Bristol-Myers Squibb (BMY) 26 Oct 222022 Q3 Earnings call transcript

Good day, and welcome to the Bristol-Myers Squibb Third 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 of Investor Relations. Please go ahead, sir.

morning, good and Dennis, everyone. Thanks, us Thanks quarter for third morning earnings for call. joining XXXX our this

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

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

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

and with product making and am Bristol-Myers Sotyktu, for first-in-class our substantial the sustainable also progress included to TYKX the our the by pipeline. non-GAAP quarter, you, we foreign portfolio. I of In in-line X. quarter good psoriasis, in that of significantly exchange, the our on adjusting for delivered I'm Highlights of grew continue very Slide another closing Tim, and third launch and Turning delivered pleased advance everyone. quarter, share next product and position we of have which growth. Squibb XX% new expected Starting Point to growth EPS while half Thank that to portfolio X%, advancing another we strategy for pleased renewal morning, the acquisition, of our good approval to our brings promising repotrectinib portfolio our advanced Overall, second year. our inhibitor for to we

now with X have first-in-class approved new We X medicines alone. year this products launched

Let me on take a Slide minute products new discuss to our X.

a period grow strategy Camzyos diversified we specialty to to the Opdualag, made innovative Opdualag during We're Its in innovative company accelerate the continued strategy, for second to Camzyos to is towards exclusivity products the new loss we marks strong and our decade. to and Supporting contribute beyond. products encouraged the these a I-O of next cancer asset, portfolio of combination foundation medicines business our progress our Each is growth. as leadership year: the the during market, cardiovascular launch our a have X meaningfully patients first-in-class delivered. delivering that into to with approved the well this quarter, we Revlimid and medicine. potential building also Our renew Sotyktu. key have treatments furthering delivered and this

moment. therapy, We on details and positive. has launch more are numbers patients the of increasing initiating David very provide seeing a will their been feedback in

profile, that as medicine and Sotyktu choice oral been approved of psoriasis. moderate-to-severe plaque with reflects a its an has label for

beyond. renewal avenues milestone the half these this Combined allowing see our early We are patients the a decade second in in of and of benefit represent for very encouraged these approvals portfolio, other option. to new by significant with days our multiple important launch with of launch this significant the the and growth products,

scorecard our to X. Turning on Slide

pipeline on now regimens our positive myeloma on to During based the T relapsed multiple the top have BCMA in CAR first Abecma refractory standard is great to the KarMMa-X. quarter, and superiority made progress line milestones. demonstrated we of results

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X. Slide to Turning

as Reblozyl. several the You important data including important ahead. study can see catalysts readouts, pipeline well for approvals COMMANDS registrational as key include These

our As you said time. multiple sets over data recall, proof-of-concept we've generate that will early would pipeline

early we are data our pipeline Importantly, This late-stage assets in transitions over of full data strengthening to from development, could assets some the our thereby pipeline. near-term. for support to exciting mid- expecting early-stage proof-of-concept

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second-generation the should for agent Our need supportive, and III asset move II be is could high Phase into next disease LPAX trials very fibrosis, in this unmet this data pulmonary Phase year.

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our financial Additionally, continue business strength will opportunities. to we to flexibility development prioritize and leverage

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relentless it David, Before over patients and our David through focus walk turn shareholders. turn our I now to David? we confident on it to want delivering patients I employees the for will we will deliver am for I to their over serve. you thank continue for I financials. to to the

thanks our Thank you, joining again and call. quarter earnings Giovanni, third for

turn with the quarter Revenues XX top discuss were sales Unless line to approximately billion, our excludes consistent discuss prior an foreign in stated, rates of basis, Slide to performance. which exchange. the performance underlying on impacts third Let's otherwise growth $XX.X year. I will

the of up portfolio XX%, Our recent strongly, offsetting LOEs. diversified our and in-line grew impact new product

continued over XX% Slide Now Global XX. quarter portfolio Growth versus $XXX up let performance of driven strong, up was by year, our revenues me our million, were prior demand. also touch XX%. on new on prior over product

billion derisked, over We the brands $X pleased of future confidence of this continue in new so with generate our its and billion than launch our our very in portfolio new increasing to year potential. largely revenue the portfolio far, be of to greater been X revenues performance potential and product has nonrisk-adjusted $XX XXXX. With annualized

to tumor U.S., grow our globally, newly core In portfolio, Opdivo solid our XX%, performance were sales in Slide discuss up by to sales demand strong. of indications. launched the for to Turning XX driven our continue

up grow Internationally, due versus indications, to some as as in prior lung year, declining our second-line and melanoma. of use by We driven from growth continue to eligibility first-line indications, demand newer well revenues new adjuvant and first-line grew primarily XX% X%, digits, by offset from cancers. Opdualag metastatic GI particularly partially double

growth late-stage forward, and from continue both in we and indications expect expanding of to early Opdivo new cancers. Looking our

be our as PD-X expected, and sales approximately high Yervoy monotherapy is combinations. we already are coming Now in this mid- in million. Opdualag and of to launch, the is with in million, the The in fixed-dose with combination great We PD-X cannot growing start, off Sales to $XX the to share are more the melanoma let's launch to first-line in being At launch seeing to pleased And our Opdualag of use Opdivo. XX% Opdualag. a from Opdualag. + inhibitor, teens. of the first point Opdivo launch move LAG-X sequentially, were quarter inhibitor $XXX annualizing

Moving portfolio XX. on Slide cardiovascular our to expanded on

primarily year-over-year. strong gross-to-net Eliquis, leading In demand increased versus the U.S., year, XX% OAC, another sales Our driven and adjustments. XX% by had favorable up quarter, prior

As performance patients driven OAC leading expected, from experienced numerous hole. payments, dynamics the was the by we as become each enter a typical gross-to-net Eliquis higher across Internationally, year has sequential donut countries.

pressures, in of growth. in impede to in expected, affected the the Netherlands, the success Given pricing quarter. the as addition measures at-risk growth product, entry Pricing U.K., generic

first-in-class a to obstructive cardiomyopathy. to turning hypertrophic disease Now medicine underlying treat Camzyos, of

And good health to continue is bring we've extremely received patients. making intent physicians care we have positive with to from are life-changing to we the pleased To date, for be indicator which are and treat. REMS-certified We X,XXX this a medicine progress to feedback over patients. professionals,

making ensure We are to make they patients. operationalized centers are to to at HCM also available progress large Camzyos

in QX, As our of are of enrolled X,XXX end the growing week. over patients and hub each there

we generally with we more echocardiograms. XXXX. on to launch on of are to part patients medicine, the revenue acceleration of expect we as Q&A, initiating have QX time commercially treatment progress can in into made. as scheduled transition provide the and their beginning new expected, during pleased As the are details Chris patients regularly Based but we move dispense

international XX Revlimid. the starting Sales slower billion. than generic Slide to entry, the we wave in U.S., Sales primarily to in $X.X anticipated September. saw In quarter by in performance, approximately were impacted entry generics discuss with particularly were second hematology's markets. by Turning

triple-based erosion see coming demand regimens for range to Pomalyst expect $X.X at the billion increasing expect for at to of in our $X by earlier versus patients. we to the extending primarily global in treatment year. And grew be billion generic sales lines, the duration year, for weeks. upper X% the revenues this prior point, Revlimid of We driven progressively end

the $XXX in in the Reblozyl, up impacted versus to Sales which had quarter. model change another million In was a distribution prior Moving the XX% onetime prior year. strong were in growth year. U.S., revenue quarter, by

year. anemia. being and adherence, patient Reblozyl associated driven continue thalassemia the extending Excluding continues sales date, now reimbursement to treatment beta been prior year, This countries, the in Outside To grow driven MDS impact approximately demand in in U.S., and in by both would have X increasing to XX% duration. we'll progress last of in we the by future. from is secure countries versus are and reimbursed continued additional

of for which of by increased infusions, turning the expect materialize assets, at Outside slots million. Abecma a future. year prior Now our sustained sales to the U.S., cell U.S., of or growth to growth Abecma patient in offset sequentially. be expected due the this primarily generated strong to driven the to versus markets, Breyanzi. revenues level by which we This was quarter step-up demand, of in XX% select is timing foreseeable In represents of sales XX% in $XXX onetime therapy strong and QX.

gets progress we've on to the to are made our to We with more capacity. Abecma patients, expanding continue ensure work while manufacturing further very we pleased

to As positive earlier prepare readout upon based lines the move KarMMa-X. into we Abecma of

sales expanding on hard to $XX the continue in prior quarter year XX% large year. versus we to up capacity more Finally, remains were Demand patients and in with B-cell next lymphoma. the work strong, million, Breyanzi, benefit

communicated QX past, As largely QX the be expect to sales similar we to in we sales.

favorable expanded to million, buying million. Zeposia prior sales Zeposia. $XX in U.S., gross-to-net sales XX. portfolio the Sequentially, impacted year, the last with of ulcerative wholesaler by the quarter Starting immunology Slide in XX% in approximately Now up and $XX largely was on our to were of quarter's the patterns colitis. versus expansion turning Global due

demand see last over to of growth continue We quarter. XX%

colitis. Our progress in make strategy as to can reimbursement remains patients so with we MS to on are of improving strides ulcerative improve markets volume access get made continuing continue the Internationally, more access focused quality we in living and well. we in securing to further on to additional Zeposia expanding and XXXX,

patients Now the turning to our most our moderate-to-severe for recent extremely selective first-in-class strong data. pleased with Sotyktu, plaque U.S. inhibitor based launch, upon psoriasis. We're label the with TYKX

feedback the launch, getting from physicians. the by encouraged in are very early we While we are

patients many formulary approval Internationally, European of secure have to oral broader in we approval medicine us pleased position ensure in are we received year. possible Our allowing next Sotyktu, the focus is as and to also XXXX. as get look to establishing to this September, choice forward Japanese

quarter quarter. hedging due Gross Let's already to focus other now settlements. Slide exchange discuss in by the partially discussed our revenues, so XX. P&L I'll on I've items third The key margins related mix, now product on and decreased offset primarily non-GAAP foreign

Excluding in in-process benefiting broadly in to to was offset expenses OI&E million line $XX of prior $XX in-process and acquired This income R&D by quarter. million by quarter year, R&D, licensing with charges in GentiBio. the operating timing were the payment related were spend. affected an upfront the Acquired of

versus growth X% with driven prior earnings XX.X%, earnings mix. The we rate another share earnings quarter delivered year. per overall, And third effective growing of non-GAAP quarter by tax was

on the billion. balance Point cash to The in with billion which quarter were from Therapeutics. as the flow billion XX. strong operations hand we sheet Turning Slide allocation sheet Moving on securities company's for approximately in of $X.X accounts for Cash and capital $X.X marketable and XX, paid also the September $X remains balance

priorities authorization, have a to we $X we We allocation continued our as we the year, of development capital with remain in reduction. strategy recent continue will billion on committed shareholders. share to repaid on of be capital $X.X execute to remain and debt We top and a we continues share continue example. billion quarter, priority, acquisition this to opportunistic ASR via remain closing $X.X to and Therapeutics Our a unchanged. the be to In Point Turning earlier debt, this repurchases. remaining committed and billion executed Business returning

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

full maintaining our We outlook. are year

We double-digit new expect low our and product to the continue $XX portfolio be to with growing revenues in in-line approximately range. billion

Our remain Revlimid unchanged. guidance recent guidance and LOE

in to However, as upper sales be the mentioned of earlier, range. $X the we to billion expect billion Revlimid end $X.X

reflecting well approximately to business are Point just operating the remain XX%, together, impact EPS of R&D Turning margin acquisition. gross as acquired Turning acquisition. mentioned Point by unchanged, be cost partially in expenses, absorbing I everything Putting discipline, the as guidance, to the expect favorability year inclusion our by continue in-process We and primarily offset approximate non-GAAP underlying of driven excluding expenses the FX from full reaffirming from $X.XX and strength we our our

Q&A to and performance patients. the in express over gratitude the our call and back to quarter employees session, for Before to we continued Giovanni for to move I to their the want a Q&A my commitment Tim session. turn our I'll over now

Thanks David. please? first Great. go much, the very Dennis, question, we to can

[Operator Instructions].

comes question with the Schott first line of JPMorgan. from The Chris

for first Just Sotyktu. on two I guess, me.

focus bit failures therapy? going So just can looking population patients you label, on patient to target systemic you're to little of there to kind But going at to specifically, are favorable then line the one going you And second do is Given that about starting this going been accelerate alluding just talk prior anything you after here? was XXXX here this be a first-line you've Are about to talked you've time you know guess, process the be to? on also quick on kind more, dynamics. Otezla of mostly Eliquis. I I initially? reimbursement the

Or think the more wondering, we're about business, should this kind will positive think going a had what so a there? nature onetime growth new this for now think volume if dynamics the of bit kind and that's price a base adjustment. just where I something little was is we forward? in reverse? of is we few a we've I seeing elaborate can just kind of quarters And you on

Boerner some Chris. give will David you you, comments Eliquis. and Chris on start then will Thank

Thanks So let's for Chris. the start with question, Sotyktu.

the hearing launch going I very community XX% know, getting we're as is We've off in coming nice is about community. the because, We're of in That's of now to product. First, from volume important right be think good majority very the of the The may acceleration extremely the Sotyktu really start. we're week-over-week you of that happy use is to from an physicians. the Chris, setting. seen what with setting a this back

that so the there the that going on into Also, is to see of see. awareness was academic launch level community uptake remember early in of this And to very product nice the high.

uptake fact in that a coming good So start. is we've launch community the got early the of days this from good the early

Otezla. this patients that patients the focused population, continues of days. includes focus be as terms absence primary In the Otezla dynamic would well early to any setting some physicians coming mean to gone the Otezla. portion either of that of the decide or But efficacy off this the on population who looking well have Sotyktu. of very to seeing actually those say though that's we're would going be were at, be who which again early the to switching, on those profile initial seeing given that both first-line would failed have as starts We're as I TYKX in who product launch failures patient we're that for also on as we're switch of squarely that in of I with

this and access at accelerate a of blocks like what have side, getting the -- position good of on access on XX% we're terms we market obviously, be of position advantage that removing about everything But track open patients early continues certainly new XXXX. of access estimate where access: We're stages today, to the In into very the a on that we remember, have and XXXX. in our new-to-market feel good be in first, space; phases going all access position to volume. to in of that face a leveraging we threefold better we to second, focus during volume products initial seeing in and taking open then we're the this and building all the then launch David? launch; do in can it's about

Yes.

this quarters we we But really quarters X Eliquis anticipated product But upon the really. a based releases, that, the the changes some full some had remember, forecast On be very that's payers. And we upon what what and product the across quarter, billion are some the it. is large explains the discounts up nothing revenue. over are rebates, $XX mix each quarters last and all And based the year, adjust for in product down. mix, will

line question from Guggenheim the with of Seamus next is Your Fernandez Securities.

So quick a couple of questions.

So and competitive that's MS the the of perhaps just thinking most Can Camzyos evolving category? of wondering, about what as one percentage the interest IL-XX, give us IL-XXs And the you thinking look were this then is a landscape breakthrough physicians the landscape Zeposia the at we is meeting Humira second the scripts? guys out how in recent with first competitive seeing well. from as is coming sort a versus And UC? of separation last of the of patients potential on Just launch. you even just increasing guys you're at biosimilars specifically colitis. how as on tracking you in with new the the of combination evolving launch what in question ulcerative sense the just of And are point

is anticipate year? Is to trying meaningful you uptick middle new meaningful should it with a we indication the this seeing in where prescriptions the Or Just of inflection fourth or seeing a next quarter? guys revenue. potentially in sense in anticipate get of the when something a

Thanks, James.

comment So on then UC, Chris your will and Camzyos. Samit question Chris address on will and

question, the quarter. for Zeposia growth respect demand of the saw perform say that With nice come to double-digit is from well. to a to growth continuing continues I Seamus. ulcerative We would The colitis. Zeposia, majority Thanks Sure. in

standpoint, that the is Zeposia. where MS majority So market MS in feel in about of coming year, we've the say that, to the talked patients, We Zeposia the XX% majority on and IV. very next maintaining at in for of for be occur there. continues big in UC. have good from the spite coming to population. strongest that's of where that consistent as I going believe largely of have growth to MS strong. But under if growth year, competitive very Above The there, to that we The as remain that's we're we're the be of Obviously, is we position opportunities as far, asset have be to in that of would Zeposia the previously, I position through pressure as of of And We not UC. But of RINVOQ, for a a the it say we from at the the to focus Obviously, that about introduction so SXPs some with share going get stable. oral this growth. you continues well competitive I marketplace. biggest would we has share the think position that from look into certainly for this the RINVOQ is example, the in continues market the a share expense is Zeposia. end come

The a In other of plans of the up competitive that to out, good big that question, I'll our other then we important we're go into did that plans XXXX. now note with stronger part volume only maybe that is have introduction focus obviously, we to in a would very track covered in SXP is that to pick there a Zeposia, And the million dynamics going Zeposia lives UC. for CBS, that and good position be fact, covering but other have build I'll access Clearly, pretty volume position continue we we've that win XX about PBMs this as then the you new about early to on are position on with the Samit covered position. into that spite well and convert step market I of we let Camzyos. are now thing we've market X of as We the and on October said, have play in number other maintained address that -- feel Inc. our with first Zeposia as asset. access the important with that edits. That's smaller add side because a the in if get in with

Very that need And certainly, very is way it high with we patients still medicines unmet new the Seamus, think needed. remains are colitis. briefly, medical in about ulcerative

of clinical we from the know, then colitis. as the our And have are you half in going read combinations we UC with to care and in own year. will development be for development ongoing in CD well perspective Two novel possibilities Sotyktu lead standard the trials plan continue to As if to with trials ulcerative the would a therapies. the future proof-of-concept out future be explore second will if XXXX of those as of or UC, of

So come, to but we more data. the see to need first

your few the the half. back product would for outset, on we in And on this a acceleration or up question Camzyos. nice say I pleased that. with really at second seeing then the around A are Camzyos, elements picking very of just launch color We're

week-over-week We're third That's of quarter, the increase about certified physicians that seeing quarter. now talked REMS-certified X,XXX had of a of prescribed nice the the physicians. week-over-week. the we've We nice of end the had First, as David of we second importance who that also X,XXX as healthy have Camzyos. patients in seeing increases. referenced been end over

and how them have institutions working. the going it's of because therapy, this larger patients multiple I infrastructure to through previous a on very is facilitate I that's that helping of use significant staying of far, with are we big and notable of think referenced seeing which we're of the those Camzyos that the therapy. build recent a And support the been thus that therapy patients on focus on that the quarterly who out will our think consistent area Nearly product. weeks. that particular of of important getting well we onto that pace new in starts none seeing patients call patient the organized. in is some all have has accounts, improvement is nice getting really seen dropped dispenses hub, had We've hub are had And the indicator that

we're of speaks barrier with kind I this not has as to revenue been of respect see this We acceleration how launch. think of access. question the a XX% an plans now anticipated, fast question covering of Access, have about going to with to Camzyos.

which of of we've position. the patients is who of doubling strong quarter, of are a And a good the are X,XXX number have being label, slides you of on of QX. to end will the as In Camzyos October indicator covering had that the seen almost third All saw to that converted we those dispense patients of commercial X/X in an about commercial the seen alone, drug. the

we feel half, launch about the good quarter get the second we fourth So what continues obviously very seeing the we're of this call. and to in and color happy pace and provide additional into as this launch

Baum Andrew of line with the Citi. from is question next Your

in on I'm topic curious, You addressed just prepared comments. your Onureg. Reblozyl same

to that of COVID thromboembolic placebo. you particular catalysts of of the the to have of attractiveness rate and I the dose, could could the surprised was the particular dosing had trial? oral trial an as alternative, dosage. about ahead? initiation the discussion better, the whether it's the some perhaps barriers impacted Given here outline of relation second, during inferior XXX-milligram was key some what you then to wonder I'm in drug arm efficacy whether And characterize There milvexian, that are doing events not the

Chris, answer Andrew. Reblozyl. you on question then and why Samit will the on Onureg Thanks, don't start

say challenge continues I around Onureg we're the on seeing. intensive barriers the that some are that to of question biggest the The with be getting chemotherapy. proportion Onureg Sure. would of who patients

of said that, mainly first-line are is who get in patients the chemotherapy setting get for decrease on to U.S. complete a focus Onureg chemotherapy. here in dynamics for to intensive and ensuring on label on opportunity that those evolve. seen Onureg. a know, Having now continuing you continues a there's market. maintenance, remember, to the the choice with to who We opportunity As the get receive for And over right that XX% patients be the go response. go response, We've chemotherapy, maintenance intensive And of continue to share about those time intensive needs be XX%. complete is get patients who we to expand to to the think maximize maintenance. percentage The maintenance

So that's been to the markets U.S. and Germany been like outside early early then France, the the significant in focus see the and of we very continue have And of has U.S. good. uptake for we launch stages there team.

be Andrew, question continuing But you Yes, that III that And range that to few think, place on certainly, III around initiation trials, dose I we before and to for where and we seem the an we us bond have the Phase in in X out. picking the about indications looking taken now and dose AF, of XXX-milligram hypothesis months side with forward next group is for we the why stood right dose the we the home, explore are in to thank program are Phase looked driven remains doesn't COVID, the to the we've to spoken that available the ACS point are eightfold on milvexian. SSP. But to through the be at there.

of Goldman next question with The Sachs. Shibutani is Chris line from the

therapies strategy the where option. good us, you help T how is dynamics continued arrival playing data the If an might you to Can setting, myeloma about the has XXXX? as growth broadening perhaps opportunities, for been question could see of to we interplay in anticipated dynamics a and on CAR your about there. and able be those you build out particularly with the I multiple performance bispecifics what revenue asset? in see in there see that for ask talk when a Could Secondly, you between label confidence remind Opdualag,

Samit? Chris. you, Thank

On question. Chris, how developed you, for therapies that starting think have uncured been time. and multiple the become Sure. point remains is myeloma, the the no many I matter at Thank available, this disease

there certainly, a So is is to patients. hopefully, in brought the Certainly in really transformative, are patients in today as one of EU an -- that armamentarium. these Bispecific, getting and effective a transformation has complete U.S. And and certainly new yesterday opportunity bring good a to approved in as those to in some in remission. well, lasting. the U.S. And safe cell long terms therapies efficacy. have more been brings therapies continue the into or more very regard,

you as continue been are going to are the on presented, of that's be high to of made and statements occur. by continue to saw safety thought need you that to have from as some also saw to rates will there differentiation However, the the improve problematic, where data CRS opportunities leaders, profile,

We that. data and for you'll engager, our year cell will this ASH a see be at presenting T own

developing how probably myeloma X look and or it we holistic cell development I is CELMoDs. think other T can will CELMoDs also the cell be of initiated way Phase to a trials look therapies those. in the And the at are now added multiple combination III engagers future with to where like approaches

something, get some multiple of want and patients and holistic have myeloma getting to to at very a someday you cure. Chris? into complete we So long, treating Do more trying approach point, more to and add a responses durable

while expansion Samit characteristics continue this bispecifics the CAR case, out the of very products, at it's be different performance impressed patients, BCMA, it just and of before to that strong for ultimately, target And add over in maybe and going in Maybe said to duration in. I think very they the the of treatment, to setting the I'll outset, these and mind the I we've including we're important Opdualag adverse keep just anticipate that to share, CAR Opdualag, of think bispecifics the to profile. in treated. T availability are T going offer each be is me And about repeatedly, that I of patients the patient utility Sure. the BCMA become of And event are then increasingly as factors we how we of various important gate. determining the patient with turn to unique say, let both

that Our focus to continue monotherapy population. to PD-X and been be will has target

drive is this see today, asset metastatic going the our this of of year of alluded opportunity year. I that of as But XX% where sit next we monotherapy the end well to of as to; forward, as the think through continued as + monotherapy well so Yervoy today. David And to PD-X and target seeing commercial this patients we about launch, about as we're grow that's still and for first-line use into melanoma. use we remember, conversion think growth of asset PD-X both Opdivo

in enrollment setting, about, randomized in the lung Phase as then non-small or studies our in think to ongoing portion And trial CRC II multiple other and In cancer. cell into has studies in well III well as in other setting in Chris ongoing MSS looking Phase I the portion line trials continued of plus the as -- portion X what the just many investigators. signal-seeking ongoing. colorectal there spoken study, Phase III melanoma with the obviously HCC collaboration addition cancer are are And as the that with the we've adjuvant got second the setting

So we can other take obviously, forward multiple data to as emerges, program the that indications.

the Wolfe with question line next of is Tim The from Research. Anderson

trying just III we to why Phase trial haven't seen back to start Going mildexian. I'm yet. understand

of data months in the something fibrillation. You've for had number a like atrial

that Phase run in analyze. data no to didn't so II, setting You there's specifically

race a other You're in with companies.

haven't anything you So been big is general second And one preventing almost for Samit. FDA from then something why positive And you we yet? in yet. there question concerns makes advancing that. It's like It's if a a just wonder news pretty pipeline seen XXXX. flow are posted or

you think there's catalyst I into go period like view more of that a in XXXX. the

the XX catalysts the Samit, say, coming over or up, X So most are next let's next clinical in what X view? your months important

you, Tim. Thank

remarks, mentioned pipeline. just I is question your ask to answer say, as want exciting important. we respect Samit pipeline really and mid-stage that's me I in Let my forward and both the milvexian And beginning the on in actually there think why what's number that really to of to accelerate with Tim, continuing I the update we pipeline, to the is that my to highlighted are there. and look remarks, catalysts you to

the excited trial institutions the enroll we have to the you And have program. Once Phase that the patients. as agree initiate on glad design terms are the the can authorities, plans actually they trial the reads I'm on in out, Tim, with for we as us of to committees, can ethics agree to we initiation the protocols touch III through you dose, question. health to of thank to in go submitting by overall then and before IRBs, the get

worked that of is being through. all So

our the months, diligently, next have us. milvexian. hear closely partner, very We We're program of Janssen working very Phase few started. initiation get to for you'll III the In and get the the program to

it I next X? or the is has our fortunately talked the the and beyond the think what's catalyst and and new pipeline year multiple I've about of terms opportunities full In of pipeline areas before, each in very therapeutic milvexian.

looking open think as next In as I will available the study. have Giovanni with and if managed. similar LPAX is the And For similar perspective, the spoke spoken for about, lung data we in couple forward doors well in registered a the about an second year degrader immunology that think patients to well of RAS way, then, non-small XXXX space. there cancer efficacy in years if the that the up as could And that of be for cell of repotrectinib a transitions Reblozyl well. the for is are emerges, receptor COMMANDS for from safety the mutations. hopefully the half we readout profile the with course, are late androgen well to, alnuctamab. as could anticipating of years in few over as or such early we we occur there eosinophilic lag example, that trial publication, independent development of as think I about as, space reads couple remarks, his out cendakimab XXXX, the cardiovascular are ago proof-of-concept from in and saw esophagitis opening data's some we've that are in readouts If we the study ongoing what a next to that

the that there coming other are XXXX. in catalysts through in pipeline So multiple are

is question the Scala of M Stephen next with from The line Cowen.

exceed creating for a Revlimid compare presumably expectations, continues XXXX. tough to

RA So for you with are know overall growth comfortable will were could discontinued not for I'm other I programs be at next helpful. point, just to it or whether But and secondly, tell you was branebrutinib, February. RA Bristol whether XXXX wondering, this was us remains. point, issued tox? liver willing then guidance And discontinued you're be would us the next programs If comment were tox, comfortable it this Why on tell specifically due consensus at looking continues? if that year? you can to only X

and then I to David outlook, wanted answer and ask Thank you, question. Samit to will Steve. Revlimid start your on

we're for still said billion, $X.X how But of in have be market billion we range. upon we the quarter-to-quarter along, to year we $X full that that generic Thanks, half quarter-to-quarter. Stephen. On our Revlimid going anticipate Revlimid, as the said volumes my in and timing remarks, as to enter to based upper the all from in more variability

had So we're provided that still with broadly, in forecast line before. the we

XXXX As business, currency. we underlying far as continue guidance, excluding foreign

year, this QX see we grow an normally do we able update on guidance provide as be call. 'XX the business, to continue As we to and the on we'll

and on what The not. whether a then decision taking And branebrutinib And is the see bars out. data did high the continuing, should we'll molecules continue we'll RA based that ourselves set on We've indications. David. it not the meet data, just, certainly is and the that bar Thanks, those high or for indication for for reads side, Steve, not into we make toxicity. late-stage development,

is Your Luisa with from Hector the next line question of Berenberg.

Maybe step-up just that $X Is try say guidance the more Revlimid? You've of royalties, to to look next that on line XXXX. on of And each seem statements but anything license income income try there license $X.X of does to IPR&D, on wanted you're and when had operating we again to expecting also to to your on what billion at for other I clarify be billion year? Is connected outlook in within the for QX. year. erosion a then the some income, partly

on future? a diabetes that driven to that with QX item line should the is Is forward? within one-off something we going a Astra going or sustainable wondering, there think perhaps more by just well bit about in I'm So particularly that's the

Thank you, Luisa.

more $X.X insights changes really you But Revlimid. Nothing to second that see for David our reiterate. the with into just of of me question respect give continue in and can fact let the includes you So to had. approximately outlook, XXXX that decline billion terms we

that been is it's and balance, our businesses question. On to -- rates interest on increasing. diabetes continue our those good you we've on been PD-X with declining. of good grow. receive that know, on royalties A other are debt, businesses as we continue down couple you things, think cash income so couple Yes. about paying and But expense going a of our One our those that things the OI&E, A royalties as is grow, there. interest has down just interest if stepping to

of some improved. through also come our has And we've seen licensing that income

better So how of and that's you progressing X together, the OI&E all see time. we over factors put those

to income, in down recall, it royalty on as that will term and those for there royalty rates 'XX our longer PD-X. and step to relates going Just franchise diabetes 'XX

guidance guidance when you call. So we'll fourth we on on do update the that quarter

Terence The line of is Stanley. next from with Flynn question the Morgan

Maybe me. was I wondering, Camzyos, first two for just Chris. a for maybe on just clarification

quarter. commercial is that access mentioned You quarter relative this last to improving

said doubling. about something you think I

if which you CRS than a from with you know go-forward for was the changed just formulation you're teclistamab, we're and could saw you sales J&J? million just at then to does maybe you're So should your formulation, confident there T subcu And seeing that range? $XX ASH, a less dose IV with about now us. competitive remind we the the engager, mean you see think and in data maybe approved going if to to expect the cell have XQ you I be

on Thank Camzyos why start then you you. Chris, and don't Samit.

Sounds good.

So Terence, question. the for thanks

clarify me Let things. a few

of the are context think to we're would very about REMS-certified. you on about is of the Camzyos think increasing fourth need Remember, the First, give many that What drug. you level conversion I to launch, specific not it conversion with say to patients as product and for while guidance we how in happy this going physicians commercial are quarter.

through keep seeing therapy, terms of funnel, ability on we're into they're you going those fact into week-over-week hub, sign we're very a accelerate drug The commercial sequence you on fourth a the I top patients. drug. the those seeing time and the patients PBM But it's increase in staying process, commercial should to this quarter. and as to of therapy to time work those going we continues thing we as now to X product. next converting and in and getting they're has our because patients good coming patients initiate be And through mind X in of the at the in most Our any increase to and verification the think will at that to into on clip, in in that's only week-over-week roughly a the are top, continue that free then patients in that get The time increases good getting patients other if the to as well some conversion over nice drug into Because see year. for patients translate news, decrease to really take of patients The of that of a physicians faster benefits clinics formally continuing. will. is therapy. to on appeals this nice going weeks. at launch That decisions is coverage how we And this good. seeing will physician patients we're think about early end flow though, anticipate year the interest that feedback been We're

had we that T specifics with recall, very not And Terence, get toxicity had presented. switched was of we'll will that's into you subcutaneous. efficacy profile be the why the data. data and the the for not the formulation, seen, the And engager, cell we certainly But acceptable we the but as IV good

presentation get how to we what as the to dialogue we the go into the and are are of them perceive data, So as certainly, happy data we after forward.

The of Gould with Carter next question line Barclays. the from is

saw color first on guess, that Great. all Phase And the the for for have thanks posted. I X Samit. though, Camzyos. the we design, I on trial front, got III more off, nonobstructive

drug was pretty II given titration that done Obviously, it's how but thinking was in Just the Phase the is on echo on dependent. details you're -- more here REMS more concentration dependent. setting, the work wonder about sparse

Should this maybe about we be do Camzyos? different in titration as you're how thinking this set this? also a then like of a Or indications to So , backup And cetera? do on just about HFpEF, you you setting? about how coexisting see in the think thinking et nonobstructive

Sure.

Let me first in the hypertrophic start Camzyos nonoperative cardiomyopathy. with

patients looking initiation quite the and forward on We future trial. that in the discussions. the initiated seen time specifics that I study. can't Phase even III to the had it. trial, more in of are impact of we looking certainly Once talk terms we'll enrollment at we on that you at titration able about in Phase data and The the biomarkers already are in have be for the of II follow-up longer-term to this give promising,

the is know, that multiple to going always we this For first that trial MYK-XXX, is hypertrophic molecule is And And got a see that as you'd that be want because to obstructive cardiomyopathy. are also shots. Certainly, have probably at we've looking you for developing. we the new reason data. Camzyos

to And We drug which carries. then as the and we we have perspective, to look we compare to Camzyos. in-house way with data development trial pursue see the the from we compare which want indication differentiation indications that drug want what with MYK-XXX, future to define would we'll want replicate a -- features the

dialogue how on yet decided and XXX. get And defined into we well. certainly, not have will We have we that when develop as we'll that,

from Phipps question Matthew line with the is of Blair. William The next

the this failures the II me. of dyspepsia in for one year not couple a endpoint, endpoint. Phase quick a is a where been there's but histological Just maybe Samit, EoE,

us on suited be of you comments EoE your those can Phase III? in you give maybe why endpoints IL-XX IL-XX better both Just to think would any

also that that of Sure. is action compared also one some The not or of and data. for both decreasing inhibition. but the inhibition downstream is over IL-XX fibrosis. This reversing direct the the And are Remember, other opposed a effect about that inhibitor cendakimab, as inflammation, the for inhibition believe only for is drugs of of We EoE. mechanism you're the can the talking receptors. differentiating IL-XX or certainly to yesterday before have RX where that day a -- inhibition and the remodeling it probably of of the saw both feature we shown one IL-X is approved with is important the the there RX we to

We while trial looking in this this And into presented a that back well. this certainly, as was basis at that have Phase in taking was for Phase of III the trial. II a we'll this be cendakimab, and ratio seen the trial

the Phase a to when we and able study. reads in the of replicate hoping trial So of couple results years II on the be to out, are improve

question is Bristow the Next from line with of Colin UBS.

Maybe on just a quick follow-up Sotyktu.

regards bridging with talked programs. Could You think strategy free progression to you volume on more you with on what previously details portfolio, about just specifically trajectory? of the what drug specific doing sales iberdomide see to are established us there just next-generation expect we secondly, then just the against to help the us ASH the sort give at some should build competitors And mezigdomide? or of about to and IMiD

take IMiD. the will then Chris, Colin. Samit start Thanks, don't why Sotyktu, you and on

Sure.

the III very Phase ability story care. about drug. existing the have efficacy the the very Sotyktu, a start about I to think gives of that we think fact profile that as a So show couple some an label of about talked at us One of it against we standard is here, of strong X progression you We've that tell the a things with that upfront. improvement directly the studies length clean

feedback very message very that. important well. team. know far we've got into profile, this from clear. that great value a all asset of is is consistent saw got is We point that to space They received with this safety next launch, efficacy the this that tell, So thus we've good and a experienced coming we've the of physicians The

these to we've the vast patient is able the sits, which penetrate So majority where in community setting. been of

we us about place blocks good that it a managed right to The access new-to-market of heavily response very Those Initially, things feel every space is we focus And remove new then this got going said in trick So in really previous that's open. space space, be are to because now. for that. in patients. as about take put We the I question, do where is product a with few earlier of this that's XX% advantage to well. a we've have big and is to blocks. for

a then doing patients, position The get And we're of and volume to as Because focus everything so building negotiate can of launch, of question, feasible. you we to But the there. going the the for negotiations the soon focus for to window this PBMs to timing on volume access. we're more and to we majority missed on that leveraging favorable into for is formulary Though this with can year. by do Chris' negotiating accelerate that. response we will in XX everything large certainly be earlier as

that's So really that have. focus we the

get patient formulary a to offer We trial them we of would a program more have bridge a have we we position. robust use set program, guide services We can to as that that bridge both as therapy. them onto of us give of initial patients anticipate when free favorable significant into and to well offer

be also arm things in myeloma, of the multiple data over in the ASH. plus also from line In combination mezigdomide data alnuctamab, post-transplant as dexamethasone looking treatment will for T presentation seeing one general, KarMMa-X, engager. of talking the will population. T, just be setting. the be for is the But is is that in in And for That data to of GPRCXD-targeted our presenting arms will ASH fifth presented cell the one at patient there Yes. which of which with the you we is expansion concept about general, which proof the addition of well at as next in CAR

Evan BMO line Seigerman of the with from is question Cap. Next

BCMA medical One the that you on meeting, data to green see CAR when the do I release your T now as I color that Carvykti KarMMa-X more provide do as also And we with space, when Can what near-term and -- XXX on think catalysts? you say, know broadly about especially in competitors, see some position versus, you horizon evolution Abecma. speaking, data? just how the a on Abecma you a late the checkmark the the say, press then may -- there's the well?

Samit? you. Thank

to concept with Sure. it. I that, how earlier, of trial the longer trial a KarMMa-X as trial I setting. those based perspective, a as follow-up we've looking data be certainly, Evan. of how there proof terms be with talked will about would about -- differentiated details I what from And available think be have intend the way initiate said when in design we at earlier talked of meeting. next thought of presentation with the we what will do XXX It start I initiation the ASH and is And a certainly, data launch on in that's at and it. more trial a we Bio about, actually data will those a And

first randomized Carvykti. trial safety has that terms again, the a Phase comparison as of to perspective data Abecma standard Once the has do of from a asset superiority spoken we care. showing a as profile of as the In Abecma believe as Chris III remains about versus well data that CAR-T earlier, very from differentiated current

profile initiation that grow, So thinking hopefully. to post-transplant we that continue in early profile that to setting. are line of continue will why of improve and And will the trial that's

question Your of line from is Dane next RJF. the with Leone

Congratulations me. on ones the Two results progress and easy this for quarter.

to setting? well. robust next the Or within next Opdivo quite some And you growth XXXX, think cannibalization Could in looking Firstly, expecting launch impact into are of you're Opdualag of comment the is as going around limited results seeing melanoma as Opdualag utilization melanoma what whether are quite that's setting EMBARK that going the Street one, the have expecting mature still into Opdivo of the relative questions Opdivo you just launch And to about has secondly, and in pushed been potentially Camzyos the expectations year. I still to little to bit being year? easy your with an the then starts for a XXXX? there's

you, you Thank Chris, Dane. why start? don't

start I'll turn and Maybe to over with Samit. it Opdualag

to launches. are set we're what right with of now, just the where sort we seeing Opdualag So

forward, and of monotherapy and XX% slightly we market as to from higher monotherapy. PD-X going we monotherapy. evenly said to I combination. we would the now, split market majority expect PD-X anticipated Yervoy That's XX% continue going sourcing we've stabilize, in Remember, earlier, Opdivo and from roughly XX% to Opdivo to KEYTRUDA. Yervoy the business had expect right got are the We third come that between from XX% Opdivo about of Opdualag business But in that XX% to this for + about PD-X is share cannibalization That's roughly quarter prelaunch. and

you I will Opdivo way Opdualag would progression some the as first cannibalization some the of Yervoy think So well. of is, of and about see foremost, and

use of in this PD-X run the majority monotherapy. the should of vast continue come However, asset the from long to

we the fact think can XX% XXXX. And the will And business as grow of to confidence into of us trajectory, still be from business. is that to the we some that think should share go we the competitor. going Opdivo, of overall a this I about that us growth continue That's getting be for PD-X gives target market this where monotherapy. we that Some of will be have XX%

results, EMBARK projected in be those And just on to XXXX. are

Your next question Bansal of Wells from Mohit line with is Fargo. the

prescription On the Can mentioned of then of part mentioned little and type patients X/X may. prescribed prescribed acute or then have please milvexian. But for second Camzyos, on So we who is one SSP are that be patients ACS, the of what seen I regarding doubling think Chris, or you commercial. is you you of October, bit are question, that. Camzyos clarify funnel commercial a one And here, indications. the have that mentioned, The of number to doubling if and the question clarification Camzyos? seems you I in this indications of

smaller. are of may be but number duration patient So yes, treatment the high,

is that month think only after or for a so a I stroke.

should in think So settings? about just trying the how we to opportunity understand, of the acute type

Sure. I'll Camzyos Maybe on start question. the

seen down X/X third we've referencing of all patients And to had the of end, took clarify drug. X,XXX So of that place of just beyond quarter. in number I Of X,XXX that of October, drug, first let me a the the what of we X/X. commercial X the patients through those dispenses was almost doubling as an the commercial had patients, the dropped was roughly commercial weeks

So consideration we're and to here commercial the commercial at starting to both down pace see the the product, for of trajectory that those which acceleration on for number coming that patients in drug. is terms which of of illustrates patients an sales are converting an important this to therapy

only treatment it on a mean prevention. on that a secondary the is even words on chronic acute antiplatelet side, setting example, the very actually the time say for And milvexian the for done or Patients syndrome, acute period. although long stay coronary stroke regimens, treatment doesn't for but the in

milvexian rather is in anticipated to meaning the be And duration acute long setting so in a rather of treatment chronic used the only -- in way, similar phase. a than

from question The the Karnauskas next line of Truist is with Securities. Robyn

guess patients and got Reblozyl, we're fatigue, some drug your On [indiscernible] anecdotal for in one. is I so Number before hearing lot the actually wondering two me. therapy. of of fill just We've duration still I a -- some was stop comments about working. they'll

bit you're could So duration what and little market be on like if what a topicals a you have that's then seeing indications formulation might about noticed there? talk strategy comment And of Obviously, you segment, Can therapy are you for pursuing? becoming be topical what change? maybe that will think on different developed. a I you that the deucra, might being your and growing second, you

Thank you. Samit. then and Chris,

Sure.

in a right focus being So I way you're big to that therapy, able on The think is duration to continue Reblozyl of be us that drive area for duration And of to we're to focus remember, on therapy. though, continues anticipate in we saw clinical on dose setting. get XX% are the dose need benefit to is right real-world to that about you program titration. have What dose titrations titrating. you patients seeing the of X now the

if longer And we the And get what dose that will benefit first benefit get we in we of anticipate the XX% step. full saw XX%, study. full compares dose titrating clinical Reblozyl, that duration of therapy. patients patients a titration, and to which about translate that, of about the so with that can into will And are is

that decreasing to care growth think continued population in consistent on-label sure this the population, Reblozyl what of standard have as make that I of ensuring can second-line get will which is patients we duration continue appropriate focus So the therapy. of the the product, much is expand Reblozyl focusing on the that by full in they are by hearing benefit with anticipate you're that we we as time dose increase the the that ESAs titration, of then and

milder topical is just in and Yes. to we'll overall very briefly you population We moderate-to-severe continuing is being the mild plaque indication, multiple Look, evaluated explore. because the to mild coming And continue potential for for inform think have already the or Sotyktu. approval population and therapies I therapy have due population. with course on evolve need the landscape psoriasis, for to to we'll

want closing, on everyone. So thanks, made. reflect progress new to X to all In I product in years, launches take of a three with the have last moment we the

have and transform we product well look are strong our ahead commercial with coming significantly business underway to a our and I financial We to catalysts clinical, into our new company. more resilient the and diversified execution, portfolio derisked our team With be forward and follow-up our portfolio Thank may for again mid-stage questions thanks as for today. you, have good the day. will to time join you call have. a available any IR pipeline. and that, And always, taking our from

participation. you. Thank time, We conclude disconnect. do That you your At may teleconference. now does appreciate today's this