Bristol-Myers Squibb (BMY) 27 Apr 232023 Q1 Earnings call transcript

Good day and welcome to the Bristol-Myers Squibb First Quarter 2023 Earnings Conference Call. [Operator Instructions] And finally I would like to advice all participants that this call in being recorded. Thank you.

I would now like to welcome Tim Power, to begin the conference. Tim, over to you.

morning, good and Scott everyone. Thanks, us Thanks quarter for first 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 along remarks. and you for you'll As bms.com with slides that

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

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

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

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

everyone. Thank you, and good Tim, morning,

last announced our CEO CEO, Before as as we years X, the After XXXX. yesterday. address to including X plan we decided first transition XX the discuss Bristol-Myers quarter November results, to I'd I leadership like effective retire at have Squibb,

by Executive period Europe. serve more can will family in Chairman to the continue a as spend our for So Board. transition I be determined together to time

and the X. strong for intends appoint Effective Board to Annual this of Chris position yesterday, bench the Squibb's and Officer foundation member growth share pleased Officer. BMS strong also the now has Executive a and current Meeting that transition. is pipeline Vice success President achieved time as next future, Operating in incredibly for why Chris Boerner, as That's am Chief natural Shareholders. talent to Commercialization of CEO named Given I him Board Bristol-Myers deep the of Board Chief a was November to our after our selected the as of our the And

with Commercialization In Chris Major of through right has person Officer. BMS chapter are SVP, connection Head and Adam its succeed next President appointment, is Chris been Chief confident and Markets, board Chris' Executive guide Lenkowsky, of The to Vice as that named I to growth. the

his and been uniquely Since him culture. the instrumental joining His our has our on strategy passion role. and for suited our in tireless for our BMS XXXX, workforce make in shaping patients, Chris his science commitment focus to

through Chris helped leading notably several a CD in growing guide science. strategy the our and pipeline has vision give transforms list our biopharma the His patients' execution us world's that across knowledge our Among immunology, long building of BMS' of is leading company deep over years, multiple all the lives past of and he right portfolio business to drive proven the confidence launching our leader accomplishments, medicines. to be and that evolution presence his new geographies

at remain has will continue and drive of do, everything we has put we that career, the growth the professional as proud what BMS know of highlight profitability. enthusiastic Leading and our together. incredibly of we center ahead the I'm sustained accomplished been team opportunities and I to my patients about

bright is Bristol-Myers at helm. engine to and with know be our incredibly future the Our the Chris through and that workforce look Squibb patients working for to talented transition with global first very will a culture, Chris coupled forward success. continue I there our drives closely diverse with the

Slide on Now QX our to X. attention let's Starting performance. our turn

renewal of I the of products the the As start performance am that and by I had to future year. we share pleased to encouraged continue to our the we strong am execute will portfolio, that accelerate strategy a growth. our our drive

quarter, grew new our product for our ago, to revenue foreign these or confidence products adjusting portfolio new this X% During than year the revenue exchange. compared Notably, in-line product XX% and that double reinforcing we portfolio our doubled a brands from more from roughly to expect year.

performed particularly growth, both strong [ph] Eliquis demand and with the U.S. Opdivo very in well

product and quarter, year. we to we are the Along than continued of offsetting pipeline. line by non-GAAP guidance the forward, top for execution growth expect strong commercial our to new this with our our in-line affirming we in impact bottom generics, continue driven portfolio, and Looking and more financial advance

Turning scorecard X. Slide on to our

As can see, in QX. milestones we you delivered pipeline meaningful

in pipeline our strengthened new regulatory have where expanding catalysts position. particularly to with made with number cell of starting products, important our therapy, further achievements, our leadership progress and We a growing we respect

our of Europe in of Medicine to the of the publication lines multiple the the global future. transformational myeloma and delivered study. in now we this car mat triple offer across England New Journal the patients regulatory earlier February, We Following products treatment in for class-exposed U.S., in patients look to for filings [ph] have these to results forward Japan in opportunity multiple markets

look agreement of our an therapy further entered Libertyville, in We recently will newer, our a continue expand to progress into as strengthen increases both over Breyanzi facility supply also and products. make cell us supplying more This chain expanding to for efficiency with and to We processes. manufacturing vector to patients both time. supply higher dual-source Illinois vector supply capacity for Abecma capacity. We forward transition manufacturing to allow and

focused on NEX-T research that clinic. CDXX severe for remain is entering the therapy exciting Our [ph] our cell with refractory further treatments, using including SLE patients for improving outcomes teams

Sotyktu. to Turning now

Europe. product describe, David the And choice in patients we for the approval the very during this to medicine delivered quarter, go will oral continues to severe are As plaque as for moderate launch this and psoriasis successfully establishing of for we well, of patients.

Meanwhile, Crohn's Phase III time, Phase a to this support received at seeing data look In does to high-dose UC forward from this trial opportunities Phase asset this lupus, has trial unmet data the we disease. to in later studies in key not you high we while we IBD. Sotyktu into addition, for evaluate moving opportunities which a advance and very II III from arthritis to need. as medical year psoriatic for it know trial in both our expansion And continue

soon. announced bringing now turning recently to Camzyos. And European We look to forward this medicine. product for CHMP We positive patients this to opinion

at Looking next assets. registrational of set our

for during setting of the over Iberdomide myeloma. demonstrate initiated early maintenance We III Phase potentially superiority us in an have multiple line enable of in the to iberdomide study will This study post-transplant quarter. Revlimid

at have to in all initiated Phase partners our Janssen, we with the X program. pleased are And milvexian now trials III

antithrombotic are better patients factors that equal We better with bleeding excited than a current potential of is from to a the next-generation to or profile. but drugs a in than about benefits efficacy, terms

multiple see, strong is pipeline with our can ahead. you progress As exciting opportunities

and significant of to of that Slide momentum of revenue This portfolio a regulatory together clinical opportunities. portfolio. Moving our the continues and strong slide new data achievement that this to important what progress X gain milestones tying derisk and renewal execution means demonstrates further our for the product through commercial combination

our for more deliver diversified and an medicines of with across products I key four global we am and the patients stronger of a transformational accomplishments to the increased to of discover, therapeutic the even company proud around of areas. Together, portfolio have develop they colleagues foundation very our growth strive durability world. as built each

and of business Given have XXXX our and and for growing strength and rest we diversifying the opportunities I'm the financial flexibility, beyond. rapidly our excited about

I results will now turn David the to and to more financial in detail. David? call through you walk performance over product our

Giovanni. again busy joining you, call. day this And you. our of Thank for quarter all first is earnings recognizing another for Thanks

X. Turning to Slide

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

company quarter while by by of $XX.X U.S. Sales the primarily by Revlimid. portfolio, loss topped of volume, and grew our strong in-line X%, annualization Total the exclusivity. by of in Revlimid in international loss product the for sales impacted double-digit were offset sales billion, of driven new exclusivity sales driven

portfolio into delve deeper the on of X. Let's strong new product Slide the performance

demand As generated sequentially. quarter versus a was and strong derisked new in product by further XX% growth driven grew This the the prior year primarily and Giovanni million over for and than $XXX moment on more Opdualag, which sales, in touch increasingly Abecma over which doubled us performance in Reblozyl, I will portfolio mentioned, product provides in the for portfolio. our confidence and diversified potential new

first-line lung, our Opdivo double bladder primarily tumor solid performance year, strong, GI were demand XX. cancer. and our primarily indications XX%, continued by core growing indications. digit newly versus demand to In on sales driven by launched in and grew Global U.S., Opdivo driven Moving prior for adjuvant the upper Slide

primarily execution in indications first recently confidence U.S., strong Outside by for demand the quarter expected gives growth and the XX%, us the increased continued first Opdivo. for driven quarter The expanded in revenues access. launched

the to robust were Opdualag. double in the Sales million, prior versus launch quarter. of digit $XXX turning quarter growing Now

pleased market being share XX%, the in with We primarily now are with melanoma monotherapy. very Opdualag of launch over sourced first-line PD-X from

primarily Canada measures $X.X starting the our by entries mentioned generated grew demand. with to and strongly, U.S., XX In U.S. impacted primarily Slide largely over driven turning expanded pricing up portfolio were which we past. robust Internationally, billion Now the the and in XX%, on Eliquis, by generic in the driven and cardiovascular sales U.K. globally, sales by

our to now inhibitor, first-in-class Moving myosin CAMZYOS.

quarter. continue making we the $XX bring first generated more to sales CAMZYOS million the pleased to are be We of to CAMZYOS progress with in patients.

drug in with build patients considerable of we growth the Now with hub, quarter-over-quarter. the X,XXX which on at patients commercial continue our expected approximately X,XXX momentum the in to of quarter, end

reinforce having in date look well European CHMP of received as to June, our profile opinion. the just upcoming for the which strong expected We approval forward will as CAMZYOS, a PDUFA positive Valor

portfolio with on Now Starting quarter XX. generic entry. Slide Global billion, by to $X.X impacted hematology the were our turning in approximately sales Revlimid.

year last As continue we in to seen and favorability variability. expected, we quarter-to-quarter first the reversed expect the quarter,

sales prior new grew XX%, to demand some on driven first-line triple-based the X% as buying grew longer year. prescription largely Internationally, duration volumes. well regimens In patterns. versus U.S., Now for Pomalyst, revenues to as of treatments impacted global

total Reblozyl, which U.S., the generated largely to by grew in primarily continued share Turning up million by driven growth. were XX%, $XXX In strong, the driven demand. quarter. revenues revenues XX%, prescription of Sales

continue we additional as than Internationally, being secure doubled China's including to drug reimbursement list. Reblozyl national reimbursement on countries, placed more in

U.S. launch in We year. are countries XX to launched expect this markets outside in now the additional and

COMMANDS ASCO data forward the product upon approval. look further by first-in-class this to accelerate patients to brand oral bringing presenting MDS presentation at first-line We ESA-naive in to an EHA the and

million $XXX of cell by we to Breyanzi, for Abecma has expanding sales capacity, at progress Transitioning Abecma in make our XX% enabled than strong year quarter, and and to growth the best-in-class first-in-class demand. versus grew doubled revenue therapy With continue our of sequentially. driven which sales products we and prior robust more

continue real the and physicians efficacy capabilities. of to in reproducibility and reliability with on of We world from be feedback safety our the the manufacturing pleased

cost Japan, and under the Giovanni triple KarMMa-X line patients As exposed earlier we look Abecma around bringing mentioned, is and EU, up review the to and in U.S. patients to globe. now the myeloma forward

year Breyanzi. were the Sales quarter growing Sales $XX and by sequentially. and XX% driven to were in Turning large B-cell prior in second third-line plus lymphoma. million, XX% demand versus

EU line opinion. broadest we Breyanzi. with earlier from with physicians been demand We safety strong, strong patients the the positive to in CHMP and in feedback for lymphoma look label With second-line B-cell recent and very forward the profile, the Breyanzi the coming large pleased months, differentiated bringing to in are has

the sclerosis move doubling securing reimbursement now than sales colitis. more portfolio with expanding XX. was on quarter increased compared in countries. to multiple in growth Global contribution Slide primarily ulcerative to from sclerosis $XX In additional Internationally, driven in Zeposia. to multiple demand U.S., were immunology prior Let's by the in demand Starting primarily year. million, our sales and and

towards launch so our first-in-class the a Sotyktu. with turning extremely Lastly, TYKX far. We're strong launch of pleased inhibitor,

Just X bridge have over commercial months into the and drug. across X,XXX equivalents script launch, we

and market now is the business mid-XXs, from well biologic sourcing the patients. patients Otezla Sotyktu's naive experience share oral systematic as in as of

with in and forward Europe the securing on and performance reimbursement pleased working approval XXXX to very Japan countries through recent are strong and we Internationally, in launch with look beyond. individual

with in arthritis psoriasis, Sotyktu $X-plus of excited on based non-risk-adjusted and severe opportunities potential are ahead in to We billion exciting revenue lupus. psoriatic moderate about very

not related just repeat our my expected, a mix. first quarter. In in non-key as covered just will P&L focus that few margin line I performance. will This - foreign I on the XX. was covered and to Slide settlements Moving remarks as items impacted the gross exchange on quarter hedging by was offset partially favorable quarter, by product sales second

R&D of remained Operating primarily prior going R&D to to MS&A due reverse timing expenses, X%, $XX quarter in income. we per the growing as of into was approximately X%. expect excluding our the continue partially declined quarter in-process million $X.XX, quarter in-process $XX was in to invest which acquired second launches. we consistent with by spend, new earnings Acquired million, largely Overall, offset share licensing year. which first was

balance Slide in Cash sheet flow our March billion strong. Turning XX. sheet and and the from XX. capital Cash in to balance on allocation operations hand quarter approximately cash the remained over was $X with billion, of $X as on and marketable securities flow generation

In our balance opportunistic continuing $X.X remaining future quarter, approximately As allocation, with sheet it billion share this unchanged, capital $X share a repurchase as returning to year, our remain to as shareholders. to in $X.X we priority BD we be additional strength, maturing debt our well relates in repurchases remain billion an on focus priorities the and the billion authorization. top and repaid about with in with capital

turning to non-GAAP are date, Slide Lastly, we on to performance the our guidance. our XX. non-GAAP reaffirming Based XXXX upon guidance

which approximately to recent currency grow on reported constant product new portfolio our basis, in-line expect will more and a that X% offset reflects XXXX We than revenues LOEs. and

versus Revlimid's roughly market monitor new We expect and to dynamics billion, sales from approximately other continue year. variability we our the to year. remain promise portfolio generics portfolio at and about the of expectations product excited through remain and the double will prior $X.X

year. we launch around these build as expect the the back we continue to growth more be globe, assets during weighted to half we momentum As

first We XX%, be the to for gross XX%. which a we for reflects be continue quarter, expect half margin year gross to margin to the the expect mix. approximately first the product favorability in approximately Accounting shift in FX of

and in in reflecting remains our Excluding R&D decline continue and expense expect up invest initiatives the guidance unchanged we single-digit brands. to launch acquired low in-process the in as impact of to range, efficiency operating MS&A our

we As during in I quarter, quarter. $X.X we The as expenses MS&A increase to second in are the the to be invest continue billion for expected results approximately to in the mentioned the quarter launches. expect our operating second

to unchanged, we continue and of share the expect Our XX% of and tax guidance remains to $X.XX. $X.XX earnings in be range per

colleagues relentless across and just company and execution into of Before the business. move to I Q&A, to we to diversified globe want for the acknowledge this younger more work the commitment our transform a

to I'll now and Tim over turn the for call Giovanni Q&A. back

Thanks question, much, our can we David. very Kevin, to go first please?

It comes from the line of Seamus Fernandez from Guggenheim.

open. is line Your

much very for question. the Thanks

So a couple of questions.

a towards free just a First really is to them today of of kind on of when Otezla to switch feel by the market - of in get loss that's payers going the then you to Sotyktu, dynamics Sotyktu? drive wanted drug from there of appropriate to sense reimbursement the rebates catalyze out

question And then from perspective. just second a R&D an

Sotyktu. relates You as it mentioned to lupus

Crohn's failure or whether efficacy And the if in a a safety bit the signals on of get much. to at was the dose explored that be slide so sense of the colitis get clarity perhaps that for that would Thanks the noted of all or any study study? in you stopped share were study could, that in ulcerative to your disease better deck. hoping wanted in and concern. Just if was trial, there little just disease of study I the Crohn's more discontinuation as that

over Samit. I'll maybe I'll start, Seamus, it Chris. then to and turn is This

physicians we very progress and your going focused good David demand X,XXX quarter. standpoint, as over well, uptake First, which on the market up we're feedback Sotyktu very is, mentioned, had question, a just to top as the message important access, line launch, to that We a most seeing is seeing from order stay from in good TRx in we're free probably can Equivalents. the thing very

quarter-over-quarter. patient grew We XX% new enrollments of just shy

we much So standpoint. be able dynamics. And in of continue as as you to that to, a to to those from payer about build feel be good negotiate volume position allude a we we'll patients, better underlying

forward of the and which had would standpoint, still say point see consider in coming What occur drug forward. continues I But substantive focus changes have XXXX the is a into open at plans that Right baseline But on you'll to be open where from year commercial most would to we half plans launch. be mainly access. of still second market focused who is on from this I now, that at would patients remain access possible, the to year. in that our doing this everything we decisions those pull pulling can

thanks, And Seamus, question. the and thanks, Chris, for

data disease set. Crohn's the On

you David, was III about. So Phase billion SLE, talked have as as as let ongoing that by well psoriasis, continues that already by psoriatic contributed development which start, in approval saying as a program to all, of the arthritis well mentioned we've broad with by me $X Sotyktu to in first that study as forecast always

the remember that proof On currently, first for of disease of Crohn's is that established as IBD. side, there a mechanism concept in thick is perspective, pathway action this of all, no to let's,

As signal end ulcerative year. that higher a not of did see II back will at time. that see the ongoing the look data we you this in remember colitis at we Phase we forward trial, with to And had dose an a study therefore, our

see this disease, signal we time. a Crohn's did not In at

we concept. this data It with has we So the And move do in have as nothing already of always many the have of is to not signal. It therefore, as at not do we time. to going safety published a proof are forward. safe studies

the in data the particular conference. perspective, was in milligrams milligrams present when But of then and the dose the how looking to forward. medical move more make decisions X tested this a current forward from future doses data From on BID, trial the we data to have UC X the are the the totality higher to BID look at dose we time, at study come we to at

go please? the question, Kevin, Seamus. very Thanks much, next could to we

question comes the from line next Your Citi. Baum of from Andrew

open. Your line is

A for rule Chris the change. And question question given maybe Thanks, Samit. [ph] or a Adam for

highlighted So the Autolus' importantly, this And exciting contains Samit, limited just given - a space CAR-T year. companies you number a more this that last is in is [ph] assume are switch. side CDXX. of confirm very [ph] I the program, SELECT-T [indiscernible] this against there to I the want

of with time this given the you inside you you the to aggressively c on disease? construct? a terms constraints expand refractory more to trial, what Bristol this excitement level are then of can in go FDA If breadth? address put quickly How you lines how and could intend where sell to pursuing new sense it's talk of some you generally And autoimmune

to the the PBMs reduce And then likely action. Eliquis the they anticipated to from impact you again. for that PBMs access Medicare ended - of price years it punitive Chris substantial. negotiation providing the be facing portfolio can up potentially without Adam, tried speed and very curious paid for impact second rebate as some is to I'm the well, to and extent Obviously, the ago,

have much you. mitigate to So of some PBMs? leverage do to you how actually Thank that the impact on

So thank the as in platform. the as asked we are appropriately very and you, question Andrew, of going where for well terms

turnaround the platform that are side. recall, year that be in you So we time, data we we've our now. using taking will a it that NEX-T there from We're shorter on that hematological using we last one in malignancies the because actually, and SLE presented if and same SLE already tested forward has CDXX, the is

and to speed got a the we months. we within the that proceed to tell X.X is what submitted IND safe to I a FDA, X From you perspective, can

of and with only constructive for move So productive agency not forward. we that to us, the the how also excitement the but dialogue had dialogue shows

is trial initiation Phase to SLE where external initial I of Our exist proof do the in already. concept does from design a data

So to speedily go a we it's and trial. want global

the the just So as before going the that to in serving we the other Germany, countries, limited to but data generated are not U.S. site principal investigator. including

expand the So on yet capability track capacity pretty we data, based which to indications, to decided, but then we other not for we that and emergence data have certainly on have the And are and of excited. that. the

Andrew, then respect Eliquis, that And take to with one. I'll

A So at anticipate do as of by you things impacted mind. a keep we government Eliquis price know, that be in high to just level couple setting. will

that economics wave our of second, course, price impact up do First, said, Eliquis the we split IRA timing Eliquis early of anticipate the of will with the And the remember, that Pfizer. will of in timing LOE run against in be setting. on That we U.S. the

the rebating. history we value impact you very With that, to these competitive that with trying Within ability through strong on of very establish in to are a I on as regard. have are always rebates markets. think respect medicines well to least of context, our Eliquis the address access position in discipline the we that shown our know, And

that as to As disciplined and that details what defined. Medicare of still so. to to that the out to you it's, negotiate to going to necessary formulary commit we're do to and expect, be we I to is IRA commercial this is to we're continue time, post how play as yet At today. speculate are while going position to point, But do would rates we're will going continue many on separately, be in do we just can be describe exactly at going this the role the difficult same this

to can please? the you question, go Kevin, next

the from of line Chris Schott JPMorgan. of Comes

Your line open. is

Great. so Thanks much.

right, I guess I given here. sheet first the now questions X-part delevered a two I Just the question. on guess balance front. guess it's capital allocation

kind of BD the be side with focus front? there pipeline You've on ramping now. the launches it's organization questions is and right in at more Or the been one to is, or organization the full near-to-market maybe on-market Bristol should for drugs of the pursue we've doing that is got point? the this guess what capacity either a commercial lot on of I are getting And

leave $X this you does into mix billion fit think times guess got of And part about repo as repo I'll second the trading kind earnings, at when where of X you've capital outstanding the Thank stocks And I allocation? a I - you. it is there. look your, at

get This Thank you, ask started I'll then David I'll Chris. and Giovanni. is to comment.

for to ability respect see don't to our your capacity that do question all, a commercial would on at business looking later-stage development with potentially I of So launches first factor as ongoing that. supporting our focused capacity assets, and constrain about

resourced have therapeutic four across all organizations areas. fully We

In of that new fact, demonstrated across right therapeutic several the in like launches therapeutic dermatology, support new in different happening we've effectively ability our and of shift areas very now are launches organizations past. to resources area in the recent

definitely when we - BD. I've assets look always first to development look perspectives multiple said, we So research deep have as areas capacity the there's at commercial And - continue and to at obviously to where add portfolio. we clearly expertise from there's

when long-term of the look business the strengthen profile look deals at growth early we we development, at company. So that

actually which I'll second is David turning to we MyoKardia given happy that capital look we've respect point, circumstances, a like and at would as give the with pipeline Our perspective And pertains impact, allocation you meaningful right we ask with to right are that. your opportunities on And really now to also to strong done be have shorter-term question. models to definitely continue support. it that a

the business continue look capital the the allocation in additional as And as decade. you question. to and growth our development as replenish to remains concerned, as priority add we second top opportunities half of for thanks know, far Chris, the portfolio is

times we've have, And a from And two seen past the us. a that XX to We're have priority a strategic flexibility you're to past committed to from we've as dividend debt do to remaining, that And also for with seen we business perspective. the share that. We've authorization is in for that. of $X move you've we billion a lot EBITDA, say XX that. growing opportunistic right, share forward in years. to be which years doing we the look that able and for delevering down dividend that's been you've grown gives been commitment as we a the remains development I'd repurchase, us and What also

David. go next Thanks can please. question, very Kevin much, we the

Wolfe of Your Tim Research. next from line comes question of the Anderson

Your line is open.

This for on taking is our Tim. Thanks for Adam question.

of uptake REMS it far. at target on prescriber gating this comment on you like And slow REMS too and has the stat should certified expect by we year-end to it little Is what So Also, [ph] of be doctors how what optimistic major around point? Thanks. a majority seems will progress so Camzyos year? factor? certified? targeted that XXXX? market been this Is should percent things we - could at point the the expect Can throughout

Sure.

Adam. me Let that, take

So XX% in actually saw first, now the about the question top-tier our at from Camzyos. we accounts. those X,XXX. vast about physicians, of are majority we're pleased continued of who approximately To rollout quarter. your REM-certified We're a coming increase with REMS HCPs were certified in The

We utilization continue to drive in those accounts. top-tier

remember, so And accounts launch. we were targeting at roughly XXX

excess utilization We're in of we add in have accounts, volume accounts. continuing of utilization additional XX% every week. accounts highest the those in those those now at look you XXX If to

And we've also Eliquis importantly, a to outside those those uptake but those patients into in the utilization initial referrals accounts institutions, beyond only XXX. in to enrollment. for begin then the to being institutions, seen coming and not the expand increase expanded targeting of cardiovascular team we team quarter, in purpose to The nice continue

we saw a In about increase fact, XX% the to first the quarter quarter. fourth in relative

well. So of those the to profile that I as And course to continue through of expect the uptake well. we'll and continue the accounts, it, as we to and perform alluded will top-tier to. into do will to of year We're use We rollout would uptake, nice Camzyos anticipate the a see Camzyos' continue look back accelerate growth get be year. in seeing further the that you as step continues we at as majority

question, we Can please. go next to

question Steve Cowen. of Scala next of comes line Your from the

Your line open. is

Thank questions. you. I two have

Revlimid of can XXXX drivers a you likely the describe XXXX? be in quarter-by-quarter And in that? quarter the QX primary progression high what First, So will Or are on was the specifically, volatile? of it basis? more

to And by past? like decade the may, innovative industry continually be headed for IP outlook industry would there's more on the And any future given unmet if cuts? Or the I a tenure for ability [ph] be helpful. just now be your transition, secondly, will debt next we need. on the the experience then over Giovanni thoughts know the Is X,XXX pricing, huge

So what's thanks. we're to more looking for Many happen. likely

Thank you, Steve.

thanks Let your briefly. answer is - Giovanni. This for me question. I'll

question, second answer continue I'll the the then on to The ask and be you Revlimid. dialogue David give obviously, to happy

back be about I've And as on ever. but step progressing to what's two a of believe Listen, diseases also will about we science a last in personally as than has most important I and of cancer impactful that impact extraordinary. the quite thought stepped think impact solid as is I call, that is, terms in I industry think earlier forward, will years, discussed back frankly, expand the will really big that few I is immuno-oncology therapy the X-day potential where the the care today tumors, point really the happening industry. malignancies, been the and going immune think and in modality cell the have be hematologic faster that

positioned as that very in the leader sector. we're think I well

in digital going productivity, pipeline years us and bring transformation to see to at continue to look fundamentally So of really when that bear. what the opportunities. to accelerating efforts data, think the be important for for BMS, exciting think full many the have at I now in is that's be will personally to beginning is we've creating the I invested happening technology, that of believe beginning we to are science I impact terms R&D also I

because around But an meaningful that world. continue are that and David? there raises to that perspective be from everywhere of just I for believe successful are And of the companies You science. innovation. access like think BMS bar the headwinds just strength do I the right will pricing

Steve, question on thanks Revlimid. for the

of things. Just year just guidance reaffirming billion $X.X full the a on One, Revlimid. couple of

As consider. you because see you But product a points as of really to far expect quarter-to-quarter, couple to about should to you're control continued the generics don't bring how just marketplace. the variability thinking for we as

we're had anticipating. remember, One, than we a better QX

in until that the in U.S., generic some year, you Also, So it didn't I'd time really March. QX remind we the first, Europe and we last saw thing think QX. of was February come in in come frame the entry of, out is, other of has

I is is still year about for So billion this comp. $X.X But takeaway main as the toughest thinking the last year. here is QX full of look, our think we're

we'll We on the variability, continue progresses to to that. you we're update expect as year have that and going

we can to next question, Kevin, please. go

Your comes line the next Goldman from from Chris Shibutani of question Sachs.

Your line is open.

terms very appreciate Chris. much. of, Giovanni, about congratulations, bring in commercial what from you your to as Europe? you structure, about forward think Bristol and Thank question industry tenure. has terms Do well. and as you you that in think thinking your on and commercializing the the experience, My Adam the as well the that footprint of right Chris, bear in as in U.S. strategy

I could It's commercial have the with area Thank or that portfolio the where potential thinking Good mass ask to secondly, How realm? had intrigued to presence on about you And area the also an Sotyktu. you. that, that in then company you historically immunology about the in if in related bigger side? are seems traction initial about business And overall. be development whether you R&D a critical how are re-emerging.

take question. the obviously I'll for that. Thanks

say, have terms of me really So years here been with with opportunity. the the on aspects that BMS, to at of we certainly across The looking career my thrilled in just the company. forward I'm to transition, exceptional opportunity of highlight all company the absolutely first, have and let X absolutely at and past the broader the taking continuing I'm the talent work

the With structure how evolving. and respect to that's

look BMS you at if that think I historically. First,

be about organized, evolved at where and macro the how I a a, to that we b, And always just we're think have channels have think forward. we with, those how I that we in. to environment how level, the resources, that's our would allocate going we're going how portfolio operating across operate We to continue aligned resources place we're

the As There's are in to in Giovanni also to question, the excited alluded are puts takes a and lot obviously be headwinds. There industry. about. just there previous some

focused staying that on looking model as the aligning model, And are the in. world we to constantly so at we're we live commercial

to believe a personal of trends. and Clearly, of those personal required to to of will key is, continue size going ahead will going its by continue we're to those Health role. undoubtedly play care focus much We do continue personal and be nature, The evolve that digital interactions interaction. bigger is a orientation to interactions and stakeholders. there with stay all

incredibly us. specifically, immunology respect As area for exciting that's - an with to

have Orencia. As to with considerable both Zeposia continue space to about you've we've had that grow time. the a presence alluded excited over and to, we there's call, in as very presence Sotyktu. And We're launch opportunity on with talked that this about

ex example, we're very which ensure a resources oncology. build dynamic is to us mean already that, and that commercially, portfolio to I that capabilities different we're continue immunology versus required allocating access, U.S. market in going particular additional the to in both U.S. for make is That's sure in, for successful to

Next please. question,

of question Meacham comes the America. Geoff from next Bank of of Your line

Your open. is line

Morning, for the question. guys. Thanks

We best Giovanni, to and both you'll also Adam. and start to by be wishes, wanted congrats saying missed Chris

subcutaneous have? any your across your are on sure you cycle where seen pipeline? And what for and Opdivo, mechanism maybe could demand. lung you. has you and about by life priorities newer the where you you Opdivo, for management talk then or the the then strong Thank what secondly, talk data additional Opdualag Can about falls IP? think go this wasn't pretty And On beyond expectations was supported that

the you, Jeff, Thank Sure. for question.

program For of approved in Opdualag, first metastatic Number all, already Number first-line large underway. review, already the is melanoma. there melanoma. adjuvant let's, one, two, a

forward in cancer coming Number are trial again, of the ongoing the population, trial. to the readout patient three, readout looking colorectal registration year. that to MSS in We looking forward and stable that

also chemotherapy. the are study Phase it data conducting at plus combination and the we that, II proof-of-concept cancer, cell I/O of beyond survival agent lung compare that generate to randomized Then are a to the as Opdualag comparing we chemotherapy studies to a in ongoing single progression-free with already non-small look

will that path non-small data So cancer. be forward our cell lung a very to important define set in

a be might program going as to parallel we generated signals that, the where addition as the And in have well. carcinoma ongoing in see investigator-initiated we that to is large hepatocellular there's programs In look forward.

certainly From the of about excited that the readout. subcu looking in terms Opdivo at perspective,

if the the good commercial uses single You all you then cancer. trial application, registration renal indications be it know it where do is want that? practice, the comment cell as on a in other and Chris, approved, for is general would application successful a maybe, And if nivolumab ongoing to perspective, agent. that is today From the was

Sure.

setting that think about of support covered our thought I would playing an we've we Samit's Chair always to something on the most is able of that customers. with an period a not in their is time there's come may extended they forward it. as And potentially subcu and the subcu see focused patients in at desire a to patients say being on role could needs where mainly be But It for accounts back adjuvant premium. have those involved science conversation pushing regard, in time. with physicians in and in, particularly important and a I that to where get more important over example, of when lives an out need and

of around under that's where impacts subcu role. the a lot so know a this And particularly I playing been IRA. of important questions see we there's

this we we to I about customers the is very profile the do for think modality patients. subcu think much it's how unclear But in early for improve and and talk way about of still too that.

please, Kevin. Next question

Terence Morgan line of Your next of the from Flynn question comes Stanley.

Your open. line is

taking Great. and to for a to congrats My two-part in your Thanks one. the as so questions. well best Maybe Chris Giovanni much retirement.

the but a broad line, I your confidence - data first-line you maybe know see on Just in Reblozyl COMMANDS just speak first label? in wondering could at ASCO, to we'll

data given then competitive product. the a for recent And CARTITUDE-X

you you. CAR-T wondering once supply Abecma for see about the here competitive Just how myeloma. we think normalized the space Thank in positioning of

Terence, thanks, questions. for the So

patient COMMAND Reblozyl all-comer conducted let's look again For in population. command, an at Reblozyl was study

ASCO, being longer presented have time. that So can we both RS-positive and RS-negative. Certainly, a at you'll and discussion at see the data

not critical the as endpoint. positive. is overall, independence what the presentation very well. are from Very the transfusion the observe end a the that away patient, in world We important they in longevity real to secondary primary can general, met to during that met the note studies points stay transfusion. that's We because that But factor one the of how matters long and should

interactions regulatory of overall, and data, we So the actually are course, continue. excited will about quite

commercial you mentioned. a and from we'll talk standpoint Just the on competitive COMMANDS dynamics then about

think dependence significant the challenge. in mind board to chronic important commercially, both MDS a MDS U.S. to patients the doubles is lower-risk as I potentially the in U.S. important that of it's that, significant for Samit size very across of COMMAND opportunity. keep just outside unmet in the alluded to, it's transfusion important And roughly It recognize the and the a space, and need anemia is the opportunity

compared death patients, efficacy option these to transfusion-independent significant to greater risk a dominant response are that while and of first-line And remember ESAs need There's XX% of roughly for patients. is very at duration the limited. we

a potentially attractive commercial So opportunity. view we as this very

to our obviously, to very to KarMMa-X quickly, data this it and respect data data. relates the dynamics continues As CART own the Abecma, evolve space competitive with X with in both

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mind important however, different that patient to keep two [indiscernible] is, It KarMMa-X and in have populations.

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from think see to that data saw in sets what And eye efficacy all they want reliability, be the in and the what world. keep full are and to safety clinical on to real the get see it's data and presented. are studies, going an important as to the to I customers that those world into they they manufacturing data So that we with is hear take want aligns we in really to these full see set real consideration critical going performing be consistently respect products to and we then the think we how set

next to question, go please Let's our

Your line the next Gould of Carter from comes Barclays. question of

Your open. line is

Giovanni, of Great. taking for future. Thanks for luck two best I guess Good and morning. in questions the me. the

versus frontline at in of but the we're the breaker going thinking circumstances Sotyktu versus of next-generation about how about registrational? ASCO, to could asset on, hear comment and Hodgkin's. see that? whatever I'd you're guys you you NCI brentuximab First nivolumab Sotyktu? data to about of opportunity how [ph] get you to are differentiation think love thinking the How under there said can certain be sort then, I Obviously, on that sort And Samit, to late

we first the cooperative Hodgkin's lymphoma of Sure. that know, you this Carter. of a as that data, the the around group question study. data, on course, the aware are was Thank Look, you, conducted

the be the it really and come So the is has authorities, engage they BMS. to are as look sponsored not That as data as future. certainly, at beneficial we out appropriate, very excited health by data for but certainly patients see But supportive, could in will that positive. we the

right are evolve have psoriasis inhibitor, with the a deep we and the In and deep of knowledge the our But the as looking next-generation expertise TYKX initiated terms well TYKX as we pathway stages. data, early psoriasis. as then of program, our study into in now. we Phase I just We've

go as well. So contrast additional we'll define to be look able and for plan we as to differentiation the future And indications. and compare for development the clinical

at So beginning just those are this more to steps. time, come. we But

Kevin. Next question, please,

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

Your line is open.

Thank Great. you.

couple - Can think more can just slowing Opdualag. on get growth a like penetration little your how bit. Just you market you were you how of quarter-over-quarter melanoma give the space? some It dynamics much -- your rate looks share into a

how the is up will to this are bar What A year. readout other combos. shake for success companies it of going IO-IO the mechanistically thought then want to you on focused on that to Thanks. other companies back then compared your developing? different you lot think IO just And see? that compounds other And second, lung are

with I'll I'll we're very to over Look, Samit. Optolag. the then it continued of maybe pleased So turn start, uptake and

seeing use was shares over I mind, plus earlier, think now referenced also in we're setting. XX%. in are the some As line Keep second the

There that are few dynamics we're underlying particularly happy a about.

monotherapy. coming to fruit remember, lowest use roughly in that first-line this And range from terms First, still we of in see the XX% continued growth of we're the utilization monotherapy that XX% PD-X setting. is seeing XX% the is of product. for in And hanging

grow So there's to opportunity still there. considerable

We some sourced toxicity, physicians Those Opdivo, about envision have that, mainly that are Yervoy continue some Yervoy. concerns seeing from we well. are but would physicians who will as

this additional an that's to business. So grow opportunity

first the preferred did thing inhibitors what The [ph] important would because really is as is setting. was it we during treatment update NCCN quarter, I in other mean I a the saw that note actually update. it an removed that BRAC Nec first-line

And play And continue first-line in all Samit therapy recognition you look targeted really to important opportunities really going think in then that's options when that Yervoy already or clearly, there. there. now importance to preferred first-line melanoma, so articulated I the a on at Opdualag IO, Opdivo, the melanoma, some Opdualag. treatment they of are setting. Samit? I-O And has dual of beyond is important a opportunity either dual

Yes.

we And to it's for III one non-small because for Phase PFS, of differentiation will bar that's the there second, a Opdualag statistical the relatlimab from cell the cancer, success. us our on we versus is chemotherapy and then gather. elements. study, superiority we and the what Opdualag carrying of it study is for And with But can nivolumab of Phase II trying One set not two bar have contribution look, program. are randomized find and way programming comparing it's to gives initiation within Just combination the chemotherapy, the plus a if that in lung pave the actually data the plus chemotherapy.

programs terms think as you're such others, mechanisms are those that in and and alluding be And the other proven. some of to comparisons, TIGIT of IO ongoing I to yet the are

and more presentations. to data forward looking certainly are more We

we reading decipher future well application look and agent. see as We two define which as and at for their we'll well. that And in external data able to we be space can combinations And final data as be agents. as the of hopefully, should programs with define the data the out those towards generate we stages, our have already where the the

more. short we time have here. on running our next go we're we for time one. Can Kevin, two Maybe to

of UBS. of Your the comes question next line Bristow Colin from

Your line is open.

maybe Chris Adam. and that the morning. guess And good terms Phase you Giovanni, expectations walk I congrats the Hey, each about? year, going enthused to you're of you. we're could particularly your we're the the all the which out getting even are lung. these future. My main in Thank I wondered stick that for you most of in best get this offer in ones if II the just to [indiscernible] from readouts clinical through and one IPF, us questions

Samit?

you. Thank

the don't I studies. X everything. ball, enthused why have an since about So conduct I'm we That's

in Of is given well up soon. us course, very to initiation That forward presentation excitement the as data trials looking and be encouragement data LPAX PPF. of IPF coming to III the as has Phase in

did year data We've the TYKX have readout, certainly yet forward and to pave the early the and to for will next forward year. looking already We'll readout that future. of IBD we - lung later cancer not this talked have late year, about for Opdualag non-small mechanism the the Crohn's for that inhibition are concept looking disease that proof this it way in cell

have several also we readouts. other But

that will ability we and as data additional the therapy, have cell for important. for look indications be about to well, think Breyanzi you might If the in

to CLL we about for is at presented for well. being be what You ASCO, as will to important talked in data see also the study COMMAND which addition going

critical, those in be we looking more going and pipeline to look are are our more successes as adding all terms to So and forward we to of future. the

Kevin, our question, go please. to last let's

Credit question Jon last Suisse. line the from Your Huron of comes from

Jon line open. Credit is Suisse. Your Huron from

line is Your open.

Kevin, if is maybe available. not to the next Jon question we'll go

from from Your the of Brayer line next Cantor. question Olivia comes

open. is line Your

Hey. indications just the in in Opdivo looks III, looking discontinued slide. and at guys development like some for Good subcu you Phase thank morning, question. was It your

any color on the us give you more going that what for can forward? decision what means So and program led to it subcu

this cell driver? therapy Is you? expect manufacturing your something more. capacity I if should can sneak How then we be we about to much get that to should does supply XXXX contribute U.S. a that added start one facility to as new And year? in Or thinking just more

Olivia. Thank Sure. you,

had we're no, the question the talked about Opdivo. in first cell One for forward of clarify subcu, vial, two one looking There cancer readout. that that was subcu let's the we the to are renal in syringe so For that the which study is programs we on that. before

The other the the have autoinjector is was And discontinued. that initiating program. we program that one were that we

We that of didn't at see more additional benefit time. continuing program this

III of in renal appropriate, are So discussions that as the applying is agent. subcu will indications I supportive earlier, data and single to the we will And the a with other that have said used of in as regulators certainly cell today a if for Opdivo Phase ensue carcinoma. then, course, program readout all

And quickly me let take question. capacity the

said, next into look So increase capacity going on anticipate year. across a to capacity. at to doing approach have first, year cell as CAR-T, therapy That as the increasing remember, that. context And to as we're we continue you well focused manufacturing. say We board, have the you we threefold consistently to within how are of this

I on First, the staying success liability made on we're That's focused rate. important previously. point manufacturing that

increase Illinois the comes Second, play is got facility this and where we've supply. to into is vector

the We Liberty acquisition for internalizing that partners a is leveraging facility in Bill as well And regard. both that, strategy important of have external clearly, vector. the as dual sourcing

Devens, drug in Enlighten then in facilities product. of And And including we've number Massachusetts investments, the a of finally, there, course, and Netherlands. is made

will there's process up to fairly the of that's ownership facility the for transfer then we running, all vector going be the As when be site of complex required. first. got And tech and Illinois complete facility to in need of and a take terms in onboarding to we've

XXXX. when it's meaningfully about anticipate we months we would XX going fully get So acquired which that from contributing take we put site, into as to the

Thanks, and Chris Thank and you, everyone. Sami. thanks, Olivia,

day a we a year to I to the after And of will questions in-line call. discussed we be other portfolio product line, summarize, after are team to the want good about on you the feel earlier. for you, to of our strong grow track and where busy quarter. year thank have. very may any So you the bottom all answer have available The for And Thank we double-digit as with top and good first growth your participating start and in day. of new

our conclude today. does for participating. conference for That you Thank

disconnect. all now may You