Bristol-Myers Squibb (BMY) 2 Feb 232022 Q4 Earnings call transcript

Good morning. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bristol-Myers Squibb Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Tim Power, Vice President of Investor Relations. ahead. go Please

good morning and Thanks joining for Thank our morning, fourth this for call. quarter us you, everyone. XXXX earnings

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

can slides posted with to we've follow note, you remarks. along Giovanni that you'll David's and As for bms.com

Before statements. we our get going, I'll read forward-looking

statements company's obligation During update future that forward-looking this filings. those discussed and call, various as not about represent be results as those our we change. the estimates estimates statements. statements We upon forward-looking date. in even These specifically these of should our to future will may estimates prospects of of make as and by as forward-looking factors, any materially representing result from certain statements today indicated important relied plans if including Actual our differ company's constitute forward-looking any SEC the statements disclaim a

focus our are to of our bms.com. at certain non-GAAP comments financial adjusted most Reconciliations measures measures, certain measures specified which items. to financial available are on exclude non-GAAP the also GAAP We'll comparable

With that, I'll hand it over to Giovanni.

am a X. with for Thank another for year everyone. concluding the you, first morning, Tim, an Squibb, pleased year. successful very Revlimid to report I Last good company, on Slide Starting quarter Bristol-Myers year our important generics. and strong was

grew made programs progressing progress first-in-class our proud into launching medicines promising very to and and advancing am registrational three that tremendous including say XXXX, I development. that, we new in Given our six pipeline, business

Last details additional exchange. we a the adjusting year, a provide delivered highlights. few moment, I will for in growth foreign revenue will X%, point out of David financials While on

our by new driven product in-line was and growth Importantly, portfolios.

for these growth continued for adjusting assets, am foreign quarter the that up we exchange. in to fourth note So delivered XX% pleased strong I

full We EPS our non-GAAP the year. earnings, for X% also grew including growth of

XXXX, I a we for established As confident Bristol-Myers am have we foundation start strong Squibb.

you grow both As this expect note revenue year. we and EPS guidance, our will non-GAAP to from

Importantly, track the XXXX. commitments for have on we made we to achieve remain

product broader in we new see continued progress through with increasing growth Given portfolio paths to confidence and our pipeline, our multiple XXXX.

some our supports Let last further overall see XXXX. year. now with me am pleased X, can provide portfolio. our very perspective you of pipeline Slide execution on progress, I our On which renewal

of based Opdualag, first portfolio, many for important standard results relapsed areas and While regimens top expanding unmet I progress KarMMa-X would initiation And the in Approval with Camzyos CAR-T trials multiple an to first-in-class medicines, first-line positive including our Sotyktu of of myeloma. COMMANDS, which we Further accomplishments: for Sotyktu, to is new in like line and product on including which demonstrated in of and have BCMA Abecma expansion MDS opportunity registrational Reblozyl lupus. on superiority to a refractory potential. significant commercial advanced medical three fronts, reach address have need few highlight the high of

this We Phase demonstrated Sotyktu disease. can the Remember, in opportunity believe in the encouraging brand. II important profile an study, an be lupus for expansion hard-to-treat

our prevention, that of medicines come broad from Phase generation and This into only includes enabling proof-of-concept Progress fibrosis. milvexian data lung the comes is recently asset prime asset a program optionality example and important secondary in year initiation of positive LPAX next this pipeline. has a for with the a stroke III the having for in of the focus trial

later We year. this for Phase are forward trials looking starting presenting to III data asset and this

over for how to portfolio, portfolio is the our know, strategy renewing strengthened the central see On our Slide of product outlook X, our you new which, coming we can years. you as

position pipeline, momentum a well have with commercial of our execution billion us potential. of progress significantly of And risk-adjusted result XXXX. achieve pipeline as strong $XX and $XX we billion revenue the to non-risk-adjusted revenue strong billion de-risked in to Our $XX long-term plus the

also you continue to for these can we catalysts see this exciting on assets. see ahead slide, As

So this ahead turning Slide a encouraging to catalysts point of the out the in for a few I'll company year our term. observe on we scorecard X. It's breadth see to as near highlights.

launch HCM Sotyktu. we selective the received positive Camzyos are Just trial I/II pleased Europe, and for first primary refractory and to inhibitor, expect opinion met our in only announced relapsed Phase CHMP CLL TYKX last we endpoint. in obstructive for In Breyanzi have week, to our

U.S. to expected is repotrectinib the cancer. inhibitor, be in lung filed ROSX in Our

trials an first-line to in We therapy. lines expect our we Along embarked with at Reblozyl have for important move registrational have milvexian, on earlier we into of expansion MDS. Abecma opportunity and partners Janssen, for

Finally, a in advancing Revlimid post-transplant versus study we are multiple our further the CELMoD program setting. myeloma iberdomide with of head-to-head maintenance

on our pipeline progress our portfolio advance As prior support continue to we forward we in look have and done as you years, the our renewal. updating to we further

Turning to the achieve term. prepares and you believed mid that few us we we we and we began our When delivered I'd the have remind company like we told you Slide what to how board. what the for accomplished ago, well across we've I past years three could long years in transformation and X. near, of about the

reduced over Financially, we significant our our delivered synergies, flows. have generated and cash debt company, grown

to launched approved in future. support profile have business development new including year. further growth first-in-class continued we've three to last were that nine the our all execute We And disciplined medicines, products

of my growth. execution strengthens renew record further in deliver long-term our confidence and ability to Our our portfolio

let mind, for and year outlook Slide With this all of our to beyond. in X discuss me move to this

as in guidance continue growth this to our continues and see we through drive transform can year. that And through Revlimid journey As we sustain expect portfolio. expect We growth to know, XXXX. grow we strong you XXXX delivered from as today, you year. our to And this profitability generics

from pipeline, see including of multiple continue younger, are to the our driven of our portfolio paths the in With environment from pricing we transforming and increasingly for to growth and by the to additional pipeline, and an contribution early second late-stage focus complex LPAX face optionality we significant new the half development. to decade, of advancing products, milvexian CELMoDs, turning our and resilient the growth, the by internationally. be more the complemented more U.S. business diversified in flexibility while, All the

express Before to our our I XXXX. with let turn which development stellar organization, had a to David, teams my me the gratitude starting globe, research across and

he As led the successful effective the Rupert research strong you of result I have thank of Celgene. all want decision seen, to for of since retire, the development week, BMS as of Dr. Rupert stages Rupert July we and will a announced integration contributions across of Vessey's his joined acquisition extraordinary a X. to this development. pipeline

retires leadership and under stage organization We are across development as Chief us. Research the all patients of to combining Dr. for Robert to enable The and focus continue leaders Officer, determination serve research to our this Rupert and and of transition to depending deliver early will will teams preparing now when these EVP summer. the Plenge, on report and late Samit's us who to

over financials. I'll to David? to the you walk through David now turn it

you. is call again and morning you Giovanni, all you, of busy know all Thank for a today. joining our this for I thank

Giovanni mentioned, for Bristol-Myers XXXX solid of Squibb. As year was execution another

rates same which with on on line sales the comparisons basis, started period exchange. performance XX. XXXX growth be foreign all impact our an otherwise will and Unless performance versus Slide in are underlying of stated, top discussed get the excludes Let's made

strong, We our revenue of product loss delivered year, Demand offsetting growth new billion $XX year commitments sales and X%. in entry. of than with the with on for in-line growth approximately was portfolio first for full diversified XX% of of the of Revlimid for the year exclusivity with generic our more

full With deeper multiple dive and to nearly the of non-risk-adjusted XX. new topped to on $X portfolio quarter portfolio. Global are revenues new new me track provides revenue confidence indications XXXX. decade. $XXX revenues up that an with while fourth year our full portfolio the de-risked potential Slide fruition, quarter product expected of additional $XX over Let we product now end on the product product billion, were the million, doubling us deliver of approvals we billion This new nine performance over at year into increasingly XX%, have and coming of our in

growth discuss growth by Slide was sales our was of respectively. in by XX% was saw for and Global the the full fourth quarter the and well launched Moving eligibility the to newly and lung driven full second-line reflect In and driven in use U.S., timing revenue our by fourth XX Internationally, the equally our growing first-line performance Opdivo revenues strong core indications, solid and This double-digit some grow declining driven for year. year shipments. strong, primarily growth particularly metastatic and XX%, tumor portfolio. new melanoma. and new Demand XX% quarter full GI demand of partially as primarily our Fourth year. upper revenue demand adjuvant of to to for with Opdualag grew quarter XX% in offset sales fourth first-line quarter demand cancers. largely indication as indications,

growth Opdivo to continue. As we late-stage in look of from growth come will cancers. year, and this indications an to we early expect both This expanded

melanoma XX% had an growth Opdualag our of to first-in-class market. in three, million in high versus market impressive now in on quarter the XXXX. with Approved U.S. LAG-X $XXX first in fourth the Sales March, Opdualag, share which first-line teens. inhibitor, turning sales had quarter year sequential Now generated late the of the in strong

melanoma first-line underway. monotherapy And in with We adjuvant is continue growth of to plus Opdualag colorectal and pivotal approximately where cancer see share PD-X further melanoma, second-line potential still room for XX%. studies in

our U.S., respectively. Eliquis, favorable and cardiovascular XX%, primarily demand the Global quarter sales fourth and great driven Slide the adjustments. in to In growing On XX%, discuss had year portfolio, with X% year. by and grew full increased let's revenues gross another XX, the quarter fourth net starting which

many Internationally, Eliquis leading OAC in countries. the is

and these growth well generic by shares Given Canada, in the pricing measures offset high across market as UK has as countries, entry the been Netherlands. demand

Now were turning to first-in-class Camzyos. inhibitor, our million. in Sales fourth quarter the $XX myosin

foundation we May since over professionals ready and a X,XXX key the launch make to pleased to with XXXX. are healthcare the REMS patients. centers get Camzyos have certify We available made of enabled laid We operationally in progress to strong of

We European also which bringing as heading number this Camzyos into strong commercial momentum patients expected with to momentum look on by to significantly forward as drug, patients midyear. We well the provides approval increased continuing this dispensed year. of

Moving to entry. starting $XX impacted generic XX, were for portfolio Global sales with our billion, the full hematology year approximately Slide by Revlimid. on

favorability revenues variability in expect to XXXX. slower-than-anticipated last this XXXX be quarter-to-quarter. we expected year, With we in XXXX, As noted saw we we generic U.S. lenalidomide volume in and And billion Revlimid generic $X.X of year, the in in increase approximately anticipated utilization

continue revenues to of to assumption expect in full quarter treatment for annual continue the average and billion in extending primarily the Pomalyst patients. for an fourth We grow reasonable for driven therapy $X.X and regimens lines a for year, as by XXXX earlier global duration and demand down triple-based XXXX. of step

the first As the in early quarter, Revlimid and usual, typical the Medicare the I to would to in Gap of remind like patients year. entering seasonality Pomalyst Coverage experience due you

moving XX% in quarter both quarter first-in-class with Now EMA. In Reblozyl strong over growing full revenues year. sales XX%. was the to and fourth for full Reblozyl, over the Demand U.S., and year fourth our grew

Reblozyl driven across have since durations both in markets be reimbursement now different beta launches patient fail. by switches thalassemia-associated markets treatment in with Internationally, by anemia and to and adherence, XX outside and additional great made launch continues globe continues MDS when We countries. the in increasing U.S. progress extending to attaining Growth demand in launch ESAs the accelerating

differentiated cell Breyanzi. and our Abecma to therapy portfolio, Turning

this to continuing as to to to therapy. into BCMA focused growth highly robust XXXX. to us patients more done Global were preparing work believe up cell with year We This in ramp full the manufacturing capacity refractory demand million capacity. first-in-class the performance. revenues has strong myeloma company and get its earlier remain year-over-year continued Abecma move Our increase $XXX therapy, versus reflecting enable patient and Abecma, significant $XXX represents million well on for as the of will lines

sales $XXX the in Global to quarter of million, Lastly, XXXX. CDXX Sales year our to more teams and hard cell work best-in-class Breyanzi. strong than over moving demand the for doubling were reflect expand therapy, our supply.

to to on remain expect support manufacturing demand uptake continue the Looking in for Breyanzi this continuing additional and further we plus we year, prepare large B-cell and indications. by for second-line driven build capacity focused lymphoma, growth to to

colitis. starting nearly sales XX, expanded Now quarter move increased on first-in-class grew agonist, Zeposia. our let's by while SXP demand to immunology Slide ulcerative portfolio with doubled, year multiple full and driven XX%, in global Fourth sclerosis our sales

We've materializing. move X or progress with expand strategy access commercial edit, made we which improve meaningfully X Our access and to as will in XXXX. volume either expand is with to several plans step

MS net UC medicine the to co-pays over of as primarily We each remember, the impact time. living focus today the from gross performance expect patients continued with additional to quarter And markets heading we dynamics in on securing to immunology Zeposia adjustments. first reimbursement any of to evolve Zeposia year to UC. quarter, and get Internationally, supports into tend affects are as continuing growth typical new MS more resetting with additional to first co-pay to

turning to TYKX pleased physician so plaque with outstanding. severe launch Finally, U.S. feedback far. moderate has inhibitor extremely early been Still our for days, Sotyktu. first-in-class to the We're psoriasis, but

on that and commercial roughly split Since over and December, then, Bridge and of to midyear. get we Otezla driving by this to broader use drug. and medicine of switch new choice As patients in see many is now naive expected Sotyktu positions on approved scripts equivalents progress Canada we switch across had we patients in ensuring and European continue biologic demand approval oral systematic focused patients. evenly make patients, formulary XXXX. enable X,XXX new as the in script Japan remain Internationally, are Sotyktu with as as for the We possible in

a Switching on items. gears to performance, you let sales walk key Slide our Having few XX. covered through fourth quarter line me P&L non-GAAP just

mix As primarily by fourth costs. margin expected, higher gross was impacted manufacturing quarter product and

at in full our was year, with approximately margin the XX%. prior For gross line guidance

reallocation quarter of acquisition. from our dilution behind foreign decreased due the fourth opportunities R&D, the growth Point and and investments expenses impact in-process primarily from full acquired to operating year Excluding exchange Turning and

onetime in offset that the was which driven Fourth XX%, in-process income R&D and was earnings by by million, benefited in the Acquired quarter effective $XX quarter licensing the year guidance From rate was our $X.XX, earnings with year tax partially quarter. mix end year. representing million was $XX OI&E approximately quarter of items at at range previous fourth share year the approximately upper of per the full tax full XX%. Overall, a $X.XX. we ended perspective, over X% of rate

to operations of the Moving strong flow company's from securities remains balance balance and hand approximately fourth billion. as of Slide marketable quarter was on capital The December billion and allocation on in Cash $X.X sheet sheet cash the XX. XX. with $X

on and strength to while outlook a diversify portfolio top capital priority development shareholders. further Our our balance Business allocation and sheet priorities and capital to are strengthen unchanged. remains our growth renew returning also focused

have executed early deals development stage as Turning We several business as well acquiring year. Point Therapeutics last

sheet to deals. balance be strong allows us on Our size-agnostic

balance by sheet As in credit XXXX, investment-grade to are reduced billion, it we committed to strong maintaining a relates $X strength over debt we rating. and

$X with our XXth the returning share dividend growing approval a it share billion the for dividend, to track Board authorization. as opportunistic We remaining have subject consecutive on to finally, XX be dividend for approximately we repurchase relates to and paying and longstanding repurchases, shareholders, to And to committed record recently grew of consecutive continue years remain year. capital the in

Let and we as assumes basis exchange guidance Due guidance macroeconomic as Slide to currency in foreign are large a with last year. XX. swings with on me consistent factors underlying year, prior unpredictable our providing reported on an non-GAAP which basis, XXXX well remains close

than offset XXXX will new that impact X% the expect to This and reported and reflects product on and in-line from We more constant revenues currency confidence Revlimid our approximately our portfolios a basis. LOE Abraxane. grow

be $X.X additional generic step-up to approximately variability well later in sales QX Revlimid manufacturers expect to quarter-to-quarter. continued We as which assumes as billion,

approximately last it to portfolio, product our billion. the double With will momentum versus year and we roughly be new $X of expect

guidance XX%, do reflects our which in We shift margin gross mix. year, R&D. As predict in-process to for expect product the approximately we it to acquired a be our item not line relates

of our Rico So expenses excluding expected laws initiatives total we single-digit with of this, mix. reflecting line to reading We invest new our expenses and our we the out and to launches. as in dynamic tax new are last to to product range. expect low reallocation be our continue to R&D This rate and XX%, operating to decline largely project efficiency be Puerto in starts. a year reflects tax in changes MS&A study in due cost approximately studies portfolio

non-GAAP expect to This represents growth per $X.XX. to earnings of with X%. approximately our a $X.XX we grow share Finally, range of

X%. Excluding prior would in-process approximately year EPS acquired grow R&D, adjusted

move to So our before for want we over Q&A, to I thank the in colleagues world strong the performance around XXXX.

Our our product The of renewal and strong the long-term and execution XXXX commitments our growth. of XXXX resiliency reflects the for well in positions in performance the portfolio. our us for year business

answers. call over and Giovanni I'll questions now back to Tim the and for turn

a it's Thanks very David. I know busy today. very much, schedule

to get going we're Q&A. So the into

If could please? the first one, that would we to just question, go Dennis, you questions helpful. keep be could very to

Yes.

question JPMorgan. line The of from of It's is Schott Geoff line Meacham sorry. the I'm with with Chris first from Bank the of America.

the one. Okay. to Hi, everyone. for question. it Thanks I'll keep

But realize as I the do year improves? any impact have And year, early TYKX, as board, the on formulary So the as your in share it's this what launching many days market the improve across this opportunities these positioning an well of to are launch. discussions? PBM biosimilars HUMIRA

the Thanks Chris. is Sure. I'll Geoff. it. for This question, take

good. days, scripts. that has had performance very David with for X,XXX we're the reflected the we're have obviously coming reception Sotyktu. getting from now on the customers remarks is We good. profile just first, So It's The early but the the in feedback been as very, happy is that very product over

of of for And it's psoriasis market, the launch. if of XX% oral that's the look share at market XX% products. November months is after the you overall and roughly for in two end market new moderate-to-severe As our full just roughly

seeing out QX. of happy of momentum with very coming So terms in the what we're

for would I is we possible everything continue the And And that we access XXXX access We're that. accelerate to continues us the from to can having good we payers. quickly as have we we're drive position, be for accelerating to product. characterize strategy feedback and as doing the possibly that moving potentially will which we that profile, have customers obviously base the discussions do better the That way good as is it And think case a that. to is into demand remains we're whether this seeing the think relates position. said, for it we to the accelerate can unchanged, news with enable

of the biosimilars, As impact dynamic for this environment. a obviously, is

a say weeks. is last just doesn't approach number about really to our and Clearly, XXXX would transition will that movements gaining on few evolve. be What biosimilars. seen based a in of think companies we We going to I evolve the year strategies of PBMs the biosimilars. You've know to access what for continue is

stay something it's certainly, have right on said now, we'll strategy doesn't the we for we But Sotyktu So as top change. that of.

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

centers perhaps rolling out, of Are distribution seeing previously the setup for momentum of of the certifications a centers patient With have sense flow for with and you number. gave you is maybe you larger about at that you excellence, and what relative pace those Camzyos, Can practices? that the us hoping the give progress that smaller far? of different the of you mix a versus so essentially talked are us patient

question, Thanks nice Camzyos. both for patient for seeing and of physician a Chris. the dynamics Sure. acceleration We're

prescribed. have have now David we been who X,XXX As over patients I think mentioned,

of seeing to conversion we're commercial scripts those Importantly, increasing and good drug.

about XX%. scripts of we recall that over In was to talked QX, that the that converted third quarter, in XX% commercial may drug. You

So there. we're gaining momentum

be of from continues And that getting the strong. we're the to centers feedback very excellence

over And of necessary therapy. to we seen slower a continue seen to is we we've that, of last quarter. And fourth approximately that the has is the in XXX what pickup. acceleration of And account accounts the patients nationally. for focused that on the accelerated pickup get have the on in course what some accounts quarter Those that importantly, infrastructure would patient build nice we've roughly accounts over Camzyos those the a say nice of use been accounts. are XX% I volume. the overall targeting so And Recall

accounts And so nice acceleration seen specific as a well. with we've those

overall, feel as progress good So we like making we XXXX. we're exit

the The Chris from next with question is JPMorgan. of line Schott

we at some frontline to Sotyktu. label Sotyktu about? represent maybe you for a of to favorable growth? back think you gross as really a more seeing most that Obviously, Does competing you're guys for this growth mild And now. But the going volume second maybe Just moderate aligned Does with think continue share? in think Otezla quarters Eliquis, hurdle a hurdle is just net all the about you in. to that 'XX? one in slip quick XXXX. should saw year, of in Or

Chris. we impact moderate is broader we strong mild This of but for both to on them. respect When those. Sotyktu those the severe in only Otezla don't I'll product Chris. patients. category in There's in from With going excitement fact, hear patients. seeing includes momentum Sure. has take patients, Sotyktu, moderate into what full our that talk to very label, the And to Thanks we of questions, we're with the which is severe see an importantly, us. the the market what use customers, spectrum the to not

in it's be it, moderate And then both seeing you use going that of to the that really uptake look far, so willing physicians severe. are reflective at to fact to the if we're

the have to we population show don't see across with superiority fact we product. that a Phase relative think how two that about So the that particular given the that uptake III clearly to of respect being studies barrier we Otezla, patient

for space well source nets to to as you It's know, gross know, some and of heavily due as you for As business this see the is very mix. we channel for favorability competitive Eliquis, a XXXX, space. did managed. mainly But

forward. we as quarters. don't to we continue There to be look see across favorability gross variability will So net

see this like nets. talked and basis, times you see in a don't But product. to Eliquis about gross a late product the that's on with with seasonality and we've do past, we many As year with favorability forward-looking gross

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

that are selected of be potentially and end question year. negotiation drugs the towards my for going on actually So this is the to IRA

situation wondering if that have the impact there, Bristol XXXX, the in to there? to that know is in Eliquis, can the temper do current top that impact expirations I manage is players going you starting just interested limit how know product it to particular? is one portfolio, Just what you Bristol's patent that will Bristol feel given do that there. of But

it's be And like years. oral a separate cycle for that seven maybe IRA then there'll of look drug the question to to the get IRA. biologic also inside truncated sort a incentives at free of not drug, or you least full the and life to get feel on well? better related free to substantially oral, that launches of versus if a running purely as but incentives alignment sort but even year there is seeing confident just a are for better particularly We're aided. Trying starting starting to six Wondering comfortable understanding,

strategies. question to Thanks, on free your Seamus. second I'll about and the Chris goods This question, the I'll ask is Giovanni. comment take

we've So I would had that discussion look think still know. I we don't at before, you say lot when to similar IRA, the a is there

And the you the more. of procedural CMS this is course, over learn of working much implementing As year, course know, aspects legislation. we'll through the of

question Now look BMS. you about your when at

setting the first an some possible is impact that of until And know are right XXXX. of we starts. not it we So all, when see in you government price IRA that that Eliquis is do XXXX impacted from

order while we with of remind I'll in XXX% Pfizer. that profit the the may more degree of understand obviously, learn split, we book to what revenue you need just the we for course, to impact Eliquis, of be. So

brand, the in earnings versus So what is our ways, determining brand many an think a but revenue you trajectory it's in would important it terms about smaller of line.

to company exactly new continue medicines the the execution implementation in the the ways, to can In market of what doing through to it's grow many our we are renewal IRA. advancing is order of accelerate and we portfolio. do Now to what

government have those be company very look the given the while. And in be our at there drive would that a will won't half expectations brands candidate products billion billion recently a XXXX, say sales. course, dynamic, for of I to young been So new the very portfolio will to growth second $XX $XX will therefore, will a launch when you year. setting for and launched be of by that

comment XX-year science the much not are that years, terms any us change diverging for I you right the develop the more very biologics. with associated We pleased the that launch to all refer the nine is them, make are to would natives as -- about in Now obviously, for with legislative last obviously would of because to dynamics? for going you you of comment molecules. But is Chris, more want deliver enabling require the on to do and changes. there challenges

it's free question Seamus, on IRAs. interesting an programs Sure. in of play role that light the drug

to make way more of a know, most for think products I As their have are you that transition period, into position. a drug particularly markets free you programs new favorable typical, particularly in access where rebates require

notwithstanding, in on drug payers. dynamic commercial focused out targeted course, is you're extended free I dynamic Now mean, Medicare. negative and for patients there that coming typically right, of programs IRA, in, periods, I think when impact a there's those extent commercial are a to at that play price to programs and look that you the it have could nine the drugs though, and free-drug in free setting years. That that restrictions

clearly, though strong more because is that access I position what you commercial quickly favorable as reinforces to is from possible. a into execution free want very think transition drugs the importance as of what for do us

continue IRA. a monitor the a I of as rollout our continue be going question. for Sotyktu, to But that's like to discussed, just about very to to focus. we as have so product think important It's it's we we're to And learn going something more that

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

let half milvexian year first in ended you with We dominating, IIIs Eliquis SSP are III November your Phase are add earlier. primary this read trial full first noted the Bayer? that expected me a will started Is Bayer that studies but be you this a Bristol in answer year XXXX not with a out I up consistent and of that But is let additional behind Phase perception with should to and year. Bristol question. initiated the that completion

Thank Thank we a studies terms and you, are Samit trials. of these here. Look, with we the put Steve. those event-driven timeline you the in course, planned question. for studies, enrollment. the And then of

wait So we report before the and read events out the we'll to to results. happen have for

So trials what how those can of the looking are by account, involved. all we course, into clinical have are enrollment of but at them rates trials to the and impact these take we

on trials.gov out I going what if be will is are we'll it earlier. do our update early the be time we lines is shift. and But might guesstimate later. you out reading trials the So reading are see progresses you think trial leading as is our these to possible days, competitors the out that be when It of

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

few year-end? questions you in there 'XX through you phase program, lives Otezla quantify on back you access, just Sotyktu. have it then will way 'XX? any requiring will to step that all that Or is first? you terms where do out begin your on last before And Bridge A in of number on are covered? of where access And Can are market the

Thanks for the question.

we across engage doing for our with payers. we're XXXX, more preferred to plans much as we or think we said, going obviously, as PBMs respect increase are who to favorable can to access, with major access to that position XX% that's case about is market access. the open we a continue in And of everything accelerate So but patients continue for at that. have to we And large have base

we've the are Bridge As we this the faster volume I position a favorable big typical are for find until typically think more we much the programs, programs in or where keeping would programs think those in a access about we to with market, access negotiate got open that Bridge Bridge and PBMs.

we're with with that our those us thing do of are nice to the The What of patients into is Sotyktu seeing, vast respect the majority monitor to is positioning. that going formulary Tim, patients that status hub. enables

plans is transition Bridge even to open, program have able we the that patients them if to their drug. so moment And drug, ability on those commercial we certify commercial are to take that the

in discussions the just had. than that dynamic a process might we've it's so And be indicated more

will that basis. we XXXX. In the certainly get ability fact, as this have more look But we on we Bridge anticipate a to open real-time into those do at remain programs

question the with Markets. Capital next Evan line Seigerman from of The BMO is

demand Abecma, into therapy. to of early expanding lines you in earlier to kind meet On XXXX of now struggling went from patient

Now for bridging and both this how we think about come we therapies? talking should slots really your when online I'm gap, about could potentially expanding more see capacity cell

Yes. Chris. Evan, take is This one. maybe that I'll

So that products we with in -- actually the capacity to quarter. we with and happy we're both continue fourth the quite saw actually,

had anticipated we would until You to that recall very into year. of expansion for be were the got into QX. wait happy may that capacity this we We accelerated Breyanzi, expansion see

we year, expansion we for say to have we forward that's other keep and manufacturing, about products, I we've So is is area with for continue that focus both a be continue cell to products, is the which cell to therapy think going thing therapy cell And capacity certainly to thought an would us true strategy. of threefold this to an see as in I look of for Abecma. mind

more on products they're products. the these focused rates. have you stay and That's manufacturing of that on stay to all rate. complex frankly -- X continue cell success we success elements manufacturing are your important First, drugs, living therapy affect to focused It's

bringing of sites at manufacturing suspension we've that. just to from Massachusetts discussed switching drug vector number Devens, and a on dual it's do play vector talked to then strategies we've previously in to number And ultimately sourcing And additional about front. and Second, efforts we increasing that and suites supply, product. about have of online, the a our in length next-generation there, finally, mainly obviously enlightened

sort leveling anticipate continue with to would that got it We've to of expanded I QX up an but us. has play the remainder manufacturing in focus for year. of good not area we've what of through say place, only strategies seen be is those out this in capacity, So strategies we and

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

for probably David, you.

so a guided this you've the R&D, the is the the holding like side. SG&A decline which come offsets pressure on margin Just OpEx, most single decline of going you're gross year, it of some low thinking about flat, to looks guidance, and

think pressure should off the more look Revlimid cadence we about we into additional 'XX? margin given we're So as expenses fully. anticipating we XXXX, guess in rolling about just into gross as How think I

margins, thank anticipate And it down this Terence, declines. with year do to coming you relates last expectations due right we're product we in what line as for them that you're gross and as guiding year the to question. as was that revenue XX% mix

is been we're products through of to But with particularly funded. they're sure effectively. operational OpEx reallocating We efficiencies. lot on professionals. that to healthcare from continue a brands our very COVID how making as do also technologies, We've resources that, digital with mature find to engaging on launch top the far fully and As efficiencies, concerned, able learned we

really R&D you we by nine may about of we the portfolio. has products. of talked R&D an it's R&D That recall, perspective, impact just biggest driven on From and spend, single spend, the the as level our new launched levels

late-stage coming programs So we had offline. many

partnerships. some We but some of coming new have online, those ones through are

example Phase to of going that's that, but partners. think are be our calls where with shared those programs several with that milvexian great beginning, III I a shared we our have are --

that's look even feel we overall we're year, we at operating our low But as the believe, in expenses confident business this very anticipating. decline So what in margin. gross step we our a down with single-digit is why

above our continue that operating to line those expense top at to faster XX%. our look we As the than us the flexibility base, maintain margins base grow gives

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

side. I Maybe bit guidance a if more ask on little the may

in-line you So really from looking at are good looks like products, it our math, year. for another

you this year, seems delta about between which after growth, again X% consensus. calculate, be to growth you're the So like and expecting we XX%

where there? a So as the you Eliquis in-line there talk about OUS growth and And bit could most takes do portfolio, puts robust in see challenges you please considering that little well?

Yes. Well, do growth We for thank in our you right. the multiple 'XX. And for you're drivers question. see

the our think coming about growth the Revlimid that's really LOEs. this said, new overall, I year. had growth with strong really and before, as past talked on across portfolio, X% we we in-line in offsetting declines in -- as And product about we and Eliquis double-digit our As the And in-line.

in to in with Europe, see growth tumor additional and of good our adjuvant U.S. growth continue the indications the we strong see some headwinds that Opdivo-Yervoy setting. We and despite

continuing and lung We strong growth growth continue continue franchise. well see in as to good on as see cancers to our gastric in IO very

products, And a remember, growth significant that's then the new driver.

as As year. I we talked about in doubled into continuing my And earlier that remarks, we year. that see said, this last and

in-line as the this and and So have do that providing year. multiple continue our last year new as ability we're we as that year, to momentum grow, confident we very guidance have we between ways product the we're to business this exited well to in that

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

Maybe you those focus products here. one launch with Reblozyl on of

some that we have might to, presented? something opportunity Or duration color about there? should the stages them? growth. filing any as see Would additional share data provide alluded then about can to COMMANDS, say, you to that X? you to late the June we Is of potentially ahead You data think And might how when there we is and wait to love think that

on switch it and over Yes. Maybe your then I'll COMMANDS. for start questions Samit to

ensuring And as with you titration would coming fourth to with see So patients new got we've where is patients. of Reblozyl, increasing the the this see yes, certainly, note, continue is we on potential good of really most this out dosing and acquisition of significant Reblozyl right out see we quarter. growth that year. first respect product But the for of that into to the continue expect administration and to we

some seen that in last have year. regard the We over improvements

duration would this is patients of expect duration consistent XXXX, continue to up up continue MEDALIST XXXX the In in therapy fact, that, would therapy X% over to year. time, of and as increase titrate with see, particularly versus we study that to

those a area focus ESAs have to on second we getting setting that Reblozyl. then made no the roughly And here, decreased to big time approval XX to good progress. is has longer big who area XX are first-line been for patients to That's months The has responding since again, move the And of roughly in on of from our focus us. months. too, we've now ESAs

large focus the study provides that. But the two so growth. the timing, to next that roughly And have speak And And that Samit double I terms in can then Reblozyl. with have we dimensions big in are COMMANDS a of for the that, opportunity obviously, we will we catalyst those think indication that think XXXX. as

and Carter, the thanks, for Thank you, question Chris, as well.

certainly, conference the becomes specifics confirm have that share be So will we able where as we But the don't now, data. to we right of will the available. information

superiority. do comment accepted. we until release not a is filing, again, file pleased we do moving But we as important an the of after release have we the against certainly front the Reblozyl data, control with -- Chris COMMANDS for is -- on study terms line press we shown In that just the active where an of mentioned, compared ESAs to and the

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

to something competitive the just in the the the profile Or maybe in Or You to read the from it slides dynamics atopic Phase Is that forward derm. into atopic product could specific noted through decision is in cendakimab dermatitis? the that move in not ongoing II? EoE trial?

the Samit to see data the Look, take at move programs I differentiation and recently have at our of we course, of dynamics said remember, landscape we the that that Thank and several available have for we competitive as want as always that are that always they're then, here. data look become and forward, Matt. sure, you and in patients, effective. therapies that. question, look can well Yes, atopic for very the there dermatitis, we

had high atopic And for making our so we dermatitis. that difference terms patients set in the threshold quite of for

patients only cendakimab primary for over do available nothing saw therefore, competitive seen are in the the we don't moving in a for endpoint, it what the registration it what of as terms has we to this at we the but the the dynamics is we but And a it to with but saw not infiltration, not do in dysphagia Phase to advantage eosinophilic data. the esophagitis, think that their have change we fibrosis patients of time. as trials the in II So study. meet eosinophil outcomes has well where We the also

when results share we'll that is study certainly, the completed. study and the so continues And

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

Great. Thank the you question. for

if be it JAK if be a fails, adding succeeds, know it flip give on anything know on on anything Maybe Pfizer question, So a your about plus think then you much you for if there's us we lupus, how your a with profile, I JAK the top could Sotyktu in Phase on And of it standpoint, that you of would potential could in safety might year. efficacy what's you'll from lupus, great. III to lupus? how a but later how and think value trial about reading this be about have out frame like success TYKX TYKX? biology TYKX the on biology do TYKX going thoughts influence

Maybe that I is Samit. the take can again. question. you This Thank for

answering last that it, the maybe and of we've We no or year you the inhibitor, a throughout today, even on think IL-XX, of patients inhibitor. TYKX protecting And important. is safety versus a course, of demonstrated JAK been from there differentiation the of is a a JAK inhibitor which, profile approved treatment more, question perspective, benefits effects of TYKX psoriasis. very about interferon, with downstream inhibitor IL-XX If and which for specific has

you in that used think if two about shown just of the patient as for superiority. in for it was forward the shown the in Phase of that we've we've trials we versus superiority II trials being We've for just SLE, arthritis now with standard that the Phase for move a whom well data and population clinical as oral a got and So these psoriatic fast all setting are the indications. that setting, prior care III

it, very prescribe confidence So the the data making set for and data and think, promising we Chris Sotyktu talked well I I evolution earlier. it the think on to the physicians is about have the of of as now, profile is that

molecule. will we rely the So our the on of information and data own that evolution for

to asking safe efficacious when out. there reads data will patients. therapies pretty right these their do question, when Pfizer for JAK to will speak do I be in thing all available certainly, psoriasis are I'm cannot a sure inhibitor the you But what is

the line question with Fitzgerald. next is of Brayer Cantor The from Olivia

annual run update you've this high-dose there year? Is you. for know beyond decrease respect changes at one the question there? a thinking we But revenue some looking And in any program? clarifying see into And that any point? maybe past. a $X on talked with guys beyond about Chris, at to move Revlimid could billion to I plus on then UC with the your sales Sotyktu. the are indications quick Where you any expectations rate

Great. Revlimid year has changed through really $X.X for this step-down billion billion, this Elkins Revlimid Hi, last which Olivia, is our in a in our for take it's XXXX. $X.X outlook that the -- given We David Nothing one. performance here. year, I'll XXXX. update provide better

As we how a it. we're about is on thinking $X.X think average, 'XX about 'XX, or billion and step-down about Chris Samit?

Actually, thank David. you,

in one that colitis. using So studies them dose so a Olivia, TYKX in are two ongoing, IBD has higher certainly, of ulcerative

or IBD you a the the colitis to not here specifically ulcerative higher or over is Sotyktu colitis. test in of that -- we recall, of hypothesis this want have proof-of-concept in time. do one And at we in dose IBD If the ulcerative

we'll outcome, the to formulate to then the on to indications And the part IBD data be move dependent that So this at able how year. dose. we as seeing are on higher forward in other of the in data strategies and/or dependent looking to latter forward

clinical maintained been tested previous trials. also we've safety doses higher that though, in and indications, recall, You has other our in trials profile and those

arise not for but looking So we efficacy higher that dose, certainly necessarily major the signals. signals are to the forward at could any looking

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

Can couple at given might today, Phase II IPF pentraxin fibrotic we aside from remind about LPAX data? you how also, when And drug? thinking Phase A see looking you just Roche's III finally, that of trial failure questions the And design? other the us antagonist. indications what that your on then of you're are for

you, Andrew. Thank

we've within data share will year, on to the half of referring and Phase standard the within standard we're And you're first year. we forward the certainly, as Roche see thus certainly, very far talked confirmation with to do patient we information. the with news LPAX care We've competitive did care be We well stopped. of was able the as see of seen. trial have II program, what the So that presentation We about are pleased that as data that the soon no III this background Phase therapies, combination are our data, seen conference, population the with we've to looking background that we in of this strong. as as from the

make of design you we launch will and on to as that discussions clinical the as regulatory and We the the that appropriateness public. are that get with in we see trial authorities,

with that to to come. appropriate more that. really time in But So follow pleased on

is the last One question or you II reading fibrosis. is LPAX we're that the the later and that progressive on is perspectives the other program had out at additional But right data from be two one now. the Phase programs, And this year. looking pulmonary going fibrosis to IPF

So we're looking now. at for those two things

running please, we're think short we can I Maybe Samit, time. on last go our to question Dennis.

will line question Colin Today's from come final with UBS. the Bristow of

terminated on of anti-TIGIT. a differentiating the of And Could another TYKX questions. anticipate TYKX? Phase I. any in couple in recently Phase inhibitor you versus it This just Maybe you have color the just X quick pipeline how then see matter development another you one our non-small one on and very cell. you'd us XXX, give I just is

what was you issues. were? you wondering I issues could I think if say just specifically cited safety these

you. Thank Sure.

programs with around one the question general, TYKX generation the first inhibitor. of molecules Phase is in having we I always your look next or next of at that terms development. ongoing terms have the of In that two in In we

development phases inhibitor. we is just of this that so TYKX of And have additional general pipeline

We in CNS have a I. is also penetrant Phase inhibitor that TYKX

special nothing about. time talk is there So to at this

arises, the But future. data the as data able evolves, those share the as will in data be certainly, we to

a combined TGT For because for inhibitor. in will is be thus there dual into non-small particular with I-O with nivolumab looking those the trial this combination data toxicity future seen we cell that have cancer that was specifics that this program, what conference, remember, presented see going with but a we therapy a at some patients do far, observed the being when is And not ipilimumab. and lung conducted TIGIT is at I'm

those we reasons, because at this as data and more of But trial more to come that the time. decided be to so and specifics And get we more terminate have done. insights this particular on then will safety presentation

of and Samit, for thanks you, you all participation. Thank to your

exciting As you've company. seen, time it's for an the

We all always, ahead, going And very a but have you, morning here. another talk as please of we busy of lots call team it's so the year about, know important we're have things end for to out if additional any to questions. to reach you our

you. and day. great thanks, So everyone, a have Thank

Squibb's Bristol-Myers the Quarter Thank participation. conclude Call. does Fourth Earnings for XXXX you Conference your This

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