Bristol-Myers Squibb (BMY)

Timothy Power VP & Head, IR
Giovanni Caforio Chairman & CEO
David Elkins EVP & CFO
Christopher Boerner EVP & Chief Commercialization Officer
Samit Hirawat EVP & Chief Medical Officer, Global Drug Development
Seamus Fernandez Guggenheim Securities
Christopher Schott JPMorgan Chase & Co.
Geoff Meacham Bank of America Merrill Lynch
Stephen Scala Cowen and Company
Chris Shibutani Goldman Sachs Group
Andrew Baum Citigroup
Aaron Gal Sanford C. Bernstein & Co.
Luisa Hector Berenberg
Evan Seigerman BMO Capital Markets
Carter Gould Barclays Bank
Matthew Phipps William Blair & Company
Charlie Yang Morgan Stanley
Dane Leone Raymond James & Associates
Call transcript
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Good day, everyone, and welcome to the Bristol-Myers Squibb 2021 Fourth Quarter Results Conference Call. Today's conference is being recorded. At this time, I'd like to turn the call over to Mr. Tim Power, Vice President, Investor Relations. Please go ahead, sir.

Timothy Power

good and Alan, you, morning, everyone. Thank joining XXXX Earnings for us this Quarter Fourth our for Call. morning Thanks

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

and follow we forward-looking note, bms.com slides remarks. along get with we posted Giovanni statement. our can you'll As that started, for to David's read before And you I'll

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

Giovanni Caforio

Thank you, everyone. Tim, good morning, and

strong quarter, good our pleased performance Slide I'm another report fourth performance to we very quarter our delivered on with on start throughout XXXX. Let's building X.

launch as quarter. performance for U.S., Zeposia the continuing in colitis the the across strong Eliquis driven progressing as during for products. demand our is ulcerative were in growth Opdivo European continued and The approval in new business, accelerated our we results portfolio well with and of by obtained commercial robust growth well Our

see Reblozyl for focused and broadening continued our we demand Breyanzi beta-thal. We And therapies, pleased in demand time. growth cell supply indications transfusion-dependent to MDS remain ESA are over with significant continue while refractory expanding Abecma, and on and

our accelerate help key of and outlook. strategy renewal This in our milestones to patients, support more enables quarter. and advancing are us the our We portfolio pipeline the delivered growth fourth

Let us the submitted achievements. well highlight EU me some We for presence applications deucravacitinib key our in grow which Japan, the immunology. position to in and U.S.,

oral psoriasis other are to We about the standard the moderate various excited deucravacitinib the care and potential diseases. severe in of as of autoimmune

Pomalyst and next-generation for exciting We see important Milvexian, a as We AHA presented non-risk-adjusted $X we exciting our and pipeline. to data the These replace revenue ASH our for multiple Revlimid presented hematology myeloma XXX, are data agents. and portfolio time. opportunity. new at at includes iberdomide updates cardiovascular which the potential on expanding anti-thrombotic with billion-plus encouraging This have our CELMoD over

TRANSFORM the in Breyanzi the compared second-line showed of B-cell for lymphoma benefit data current Importantly, standard care. practice-changing to

company billion as We one revenue potential. in over the see growth non-risk-adjusted with the Breyanzi drivers for continue to $X key of

quarter. We fourth X% double-digit strong EPS Our non-GAAP reported growth. the financial performance growth solid helped sales drive in execution and

shareholder flow cash down with This us prioritizing development opportunities business continue financial and strong Our and us while enables strength significant to financial debt flexibility. disciplined expanding provide paying distributions.

generics impact important We year, details is growth the and more low continuing also a we than offsetting double-digit revenue XXXX our internationally. and U.S. from speak introduced in our the to to from Revlimid guiding month, David last business, this the let with are in I'll guidance growth that What's moment.

renew business there the I We The progress. to great believe would Turning our portfolio have record remain approvals during portfolio and potential continue our renew strengthen to and milestones We outlook. company to decade. new opportunities for a I commercial made portfolio execution And growth for advancing strengthens X the of grow of am XXXX. portfolio. assets. catalysts to and X, the outlined growth, our of further sets that future. key know and medicines: multiple across this to At support returned report to and deucravacitinib XXXX ahead successfully confidence our data exciting and XXXX several launched you beginning products Slide launches our my This believed of We expansion multiple expected X. Opdivo's our of the pipeline we pleased including our that in scorecard execution ability the to produced the to on for can new on include focused grow important our must milestones we our year, during accelerate be renewal on Slide future, the number last we've see further first-in-class Mavacamten, product all opportunity our are relatlimab. in

at We each the the end on forward We expect of of keeping potential year. these basis. least non-risk-adjusted a decade progress has to you that updated billion of on our revenue look the $X assets throughout at

perspective growth moving future, all forward. comes the summarizes together of of this of the to company our to X Looking Slide how support the

the to portfolio, of decade, new product the continuing half in $XX expanding of billion the billion key broad growth our $XX our have to XXXX. of will our with in-line more growth offset business XXXX expect sales from achieving LOEs from through our we with objective and multiple will to XXXX, a We product continued to brands us enable expected second portfolio. than additional In growth paths and

from product Milvexian and from coming the As we've contributions 'XX, including in $XX we billion additional with pipeline, assets said, more like new our revenue our than agents. exciting CELMoD expect portfolio non-risk-adjusted in current potential

through I'm David Squibb. financials. David? the turn you impact continue to it our and over With LOEs this the Bristol-Myers renew I'll about walk our journey to we business grow that, As excited year, through future of to of starting increasingly the

David Elkins

driven closed performance to like strong which with out across our call year primarily line quarter versus and high Thank was I'd you, franchises. key the in-line digits single demand great for our by with another We all you start product our increased today. for top Giovanni, and prior portfolios. grew Revenues new X. Slide thank our joining year, on

let's to continued XX. U.S., Eliquis up increased XX% Now XX% product both driven fourth brand and key driven multiple Eliquis quarter total sales by some growth in all remains and XX%. prescription be sales the continues fourth on the versus the starting across to Eliquis deliver Slide #X sales prior for global quarter to year. growth, markets, the the turn specifics, increased year, growth share primarily Internationally, with extraordinary In full by OAC countries. of with

we oral anticoagulant outlook growth grow Eliquis our class. the and share increase strong the as continue the to remains for forward, class Looking within

the As the a U.S. a of onetime true-up will QX of favorable experience approximately that repeat did million $XXX of 'XX. in quarter first in not reminder, XXXX

Moving to Opdivo's performance on Slide XX.

by accelerated attributable strong, of gastric new XX% prior is In demand are globally renal Growth lung, including More cancers was X% revenues approvals largely year, And and year. bladder were cancer indications access driven renal first-line to fourth in indications, for versus pleased adjuvant expanded secured for launches new Italy adjuvant in fourth in driven demand esophageal emerging broadly, by new adjuvant Japan. prior XXXX. the primarily reimbursement and fourth revenues see lung and in markets. and quarter Internationally, grew of uptake continue we and quarter. growing we our metastatic the well with primarily Germany up versus prior our in in the We to Spain very XX% demand, in indications as launch indications. momentum, versus first-line This cancers strong year. first-line particularly with the U.S., quarter as and

as Opdivo approvals forward As forward, in grow this growth for year additional secure we years a reimbursement we We're to look and look in and expect continue the for approvals. position we continue to further recent strong to ahead. additional to Opdivo

to globally grew Fourth revenues portfolio starting our with on Slide turn for X% let's billion. year full with and XX, sales versus of Now the $XX.X X% prior IMiD grew approximately quarter Revlimid. year

As first Revlimid and everyone our Revlimid, for of in expectations enter of entry into sales want we for remind the beyond. year XXXX to I generic

XX% sales, we to come and expect roughly from XXXX. the expect from of We billion in $XX the billion Revlimid markets. U.S. Of $X.X sales to ex these remaining U.S.

quarter-to-quarter year, how annual sales of generic about As variability timing the we on entry competitors volumes. their think this fulfill based generic we expect

for For is sales first $X.X quarter, best global Revlimid billion. approximately the our projection

through XXXX, billion $X still roughly there's uncertainty $X.X per of to ongoing stepdown annual Beyond an due as although 'XX view a to year litigation, billion we projection. reasonable

U.S. the driven therapies Now were on in Pomalyst. fewer the for in sales and Sales selling triple-based markets X%. fourth to days quarter Global ex by were U.S. up demand primarily in

expect lines to move treatments therapies and with longer for therapy to continue approved We more Pomalyst of as triplet-based duration of treatment. growth are earlier

first we point, pleased are now U.S. U.S. to in At market for of is to this entry don't litigation. IP we relates no XXXX. it quarter expect As prior the that the outstanding there generic Pomalyst,

to Now XX. let's move our on Slide product on new portfolio

with feedback very the portfolio. pleased We the billion and product year. the on our and for These contributed full fourth in $XXX over are quarter million products new we're momentum $X.X receiving

In in in revenue $XX prior fourth to patients. sales grow color the by XXXX, approximately revenues onetime due million was its to the refractory year starting each year. in million. full Sequentially, grew over million demand individually, of which year, quarter ESA provide revenues impacted on some to of last U.S., launch just continued Reblozyl, Let MDS versus build quarter. me global with inventory the over XX% generated in primarily $XX continued doubling Demand more $XXX third favorable than

patients new benefit. countries helping their treatment continue well patients as Internationally, the additional titrate to ESA on the for in so failure up to earlier ensuring dose driving to launch expect for remains brand. sustained XXXX, and growth patients treating appropriate and do physicians to receive focus as in in the upon more Our additional continue journey we

cell $XXX last therapy. its Revenues the of reflect Now Abecma for May our first-ever cell therapy strong year. BCMA revenues and generated moving Breyanzi. launch Abecma million to demand of in very launches, since

and As noted capacity. continues robust, to hard demand expand the be very we're past, in working to

expect quarter. to largely quarter revenues be similar We first fourth the to

forward to best-in-class up treatment second-line therapy, this paradigm TRANSFORM to from second-line in We the to recognize patients our the continue at the CDXX bringing U.S. for treatment year. Breyanzi. moving Physicians to Turning data with look Breyanzi forward cell presented profile patients. remarkable setting relapsed/refractory And Breyanzi's this our EFS we look ASH. in to study

primarily also the on choice. million, in In the indication. SXP not choice, we Now $XXX launch driven well. the written SXP Zeposia for U.S., remain were by treatment of moving year only to focused the oral Global but the prescriptions, sclerosis multiple go Zeposia of continues our and to the establishing Zeposia. leading MS sales remains as

on commercial We significant with in decrease we therapy. continue progress to conversion, patient with made pleased the to have be time

profile, the to their and we're is and a volume. share traction gain launch are continuing well UC overall with leading voice increased prescribe. early to by Physicians to encouraged Our intent responding of

volume We reimbursement. growing working and on are and building access

We half XXXX. increased expect markets the expanding as to have certain second Internationally, contribution and in in momentum continues of this stocking. gain UC Zeposia in the MS in more year-end from gets to reimbursement additional benefited product and from year

are UC of and access pleased the in and for approval to brand. very this forward indication growth EMA securing the drive recent December for reimbursement We further with look to

Lastly, on Onureg the following patients establishing with chemotherapy. on U.S., the product progress intensive we complete remission make continue for to

Our X on our patient year. this forward maintenance and pleased portfolio to the look expected adherence. Overall, performance increasing product and approvals segment I'm new focus and adoption remains shaping additional with

September. with for We mavacamten and and are March deucravacitinib's PDUFA in track on and launch-ready April, dates relatlimab in we're launch for

switching decreased shifted Now by to increased in a covered impacted and rate a due due XXXX. walk The increased our earnings the And few of strong tax to to to from fourth business Slide versus approximately October. support noted quarter you the non-GAAP our items. as investments MS&A key as mix. non-GAAP prior sales quarter, quarter, P&L incremental through some result, year prior line just that the effective XX. year-over-year. fourth to let in EPS accelerated timing expenses in gears performance performance, was versus quarter -- me MS&A investments quarter on Operating fourth Having XX%

allocation capital on Moving XX. to the Slide and balance sheet

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

And and capital remains debt shareholders. top priorities returning and to are Business renew unchanged. remain capital reducing we our priority further Our focused allocation also portfolio. development on to diversify our

assets. stage executed last have development several bringing early We deals year, business differentiated in

in have size-agnostic, we We to science but interested deals. the financial be early and particularly strength midsized bolt-on are

strong In maintaining As a gross relates we debt investment-grade it and committed to $X remain debt. to by XXXX, reduced rating. credit over billion

shareholders, to was capital relates consecutive recently over to it XXth as Lastly, which by we XX%, grew returning the increase. dividend our

our plan billion billion share by this authorization quarter. increased and repurchase ASR execute to $XX $X we a Additionally,

at XXXX our to turning current Now non-GAAP XX. on Slide exchange guidance rates

month, last representing Abraxane continuing over LOEs. low from approximately will offset Revlimid and billion, Growth expect 'XX revenue impact announced be As $XX our revenues more growth to the we from business than single-digit XXXX.

We expected $XX.X continuing approximately and approximately expect $XX.X to sales billion. key digit is LOE And be and contribute represents billion. brand our business, to which portfolios, new low-double product in-line grow our

our As it line year. relates to guidance the item for

expenses, We expect be be tax expenses we be in project operating our and with total margin our and gross rate XX% XXXX approximately to our approximately to to line XX.X%.

$X.XX to than and earlier expect non-GAAP communicated grow be between this $X.XX. year, we EPS and also Finally, faster sales

We as we billion ASR. to ended year relates diluted shares to count, it the X.X approximately our billion provide I'd outstanding. the color As like with little $X plan execute to a share

this executing majority, year. will not share diluted we the will but a the We which be all ASR benefit get count quarter, of means on later this

is given entry generic on first this for first would it to quarter quarter. the revenue Lastly, for the some we perspective of provide be helpful Revlimid, thought

projecting billion $X.X billion. we approximately Revlimid I previously, range to from first are quarter the $XX billion sales sales global of $XX.X total to addition to In mentioned

back So for to XXXX for over positions in want I delivering demonstrate before growth. question I and to world thank turn renewal the Giovanni and turn now the call the and business for us the strength Tim results XXXX. our teams our and remarkable results the guidance of well it Q&A. These our to of portfolio, around I'll these answer, financial over just for which long-term

Timothy Power

Thanks, David. go Alan, to question, our can we please? first


We'll sir. Certainly, go to Guggenheim. with first Fernandez Seamus

Seamus Fernandez

XI. on is question first just factor So your

of to timing just Just of And on sense wanted update are. expectations wanted where get in a to from your II the potential study. Phase check your

you of landscape bleeding on potentially the is XX% on roughly potentially spoken new second, would with stroke. that market with and Cytokinetics compound. about with of bit in your in the -- your the How mavacamten with help bit the And a result understand should achieved? opportunity opportunity thought benefit, how fit dosing size that open increase, you you see up us guys we've the space, can do views? to profile this As the just And XX%, agree the that does then sort those be leaders Can a for of little about other increase you we the no compounds? talk or as better dosing expectations? hope the stepped-up just little think in the you filing the competitor versus opportunity had just competitor a the And but competitive

Samit Hirawat

those This you, I'll is questions. take Thank both of Seamus. Samit.

middle to stroke Janssen, the factor be will appropriate our data about, development data to partner, is the XIa, of at really Milvexian. for continuing have to able expect that we're study, we with around So second to And Phase work conference, on that. talked future secondary in beyond the as II which And prevention, share we execute have we the the the year. in-house of

related As be data. look agents to we applicability studies appropriate what the acceptance show to with as what combinations. to as as and as think to goal what just a of from these perspective, the or agent bleed efficacy further the single then either The for impact to able your progress on bleed be and isolate the indications, is be the to is perspective availability to background or them therapies anti-platelet would as it data question combine into and I well a would you would have wait primary see the

TKR dose saw in the we increase saw in efficacy have just to from But an in manner dose-dependent study, data. But a we bleeds. the as the for wait certainly no increase there was as So we a perspective. --

the the the for very for the see future for middle on development then So remain define Coming of year mavacamten let's the we'll and to the confident data, the that. and to We mavacamten. very wait in trajectory focused of compound. the data competitor and

soon. are the the As frame. relates readout short earlier, it spoke as as date waiting launch-ready, VALOR for coming trial well the of as time for know, the PDUFA up the we And you we data, in are additional to David

course, the are have have well. to do of looked disopyramide at patients background from, at think, small seen that as different VALOR of the of beta used cohort trial, in has talked looking XX commonly Now we've the a channel Certainly, blockers. EXPLORER receiving and In been data about who background the amount calcium of patients going be with disopyramide. our now we I in combination trial, we, therapies blockers therapy

at So has second competitor trial that certainly already submitted profile III out perspective. we to have short not do is that we confident trial a We III that see the and from are Phase differentiated time the Phase going a this read a been in term.

Christopher Boerner

Seamus, I add, The just thing would mava. only on is

the standards on underlying these the As we've for discussed of patients aren't really disease. the of previously, targeting care nature current focused

about mentioned, good the entirely competitors, from And differentiated So certainly, with when Samit on on would don't seen expected we And competition environment be horizon. competitive data we consistent based inhibitor. the from far public any the as feel a it's myosin that launch. thus we've what see we

we very competitive look and position to agent for the good feel this launching. forward about And so


We'll go to Chris JPMorgan. Schott with

Christopher Schott

product, physicians we patients on a -- out care, up you think of should we ends And be the Or question mavacamten. about you given where is we help current on whatever could the there of set just some a guess, about thinking need gradual follow already here? update an one? maybe identified I reimbursement expectations more a CAR of could launch maybe bolus thinking of to second you Just my be this after? T be standard how Can about was program just about coming capacity. should familiarizing this then and REMS get to with go up as ramp kind

a how will is bit we move you're through the not position be the about XXXX. I these And I capacity where in a products? of Just through little factor guess, expecting you when walk guess ramp as to for growth capacity, rate-limiting

Christopher Boerner

Sure, about launch how gradual way mava of With at about be this those shape we a look much likely of stepwise to would take to very progress, think we questions. I of more going and think a When Chris. both in fashion. the respect it opportunity. will as opportunity, the the I'll it's

that be treating of excellence focus. in interest will particularly That's treated there these severe the expect be in We are most the strong going centers being the patients patients, today. where to initial

focused that quickly. into news efforts other Beyond in of and cardiology themselves to patients. would expand presence time. an space. how thing in just all uptake get really about one this, and is our amount segments, focus we say The there team think be and those established as strong But take cardiology to where about community, gradual. these just And good effort initiated more will patients to should will going treat -- on specialists And the we an on launch as initiate physicians we'll of a of will we to some certainly, effort broader therapy be at is educational be very a have with these have I this

have a drug. We good very

$X-plus the we in is And see with overall very billion that asset. for opportunity asset. that So articulated for we about I approach potential this long-term stepwise line good that really the of feel the

Moving to constraints. cell supply therapy

to focused we're efforts we're staff, are capacity and And working middle the of a said on, CMOs focused supply later And we we on Breyanzi, this internally, to year. on this now And anticipate Breyanzi, get expect something is previously, much fully as accelerate to get continue related that there things constraints with product. including year flat on. of focus in focused It's both in expansions and across for the on mainly to by we've focused right a position vector we being new supply On it site that efficiency that we are there number would operational and for as And Abecma. we really to then our for of capacity. we're time label As then stay efforts these increasing increasing we vector. into as any -- big supply. the capacity. position better demand the to qualifying Abecma, have And support our are that certainly training would seeing be a into relates we


Bank So of next, we'll America. go to Geoff with Meacham

Geoff Meacham

of you therapies year a point For was and the some assess the launches, of collectively provide about lumpiness metrics get Mostly know access just the sequential And can launches and versus potential the what the view are deucravacitinib. clarity potentially want on for that. we last any to -- Zeposia. is from now saw question on lot reimbursement? that the been year, we new The talking then latter, JAKs. show a just real wins wanted picture, you about of quick to updated that second tipping guys on cell there's this for bigger kind maybe on of I in angst which there just an guys a versus the labels lot trying basis. I a differentiating for have

Christopher Boerner

Thanks the Sure. Maybe for Geoff. I'll question. start,

couple of standpoint. from if and an in you go more know, of well back assets. as we in look areas right our launches, therapy about I'll -- we at from reimbursement cell years, actually, where for look would standpoint. really the been therapy of see good But I say all you across access the class Cell therapy. class the a we issues these if a access And issues direction. are But supply we And fact, to And access generally, We've no think, a trending very very, as start access feel gone agents, So no we've agents respect story. largely with the an very you cell is off for constraints. really hitch of with discussed concerns. launches. seen good without have a at I the cell significant therapy were of access We've our launches constraints from supply on

and switch position we I on As gears UC. MS, about access Zeposia, feel quickly very good is But obviously, mentioned the there. you the focus on very

have to over coverage very the been this not of execute year. I diligent so What in on have effort In concern XXXX the formulary We a very clear broad we very course that can side. say significant is UC, MS access coming broad we've coverage for MS, a really around into we Zeposia. have

of that how it patients to those patients formulary from the Now restrictive drug, year, the so course bridge for starter is, programs plan. this and coverage And is by those focus going for on varies with converting commercial less restricted access, be very or to quickly. do

For continues most year. The take through on that. in and we're first market, of have to this more working on What that more in course I restrictions, leverage position over that's build has for to an edits, head move step volume is to say, any be we're do to to the plan volume into with been we to track those full year as access, into be access Zeposia, is can the on which focus time. unsurprisingly and much XXXX, multiple case, to that very Zeposia the earlier continuing and patients going our patients going restricted though, then

Samit Hirawat

the And Geoff, deucravacitinib. I'll take question on around

to the and looking And efficacy that not that going are talked see. safety we are certainly profile me the before. confident start on will forward in we for label the speculate PDUFA we obviously remain by saying the about So to But very date September. in what we've let we


to with go Steve we'll Cowen. Next, Scala

Stephen Scala

any Opdivo weak oncology COVID-related to question. for a to outlook of have a competitors. what from Diagnoses still that's was first I there bit despite couple appear shutdowns. for QX, be weak some So we've the And numbers? is pressured similar in questions. reasons of fewer seen Are what other the your recovery?

events anyone question the do stroke bleeding of is Samit. you Bristol for or know in the date. second else number at study total Milvexian stroke Samit, and to The

what trending and one. stroke how bleeding So to both combined, total arms are if not events And you those expected? each yes,

Christopher Boerner

Maybe quarter. Opdivo, With very -- I'll the saw Steve. actually in with say performance let to outset, respect me the start, with respect the at Opdivo we just to we're for happy

for As David actually Opdivo of acceleration return and latter growth year. the the Giovanni to mentioned, and in Opdivo half a of saw saw we an

relates remains markets. seen to generally But some in number it quite have we as imagine, situation you dynamic. would improvement As COVID, a of the

volume where XX% to been I roughly say, has sit to would today, we gradually As Though below recovering. it patient levels relates X% pre-COVID in new I-O we're of specifically, terms There's of volume. across But below well XX% a about types X% just net, patient as were pre-COVID. variability we tumor amount academic where on considerable community. versus to in it's as

carefully. likely shown and the of we've up, pandemic. definitively resilient, that But watch really anything, situation, product the that and of that pandemic improvement the terms the in agile. if and we've is of execute. standpoint, If hope one say From through we'll market. our to to Our continue I an to outlook And ability have is continue year. to business our we'll impact demonstrated dynamic our we're will a you has the ability to us can it think the be think see course sort an by over to going vary taught still is it's it's and level flexible I What I

Samit Hirawat

though. to trial, The looking earlier, it just presenting And Really We'll for data we analysis on at wait to a is we the the appropriate Milvexian talking And Steve. unblinded. forward data. conference. be will it's the the whether I said and be have as or study will data, about ongoing, pooled not


Sachs. to with So next, Goldman Shibutani Chris we'll go

Chris Shibutani

about LAG-X Anything economics given coming PDUFA anticipation that quarter but March commercially, thinking that are from up could how you also distinct are Opdivo, If One, I comment, maybe players, a this could could the positioning competition, more There's believe medium from I Could immuno-oncology TIGIT? The of dose. bempeg ask fixed regimens, you in happening. which be other so I couple question for combination other plus combination just of of terms like in franchise, think from in the a we time dynamics the to have also that success a longer share you're term. for about second have a frame. not there. data you with the

dynamics and be on I-O, inhibitors, appreciated. However, see thoughts checkpoint the lines, I-O? lower-cost progress we then this us influencing the at the inhibitors share stage how about all at help that with finally, and PD-Xs. And us you initial that entry checkpoint Can you with time market would of potential your see for for

Christopher Boerner

start very and to third your relatlimab. opportunity I'll question. We're Maybe the with and I'll launch Sure. hit potentially first pleased

you divided if thirds. look said, really into we've As it's the at melanoma market, first-line metastatic

who I-O, of X/X that we that's OS treated with the Opdivo very got population. that benefit plus patients a given have with strong Yervoy. are positon, sustained that's You've dual

are to which X/X market, are products that relatlimab roughly after agent have X PD-X have the that for really is in which relative treated then X monotherapy, on of is the go therapy. X/X focused is vial. patients targeted that of relatlimab opportunity I-O see And XX-XX. compelling Opdivo you data very single We the You X/X We think market Remember therapies. to and that really population. of about with who KEYTRUDA between the split

the and combination offers offer I-O so that's fixed-dose we dual And focus therapy patients going over in be a initial think at significant improvement those to launch. to single-agent monotherapy, the a opportunity

U.S., of it to PD-X evidence specific larger of threat important to Physicians patient products. and -- relates most to choice. We the low-cost want medium the to term like see significant from dimension business these our don't tumor entries data your type. continues near the see a to question markets, We on in As be agents. in a in our

as our not to there but I underestimate me-too put those our continue and think shouldn't historically But may larger data piggyback breadth necessary. evolve Opdivo, of like finer on be these for on Obviously, markets. been broad-based in the able monitor sort drugs to have oncology, as can point particularly and indications. a a drive and of it, things sort markets low-cost And so adjust product of where and innovation given commoditization sort are we'll use, barriers a of we to the

Samit Hirawat

and cancer X just X a are cancer. readouts in there in And this the side, in melanoma, X that as Chris, bempeg renal anticipate bladder reminder, on we year, X

it, very is of first in pointed as melanoma. The you out, well

With continuing And the the X already, first And certainly as year. continues well CTLA-X. as anticipating earlier. of pleased also to anticipating I-O we are progressing are relatlimab, within an the the half you program PDUFA looking as then for have forward in PD-X evolve. with said, as very mechanism this data the that data as work mentioned and to Nektar we're launch We to


Next, Tim go Research. Wolfe with we'll Anderson to

Unidentified Analyst

drivers as this. [ph] Adam mavacamten, billion-plus It Tim. a by behalf is being there you've main XXXX. are product described on On that This seems X of this $X of

to from Committee NHCM My which that meeting of And it is that the a the a second, mention is diagnosis an rates FDA tripling realistic tripling talked How of this of drug the approval indications. XX% diagnosis rates? today assumes the not as Advisory and is unlikely Separately, indications other XX% happens? for have can due the $X that is OHCM, what and of about And before other is second assume to you is billion we portion with of expect NHCM much? going One twofold. future. in forecast to question about

Christopher Boerner

Sure. Maybe -- take I'll of both questions. at and then X or questions, first those the least

of in XXX,XXX a and are U.S. are significant We a on mava, comparable is who patients treat. and unmet urgency to we where where So U.S. respect first the there's this all, fairly for ex XX,XXX real focus how see patients going symptomatic, this at the roughly to treating Adam, number well-defined a population. patient thought And be launch patient see focused about population. need we diagnosed, to about initial market those is with a There to

time. is XX%. is we that what HCM, can double rate. you increasing significant be the to focus we will about we efforts, as where What set over on rate. with the field that, we it's we think with think currently, term obstructive have certainly double we think, on, said have skill over the And longer diagnosis the have we the Now said that which that to in we diagnosis note, It feasible, is do, plan

But we're looking in as potentially terms in are nonobstructive in at obstructive looking it. of disease. to see that well. overall the the seeing majority how So the data we And forward certainly, opportunity that's is we of opportunity,

Samit Hirawat

and potential looking hypertrophic We that the in Yes. ADCOM ADCOM. in we it Chris we obstructive XXXX, for now you know, for have we And of notified mavacamten provides in have as Adam, the do patients And said. on been benefit a clinical not are question, believe enrolled as profile trials strong cardiomyopathy. April launch, to in of


to Next, with Citi. we'll Baum Andrew go

Andrew Baum

of couple A questions.

the interaction of of Plavix. So Milvexian. aspirin mindful first on with dose-dependent I'm

to with And or Perhaps ongoing looking trials have in more will excluded growth patient drugs to Milvexian. you X could of big and offset U.S. I'm we XXXX volume. QX completed the second, terms expect for that potential particularly reassurance Eliquis But inflation helpful. could that interactions number on the a you -- to drug generally trends, administered year, of population. be from remember comment the of at Perhaps you've already if interaction that either and for highlighted I what talk seem of anti-platelets XXXX. been formularies. pricing in you've You assuming can for this Eliquis. talk would commonly this in you with X then level for

Samit Hirawat

I study Milvexian, anti-platelet already see of we'll will that so And for when all, to you questions. agents we get ongoing your Thank start know, first So with you data the out. that SSP, for in have, Andrew. off, that the as reads

that not the of do of other At impact we terms of of BDI. part that see and anything parcel clinical is in major NDA. drug-drug prepare any pharmacology interaction package time, terms in current filings anticipation studies, major future In the usual we and or

Christopher Boerner


is we And in our do and confidence really expect new-to-brand then of of strong And going trajectory. market. year, we total the We're that share year, for a continued going near-term roughly the and the growth share, expect delta to us Eliquis. to this at brand with the first NBRx both out driver X% is key and gives growth warfarin Eliquis, very growth On coming Eliquis saw performance happy the fourth all, questions, Xarelto. seeing we're this likely share share of in around between OAC now. overall with Eliquis quarter. That TRx expense which obviously, we of nice Eliquis the the to see be

to are consider There on here. situation, relates we see revenue. zinc to it no impact the things As a meaningful few

business. our it's of a relatively First, small overall part

that's in We not patients lose that, adhere switching You of macro Eliquis. a of proposed of What certainly is know won't also in volume. space this all downstream to of many know the risk are light for that at accounts, who the them we level. that nonmedical will been there's change significant on

situation said that And of so the is if to nonmaterial, and related we're this gross to that how those, we're actually manage we that will to continue impact would nets consistently very confident And be that on last be just the going to I story. is we've revenue thing any. part disciplined say and of


Gal go we'll Ronny to Bernstein. Next, with

Aaron Gal

First, to we with a a growing it issues. bit It you to talk volume question. about that them be RA and together seeing, market. safety just good the the be benefit given Orencia. seeing you XXXX? second, following JAK a that? you're seems especially It XXXB inhibitor should a up the this And year. your what nothing. little It benefit grow in seems are Andrew's better, switch, Can for bit talk from what's little the XXX Can seems the estimates to position was you on for and -- about Eliquis Can to pretty projection prices, talk close Eliquis? from given about be to And net

Christopher Boerner


Giovanni, start? -- to do me want you Let

Samit Hirawat

Go ahead, Chris.

Christopher Boerner


change We're directly stance maintaining committed XXXB on to the and level, remain committed to from it, we're relates for say, to say, change would it do ensuring second, macro valid to at then really patients different XXXB, we The let that. pay access program. just contract as and are And benefit BMS in allows change can X needing around no we having policies that our those who there's wanting was what those XXXB part XXXB, reflective as medicine. this we patients pharmacies to things: First, committed and I to really align the to So in respect of to and policy a Celgene of our eligibility we ensure and announced that us with appropriate, the me integration; feel that of discounts the of to and the program. recognition patients

do again? And And really how the the we mind think your then so question for you about repeating been XXXB that's program. focus second

Aaron Gal

trends quantify label. second the great box great Orencia if can And It be will It was the and from potential the XXXB inhibitors can benefit you -- impact. quantify JAK black to would the hello? be around question if you

Christopher Boerner

I any rationale think Sure. the change. for Again, We're comment we've impact on not that given to XXXB. of made going having

frankly, update or, Orencia continues continue -- any continues to will are about labels their later lines way and As in well look, to it The it Orencia, on into as relates they to relates any products, the JAK updated therapy as to those to a potential likely market. evolve. RA that as are we've changes Orencia change of our is position thought perform push of from label JAKs

the to evolve continue of execute obviously, on, effectively those in markets. So we'll assets that to those have, we to for focus potentially the against JAKs continues all our think said, our with think do. there's situation really, allow they I strategy That products opportunity. to we And as compete


Luisa go Hector Next, with Berenberg. we'll to

Luisa Hector

Just of more wanted little impact the 'XX a to Revlimid. bit discuss outlook on and the

any just have you in that, wondered that of if confirm your Anything, how on in really is anything the entry of specifically around around risks generic adapting highlight cost your the guess of ongoing And So of there target. the sales would the to delivery Revlimid I of note. are so pace pretty predictable, given just levels I are Revlimid terms just multiple particular checking around erosion presence Any you you base. And uncertainty. myeloma. then color to

of of kind it. side understand to the cost trying just So

David Elkins

Thanks Yes. for question, the Luisa.

important thought it say it important secondly, are to to we guidance #X, thing And guidance And really thought we are was As annual about quarter. Revlimid, was on year, on full -- I'd year. this volume the limitations. think we these the contracts provide one is that the provide

to it product it's makes quarter-to-quarter upon all the how there the based quickly marketplace. as enter, the variability could So -- be generics

that's provide important why thought we was that. So to it

it's quarter. generic entry remainder very in in entry first we year will of year, would then usually occurring first feel -- there for could typical a And rest confident later, between the guidance provided we scenario, Revlimid. September about frame. that for full be that time relates pretty the so The the is to second variability the be in so days the generic March, the come XXX in it and full the But generics as

this we're our is, a the mean, if are as on us. far we're the expense the X about resources As therapeutic fortunate And year, bringing move this within that the X the I market that and really areas resources we're you that the the able think to brands. X is products standpoint concerned, for to launching is reallocate base the marketplace, the and to thing launch

resources and Abecma, So we launch as we're like move about force, sales cell with into those this to of to our able brands and able think use you support resources maintain being the Breyanzi are. existing hematology cost and Revlimid our out therapy where base to

expenses the did. on we -- we that's operating as provided why guidance So and

Giovanni Caforio

Luisa, Giovanni. is this

there. comment Let me just make another

about level referenced David confidence. Revlimid. of mentioned our You

just is that us me because, momentum be year we've which obviously, the important in-line with generics got pleased is will And Revlimid. fact say business. year really it's what the this of there in strong first for Let an I'm of

already launch with year, looking we've terms the guided in per We revenue this that our to the both are of X market. We're growth, in forward share. terms as important approvals. progress know, brands on also earnings but great And of making to are base, you

the clear of a and that's in into loss to accelerating new over strength of next the years, that we ability the our exclusivity business are and grow we portfolio transition though of the fact just few this brands. of year resilience and are think the I because that So underlying the of Revlimid the confident demonstration


Seigerman Evan BMO. to go with we'll Next,

Evan Seigerman

progressing dive generic. the in the current to to Revlimid's a treatment you do those of assets. replace pomalidomide that maybe in have more think CELMoDs, trials show Understanding standard kind do clinical your to bit like and on landscape? And with care going clinical about I'd with of help understanding how need on What little these Revlimid the investigational you you trials?

Samit Hirawat

Sure. and at CELMoD looking question. the Thank development, CC-XXX combination perspective, we've as way the the and generated lines dexamethasone. in we and looking for cetera. a continue plus as triplets we forward, VELCADE, you, as dexamethasone, iberdomide antibodies the et dexamethasone we have at early are late thinking plus well in of combinations dexamethasone with CDXX about From the And data Evan, well data as

dexamethasone we sorry, are initiating As you dexamethasone; to VELCADE antibody. a this comparing VELCADE will plus year, III iberdomide, to comparing -- later plus CDXX as daratumumab, see as Phase and of dexamethasone, trial iberdomide well

first into CELMoD. foray second-line population plus So that's the the for the patient

XXXX The short of setting. versus sorry, be looking as the will other maintenance current -- But replacement let well combinations. ask in diagnosed XXXX that in to are beyond, we the again, to the we versus as comparison replace as trials who trials head-to-head in are think on into post-transplant of and pomalidomide, that CC-XXX you newly while the looking comparison the Chris will are commercial the will And me about thinking Revlimid pomalidomide see iberdomide coming you first would patients and Revlimid; or image. comment also Those transplant-non-eligible, replace line front about perspective. head-to-head trials of the up see to a the III be Phase ways

Christopher Boerner

other a at generic, a strong going commercial then impairment potentially we're be to IMiD's need standpoint, part populations but value proposition of ultimately, And from the of where underperformed. look to a IMiD the of to from most focus covered need, It's of data differentiates Samit whether it, going to be generate address you've important, to it's Samit. think unmet There's areas as to directly IMiDs. obviously noted, plan. versus or all will that establish I that Yes, be renal a going


Next, we'll with go to Barclays. Carter Gould

Carter Gould

no 'XX. additional study UC? year, being about you in 'XX. able front focus And the study get the a We III longer to kind cendakimab. on then your the sort eosinophilic that additional in that little I competitor of of a that data able run how the off question so study and add has were data Wanted there about II pivotal sort of Phase indication, seem if expand 'XX wanted of catalysts UC. and the in of was of UC guys talked in bit how on maybe shaped Are That's a little if And sort to we'll in after a viewpoint. in Last recently disappointing, kind think of an slide of and the answer GI some to that on there see here then portfolio. gastroenteritis. history program 'XX revisit in to and sort to in radar, for development of the maybe bit -- terms U.S. -- to and maybe recent thoughts broader you be just to Phase other an sort plans any immunology Japan,

Samit Hirawat

Sure. Thanks, Carter. This is Samit again.

as those Crohn's deucravacitinib, well Disease, ongoing. For as Phase of UC both II studies are

concept. proof not As based we concept are ongoing, trial there studies X ongoing analyze we the But take looking of said the forward a dose able have program earlier, with higher are certainly that when that we to proof data study. that that be those of conducted in first we'll are UC in and do those once available, a have we on at a deucrava. And

to the forward. to decisions data looking off not the we it as more but So look generate is about charts, make

ongoing addition the as or in study enrolling already you to study Japan U.S. as already speak. is global part For noted. is patients -- esophagitis cendakimab, in that, The have we the and eosinophilic

the So for get into look is and with IL-XX overall, esophagitis eosinophilic idea additional the antibody patients to to indications.

that is for a know, further that of development. generate As study then indications proof II, concept and dermatitis in ongoing we you atopic additional have can a Phase


Next, we'll with go next Phipps to Blair. Matt William

Matthew Phipps

indication a You waiting June of the a still any Yet, results have for weeks Breyanzi. similar equal in we're there? of TRANSFORM a risks And you date in that's then, couple one PDUFA effective? they meeting been success? more IIIs based of X announcement high year. all more of Or think coming from kind Samit, those where likely YESCARTA. is has on the IL-X announced probability think to Do you and date this PDUFA dose have bempeg there some on milestone approval Phase there positive before April XXXX Are up

Samit Hirawat

have Breyanzi, the from acceptance for the heard know, Thanks, perspective. declare don't until FDA our you Matt, we from necessarily the as On filings questions. we

So terms very, And cetera. as the be will are PDUFA with and to more we we data able time of have. pleased the certainly the in that share goes, et very dates, certainly we filing

has program. as that development large a Breyanzi well As

second-line additional indication, additional looking as as launching So are the trials lymphoma well, of We're call, follicular indication Chris second that line already ongoing CLL, in as forward in BCL. in in during mentioned as well indications earlier the indolent to for certainly NHL. the

data bempeg, certainly, is it For dependent.

We renal well as melanoma with read as well as bladder are Nektar and out these cancer. to working in studies cell in

further proceed of stands each and terms we development. were reminder, a these seen indications the own, its based on. had we Just on in that as II will data chosen Phase how those early future But study dictate data on


go Harrison we'll Stanley. Next, to Matthew with Morgan

Charlie Yang

This Yang for is on Charlie Matthew.

stroke of current frequent on lastly, are indication? might So on about First of prioritization would second, Milvexian, And And the acceptable of you versus studies you study what example, regarding amount the and supply? earlier relative therapy, guess can the kind the can how need I the of like? you monitored. Abecma, that commercial kind REMS can is what incremental more for details look to in of bleeding these commercial lines say to provide talk through as walk opportunity in And be clinically? of patients what you prevention terms

Samit Hirawat

off. I'll start Okay.

don't of control is dependent. arm. look, amount to to in first bleed of compared of So terms bleed certainly, all, for what Milvexian in all it any see increase we And is acceptable, the want

certainly you how and how that's And have as contrast. have historical today. So data therapies as we patients compare treated well other are to from

But into context you mavacamten, for the as Milvexian put So going to I perspective REMS But to to are spoken numbers can we no into start that as numbers. we what at share once today. patients we those are look projecting looking not program. to looking out today are managed how there or before, at we'll how that are to the we get forward clinic with really as in specifics. is have again, From have

that And way myosin we have what earlier, are in to basic ensure a ongoing for cause that of that's the talked currently the ejection the we so echocardiographies. go drug patients are the and heart is about is basis, to to the inhibition. We treated back much to want on the don't the decrease way safe fraction. a and the periodic "relax" mechanism managed continuous Chris And mavacamten patients too intent or

program. terms then at will to be further follow So and KarMMa-X continuous REMS that perspective, more dictate the to the PDUFA KarMMa-X we From as progress this NDA are of data And the overall on from proof-of-concept studies the and KarMMa as development of approval and commercialization. certainly, as and full to an evolution important year get and date package the final going in in Abecma looking approval. overall

ask on But commercial. has So clinic certainly, the to Chris spoken before. as I'll for comment certainly, supplies from a further supply well perspective, Abecma as Chris

Christopher Boerner

fits we one REMS, ensure with likely REMS physicians team Samit's to standpoint likely Sure. into be And nature We've Charlie. the knew obviously, a worked asset. just closely treat how The patients. would very a make on nicely the that approached with REMS we way maybe the of comment program, would very REMS have that commercial that this from I'll --

obviously, is we those trade-offs continue is commercial that And challenges But go so relevant be think is equally that with development that it in that, launch. supply, particular both to supply last prosecute And which make that any way is those as going anticipate to we commercial associated don't as the looking important program. of Abecma, point and to with relates we've the clinical critically into to we continue Samit's mind. our is I we're particularly approached And important. at it there priorities will


Next, with James. Raymond go Dane to we'll Leone

Dane Leone

Two quick ones for me.

the biomarker team think possibility think be HFpEF. you pretty strategy from that seen be, nonobstructive when in some Dragonfly question and excited outline We've mavacamten. running either might plausibility collaboration do suggests the you on in the IL-XX have from a do developing clinical plan second be we to community the that then MAVERICK for When of data about? And of would oncology would Firstly, data of the on compelling able those seems to emerging indications?

Samit Hirawat

can Thank take both of I Sure. Dane. those, you.

is forward that well. to the ongoing that for II over dictate And For mavacamten, now as trial the XXXX. Phase non-obstructive cardiomyopathy the future and looking we hypertrophic are And Phase study III Phase forward looking III initiating in readout to proof-of-concept HFpEF, development within first then in will time.

we Dragonfly, platform. For and development that right those to look presented well will hand, as phase have at future. the looking it's I, data again, our as Phase and early then an in single And we combination appropriate once in currently be at for I-O don't which conferences evolves, now as

Timothy Power

Thanks, Samit.

I we maybe last think our can go please, question, to Alan.


Mohit will Our Bansal last Securities. question be from with Wells Fargo

Unidentified Analyst

This is James for Mohit. [ph] on

questions. quick of couple a Just

any SXPs, to then how the to the know any analysis to BMY or thoughts For or lab you Zeposia etrasimod? rerunning rule relative on exploring to deucrava, And JAKs? competitiveness out JAK-like safety relative of differentiate the -- And BMI positioned be signals? for but doses, expecting be will SXP we're I is new

Samit Hirawat

deucravacitinib. So with let me start

part We've follow-up. term, and and we conducted longer X for already weeks, XX China that have with the So Japan that And data as looked in all continue also Phase China we've been follow-up studies got of safety be the way with Japan will already have in X And we've III look and to studies read out. are of evolve submissions those data to a shared. at forward. the we'll year

with safety profile are line those the have added. we in So that all

evolution. continuing continue additional do doing we've analyses same will certainly, those forward of additional not higher exercises do the at to Long-term indications So available. follow-ups other we those. similar data conducted sorts an certainly From Chris, look studying and generate data be to of evaluated are because And see data on you will we for perspective, when want... doses that are SXP

Christopher Boerner

Sure, that I'll take one.

there's lines said James, those assets continue JAK of evolution later of be do to earlier, therapy, we that to push could So labeling going to expect an into I that as as From strong clean if safety be remissions, you well Zeposia, efficacy, to given will. very our continue we from an profile as with clinical the perspective, from happy the continue the both profile.

the the differentiation launch in and I opportunities volume. build respect drive we're is. profile Our in disciplined volume. overall situation. SXPs where focus future would that awareness Continues be given we're execute that the to term evolving order again, it's be focus against our very executing with UC. continue And approach that may going with this JAK to we to what space, need do And and longer effectively to important we But against other say that in that's just be launch to we and confident There in commercial have, to how we in

Giovanni Caforio

Thank you, appreciate you. Chris. and the in everyone, Thanks, participating call. you I Thank

Let me really the year, XXXX, well in deliver just beyond. us performance And XXXX by in growth pleased close really with and our saying to this performance quarter. broadly, in positions we're our more much

built our I'm positioned patients growth. call. year, as the want our company with traction foundation, shareholders. gains for us for reach that, heights, very Thanks employees We for for supporting well strong thank and solid new to this a portfolio confident and being our to is renewal both I And have

you. a to may -- available wish have. day. ask all good And any to I answer of remains you additional team Our you questions Thank


That again their does everyone for conference. participation. conclude thank today's We