Bristol-Myers Squibb (BMY)

Timothy Power VP & Head, IR
Giovanni Caforio Chairman & CEO
David Elkins EVP & CFO
Christopher Boerner EVP & Chief Commercialization Officer
Samit Hirawat EVP & Chief Medical Officer, Global Drug Development
Geoffrey Meacham Bank of America Merrill Lynch
Terence Flynn Goldman Sachs Group
Stephen Scala Cowen and Company
Seamus Fernandez Guggenheim Securities
Christopher Schott JPMorgan Chase & Co.
Timothy Anderson Wolfe Research
David Risinger Morgan Stanley
Aaron Gal Sanford C. Bernstein & Co.
Luisa Hector Berenberg
Andrew Baum Citigroup
Call transcript
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Good day, and welcome to the Bristol-Myers Squibb 2020 Fourth 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.

Timothy Power

morning, good and Lauren, everyone. Thanks, us Thanks XXXX our quarter for call. for joining earnings fourth today

Joining with Executive Chief Hirawat, this also Boerner, our of Elkins; me our morning Head Chief Medical taking Board Giovanni usual our Drug Officer; call Global Chair Officer Caforio, part are Chief on and and are Officer. Commercialization our Chief Financial Officer; today's David prepared and Development. And remarks Chris as Samit and

can slides before posted statements. follow to let we've use that you and But to with that remarks. me note we Giovanni for You'll forward-looking along bms.com started, read David's our get

these During today's result of statements We important to Reconciliations future financial comparable non-GAAP estimates and Actual me update our to our to statements of that, plans forward-looking These as focus factors over call, future various statements. forward-looking specified of in represent discussed any be certain statements including estimates filings. make measures are GAAP obligation estimates any representing non-GAAP available the by if relied we'll let and results SEC specifically may hand the We'll as which adjusted comments And measures, from Giovanni. are the disclaim on with today even our financial also our forward-looking company's that upon of our not those bms.com. exclude items. change. as most forward-looking as materially measures date. company's constitute about a prospects differ those statements indicated should those at to

Giovanni Caforio

open what accomplished and staying hope I really in XXXX. you proud healthy. of morning, are we you, Thank good I'm Tim, I to want saying and safe by everyone. all

We ahead center our patients commercially, the this kept do. Our keeping did pandemic, of everything business advanced of while teams activities. development our of efforts our at safe pipeline, teams and the through managing complexities executed executed the important schedule we integration our well and

a for delivered Of we prior performance in and confidence made another benefit to sales significant in Opdivo with rapid seen us multiple growth Onureg, which progress only Yervoy We in the compared of Reblozyl, closed QX, strong, strengthening in with maintenance. In modulator cardiovascular. which MyoKardia, well including XX% X. make is in Slide to continued same presence increasing and choice has we our acquisition first-line was in adoption which oral first-line supports sales Commercial the strong to with Turning + to the quarter. SXP MDS; period good our with overall forma strong of pro year, a which survival launches, AML as for positioned lung, momentum sclerosis; advance year; an the return this Opdivo our response bringing is progress the option mavacamten Zeposia, our and of in existing note, launch we pipeline. to

increased we approvals psoriasis. portfolio, quarter, continued in the strong filings share XXXX. an for results non-GAAP results, financial pipeline, recently I-O, advance to most our regulatory with top earnings also deucravacitinib demonstrated for and hematology in line per outlook We During positive our enabling immunology including and

low-dose differentiated seen, Though dual a of subcutaneous As a antibody treatment The this into be combination the the we you the would just Rockefeller with development we potential University have administration. arrangement have COVID-XX. for of licensing could treatment believe for with entered early, for

antibody University in expertise option bring are to leverage and and with distribution in manufacturing patients. technology development, our this to Rockefeller partner We to pleased potential strength and

X. Slide to Moving

value to Celgene for the full the our deliver from new growth the put of future foundation year Thanks context. XXXX me on the a and company. of have Let strong quarter performance drivers all laid we year, to throughout excellent acquisition into continued and execution

of growth long-term The the renewal year, has end the we accelerate progress gone support future of Celgene shared 'XX. to the now Last month our why Based by last of very expect to I on well. to integration positioned well the be confidence JPMorgan, are have our and of close billion Bristol-Myers in business. $X We I at Squibb. total of synergies portfolio

have enable to of and is to in-line We launches. fully opportunities execution last milestones number and grow realize reflected which delivered late-stage the of proven our significant The commercial capabilities, pipeline the breadth portfolio our strong year. in support depth us of our

to possible in business for through growth it future our and financial Finally, us development. continue externally internally invest strength makes to

the when in unlock turning the company Now we more to Overall, acquired the X. a medicines, second build potential with planned We're a of company position of positioned strong a of younger, Celgene. half diversified the we decade. to Slide better to in portfolio we are building

you me we heading. are Let remind we when believe

We are the more than confident can of including impact patent expiries, offset we near-term Revlimid.

of excludes XXXX, to and through low for significant potential in-line earnings expect We our and grow our which same launch our momentum Revlimid We XXXX of during comprised which business, this revenue the growth see low and Pomalyst, the period. with CAGR continuing for with revenue revenue is growth brands. to driven by drivers portfolio, our mid-single-digit CAGR strong double-digit

revenue to out represent products. company, from our XX% the we business the with Looking XX% of XXXX, will expect newly approximately continuing of that launched

of second decade out on half the X. to looking Importantly, Slide the

sources portfolio multiple renewal. of have We

indication. Most Our have products beyond grow. significant opportunities to launch the expansion recently continue will launched

We our rich our mid- CELMoDs, pipeline, and iberdomide with Factor myeloma as late-stage multiple such XIa have CC-XXXXX. and a to inhibitor assets

this we and advance very expected to continue portfolio just can with operating to development further mid-XXs. business with while strong will R&D opportunities, We as the invest maintaining low in We margins done early in we have profitability, achieve diverse our MyoKardia. believe

Opdivo later JPMorgan, approved patients execution week, support several near X. This to the our already potential our that of on that And those. mentioned, supporting of CABO milestones term. ulcerative was this to therapy treatment and of number forward on plaque deucravacritinib FDA indication colitis + would was in I Zeposia look with in we've we the the year. psoriasis, first-line filed this delivered for important scorecard the outlined Turning recently positive Phase filing At new second by the Slide to U.S., the in success. authorities for a we as RCC. III delivered for launching help

X. to Moving Slide

of return growth across and in by on of let businesses, me As and the about for ahead, growth will David our more Commercially, Eliquis. on the we exciting year, strength revenue based Opdivo's but details our recent we financials, think 'XX. guidance part on are some execution offer expect business earnings opportunities the share of perspective areas to focus increasing in key driven large launches, continued we this non-GAAP key 'XX. per provide the our

deucravacritinib We and this ulcerative important initial mavacamten, data continue pipeline filing to our proof-of-concept iberdomide milestones advance Phase XIa, II will for data ahead in and data as multiple for have year, Factor myeloma. refractory colitis in for such

launch minutes. top navigate opportunity to business can are and that an leaders we We administration allocation. environment and access is To and provides the environment will in-line the new and to We I'm also in close, few our supportive to and strength supports consistent and U.S. the will us our policy opportunities medicines, our We innovation year, patient capital have diversification maintain improved, a will further to enhances priority issue. a X changes. on and and will This an this foster that a Disciplined development future to to with of color anticipate confident help allocation policies I that affordability approach short-term hematology, look agree we medicines. therapeutic momentum continue capital Across portfolio of congressional potential needs key a the in invest cardiovascular am encouraged significant be the oncology, patient growth. address David to leading company. working across evolve, forward to of balanced approach provide by we areas more pipeline. rich immunology,

on portfolio Our diversified position very proud talent now I'm to the to any immensely and leading before us that commitment be allows each through and X our to or also walk none future business Squibb of Their David? in the Bristol-Myers it I over business. David is second their the good of dependent product and to employees. I feel financials. is hand you will potential about lies us. inspiring. less

David Elkins

call again our everyone, thanks Giovanni, Thank joining and and you, hello, for today.

you to discuss quarter. our for to I'd Slide robust like the top XX, line performance If turn

teams virtual very to a delivering strong well results. operate environment, Our in year quarterly continued and full

XX% pro basis a quarter, year, on execution versus across forma the For strong revenues world. grew reflecting prior fourth the

new as saw favorable of well equally launches. the $XXX During as Full we primarily Revlimid of provide forma X% million the by year approximately and a pro the quarter, performance third of on were driven brands versus a foreign quarter, X%. our additional and and revenues now Eliquis strong reflect growth exchange. key I'll build from impact color also inventory favorable

we internationally, growth France in as for within continues growing and U.K. oral prior multiple last to sales growth year. approximately versus growing Eliquis expected $X Now both the oral fourth Global COVID quarter in class believe starting Inventory volumes XX% million. versus partially to to of including was very the strong remained driven coverage impact outlook by are billion, grow an to new increased year sales Internationally, see build naive increasing double pre TRx total Germany, gross as to well we by for Eliquis XX. gap. quarter with for the prior key to U.S., markets X% build the COVID, and during Both the U.S. we full with higher prior and the the continue offset as the revenue #X the quarter scripts perform XX% saw inventory due levels. class. fourth from be our year, strong and Slide digit sales year. remains that internationally, continued the share $XXX anticoagulants robust starting we on net Eliquis NOAC In anticoagulant well, to return Though declining approximately versus

international versus of XX. by X% through engagement. in Slide prior driven markets. fourth to teams continued well, year, Turning execute strong the the Global in primarily remote the quarter largely to Opdivo growth U.S., sales In grew

quarter, saw inventory of an quarter. unwind expected During last we the discussed favorable fourth we

our cancer very double-digit with well Importantly, the This sales strong range. continues our of first-line growth in XX% visible quarter prior lung in is go low versus the now year. the share by Yervoy to

lung. the through is starting are remain which U.S. building in in work and our being this the of the the first-line second-line pressure indication, Opdivo for to in continue We return confident by year. we stabilizing We balanced growth to very out momentum now

commercial growth we as RCC primarily the continue gastric adjuvant to we strong new execution, combined as reimbursement the + first-line We with be expect continued the I-O in with the opportunity growth indications, to first including agent first-line additional Opdivo launches well lung, renal continue melanoma world. driven launches. recent of Internationally, and to and secure first-line approval as and around several with see in first-line by CABO

pleased we countries are the on broad with securing as We and a the working in reimbursements EU approval various first-line lung launch be throughout approvals label Japanese in and with as all recent of in comers the well XXXX. will XLA,

and pro the strong were year countries. growth internationally forma forma new quarter revenues ATRIPLA treatment continue the in of revenues Now RVD basis. a pro to continued in earlier versus moving which increased several Pomalyst revenues driven demand global Outside and well and in-line we prior myeloma $XXX to include approximately growth, U.S., XX% this first up increase the The up pro compared on growth an inventory and with note In our tender fourth combination, XX%, build year. U.S., the duration. by significant reverse increased prior with by primarily included in quarter. increased longer XX%. quarterly inventory We this strong fourth on XX%, XX%, reflect expect build that build reimbursement lines Revlimid portfolio to million. quarter growth versus Slide to double-digit and to in primarily very treatment was by approximately due perform driven in XX. quarter to driven In multiple strong inventory Revlimid $XX million, of Pomalyst XX% usage revenue durations. earlier-than-expected growth the for U.S., solid prior continue revenues should forma grew in Globally,

earlier typical of we the As the Medicare Revlimid XXXX, the seasonality patients due our portfolio, MM the gap of I entering U.S., first experienced to through like quarter inventory to coverage the build to Pomalyst would addition the of year. and remind look in in in you

on XX. Now launches moving recent Slide to on our

to with the see global And Our underlying new in expected during and a off to experienced began the we launches year In over the the original demand $XXX million in XXXX. to bolus is significant U.S., the fourth quarter, demand. start in Reblozyl we pent-up $XXX QX. million. MDS just great evolution true contributed launch revenues from QX of from

growth Austria going their early very launches expect patient Germany new and well. to in through in journey. treatment starts initial continue Internationally, We are

XXXX markets We various we over continue as launches reimbursement. our in of receive course globally the

Now as Switzerland, the reimbursement in secured continue lives multiple U.S. covered. turning to Canada, than launched of we'll have We Zeposia. the U.S., driving demand commercial with Strong on commercial establishing Zeposia the focused access Norway. remain has greater And Germany, year. throughout leading Outside been markets sclerosis. to and SXP in secure modulator we Netherlands other and XX% in now

possible. medicine In launch, UC work as addition differentiated forward to will been to patients in has look we a medicine. to Europe and for An we with as our momentum MAA and in building health European bring PDUFA soon of this validated MS have now authorities to May Zeposia date this in

positive feedback AML only patients. to first survival benefit establishing treatment demonstrate overall on to Initial an Onureg. been physicians as Onureg first-line for has oral the Moving very in from and maintenance

in with this data approval we on expected England of The now are remains MAA this new for year. educating on the patients. in With focusing published Journal EU New the maintenance therapy review under physicians Medicine,

capital our Slide moving allocation XX. sheet to balance Now and on

position approximately continue generate the billion securities. strong a and We $X.X the of from liquidity a amount in quarter. cash we in flow with quarter see significant to of $XX cash approximately You'll ended billion marketable operations fourth in

plan to second focus development are on further committed the bolt-on strengthen With business to our to Our our to top capital that debt returning allocation and development, priorities respect the we of pipeline the midsized remains capital priority. strengthening on reducing a unchanged. We're into company deals Business decade. shareholders. half

our consistent disciplined scientifically being strategically will of with and and attractive. financially with We remain aligned, that respective execute deals we criteria sound

will debt in upon the further ability by to our 'XX. As strengthening a debt, be still bonds debt-to-EBITDA reduction This it focused we transaction morning, targeting, Based are of our announced continue reducing see reduce invest on to expect to relates for growth. to we $X ratio we to we up this, leverage X.Xx billion.

committed Importantly, debt through we to excess rating, to to cash use apparent are proactively reduction. which a willingness investment-grade strong credit is accelerate our

continued to through dividend we returning are to committed and capital Lastly, shareholders growth share repurchases.

$X in this of our dividend the our XXth to billion plans increased repurchases total $X the consecutive by increased have and We for to with repurchase year billion share authorization, recently execute share a end of year.

our guidance Slide Now XX. let's XXXX turn to on for

quick update on me synergies. our Let giving start a by

'XX. As our be $X.X approximately integration we remaining Giovanni and very mentioned, has gone the by synergy the in XXXX XXXX. and billion billion in end momentum well, this $X through XXXX, increased to saw EPS and the have for 'XX. about achieved of total expected evenly in With guidance non-GAAP our the diluted we We that year business split expect synergies we and considering to capture increased mind in the in

constant at expectation non-GAAP rates. our on touching exchange Now

the launches We products and revenue expect of strength on are based we over in-line high our XXXX single-digit the growth executing.

high gross XX.X%. margin of a sustain to expect approximately We enterprise

MS&A. touch accelerated Also, higher and of opportunity the support XXXX, product moment we expenses a number investments to prioritized MyoKardia incremental reflected. Now make want our to to to COVID and are take In to brands on with I and recovery a launches. due had

we spend include in XXXX, MS&A in single year our for the digit full For as expect we and the increase launches MyoKardia. low invest to

clinical invest we in behind and increase COVID of preclinical spend a mid-single-digit recovery R&D as expect studies pipeline, plans in We MyoKardia. and robust incorporate

interest And XXXX tax we increasing the based on about business, $X.XX. diluted our to our to the are $X.XX net and color now the we'll see EPS to remain and expect and other momentum net on strength each We non-GAAP I count. rate XX%. offset like OI&E share resulting likely roughly to finally, to OI&E. provide It's XXXX, in in some neutral income [indiscernible] in expense also would

the with XXXX $X year. billion outstanding, in Regarding upon our share planning the which will billion count, to decrease ended shares repurchase X.X we're based we activity billion approximately $X

us for to teams in our on Giovanni want now the and results delivering I'll XXXX. world for before the thank over These for the Q&A demonstrate growth Now to turn Tim and call results back strong of move in the position and future. outstanding into session, Q&A. well XXXX we portfolio such I resiliency around to our

Timothy Power

Thanks question, much, first very Lauren, our go for please? we can David.


Instructions]. [Operator

with Geoff question first Bank Our of comes from Meacham America.

Geoffrey Meacham

quick Just ones. have two

new at For you on the these a time. look Chris, LOE XX, are the launches of offset part when Slide over obviously, big

about So development X products? the initial and question think for how is, the see where liso-cel this should do deucravacritinib. year? these And for adoption then tipping ide-cel we in demand point question later for you And

box big Not could Just mechanism get possible will I tolerability. want related a obviously somewhat but that. having black you thoughts safety your get impact and and to that data it's on thoughts Xeljanz guys. want a recent for safety to driver, on a your commercial directly be

Christopher Boerner


point there. Let with question And and DLBCL. respect question very liso-cel me with the I'll start the We're thinking obviously on launch the liso-cel start tipping we're how your about the launch and to on about excited question maybe with in to the liso-cel. then opportunity also

that imminently. expect We

We the efficiently repeatedly, tipping to very focused be really, therapy. are stated to ensuring are on we going And then much activated [indiscernible] the point that to to we're as at obviously quickly, that very on with launch footprint a patients moved get able what sites and leverage differentiated able drive CAR-T be is the in to going then market be to to profile share. order expanding our product to referrals believe brand to being ability ultimately and by we continue expand driving to site

leverage. to on the With products staying similar be that's hematology have going And multiple position X Obviously, story Reblozyl. important. the that And ide-cel, will slide, for where respect far. start. very we important of a the for a MDS obviously, so be myeloma in we very were a and to in so strong well, is this execution with play in to both to We're continue pleased very is The very Reblozyl thalassemia. and Reblozyl beta probably very good going has very launch off gone role a to to believe

far, the point, As thus look very at this had good we demand. is at think we where launch we've

the the frankly, real demand, tapping certainly grow labeled is into has year, been we'll demand. both and brand as ESA-naive with But that to of as good get first then we in studies And start. very COMMANDS continue underlying Some quarter see we for into into to this be potentially think pent-up. Onureg opportunity expand And the we ultimately the into Onureg, its this a as potentially obviously off to and first-line into indication well [indiscernible]. to true

treatment David be but mentioned, chemo who've to very the opportunity As going remains a benefit high where survival a there is no standpoint patients AML the to approach that aren't Onureg. established that stem is need overall cell. is achieved unmet see to in candidates for for here believe post-intensive this we a in from an We CR drive really, AML But market with continue importantly, maintenance. there first-line

not seen for physicians IBD. particularly with uptake So convince patients only and in treat with are with it's pleased spite up a The we've going to the the do then build what of real we market COVID, to on paradigm of MS, seen going to situation there's these what to new willingness launch, good In continue think, well. a Zeposia, in question prescribe. and is physicians but on that terms from pick in And we finally, them. we're very we Zeposia, that to have MS have is to to the opportunity that treat urgency

best well. opportunity the is True drive given what Zeposia track physicians hoped think for with considerable that believe Importantly, who on And saw SXP business had percentage we of as data much with that to there very we North, us the we there's the is now for.

about So turn very I'll to Zeposia. the opportunity it Maybe excited over with Samit.

Samit Hirawat

alpha, say And showing that for JAK signals well-conducted because to profile is and this in of inhibitors. Thanks, reason the deucravacitinib, inhibition generally associated selectivity a Geoff, TYKX, Chris, I'd leads a for have abnormalities generally intracranial We see the just We see that me do terms saying are let with What [indiscernible] is JAK do and associated downstream signals and that two are differentiated. And the III the we thanks, targeting the of Phase very with of lab are of specificity remarkable efficacy. that IL-XX/XX question which first trials is [indiscernible] by inhibitor. inhibitors. not not start not VTEs JAK for that

now as that with endpoints. SLE trials evolving, the are pleased looking the very meeting mentioned the ongoing next and and in And secondary primary on we've IBD, data are to are generation We the in one that slides, seen, his of of Giovanni forward we beyond. data

with trials So to those where we forward are looking and very stand. we readout of pleased the


with Our comes Terence from Flynn next question Goldman Sachs.

Terence Flynn

two Just maybe parts.

second us to when just new could Phase wondering on you on cadence going think on there? from of just Opdivo, then can CheckMate hoping the then And start be on the the Is more to the about profile this see what of from the Samit, First, half Chris, to we weighted was could year? XER. adjuvant you the year? of if you're on of kind later approvals, initial maybe some Factor help side, maybe pull-through here this contribution II growth some XIa, seeing the opine trial the And

Christopher Boerner

turn it I'll then and Terence, start, over Samit. to me Let

the we're so for outlook for yes, excited So Opdivo.

we your established Opdivo that with we know, in we've first-line a to to Yervoy outside As that to we you there's beyond be continued believe with and I do growth talked needs footprint U.S. to the days XER very patient on getting just of it's as business to opportunity first-line Maybe question get renal. have in all, we days put that stable uptake us very is, with still with strong launch we giving seen Again, that in then CABO, population. U.S. I-O growth more the half of see Opdivo's particularly the TKI that, the as in context into as this and then there, the is was We to would that as the about in additional indexed XXXX first early combine see with very to into meaningfully do David well lung Still with got confidence launch What we are be XER we part by U.S., we opportunities the we've of contribution and about, with latter mentioned, approved over opportunity space gastric mentioned bladder. all, answer a a cancer do of I'll as that early well to And going XXnd. there it is earlier an space of turn contribute favorable 'XX numbers going think opportunities, saw nice the the with Samit. in a Opdivo think the terms as to as their to grow of first in return and be + adjuvant in business, in as starting we're year company adjuvant within And since We the ex opportunity to XER what to to were as the call, as growth. respect you say see the best-in-class those first-line as metastatic the think on business of, then in QX in the that. U.S., to good franchise

Samit Hirawat

Thanks, Chris, and question. the Terence, thanks, for

dose-ranging agent population. the doing safety there, oral one we in are subjects. the first XIa, from are replacement the being data to trial versus XIa knee the that we Factor study total and first enoxaparin efficacy expect two of have And single subcutaneously factor proof-of-concept the and of administrated these ongoing, for the we evaluating are For the studies

have see bleeding are profile what or efficacy is to bleeding. from similar whether a perspective, with we emerges can that better So the less trying we a

it More year importantly very a indications can again, going impact it And will next that is that it then combination background additional to second note we if the anti-platelet to where, up the that, combine, important study therapy agents of profile, what on will then, be to forward. are bleeding? pursue the we able there opens have looking at

dose, for efficacy So the safety looking be a the be course, and, X of point those things we'll are watching out that also the will defining of review. at


next Guggenheim. Fernandez take with our question We'll from comes Seamus Our Cowen. Steve with will come that question Scala from next

Stephen Scala

I questions. two have

outcomes but Bristol does First, view is such And prescribers on as long-term Opdivo, conduct coherus a there fully Tyvyt don't from their physicians seem antibody? entrants on or clear And risk not? will Bristol's TYKX. potential price. not, see trial Novartis' the now PD-X no I any angle CV Bristol cardiovascular large why that to convinced. then be assume new Lilly's Will if is risk? or [indiscernible] tislelizumab convince primary

risk the is what So from that?

Samit Hirawat

start Maybe I can the deucravacritinib. off, Steve, with first on question

we just look III Phase have the we to studies continue first data long-term Certainly, had as readout of So will extension at the psoriasis. the evolve psoriasis. in studies from

We will continue to follow these.

MACE perspective, that has for JAK a We cetera. et VTE inhibitors have additional the perspective, been indications ongoing. We see from profile described do not

drug that still the evaluated, convinced we then share and to -- continue not about further is evaluate. to profile whether to I their investigate. talking order the is with terms is further yet, to We'll able profile what that in think discussions This that not, fully health prescribers, of are hand. be the got the have community we need the We authorities to present and to the in are have commercialized data so with data prescribers with understand a or in perspective the with

think what to closely. define it's I and them too conducted to we'll continue additional follow very studies early be to So

Christopher Boerner

entrants from on on and on the the particularly new concern up PD-LX pick any me risk Let about price. question

of of a commoditization. we something we've and you has very oncology the approved a of can So of dynamics as that been driven been with the data-driven don't been entrants, competitive first, question From factors: imagine, first looking the all, in extremely Opdivo. field since see really we watch at us continues these by the new with PD-LX be a marketplace from carefully, considerably we U.S. considerable number standpoint, to risk in U.S. actually were part That's

demonstrating a significant today, example. we see general, think established stay some Yervoy, I both to position. strong got tumors tend competitive data but we're and, in monitor. And of course, you to very our from risk where competitive but the us very of us. we've capabilities sit wealth risk gives continue a Opdivo operate something covering and very relatively may renal context, see in and commoditization continue we've that second, respect see which on. both say cancer, built focused meaningful in we're for across be it's with We I with so position we're something to to U.S., going we One commoditization lung in to again, Ex that small for very now and those markets, cell would But that confident some don't it's of markets we'll to confidence;


our Seamus Fernandez from Guggenheim. We'll take with question next

Seamus Fernandez

wanted is you walk I through of myeloma, how just auspices the kind market falling evolving? mechanisms multiple this think so that you see likely in and So the number in guys given strategy to your anything. than of this Chris, I have play more under

there, Giovanni. for Or opportunities how lots a of bispecific the from for evolving transformational lot potential Obviously, market. on And cell see the could continuing team. CELMoDs question activity wondering I about you do or your towards multiple combinations? the a business simply see front we're there's picture from then of bigger opportunities internal away BD treatment just of segmenting help understand out amidst see Giovanni, to you the -- So your you generics. was myeloma us if therapy, transition Revlimid

legs leg it again, on As opportunities, are that sort the efforts the the of most of in we sort you more growth, the more Phase continuing but II/III company of about the pipeline returning additional your and focused pipeline opportunities on to Is enhancing to regard? out stool? build think and not post returning extending growth the fully growing continuing you're profile focus company Just how to the trying to or to XXXX? -- and understand next

Samit Hirawat

fill Thanks, can R&D it. question. just is of the Samit This the myeloma multiple the of Chris aspects with strategy. and certainly, me in aspect then Seamus And let for commercial start

Then combinations and more recently to then are ADC has being know, right there going progression a in are there that in X the also be stage is you low certainly, have which approved classes heavily where plus multiple and who do CELMoDs, disease, very to of as rates that medicines [indiscernible] myeloma, are we So the this the to follow; the XX% primarily: therapies; is trying are incurable they response remains talked MS, to as first-line with of are in now, what developed so. and get the where we're pretreated about. to cell beyond patients been or

We are to that transform trying disease.

where we shown going perspective, cell the are begin data. coming to ide-cel a role, and in that from that's play where have with, major So therapies is to

responses We response We've very the and have overall and shown shown durable a the safety very deep rate. profile. manageable

T spoken treated cell through As cell [indiscernible]. And going cell we we've as important. of CELMoDs next to would could receive cell in look are and very T engagers. T molecules be terms engagers engagers not patients or towards about of may there the be generation where earlier, therapies the more who the to being be also be appropriate able

available. safety -- efficacy, with schedule seen Of course, a up, dose have while from finding that associated the showing formulations that administration now of good right there IV we multiple there from challenges challenges administration of is are with perspective. in terms are companies coming right data the We've

go So terms we of careful that. be have in with forward how to we

And data seen and now efficacy so seems that from certainly, formulation, are it we've presentations other many early that be maintained. subcutaneous others investigating can the we where

direction. small continuing right to course, Of be we'll reevaluate safety the but it. go numbers to now right seems are There in

show view, where when depending of definitely point and CELMoD. are, be to data the with talk combined But example, a response health convey have authorities value-added forward, move this showed already. the the higher ASH We've will that VELCADE combinations. how to of how what later of to iberdomide, rates development durability is dexamethasone expansion an magnitude And shown some of on first year. response dexamethasone. well the go phase the strategic the the we level, of If with from to discussion next parties about us And of the we as to we for forward. at have as data high going these might and Third data opportunity that's of a

line. So forward in the those the moving are strategies earlier

for that line in going look to the have of in there of course, segmentation them be then, the further be replace patients. to combinations as so able comparisons investigating and try earlier move a similar way, ide-cel. combinations. cell versus image the yes, much ultimately, And with We ultimately are, engager, ultimate also run, to the we to other be goal modalities CELMoDs can we'll evolves, longer move T data in The is to will line. the up But in

do want therapy, Some opportunity something? cell may these receive receive may be there still engagers an add sequencing could of Chris, for modalities. you T to and some cell

Christopher Boerner

go be only think, Samit, covered transformational I most to focus is, it. on as Pomalyst continue of Actually, The to opportunities Revlimid and would is bringing obviously, I forward. our generic, add you going thing

As Ide-cel continues of molecules, next-generation next-generation launch of engagers drug time, therapy in And type into as cell thinking of therapies and which to to or lines we line performance of over is that populations opportunity then that patients, [indiscernible] therapy the envision initially the important they about age, an the you these combined later bring newer being potentially specific the multiple into then population. backbone. to be Samit be status today's earlier as Seamus, and get T different and lines need, discussed, targeting we with of pipeline for to you potential then going particularly have piece targets preference the could a small think across targeting patients. also patient well innovative displace of there potentially BCMA unmet mentioned, of to in lines know, And broader myeloma. later we've considerable that then forward, therapy therapy, patient in moving as and

it these in opportunity about portfolio. unique all us promising excited think we're So a We position. on having of gives our leadership modalities to our build

Giovanni Caforio

you, Thank is Chris. this Seamus, Giovanni.

answer on question development. rapidly business just me your Let

our our strategy commercial strategically presence will focused will to that are on to early-stage of definitely, and our the that all, of first always be scientifically exciting things complement continuing see that business that continue be look with continue aligned research from pillar I our development we'll to to a are efforts. allocation be financial of strategy capital There strengthen continue and perspective. Obviously, areas central to at be continuing about compelling. be So a part pipeline disciplined and and And and will we efforts. research

doing the opportunities, of to continue You've our an that MyoKardia number the and my in. seen like been that right assess opportunity see as interested because always value example, in these very the I decade, to last presentation, clearly deals we're strengthen the time, continuing clear, do deal, us as in strategy. a of the deals continue the later-stage given At deals the growth space in be to going the we the are that company assets, generate I've JPMorgan, same half it's second of to objective to outlook year.


Our JPMorgan. Schott next question comes Chris with from

Christopher Schott

question your about decrease Just there there's hand, of at through on we a building translates And presentations, guess, the forward? of the terms relative some on could product at and on drug. big the confidence programs as the bit with think here, given setting, gets study, do a a How you'll year TYKX ramp balance you launch that education see think I reading a and but decision [indiscernible] seems if reporting on the can JAKs regarding both really forward? much the superior the oral to of increase I this or data will some we XIa. X from between opportunity, clearly this the from be earlier about addressed dynamics seeing established, -- thinking So was standpoint? physicians, this your a emerging anticipating And first more that the asset do large slower of least largely component this ramp. had being the going least first Or you from market? question monotherapy study? before think we but what the Factor to in to are the product how could in moving you're stage that the see, of commercial on the the data on and of differentiated study of that second there quicker first getting kind these issue, out or the commercial be a make efficacy II over a need to you given be time, kind that based initial profile to perception the you're this Or on this Phase moving second profile

Christopher Boerner

second and question. -- it then start, the of me your comment let turn I'll over others Chris, to to on I'll part

I the we patients. establish here. we based well excited So with oral on both X, as the we've have these branded commercial for as TYK the look, opportunity about with Phase the of data from respect as X we think that the opportunity II seen PSO that have to the and and of We of think sort choice frontline opportunity have TYK to the execution, that we're pace the

that's the clearly, that, versus Now quickly where this to as world able data going a do the got very omni we've how space in we'll now. to it compelling market be relates is be to

going existing through part of there, have is So compelling to of we educate going physicians a the take set we're which have bit we only to the versus with a quick and access that player to will to agent, respect the Obviously, that time. there, very, an we're new physician think quickly. think we and like, launch there. oral very But relatively with opportunity we a work any our think against to have data typically existing relatively opportunity

in there, have about have certainly as from way opportunities going to been that's thinking at Samit? competitors Now about marketplace. this think probably that point. that's time bit been we've you expand established take a to the But this we as more additional it

Samit Hirawat

also we we others time define be to know believe individually being because studies dose of not questions, here profile. too the that do important the is studies role is very safety short to and very, and play: Chris, have those readout the The short to the difference have very And long. just time both

both account take of into you build time study. I Execution probably studies. difference will obviously is first So said, to be But can development plans I that as think we based long. the readout will not the able out

important. be both execution-wise, So data will sets


comes next Tim from with Our question Research. Wolfe Anderson

Timothy Anderson

other going multinationals? get this cautious curious We categories, in And the about to $X Largest Bristol due PD-X erosion. have And erode Analysts the product ask a if local proliferation. to other And why be it Revlimid. first goes be ever or then guessing in oncology picture the specifically. on it'd question Roche next that's $X view. about Is opportunity China in and the it's painted what are want know it don't for And wouldn't I'd clarity to how happen billion think company, PD-X market down I to importantly, back happening it's China today some as your category, be or first or in about second year. year meaningful exactly. disease on now for how to off-patent billion or just commoditization. otherwise? China Going if on a year. to to great NRDL to manufacturer question

Giovanni Caforio

start questions, want on Let and I'll if both and they me ask to have. Chris David

appropriate we relatively an that have to to that pipeline in So business launch a market, opportunities of me including see number time, continue progress opportunity and of presence China. that our players. to going we of our small same at of the China continues say, in agree as PD-X we perspective, strengthen in let all, is particularly it first forward agents have from cautious number to that on have been the launched I would because the NRDL local be a China,

do that couple be And cautious in so things. I though, in about. China, opportunity the share of I the I a perspective would believe,

the that be examples and local have to there differentiated all, a market. able fewer profile and meaningful with of are be growth of first reimbursement therapeutic built recently more in included been areas oncology in contributors competitors in had brands other NRDL have So to to

area will for our China. population term, in patients very long is every grow meaningful that. and channel, is opportunities the When And same differentiated of at can also to we the and relatively in is look not over I continue think have are that of commercial insurance I the what a would government access So China every that specifically, the have but the medium medicines the development in think to you large time, development through of a actually, presence only therapeutic drug there the truly same. portfolio, class don't believe

more So I I opportunities dynamics in if the will of do think see diversified. payer want, you And medium the the China board. will that composition, that be marketplace in in term, terms the of across strengthen

question be So ongoing. to of on discussions we imagine, to a to China. -- really your committed Revlimid, number With continue we respect as can you have you

with are our LOE along guidance XXXX. pretty have a We're the less players I position future. position We litigations in clear XX% multiple think on continuing. in to more, by provide company not articulating Pomalyst portfolio of and no been the year Revlimid that we've the going into Revlimid mentioned, But see of we've to going we be erosion representing the beginning than fact, 'XX. as And in in

company double-digit now business, what's evolution XXXX. between the do more the think for have for And potential perspective, clear. at pretty and the the that to is anything our total of to important growth continuing it's of on from Chris, business and I really So growth my add you look China?

Christopher Boerner

the only agree the X you I it. the In significant Giovanni, payer medium that thing that covered The long is channels only available. with to think Giovanni. Tim, opportunity. I NRDL is are see we term, of

emerging therapeutic companies. Giovanni that's level with health over-extrapolate see dynamics to the commercial of And think in going market given PD-X continue just you the there. from private I an be those a we and opportunity to intense And there's wouldn't for rapidly important categories, multinational that care competition products. China other locals to As mentioned, and


question comes David Stanley. Morgan next with Our from Risinger

David Risinger

I have two questions.

underappreciate? expectations And What for discuss consensus. BCMA dropped? could was your peak think you First, orva-cel higher why you second, Bristol's investors do than are Reblozyl

Samit Hirawat

cell portfolio always as going orva-cel and therapy. we ensure overall on start medicines side, know, on our Orva-cel, certainly to are on can Chris and for orva-cel develop the comment then I to BCMA-directed we was pass it best that at On you forward. a Maybe Reblozyl. and look that off take

been -- for look review we the of rather it evolution We which as data well as outside terms approval, of medicine that the development the put than very have When perfectly and both well, ide-cel and important of data CAR platform submitted as and has EU. terms orva-cel's has in and the fits landscape in as for we further a we evolution in the next data at ide-cel front U.S. cell of orva-cel in runner, itself. of the believe generation that from the particular medicine becomes development. And the

So the the for taken the as form evolution therefore, not therapies. forward current the and of use have in we platform evolution orva-cel would of cell

Christopher Boerner

remember to respect terms in initial of I that our a incidents. MDS with think is the way about of overall relatively opportunity, smaller indication David, the MDS, percentage the in Reblozyl it

in percentage second U.S., example, small the MDS line. those patients is The So ESA-eligible, roughly risk, the are lower for initial XX,XXX. and who obviously positive of of incidence on-label that's population the a on relatively in that, RF is because the indication and focuses

beta label and to is, areas have other beyond into RF but within and therapy. way drive the which And to obviously, we think like and think there's have. are MDS, utilization continued those meaningful expand obviously, indication that Then additional there to in lines we are about then there's there. of opportunities, We include a think the the myofibrosis. So existing also who earlier continue gives it patients us COMMANDS opportunity an to first opportunity thal, we is today, opportunities we've on both opportunity negative in then study got foremost, move MDS, we


question comes Ronny next with Bernstein. Gal from Our

Aaron Gal

part insurance you where the us support of around part pharma pocket. last First, can you XX% wondering believe I I questions, XX% second, in oral efficacy Two discuss compete IL-XXs, achieve material. to was you assuming as And responsibility to give about obviously, concern The if your and if for restructuring, out of may? mechanism you're the antibodies. will base enough giving if TYKX about expect? as what oral for with indications? and from be paying the level able coming isolating as patients should of versus of a be compare that becomes this seen of Congress it is the IL-XX mentioned it just IBD, issue could And catastrophic your we've can the gap kind the we kind was to small Part [indiscernible] you we think head-to-head able were wondering is you heard? And the portfolio to your the oncology I in in those there update that dominant the D medicine, quick the standing, mechanism the with for that

Giovanni Caforio

Thank you.

start Part on with redesign. your me D Let question

all, a to in by most a out-of-pocket need of high addresses affordability with co-pay treatments is benefits redesigning aligned the faced there inappropriate significant because that and are real is exposures way and first think that of patients issues that design about of patients importantly, of the high have. more benefits So today the that and

Congress And would potential at design. where very diversified exactly when been say is -- look think premature supportive are thinking of portfolio. of legislation very it's evolution We've in to there clear a have the I evolve. about I portfolio, you we the we think our that

evolves, have the So currently reduced. should on may coverage that's depending and impact contribution of on the that gap be industry actually XX%, that how Eliquis, an

impacted medicines are the that catastrophic area. On changes in by of some you be oral right, the would side, specialty

in you negatively, make. So it positively that in contribution there potentially And be depends. patients are but impacted areas are have the portfolio terms when may that terms a really already of diversified of impacted also areas we

our phases look But in of we differently medicines we'll able proposals, to think at today are that impact in be various different coverage remember to Medicare. the better. the So in Chris? portfolio on when our concrete impacted it's important portfolio I assess

Christopher Boerner


competitive Zeposia novel obviously for space, we're thing to dynamics disease to continues efficacious Obviously, a safety, drugs are with multiple profile. there having is out because a Ultimately, mechanism play the potentially data believe about keep with safety multiple that mind efficacy, an is where important. TYK, very while that potentially is And to in is cycle deucravacritinib a of drugs then Ronny, to are competitive a route few the a pending initially IBD and to products, action we the as along of going opportunity chronic we is manageable So enthusiastic have we be IBD, very with dimensions. going this have in that important well. a here. opportunity need with The that through play patients administration think

of And this JAK the inhibitors, favorably you X at today, categories think with and initial space biologics into look treatments positioned. that Zeposia we broad so available when is notably foray our are

we example, certainly profile biologics Zeposia competitive For an think inhibitors. the safety versus efficacy demonstrates formulation is an with that with in improved oral TNF

both So think respect space, well And well profile. we And safety that's those a there. we generally with again, very efficacy JAKs administrates being the and think categories to we novel SXP an going play to improved is JAKs, as in across important. with competitive be similarly, of the Zeposia

Timothy Power

short a Lauren. it one, time, minutes have questions. go on more I we Chris. running next If few think the few know a extra, we're I take maybe to could can please, we Thanks, to but


with Our from next Berenberg. question Hector comes Luisa

Luisa Hector

inventory the build. clarification on just One, a

how mentioned in a perhaps releases, the you You comment, soon just you secondary we've the year-on-year then and the TYKX, press very FDA whether positive wondering panel? you quick might when confirm because we you file a psoriasis. headline, expect the And do seen Can I'm the an could quarter-on-quarter. the press in impact? numbers gave releases see also data, endpoints. on And

just Some the with their drug? met, how of crucial competitive they not were And met. profile are wondered were implies, some which I

David Elkins


quarter the the and on first related So we mainly Eliquis out in in million first about question, all and to the that $XXX to of expect was quarter. the come And impact build, fourth that is of inventory year-over-year Revlimid.

Giovanni Caforio


So the around David, of the deucravacritinib second can quickly. question take very I part

we [indiscernible] we anticipate share the the the In -- I think year one, can in this second And the -- two second It's the second have in conference the presenting presentation the to first appropriate the half April. the in that later I studies of data so data, more of broadly. terms then think, quarter. of at we of the it's find

can So the share the community. investigators with

anticipate filing broadly communicating are as about diligently quite a do and Second, priority the very will we and soon it as that for PDUFA that And date, of course, us working filing, and others. we the is we rapidly. information sharing have be with we you so

we We Third that. can't obviously FDA don't know comment about on the that. panel,

agencies the sit to they continue they where with this. to ultimately decide regulatory dialogue have and We have on will

forward around last And the So secondary that looking to conversation with health authorities. the point endpoints.

endpoints. As we've said, the we've and primary secondary the met endpoint

We from are also XX seen, we've And the showing we've only perspective, very but not PASI that against with against superiority a OTEZLA. PASI data placebo, looked XXX it comfortable [indiscernible] perspective. perspective, the at

the we've from that seen very are with and we far both primary data comfortable thus secondary So endpoints.


from Andrew with Baum comes Our Citi. next question

Andrew Baum

questions the Factor Two inhibitor, on XIa please.

go versus head-to-head identified of Or go fibrillation from both the you trial some fibrillation disregard subpopulation the areas that many any Do begun, success be. of want Phase experience. as quickly arterial Escherichia, given completely these you the E. I'm the second, I the First, if I'm given Phase Phase I the are sites atrial interested program in confirm could should Phase going of that assuming initiate syndrome program? to I'm for where want in case? well, company's program. can on and spoken we population lengthy probability of to you also on how see a II, probability III you've III previously the previous then atrial both that's has any a III how you already planning the the just And in programs you've to you coli assuming put side. given Eliquis? high to

Samit Hirawat

Thanks, Andrew.

competitor don't question our to the fibrillation start discussions disregard But need would second course, first. me be the authorities. that the with any regulatory appropriate from atrial be have. trial population. further. Let I should as conversations will the well need right collaborator, of are think in as Those still both the with Janssen, you we And to the had,

we the up. and So conversations data come as the to more on gear that gather

we starting of as to possible, proceed data course, see first need are the around And a the the quickly course, one, of the from these studies, Phase honor III need we molecule we first of there. replacement. priority want to terms is as and total the that again certainly of Both trial of In to knee excitement companies, forward. that the move

be to quite will rapidly. we able So initiate Phase III trials

as yet will lines data. to because with due correctly looking very first have, these soon collaborate said, to those have with the the conducting have those. are be certainly we in both in as will able available, define as the But I experiences cannot trials well. very You course able quickly. to share to see to But we we companies that be forward time expertise prior and those obviously initiate shared Janssen be

Giovanni Caforio

Thank and everyone. you, thanks, Samit,

Let of make couple comments. me a just

a of let really First us. for me company. year combined say, first was a I year as am all, us XXXX that excited the for It important year, was great a

strong that good really outlook on our performance participating for points value of different into sustained drivers the There We acceleration for long-term and portfolio. momentum progress remain look make and be foundation of Celgene. the you. the which And We renewal executing in of we've the we're 'XX And company. company today. to for growth are continuing our of solid so execution any advancing our I'd to new year is a our of by delivering available the we of reflected as forward really as opportunities with answer the today. and focused significant to call see guidance to view. a established on I Our provided about for have we and strong way you questions. building, the in we a thank additional the Thank we all many in feel in was we acquisition going business And and XXXX, our that's many challenging during the update all company. you know ahead team continuing like will to priorities


And that participation. you does today's conference. thank conclude for your We

You may now disconnect.