Bristol-Myers Squibb (BMY)

Tim Power Vice President-Investor Relations
Giovanni Caforio Board Chair and Chief Executive Officer
David Elkins Chief Financial Officer
Samit Hirawat Executive Vice President, Chief Medical Officer, Global Drug Development
Chris Boerner Chief Commercialization Officer
Terence Flynn Goldman Sachs
Chris Schott JPMorgan
Seamus Fernandez Guggenheim
Tim Anderson Wolfe Research
Geoff Meacham Bank of America
Andrew Baum Citi
Ronny Gal Bernstein
David Risinger Morgan Stanley
Gregg Gilbert Truist Securities
Matt Phipps William Blair
Steve Scala Cowen
Luisa Hector Berenberg
Dane Leone Raymond James
Navin Jacob UBS
Call transcript
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Good day and welcome to the Bristol Myers Squibb 2021 First 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

Keith. Thanks everyone. morning, good And for joining earnings first XXXX for us today call. our quarter Thanks

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

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

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

Giovanni Caforio

Tim. you, Thank good morning, And everyone.

to our hard resilience I'm the want recognize progress global this execution work a and during by I significant thank their Let challenging strong through for our that against global making saying proud time. and of and me continued our employees start we're pandemic strategy.

business At X. renew year, start of and to Slide our our grow I laid to the the through decade. portfolio out end our strategy the turning of Now the

for IO despite grew delivered Starting buying financial successfully launched our advance medicines and We of indications pipeline. quarter, grew our of impact strong COVID-XX with continued consistent with QX first X%, year. new revenue the and the our revenues, last related we to new During in results our the strategy. patterns performance,

Our EPS advanced and Based strength The of building regulatory business, our of clinical accelerated beyond. continued and in some sales context our we for strong a quarter that in for four full-year through renewal and decade diversified, portfolio dynamics products. Through growth of on are younger all COVID-related XXXX. therapeutic our portfolio our readouts key we're areas. fuel guidance more was our the non-GAAP four will affirming across the

recovery prioritizing uncertainty there with are to further the our the into Although field workplace to planning how return plans and COVID launches. and products inline remains actively allow sales our are reps support back bring will to where conditions fully evolve, to we colleagues

Slide card Let's Board, to on the our across turn already progress score pleased am X. during I that solid we've execution made QX.

IO medicine first and opportunities GI Specifically, with approval become only cancer, the cancer. adjuvant advanced for is line Opdivo and first patients our esophageal Opdivo with leading cancers. a agent Combined with in oncology, gastric in IO the in metastatic can early and

strengthened to melanoma. in June. ASCO presenting at is IO We're news and for on regimen, knowing monotherapy accomplishment data PFS of PDX we the three with demonstrated clinically Relatlimab. have now for for a the top patients melanoma great This with Opdivo the company We advanced in clinical high X our now efficacy leadership look monotherapy IO Yervoy which trial sustainability with IO a positive first-line our long-term position of the proven franchise PDX Building Phase a growth we've in with great is meaningful only and agent, melanoma on benefit of mechanisms. plus the second a forward

near-term launches Breyanzi underway. made eight our with Abecma. In and progress hematology, of franchise our IO, are of U.S. great cell approvals Beyond we now therapy in successfully six

are also year. an which see lot in potential. significant patients file new A expect presented important product later Our progressing is the with we other as well. We Phase launches to medicine this revenue data X this happening company immunology. for and for deucrava, We

study moderate selective, know, diseases also a we filed initiated with PDUFA you arthritis, we psoriasis. oral Cendakimab is lupus. to in TYKX our treat FDA broader In of esophagitis. next As deucrava the and to care It such with new of early IBD and have date X eosinophilic psoriatic the standard year. become in for has first-in-class the potential pipeline, CV, inhibitor mid-stage Phase potential the severe in mavacamten as And to the

across Given potential of that early-stage fall. To therapy, update supports therapeutic assets homeostasis, further in-depth the the you how biologics, and pipeline pipeline areas we cell with planning our a the for protein sometime including the on next more multiple our and are long-term with progress company. in session within and generation the modalities, potential you

Now turning to X. Slide

with execution on for pipeline I’m business pipeline. foundation And the adjusted to potential known have turn you risk promising To we and the our on very our David? potential through We portfolio portfolio. for of us LOE as opportunities growing that David The our of of this from and that XXXX and launch we our with strength billion between new XXXX. medicines not sheet of our $XX so balance now to $XX financials. XXXX. to growth. company launch confidence capitalize positions sales does from ahead, close, a the execution, or could come expect our the include far breadth ability coming our potential walk future the strong We in confident team's business potential I growth. billion significant has to XXXX, remarkable established less over has launch mid Our than in of early-stage our my believe well. will at future been strength our Most it a focused new our will XX% least in importantly, one our reinforces remain of constitute continuing business, products our third

David Elkins

start Thank you, our on Giovanni. our And like top-line for I'd with to strong today. all X. performance thank you joining Slide call

launches, execute performance strong continue to environment. Eliquis continued X% This of strong patterns as up and sales buying additional virtual color with driven was experienced strong or COVID-related quarter key very Slide performance. X. in now starting brands of excluding $XXX the was teams our year, approximately on growth Our we well a of provide mostly was X% million operating by of exchange X% another underlying on excluding new Eliquis. growth last operational When foreign on benefits the sales for I’ll our

first were due unwinding build quarter position the $XXX increased In of inventory we versus quarter the of strength our prior number build X%, by the XX% strong [indiscernible]. time and the sales global one up driven this fourth to despite as the year. approximately prescriptions experienced sales last As million of year, X% the demand COVID-related with U.S. total

First Medicare also sales gap. quarter approximately one-time coverage included of million the to a of the true-up $XXX related impact

We as the pleased internationally we NOAC be Internationally, number the opportunity the we accelerate towards and continues We switching from the as half about the very year, with multiple expect seen years. around growing warfarin. growth XX% versus Eliquis grow class. to for Eliquis Eliquis second markets execution volumes grow. within room seen continue growing one As share optimistic remain expect prior remain key NOAC significant remain of sales as to the strong both the of since coverage levels, we've to well we brand look prior gap new year. to to world continued with in in pandemic a for returned similar Eliquis dynamics to

Opdivo to Slide turning Now XX. on

launching As in The [indiscernible] digits the further Cabo with with resurgence remain plus recent in launch first of quarter and in growth the builds CheckMate Yervoy year is the to unfavorable of is Further indication chemo Opdivo it growth, as eligible where indicated. supporting -XXX the Opdivo relates population. strong this first-line space is very in impact the earlier We the in during this year. well the now approval see lung we're the plus pleased very remained infusion. bladder in impacted as confident COVID cancers, invasive returned also did approved cancer. U.S., gastric our Opdivo Opdivo uptake look to regimen shares first-line low this the IO muscle we early virus some position contribute quarter, not the that of in That segment We to the IL are in renal to and our from indications stage and performance expected double in going within additional forward which first-line plus further year. first significant the growth esophageal across later our diseases to

well as of esophageal read foreign time. effects first-line have multiple as for we that opportunities U.S., announced up trials met future -XXX other due the in we X% primary CheckMate out growth, sales its favorable endpoints, to Additionally, including cancer, which are from over Outside exchange. we'll for treatment

to of encouraged strong -XLA the second are approvals in the indications increase and regimen of -XXX reimbursement, We see -XLA dynamics COVID. regimens new offset the and both Japan. and regimen line Europe including These in and adoption impact

use in outlook very all, the under expect we in review. excited we forward, Looking remain All about additional of to for expand growth Opdivo Opdivo. the several currently indications

work on flat. build. In Moving portfolio. like down was inventory offset line Its U.S., to are Slide quarter our last XX. growth Revlimid touch in expected sales the to I'd myeloma the multiple of by

combined year. due experience in the patients overall also from foreign a X%. driven globally. seasonality use earlier the increase expected increase was Global in million strong in to from revenues early primarily a Outside build based coverage This Revlimid which as therapies, based up Pomalyst X% were Revlimid entering U.S., approximate for impact inventory resulted well and an last as year. demand a lines. X% for We the demand in strong triplet the the $XXX offset triplet Pomalyst by gap of we saw saw that and exchange, tender regimens This

few the our made minutes Now we've to progress in on we recent quarter spend on sharing want launches XX. Slide the a

the has launch contributed $XXX sales Our in in million quarter.

first which Reblozyl, start in Let's million quarter. generated $XXX with the

at to continue pleased in patient in new launch We be the uptake starts.

demand. transition journey. bolus seen underlying to the market COVID to on some see to new continue drive for continuing we earlier their We this impact, initial has in focus while treatment patients And remain starts from

reimbursement. initial as we markets And continue going receive well. the the launches over of course globally year we add and are markets international will Our to

establishing encouraged to see traction into Positive before. we patients experiences are convert Zeposia, also good translating than initial the multiple at in where modulator continue SXP commercial quicker we scripts. brand as supply repeat see choice rate And a are Moving to sclerosis. prescribing the to to

at marketing launching to authorization Zeposia with that we May. MS of also multiple The to sclerosis, expected Beyond for look toward continue in in and review Zeposia we with in progresses. colitis ulcerative we're under markets additional the Outside launches New application forward in year. colitis FDA approval markets pleased as U.S., this ulcerative end of the to approval York will secure reimbursement expected the year the remains end several

Turning Onureg. the

a and we the remains shaping a and opinion continue the first teams overall an We Outside be to maintenance we encouraged this AML expected treatment treatment survival approval will CHMP oral U.S., time. recently of launch year. and establishing been had in segment the first-line new remain focused maintenance Physician the demonstrate of our on know positive feedback and from our focus AML. which paradigm, profile awareness take benefit the on only with as setting some to the received the by and where establishing positive Onureg

franchise to our new Slide XX. Turning therapy cell established literally on

We two excited therapies launched have are very patients. differentiate cell for to

of a myeloma. and lymphoma recent Breyanzi multiple and large BCMA in approval B-cell Following

Breyanzi, regarding our First best-in-class CD-XX.

CAR-T the While efficacy we early resonating, messages treaters. outpatient with are utilization are launch aided around high among awareness and in

first we from for ever treatment. highly weeks where patients at been as and BCMA, excited our rapid pleased apheresed recently CAR-T to into we approved hearing also few And the XX a the it with as customers sites, BCMA sites refractory have already we're encouraged with by the now activation for have multiple have we to We enthusiasm activated very myeloma, treatment patients are launch just infused. relates the approximately we're of

We from site able leverage is the The of therapies. a footprint opportunity for synergy BCMA these two real combined also see existing and of execution the Breyanzi. to growing

footprint, customer For both the our site these important expanding a while activation ensuring rapid differentiated and maximizing seamless medicines, our priorities account experience. the profiles to

few the you take through P&L Slide items me a XX. on on let Now,

quarter, in to therapeutic that exchange. mix was our quarter quarter. tax relate effective the foreign our will MS&A gross by then launches a Operating largely was First, as earnings for investment product our And the rate, strength expenses our to reflect the Eliquis our first to function mix. in rate margin said, margin multiple of across of reflects be rate XX.X%, And we gross continue various continue in in our areas. addition impacted which

the Now, capital our balance switching XX. Slide to gears allocation and sheet on

cash flow remains position approximately billion the marketable strong $X and liquidity from quarter. including Our in billion of operations in securities, with $XX nearly strong cash

business Regarding capital our development rating continue and complement to our repayment our investment company, strong demonstrated grade tender $X billion regards top innovation. this commitment internal via will our our With credit redemption. remains reduction we debt evaluate priority to of allocation we've by for opportunities the to quarter, accelerating to and debt

share will progresses. billion repurchased $X the year cash opportunistic And also and at start we the that authorization this in our shares are repurchases. the returning to and billion We planned And as Recall, that increased billion committed $X $X.X billion share through quarter, already year. In between we we to remain goal. repurchase buyback first of by the have shareholders dividends we that toward $X year. to

turning Now on XX. our Slide XXXX to guidance

Following year, reaffirming for this quarter’s our performance, non-GAAP reflects growth which last we year. significant over guidance are the

Our launches I'm businesses just the considerable made pleased, our our opportunities progress executing And advancing and turn to like not Q&A. with over and launch have pipeline. Giovanni Again, fruition. performance, also and now remained I'd we are but the the coming resilient to in back call for Tim to our

Tim Power

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


you. Thank

from Please Goldman will our Terence go Flynn We now ahead. first take of question Sachs.

Terence Flynn

is Factor now listing It study completion Thanks XIa the data question. replacement total for for like a in the knee Great. month. clinical taking showing X Phase looks your this trials.gov

trial to X% looking to just could looks And that if over then actually the rate here near be we enoxaparin X%. So data from of bleeding get at term? setting, wondering back about it this

just differentiation Thank for? wondering So level what there of you. you're looking

Giovanni Caforio

will Factor two Terence. questions into morning. you. Samit, I on you, pass Good Thank the XIa

Samit Hirawat

Terence. you, Thank

what of the the look Looking of we and replacement next the trial would before, also in second knee now forward spoken readout read is which total months and XIa testing the trial single forward couple Factor to the first setting, agent terms we've as as the early In to of determining the the define one part it overall efficacy plan really ascertain And as we in to truly course out we safety. move year of well. the will factor can the in as of totality, be forward. next gain

with the what improvement said Those the specifics that, level trying did to on not to defined see, So are but in Thank we've with agent and for more we profile, the going at you. another is what to better but certainly go we I come for. to into that are differences produce prevention as of is the and of we can again, that look clotting be well. in looking before, anti-platelet forward for if similar looking efficacy, thrombosis data combination we of safety level that agents

Giovanni Caforio

go to one, Samit. Thanks we Keith, can our please. next


comes It next JPMorgan. We from of our Chris will question. take Schott

Chris Schott

Great. Thanks so much.

terms Yervoy be think treatment second an as development a Opdivo these up from role efficacy competitor, a in combo bit this this bit more stand you of that market, of And against LAG-X should little guess, maybe of kind we then I markets. here. just thinking little type of question about was my and standpoint as launches, rates can mostly two about elaborate monotherapy the just in more color combo? think kind we on is questions of adjuvant Maybe and the Opdivo, a Just something first, or its

kind Just esophageal a year. as think we bladder about of and of this color more we of do little bit think kind how ramps about the

these much. the those really or indications? years that see to big opportunity of a so events, XXXX going this take Thanks are to for So is couple

Giovanni Caforio

Chris. you, Thank

give LAG-X, into combination, give adjuvant. on and fixed data me dose fixed ask in enthusiasm which in play let may it me So immuno-oncology share on and then his uptake to validate first represents perspective a my where melanoma to third important And combination company. for agent really insights the let you dynamics that dose Chris and the you from

Chris Boerner

question for the, for Thanks thanks the Yes. Chris.

me with LAG-X. start let So

for we top we've results So bar. think are third and I we and first BMS. seeing with encouraging say have let high from data IO activity are a that pretty that's Opdivo in of seen me the that very enhanced pleased on the melanoma, readout The excited very an that

And opportunity about so bring patients. the to we're to excited this

it another terms the XX% single Opdivo, fits, market remember non-IO. and XX% that where first-line you to got is of agent In still first-line landscape current you've IO, XX% melanoma, is represents this about of XX% Approximately of of Yervoy melanoma.

clearly drive the There's need work looking that we forward like So for a combination plus unmet a and process. that dual as options here with we continued IO that through relatlimab our think effect, bringing Opdivo benefit have real of for there's patients to regulatory additional population. looking way to a to opportunity us clear into physicians the we're

again, the terms this be In certainly of the beyond as get important into growth year, opportunities look for –look and an opportunities, we as half about of we adjuvant this XXXX. latter is the to going opportunity

of and You given a excited esophageal, low about noted this population substantial patient opportunity are those. just we're today bladder, relatively adjuvant upcoming rates need. treatment here With therapies. The lack the very approved with the is considerable esophageal with unmet

So as play melanoma. the is both utilization are able And in to adjunct of We'll we expect drive similar recall dynamic to time that which much patients out you'll would we a time. the bladder rates cancer we small did over terms being anticipate then relatively launch in over be well. and we who treated improve way as would today, treatment in

months. those out excited to the forward those seeing and so very And look opportunities coming in about play launches

Giovanni Caforio

question next our please, Keith? to go we Can Chris. Thanks,


of Our Guggenheim. Seamus next Fernandez question comes from

Seamus Fernandez

the Well, for great. Thanks question.

some in as in noticed as the cell one is it ASCO trial, up really planned trial to an also that melanoma relates single to well just what's on data. lung for I reports Chris' adjuvant the assume particular LAG-X. abstracts. a – the supposed to wanted but the follow question of of hoping at There's this as arm non-small I is adjuvant as I So cancer that Bristol opportunity. acceleration

next your fitting Just stroke, separately hoping better of of to that bit you thoughts of LAG-X a the bit, remind us get Samit knows still maybe with trial lung In of around XI or opportunity this in And the could Bristol-Myers there. year. just do $X a a experience of half you Plavix. we the expectations, nobody maybe opportunity. you side? on but Factor Thanks. see where view, then us little with potentially be than first wanted visibility kind that plus on opine given could our just a a not little And billion cancer give better bit Squibb SSPs reflected of [ph] That's the really sense little that space see could think your in

Giovanni Caforio

the for Thanks, you. And thanks Thank question. Seamus.

let at forward before questions it your me to just ASCO. are of you data So that, say pass to both answer the Samit, presenting what LAG-X I to look

Eliquis, performance to of speak be demonstrated just of the we've me well Samit? as we Factor think going course, opportunity agree with and XIa, of a great let ability and to a is years with on the show data going it's back strength I we Plavix, with be a space we're current now our the few extremely Eliquis. to where with you. know seeing successful This

Samit Hirawat

of very relatlimab. continue Phase follow very excited gain where we more, now from of fixed great setting. to of – more follow-up LAG-X we'll program a adjuvant look would to as the first trial metastatic coming of data biomarkers, the hear began for be adjuvant as patients, go data lot that's more Overall, addition this we in in oncology going the and seeing into will evolve that for our top the the deeper the And out setting that happy for you to X Giovanni. certainly Opdivo after where in progressing as progression formulation Certainly into And the on to XXX the the in well. pipeline knowledge. that nivo natural be you, certainly for dose as we come the the with long-term a beginning relatlimab plus a to thank combination to a for BMS core knowledge in line setting current data well see trial Yes, for terms as the in-depth the will that on have into

which non-small that's plus looking certainly nivo part you idea opportunities, about enrollment the lung that early plus it. behind second is cell the of as started we the the chemotherapy combination excited take can the Now, trial, where generation in accelerating see cancer trial. to to [indiscernible] well that relatlimab asked have And as at

Phase we're the we in that that we So X can initiate by year, is at. in that trial setting a program if tolerability end demonstrated looking the that that of have early

into data, to In addition to Phase X to looking hepatocellular carcinoma that we that, look can you some forward. additional evolution that the that indications hear we're the – of continue in have up potentially and look open also study,

the Beyond to readout early XXXX. that still in in of looking the yes, are the part SSP we trial, forward

the said I development two anticoagulation single is on anticoagulants there or number opportunity whether the the arterial plan opportunities. antiplatelet Opportunity that to earlier, the it'd improve of to expand will with two we agents. current those agent clinical studies venous basis form therapy that is together then to side the the of one be And two paradigm number thinking are use and side of through, background the the a of As thrombosis. are are

Giovanni Caforio

Samit. Thanks,

please, the go to will We next question, Keith.


you. Thank

Our go Tim Wolfe ahead. Research. next Anderson from question comes of Please

Tim Anderson

of can eminent of will U.S. domestically space in both just you. markets, as developed this lots clearly class. a PD-X PD-X in while a it Europe. only and as crowded recognize question Chinese with many, competition of about companies. And think produced kind pull. it And talk started longer companies least from Thank well you more might as become winning your PD-X I or category. the getting strategy, kind The level higher both to other Can be on biopharma competition category happen commoditized not view It term eventually in has China, usually those of a at lever have whether I is on sourced space. these price is price the a the is

outside here? lots Thank folks out from figure So what trying articulate of this Can to you. China. of precludes you views are your happening

Giovanni Caforio

Tim. you, Thank

you Chris a Let on me topic. perspective to really important our give ask

Chris Boerner

Yes, thanks for look in about about question, really bit, obviously the on market, two at Tim. We a think number we the new entrance think it dimensions. as this the of PD-X we quite

First, area competitive impact market. a there's Frankly, the we're attention but bit an concerned of having additional players to, little on that's less pay we the that about.

resources around planning considerable have competition. We on focused

have We always of bit feel record we a our to a potential entrance, in new paranoid good track competing while manage about very of And effectively markets. ability competition. these good we're

may low The on that risk setting, is, both of you're requires it part varies. and attention these a providers, interchangeability a a geography, even cost system requires way It We we close raising, together by we is things by market. look when look perceived the of The the patients. believe healthcare of of to we second of commoditization requires entrance, think at therapeutic this. likely things. but and we And that very dimension payers, the be pay and coming two is which risk at commoditization

data risks we the see overlap something it's it's as risks risk, note, don't on greatest pushing today. changing and to paying area that's top areas they we But it. an have I we In and where the that very well of, the constantly care. stay I-O to close become to you of the continue to need driven. dynamic very believe that rapidly terms second, have more markets clinically dynamic. But Currently broad such are, be we absolutely this tangible. the address things position data that extremely And innovation market to with at as The we forward we're we standard decisions to the plans bring of new ensure first, this to continue in certainly treatment against think is continue that leverage largest as set threat we're our can attention that continue generated two that do to approvals and to then least

Tim Power

very the go question to please, next Can Chris. we Thanks much, Keith?


you. Thank

Our next America. Geoff question Bank Meacham ahead. comes go of of Please from

Geoff Meacham

question. Hey morning. Thanks the guys. Good for

under for had quick do current new tipping highlighted Onureg a of the for the some be Reblozyl Just the think of What and ones, what then point saw could were this for you Slide couple quarter? headwinds launches on Zeposia reimbursement, XX. indications? you And site And the synergies know activation with but early, second is, the to seeing, therapy franchise, there cetera. you. two then given question cell that the with respect just are it's of you're Thank your et proximity launches, I or

Giovanni Caforio

my mentioned very differentiated. you, on don’t you Let me happening Chris, you go that I'm our Thank Geoff. excited is what's really ahead? why the launch you just profile frontal with give perspective. brands. The medicines of the

hearing is of have role that are strong terms exciting the marketplace. in what have these agents physicians labels in we the from We will and potential

Let me more insights referenced, Geoff. dynamics just ask some Chris to you'll into you of the give launch

Chris Boerner

questions, for Geoff. There's the Thanks Sure. lot there. a

on hit to each try me relatively let quickly. of So these

year, and what expectations we're the for growth hearing unchanged. our we're Reblozyl, pleased the continued of certainly actually this teams the And Reblozyl. on and remain long-term execution very strong So with in

the for saw underlying relatively that factors As were dynamics And QX. sales the we in flat, were this. there into two really quarter, QX

new down will about seen population. peers, in First, heard patient in we XX% They some our have generally. volumes the levels from of were XX% down as pre-COVID versus MDS to have you hematology,

with and and are to launch patients commercial has in written for in of MS. transition dispensation at factors the to That business. estimate in And focus one say, And said, time as of opportunity to as QX, of the as have would have pivot you opportunity XX% of of we coming in to Onureg continue about and XX% And Those PDUFA we overall and a come least last points, months. discussed continued obviously to base, coming discussed see seen Zeposia at big the And of take two have scripts the perspective, up continued encouraged so bolus in date in are very for dynamics over of or we some from look those another this was critically Reblozyl, that setting period. quarter. Zeposia, is Zeposia is forward expect off MS, that's for new patients that IBD. market it a peers, creating so. that important and patients around product into and context our to that so patient play, important course, it And an Reblozyl. some a you've seeing Reblozyl we to month mechanism roughly much bit we the which And differentiated would the process a expansion the our down specific we notwithstanding, see very to the year, the seen area we you and QX to MS. of with come terms the I new does this to therapy around give trialist starts of Onureg. prolonged in we're in acceleration that wash-out a this well. very respect to going was by prescriber uptake launch with And with from Onureg, nice and bringing continue were XX%. In bolus for very excitement that we point

excited And space, coming in saw into with volume demand about we're very In patient increased XX% we're say QX. what would from fact, I we that QX seeing.

then a that it's take cell therapy teams market treatment excited we're and been two we're creating cell pivoting launches your the new going this time. well very are on the again, landing that's some very data But paradigm the And all where customers. with to to question have is about well both products are a indicators efficacy And of received. profile again well. therapy, Now, executing

has Breyanzi little more Given terms the timing. bit launch a got in of data

Let me been there. well. XX start is had have going already. that launch over activated very The there We've accounts

and for messaging landing And we've accounts differentiated of clearly fact, patients profile. The safety is the Breyanzi. were highest a in with fact profile seeing eight within Our already infused, priority Physicians around weeks are approval. activated in infused apheresis Breyanzi well. best-in-class

exceptionally for well. that the earlier of infrastructure built the been on of quickly have has And But Abecma. we advantage that there launching execution process on in Breyanzi. the top obviously just say, would Abecma, I with product we a So bit the

actually within The days been and therapy multiple centers activated to us we've feedback into we've of a cell there's able physician myeloma. lot XX more So activate approval. rapidly for has positive first had BCMA-targeted the were very there, XX bringing enthusiasm been sites of

days far, has start. to So the good off early be a very but seemed to launch

Tim Power

we very question, Thanks go the Chris. to Can please? next much,


next go Baum Citi. Andrew comes question from Our Please of ahead.

Andrew Baum


for on meeting assess determine business increased broader in development, consolidation to late. looking you whether noises access in going terms be to how and cadence driver Giovanni, panel question being that going And comment in Thank we relates whether activities. this your loud assessment that of anticipate business in we should actions. in portfolio, you then Perhaps way. given obviously a Bristol, of JAK can has second active. Many your to the to you. M&A category? particular interested to to Samit. First than what novel I'm allowance of more is the to thinking of of membership divisional increasingly to safety broadly making engage, anticipate you And its in it's a FTC more been peers of cross question think have about the be about relation in drug you impact development patient mechanisms diminished prices forward, I'm could a of whether anti-competitive noise

Giovanni Caforio

Andrew. Thank you,

me question. with Samit second will business and start then on development on your Let your follow question

So is do one, that development speculate evolving priorities I for would for couple the a days, allocation number early the and capital with for position A will in of you things say be. strategy. and is It difficult what it's priority that an agree FTC this of I at really important point us. business it capital of the has will our remain one been while deploying to

we've I what accelerating strategy. that and generating even value into And presence demonstrated opportunities. as to say our look account we feel development when expertise. way across at opportunities element The to and ability over we'll their of point where that continue differentiated that actually business this over to the I to like we second and thing our an have continue plenty always And see drives it's portfolio of we the important But strengthen of business all areas I there that issues that are is to when competition it's into actually don't our development very obviously, at a take strategy. limiting execute a company, assets of acquire for feel more patients. I development

So with that, Samit?

Samit Hirawat

we've absolutely And think JAK and and safety believe belong on AdCom we Andrew. in efficacy they or the terms data the presented, thanks it look not. mechanism you way speculation good certainly, is evolved the TYKX the thinking around if we in at of it measures data, the from looking way it are for at were a as differentiated The clinical and do for side. we perspective is heard whether preclinical around action data, of very the potentially also there has the Yes, yes, the about inhibitors, data,

have a think molecule is medical new do if that we'll already. We So it in data unmet science. this with And new certainly potentially of data first-in-class that, inhibitor, with need. continue breakthrough our strong which for well. psoriasis, brings has as follow-up TYKX AdCom, new an as for believe very be overall, we patients the arguments first, efficacy It's terms with in is evolve, we've prepared I there to shared the all long-term we'll an

certainly, in possible. move soon along, more the forward as forward it in as are to discussions getting regulators current sharing go it file we we at and terms the and preparing as to of So looking the time,

Tim Power

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


Ronny comes question next Bernstein. Our of from Gal

Ronny Gal

may. I Two if Good morning, everybody.

you’re even impact cost with with was has second, if Zeposia different your about ballpark MS translate Republican wondering for the thinking structure pharma pharma, I come going because restructuring XX%, structure And the side, handling prices how to of into IBD just does roughly are the of some and participation Part First, could from of Part price own two the between that market that? and us how that, transcending revenue? the for office the in you now D the D market, cost out the I through was the so and you participation band you wondering from difference in by handle the relative are democratic side. how

Tim Power

Ronny, you don’t the quite it's the Could first heard part if hear we the couldn't part Hey, about repeat on you Tim, beginning price question, of of mind? your We your the question. Zeposia.

Ronny Gal

XX% requirements restructuring, kind how like can for reimbursement by feel D give pharma into us impact a of a Part revenue? translate you hit your Sure. on

Giovanni Caforio

Okay. Thank you. Thanks very much.

there, to your then Let me address Zeposia. start on and Chris I'll question ask

changes any to I elements the discussed dialogue So into a may let benefit me be premature D think administration. be potential redesign say, obviously design of discussed Part may that And by the what the about go there – may forward. is continued assessment going what it's

of I think a things. what's is important couple

So, first you a therapeutic have multiple and multiple diversified payer very of as portfolio segments know, across all, we areas.

there a a dynamics on will like benefit from product be different that any different and versus portfolio our for And always so, product Eliquis. Revlimid designed like of different parts impacts we

makes in the is reforms impact to have that ability any fact What more patients really to I for it know which that critical difficult of our is mind, look it's it for you in is to reforms, important is objective details. because that it And from so at that think perspective, important the the into one insights we reducing the the interact with on give expenses of the year. D. make throughout Part as redesign impact to core in overall has. elements the establishing proposals of Part And we'll catastrophic that that Medicare industry include focused of patients the will of be D caps, continue phase, administration we out sort the pocket priority That's the to the that smoothing improve

it'll provide our proposals impacts into that how portfolio, easier insights for think progress, us be Chris? I And so, as to

Chris Boerner

market. MS in UC, the obviously prices I the patient question, of line considerations. say about how provides What it's are the at we're would to point thinking aware to certainly keenly that access UC. in the for we're think discuss too as And between ensuring the MS in we price about market going this with early factor the you and in it UC, Thanks know, pricing and we Yes. we Zeposia differential is broadest priced value as

Now we been approval Zeposia we something broader about we to that some of the in UC we've we'll on plans place for but the in the IBD execute and think focused importance closer in get have generally. And of as access it's time. access

Tim Power

next question Please much. very Keith. to please Thanks the can we go


Risinger comes Stanley. from of question next Our Morgan David

David Risinger

questions Yes, please. thanks very have much. two I

context you that LAG-X then Yervoy? discuss could first-line ex-U.S.? for in second, the have just ahead plus in bar you coming And Thanks provide we of the and U.S. Bristol-Myers could framework a very readout the so melanoma the combination years in First, with that Opdivo Zeposia sales much. Just in of both set drivers ahead.

Giovanni Caforio

Thank you, David.

you Zeposia. to start Let me his first-line perspective melanoma. and on any And give add perspective Samit give can ask and you answer there Chris then

David Elkins

who question, non-high through or David. as number it though, single large a of to IO regimen. Chris still way patients mentioned there's are The Yes, earlier, agent for is at treated look thanks the with either

has of important plus and O is effect and very shown yes, maintenance very important effect. efficacy, that regimen, Y So a long-term

excited use melanoma profile can have here. to this over therefore to treatment this who remember now nivolumab and is who potential be patients that's an patients its talking for it in becomes safety the paradigm the to and future setting. about additional why able of for prescribers One add on differentiation setting relatlimab particular in reason to for that once the has approved are so as we're also And we with in be first-line the to about potentially bringing top important. treatment treated, single agent. we What a are the And

plus looking relatlimab treatment the future. the of nivolumab an therefore important paradigm So, aspect becomes at

Samit Hirawat

Yes. let And the Zeposia me then on take David. question

commercial progress of in It's terms dispense. both the excited U.S. through of of in that number brings have oral written ex-U.S. So, very think terms now agents. the the think we're SP U.S. pull we Zeposia differentiated in we're very earlier, that a terms as about mentioned And profile of in initially we about the optimizing first this gaining Zeposia market. patient is in into We the on opportunity are way one all, MS. we I prescriptions, and making the in

the to uptake to in very launches of still it's early be in in U.S. opportunity markets would So short think grow very continue say Zeposia. Germany. for in term in launch considerable we markets But good, MS particularly Zeposia’s appears in we've Europe, days the got that I the to early Ex-U.S. the like

and insurance that that volume drive with access to in we work in relatively space. step-wise XXXX, be IBD course, and with profile will we So, the we in that open in with XXXX some fashion. market those globally. a the for That be the into have It's clearly going of near And maximizing payors opportunity to that to that Zeposia there's opportunity upcoming drive then much beyond. with as important UC, I Zeposia us going course, the get think unrestricted. going additional into of becomes But Zeposia’s certainly a in that space in on be who clearly initially think more U.S. the and Zeposia from term, focus important in rate accessed. the limiter that U.S. component, we launch we'll looks then XXXX IBD we've that's take the in ex-U.S. get later in very in And Obviously, that the for as launch continue to that be and in gotten We to treaters is we And very that increase we're very time. very positive. feedback or opportunity to important the is substantial. then a have is of then a beyond. that The know utilization. And good. and going have we ensure to important profile patients approach is patients will leverage both uptake terms

Tim Power

please? guys. one Thanks the go next Can to we


question next Gregg from comes Securities. Our Truist Gilbert from

Gregg Gilbert

from of steps When already would you to On CEO, are there on quite set around positivity, LAG-X, twist here biomarkers et concept? sense the biz you as the expect cetera? was as be it what with about we diversify the fair Giovanni enhancing urgency existing diversification strategy of ASCO and relates a And Thanks. took about but different should about as as M&A a dev taken characterize so, franchises importance as company, data I to LAG-X how the you've over perhaps granularity less the you. to of of here? question. level imagine then Thank more thinking do And your to it

Giovanni Caforio

Greg. you, Thank

me there, I'll for ask Let you then Samit and biomarker an the give to LAG-X. start strategy answer on

believe in business. position is for have which are right is you now hematology, When an absolutely leadership immunology, of sustainable the fastest I long-term the the of think oncology company dynamics strong tumors think with and for that what's the clearly them. a four medicine, right. all I our segment have one today growing that cardiovascular that of we I we our well-diversified of and in business incredibly set businesses business, diversification is look things of the clear strength happening at that solid you our

this opportunity technology, look where assets development perspective really apply think and important opportunity have we've an the point, that's scientific from of leverage, can I assets. promising maximize And our that we a deep in to an I capabilities of expertise, for So an those us because at a growing we gives perspective or and that we foundation value those a company. areas. clearly from all whether the as that's at see have And commercial we that can apply it built expertise

to is in times, the in of as But our business point. we objective the So, diversified this several the to portfolio. well further at mentioned, the development is I've that And priority continue second now the across part of decade. to our for extremely outlook strengthen have business those is all strengthen areas us Samit?

Samit Hirawat

thanks for question as the Greg. Thanks, And well. Thanks, Giovanni. Greg

will into the we of presented For not LAG-X, presentation. be I'll but the obviously, of data certainly ASCO, specifics get data the some the in at that biomarker included

and LAG-X, investing medicines general the IOs, been a for may to it's exercise all get which recall, dictate are the exploring. you that we really As published specificities and activity around difficult of around the from biomarkers literature in

overall combinations presented, look other landscape, details as forward certainly we looking and So a deeper to get of continue after understanding indications we into into the that to will the and the to but as better data well. are

Gregg Gilbert

Samit. Thanks much very

Tim Power

one, Let’s please. go next to the


Matt next of comes question Our Phipps William from Blair.

Matt Phipps

taking for give look trial? thanks timelines saw for potential my Two And an in The are any strong Otezla severe the additional advanced opportunity? on there? Phase positive on how any you the you population plans patients, results to announcement. power Otezla by do quick the secondly, the run [ph] EFS market update to versus XXX to also Hi, the patient opportunity mild-to-moderate, expand impacted [indiscernible] X think given Roche a questions. mild-to-moderate study in CheckMate overall ones. Can you in the us And and on an there moderate the maybe study then head-to-head then the

Giovanni Caforio

Thank you, Matt.

address to points. your Samit of Let me both ask

Samit Hirawat

Well, it the Chris. pass on probably one I’ll to second

The first very, seen Certainly I for already data you've say will EFS one, very CheckMate-XXX, the for that the for complete response. encouraging. pathologic

the soon to forward as as be we still EFS of XXXX timeframe, on Looking it XXXX certainly we'll remains it from have readout And track. toward that perspective the end early that data sharing so available.

And more clarify we have Just I what to inhibitors. the on. On no that's being hear in what speculation want around speculation to the knowledge I adcom, one around just the is around one that And around that JAK question as clarify more I including thing we said Andrew's there. the TYKX time. want included early

Chris Boerner

obviously turn happy we've seen the commercial that far to TYK. for it hit with so Samit the with just me let on opportunity back and quickly very And CheckMate-XXX. then CheckMate-XXX on We're results,

Samit that I treatable to is are say emerge to What of sizable the rates patients order data about would space. fairly this here. opportunity, there are mentioned XX,XXX just treatment is just XX% the in this in As continued a of XX%. The shy

an So, space. push do to treatment that patients potentially in active be space available opportunity those remember obviously many opportunity to and treatments one, an two identified are being things, rate. for you in we the continue neoadjuvant have think once today And who the will there's provide are treated more patients the

there's opportunity So here we Samit? considerable think

Samit Hirawat

of first about product, of a are the terms TYKX Great, thank you. all, data excited Otezla think, we versus that in we I have. And the

We've unique mechanism that in have here. is the the the of We over moderate-to-severe psoriasis. action quite data obviously seen

ultimately We But studies would – discussion have what in the space. mild-to-moderate you we'll certainly plans with in ongoing space, lupus additional the psoriasis that The are around IBD where evolution continues not of of and our the for be. ready share psoriasis. end indications, today we additional excited the at the truly are the the plans in mild-to-moderate we yet share And are. to data year certainly,

Tim Power

next go we question, Can Keith? Samit. to the Thanks, please


Our next question of Cowen. comes from Steve Scala

Steve Scala

competitive Thank that or on be to you. not been on misinterpreting? but is A efficacy. you I data adding Opdivo advancing armamentaria, couple For the instance, as Yervoy Relatlimab It with of am mentioned though questions. Based might it not safety on everything has sounds the plus said, it.

refer many those but on You patients monotherapy IO-IO. really you receiving not who too are to IO, didn't on referred

the should in Second May on business, think So, comprising products Page I'm about data just Yervoy be slide you. on XX%. about of abstract of the interpret of continuing and full will curious what Thank we XX% should in that the we on Opdivo XX? question X plus XX%

Chris Boerner

you, Thank Steve.

Let me perspective. provide some just

and actually now answer said, But individual XX% by brands, third we've to online we're are given important particularly for the rest question, the emerging decade. So Pomalyst And We're is that become the of your discussing strength about in we've that a XX%, Revlimid said business the the down continuing think there products. portfolio. important XXXX XXXX. breaking remainder the of the as the excludes business being brands launch second into the that what's further is that I of business current XX% obviously launch

to very the response that combination demonstrated melanoma. again, standard-of-care period durability Let fixed-dose we're enthusiasm I long And Relatlimab long clear ASCO is reiterate have a for want reiterate Summit. a just me of the our just at Y. from data Opdivo be over with O show a an from perspective, plus to, we really But to in safety It perspective, of able well-established excited time. efficacy

Samit Hirawat

plus nivolumab of would And add nivolumab study point plus relatlimab I look, is, versus not did a we ipilimumab. Steve, do the

comparing be the So, trials. two for it unfair data the would start to

Giovanni been Secondly, data, ipilimumab, Chris earlier, so for long-term we and had as time overall data. have nivolumab data established said said, as a long rate plus response has survival just

dialogue overall For nivolumab. as have progression-free well data we data And rate are, relatlimab go data, compared we very as you'll looking have the see certainly, our not survival as the with we as to but the see that the as forward. data, soon. are where to data we agent very can And evolution to forward survival But of response certainly single do Giovanni where excited stand overall we said, a pleased after that. and we

Tim Power

Thanks so go we to next Can the one, much. please?


Our next question Luisa Berenberg. of comes Hector from

Luisa Hector

MS Hello, you're then thank return QX expect Zeposia you. which I are In the how on the us to market launching wanted to Zeposia evolve? could just COVID. for be on top you do that very you. on patients adcom? wondering Thank you the to And indication, an in anticipating launch? piece. and starting preparing I'm update are to And UC you

Tim Power


Chris Boerner


the it then And for adcom question. start. Samit can turn to I over me Let maybe

that this particularly had for This of relatively year, market new performance a down. the being you the So by happy volume we as are point terms obviously COVID is a environment. in-light very into as in patient was, in was that about of market we talked last hit with And BMS. Zeposia MS, entering of COVID out new

amount time. a in And so sure engaging making the spent customers time with year, of last the of cases many were we end first considerable we at for

was And few so a do continuing to our things. focus

And well. pool we're relatively board in that switch were very and SP coming uptake making good clearly MS as seen on continuing the and data. we selling patients one at what the most point the is in new who demonstrated sure increase this, being it business Number here. written the First, for dynamic an small of was in Obviously, to prescriptions from this is seen get profile coming we of in we've were terms of patients. believe we've market, this

written as then a sure So making scripts evolve we're I to dispense And for commercial And great we for continue to smooth we've with obviously, market. to that would journey this in questions, into there. we and that very acceleration the in big mentioned And that. previous time. over happy very focus been ensuring us expect of has had a those convert patients continue a one

far. we're good trajectory So we're very we Zeposia and seeing MS Samit? on for excited about what And think so the a in U.S.

Samit Hirawat

of the briefly is Yes, just of PDUFA already May. we colitis, our end very end April, date on ulcerative at

good with the very nothing had conversation a but have FDA. We

adcom knowledge an versus So, for Zeposia. colitis we of have ulcerative no

Tim Power

Samit. Thanks

I we Keith. think ones we've to maybe please? got time for last two go next Can the one


you. Thank

Our Raymond next of Leone go ahead. Dane question James. comes Please from

Dane Leone

next it's congratulations guess for the do much very the questions us, the in I for And call, and know thank you I taking start late Thank I'll on year. question. taking keep you from the but to have we about that in the is of question the is the of looking becoming your lot years community investors new couple myeloma at how of within is that? you think the offsets collectively get and The multiple some agents face in, headwinds to some how clinical such specific A I the franchise your you Obviously with you the updated. market as over terms share guess, some offset [indiscernible]. Revlimid, where moving Thank of is team question, setting more with pieces move hydrobromide? commercial in a can And you. the space? interested may an that to into think some

Tim Power

Thank you, Dane. Samit?

Samit Hirawat

you. thank Yes,

you’ve multiple strategy. very myeloma asked correctly a So, about

with the in see are at to for the we we We have of we in with potential where and which cell Abecma. space. three-pronged continuing the out myeloma, the the setting. multiple the broadest in results the we of CELMoD-XXX time way have do the heritage approach. one mods, us in on course, now to image over look pioneered reading side, opportunity a But as it out build reading this XXXX. that have We allow hydrobromide image beginning are portfolio, And the approval fourth-line to that the of near-term a then second year replace On leaders for of the to plus

targeting. for well as targeting. have the Abecma as The approved, second already the ADC the strategy and engager, we is ongoing T-cell BCMA investigation

And beginning of mods in to therapy. combination. see earlier will as the And setting we'll cell to The prior third build the continue lines in well. then this course, you combinations pillar of year other is, one line two of already, studies the the the on

we feel we having position continue in good So, these are we multiple our can our on by confident about modalities. forward that overall really build And that space. to going leadership position

Tim Power

to last Thanks, Keith? Samit. Can we one, our go please


Our Jacob go comes UBS. ahead. Navin last question of Please from

Navin Jacob

much and so for taking question thanks my me. Hi, putting

if I two Just may.

the indeed question the BMS I if so actually for I a a Giovanni, headwind. vertical Just to confirm far on then having finally have BD, noticed Eliquis true-up I want as million just somewhat can, a the $XXX for that tailwind – and And was not you neuroscience. new on was

that what are about think looking you'll much on annual As the to basis you an roughly And invest be are years? you to how in? the deploy areas looking BD, few for next

Samit Hirawat

thanks Yes, Navin.

We've successful BMS at an few this through a right. a With business, we the model in teams our say doing, yes, of at It portfolio what been you that network to compelling let built early me just very neuroscience really in what small very actually, is doing advancing million. looks interesting. respect $XXX team So over quite very years, point. a tailwind last has a is are are innovative the obviously, partnerships, primarily are quickly where

focus could So, an that yet, not from important in but be a development emerging a late-stage for us of large area future. the of franchise sort

As going earlier, all are depending be continuing on available across we the to expertise. areas where I portfolio said that at to assets we the looking are we and look strengthen have our at obviously of

in one allocation a is per clear of but made the acquisition in it target company. the really terms remind of to terms in continue of spend number we've in a of is I'll the strategy. flexibility year of The type able a be We have haven't capital really And priority MyoKardia example invest have year, financial tremendous good given this to focus very forward we to last right the to going as opportunities we and right science. want you,

Samit Hirawat

would today. I for thank us of you joining all to that with So like

As this have discussed that our able to so of our many teams year, accomplished I'm on may the that our We've be and of will what strong so pipeline. during the during launches the as to results, further and this grow including quarter, And advance the week. with delivered rest you answer our always, continued the revenue, milestones far we proud we the questions of strategy. consistent execute team have discussed have the of day been call. course important really

participating. good thanks have of So to And you day. for again a all


This call. participation. you Thank concludes for your today's

disconnect. now may You