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Bristol-Myers Squibb (BMY)

Participants
Tim Power VP & Head, IR
Giovanni Caforio Board Chair & CEO
David Elkins CFO
Chris Boerner Chief Commercialization Officer
Samit Hirawat Chief Medical Officer and Head of Global Drug Development
Chris Schott JPMorgan
Chris Shibutani Goldman Sachs
Geoff Meacham Bank of America
Seamus Fernandez Guggenheim
Evan Seigerman BMO
Andrew Baum Citi
Steve Scala Cowen
Luisa Hector Berenberg
Terence Flynn Morgan Stanley
Dane Leone Raymond James
Call transcript
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Operator

Good day, and welcome to the Bristol-Myers Squibb 2022 First Quarter Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Tim Power, Vice President, Investor Relations. Please go ahead, sir.

Tim Power

good and Sergei, you, morning, everyone. Thank joining XXXX earnings for us this quarter first 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've forward-looking note, bms.com slides remarks. along get with we posted Giovanni statements. our can you'll As that started, for to David's read before But you I'll

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

And so over Giovanni. hand I'll to now

Giovanni Caforio

good morning, and Tim, everyone. you, Thank

XXXX. first for had to our we've on with share is year pleased to Bristol-Myers strong start Let's I'm important X. start a quarter and performance Slide This Squibb, an that

this so symptomatic launch in-line for to HCM. Camzyos for I'm to Camzyos. up year. commercial And improving proud we're in an we our options hope portfolio. patients significantly Opdualag This now patients patients also growth first-in-class had treat With and track approvals cause It's mavacamten this an new that just fact, living life. a have execution is or It's product BMS. important of milestone underlying In U.S. first-in-class for the the quality who far to milestone no disease. their and until strengthened giving important the potentially of this our three of FDA-approved year-over-year from medicine abstractive with new strong and solid in on product products quarter resulted important portfolio. are Addition, medicines new year, we yesterday,

good that compared of well is EPS renewal and in-line quarter the to are through During and new products product performance remain ex-U.S. for in growth portfolio our in our dynamics. comment our we first quarter, will quarter faster entries in erosion Revlimid while revenue U.S. first on year, delivered and anticipated. the we the saw expected the growth and last the of the to same, business, generics to QX double-digit offset LOEs momentum X% previously is But decade. by upcoming same the Europe. drive validates more and we our expectations multiple entry than be non-GAAP full the for U.S. prepared with There year. grew David across portfolio catalysts Overall, than

as us shareholder expanding very financial debt down we significant gives position paying prioritize and flexibility Our while development distributions. to strong business continue

important our around to the provide context scorecard Slide achievements X some on turn me let and the quarter. Now of

the before lung as cancer indication first patients in the for agent surgery. during and central early-stage Starting profile the and line I-O additional treat growth U.S. with non-small in tailwind delivering March in as milestones strengthens cell its the This provides to growth. good show to we quarter. We Opdivo approved was a our company. on long-term which progress are our are making milestones, against strategy

Europe, portfolio overall. our the the second While our approved disappointed in significant progress of are in cell new is with of back pleased very T with the bank CAR the therapy product approved results now we EU. program, Breyanzi

to we've this you three products new important year. to market As bring been know, planning

new products, received Many two Camzyos new of So Opdualag FDA far, and products those significant have approval. of expansion opportunities. our

a deucravacitinib, X study proof-of-concept recently we in cancer. pivotal successful we lupus. And Phase a for colorectal delivered Opdualag, result initiated For in

Looking to One is Milvexian to breadth forward of secondary X is we're that the looking the ahead the future, milestones in prevention. Phase data exciting. strong

believe patients disease, decades in have a cardiovascular than population of even current expertise medicine that be We oral of broader we and this an treats anticoagulants. could

the in-house start data around to And we expect get later the this to X We of year. on depending year. the Phase plan X middle Phase results, trials

new Slide products three on our to X. Turning

antibody received we unreceptible March, treatment lag-free patients fixed-dose, scientific the the nivolumab in of second and relatlimab. marks dual blocking nivolumab I-O agent first-in-class, our of for melanoma. mentioned, combination And Opdualag a OS I and meaningful PFS approval is Opdualag for with relatlimab combination Opdualag in our continued As leadership of benefit. metastatic or approved immunotherapy demonstrated clinically we've and that The demonstrates combination I-O. the delivered

I a standard the is We days, Opdualag say are can for opportunity still patients. new melanoma well. medicine become we early launch to care this the very the While in has of going believe that

In exploring important indications. addition in we to liver And melanoma, Opdualag opportunities are lung, has cancers. the potential for and new colorectal

with in ACC mavacamten symptomatic to Camzyos were look data We're forward HCM indications VALOR and this reinforced to U.S. to exciting future receiving Camzyos. international with approval with the at month. for presented launching now Turning just The our and benefit launching obstructive come. of the EU FDA-approved or Camzyos further patients

about opportunity to Finally, we excited the continue deucravacitinib. for the be

superior asset the oral have and favorable And we for profile. tolerability psoriasis. has date care oral safety As know, September demonstrated you We in patients of with psoriasis a to standard FDA PDUFA compared that options. believe better efficacy an this need

in studies delivered in lupus, also very successful Phase X a to Phase we positioning year result with need. quarter, proof-of-concept first a disease the a high this During X unmet us start later

scientific Phase year. upcoming data PDUFA at the Importantly, inhibitor. the our in in confidence safety third differentiated psoriatic community the in grow. date trials data TYKX proof-of-concept the congress share in plan consistent trials a this with this to additional potential profile continues a arthritis X of to in our to lupus FDA quarter, selective achieved and and underway lupus of show upcoming IBD, We already ongoing, comprehensive program With the continues Phase X and including

turning dedication by $XX billion $XX expected by hard key product and with to our to from delivering strong continuing to products to the and am offset revenue the new Now growth sales in X. employees, incremental in-line billion work, deliver in strategy our execution XXXX. Slide to on I of billion of $XX our $X our more Thanks ability by portfolio than billion confident LOEs our and

launch confidence in a result, as derisks deliver plus have ability the XXXX. to revenue further billion we performance clinical non-risk-adjusted portfolio. strong our in And in our Our $XX

as of We year, our the have portfolio I traction confident the in company. this in strong further And gains a our foundation potential am renewal place. of

David. turn it to I'll over Now,

David Elkins

LOEs. in-line billion, and of pleased impact was on the strong translation. our discuss call. I by in which partially to offset earnings I'm our the first top underlying an Unless recent X% excludes turn our you, of $XX.X otherwise exchange discuss again Giovanni, to sales stated, by Slide quarter sales to portfolio, Thank to X foreign double-digit driven Total performance new basis, growing product and will our revenues quarter This welcome year-over-year. company line exceeded performance.

more Let's Slide year. portfolio product on quarter, doubling revenue, first a XX. the contributed In product new million the look revenue take closer performance in versus at $XXX new than portfolio our prior

With usual product patterns remain sequential we in buying potential the of impacting including new of factors, the combination the portfolio. performance, year-end growth confident the

further of of our first-in-class Camzyos yesterday's strengthen and Opdualag approval the in approvals FDA The portfolio. new product confidence

indications. non-risk-adjusted tacravacitinib September, as patients in PDUFA are These also We opportunities our initial in which opportunity the with in more into of medicine look $X for XXXX. approvals another than just forward to first-in-class to billion deliver expansion significant would medicines date these have upcoming deliver new beginning many the revenue for additional

by let's look area. diversified at more our Now business expanded therapeutic

U.S., renal double-digit solid launched to demand grew our year, on Slide driven first-line continued the In demand double Opdivo double well by year-over-year year. continue prior tumor the first esophageal This XX. driven markets emerging growing core trajectory, newly lung, growth as primarily Turning in is their was well Opdivo as reimbursement. our U.S., and bladder in for new by gastric we increased Yervoy access for indications. and versus to continued our versus as strong quarter in adjuvant and demand as markets prior This and as expanded cancer revenues developed digit. indications growth by secure digits driven performance cancers. Outside indications

indications. Opdivo our from we and expanding growth new Looking expect of forward, continued

With the with company three to mid-March, of I-O launch we be pleased the are approved only agents. Opdualag in

half While in demand sales, in approximately and generated days the million launch, half was which of other we $X stocking. the early

a be initial We suggesting updates to are I by melanoma, providing care metastatic new of patients forward the for to with for feedback and the as potential standard the year progresses. look Opdualag more encouraged

growing the a on Internationally, In brand U.S., XX%. to portfolio by our Slide XX% share to strong, primarily with and countries. ago. growth I'll total with move of OAC sales up cardiovascular year-over-year. across growth This let's XX. the grow which sales XX% markets, driven be were year number to double-digit primarily was versus prescription up driven continues increased key XX% Eliquis, prior increased continues multiple in one the revenues globally, year, versus Now strong by start

hypertrophic known and as excited really oHCM. or expertise patients initially Camzyos expanded leadership, We cardiomyopathy to BMS's mavacamten top HCM our symptomatic about I'm focused centers. for leverage of portfolio. existing relationship, with strong to our obstructive building Turning CV at approval now plan the

to provide Q&A our on bring details patients can field are and Our more the in product teams to go-to-market U.S., this session. Chris strategy excited in the

$X.X on quarter Now our by in attention a generic Revenues XX, of were products Sales Revlimid. few were starting over entry. to let's Slide our with turn impacted nearly the hematology primarily billion.

U.S. far saw pace. QX, modest expected later entry we the at and generics During enter a than so

U.S. in faster we in of we players beyond, broadly has uncertainty market, quarter, Europe expect last no to Revlimid mentioned the QX than is reverse been launch change will outlook to and our though mid-February the And favorability QX. the expected. year and As erosion enter in we there generic saw internationally, across for expect this how generics

driven be X% of As full lines to second gains treatment and sales to as revenues be extending by from U.S. prior patients Global quarter year approximately global expect to $X ex-U.S. of to volume grew revenues we revenues Global continued result, to earlier Based a upon duration move now dynamics, share phasing billion. and market approximately and we global year. expect be billion treatment. $X.X versus billion. $X

MDS NCCN were moving by driven in Now quarter. to date, ESA from of supported the by demand of XX% trends up prior continued ESA to the In in generated the Sales refractory guidelines. RS-positive the versus patients. Reblozyl, $XXX which encouraging we million have U.S. seeing revenues switch in patients. year, We're which in in robust on-label is failures, reduction share time also primarily

We in also have benefit. dose progress to duration made a patient's ensure physicians and sustained uptrading

on for and patient continues identification in with Reblozyl titration outside Our both And anemia. associated U.S., focus outcomes. optimal the increased dose remains MDS to share and grow beta-thalassemia

and moving Abecma now $XX revenue launched to have therapy first Breyanzi. in We in of Abecma launches the quarter. generated cell six countries million of

sales demand were XXXX continues expected, capacity of refractory robust, to fourth be to similar year in as of largely As highly to myeloma. able more expand patients this the to quarter help with the to be middle multiple track

Breyanzi, profile. by the physicians Breyanzi's quarter were it were in while $XX As driven the primarily recognize relates U.S., Sales best-in-class million. to to continue in demand sales

lymphoma in in Breyanzi B-cell We in to recent for very XXXX. approval with are third-line plus markets look launching large pleased the select and EU forward

the Additionally, order second-line to treat in ramping in preparing we launch are U.S. of more lymphoma capacity up B large patients. for and cell in Breyanzi are June

Slide in driven XX. sales to Orencia on prior U.S. market year expanded the sales, Moving U.S. versus increased due X% product share our grew to immunology summary by

Sequentially As from ulcerative quarter to in and encouraging doubling were global access we that higher saw to gross-to-net million, patient offset impacts compared it year. related Zeposia, U.S., in the sales to sales prior primarily demand quarter buying growth by relates $XX the colitis. prior patterns was and

the by and patient pleased with in the in increase strong and are UC are of awareness new Zeposia We starts. encouraged perception

obtain XXXX. access expect approved reimbursement UC and reimbursement as continues increased We Internationally, markets in last volume quarter. continue further MS UC as Zeposia from for while have reimbursement the second to half in well other strengthening newly contribution secure this indication in of and expanding for the to year work expanding additional to and

underway XX. Lastly, our to as Slide to are for our P&L launch we already deucravacitinib portfolio, broaden immunology continue plans on prepare

contingent with GAAP connection impact other other and income noted included our business. presentation and in from or asset we resulting longer Along there's non-GAAP or intellectual we As of payments changed rights. to the recently, upfront of property the charges our results. exclude pharmaceutical These with charges acquisitions companies, results, or our milestone been development significant economics no no licensing third-party of in have research

charges and as prior operating well previously versus include we driven MS&A specified and new as increased forward, expenses, timing now In $XXX Net driven income in Immatics milestone by investments Dragonfly GAAP and licensing primarily in of portfolio. line line will agreements. differences development our year, in process payments Going a to results acquired million increased associated the these product primarily upfront well in prior spend and charges development excluding due in called as of our non-GAAP process item year in previously the research quarter, by new as as in with specified income in capture the the OI&E acquired research both item. are

tax was acquired income, earnings the from the the impacted effective by performance our impact versus new non-GAAP EPS Even strong to financial quarter specified R&D and and allowed XX% first inclusion last of us mix. grow rate year. presentation in this $X.XX The previously with in-process quarter

Excluding have XX%. would grown EPS presentation chain of non-GAAP this, the new

operations Now cash on strong $X.X approximately for generation capital position and from We and in flow moving Slide Cash a in the liquidity to marketable the strong. ended Cash $XX Company approximately XX. the quarter in was sheet billion remained billion. the securities. allocation with quarter balance flow

And settle million XX repurchases. the share quarters, couple returning the Our shares price quarter, program. remain accelerated capital priorities the to continued in repurchase or the over billion shareholders. remain executed of priority, unchanged. remain repurchase future XX% and and reduction aggregate Approximately top of to about be will next the we to BD a billion in capital and continues $X to we The we debt allocation delivered $X Company were share ASR committed a quarter. opportunistic

turning on XXXX XX. our to guidance Now non-GAAP Slide

the results. movements rates in As our exchange, you the in of is spot at LOE guided Revlimid to and reported to to prior $X.X We're the we primarily top know, we reflect updated Revlimid billion line time year, dollar based in faster being Recent to U.S. outside rate prevailing changed be also range erosion upon guidance to billion. exchange of line product the today due foreign the $X of updating guidance outlook reflecting the

unchanged driven the low future in-line expect impact product digits our now our growth prior operating new excluding The drivers. headwinds decline foreign by the So impact outlook R&D, cost portfolio. FX in entire exchange. expenses, single total We for products and discipline year, remains to portfolio and primarily in of process the in versus

change no we've that for earnings, non-GAAP year. outlook to the presentation is there adopted in the for our for financial change Excluding non-GAAP EPS

mavacamten an the future occurred $X.XX. that impact the is quarter, range $X.XX additional announced from EPS, buyout to certain first of change to the April. obligations by driven With of new non-GAAP impact of related previously our from $X.XX royalty $X.XX in This the the actuals in

the clinical excited on to deliver I ahead. lies it now thank And strong want results. and over and for to move Q&A. back Q&A, Giovanni around continue we our colleagues for I'm to commercial, what world to turn really to financial Before Tim I'll

Tim Power

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

Operator

Sure.

Our Schott ahead. first Please from Chris question comes JPMorgan. go from

Chris Schott

me. for Two

isn't, guess of as last Afib And for Factor XIas? just your category color how talk a it's and Factor First, would data about program. seems right, more if specific where read see can a on any question month. requirement guess, uptake the was can And Or monitoring you just attractiveness for question second be, markets XIa just drug that a be is currently Camzyos, there have? the I'm about So any I'm the usage? pronouncing Bristol? in saw Xa the for you Factor impacting fairly across and like echo the there? focus that I long of me we the you the It Bayer maybe Milvexian focus could is talk that from appreciated. kind wondering would I there

Giovanni Caforio

answer you, Milvexian. Chris. Camzyos. your then, Chris Thank will on ask I'll Samit to And comment on question

Chris Boerner

question is Since excitement new launching and there's are the an that anticipation those who obstructive for medicine And palpable this Thanks say the incredibly at is outset Camzyos, to of question. for at patients. important excited HCM me let for we're be the first drug. This on just of this you ACC, Camzyos.

So this is a great opportunity for patients.

ensure REMS they that Samit's Let get components on things and echo about and the me on ensures then We've titration dose as to able in that which strems. largely benefit with There right is all of able we component patients right full to for the And of with on REMS to it the be is a question again your it are a and obviously and been ultimately how I'll couple is they're say get view We background FDA just patients to to This the against working key about REMS driving these Camzyos. get important get for the cardiologists giving conceptually on period, on There's hypertension. a the eligibility the the the months. of would are manage they you safely, think execute dose. general, the two medications. treated and number team second customers ensuring is monitoring. design monitoring then how that because

earlier, cardiac don't together, As the we adoption. generally as referenced as patients, to to across for treatment barrier for the these see two manageable, the requirements we both look and we fitting, see REMS is approach of a key them components I

they and as of to obviously as concern see don't monitoring working couple respect a were reasons. we consulted REMS, customers the specifically, the for we the with a design period Now through echo it

period this First, minimal. monitoring are relatively the of requirements

That LVOT with can get your done physicians. You LVEF local an have and be to reading. an

treated are patients centers of excellence, can fulfill in to go requirements. being those they cardiologist to their back those cardiologists, local for So office

you a echos. times coming would frequently be anyway management. And for have patients Second, of a couple be coming to would remember, of for back much patients symptom back number more

thing the three that highly motivated are be is seen to visits through to is So this particularly And is their very not last way I physician patients a burdensome. going work months which point, period. every highlight as important would

with are on saw feel they patients Camzyos. the to four we drug, stay study highly better on As motivated

part their requirements. And motivation so these to work we going there's think on through strong be to

So net-net, obviously to we customers this on, don't barrier this as use. see is but something a we'll be educating

Samit Hirawat

for your Thanks Chris, Milvexian, in would of Chris. excited from year. as that that strengthens further further a mechanism getting Thanks, anticoagulation all, And the a need we forward really think that. about to presentation, first Bayer on the is JPM, it the in way well. it. truly that read-through action provides look who for antithrombotic question patients the for further provide middle therapies I confidence The of say we proof-of-concept in-house I medicine are Factor well data or as of And XIa the inhibiting as is to from safe our

the be all dose, with drug. ways you. of are share able data that ready to to continue the we Thank look As we'll work to all, at with Janssen, once can with in you read-throughs. data, really once the pursuing, partner, our are it what the data the we the comes And be to we'll we'll and indications those administering in-house. And the define

Tim Power

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

Operator

Shibutani, Chris ahead. go Goldman Please Sachs.

Chris Shibutani

are you terms the Perhaps with issues: as get well. can Camzyos Congratulations two which comfortable lines in talk that approval feel the dosing? you one, more other on time for again, with physicians you the the expectations the on and and to about going to Perhaps and they're the on for access to of this and more relating can when update phases the expecting physicians regimen going timing educating access relative your timing on REMS? and get rollout to with be early to of them us approval comfortable on

Tim Power

Chris. Thank you, Chris?

Chris Boerner

Sure.

very good So, two questions.

are going of this general, for good patients Camzyos are medical. covered think access to are disproportionate we half population. we anticipate commercial to In start HCM the particularly patient share Remember, population in use who the and of initially this expect majority going of me the this access. have access is obstructive is be about going let we And to good. therapy. And our patients So with very patient come a from

medicines, day formulary specialty going Camzyos remember, on be is Now virtually one. not to

programs through We the are to will that plan patients six But to the built during access programs more weeks to the to bridge then, for patients patients straightforward. four is expect work we roughly be cover patient Camzyos strong these required to minimal going expect initial sign, once much we've exceptions these on process. for support assist on we during would and be formulary, of And period. these course, to barriers

on to lines respect we for to resolved. working the execute for customers one subsidy Number we over things be going Now that few patients, to we Initially, there. population, then we low-income question is share that But work to in broader with be With affordability would I the address support will affordability A relatively REMS. available time education, rapid. issues expect patients. there dosing useful Medicare label. through mind. on any to mainly the the is becomes referenced opportunity this expand, that's actually grow as challenges against in your additional how time get keep any second going think

be particularly already these familiar of launch be the with primary the the the centers in dosing here. customers, are commercial of centers in efforts of many are And which So, focus excellence. going of will focus requirements to initial excellence, obviously, our roughly at

we're So, to we REMS And of then, to more good be requirements targeting a broader audience. generally understanding be the going very launch think going at and dosing the the much are there.

and that, are beginning education our HCM obstructive staffed today. underway efforts, potential efforts we're do with fact, In those patients launch to

Tim Power

to can next one, Thanks, go Sergei, please? we the Chris.

Operator

America. ahead. Meacham Bank of Geoff Sure. from Please go

Geoff Meacham

product of couple a had new just launches. I the

what update Breyanzi, on you get guys kind a wanted I think guys to real an where inflection. -- first So of just of you drives

timing talk access, you drag then formulary a about well the on additions, as manufacturing, would on be update can any helpful. for little cetera. just just had on you Zeposia, And the et If bit that

of inflection drivers Just kind the wondering of for that brand as an well.

Tim Power

Chris? Geoff. you, Thank

Chris Boerner

Sure.

first, So let Zeposia. then me touch about on I'll talk Breyanzi,

So we're up the and physicians performance nicely Breyanzi, saw the in from we using Patient in activated continued our within seeing strong existing happy We're from continued with We obviously enrollments up product. the were were indication quarter. that interest sequentially. accounts the a We XX% seen patients [indiscernible] now increase growth best-in-class translated which Breyanzi is important assets in my class is the be perspective Particularly nice Breyanzi's and that saw quarter. overall into continues to XX%. roughly to as in from share, that here.

gives With to our us. And focus to the setting only Samit very second for confidence be that us but to obviously, forward to we've so expansion can that obviously, said on a label in of not looking year. continues track, in much for big the existing which we're previously, second-line as speak asset, indication, the a half that's into manufacturing, and respect this

for those have and We be ready the second-line consistently by our continue middle that year focus track. said the -- to be launch of that efforts capacity that on we're is to

I are we've Zeposia, happy think Zeposia. made for that progress As with again, we with the continued

quarter that David to As dynamics UC, we we success the there that for with two obviously of to the in the product, particularly as and is respect the going said, of are important important net product. long-term few look be gross had critically things which the inventory. growth That referenced, at to for in are product, a

multiple And we've give in access broad the to access very fact, update But improved and relative I'll second, as quick we travel, in access; maybe volumes. go have just to have got we we've those patients access, formulary expected, you UC quality a drive majority seen referenced, to this of both. Since we've improve on First, of that the With both today. things edits. got last respect as you Zeposia year still step year. to,

QX to got front, And is patients. And in volume. do access so in that QX. the we about would progress good these to to starts we way made were quarter. that we've Patient And XX% driving for the by up on relative improve continue

up expand importantly, to prescribe, user to nicely. growth. And continue drive our set think continue which continued We intent base all we us volume we of to

they bridge initially Now the our program. of going are on patients therapy majority triaged when to those to come be

what do commercial we've patients convert got to possible. So where first, got drug we've year those this to is,

that. have convert who do to better obviously, to big And them then continue starts. patient on focus this from bridge there's need year patients drive over we've drug, commercial we to in got program For access, to second, and new a our to

So as you'll see I sales good quarter, as commercial, 'XX. for will from this and look more But begin and set those to bridge the us think particularly volume success, I at work continued moving from to got up headway. later in we achieve year made to do. We've patients we of coming greater into UC, that success

Tim Power

the one, to go we can Sergei, please? next

Operator

ahead. Seamus Fernandez, Guggenheim. Please go

Seamus Fernandez

Great.

and relates clopidogrel your the data there. we of a that call of of to the Factor get opportunity So the the recruited SSP experts in XI. space, between context with drill can bit knowledge first more indication, the one really the on that from interactions leaders to confuse in Feedback it perhaps is on Milvexian. as patients and the I that that could and wanted the aspirin and thought a have to into riskier and earlier gotten your comments regard occur

So I understanding as wanted well impact just you better bleeding the factors for risk, are of to as are that get a that. that There of efficacy like things how guys clopidogrel. clopidogrel, genetic controlling

after fact. looking to And sense just then for at -- annually. $XX,XXX you looking clinical evaluation studies? bit you $XX,XXX and between Obviously, the how on be result get little differential at wide ICR of additional that on may comment upside wanted that whether a the just the the quite or to hope on to with can that, get less year. question you're how stratifying you I it that perhaps price surprised are So That's a second for a and at mavacamten. Obviously, beyond that spread than managing of a the think

Tim Power

Thank you, Seamus. you. Thank

think me it ICER solid beginning. with been We've of comment not at mavacamten the very accurate methodology. and based assessment respect to was we and let clear data on a make with didn't So just the the fact scientifically

give the you will and Chris price. perspective value his about mavacamten So

your Before though, question answer would that, Samit Milvexian SSP. on

Samit Hirawat

thanks, is you, the It's the Thank that SSP question. enrolled more trial for earlier. ongoing. that have On you a your study. know, middle we'll year as I read-out the and said have of in Milvexian, And Seamus, as been X,XXX in than patients

any the of as interactions. data, safety therapy number continues already DDI ASA we've as of from to first clopidogrel which that we've will have the and well we'll Having Clopidogrel as data, TTR the that, the next given then get there if all study, see this then we well three PK done, further. as define done data to analyze combined in safety we able the month background as interactions data of We months. studies, the will And the we for is not issues. with overall from do of up course, and With be said we'll study we how proceed quite and drug-drug the are and that getting ASA be a that aspirin.

are have SSP Thank So application on then how let's be future, presented the data Chris? at that. conferences that dialogue the study. for wait available will are when since can corner, in and the the further medical the And almost the And data we certainly, around in speculate on you. and a not

Chris Boerner

Seamus. Thanks,

Giovanni think on question the I ICER. addressed

for we the Camzyos, drug price first Camzyos, care source that factors with a the specific price consistently obstructive generally, looking health products product system focus of value providing the the effectively of this how So that at patients notably and we HCM. which targets brings very much in sustained are rapid as on access for it with variety price this we ensuring patients. is to the and relates that to with strong Remember there is the

aren't therapies So any there really here. clinically comparable

You've be nonspecific blockers and $XXX,XXX. alone but you've and These largely ablation. those. are got got remember, like costs to the upwards ancillary ineffective, And septal beta like products then And don't can with invasive old calcium got cure associated inexpensive. And relatively disease. then and myectomy they effective, more channel procedures procedures that you've highly of

these associated multiyear with ongoing got well. you've So as costs products

we of reflects to netted to product. as access. respect to mentioned Where have concerns don't question, this access previous we the prices. out value the We any address patients of the see a range market in before, think I broad with And a here, fairly any a is it's incremental robust of price help So and resources that caregivers or product. in suite as we for I programs the support referenced are that,

Tim Power

go Let's next question, the Sergei.

Operator

from ahead. go Please BMO. Seigerman Evan Sure.

Evan Seigerman

congrats And approval last on the night.

you really we be characterize So quarter, I you call seeing other just Revlimid. to kind the can curve sense maybe about. balance more just characterize what risk item. color kind the remarks. thinking And of into And color get of and O-U.S. the some should that had to David, remainder erosion wanted on on of know at potential a and over now some there? of one you're what from we're give to prepared O-U.S. -- FX, on housekeeping the us guidance I your any you year? in aside Just But you can mentioned touch the trying the

obligation back you for the we in thinking should mavacamten, On our be any about models? impact royalty bought

Chris Boerner

And erosion my on generic modest. about been we two as in you and And said think the need U.S., for has to was I the context anticipated for Revlimid, markets, the the the question. Thanks, had of really it O-U.S. and prepared in entry U.S. remarks, later the Yes. Evan, than the

overall why billion QX. Revlimid a of as on second $X and of the that we think that, result guidance the come in -- provided in will we for second quarter, and out So that's quarter

As Europe and full Revlimid the $X.X than we billion anticipated. guidance changed outside generics U.S. between And that's seeing, mid-February, been you in has full in faster that year $X think we're about billion. based why on upon that we and multiple erosion that the year, the erosion enter

that As you as billion years. to range a may think since over about you $X around be at And billion next faster the we longer-term $X.X provided Revlimid per we into of going billion forward, probably that year, couple year head erosion for about $X the year. end next guidance of is of of year, we'll a recall little next the lower this

Revlimid. margins we So but obligation don't royalty that was margins, that gross for And to low a a able were products guide we single-digit be royalty a slight our to it'll on obligation. improvement And gross able there expire. we're that's our minor retire overall, mavacamten, that to

Tim Power

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

Operator

ahead. go Please Citi. Baum, Andrew

Andrew Baum

of couple questions please. A

on curious of actively to data not in looking I'm you positive, on [indiscernible] I'm zoster accumulating the guidance, second some imbalances that the clinical to terms whether just I'm then shared with in which agency. deucravacitinib as pathways you OD to settings expand, the given of or avoid long-term disinclined you'd all follow-up I comment in use that given and thrombosis Milvexian, any go. Assuming one with the collected sure is go that inhibits for as indications for And wonder pathways, heart sales where mechanical would be valves.

Tim Power

you, Thank Andrew.

to Samit ask questions. me both of answer your Let

Samit Hirawat

Thank and the way, the we're or like on what will indications question at the but asking exclude. this are flavor of you same I pursue different for the think of time you, that question answer the remain Andrew, Milvexian, going to the new indications not same disclosing we

et those to dose have be conversations our control regulatory We used, and agencies as conduct in cetera. partners, terms once will what well decisions conversations will make the we will our we how arms with with have the of the course, of studies, in as

with have data we'll So as absolutely certainly, we happy the there the be that as deucravacitinib, dialogue On to well decisions. you're once are right.

confident the are in profile of We be to continuing very the medicine.

China POETYK support continue long-term X data, We've of which with now. psoriasis and overall and as X POETYK conducted the in to Japan studies from well, have in course, We the profile. follow-ups

the pathway. overall inhibition talked about on pathway of seen well. support SLE the Additional as data, the we've study profile Phase have impact continue psoriatic All that we JAK in that X without specific to TYKX of the very of an terms from safety studies, arthritis course,

differentiation the in looking in to provided agencies psoriasis the So moderate-to-severe the continues. launch forward of from have perspective to psoriasis And those year. that are we that this and September data the

Tim Power

the we go can next one? to Sergei,

Operator

ahead. Steve go Please Scala, Cowen.

Steve Scala

up to the That trajectory. expected billion. to performance It flat $X.X follow Revlimid like the about is implies be like looks billion $X.X on a up O-U.S.? That's in has to I'd second first up to half versus HX Revlimid discuss revenue pressure the U.S. will in the up you why Can intensified the second in and question. flat it to if quarter. -- both be

for second the hairs, splitting first The Milvexian data question expected and apologize but in was half. is, I

September. But Bristol, the isn't Now always third been it's midyear. is at third change. because is a has industry, it some events? there in quarter This the but is meant That midyear modest this seems necessarily sort quarter maybe of and of always delay directed

So any appreciated. be color would

Tim Power

Steve. you, Thank

answer the me David question, There ask then second time Revlimid. question Milvexian. your the Let for I'll and is to answer on change lines no

as updating forward So, we the as study is you is on soon in-house, the David? to track, data and look

David Elkins

Yes. the to And the we Revlimid. U.S., The important in we're question in then have thanks year. on the multiple in only year. entry for generic second one generics Steve, half the entering have of the remember And that's we half that thing first the of

time that's can the from September quarter-to-quarter. was is will phasing generic shift, be So, why between because entry the the it frame. I And saying, in as

impact comes the into But quickly how the the of phasing in product in quarter-to-quarter. market generics you half will U.S. that the year. on depending the see second So the more will of

Tim Power

question, to please? can we next go Sergei, David. the

Operator

ahead. Luisa Hector, Please Berenberg. go

Luisa Hector

ramp on product and deucravacitinib. pipeline, anticipate And just approaching ramp dialogue in more for bring of we some ramp volume any similar how M&A, early-stage targets, should there is the Is the a really, to also our you shifting. I with on whether can changes Zeposia consistent ramp the I as about that moderate sort commentary. I But your dialogue. a the compare still dialogue deucravacitinib. just you this challenge, you other Are in market? shift of or we guess, more you potential it's launch wanted to to of question ask of comments terms any given Do and valuations whether contrast of And wondered of you? companies around collaboration access

Tim Power

the answer and your on second question answer then M&A, just me Let Chris deucrava. first question the on -- will

collaboration and broadly. continue whenever bring of a that, focus reiterate a a you in realignment partnership are continue in us the to executed to Company With is at business actually of as more question really allocation bit the by for of to a and one bioter high, those let companies look respect to Chris? that at seeing approach into about acquisitions. boards central different of our extremely Having But company had combination the in development terms any our in that course, takes of always will that little capital from And values we market months, there of of of strategy. were course, then conclude go very change, that whether And to has are to type in some It's just future. innovation somewhat guide your -- pillar and at realigned. the we story, it proactive our deals result ability confirms -- part been and that, experience business we've in values development strategies of a So few a time valuation. really have values, is to that strategy. always of our through innovation that a bit last me of licensing number is important look I'll every their time. they're the there. said which a a really It's on confident very values saying of We've potential and the M&A

Chris Boerner

Yes.

So Luisa, for the thanks, question.

managed. there Just at high psoriasis. in a I has -- over access historical Volume oral setting, intense market couple going similarities particularly UC a that be level, competitively some of UC, to there say you it less would see in is things. been This gain time. between what the a are to is are important it a and heavily than important is that, is while market

there are differences some Now important as well.

open have over more national new last payers psoriasis -- moved management for is seen from number While players managed, have access restricted entrants. formulary That's a to heavily highly years. of the we few

Again, with covered that when are work for be we new that been important know that's deucravacitinib. can position. we over access favorable entrant like many volume more open time to that payers also going But We on access the so with to build of remainder of patients have to we've an covered launch. a opportunity for going gain Zeposia be lives, as to a it's discussing plans

are a there and as well. two then important some between of the similarities differences So, couple

Tim Power

next can Sergei, one? to we go the

Operator

go Research. ahead. Please Wolfe Tim Anderson,

Unidentified Analyst

on This house the is of Tim. Adam

on can TYKX, a first under if different the second warning scenarios? two you commercial first So about you the in and being, that warning. box The talk psoriasis without potential black get is

inform a you in you had warning, be what half they black would secondly, trials outside it just melanoma that Phase the just important not would assume label? we psoriasis earlier will to If be could round will that Line get real of but ongoing? box results next get if X sales also clean something then do like next success a When X. safe data our And quick of on

Giovanni Caforio

Thanks, Adam. This is Giovanni.

together SLE are So proof-of-concept indications, confident And in with saying studies let earlier as September arthritis. potential I for in course, Phase in ongoing IBD. X the other with of increasingly psoriasis readout we then, PDUFA a ongoing of program by just earlier including mentioned Phase me this start date citing the year, X of study number that

the question as with on So give on go regulatory Chris the number to me Line of We've let Samit you ask program continue strengthen respect we to then forward. specifically outcomes, But his times. for answered prospects a comment to the X that again. perspective program. label the will And

Chris Boerner

for Adam, Thanks, the question. Sure.

black So to box scenario. the not on speculate going first, I'm

preclinical the the by going we've which perspective As under of decravacitinib operate continue that have. clinical believe consistent unique of said that to and is data, most that all likely action the is and we of we're with to the the scenario supported scenario consistently, mechanism we data most has

versions most commercial plan a the from to a operating as that's be course, the standpoint, focus so we, of going plan likely go various of that case. label while scenario we And

which very strong data clearly branded is efficacy, the well are much Otezla choice superior on that standpoint And X safety the leveraging clinical Launch focused underway. from we so establishing given deucravacitinib both only have we're a still that of to is have we very for branded oral the two the the and studies we today. superiority Phase believe show from efficacy that here. And market oral case in as that preparations data

a the team standpoint. field office The a We're has is hiring the in and running. have team been We sales force. process of and from in great already staffed medical the up home

of with as clinical continues choice. establishing position a deucravacitinib and consistent this to And of we product the going mechanism to place we be the as the on world in profile team branded think unique action. have our So deliver

Samit Hirawat

we So through investigator-initiated ASCO will the continued have is obviously that those as developed Thanks, Chris. but data And the Nivolumab, also ongoing investigator-initiated itself. a there trials, Adam, fixed-dose being trials. be including just several as on because And coming combination Opdualag, BMS-sponsored even through with through, LAG-X not studies be this from only trial, will

read course, being to So you Xs the that will or continuing over trials start of Phase we'll out see through the And data through coming come the at ICERs the and either conducted. conferences our years. to are out various then

Tim Power

can please? we go the one, Sergei, next to

Operator

ahead. Flynn, go Morgan Stanley. Terence Please

Terence Flynn

quantify Or can come later help additional you in on supply year? Abecma, And you terms percentage then you seeing is consistent? but broader pretty that are how to much will now? able the what setting, know Maybe monotherapy I Opdualag. launch, wondering be know I still in going on the two to just was types PD-X follow-up seeing what of but the patients A focus drug? early me. are And use? demand this of supply receive for on your initial you're it's

Tim Power

Chris?

Chris Boerner

Sure.

reaction the Let only the -- entirely have, of Opdualag? few marketplace So aligned approval, with been very pleased, in me positive. expectations. Based only as seeing data, start we that the weeks a again, physicians the is noted, early it's but David the from on has our and with read very with the not we're

profile monotherapy. one PD-X number very the safety is relative Xx similar strong the OS, trend given toward PFS, received, in to well So improvement

profile the this So is the for and excitement that we've seen expected hoped asset. around as we

are market metastatic of they anticipated. thirds. monotherapy essentially notably divided that PD-X therapies, X/X this mutants. that is getting first-line melanoma initially using Second, and X/X us what is playing I-O dual market of getting are had BRAF are getting we patients product the a patients the physicians the segment in are Remember, back of to into targeted see therapy, X/X

have been so that's had monotherapy to the product. PD-X where And the begun physicians focus initial use on and segment,

time, Now presence mind expand that into long-term it's Opdivo/Yervoy over in possible has the strong benefit. just But very that survival given could segments. other that there keep

right initial you the very So going and With continues what is demand we're to to tell now anticipate can we as expected. strong. is that Abecma, what is use PD-X to I that the monotherapy the hearing in be respect

the we have utilized Abecma have every that We manufacturing over slot quarter.

this anticipation had a demand this building of Our in the middle time. to And focus on enter. of be the competitive demand year asset in to space strong over to continued for remember, which is a agent continues we've

very we've Abecma, for in strong so with still And is demand expectations. seen also which line

give our make line won't that guidance tell by continues available will position what look expectations be the be middle focus can to as you We're to exactly we specific I more So better a on ramp I to what able as our like, slots of on that making being in the while sure for much Abecma. in with year.

Tim Power

please? Can one, Okay. the go to we next

Operator

James. Raymond Leone, Dane go Please ahead.

Dane Leone

while that to terms surprises of of a the last on the next of drug its year, the lot to the the the mavacamten. they're preserve discussion in comes review the The acquisition PK non-obstructive needed population? the populations in just get pharmacodynamic obviously, to fraction we've Two modified from MyoKardia obstructive develop maybe potentially question have to drug as or the expect study not largely effective And they can really, that viewed Mavacamten, properties of but in actually might But and HCM, me, patient some maybe Abecma. handhold lower is doses patient is approval on population then second those patient and the drug And have accommodative drug? handful to to which read the given the premise getting no down since as of be not predicated but monitor opportunity needed out was we please. should and night resolve for think been potentially then label, a [indiscernible] for and question will adjustment was well. patient treatment be and the embark, they make on non-obstructive real how dosage algorithm the properties more your passed the an questions I on and

Phase informative. Can topic you need moving will a your think, have to be of forward the We you That expectations the should us study. confident out in backdrop? in just readout, X coming what there see here feel give any fairly I to

Tim Power

Thank you, Dave.

Let me questions. of your ask Samit answer to both

Samit Hirawat

off, The line the but Thanks, think gist Dave. it. was getting Yes. I I got of

our So of intent, mavacamten, when on is the drug study course, and Phase we Maverick correctly based that X data the the that and think there. from long-term very follow-up approved from about you the now said is obstructive

X are in year initiating Phase cardiomyopathy. this the later hypertrophic non-obstructive We program

we'll of we have is of the trial we'll in time, that [indiscernible]. days in what manage Now these dose able X small concept, at course of dose. be then X study, around Phase At dosing a patients is of open to which future decision indication proof-of-concept And to a the to [indiscernible] milligrams how study the a data door looking expansion dose proof X.X a for have terms indication. profile to overall that up that when and

this and So the more data understand better medicine we application evolves, as come it to that in the of disease.

Chris Boerner

And see with dermatitis. then, Phase estophilic the we later in this that data as course, said, of atopic are we'll cendakimab, you studies ongoing, have you the esophagitis. year, as a For two X from know, study

data the out understood field of out that is Now well there quite where there. because the that that competition the are is and

us So study the should applicability it a can the that be X needs data we and place this drug ultimately that needs the to population in understand evolve be from of the used. Phase where to

discuss wait are again, evolves, that into data we'll the and if and give and be Phase watch. specifics needs able to those more go So significant let's X When studies. to meaningful clinically

Tim Power

Can go can. Sergei, we're go question, please? Sergei, here one? if can us? you to sure the we can Sergei, can you you if hear we the hear Not next us. next

Operator

the interruption. move we the on, Shall next question? on Excuse

Tim Power

please. Yes,

Operator

ahead. Go Yes.

Tim Power

this Maybe wrap call, the should at time Giovanni. up point. We're we out of

Giovanni Caforio

last minute Yes. I'm issue. the sorry for

teams have. again Let any thank answer our me And are for you joining you questions call. to additional available our may obviously, all just

close pipeline to we say to really continued the performance. me let we've really in approvals are the progress continue our with strong very So That made just two well but ability work and you I again, our With conclusion, employees we're makes available may confident that, we'll the in this And with execute, quarter, me pleased commercial our of Nina for to for the any Thanks, and want remain continued the And our positioned growth. call. have. for thank just hard additional and the question dedication. answering team everyone. rest Tim,

Operator

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

You may now disconnect.