Bristol-Myers Squibb (BMY)

Tim Power Vice President Investor Relations
Giovanni Caforio Chairman of the Board and Chief Executive Officer
David Elkins Chief Financial Officer
Chris Boerner Chief Commercialization Officer
Samit Hirawat Chief Medical Officer and Head of Global Drug Development
Chris Schott JP Morgan
Geoff Meacham Bank of America
Terence Flynn Goldman Sachs
Andrew Baum Citi
Seamus Fernandez Guggenheim
Tim Anderson Wolfe Research
Carter Gould Barclays
Luisa Hector Berenberg
Steve Scala Cowen
Matthew Harrison Morgan Stanley
Matt Phipps William Blair
Dane Leone Raymond James
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.

Good day and welcome to the Bristol Myers Squibb 2021 Second Quarter Results conference call. Today's conference is being recorded. And 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

Thanks, Catherine. everybody. morning good And us for joining XXXX Second Earnings call. this for our morning Quarter Thanks

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

to follow you'll we that use As our aware, you and David slides we've get read before with bms.com to along Giovanni's be posted I'll forward-looking but for statements. -- can remarks, started,

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

Giovanni Caforio

staying all morning Tim, healthy. and good safe you're you hope Thank I and everyone.

X. to turning Slide Now,

we and an my commitment our for dedication of teams to renew for progress by our gratitude work, patients. start Squibb are saying, steadfast very across me I continuing stronger to the Bristol Second great Quarter even Myers and to our and make their and future. proud diversify results, portfolio, express Through Let position globe to their our am

delivered in excellent commercial board, execution execution, the and including we results our sales strength to stage quarter, second growth mid the including strengthened and results launch Opdivo financial pipeline, BD the our position. late quarter strong the During clinical to solid return due and positive medicines, across performance performance, our was uptake by of our portfolio. of this of our key growth of underscored the new The continued commercial

bottom to XX we with months, Over on to The significant are very X an and important are guidance. therapeutic opportunity deliver continue to our significant and need a top to we sustained our last across medicines growth late financial with growth potential perspective, for clinical diversification revenue we time. non-GAAP the double-digit the reaffirming both side performance and portfolio business stage actions readouts the areas. our potential, pipeline our new full-year date. over added From saw generate to launched recent encouraged we and by we and and and additions Clinically, their line, of our EPS regulatory

strategy. allocation the us Oncology Quarter, maintain receptor pleased by a capital Agenus, An in with our with further to cash opportunities to MORab-XXX executed I remain the anti-TIGIT aligned we generate We alpha strategically Overall, and our significant We strong extremely continue and specific Quarter. franchise. on This with our advance our a term. deals. development program flow, sheet over allowing both licensing progress antibody to two folate business Eisai, long with focused external ADC am balance pipeline disciplined strengthen

Slide on X. scorecard execution our to now Turning

execution. and IO successes including three indications, growth agent. brand. year, excellent drivers through growth our first multiple Opdivo and tremendous only are for In the we made growth accelerate progress of Opdivo launch and cancer, commercial opportunities the where in We Earlier strengthening the further to additional gastric are we first-line year-to-date therapeutic and additional We Oncology Opdivo anticipate have returned have areas. our we franchise clinical this across IO launched to

also LAG-X month, opportunities third field announced Relatlimab, our We expand Relatlimab see fixed At therapy leadership the our durability inhibitor, on the in IO of to for last we BMS, ASCO Opdivo. impressive with results our through expanding potentially our building dose franchise. combination IO the and for the portfolio of

more in We IO development have broad over time. a program patients underway to benefit

products first-ever cell patient has important in This Moving is Breyanzi result. on to in approval X demand for X hematology. and Large and Physicians data these positive U.S. eligible existing for B-cell the transplant there Abecma, significant value treatments need. recognize therapies, topline Building lymphoma Breyanzi, the second-line of Phase been announced plasma. We the an received we strong. for and indications these is

shown For year. to on therapy our we results we their superior patients cell later care. have results time, to treatment early these the first standard details well-established of look sharing We demonstrate The more benefit forward this journey. a in that can is positive treatment that

first X pleased in-house, Phase in we Iberdomide with a are benefit treatment establishment have data the authorities. patients. also and with very the towards are multiple myeloma, offering a data of discussing to of to step backbone forward potentially look We The which better health option new

agent TYKX oral has be We to have a choice. progress immunology expanding the franchise. selective the made tremendous our of Deucravacitinib, inhibitor, first-in-class potential

of potential medicine this the second We in half in expect XXXX. to new psoriasis launch

Zeposia U.S. this potential in expand Phase arthritis, We We we phase to last our of X our in launched Crohn's XXXX this lupus initiated program initiated we eosinophilic psoriatic colitis. and in the for ulcerative Cendakimab in month molecule. And in in further later X the esophagitis. colitis forward disease data program X phase in look year, and also and ulcerative to have

a for the CB, topline Milvexian, received look the results turning Finally, are at milvexian, meeting by the data to medical we later to Quarter We this we Factor in our year. inhibitor. XIa presenting encouraged forward

launch next preparing in HCM year. obstructive Additionally, U.S. symptomatic Mavacamten we are for the to early

great are our well-positioned our CB durability In confidence on franchise. are We the X, slide of me of we encouraged growth. progress these the strengthen assets that gives for by potential closing, to steadfast

advancing product our driving a line mid disciplined performance, are across or remain opportunities, portfolio advancing pipeline a on early, launch capital We rapidly of - We approach to continuing take focused medicines and and allocation. to in executing areas. best-in-class new first-in-class therapeutic late-stage on launches,

Our continues strong our and as in a our in de-risks portfolio, the launch non-risk-adjusted further our ability result, performance clinical to XXXX, deliver confidence billion XX billion revenue XX in to increase. to

us diversify long-term Our financial continued strengthen sheet our performance balance and enable to strong prospects. and

force our sales strongest colleagues, the BMS' excited reconnect very about turn I'm I'll to through With and future. in returns we and and with financials, history, the stakeholders, remote pipeline we teams it opportunity welcome portfolio office, over field to launch I'm As David. David to our our by believe patients. the have you and the our back to excited I the walk that, to

David Elkins

Thank today. you you Giovanni, our joining and thank call all for

discuss with performance growth increased pleased I'm globe. X. medicines across strong our to our our top-line Quarter, Let Slide this driven by the very on start me double-digit demand for key

Slide or teams, robust our the the COVID of strong performance year-over-year, currency. year, experienced our of last color execution well at on Eliquis, half performance commercial Quarter increased additional versus X. products. X% related commercial performance was strong, as most with new XX% as for buying global and which now of the for normalizes was for demand strong launches, demonstrates Looking key This provide excluding up brands first our we up Eliquis both sales This last X% the our starting another I'll year. of patterns on with year,

sales with buying year related the share patterns. which to When growth growth the U.S. as saw the comparison unwinding strong with remained at by overall for of strong In benefited from new-to-brand prescription COVID we this prior total to XX%. prior Quarter driven XX% dynamic, further prescription Second total strong included translate a first growth up year, share expect half favorable for market demand growth. gains, year-over-year continue to looking normalize versus

continue look Third we As further all as and expect Fourth see growing Eliquis continue grow and in Eliquis markets, as we additional OAC class. when a very years. execution demand to dynamics within from strong and share gained had Internationally, geographies, multiple toward the a the with share pleased Quarters, to the room the expect similar of coverage gap number we the to we key very as in previous Overall, grow. we Medicare we one around across world, remain seen reminder, to

start Now me turning let to on very to growth by Slide we're versus saying return to up Quarter, last year. XX% XX, deliver pleased Opdivo this

use strength all 's GI pleased shares upper cancer launch While off leading the 's saw an lung upper we foreign the the first-line and for out approved we're year. our a to across currency growth, the the histologies. will U.S., in the now quarter, core momentum And billed Opdivo Upper well, start. had GI, well, great RCC, in last due renal positive opportunity primarily for XX% launches driven as all, available time. In that year-over-year, in the adjuvant as favorable PD based HERX is the newly both momentum. and was In the outlook Opdivo to growth was first-line and is Opdivo based approximately excluding U.S., cancer. which non-RCC Quarter are CheckMate Opdivo upon XX% on going and potential for of and versus potential few all launches, plus continues The expansion XX%, Opdivo -XXX launches, across -related comparison days, XX% early XX% In in largely sales strong future well benefited COVID were demand sequentially, strong also bladder that brand's recovery XX double-digits as positive COVID another as trials launches of low of to by Outside for new fact dynamics in demand as driven we're on our up performance cancer. important as driven U.S. by this negative contributed clinical muscle-invasive offered current by still from cancers, breadth gastric our from as launched impact our million well GI our well and indications. esophageal, with Cabo last launch PD-X we to year. based future with both with opportunities up lead regimens. do data. seeing esophageal very our with with in very to which with Growth in we impact the months, our start Results a cancer, see a a over first-line Opdivo sales Overall, strong plus Chemo launch, reached therapy All share our gastric indications the renal just and of performance in while including inventory only

nearing Revlimid based therapies, pre-COVID triplet and levels. U.S. to for driven use sales demand treatment by prescriptions we continued multiple our therapies XX%, turning In based encouraged in XX demand in-line was by for Slide global and earlier myeloma Now, up up the Pomalyst portfolio, regarding to primarily lines. increasing strong were driven are globally, see duration. triplet

slide to $XXX continue our Beginning which with an our on sequentially. be generated to in QX, we pleased moving Now very with launches XX, XX% a new Reblozyl, increased recent launches. million

As wind to being growth the continue down, as underlying the MDS by demand launches it's expected. bolus from replaced

sustained their earlier in remain continue year and in half we the receive the treating they expect focused We to growth most patients for sustained ensuring as treatment appropriate on dose benefit. journey second the of new

prescribe Zeposia, SXP and to to in progress where written where MS is of metrics. terms to generated quarter, continues prescriptions, the we which Moving $XX in the Zeposia continue launch to high million choice the see intent of well,

the in have prescriptions time acceleration We seen commercially-supplied also to from an conversion products. written

on Looking Zeposia choice choice, -- see MS. of forward, but SXP the not only focus as of continue for the treatment establishing oral to we we also

early we June. launched in Zeposia colitis in ulcerative and Beyond the MS, U.S.

are in product receptivity encouraged While we the very far. by early so launch, the to physician

plan building on stepwise medicine, differentiator overtime. Our volume while biologic-like establishing is for maximizing demand to process by oral-like this access of focus

well the treatment first growth Onureg, in going only Quarter, double-digit for demonstrated expand with benefit. demand to a physicians Turning as patients, remission FDA the recognizing over Onureg prior to also we with AML approved launch base continue with the user OS is and first

by driven blister our quarter were from cards. bottles by to impacted transition Second inventory, sales reduced

where we sales see in segment, to Remember establish year. maintenance However, treatment. underlying take that a to based second the it Onureg of and upon the demand the treatment expect time trends, will is strength this as the a half shape rebound of new

additional these products encouraged we're we are gaining to driving time. to how through launches and markets going, and Looking at access forward of growth in look reimbursement over these see each internationally,

site our Slide and QX like for has I rapid utilization launch we messages Now, and and cell therapy.Demand differetiated discuss strong. with with execution outpatient sales differentiated CAR-T treaters. are progress, strong cell with activated by two pleased Starting our would with well, driven to among resonating our activation, sites date. more turn million to XX were XX therapy new with high of awareness profile than to Breyanzi, been products XX around

BCMA relates the it in to site very of to sales to advantage leverage of demand accelerate demand. as strong this Next, the Abecma, Quarter, and million onboarding. two our and profile, CAR-T XX the robust led increase to CAR-T footprint hard site over able our for medicines We on looking An differentiated capacity Breyanzi launching of significant first-in-class by at Based seen are product, we have demand time. unmet current simultaneously. we beyond capacity were

both by therapy continue Looking our the see with forward, Abecma demand to seen. franchise, and cell across recent meaningful we've we potential evidenced as long-term Breyanzi and

as about points we the launch turning overall. Now, few a to portfolio think our next slide,

how point million with products cycle. already contributed they are and quarter, launch this each these run Together, the billion rate. encouraged very at we're in of are $XXX $X approaching this progressing have First,

as Importantly, us in future This we these great forward. look diversify and portfolio our to review as we confidence products potential. significant having renew our ability gives

other slide the quarter, on Now, items. few all our we've P&L on focus on sham let line for line you me already XX. I'll through covered a take sales Since a items couple key

First, due last Operating product expenses and higher therapeutic period by primarily our due year, at levels spend pre-launch prior decreased to areas, and investments wave which exchange gross were initial which as than launch across versus foreign normal due time higher mix. that lower were year, were MS&A, is in particularly same to margin offset the than our well of as Remember last foreign the to synergies. COVID. realized exchange, partially year,

driven our EPS primarily Our and effective by significantly topline performance. strong overall primarily year-over-year, XX.X%, mix, non-GAAP tax was by our earnings rate driven increased

capture our XX, with Quarter. billion switching operations the balance billion and strong liquidity capital sheet position cash securities, strong over from Slide our gears $XX and of Now marketable X.X in on the allocation remains to and in

capital allocations priorities remain Our unchanged.

Quarter, and to development. business the portfolio sheet renewing continued we through During the strengthen while balance our diversifying

As both and with two Oncology portfolio Giovanni and Eisai. deals mentioned, we the executed that Agenus diversify Quarter our complement during

continued billion half grade an it in year, tender first $X.X billion debt in As $X reduction, commitment offer, strong the our rating. investment additional maturities demonstrate relates of to to our the

to year and this X billion progresses. As we $X it relates to to $X planned the bought billion as our have billion the share opportunistic already repurchases buyback remain back year, date, will of to

year, and Now, growth are performance, continue our we in to guidance revenue From turning line expect on to full-year non-GAAP perspective, slide following year. XX, for over XXXX this quarter's we reflects significant reaffirming the the bottom growth high-single-digits. last our guidance which a top

we similar that coverage remainder global ' of earlier, phasing terms of year to to the I noted GAAP the for an QX. and Eliquis of In Opdivo inventory due expect unwinding be QX revenues to

the in and sales the of However, encouraged guidance. end our full-year by we higher the strength at are business expect

to for the to assumption margin gross impact the full our product exchange. XX% of year, and foreign updated have mix We primarily due

maintaining expenses, on our Moving R&D low-single-digit of on are full-year of increase increase. guidance we MS&A digit and to mid-single operating

Giovanni Caforio

pace quarter-over-quarter a of In expect that OpEx, for with first also we've our the pleased call the advancing and Based non-GAAP terms the in for now Tim Giovanni Q&A. we of reaffirming performance, our $X.XX the and not I'll of to made launches, executing it and phasing our increase for to back considerable we strength the EPS at remain with diluted XXXX. but over and we of to This are turn business, just Quarter, year. the $X.XX progress half pipeline. on similar

Tim Power

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


go JP Morgan, please question you. first We'll from take Chris Schott Thank ahead. of the

Chris Schott

me maybe Great. I thank the much so on Opdivo, one guess for the a questions. for first you was here. Cath, and there's two-parter

the competitor in bit all? us see, so much. you Enlight mavacamten. all, a on that penetration was stand my the final Thank July. asset then, we get move for lingering know or that we the but depressed where to return there Opdivo terms of talked business color change still from gastric today just just June impact? First recent are I was see competitive rates. Then in on latest terms growth. in just see more about of I good environment through little headwinds, of of in want for I second the a in And more the some to to data. to rollout starting that has on normalized one what terms in to But question just you've broadly at are as COVID want speaking, in Opdivo the or you we been more environment? any view confidence seeing Is and past the

Giovanni Caforio

Chris. you Thank

Let Samit Mavacamten. Sure, the Chris thanks Opdivo, about question Boerner will profile the question, then make me for ask Chris. to and on your comments of some answer

So the let start with me COVID impact.

a recovery in QX, would is that, I out coming parameters. recovery really say of We have on seen QXand the multiple and market into IO

new they've recover still grew levels, First, quarter-over-quarter. X% levels, fact certainly to claims the patient pre-COVID we've demand they improved quarter-over-quarter. while continues about lag pre-COVID and in seen IO versus

Chris Boerner

seen importantly, increasingly, our engagement. therapeutic customers. teams like And but nature given really the an And live cancer. competitive important, able first-line we've these other markets to our in that's areas, still increase in-person number with be of to lacks going a field are engage Oncology lung of

markets, say as and I that's be there's certainly So to dynamic in would QX exited in a but been we and true general say oncology, continues improvement really would QX. general, across I COVID into

the gastric going well. how would I gastric very really cancer, things launch go to continues in say As for are

launch across that roughly say XX%, As led our gastric in multiple both really and going that we as have gastric see we being and the you use good would the well, Opdivo by that's general, cancer, in utilization segment we're in well, of is metastatic plus CPS chemo really levels. first-line quite EAC GEJ I all know, is now share indications seeing

majority very would XX% the to good. the build is And important we continue at are seeing well, we would expect, in this been uptake in X in launch. strong has say trials, XX%, share I voice have and the you in new stage is than and as but number fact, of less As greater than we the execution which

So in the performance happy with very overall, we're gastric.

Samit Hirawat

to indulge efficacy perceived, time-point you from see been the don't on press week truly just versus an we Chris, oranges Thanks Chris, if a you'd would that the and And through were that we question data would Redwood to measures the as at I were that XX in just emerging XX perspective, that, guess -- and for a recently that shared different Chris, of it's comparison, all, for is I thanks and take question Mavacamten first have at EXPLORER. differentiation I I will the while release. asked, it reason if an the a say might from we trial is, a look weeks apples

that and rest versus who were doing Secondly, the measured at Redwood, the were endpoints trial in exercise. differences with the were or primary [Indiscernible]

compare a case of if the those we there the to decreasing with well, in talk see see. which if decrease when not So apples-to-apples, higher as safety ejection Redwood will you were you start the a trial. fraction, that as From ejection you is big was XX%, of fraction, perspective a course below no differentiation we about

data. And explorer I with we it of anything, enrolled study patients compare could At be apples-to-apples Phase in We January. rejection say all, wait trials in to the have molecule. We in turn the it and Phase We've therefore, bringing would lower. date low to again, better. XX% fact, or competitor the look our to to for when we if already a see forward have our already patients of we end submitted out data in the fraction need to for the X PDUFA X

Tim Power

our Thanks go so next much. to please? Can we question,


of take America, We'll of Geoff now question please you. of go next ahead. Thank Meacham Bank the

Geoff Meacham

question. Quarter. the the on Congrats for Thanks guys. a had I Hey just few.

it And ulcerative drivers you've just maybe had then help bottlenecks? us about you the to quarters gates. Deucravacitinib, it establishing know any thinking that? of on some guys And the next I give guys up on of a cell had I just lot more you've a few Thank what manufacturing the thoughts if differentiation the also you potential of you're about is discussion Quarter you signing how I what you know On may reimbursement? to had that therapy previously. time data, and any recent And good that accounts, launches, better ask updated colitis, about you labeling out there's maybe the talked is have as Jackson. are, with maybe looks help just wanted us thoughts success additional you. digest had, and in been like versus with

Giovanni Caforio

Thank you, Geoff.

therapy. start let's So with cell

the really say just to It of There lot a start. invest exciting, of that is our a and first, technology products our excitement. the me nature decision paying really launch demonstrates this off. off Let differentiated is in great is and to X

perspective Let will you on me and his ask Chris? then give give details Chris deucravacitinib. to more you Samit

Chris Boerner

would commercial I The for medical just to seen very across continues reiterate what teams. both the be just said. launches execution We've strong. Yeah. good products and Giovanni

the Breyanzi cell resonating as therapy a a case both first-in-class the -targeted as BCMA profiles and Breyanzi, for Abecma Importantly customers, for for of best-in-class. well with these Abecma products and are in

patients. One their Breyanzi. as with would we're to many Breyanzi. the who there What managing true Breyanzi, referred very with sites being ensuring no case a of manage in fact that to both That's trial And clinical continues I for demand patients that seeing these on And of unmet are Abecma, best-in-class seen is the to products significant result, that both cases seen continuing the profile things for sites the the given particularly interest need. to how we is well know the sell for say opportunities patients these we've well, increasingly be we've in just in focus across are have strong other products.

space around there manufacturing and with because focus place this, this previously, there in team is that's main as need, that's increasing had engaging of focus strong customers a is steadily Abecma, are on demand this capacity, said continues and internally because this for have in increase I where therapy significant have externally for say unmet outstripped would to focus going the say we that I for coming the months. we capacity to product to has focused targeted with manufacture. on would first be the have manufacturing What BCMA current we our the the engaging third-parties sole the regulators cell the For we're we capacity, be very the that to obviously, of is we and number slots available patients, a including on that space, product

Samit Hirawat

colitis I Thanks. terms deucrava maybe question for in deucrava. take ulcerative the can And of on

As you and IL-XX These mechanisms to be effective inhibitor, of is TYKX the downstream IL-XX effect already the are in pathway. know know, ulcerative we colitis. with the inhibition proven

will we're see get at from where forward year comparing to we looking our So data placebo. induction truly X deucrava seeing the to Phase the the of data study, versus the end

like success initiate year. we in a also what news Crohn's is would is X out proven ongoing the would that know study efficacy And the to which study for will because good looking have know Phase X be there next we Phase So we our program. the there, we look what disease out lead mechanisms

decade the following now will be that we launch program broad right second Phase Zeposia data of a the that to the to forward take X to disease. really the able half get in impact So

Tim Power

please? the go can Samit, Thanks next we question Catherine to


go next from the Sachs. Terence now Thank take at question you. ahead. We'll Please Flynn Goldman

Terence Flynn

products. on can your the give Abecma. XIa you in All any that on are I as there, facility how second the some guidance any questions. have have know remind for for again, terms And that on and wondering Great. right you so starting Maybe up guys talked capacity of the taking just contingent on of trial Thanks setting, new manufacturing us Factor data month, if for could I right. about you question patients think really in-house, the from but Phase then on on was last Congrats then you trial? bring I about capacity now, program, Samit two additional out the perspective from AFib the to us we more X building serve the follow-up you think on number any progress this me, currently a on with the a or data timing is further timing? to Thank update you. one seeing

Giovanni Caforio

Thanks, start Terence. on Abecma? to want you Chris, do

Chris Boerner


would So for as to that question, an We available the that demand were continues the dynamic. said fairly we that be vector continue in I in this slots to and the the increase previously. something to August, shortage to that at and is that think previous is for say, we're situation vector the continues I our affecting see supply therapy had on I number of have able discussed capacity that's as increased that, same to a keeping we what August, time, increase meet were focus eye patients product, so we've Terence, to of the been available multiple cell on products, so and we

say rather than likely put we'll shift, I'll out top would priority with so us. to say ramp would this when just that to that date a for that a be I respect significantly. And supply continues

Our on to for demand. support supply that's sits we long-term sole obviously, commercial focus for increasing be be available both the focus continues supply to these stable, Abecma. longer-term situation then, But near-term have more products. And the that vector on ensuring where a of the would meet to anticipated

Samit Hirawat

I inhibitor, the XIa or Milvexian seen, terms from that's would far we've what that for total Factor is say In study. what knee replacement

need Janssen, in anticipated exactly it collaborator, months the the weeks that. development went believe XIa have to doublet are show. collectively in what of form The dosing. study, in dosing will that basis of we two with as along data the trial of our trials therapy as secondary only three we a in We And inhibitor, trial showed background antiplatelet Remember, two with trial, we study second pleased the prevention, for about single-agent Factor therapy the up very TKR the with we we have plan. do clinical first the well, stroke you to whereas the do second

longevity go will Phase well. overall that able so of that indications but thinking the to be into will And obviously profile, other then X be to we're safety understand Not important as only and just [Indiscernible], program.

Tim Power

Samit. you to next go Thank please. could question, Catherine you


now please you. at Citi, go Baum We'll the Andrew ahead. question Thank take next off

Andrew Baum

Thank you. Couple of questions.

to results, so [Indiscernible] and importance general then [Indiscernible] the influencing reenter and in transaction. particularly update Aduhelm light space. papers the approval, Could catalyst to hear a target? just level a validated much Is and trial. you've depletion on some in that been that There expect And approach earlier when this us the on we postulated your fairly you mechanism, of neurodegenerative disease? second, thinking of the biomarker, ADCC, that number and the Obviously, First, of didn't this in your is might has large generation immuno-oncology know with T-rate how assets on historically see in invested segment? your a for of you Bristol you I for of enthusiasm your have programs of about me molecule been of a before parts out

Chris Boerner

Andrew. Thanks,

and comments make Samit couple questions. very will of your then both just high-level me take Let a of

will our agent the we're address with this think really potentially all, I'd the metastatic really again is fact, are CNS, question detail. I in we your respect is is which say perspective, that how of With Samit melanoma. first of about respect From shows to to So IO like in to the third progressing opportunity launch and strength IO, our my excited And extending, soon, to IO more franchise. in Relatlimab

Giovanni Caforio

we research a to excited part primarily years a continuing of are driven really committed to the are a interesting programs few fact, gene we to, partnerships. early as of set research advance, of cell number ago, have is external a that that area strategy in really by

Let me ask more of Samit topics. to give on detail both you those

Samit Hirawat

the and being these of yet That that, well, well with then would as new I on see as to ongoing, the as that that backup will be the we new perspective, to looking pave you just indications based and look that To three how Andrew, development and from threshold. what that know, from and certainly do way really formulated molecules and non-fucosylated data chosen to on see is there we the on actually gauge continue probody your are additions have data on to Giovanni our it from said, the ADC be are Those continued way shoot Alzheimer's developing actually in the was part been see will forward fucosylated from data has as the molecules think as that trials at you year, to Giovanni, a neurology The to question our what CTLA-X, you as we of end there disease well molecules. we and we second approval the now very recently perspective combinations we focus said, neurodegenerative the recent -- that to to [Indiscernible], looking we hard as the and with and clinical towards what plans disease appropriate to believe, and our trials. increase that for pipeline as activity has are set The CTLA-X onwards. well have are do early with year. trials, endpoints Opdivo heard then from acquired. was Tigits a threshold next pipeline, with before other regulatory for as at and

studies the know the or we what regulatory now it is is, that is better going Now there be probably because path easier to to threshold develop forward.

[Indiscernible], collaboration announced our differentiated will recently clinical a forward be follow As way the we that to future. inhibitor you with looking Tau in that take to had with to able the into our mechanism forward, we more and make studies recall, with

Tim Power

we Catherine, go next much. to the can so please? question, Thanks


We'll at the now Fernandez from Please take next you. question Thank Guggenheim. Seamus ahead. go

Seamus Fernandez

the Thanks Great. for question.

as both So more get go relates with first capability if there. market on hopes question. do you -targeted Do expansion vector the of when reflective -- sense is situation the have Abecma, capacity sense nucleic to then to reflective or vectors dynamics of global relative wanted the entirely to is of in for And manufacturing there and on just might that could potentially in any to it visibility XXXX? capability associated of of impacts where Just the Abecma? a what and it and to that of capacity perhaps terms really is that vector is -- to, dynamic the get of a improvement what to use sense for would wanted timing any Second the be a acid XXXX therapies? are of better

myeloma. of strategy, in you Just the number that wanted to better ongoing guys targets pursuing specifically little are of a multiple get bit the of sense a

programs huge a have number You ongoing there. of

new in to where guys bit the regard most prioritization that a in have little wanted engager. you see or it the whether the you for opportunity space, products CELMoDs Just that and about T-cell be talk bispecific,

in wondering you those we're some Just acceleration programs to Thank so where there. much. going see

Giovanni Caforio

much. very Thanks

have and myeloma, he mentioned, is then for say rather Chris, anything is which really I to issue of forward to house, chain Abecma? question. ask Abecma, the -- just The strategy we'll to I a Phase chain our dynamic. your vector add, really supply wants X industry. on anything talk complex a excited for let step is to in across -- on about Chris Samit whether multiple the to data the very but add Iberdomide globally, there important will issue, us. supply So as me [Indiscernible] with

Chris Boerner

you've is therapy it bolus fact therapies, say, there function which that particular, when the in very sort thing significant Abecma dynamics at Yeah, is with play would these a we're I the a only reserved and seen the of add profile been for One the Seamus the that patients of seeing marketplace, unmet I really and who is, in this strong, launched. the just need, is there's fact would that demand X Abecma. have of of significant are

so demand, an So increasing which the obviously there's ability into demand, very our focus anticipated to strong that deliver we and marketplace. the supply internal on to having that supply there's exceeded has

That's been think and about impacting as of customers we therapy products, more going be multiple to details into second is issue thing be global say, that's of as focus the obviously vector more something we ensuring have will provide. broader but next we for that's I And we've supply. we something from hearing only vector. get cell really as year, around end update to is happy to this long-term this stable Samit? would The a our not our on year, supply strategy,

Samit Hirawat

cell is to Actually entering have we mentioned. on it's are multiple as remain the leaders the currently are the mods multiple strategy. we One In to the replacing to the intend use mods, line the myeloma very certainly very X one, from that two pillars there. we Number in to single-agent perspective, a the a regard, path, late the well and cell multiple pronged. strong IMiDs that you that pipeline of therapy. backbones myeloma, There myeloma progress want future as and continue out is in strategy and

already seen data potent. next The first that which further see [Indiscernible] as with to will the patients Velcade trial who data Iberdomide, Iberdomide initiating cell-mod, progressing have as continue and combinations, the is more we've of and line the on two then with combination line already, received three strategy them we to see year announced a And And a you up the go might of we the terms we've cell-mods. compared in for then the dexamethasone. of to clinicaltrials.gov, in [Indiscernible], up lines will are second therapy, prior further

pillar the second BCMA The is targeted therapies.

line CARMAX enrolling, Abecma received eligible move And the again approved, up lines First therapy, will further further therapies. X again prior at Abecma. is the can and of to population. be is the currently then idea have that would for patients intention patients who right who go of looking for line which is already patient receive up for too the cell

and other going play, reasons, and where the studies, cell right on because now, that's and important, more BCMA Phase in one of T-cell follow are are can all engagers Now, directed but therapy not be development that. ADC they get early patients comorbidities to very come therapies to therefore and the to or in in so other

remains cured we myeloma and modalities very multiple targets with Our patients multiple prioritization, in our still we'll combination multiple will progress require therapies belief and with the accordingly. strong are future that and not

Tim Power

Samit. please? question, Catherine, Thanks, next we could to our go


Wolfe question next from take now the ahead. go We'll Tim at Research. Anderson you. Please Thank

Tim Anderson

Thank you. Eliquis continued to do well.

derail be just would appeal one timeline for an course, us an a And expectation appeal the thing then, ruling overturning Court. second to Of ruling? Lower a your on court give question. Can that you could for

a Because and it you story kind your you Just you'd time expect a half of got mavacamten XXXX why the the -- in launch. second you it that had back review. of regulatory feels it's like standard at slides, guys on there's front did get the like deal,

not time there elapsed the what got share if you review duration has regulatory agency -- long amount you concern seems enough be some about the a fair can in may standard wondering of terms efficacy. have. like of So s concerns may I'm It since pretty having and good

Giovanni Caforio

Tim. with Thanks to Yes. the Samit, do start second you want question?

Samit Hirawat

Absolutely. Sure.

FDA for the Mavacamten, For we've already Mavacamten, accepted file. already the filed has Tim,

PDUFA a have date. We

as So are really exciting these to well cardiomyopathy. hypertrophic bringing -- our forward and think I we with those data, concerns relieved are obstructive to as looking the patients medicine

ongoing execution well. you other already types in other as are and that have know in with we Mavacamten, As plans disease

to looking globally the the it in see really it any showstopper world. also don't the we other regulatory side, readout as to and So of a forward on which bringing way, parts

Giovanni Caforio

all, only confirms respect has very the in that first And the IP that made really scheduled which Samit. on question, in and you, is hearing patent, also matter been patent. the with our we're filed composition the not court mentioned, the you that formulation Thank an strength the as September. of is for by with of there Tim Eliquis, know, you litigation as but And appeal pleased was of summer, your first decision

forward that process. look we to hearing the result So of

Tim Power

Catherine, next question, go please? Giovanni. could we the Thanks, to


Thank ahead. you. with question now please Barclays, Well, go to the Carter next Gould from

Carter Gould

on you're the XUS coming And congrats of going launch about on a talk still Can on in posted Thanks clintrials.gov. around where as also, -- the maybe the the that and generic comparing study, you and obviously no got of the and bit countries second study seeing from you just there's Good about you're the Reblozyl. talked in first additional in or have some headwinds not-too-distant you guys. the demonstrating combination COVID, then Can of year, against IMiDs more in morning meaningfulness setting, so just you're far. on kind you expectations to little half you're about think ramping in? Iberdomide, clinical the results comparison. any color the to you expect over back to future, talk Maybe still IBID

mods really of you. would just this helpful. So kind the in cell be importance of home driving setting, Thank

Giovanni Caforio

Reblozyl. Thanks the really questions. on good dynamics for There's

you to Chris better ask Samit. give with me a call Let our perspective we before Iberdomide

Chris Boerner

question, the for Carter. Thanks

important customers, So with got and time to a new patients think have I that's field been on COVID, market you've that to an here the Quarter, clinic would given patients, still team's full therapy, it's to answer many in we've access previously and is again, the these respect in push for considerable dynamics being on improvement going I evolving, our very be well say normal. entering I with of the both ESAs. interact treated we COVID with But yet to there are whom return I to the gave not really seen to also say treat continue similar respect to to what saw importantly, on because to as as ability urgency an to would

continued been early good with for dynamics the early-launch well growth as for the markets go So it's we've very respect reception very half like bode we think of to say those we is The have execution XUS the launches, into still what year. are days, customer Germany. those second favorable in and in very us opportunities good. And but seen markets

as we launches and more, As over the the the coming And of and customers to continues notably improve have, Italy see at with this engage with in France, to there the most then of COVID months. dynamics additional course, Belgium, those period, year. improve course continuing access Netherlands, able we're to we

Samit Hirawat

a way it the line. at we how forward, Iberdomide, how look up move and for of I the And there Chris. is. Thanks is we progression move

is we've If couple of profile well as Iberdomide, ASCO the combinability at as good. overall because as it's the been you meetings able show last ASH, recall, tolerability, of for over to the

as to to combine able been KYPROLIS, we've able been combine So with Dara, with well as Velcade. with we've

we first III launched the Phase in studies setting trials. randomized is this in just that So one of the have the

future the As coming will through will you'll well. you of And Iberdomide Europe doing as II will know, and trial to Phase E&M, start Phase through, form versus the see studies study there. other the basis get to is in vs. a there see we that a head-to-head ongoing be also of that is comparison Revlimid III data that [Indiscernible] will where comparisons be the the there

Tim Power

Catherine Samit. the we can please. next Thanks go question, to


from now of take Luisa We'll Hector question next the Berenberg. go you. Thank Please ahead.

Luisa Hector

Thank wanted you Deucravacitinib. to come I question. for to back taking my

launch in potential of I the slightly that still know force commented a shift is about plan And build year, you. that talked or dermatology previously the that second does into next Is You year. sales end your of the to a your year? half towards next Thank out this delay? you've on plans

Giovanni Caforio

Luisa. Thanks,

ready no I'll talk Let is ask Samit then give me about but to commercial excited deucrava. There you Chris more really will delay, getting perspective and preparation. for say, we're

Samit Hirawat

an NDA, for certainly two This not There an as need one your Company. SNDA, priority And to that that Giovanni. is and we thanks studies. question remember; Thanks, the Sure. very thing well. this large is Luisa, a is for

is regulatory validated and shared launching share There the certainly year as file We are that the say certainly file are the other no agencies. with of safety to efficacy excited will and the we data next forward it, half way looking to you've the we second before. about the in but acceptance is of the the by

Chris Boerner

terms roles teams I of that have medical we build-out We the underway. been commercial Medical been and is able and months, place in the number for filled, where good those key a teams that obviously have feel planning. are put we've I been in dermatology process of of in would the well our place. our say internal have We the experience. are launch about to building deep very quality in and very would has say of what that's And and

where timing, to we teams. building out that for going Our really and ready year. and are launch and the about approval whenever half our second has we're commercial to is out the build this anticipation the We of be thinking been change so comes, that feel in how plan good is about the sales very we're in teams in no

Tim Power

we please? to Thanks. the Catherine, Right. next could question, go


Thank question you. Steve next Cowen. of take We'll now from ahead. Scala the Please go

Steve Scala

have I a you. questions. Thank few

Can And did was the Thank For Factor us you the trial data, XIa expected. instance, what an lastly, what questions questions? for those exactly of Second, you you DTE asked you any X bleeds? And was remind the on then do Deucravacitinib the of FDA expect knee showed Mavacamten? FDA replacement if expected? Samit, said Regarding expect so, X you. risk? total Phase nature you panel CV that what has

Giovanni Caforio

Thank you, Steve.

Samit all your ask of questions. me Let X address to

Samit Hirawat

dose and we use that So we overall, Steve, got. And us wanted a dose number the give to at looked observing, an well intended study we got. one when inkling single should were range. goals what it in wanted what to on, from say was it that's plus, we that I as XIa, for we the range therapeutic what what can is study And what we -- dose programs what a Factor wanted we and to from we Phase as future What what BID see that's take X, multi-arm X. the got see is index daily to that's where we the we safety the as and was profile study as was the well

and Of are but we where course, what the off started later you'll in TTR is got. this year, data as this that's more we the presented hear study

cardiovascular etc., what On comment which follow-up in pleased for cardiovascular regulatory shown we've that have, that we're have Deucrava agencies, you've currently will study course, regulatory Having of questions, non-existence the the that we the the the you very we said and is data, not risk agencies. that, about risk, conversations with profile the our what differentiated. the the we with asked on the of seen Deucravacitinib, very from

the regulatory in the once January, PDUFA look and to On to data side on we continue but with well. on as date commenting and the we conversations, very forward the Mavacamten that certainly are not regulatory excited again, side, strategies

Tim Power

Thanks Samit. And Catherine, go can to next the question, we please?


Stanley. Thank We'll Matthew ahead. Morgan the you. of go now Please next take Harrison question from

Matthew Harrison

see couple second, Thanks the the before study some later Great. question. especially taking good results maybe And that from Factor this a market? up guess What from me on. to that the then On the now questions trial plan the secondary have mods, cell just year? stroke when a for data you on X see XI, we get Good of do quickest that outcome what morning. to on Thanks. in-house, can you into as context? I is regulatory from you put following

Giovanni Caforio

Matthew. Thanks,

Let me of your ask address Samit questions. to both

Samit Hirawat

Thank Matt. you,

risk have from with to, a Factor prevention, the XIa of if the trial as can there higher when secondary recall, combined be that combined that's agents. background Factor the anti-platelet see therapy out stroke able bleeding XIa what with Xa to looking you Factor For therapies. And aim to the they anti-platelet be are inhibitors because is of of forward are we're

the of it like manage So that's that pave look we discussed then forward that to the is that if would can be indications profile that are will for agencies actually way in our future. into the taking good risk and partners what there, with with and course, the outcome

the remarks, have the with we'll we agencies, Giovanni Iberdomide, phase to those and health for way the if of data based Iberdomide. overall bring prepared on that to X having with then with data, for seeing cell the rate response or these as from we drug can and the we data already shared market For profile that seen will mods, we're And looking conversations trial share forward the more. know not. pave be will overall the in as you've -- his those

Giovanni Caforio

a progress for I Let and Iberdomide and to assets, say X have time, data those looking well. platform platform seen me really I'm just been this is clinic, have really than beginning that think the number discussing mods, we of really that of so the pleased in on the good be we with it's data is with really cell this and progressing at the now proof-of-concept some important of agents

be important us to really forward. going it's think for I going

Tim Power

please? Catherine Giovanni. can our question, we Thanks, go next to


Thank next William ahead. you. Phipps Blair. Please the Matt of question We'll go take from

Matt Phipps

Good for taking my morning. question. Thanks

last results nice in real bleeding that lastly, Journal recent a size Do on can an whether but prior Another New the any given Xa week. I versus published confirm no England Obviously, of be approach. healthy that smaller study. a longer antibody was any And were follow-up to Factor participant have XIa any or question. difference which you guess any then it then expected, vaccine PDI anything clinical smaller is antibody general thoughts -- in prevention, of might just some thoughts just additional if studies for molecule on Medicine in rates, data you needed submission? be And with Deucra, or VT a

Giovanni Caforio

Samit? you. Thank

Samit Hirawat

certainly a XIa, Let keep I start the studies, to but have we specificity will in there's on me else's antibodies from mind. on commenting hold myself of that Factor anybody the

well oral development IV the in and to hand, the have of healthcare the as mind then the system. which burden, in be patient as keep important oral other will you versus and things, the very versus future On aspect subcutaneous,

to results monitor we'll compare full So available take then our results other need are account programs well, as we X into when the to we'll development. program, then continue Phase as that, and for and

not forward half about, with talked are health agencies. studies the in have we course, a the we're become For we conversations looking perspective, unless from approval additional the next of second as the of part of Deucravacitinib, for that so waiting previously they to year,

Tim Power

time have I question. maybe for we one think last


Please Raymond Thank go you. at Leone We'll James. from now Dane ahead. take the question next

Dane Leone

Thank for questions getting the here I across one and me, updates for last much portfolio. you the very and appreciate taking the in

on XXX, How later on you Factor XIa. that see not encouraged evolving? you've into recently You additional the the TKR. one do seen a on wrap in-house up paper it's to compounds one Just that are take clinic? have to by promising. quick be going will published XXX you things represented But results Obviously, you the program look

and see you. Just your the you time. thinking approach program the over multipronged taking they expanding are how about Thank competitors versus

Samit Hirawat

the for you Thank question.

do Factor we at are we Factor backup, would the that pace, thus the far but its pleased own the as For that We accelerating molecule. we're already, have have with is clinic for that XIa progressing, backup that. a XIa always have plan, is a profile milvexian one in not

way will Phase time. secondary that forward pave and for We are prevention the next program. from X perspective more to Nothing for at then data the early stroke looking that study year, to seeing add the this

Giovanni Caforio

Samit, you for you Thank thank and joining all us today.

by is Quarter. what you questions by Thank call, we've year, so this we have attainment of answer to like of successful far As the discussed pipeline. and are team believe what the including we of patients, throughout future. new for our results, several day. for additional launches, encouraged well consistent had milestones, have. team very our accomplished with and on you and revenue, doing in a execute any course, we're our good positioned continuing I'm I'm have really strategy grow participating available I very delivered and I'd may proud everybody We the the to strong call, thank to our for a advance important


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

disconnect. now may You