last in in an of And to dynamics gap the net First net unfavorably than impacted. XXXX the accrual third growth. we Medicare This of new-to-brand From is increases net increased

the April, signals to lows patient positive We access cardiologists recovery we in May. of from providers healthcare experienced are seeing and

brand Looking Eliquis's total forward, significant due to growth to NOAC erosion we share continue driven share the continued the future warfarin. to brand coverage of new position and by one among expect class number of

low patient With estimate share Turning XX. of on the we we lung saw indications. market. continue and COVID, to has starts remain with to In strong digits. patients key ability all We're and access our strong the indications. to share the our slide IO to IO to some across to to demand respect melanoma impacted tumors impacted. in recovery centers, which be patient RCC single to Opdivo starting within with COVID to being impact, access -- franchise mid key the shares centers. see Internationally, see infusion due hospitals Stabilization strong across pressures we remain across eligibility all strong across signals has Despite most U.S., second-line in COVID

lung to plus moving for Yervoy Now Checkmate and XLA. based XXX frontline the in approvals Opdivo May, on

launches the are by how encouraged going. very are We

if share well, digits. and COVID While, single in early believe it's in it's a market going environment. of we already better virtual achieved in the not days, light We've than still mid expect, particularly launching

use plus impress gives expression. What use well the depth we Yervoy For are durability of physicians long from these annual is PD-LX the rapidly as survival prescribers and they return are another this of response, option U.S. we respect we're seeing in of across XXX With expect Opdivo histologies XLA first-line chemo Opdivo Based of needs of term with on as the in the the hearing and to addressing with disease. launches progressing limiting and XXXX. in setting sales growth patients promising data.

and treatment delivering and our duration based to slide on on XX% perform in-line multiple Pomalyst demand Pomalyst growth, Growth for primarily to portfolio due Revlimid year-over-year up XX, respectively. was Moving therapies. and increased continue driven X% well myeloma Revlimid to by triplet strong sales

impact to in Revlimid and were some of the on There COVID previously modest is U.S. oral prior quarter the the stocking impact As mentioned, brands administration Pomalyst. of Ex the the

digits, program U.S. XX% compared REMS in grew both and year limited respectively. the to-date, in stocking double XX% Pomalyst and up Revlimid to the resulted sales brands at Eliquis. looking However, When our like other

We're a in up for like launch I'd the starting Rx acknowledgement beta virtual Reblozyl, demand led associated MEDALIST in XX, New MDS value highlight on of Reblozyl. launches awareness the to in Medicine to MDS the the quarter. the data Reblozyl, leading recent the which pent launch, the approved. thal post England Now, take positive to of positive of slide remain approval April moment the contributed experience significant of the pleased anemia. to of in and with some and Physician with to in extremely published strong Physicians sales clinical feedback the Journal substantial January, of with

patients and already where still patient their product are received majority very have and of of the the early, eligible third with cycles launch second we While pleased retention of treatment.

Europe launching the over approval have world in and we across to various We look XX to forward the six next received recently markets Reblozyl in the months.

pleased best-in-class are the also how very on progressing far. Now SXP we're very things Zeposia, sclerosis. with turning launch, multiple are in while we in to very our And so encouraged early label

with time duration long made medicine. centers. quickly to are strong It already on that have We great in penetrate Express progress market pleased initiation change with due we've multiple access over one that and front Scripts. the it we the not day important is remember including With takes to MS seen their payer mind, patients across does and on prescribers

our to Now in XX. let's our slide capital on move the balance allocation and sheet strength

our liquidity to We quarter ended continue in with of billion to in the a and with generate flow securities, $XX strong cash significant $X over billion $XX quarter. generate the cash second amount position marketable debt in approximately We reducing net operations from billion.

our priorities allocation commitment future to innovation to and development. less dividend times and through capital leveraging our of the XXXX. achieving debt in Our business We've remain half a and EBITDA unchanged, by than end the ratio continued one investing

provided XX of to on the COVID-XX around quarter, guidance. and So now crisis the we view Last how we impact assumptions review turn business. our let's slide

changed. Our view today not has

As impact QX. assumed a occur minimal the return more business would we environment with peak in in a second reminder, a in quarter QX stable to impact and the

work at buying its far, we'll significant as are in during will of earlier. the products year. the inventory key which were down way The described that mostly out assumed QX, half also So see out playing rest the the we advanced Those expected. that QX of remaining I the year, saw of we work in factors the second end inventory

fully all by QX the and during products in end, we QX, reduction lastly, And restrictions The administered in activities physician to in QX. been trial and new-to-brand planning have lifted. recovery were clinical second was resume recovered prescriptions factor where year

adjusted increasing results based revenue and our tax now of and $XX.X result in narrowing Now first between improvement. a We currency our billion XXXX revenue guidance. EPS the year, be billion our $XX on to updating we this of strong on rate strength performance as are half and based expect range, the our

of the the closed favorable resumption tax in be between And to as initiatives and we second we trial at post end products rate year. accelerate expect our tax primarily clinical expect in invest our the arrange activity to launch of XX%, the driven We XX% mix. be of and high and earnings expenses half by

year. from year Eliquis our to dynamics international portfolio established performance With these to full to changes, we coming the account in half the some XXXX, the with we guidance basis of $X.XX $X.XX. in I XX% And year as mainly donut takes well are increasing as as established our mentioned is I for the about effect EPS second competitive range affecting A discussed revenue project to from business. hole a brands. earlier earlier, which our brand associated as revenue our into the decrease on of Remember, compared the

Lastly, track to of XXXX, $X.X as this we mentioned, synergies of with delivered end to on billion the expected Giovanni by be of year. those deliver one-third are the

of on Before ago. the with over close delighted great a out we I execution our robust and discussed by about want Investor our deal I a how question little year. half a the I saying month company of strength to Series to the in at financial am the move answer, first

business remains, for in a confident the therefore question the call in for and in pandemic performance now as the changing our outlook ability answer. just Giovanni I'll over turn be resilient illustrates company. Our long and remain back global to I this environment. well how our our to agile term Tim as

Tim Power

Okay. Thanks, please? to first we Rolando, go question, our could David.

Operator

[Operator America. from Bank with Question Instructions] Absolutely. Geoff of Meacham

Geoff Meacham

the for thanks question. and Hey guys. Good morning,

XXXX. TYKX On the a to opportunities seen your detail to far a respect make get little commercial a the of that value to category on have there? Just you happened be to you'd maybe that so trends view have to to just experience with Thank view with lung. more from few some And And just you obviously driver in us Does of a be bit really just that what a change brand, you've commercially TYKX you will to you. the in growth lung? in that had helpful look looking based with? see differentiation? XQ investments pipeline, When big growth what looking Maybe Opdivo demand for then quick for help ones. maximize

Giovanni Caforio

Thank you, Geoff.

two good the opportunity we mentioned of in And of and Chris, as particularly both color made to Opdivo. seen with you for important remarks so feel X on about I as launch let study And my now me just ask, and But in psoriatic we've second Phase both first-line give So, remarks, TYKX. TYKX questions. the we've arthritis. far more a Opdivo

Chris Boerner

Sure.

for Geoff. thanks the So question,

Let in lung, that's of ahead bit think I are tracking on number a mind. with folks' me and launches fact very The first-line expectations. a start our probably even maybe or at going well are because lung of

things. Let in here. uptake currently momentum days, me digits highlight early in we've share is just it's very standpoint, a good the very but the a From share still seen and mid-single few

Importantly, the I uptake across would we've well good PD-LX, to the in seen And all XX PD-LX segment. been across histology. particularly as one as has uptake say segment,

uptake the immaturity timing XLA of the of regimen given approval expected, As relative XXX. the of data, has lag the and the

appears subgroups. across However, with IO uptake weeks, in the this we've use dual again, to in seen And recent chemo. of be even an

the of So, largely profile engagements conversations our has depth durability of message. seeing agents these with Most dynamics good of aligned good even customers. sales Execution being the previous remote particularly especially COVID. manageable environment reaction a engagement in key utilization. on remain the primary safety force momentum with and response with in the But good, with expectations of we're been given Physician virtual. very a been between has

So entering still market lung the And that to what spite our it's reaction with first-line I seeing. shares. in of we're as would good pleased positive. we're that early physician is to execution, but be days, We've we're happy say third very very company utilization got the continues

to Opdivo Now the space. out forward. in got as The base after be of the on mentioned, a in weeks growth as We've continue today we putting to going growth, are as it relatively still of Giovanni the brand stable fundamentals see U.S. relates relatively business eight business And us strong. the

we we continue both you The still XER to significant to with good DMARDs, is second-line oral unmet And U.S. fundamentals data if the is area need feel think we example, plays million stable a dissatisfaction who have data U.S. we X the the are to Phase X that excited, obviously of And lung with continue arthritis. And respect and people think this EUX we of patients, about the for the that's safety. about on is starting with to expected and Phase and that the arthritis, early in lung out psoriatic And there's look With presented in growth really totality diagnosed psoriasis, U.S., opportunities ex as had going when compelling. activity. the ex X agents Phase large, TYK, if talked you play about it then data strong both very considerable out there's got in psoriatic existing here. efficacy disease at disease well. Japan with profile, Two-thirds see the performing that Remember, Opdivo launch are quarter, about we've dynamics have The the XXXX, for be already in in U.S. over the good XXXX. and in we last X

about but there. excited we're we're days, what So, early seeing obviously,

Operator

And Sachs. next Terence we'll Flynn Goldman question to move our with on from

Terence Flynn

just Great. me as Thanks Maybe for for taking two the well. questions.

XXX for Just some know was on an adjuvant timing later lung year. expected were the you if update of bladder potentially this give for studies, us of adjuvant wondering your Opdivo new XXX and I can

had any any I in wondering, about how those second release. mention see you're is, opportunities? XXXX didn't timing I then of the thinking update on and the just So And guidance

there you. that confirm to wanted no Thank Just changes front? were on that

Giovanni Caforio

Thank you, Terence.

on then, And Samit the guidance. give you adjuvant I'll on comment a briefly just perspective me ask Let readout. to

has we XXXX. we today, for comments nothing some we as reaffirming are for assumptions playing that are our out stand There is indicators. where you The changed. thought. is business positive the We've on COVIC early strong. The really based given guidance So on

those Of course, of number at into number I a year, considerations think have because play remain They impact it's be. know, We've early we'll this quarter. as variability out. Reform And U.S. very year is obviously, what that assumptions there there discussed you and significant assumptions, at we've COVID, end regarding point, an really And next of to see any to today. made there. again, in understand may the there not valid included our from a how is we Healthcare the particularly days and of last difficult the impact

the So for look of -- and assumptions this at point. but the business, reaffirming when strength Samit? at our we're our XXXX you guidance

Samit Hirawat

Giovanni. question. Thank thanks, Terence the Yep. you, for And

and beyond. And of the looking course, be of Checkmate we're in The lung year. that for the beyond is XXXX mentioned tumor cancer metastatic across opportunities cancer, to readout well, in XXXX, a types. still And endpoint forward this at program several potential as XXX XXX looking in already the setting. esophageal bladder and this year. the to cancer have invasive a you non-small many few And for to cell of end then PCR come readout in we then certainly, then other others end of Adjuvant, muscle opportunities looking would -- then one. out that us ones holistic We're front XXXX reading melanoma, we're within the forward forward the For towards Checkmate available readouts in overall potentially

Tim Power

next Thanks, Samit. go Rolando, the can one? we to

Operator

Absolutely. JPMorgan. with our We'll question Chris next take from Schott

Chris Schott

anything Great. of elaborate arthritis first my bit Thanks that Or more question saw was the to a so I study. psoriasis? And TKYX. me for Opdivo new similar questions. safety profile you coming lung. psoriatic a guess saw back saw there? the kind you on with little was for in to that you second you Is the much on relative first-line in just what to then profile of report the Can is product it

opportunity from of about you get XXX you're think share lack how the Thanks this the you so the launch? that where compare a versus we given given and to a just of comments U.S.? any initial perspective can much. think you thinking contrast ex-U.S. And can about strong when Ex label U.S. Just here,

Giovanni Caforio

Samit, don't some TYKX Thank provide you and can you, on start on. Chris Chris. update why

Samit Hirawat

for Thanks, Chris, really terms this Chris, Overall, year. first second for in said, excited readout the be in and by presenting bit for similar X and thank the data of next the the able psoriasis looking in alluded Phase results plan we've in Giovanni really seen we trending, to in the program already overall. conferences. then saw then excited profile forward you we've psoriatic next the TKYX, and Phase towards And study, medical forward question terms as the as the looking are as the to TKYX to we study of psoriasis about to first year of in safety quarter data for the X in now and And you to program a the little end see earlier, arthritis, study. the for the of

safety already from from report a differentiation to as we've perspective. time at nothing this So known what

do Chris, question? take to over the want So Opdivo you

Chris Boerner

for Thanks question, the Sure. Chris.

things type. patient seeing of a we're to in pigeonholing IO pleased physicians suspected, that early one the we're the the respect to most So dual not what as with specific U.S. regimen the dynamics about we is in are that, had

with they histologies. therapy segments, be options chemotherapy. tolerate are have In good I to expression say patients across as as would we're or may requesting frail thus I XXX the XX PD-LX of gone regimen mentioned levels segments the uptake the who before, non-chemo patients those far, fact, that the as one within well on to across and across who really can't respect generally What actually patients are seeing

then option XX% patients have more some aggressive who but they're to option. XLA severe want young, And PD-X. We greater fit seeing single maybe a are they're disease, a with for utilization a in patients patients we're the with or more than motivated seeing aggressive are population need regimen, than agent who maybe

now. right are the So we're types those of that seeing patients

I IO IO about here, emphasize we're all the think subtypes. as continue patient again, to patient to for I going -- opportunity to dual Importantly, to grow think the across continue dual opportunity therapy

yet We segment, or seen IO PD-LX underpenetrated. that's unknown have as in not the much negative, is utilization untested area generally an where

So regimen. a with that's opportunity an obviously XLA

number utilization think the continue types we we across opportunities of to drive on have segment where obviously, Outside of U.S. a the XXX we in can won't we So patient label. U.S., have

say things. couple a I'd However, of

be we First available our will negative. the data an data by will appropriate, the That entree publicly us be as into launch of provide time obviously mature. teams will engaging to all, PD-LX obviously continue that medical on does and But XLA data that.

those are will at dynamics as approval. market. as some of we to that the closer we the to play that U.S. I again, we'll into of you get timing continue get But, be think So I ex the update think

Chris Schott

Thanks Okay. Chris.

Tim Power

move, And we'll Rolando the for next one.

Operator

Tim we'll with from Research. Okay. next hear Wolfe Anderson And

Tim Anderson

you. have question the Thank a I patent Eliquis ruling. on

night, press I'm side mid get you you exclusivity that XXXX? pediatric think Your extend XXXX, generics wondering press mean, around you on language. said, expect I XXXX, the everyone release release beyond that after exclusivity. analyst actually I that based generics on last But sometime expects but before could

with You've lots of done challengers. settlements generic

of terms those of any made public. never You've

then that relative this the don't arrive the So competitors, True market be on possibility there just like data ulcerative being from is mechanism? differentiating generics something beside there Or current until And later? the will something different to and trial, maybe XXXX? even a ozanimod a in in reasonable North colitis

Giovanni Caforio

Thank you, Tim.

let Samit provide on and True and Eliquis, then comments will some start me Let North. me

which a of and as me let the May matter XXXX. in and covering expires when Eliquis we've the with pediatric as the potential So expires both always strength formulation with to, you background, just in XX, we're of the a November is IP first of patterns pleased been of all, IP yesterday. which a patent, extension a Eliquis. in of patent, confirmed composition XXXX, to the for And been very And confident strength say, has alluded outcome

companies patent a potentially of there settled terms mean Obviously, some is beyond and appeal. at are the confidential. the patent. are does composition formulation of we've with this successful So we XXXX those right matter that of extension maintaining if upon And you number that are settlements the

Samit Hirawat

Tim. ozanimod I'll question. for question, Giovanni, take you, Thanks on thank the

Number treatments. going a additional be for primarily population that because a orally And important. both to think this well And the patients biologics. underserved still safe, actually were the is on actually you who one, if things enrolled couple dependent effective patients therapy with is is I treatment I pattern delivered pretreated. of an there recall can and And colitis, for think current naive, as ulcerative trial need the biologic patient of as biologic be to then, note. is

opportunity as the aspect an monitoring be the patients and for of as is absence best-in-class you've label first of drug. of profile with ocular there for well. testing MS here to biologic cardiovascular Zeposia, pre setting a broad dose the in it in based safety seen the over treated the lack So then this is both from required

but meeting, in the been Phase findings, the endpoints the future the from as the significant very in And endpoint, used UC Zeposia out medical endoscopic in important, very the look will very not definitions very have see Now met but the in drugs of we only data many perspective, is that obviously, there. be primary the trial we X well, which improvements for it stringent results is uncommon at are trial. as the secondary presented these including and

are submission. overall, the like perspective, which we would you will as safety see well? is from a well dialogue as is you what for would differentiated. from looking given say efficacy authorities that wonder orally the health Chris, And comment this forward perspective, be agencies if I to as to the drug, can with I and So

Chris Boerner

with True see remembering here North set add that you oral with what biologics, for obviously really wait this competitive thing the unmet data in is and that's a noise a with profile to you to The said, and inhibitors. to would UC, There's full is data need we to of only options Samit, to need for existing JAK the space, than going I in efficacy safety but better biologic the agents Sure. lot evolved are comparable black profile. But to line biologics, seen, on the with see very profile, the the the have that number and the Zeposia MS rates appears for serious warnings better to JAK. and box the specifically, and or led or about but we presented. either be in know or what with we clearly here based malignancies seeing in good today, efficacy infections And we're be safety TNF not feel of a of that inhibitors thrombosis you data we've

nature to agent. is the to going role we disease, a play. chronic oral an It's think given So, Zeposia of have this

your has offers in you which better of benefit the potentially than important it disease, and existing risk given question, this chronic unique of noted, nature mechanism a a actually agents. Tim, As profile is action, it

Giovanni Caforio

Chris. Thanks,

the I ready next, think for we're Orlando.

Operator

go to with we'll Scala Steve And Cowen. the

Steve Scala

Thank follow-up you. ask If questions. I three can

is they some the that Has fourth The then the it growth lastly on Can other? the And although Are likely The Eliquis. the quarter undisclosed, said review eight cycle XXXX an clarify. way have that Secondly, on not in or still settlement fixed are in dependent to Thank indicated months patent? on now approval? or ide-cel many XXXX? in times dependent that First year? to plan that FDA dates full ide-cel. second one said return Opdivo of you've half lung XXXX? way is on they Is review to the you you. for XXXX. they or And Adjuvant

Giovanni Caforio

you, Steve. Thank

the take maybe me Let quickly. very three

what feel in really has some respect I depending we've of based So don't And brand the XXXX, of of the opportunity on XXXX. we business I on beyond can potential XXXX this Chris, main approval for there again, earlier, what as that first-line be about say mentioned those about said, renal current lung there's the the driver. first-line the think as and to potential the confidential. complete mentioned, anything outcome XER. where growth. Opdivo, as in But providing are And quarterly an really that. of would more I extension would We're is and which are commented the is on, -- than to the not details appeal. based of the say grow With that we we and breakdowns in are And good XXXX. between about clearly settlements I on strength

I ide-cel already can communicated. only is we we've for say the thing think what

But priority comment. have review. anything. it's decision agency's obviously the to that a Samit requested We make

Samit Hirawat

Yes.

breakthrough think I therapy to have well. as in a addition that, designation we

a have. look will at the really which about. data So status are the of that agency excited overall, we overall the course, itself, we take program the And then, of

Giovanni Caforio

Chris, to Opdivo? add anything on

Chris Boerner

No.

I well. indications very Adjuvant will growth based starting on the feel dynamics by think the is you've we about of good Opdivo opportunities I've in growth trajectory that the the the be What we've that said determined covered XXXX mentioned.

Giovanni Caforio

we go to next Can please. Great. one,

Operator

And from hear we'll Khushal Securities. Guggenheim Patel with

Khushal Patel

participating of Hi. Thanks so behalf on Seamus. much for

cash bolt-ons. presumably? pull team Wondering for regard second and the the reaffirmation there. then And in the in relation efforts synergies any of in the in pile And up guidance. I of through So, elections? with XXXX the building might just was deals how just especially comments progressing? P&L a that and expense up. potentially was to the with in management ramp guess, XXXX, EPS R&D trials the the is integration wondering about question push I play future, thinking that terms And in And as maybe just increasing, how how then to the just

Just Thanks. any be there nice? color would

Giovanni Caforio

Thank you. David?

David Elkins

Yes.

people the the because And question COVID the us, everything of enabled I to both on prior we're in that with really hitting Giovanni on things, has fortunate, integration really and the said thank everybody for very gone. come synergies. majority And side vast knew together. fortunate the pleased and we're So relationships. XX%, which and the the reporting of everyone roles was situation you to integration Look, to quickly roles get as over how very

the to we're we've everyone's through perspective. that meeting having and really everyone's cultural needs getting on employee I think done and the reacted remotely working has integration has engagement the think patient sure I the also And at and up. focus getting from this, sped like product just making a door crisis an way through surveys. -- it seen We've

high on announced the mentioned things there we the You also overlap know, before a and there. around major of the sites world all was integration that side we

working. where people So they're know be going to

So that cultural a again, from helps aspect.

very going things to in year. On going one-third call, said my the as are We're synergy those side, well. of I achieve next

an how is got after Within against feel $X.X weeks of suppliers third doing think together, a executing major billion saw of couple about I amazing from very the those -- we're job. and closing the billion parties. And coming all we the our in dollars deal, team third-party very, synergies. we a confident we us from

Giovanni Caforio

say a past, been Nothing to pillar what respect as Yes. is the that capital central With in has priority question. changed allocation. our respect we've development. business to source really of has capital would to you I for continue had innovation capital to through that allocation, the with And externally always said allocation,

us. the potential where are breakthrough So and know, therapeutic that's is look from we're financial for of a well, science with know a you a sort deals And of disciplined perspective. much for we there business very as priority at from obviously, perspective that development areas. We strategically aligned

across and deals active, across very at pretty to the board. looking have increase the the of collaborations number potential we're So we board much discovery strengthen our platform,

right us. strengthen financial area development an and business are remains to positions for our of So you that continues focus

Tim Power

next Could Thanks, go Orlando. we please? to Giovanni. one, the

Operator

Baum with from Citi. Andrew We'll Yes. hear

Andrew Baum

Thank you. questions, please. of Couple

and that validate what Extensively, favorable having requirement, comments. score you a IPI the us favored of seem could nation's Giovanni, happened to also Bristol But being time. give that last doesn't referred the executive it in HHS industry. to requirements opening regarding seem you true in most would order President's which to concern Firstly, that able for level is likely the CBO the in the on given your

has the risk understand therefore, has round. time just threat and the I'm shouldn't So be are is. relaxed proposal quite lags? real to the something we last what that we that changes, given And whether trying how changed is as real and this as

ESMO. data at Second, perhaps Samit of forthcoming could talk the to some

immuno-oncology on ex in INR have And ESMO?. their a getting And a impact delay function of of we where out COVID? see How NOAC For Thank do deep data among agents, see particularly ILX share will just patients at finally, Eliquis the as of U.S., from tranche medical CCR-XX, then COVID reimbursement. centers You much Europe, market measures? obviously there's what you for trying you. keep a to scope in increases others,

Giovanni Caforio

Sure.

demand. government start into insights some maybe give Samit me cover So let on ESMO, and let related Chris will me question on issues. can your you

all, Andrew, let early me think I it's more of any really say, provide granular first assessment. So to

yet. seen executive know, not you order the we have IPI As

opening be. we to so is respect there and not of U.S. the that remarks, for I with want a respect again, uncertainty my the go. direction is to implementation what And to what path feel is right with that, I the may in said order to is in say, some to strongly what level there really it very

just our view. and the I but associations not stakeholders our are industry, across policy patients and aligned other with shared providers is view think

patients. in really we I the solution levels think to be internationally to U.S. issues. working U.S. should as is And for patient that and affordability patients not as the are quite not do work into the It frankly, patient issues to import models pricing affordability doesn't the is IPI doing for on much

different to us really with industry to our administration continue invest in also be enable solutions would patients of So help continues open types to to discussing that would innovation. but more, the

think would With are about a And and understands U.S. multiple the we a various much be move versus be in clearly of goes that about The question our I able the on the time industry rule importance the when we we what continue quite perspective, look sales, we you frankly, a in about of knew past how is From think have which XX%. that at about our into segments. was hope our it's our to a directions than assess it's you impact at to as internationally would we reference important U.S. significant the really rebate in the And thinking which primarily the of disease. the are ability and your in that at of industry, benefits. in everybody rule, Part to the industry version, fighting that it's invest XX% today XX% business. in cost would innovation. IPI across hope respect see B more and of it think about rebate when it's just sort in portfolio, I better and to differentiated our about patients of really extremely point, U.S. our HHS for the least implications

at would I can that on were really the issue certified would all not So how speculate sure, the in and whether be that this previous version even raised at issues point. I'm an be

know think Samit? just as I much I that's at point. this

Samit Hirawat

Thank you. Thanks, Andrew on the for the question ESMO.

or and covered inclusive is follow the in the subtypes on There update to a Checkmate our population, as But for the on some several that studies differentiating not focus data and from primarily would it the currently cancer, Phase updates. the way with all favorable is setting. IO the XER will being Chris dual look study. that presentations dual at that in because for as in are And X also well there you other be risk that which renal think earlier in presentations a I are presented ESMO to comments four-year most are the important at IO heard certainly is one to mentioned both cell earlier, up of therapy. as data inclusive

approval and better a at getting course, IO, two potentially later. cell XER to a patients going So be dual as they provide those look for are with then renal of looking to key cancer treatment way with the at we're

effective an a provide to And on… There question so treat third was that and additional these patients safe perspective. will medicine for way a certainly

Chris Boerner

for question Andrew the on Eliquis. Thanks Yes.

in let fundamentals U.S. for So the Eliquis at ex both remains outset strong say very just U.S. and me the that

markets one in there With respect fundamentals, markets. two the XX the are again We're are And at now are to COVID two in number five play. globally. the OAC very additional impact, number really that things strong. With

negative seen that though build for And U.S. then impact there's the in the That's main but begun quarter. impact that of As impact we recover. in patient patient U.S., been down on David not inventory really the reflective work on significant that largest mentioned, OAC the was impacted mainly QX. volumes. that by an April. was the demand down. total the the a that's come impact inventory We've seen in the smaller new The and of fact we've been been there's to It's volume COVID has exclusively, That's in saw most impact an market not has

impacted number the alluded one for has hospitals have and to a first you of patients to other that As has players. seen institution. share. keep relative COVID Eliquis all, you Eliquis And been disproportionately secondarily, potential of of as desire been And out try warfarin in to -- we of upsides that's note, markets, the to unaffected by then

reflective of in initiating seen about XX% think about first quarter -- as patients share to we've opposed on we And the the from So at decrease that's DOACs a new June. end XX% warfarin warfarin. of to in

don't DOACs warfarin, monitoring dose require unlike to alluded you extensive As adjustments. or

picked as a share result, a so some reduce of seen those patients IDNs loss. and exposure disproportionately And to and has seek number up of we've governments that Eliquis

So that's certainly been an opportunity coming of out COVID.

Tim Power

Thanks, Chris.

the Let's next go to one.

Operator

Navin And with UBS. Jacob we'll hear from

Navin Jacob

for Thanks Hi. me hear you okay? my question. Can taking

Giovanni Caforio

Yes, Navin.

Navin Jacob

Perfect. Thanks.

I Just could quarter. pipeline. of analyses Are a first-line was study early how then the you strong the than the of MS happen And look? inventory there few remind us readout. Wondering stage if build interim any earlier could about the much And timing timing relative the your MDS question demand. that a also Reblozyl, may. On if a to there then please? study, final just And on

have IPF. moved that to you any your that Wondering recently could that into you Phase decision in antagonist LPA of think Phase you move if Xb I seen X? for moved activity X asset Phase into may discuss that kind

Giovanni Caforio

Nadim we couple Samit Why don't ask Navin. then you, a your of questions. to Thank will cover start related and pipeline

Nadim Ahmed

thanks Great. question. your Navin, for

of the especially allowed And Overall, good knowledge us good I we have with that you access a especially are to thing encouraged some adoption especially and of we course, to MDS far, commercial we're very have ESA patients, reiterate by to launch. players, early have we field we ability so of factors the seen teams one pivot of I get access. earlier. in teams refractory relationships now MDS July. unmet has virtual of And that launch key very MDS, permanent of and mechanism action think prescribers So our of need since the that significant and do have our experience unique have Reblozyl, and the heard good J-Code a that here Reblozyl in to want

to So your our that's of impact question, coming directly this COVID question product shortage. a Navin. here, kind blood are short partly the There shipped about of and a some back inventory, to sites. is specific On customers dynamics term and

of So that do area unmet agents. isn't is treatment pent here The addressing with a play oncology of really up bit demand a new in a course, here. get new little in one significant could is, you need, play that be a --

third focused So the bolus what we're both said, a teams going pleased their receive as by on and there very encouraging. persistence patients likely far. somewhat very the and as so we're is to initiate But And Brand We're on. team. field to continue second Customer patient effect of go with well we're as feedback seeing initiation most is new awareness seeing progress I seeing and on is new patient treatment. driven our patients high good. remains

bolus a I as So effect encouraged. we little earlier, too. a as But of there said bit are you is

out So how Samit? we'll to through with But the pleased progress rest so see of continues year. far. very that play dynamic the the

Samit Hirawat

Phase a study Yes. it's study. COMMANDS perspective, Thank X you. From the

patients study -- starting line in you coming timeframe. first The enrolling. at XXXX readout know, that which XXXX off. study in is both We're setting and just RS-negative looking As currently includes late and is myelofibrosis the RS-positive

and So provide get to going we'll that beyond. the timelines will and XXXX take obviously a little while again

side you pulmonary where publish were there as data where well, interstitial interesting the as fibrosis results, we blood the pressure in the data effects aware, we've IPF seen had and For the for side, presented as effects are the well.

have do seeing can then So which we the But to the at -- into molecule out. data the effect reads that we with of in of study the how to to further X Phase it proceed be when now we going decide management molecule we a investigating later is side will in the are see looking investigated terms wait trials. and stage what there,

Tim Power

Great.

very think question, I Rolando. time maybe for quick one last have we

Operator

right. that All get Matt Blair. We'll from with Phipps question William

Matt Phipps

Thanks my for questions. taking

with sales up Opdivo us is the think of of to in data. of your Or regiment on going time some RCC? you Opdivo Do RCC? quick really XER ESMO ahead have regimens? you more recently and different in And Just of thought it center subcu you all remind accelerating COVID Opdivo? another with Yervoy? total for that's about impacts Can can across related second grow then shore just the started launch just one, Looks you infusion combined Thanks. access, the like Opdivo positioning that you presentation subcutaneous trial meaningfully a on

Giovanni Caforio

Thank you, Matt.

Chris Boerner

Sorry, Giovanni, with maybe renal cell. I'll start

So, just from the quarter. where business baseline Matt, the the last that today, of is unchanged roughly is market is share

of and and Our for between on first in renal time XX% avoiding Yervoy XX% line first end is overall the you're between renal share of XX%. and people Opdivo XX is upper that

that with under data the the And in we're would also safety the very of OS upper about currently both expect by we've are encouraged patient population, indication. label. importantly, that very and happy end is, is favorable penetrated which the On of way for all, we you off seen profile. XER thinking first on the we're We're then And labeled as PFS.

presented. And think these very provide options. provide so data -- still positioning we about as and compelling these full while to need data IO/TKI early to this agent, a opportunity respect the set see We being existing we with days think it's

share So think IO/TKI drive in opportunity space. there's to clear this from a existing regimens we

opportunity us the as was favorable risk sizable Second, today, -- TKI included well, an monotherapies across as patient conducted percentage first-line included It's in because still first-line as favorable status about remember, the for in We population. that's XX% mostly a use. fairly XER population. it think well

us continue for to share population well. in to opportunity real a there's think we drive So as that

plus with we setting last about TKI we options us fact our both in only I And so, -- that different cell position have the Yervoy IO the with and in mono play. have is this to opportunity remember in in first-line. second-line that And I have would the renal say therapy at here many thing Opdivo company the gives think a be will we modalities

opportunity so And grow very first-line to to continue think for to XXXX is we're the XER brand a going when it's position have to with strong an approved. important going starting and in be us we

Samit Hirawat

Phase we're where parameters, PK of our it comes the Thank good so working at are study the subcu with development, forward looking health X we that the to readouts to compare looking you, be it Chris. where then continuously And that and IV with concert and to when the able the on we'll agencies. to on communications parameter. progress making And then

Matt Phipps

you. Thank

Giovanni Caforio

And again. teams our very In in you. have closing, for thanks everyone. Thank proud the Again, let successful a We executed me had call. very thanks quarter. say participating I'm just of continue challenges to pandemic. of the supply our We medicines delivered strong very well for advanced the our are the pipeline. to execution. We patients. And positioned despite commercial We've we future.

to will questions you. And answer patients team call. you to Thank other in always, have. Thanks potential has everyone our available any pipeline lives participating be as our for increased Our the transform may through science.

Operator

We ladies conclude And participation. for you and call. does that gentlemen, your today's thank

You may now disconnect.