Bristol-Myers Squibb (BMY) 27 Jul 232023 Q2 Earnings call transcript

Good morning, everyone. Welcome to the Bristol-Myers Squibb Second Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask question. [Operator Instructions] Please also note, today's event is being recorded.

like President the of I'd Tim over time, Vice Power, Investor this to floor turn to At Relations. Mr. Power, please go ahead.

morning, our earnings Thank this Good everyone, for thanks you. joining morning for second call. XXXX quarter and us

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

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

our But statement. before get we I'll read forward-looking started,

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

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

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

were year. significant our outlook Revlimid for to seen extent on we our morning, our The a this X, the for Thank updates press today for And you, as you everyone. Tim. in expectations driven will change have morning, Pomalyst Slide and good a Starting updated lesser in by XXXX. release

lightly. me that magnitude adjustment not this do an Let take of say we

impact These our more as the products, encouraged progress to renew strengthen when to with discussing our we us in-line and provide today is I will I'll portfolio this our shortly. that overall, a of The only I with to the expect Pomalyst it you strength the and relevant in limited lesser new as drivers extent, as are discuss the enable year, and the at we by well pipeline. are company Before future. be look the to to detail, business Revlimid I'm and

remain Importantly, our product in-line and new track. portfolios on

are business and confident in We from double in-line ability year. from strong our this to continued pleased with new our our performance revenue products roughly are

is QX. annualizing In fact, as our billion product $X.X new at already portfolio of

all financial As XXXX-XXXX a result reaffirming our of the commitments period. are for these we strong trends,

also quarter. Given future, in to morning our a in our this billion we confidence the repurchase share third execute announced $X our accelerated intention

now Let update. some provide me on today's details

for Pomalyst, revised Combined guidance for on roughly revenue in guidance reflects and a And EPS we $X.X are billion account Revlimid. our with a Our approximately XXXX. to changes these billion $X guiding impact million $XXX for now decrease ranges. revised

the we As you generic entry not navigating outlook. in know, Revlimid, this of driver is our though for revision are

end the softness of at entry we the generic of sales volumes, Concurrent most with of quarter. Revlimid the saw wave some in first recent beginning

As in Foundation the Assistance we is BMS on an time. starting the significantly also Revlimid accelerated In continued and utilization QX. there on at we issue reached This main level driver our of guidance. same Pomalyst a drug its revenues drug The higher and patients unusual of normal. QX, three recognized than free increase been revised in Independent by to impact looked of drivers, the Patient provided had the into number increase

some support of meet the their situation X can't medicines. our complex everyone and who The to Slide to patients we it, commitment explain to remind I'll afford is turn eligible to ways of

to help support patients, patients law, a US co-pay patients, to that to eligible provide provide foundations assistance For are however, patients. financial charitable we support to Under co-pay Medicare patients. patients. such provide without insured insured we government cost, independent third-party pocket as There the Medicare commercially cannot including

These includes from consistent guidance. BMS, of including these charitable contributions supported in with HHS financially ways, donors, a foundations variety are

Foundation, to Additionally, qualified products not we to the are Independent financially elsewhere. donate BMS BMS Patient free provides which supported Assistance who patients medicine all

Importantly, the with of to BMS enter Assistance government year. comply end calendar the Foundation product free patients the Patient once guidance, this program, provides through

multiple support. funds myeloma period Earlier sufficient to time. assistance because for foundations, collective need the taking primary the the of the driver for provide free medicines patients a meet variety closing for requesting to funds assistance the the patients for We that Foundation. ones third-party for independent charitable of Patient this of patients This in from was at from the year, was that increase time the financial an Assistance BMS was co-pay not funds the believe period closed funding donors multiple Independent eligible myeloma product a

utilization Revlimid. was These on reached to that for generic and were continued the that level quarter, we ultimately the incorporates year Today, provide company able you higher navigating were the impact our most to and the we while level product free than with both significantly guidance volumes for are During wave increase a building, Pomalyst. from recent of the Revlimid an update also second normal. dynamics of

is these year. to This factors. to want based we two do continue that key expect not dynamics into on underscore next I

Assistance normal has Patient to seen BMS levels. the applications for free First, returning Foundation product

effect affordability. number XXXX the help changes This in D to directly should in Part improve coverage access impact the program. will drug free patients taking needing patient of Second, Medicare

a in $X.X increase that XXXX. being XXXX Patient will $XXX Assistance $X step $XXX impact are approximately the approximately for So, expect about in year, to in be Revlimid revenues sum and BMS and respectively. million free XX% now lower calendar billion of this significant for more provides up patients QX, of Revlimid. Because free billion be drug expected year, what receiving we in year, the with Pomalyst this the we for approximately lower the means Pomalyst Foundation Since the financially, the for for and impact and $X estimated Revlimid million, down full Revlimid than to billion products of

that will Now, to be back the turning our to future. key products

turn me our X to Let new products. Slide and

see can David advance remain the building conversion strong US accelerating with provide this momentum good its our continue growth to launch across track roughly commercial to build an year. exciting few on revenue including opportunities you growth portfolio, future growing Reblozyl demand, portfolio to access and with this we for assets, that deliver as details achieving in therapy for progress in and see COMMANDS. Here, more well double will in for and dispense we very and minutes, a Europe, and in Camzyos as approval current for Sotyktu, in capacity continuing to cell of indications the

like the first would of for new innovation the nine launched long execution you these we've product On centers us to remind products. our growing of our recently Slide commercial the the set gives The term The process portfolio. business and great provided in confidence and portfolio X, targets on our of for scientific of I growth products. renewing of our combination trajectory

adjusted. potential $XX XXXX. this significant. We of $XX billion plus remains non-risk revenue $XX of XXXX the in continue in a And to billion to With on to opportunity portfolio revenue billion from expect deliver

mantle such derisk these and Reblozyl, to cell many Importantly for more. for we COMANDS Breyanzi opportunities products follicular continuing lymphomas CLL with are further and as and

outlining X. scorecard, on our to me our strong brings pipeline Slide execution Which

we progress products, broadly. mentioned, important our as And milestones new As making our I we accelerating some are this pipeline well quarter. derisking as achieved more clinical

the Phase LPAX The in data X any the the second drug for idiopathic of rate this lung pulmonary data of fibrosis. than reduction drugs. our issues in During associated existing in quarter, function agonist GI exciting showed tolerability decline more we with XX% presented for without a

we forward this also to asset rapidly presenting With pulmonary progressive X we trials. moving fibrosis, the to proof and more for look in of Phase are concept achieved data

year. EHA were ASCO us important for meetings and this

we franchise leading ahead incredibly was presenting in trials. growth to of we see cell the areas this This for in Opdivoin strong IO lymphoma and cell such diseases. move our new for data, GPRCXD COMMANDS myeloma. therapy addition excited including into Reblozyl to multiple therapy the registrational data immunologic classical are And our the exciting underpins into and Hodgkin program line opportunities as potential for platform, first our In presented

announced development our for positive positive and from bladder chemotherapy outcome cisplatin Checkmate-XXX it metastatic our a of patients, first pipeline this this a Opdivo eligible trial to We shown very line opportunity is these what's in the in have cancer. of also on speaks slide. Not only breadth beyond

that continue we and have rapidly. advance to a We pipe broad line rich

scientific to forward sharing R&D from coming the looking day September. our research at are more see opportunities we in We our about

our take a I'd stock of where to renewal spend Now we portfolio to journey. like are on minute

well at growing to to on represent recent CAGR to Revlimid the commitment XX% us future. would invest of XX% profitability The at from margin XX% of our in with X, our Slide When, XXXX, of with with digit of least are erosion of operating business you, the revenue us end financial to we as we meet XXXX. of continue behind LOEs to mid-single our at the low XXXX our Turning needed told provides have most to flexibility our track revenue.

in early continued realization growth on revenue levers and with of product our reiterate the $XX decade of $XX Turning new and portfolios external stage rests of least focus are. meaningful we end where the progress continued portfolio our assets business our pleased on are and ever. strong through second as development. and There renew that pipeline, their medicines decade, the the performance portfolio of want of at full potential us in our I our our in with our important innovation Opdivo six of nine Slide drivers as before the of and the product billion will to with which now the as potential our enable XXXX key Eliquis in as The registrational exclusivity. XX. stage are in confidence adjusted contributions XXXX the billion, portfolio our and line of to pipeline non-risk lose half by end from to beyond These the to launch decade, four we billion $XX are of new the renewal potential

We and are on about what confident executing excited Myers holds fronts. Squibb. well I'm four future all for Bristol the

on to globally to teams turn to the the our business. want I thank I our over David, for focus call Before patience and our commitment

performance product David? results now and walk our David through in you detail. more financial will

And quarter Giovanni. you, for joining all earnings thank Thank second call. our you

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

with pleased by Revlimid the same decline portfolio. by strong Total our of that second and product in-line we which $XX.X Offset continue discussed XX% to time, company were be product portfolio, in At strength continued grew of driven Giovanni the the the the quarter sales billion, in earlier. growth new our new quarter.

The Moving quarter to momentum XX. new strong the quarter, of with Slide growth. $XXX generated the approximately incredibly product and $X.X million pleased sales on I'm in annualizing billion. already the portfolio portfolio in our proud the in

respectively, grew strong our portfolio, cell significantly the the and including of quarter XX% Opdualag, Zeposia. driven in was Breyanzi therapies, products Camzyos and several key with XX% year-to-date and as well and by New Abecma, and across year. performance last products This growth, our as versus Reblozyl,

lung, driven year, customer about gastric, offset patterns $XXX billion. line Slide by Sequentially, versus by Moving and versus In prior Opdivo these launched primarily a first to demand the continued the year-to-date and solid US, driven grew on newly we performance growing buying last estimate indications. adjuvant patterns. indications, by were $XX bladder XX. demand be to our our to million XX% quarter sales Global strong, for buying core X% tumor cancer Opdivo in year, in

indications year-to-date growth by up versus quarter recently year, Importantly, US, revenues for were with and the access. increased last revenues demand XX%, launched year. expanded continued this Outside X% second expected driven

care This launch We're to primarily strong be momentum prior This Opdualag us patients. line quarter experiences versus to in repeat with for with of first use of from to first extremely melanoma in in grew launch share across pleased are Opdualag. significantly represents prior monotherapy. Sales new the approaching of year, the a Positive market and the Opdualag the $XXX become expanded quarter. XX% melanoma. in with revenues the continuing also over PD-X sourced of and Moving line million. driving standard ability growth confidence XX% gives

on Slide cardiovascular Eliquis. with our portfolio to XX, Transitioning beginning

as globally, unfavorable patients billion we be the We enter experience [indiscernible], typical as adjustments with second net continue to largely $X.X year-over-year, generated grew leading quarter, sales our to driven by [indiscernible]. gross to which pleased primarily X% of demand. US, by driven Sequentially, into start in sales where the is the

being are third the a we these half generic to fourth government UK, primarily entries second as as measures past. revenues be acute with by sales each US, see first as the continue we've well quarters, Outside the As half the than and more Canada year. the reminder, impacted mentioned dynamics lower in pricing and in in

which Camzyos, with sales quarter, the we generated to of million Turning $XX progress. our are in continued pleased

patients week approximately which, our patients commercial We are with in of XX,XXX treated seeing on quarter. hub, healthy week increases approximately of the end patients the in are at drug over being XX,XXX

We continue into and which have excellence adherence the strong Patients great of has highlighted drop setting. our resulted progress improvement in off. base significant make in and to with centers community prescriber broadening symptoms, minimal

further a and the strong strengthens available of European once month the to and for patients clinical to forward last to seen to look have upon updated fist-in-class US, profile medicine approval Outside which EXPLORER Camzyos. have we're received delighted of label the in we VALOR Camzyos based this study We data reimbursement. making more secure reinforces the are excited study,

versus by grew we turning I strong won't duration Pomalyst reimbursement US, primarily total due growth Revlimid quarter our to prescription XX%, XX% by them already continued share with prior turn as Reblozyl countries. demand. of earlier. roughly into Now to In Slide additional Reblozyl. year, and primarily Internationally, the doubled longer continue treatment. to Giovanni driven had discussed secure in driven XX. revenues $XXX hematology details revenues We go since growing of to a on million, portfolio I'll on

in the strong in to on place upcoming end a anticipated approval line for forward MDS look upon have patients of further ban at accelerate which Reblozyl next the the PDUFA We month. foundation first the data, date ESA-naive and COMMANDS of will growth

products million, and demand. Abecma to at due Abecma versus an Moving make $XXX cell and million booked demand growing enabled on Breyanzi, sales XX% robust a strong in of versus progress of of transformative XX% primarily capacity we growing capacity. globally, year, to which has increase our therapy driven year, sales manufacturing expanding $XXX prior continue last to by

third quarter growth be June maintenance to manufacturing the expect lower to revenues quarter. in in revenues second We in part expected planned than with due fourth quarter

were be our Having said reliability [reusability] reinforced pleased the ASCO. manufacturing and processes that, efficacy to with of at data the safety we world continue in of (ph) the real our and which

in in forward early date We on the to also PDUFA look the upcoming alliance based December for trial. KarMMa-X Abecma

sales by of year cell more and XX% generates increased $XXX a globally, which capacity. Breyanzi, large doubling the line than third lymphoma, to Turning demand line million versus and prior sequentially B and driven and primarily manufacturing second

pleased in increasing supply. are our with success We

aligned second to the Breyanzi early constraints fourth cell this similar the result in next building look vector B to large quarter, patients largely further out While excited we forward our are revenues we and for Outside lymphoma second capacity treatment year. quarter line in will third to bringing US, being of and approval growth are EU Europe. about in

Zeposia multiple by expanding driven in from colitis. growing increased XX% to demand additional the a turn US, due the contribution securing our prior in primarily $XXX in slide to XX% sequentially. US, were immunology and portfolio ulcerative multiple primarily of was Outside quarter sclerosis countries. XX. Global sales year on the million, sales In in reimbursement and demand and to let's compared Now year-over-year, growth sclerosis

Sotyktu. to turning lastly, And

have drug, volume the to script we've QX greater doubling launch with launch, pleased and XX,XXX made extremely across are date. a in versus We and Since bridge nearly we progress QX. equivalent than commercial

that to with of and for the working more approaching in and Most oral the approximately XX%, with we've experience to accelerating XX covered CBS forward the mid-July. we we securing market Otezla to are Outside and million reimbursement. access. formulary is US, plans account plans performance zero be as launch countries very people XXXX. based with various access continue broader systemic of as edits Japan, to XX% made I'm to biologic pleased Europe pleased share notably, patients source from secure step well report roughly or also indication half business of patients. progress strong lives naive the across continue now CBS commercial Sotyktu effective the look in

quarter increase a on was the offset I’ll million having remarks focus quarter. moving XX% in X% income. per earnings Now $X.XX. second by partially just my key increased our to mix. $XX.X approximately in excluding a driven sales primarily covered by share of product our quarter, P&L acquired gross the support line expenses quarter In to second was an impacted which few $X.X Overall, of billion quarter Slide the year, spend items largely new XX. in-process $XX was $XXX billion the non-GAAP R&D, portfolio. margin approximately in-process of on was of last product by Acquired million, in licensing R&D versus Operating

on sheet balance quarter securities generation tax remains from a in strong. as from the XXth. in sheet billion Slide which primarily and flow in Cash in on $X.X with capital billion in $X June approximately payments the of allocation as hand quarter, balance to was cash is Cash years. dynamic over $X.X by marketable operations Turning operations XX. and Cash billion, we've flow previous seen quarter the flow impacted was on our

allocation development $X strength, billion million business $XXX repaid year. with additional In priority top billion continuing to a the as this a maturing $X.X returning unchanged, for capital our sheet remain to debt approximately be we focus year-to-date, and priorities well Our on of quarter, capital shareholders. as an and balance

ASR. billion a of remaining in Additionally, quarter after repurchase with our the the billion $X as Giovanni mentioned, we approximately third in execute intend this ASR year to authorization $X share

guidance non-GAAP on Slide XXXX updated our to Turning XX.

revenues, range single We now on expect and expected XXXX is margin of ex-FX and Revlimid lesser to approximately reflects a basis, Our decline revenues a in extent updated Giovanni the digit be earlier. reported to low Pomalyst into mentioned guidance gross XX%. decline

R&D, Excluding initiatives expenses, reflects efficiency to acquired invest decline in continue we of operating the MS&A digit to which in low single new portfolio. in impact product we continue our in-process expect as

third to approximately quarter at total similar $X.X be the second expect expenses operating quarter, largely For to the we billion.

Our mix to to of changes share to product now be is $X.XX. tax per the in in rate expected is earnings now $X.XX XX.X%, our range expected and reflecting be

dynamics were new turning to Revlimid our year, despite and XX, product Slide of company the our future portfolio. Lastly, driven by this in-line

this business of the growth Importantly, remains unchanged. robust

new expect prior We product to continue the to double roughly year. versus portfolio

We have concentrated business a as continuing and become result. to our are less diversify

As you our see, business than as greater our new in from in-line product expected and earlier, can Giovanni and come XX% mentioned of to XXXX portfolios. is

We continue midterm our to from CAGR expect XXXX to low outlook. to reaffirm XXXX digit and mid-single

Before the I momentum product reiterate future strong our of medicines patients We teams our transformational to around we of to accelerate our want new portfolio. globe. on to to recognize laser the company, these remain of move Q&A, and execution the bringing focused

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

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

to Please Our Sachs. Shibutani gentlemen, and session. from ahead go question from we Goldman question-and-answer the Instructions] question. Chris will comes go first today Ladies [Operator with your

journey, clear, the the we $X of objectives think into When achieving you XXXX challenges pretty important numbers, there's Thank portfolio, list kind we're you able going terms outlining there? approaching sort that some being Slide most be able inflection particularly morning. billion contribute. outlined it's factor factors timing Camzyos The those range, build you to When much. to will get do top the of particularly at for your the I in XXXX. the new developing and go in et to very potential the you where this. about to the cetera. to Good think, initial and product of many a confidence that of highlight REMS, of that and sits think Can new X, market,

product Adam let Hey, mentioned But Chris. some a to level. start highlight portfolio, a specifics. to I'll I'll few just Chris. then and it me since It's the macro turn things at over you new provide

to be confident progress new continue we First, the of the very portfolio. in product

but made portfolio. on portfolio, track in $XX $XX We're prepared think you the we progress as I revenue double very on provide As not billion to really the very toward in the additional across highlight, Adam details And remarks, just much track good that we've remain roughly of on certainly XXXX. some can Camzyos, to billion heard Adam Camzyos. that will

Adam? So

for the thanks question. Chris, Yes.

treated me say David, pleased we're which our we about consistent continues launch as and on continued similar product of patients you the from what product. CV that you growth performance to to for akin Camzyos of Camzyos, expect steady it to expectations. like with track Camzyos, I Camzyos heard with is and important the Remember more with We're grow Let see see very seeing, analogy, week-over-week trajectory And so steadily. launch brand. this use a Eliquis, from the is it's a to in

have we for coming patients. and commercial year-to-date a Now momentum the patients both increase into commensurate great hub in

patients accumulate, and to refills drug on years, as multiple XXXX we to many continue for in be So, now beyond. expect these patients

And I to happened extremely the we're in VALOR adoption. the about which approval, solidifies think feedback the profile positive. of well. Europe to physician continue excited approval most strengthens the happy increase which be quarter, further about and We're well as in importantly, will and patient Camzyos also also feedback as as continues

So, just there. getting started we're

very we're together, and to in will growth lead sustained continued this confident and taken So beyond. XXXX

Thanks, Adam.

Jamie. much, Adam. one, very the we next to Thanks Can please? Great. go

comes Evan question with next Our from your question. Seigerman Please ahead go BMO. from

through Hi share bit little much an to of you guys. for me you rationale accelerated walk repurchase. Thank for love a so the question. to my I'd more taking do

the to Just maybe more need given Thank revenues grow some and you. term? Would love business near to what's happening potential the with color in to there? reinvest Revlimid

Evan. Thanks, is Giovanni. This

financial financial have the And execute we confidence great billion the by the we we is driven company. in a flexibility the really ASR $X $X outstanding of first and strong the and as the authorization all, in know, had billion you future So have. to importantly, of decision we position the are

pipeline of which our to the we the of of a and continuing in have future great we to strategy. supporting company terms we be remain that pillar but a also in in that's are the development investing allocation as committed business in internally, central position So capital

mentioned I the balanced. given a many future we we company confidence of where But have company, the we billion the decision made to David of a allocation strategy capital position think in has and execute in strong in remains we the times, and very QX. the as are ASR $X the are of

Thanks, Great. Jamie, go one? the Giovanni. to we could next

question Our Please Meacham Geoff your next comes of with from go question. ahead Bank America. from

guys question. Thanks the for

Just couple. a had

So Giovanni to you CVS half with, went of think other over obviously, the guys this Revlimid dynamic some co-pay on Revlimid in XXXX? XQ. should removing this for we about and looking How Maybe And and of real into just year going edit. or for and talk of about Sotyktu assistance kind Pomalyst? maybe the risk then of demand share recurrence XXXX to payers quick looking step second

you. Thank Geoff. Thank you, Sure.

the Let move me first take question and to we'll then Sotyktu.

based on for and So be lesser a extent year. I factors. Pomalyst confidence discussed expect really this to Revlimid And we dynamics to the limited two is for do to that our

First of level. all, second, year to there affordability. changes we Foundations patient D to been will Patient are the Assistance normal to seeing Part which And remember design that next returning improve drug have BMS are applications significant the three

patients and expansion In fact, qualifies. the contributions eliminated to that is pool catastrophic there the are of to patient phase an

a that impacted Revlimid has Pomalyst this of to see for year expect we one for that, this degree of an result a issue and -- sorry to as lesser a extent we this being very -- lesser much very be so, one Adam? Pomalyst. and much And

question, Geoff. Yes. Thanks for the

we're Sotyktu So with pleased the launch. very

now demand prescriptions first since for which the XX,XXX is Sotyktu stated quarter. making becoming share Our and versus we've market. launch progress quarter market XX% We oral of equivalents of we from oral have doubled second the the We're our TRx standard oral great nearing the over of goal, care means new the product. have that towards volume

as pull very, we're moves forward position [CVS] month. of And pleased access Sotyktu preferred that very the in middle the secure able an we're mentioned, (ph) and you win into as to

or XX of roughly in lives XX% million commercial that the So the total United brings covered lives States.

three able to around we being to are pull patients takes months So, to move [indiscernible] that forward bridge from to drug. commercial two

half end improved the Sotyktu access work would to ramp in back to right expect And year. for not second only XXXX. as reasons, in launch in of the our into commercial those a January. We're continued all execution feel for negotiations in with about continued we of well now performance, the and So payers growth as I our secure commercial product good year, also very but the

Thanks can right. go question much, the very All next we to Jamie, Adam. please?

Our Morgan Terence next question your comes Flynn from with Stanley. Please ahead question. go from

so me. NCCN for wondering first [Samit] broad guidance Thanks lymphoma if you. Maybe two confidence guideline the MDS. post presentation. the setting know indication I taking any frontline just question. for -- there much Reblozyl if here discussion the securing I Hodgkin's Great. can Opdivo in was some Thank in was a updates? (ph), your about line then, for been you talk label And ASCO I wondering there's if the in update on

you, Thank Terrence.

question. the ask me let will Opdivo Adam then Samit So start to cover and

question. Thank you, Terrence. the Thank you for

the of just all if comer repeatedly that about most a we drug, this to where you the RS half patients patient you convey comer that we agencies. is important population population who tried and the for contributions was in subset want the setting with offer data course, for how the long board comparing negative well the principles to stay benefit, the to of line think on the study again consistently is label intent treat engaged study efficacy I versus cannot of apply Reblozyl, patients and the as well specifically For transfusion. certainly patients the in what all and this to in for And and RS first that saw But as regulatory ESA in analysis you conducted discussions subsets, see to with remind was benefit, as they comment duration. on positive all across as

share So and share for are able when able we we that. finalized the continue of confident in to and data. is to course, But we -- is label to will our wait are

Adam, something? do But want you add to

Sure. Thanks Samit.

for relates excited ready. about Remember, we're The is growth approval. the for an Reblozyl important it is The launch is PDUFA four from launch this US as seeing both US we're COMMANDS and and quarter. our us. for coming So the the certainly internationally what is in team weeks to

what so, regardless of transfusion post tell Reblozyl opportunity ASCO, physicians for of physicians, And and if EHA, hearing use our the post they because durability to we're want dependent. the status from

first So be of well we're the standard positioned to taken new the together, line in I care think setting. really

CHL. So Opdivo as it relates to second question, in which is,

the pleased approval we over steps also data that current also would this look regulators. (ph) forward months a work under expect next a very the coming as superiority versus data with we and Similarly, this [SWOG] study. well. reminder, confirmatory -- practice where to I oncologists presented and Opdivo we've the indication is from full study analyze our data is at to on for we're to will option see demonstrated We And in set accelerated this guideline to head-to-head changing. heard NCCN [indiscernible] with also ASCO, as a discussing with as weeks

very Adam. much, Thanks

go next question the to Let’s please, Jamie.

question. JPMorgan. Chris comes your from from ahead Our next Please with question go Schott

much. so Thanks Great.

Pomalyst I'm in overall clear, for and this your change only else top that the numbers? two outlook update in guidance, revenue beyond Maybe the me. sales just is line the Revlimid first did Just for so anything on or really change

how get capacity Breyanzi trying sense just to was question about on a then And my just think I'm and here. ramp of Abecma. second from to the

second the year, nice first of is out the of build kind flattening in the half but kind pointing it a had sales like half. of to seems the in guidance obviously You've

products we so we much. think much the leg about for out So Thanks think for can to and XXXX? I when how about a these we can capacity of next look of ramp up kind guess, as

Adam. Thank you, Chris. David and

Thanks, Chris. was The guidance to discussed and our only change the Revlimid that related before. to Pomalyst we

made Yes. Chris, capacity We're see year Abecma cell question. [indiscernible] I'll of part we franchise. the Breyanzi. both for of good our across take second very your on increasing progress and This therapy

components When you so, look for manufacturing, on look the expanding number And there product in vector. is drug cell the increase really footprint rapidly our one, and that taking overall internationally in based focus at market: you two are at is supply. we're therapy, the approach and approach CAR-T our a to our to US our both when

as each drug for and further back building and executed Netherlands, which online the additional both at sites board we Devon, XXXX. planned accelerate new XXXX state-of-the-art our for facilities, Breyanzi have with to come increased talked successfully Massachusetts, ramps in product, capacity. year, increase product of capacity will and in as we as Abecma, on in in end We're ramps the for well So about Liden this existing

around vector, to internalize externalized really our continue path capacity existing The second we increase manufacturers. partner both in our third-party and of and is vectors fastest vector to with area to current

plant about which vector, part our partnerships existing internalize sourcing Illinois. our third vector in new we're So well. It's our complements technologies you've Libertyville, vector with manufacturing next-gen external of heard And our as accelerating to strategy dual transition parties. to

Breyanzi. we're taken together, making our Abecma capacity and both in on So progress very good increasing

Day that to be the us talk we generally. to just about and got for past are I I important going us assets, you've portfolio notably as R&D at exciting of we've a GPRCXD think about thing obviously strategy add as as cell is September, (ph). would CDXX] well more think the And have [NEX-T again talk we of part a only manufacturing as very heard the alluded that in about therapy is that this we'll Adam that investments in platform broader Chris, the

critical investments those And be so these for well. will as

much, Chris. Thanks very

Jamie. please, question next the to go Let's

Guggenheim Seamus from question. question with comes Please ahead Fernandez Our Securities. next from your go

the for Thanks Great. questions.

here. So just a couple

pipeline assets, in First, in guys the on LPAX. are focusing you of terms

for the XXXX of Thanks. to those IRA, legal impact your -- opportunity -- be sense and consultants And on for pulls. a that as preliminary then the where IRA, in you positively your the influences PPF give issued as of IRA Xth a the IPF injunction lines would points suggest could amendment. very to thoughts lines. your pressure as and hear around that that in there to positive specifically? get pushes some see little recently market sense separately what the the revenue for us XXXX along around for wanted a expert and of of potential some the conversations interested We've because a had just well would is I of development be of you program? experts pace bit that Just And hoping could

Thanks, Seamus.

on Samit will LPAX, a which exciting program. with start Let on a Adam and then IRA, short question really me comment answer just maybe and your is

not So front. that going I'm on really can't on IRA, to litigation comment and I happen on what comment on may

the care impact we also the in innovation setting. to the with of mechanisms I clear on as process, particular, and but future, negative our with cancer course, relates think with and respect have IRA we've in the price concerns concerns with very been the for to it

IRA, for of respect to things with that see the said, in patients. are to in are Now IRA, affordability positive elements we've improvements there as include which always the we course,

In is earlier of are the business, eligibility. the an will year for that, much fact, of in parts examples an as obviously, longer impact fact expansion the go our LIS no direction. the of catastrophic and contribute of definition And I patients very there that mentioned example. including good to Samit? These Eliquis, things next that right course, phase the

Giovanni, and question, for you, Seamus. Thank the thanks

continue a So IPF safety so for PPF, them date, very two terms you own very high both patients which have and medical not duration. and if approved which LPAX, approved long a and of only are for need. are about treatment allow PPS, have for only unmet To -- both there one on think does IPF their to conditions they liability,

and with outcomes of our improving two We reduction the VAX FVC. inhibitor in LPAX have different one of other the oral the in studies for in We've terms efficacy studies, now that the shown first recently drug, three of the these the generation decreasing first the of completed. patients shown

data where share year, in both bring we and Adam, You in these starting EPF that well. term. want on patient improvement will do medical was a as were trials we the to early in and patients to PPF be who of two for showed as in Both we background conference saw at the therapy. add short well later for be data any the will or to Phase the datasets IPF, this are patients Later IPF SVC, able background LPAX But an this -- year as this therapy, launching be without very that next to in medicine population treated for about... able giving year X us confidence which

Thanks. Samit. a Yes, From LPAX commercial standpoint, we're by encouraged asset. very

PPF. very to, metastatic in not and alluded too high cancer unmet for a dissimilar Samit these diagnoses. some need it's diseases are prognosis And the to As IPF

Samit mentioned, no data. toxicity generated, efficacy Samit into saw in early liver as encouraging GI very safety And treatments, X. gives we toxin mentioned, was current so, phase. move with to the There this that confidence, we and And as no Phase us the

from diagnosis awareness the are products commercial significant efficacy better to which diagnosis toxicity. today. rate low And They our XX% think that standpoint, think be a accelerate patients XX%. make And diseases. in when LPAX around we'll we going to are and tools market, range serious current with to in and impact significant we accelerate these pretty to really Now limitations rates, have able I bring and help the significantly a

to the next Thanks, question Adam. Can go please, Jamie. we

Carter Gould next question. go Please from Our Barclays. comes ahead question with from your

[EYLEA] potentially front? maybe little just market Or of to guess, in kind get -- about that bit in and share a care I a you're of bit would reasonable me. half you. what's just ex-U.S. or assumption? on year color of And really melanoma. what further on little with becoming of trends kind more the on standard more you color a in Thanks some (ph). to mean, terms for first, of the US in your the just quickly market about flat you Two reacceleration hoping I confidence be a need Can -- seeing talked Opdualag, how that decline little the share given then talk of some on on color back you. Thank Great. basically, sequential

Adam? Sure.

Thank you, across very start, say, cell seeing our we're with pleased Carter. let me To we're therapy just what franchise.

few Germany. Now are quarter-on-quarter the second driven decline David mentioned, mainly was as year-on-year factors in for quarter approximately Abecma. pricing for impacted we The XX%. dynamics a grew by There that Abecma,

expect that which a June anticipate Second, volume impact back we planned significant end due a to happened was KarMMa-X approval, maintenance in there in the anticipation year, quarter. our of also in of the fourth would manufacturing we increase in the in

our we in to in And ability Abecma. thirdly, increase know this this we market competitive compete use other market. that But And of we're a very US. an BCMA we product and extremely is well, myeloma in the the in important know anticipate a agents it's with confident

setting, on high now continue are in importantly, to that think we as based real-world durable physicians rates, responses north for favorable about and manufacturing as hear I of most perceptions from Abecma XX%. see a well our success

we remain outlook about together, taken of half and the second So very confident Abecma's do in beyond. XXXX

Opdualag. The question second around was

from our KEYTRUDA. standard share Opdivo-Yervoy is monotherapy for and melanoma in from continuing share so, that being both and heard combination. of to our David, from coming sourced share But two-thirds rapidly PD-X is growth is now Opdivo XX%. from of PD-X metastatic monotherapy, you from approaching And roughly XX-XX Opdualag first-line US. care And the as We're the Opdualag, in strong in is becoming see sales,

As XA [ph] we setting. first patient Nec guidelines Opdualag it treatment as removed changed line to and BRAC from in a preferred quarter, in last about category their the talked X BF-mutant updated population, and NCCN category inhibitors

Opdualag we're result, efforts nice in a that's segment. inflection seeing Opdivo-Yervoy, as a BF-mutant our patient So that we're really focus population continuing and for and on both the why for to

the I melanoma total is So think XX%. when share in you -- than our share in share Opdivo-Yervoy now fact, monotherapy, if market, the at greater about Opdivo overall and Opdualag, DMS metastatic look our

leadership melanoma. proud I'm in continued of our So metastatic very

program there add to behind in to has metastatic a talked just Opdualag, indication obviously the large just melanoma. what And is approved about Adam

-- study We is MSS have which will in cancer that read event-driven colorectal read in that events be melanoma overall through, as will the out survival the study come well Phase XXXX-XXXX. X study also that the over an endpoint out as as will adjuvant primary

course, non-small behind forward cancer And XXXX. data next lung the in and of cell year second first for seeing for that, looking the line hepatocarcinoma in to as then, the well as we're

the large program So metastatic a disease. there is melanoma behind

Samit. Thanks,

question the Jamie. please, Let’s next go to

Please go with question. Research. from Anderson Wolfe ahead question next Tim your from comes Our

D back that wanted not on in redesign XXXX. it's in IRA, piece, Thank price and the to renegotiation to on you. drug it's I Part the go kicks

too, manufacturers about to part there's that but guys spending, being has So hasn’t negative been of which less portion have you not pick equation talked is catastrophic to before. the contemplate, healthy of spending out-of-pocket a the positive a up

So, on to seems Part about you're like net it a year, basis, be starting could earnings? me to be. It thinking is net going when to next a that drag D redesign

So the first that's question.

The press in I'm mentions QX Europe you. question then And has wondering prices, I average while Thank this? something release what's a lower forewarned for Merck now. and similar is Opdivo. driving on in second net selling think,

Chris.

in consistent Opdivo over with With start Adam when and turn is much very D, IRA's impact at product generally, talk which that, Thanks been specific. the to the to the is, to I'll question, then very Part piece. to about it changes ways, it's you we've way in be describing look I'll I Maybe Tim. some think this for the respect IRA, going

depending you're And about. so there upon product pulls which will talking and be pushes

And so, it's positive. very to statement a a difficult it's or negative that blanket a make

they're details get on. will have patients the as given specifics given the of you to being into to medicines product, impact well the a treated I that are it how by who the the nature and really just that think as do product, as understand concomitant

So about Part the D that's very how redesign. much we think

the want question? on Opdivo do you up to Adam, pick

question. Tim, thanks Yes. for the

market. internationally, it is to continued international in growth our relates strong we're what seeing As Opdivo

Europe. decreases. internationally. fact, the to approval In to and of look quarter, you that's our when growth CheckMate-XXX business unlock our in at decline. start the really Europe, volume for add take our we we to gastric, the and core of some to about to think volume time see you to just continue of lung, due offset We're decline quarter-to- increase any very price of certainly any that price in Opdivo get I these and And indications. in Opdivo for first-line our of in our XX% starting pleased we're year-over-year And in of But grew you new when continued as we will reimbursement, tumors many slight get our indication see kind new we the markets look sales price a and

mentioned on on -- IRA. what Yes. just And add Chris just Tim, to before

we We don't us have meaningful until for discussed a XXXX. that impact before see

dynamics impact don't P&L XXXX. So our XXXX outlook and meaningfully described our and Chris the that in

next we can question the go Jamie, to please. Giovanni. Thanks,

Baum question Andrew Citi. from from next go ahead with Our question. comes Please your

on Thanks of from the buying It's in flag Citi customer very elaborate [indiscernible] can Opdivo, the patterns, you mentioned sales give competition to please dynamics? Andrew. you growth context US a on on other would behalf any and X% the Hi. can You Question And you more [indiscernible]? talk much. there? factors are bit there

Yes. [Emily] (ph), thanks for the question.

of back So end with we're the year. half first growth anticipate through through of saw we pleased Opdivo the with to and continued the year, what we the

In fact, Opdivo grew XX% overall year-to-date.

And so, same coming we're from core internationally, tumors. what growth our we seeing also see

early first now lung, our across is indication approximately approximately First-line line, share our and indications. is XX%, XX%. share gastric where adjuvant On our

US As you by the noted, from our from buying offset demand customer patterns. growth the impact business in in was quarter, core unfavorable the sequentially, second

were in, normalize to And the we lung, indicated of so, to multiple to and in across good tumor the with first-line competitors US we're the where all that continue we on every in grow that tumors. exception And expect based continue lead making strength progress.

We of also readouts number term. the a in have significant short

year. this read X our date nice And So we've cis-eligible really including IO press CheckMate-XXX, exciting which is that's stage there. of in also bladder, some failures PDUFA indication, melanoma and of release a catalysts multiple got -- has first-line in our October you

readouts next nice CheckMate-XXP, we in among others. year expect pending to with year So several CheckMate-XXL, catalyst that next be along a

reasons, very ability remain XXXX. confident grow in for Opdivo's we in to So those

Thanks, Adam.

Jamie. to please, go question next the Let’s

Our comes ahead go Please next your Scala Cowen. with question TD question. from from Steve

you I'd Thank much. ask very Revlimid. a to question like about

thought the end So was the you that to April, guidance the temporary. at weakness presumably it see of yet started at the end mentioned you you of reiterated QX, was because

Why dynamic be not before? to normal drug assumption? So return a an basis to And the levels what in to the expected future nothing clear, to confidence. decline free error have said to expected could You competitors with today. that I high on have in should an like annual be government be years. then expected program just is but in is noted cut that was less do seems know you whatsoever that we offset, this that support which generic than

Takeda is in you this question -- second US the are what Thank to noted what the yes, you. GI this? morning, then seeing attribute market do weakness it? And you if And

Thank you, Steve.

dynamics remarks. a our explaining prepared we've on And to lot play to go me Let just in I here. I the -- want discussed know Revlimid back at

of see to QX, to started some softness Revlimid why. end in we we revenue understand at obviously So, and needed the

were at of important think it's dynamics a to time. happening remember there number the I that same

past. March, recent we increase have So entered volumes as in significant variability you the know, the and drive in generic in had seen that most

At of Foundation, an time, saw the receiving drug which patients in also started we were free increase Patient BMS in number Assistance that the from same the QX.

increase, dynamic into higher Of course, significantly during started impact on skewed accelerated seen this also And on progress. had we Revlimid revenue reaching eventually and than to The continue looked of the number QX. levels drug historically. of to course Pomalyst patients the free increase and to we

at So these trends. been we looking have

drug that provides a the [indiscernible]. to consider things provide is free to the with here drug free of we for once totality is Patient HHS one that, the Foundation Assistance And consistent guidance, BMS of patients that important

impact on was at we we the you are impacts, QX the and why but full and today, of in on so, give happened importantly those the clearer a end impact a to in beginning most that's what at a picture quarter, we are the to looked also not And assess position in position of what And only year. the QX.

that so question But for during accounts and what of Revlimid looking were today. generic a we are which we've the in they asked were while, development for quarter. disclosed really play the what obviously, we You revenue month-to-month – the factor dynamics are at at -- variability the not a quarter-to-quarter discussed we've as second

I'd as we of are next to You say like to asked why a step Revlimid lower question couple down expecting be a for And again. now the to things that year.

we expect of don't as because that before. the product year, because of for patients Patient continue Part are that next from And covered normal. to free applying importantly, dynamics the Foundation dynamics all, number we D of Assistance returning I earlier, mentioned the BMS redesign these first is I seeing to So

think coming billion be see now billion base that that have that change we erosion made if generic is you if the don't we've in assumptions out we a about step-down lower a given it, to have $X.X of approximately so, lower XXXX, in and the really before, you And estimated XXXX. in and XXXX $X

So that's the number of dynamics here. play at

Adam. And second question for

-- the The was GI marketplace. Steve, that seeing the what asked, second we're question you in around

first-line see acceleration And quarter-over-quarter well year. leaders is in What at to XX% from we're versus using of that growth continue is same thought benefit time really approximately the they we're look continue as Zeposia for last we growth, demand seeing When so the in for we of UC. XX% emphasize to hearing Zeposia setting. the market, strong overall, growth as Zeposia GI

of our now, is about XX% Zeposia shift use. business our for at look in fact, business first-line In the

to XXXX. of front, at we're or And to continuing working where either XX% in it, have lives now zero we're continue access good make on progress step that improve one and to the

with our for those the MS, we're So at We're all-time an with performance Zeposia. in reasons, also GI growth share market strong high. of in pleased -- when seeing our

this back we expect into well. XXXX continued and certainly year for growth And of as the Zeposia end so in

Adam. Thanks,

try go Let's one, here, in next Jamie. the to if please, you me, let’s mind to just more a squeeze couple don't

with from Please question. comes Phipps from your Blair. question William next Our Matt ahead go

my for questions. taking Thanks

the the new drive you It for the so what are billion are growth that, in product First, for might this $X still cell roughly half therapies guidance confident new about in XX% in flat? if versus portfolio? especially the seems first year second half, product

data for opportunity. Samit, cell then milestone Opdualag notice as on non-small cell Slide But seeing did first of Opdualag you the I a long-term non-small key officially has And mentioned the as been in some next year. added X, the line

you So yet addition? data to seen that haven't make in-house just that confirmed

Samit. over it going Adam I'll start, to I'll to and Maybe before then turn Matt,

track the Sotyktu. with manufacturing, keep mind, be we call, Opdualag I a nice Abecma. on $XX already is the Matt, would Adam as But year. be the to you in extension, this So nice by though, around mentioned of catalysts respect double progress of billion with can some in for a Camzyos. as line while I to roughly this discussed clearly through a important. that Adam, to a the What you portfolio to we to Adam well. walk portfolio. coming confident anything in year. with $XX Abecma for on specifics number alluded continued clear We to wins had importantly, of dynamics on see really the is access the to the remain revenue And But add? Breyanzi you've heard of the highlight, lot we've what more this sight we seen of continue have billion really on growth We earlier, And remainder would uptake confidence to we this that XXXX. continue we've on going continue of to have

have we finer annualizing double growth point, would we roughly put portfolio product half alluded of last I through new at billion. which we accelerate catalysts to, a second as the Chris our we of just to a what year, to the from half year. the said guess $X.X number in sales we are said was, But first of

we're for with mentioned, first PDUFA the as and forward So Reblozyl line, to COMMANDS. date -- just Chris looking

really months. large As we're this two Dave Bridge to mentioned, pull from three will to the forward shift commercial Sotyktu, next over for a year those to PBM and product with our -- also pleased patients

sales our coming weeks back ramping as in for product finally, supply flow into the commercial of to the Breyanzi for to XX those patients also, the Chris steady we our Remember, doubling advance moving in from committed And out Camzyos, move around for that of year. as And the of to end roughly And our launch, patients continued eight of a new then our remain hub year. we're we in [indiscernible] into to well KarMMa-X take for increase mentioned, continuing commercial hub to reasons, and year. product. as expect end Abecma this back products

for Thanks, and randomized lung Phase on Matt, cancer ongoing. and Adam, question study Opdualag, to is thanks, continuing cell non-small X the enroll

that and Phase based be at decision both data overall data, the from be looking seen PFS overall -- the meeting on not have it goes. set X proceeding directionally rate, based where We on to but will also will the response

so see early that part we'll in I get So saying set data was of more XXXX. that's to why that

in little a really short We're time.

So squeeze maybe in. more few a we'll

If get that great. you Can Jamie. go the that so keep to please, as be we many can just it next question one will possible to people we as one

Credit Our ahead next with question Please from go [indiscernible] your comes question. Suisse. from

Hi, guys. sales One, this I total think. time, for guess, decline quarter I the on Eliquis first

erosion? of with future? seeing net the So the you rest some perhaps into US demand for dynamics we think to those and of in about about How the should the you're can EU gross and then price the talk faster the year

Great.

Medicare know, as there's quarter. getting As in in is second saw claims. lag unfavorable net gross an Eliquis to patients, quarter. those came We the and adjustments probably you in PHS heard you from in the in, increase David, had claims And a

an what So XX% we're in very of seeing with adjustment. really, But the and we're unfavorable business the in US. strong Eliquis Eliquis' pleased remains we continued with Remember, US, growth. that's expect

continues our -- and grow. NBRx XX% north share Our to share is of

continues which since the is continues grow with Our the OAC the with linear TRx accelerating share also to year. of only coupled market, not growth, beginning strong, but

ex-U.S. Now also you dynamics, about dynamics. international mentioned

pleased in our generic continued talked and with offset David number [indiscernible] of the both are would erosion markets. we're very Eliquis' about growth. we European price with of expect impact overall, the increases, a But but penetration impact that's demand strong We Canada markets. in those seeing and the UK, performance, by of

Thanks, Adam.

please, Jamie. Let’s go one the next to

David comes go with Our next your question. Risinger from Leerink Partners. ahead from Please question

Yes. Thanks very much.

question my is on So expectations. Revlimid volume

So could any color specifically you to inflections the please on to months? XX next you. volume provide Thank generic some volumes, anticipated over more XX go-forward watch

Thanks, David.

next be of were following March year. that As saw of then come we more of year. we The point March in the inflection February talked XXXX before, in this and volumes it's will in expected -- about

basis, which the we think had changed are earlier, a Revlimid I Giovanni So you ones important for those planned step forecast as on And two are down. go-forward as think the said about from in will $X.X $X.X next you get which guidance previously. the of million down essentially to year, year this to where XXXX, billion a $X.X with billion, $X was billion consensus step-down

to no where were. we So change

Thanks, David.

Let’s go to the next one please, Jamie.

Our Bansal comes your Mohit Fargo. with question. Please Wells ahead from from next question go

for beginning growth taking feel confident in-line Great. question the it of How you far, Thanks because, million you or you our considering trends growth FX if account including -- outlook the you is growing Pomalyst, portfolio. X% being if X% the And this understand FX excluding just do $XXX the Asking X% the growth. X% to down outlook my wanted are year? provided point? regarding about still and feel math seems at question. growth so that was expected you for for you My like Thank by revision it about wondering and about for you. in

that's of for And continue our quarter. about And of that million of -- for we and we million really the why in. But strongly $XXX expectations in-line we at feel new business, discussions in year strength the the for the I'll the we first for for that -- roughly the the had for saw for in-line our of reaffirming performance Revlimid. that the totality the Adam was, about and jump Revlimid remember and looking had for fact, this for to specifically, one reasons we discussion the for XXXX, so guidance we've portfolio and Pomalyst, very the ask $XXX Pomalyst to When remember, both at we XX% feel updated [indiscernible] trends. yes, Mohit, confident products.

Thanks, Giovanni.

Jamie. please, on Next

from Our UBS. Colin with ahead next go from Bristow Please your comes question question.

Thanks Hi. our for question. taking This is Yihan on Colin. for

this we on a CAR-T have going you share XX, expect on have So you we if Are will could all event? to What we should know like just it your here? R&D new is any data Day on your the And wondering trailer. so [indiscernible]. September [indiscernible], teaser

initiated of XXXX. primary CAR-T you which a in we Phase a X SLE, completion date recently has noted in trial [indiscernible] So

so go guidance previously the you data this if much. the any on program, you So would on just first readout? timing there's so you noted of wondering Thank

catalyst-rich about the will it's on things. The the R&D will and we're then very some the I to quickly time are, you give obviously be And importantly excited for platforms opportunity We'll excited actually R&D. pipeline, entering look include Samit programs and the important you where that dedicated of step to about we back are catalysts at is a about. think more company. Yihan, through be our CAR-T day the few and Hi, us will Chris. Look, detail. spend When We'll update going of strategy. we walk about on I talking to a in on some hit talk opportunity discussion that start, around some most can for and period an this the the those question. focus we're an

September So on we're the forward looking Samit? event really XX. to hosting

you and Chris, the you, Thank question. for thank

Phase dose in seeing next-gen we therapy, be escalation be might the possibly it and be to and September, For expansion. see X study. dose you're later the additional is what is will year, talk that, able CAR-T also CDXX this about adding There started indications. going just to will we we have What you

putting date. we readouts the will sharing that in be certainly, earlier into system that earlier to data are But and dates taking account So and into there data prior [indiscernible]. the

we'll conduct. inform progress with So, to seek as the study we

Samit. Thanks,

we I may or one think have time for more. two

please, go one Let’s to the next Jamie.

with Our next from your comes from Please Raymond James. question. question Dane go Leone ahead

questions. taking for Thanks the

imply around total pay basis, actual would annualized the about million, math scripts As on maybe share drug generating. to Sotyktu, you seems $XXX above which million, the our gained with XX% that script in to it rate, close the of like, that you're slightly think $XXX maybe on run you're pay patients now market is drug conversion running product you've an by for for those commercial below

into included ASR addition commercial pay market penalty does continue to continued free that your to a year? the you. Thank already additional that free you convert gains Or For over to next your guidance the end of take share -- for to while taking those does agreement that question, carved to you've patients in EPS your market months, EPS share quick Or converting that do just out? then several in drug year? guidance your is guidance? the of full is the And drug one expect

David. the David, start then Thank don't you answer question you, on can Adam why Sotyktu. and Dane. Yes,

you, Thank Yes, Dane. it guidance. in included our Yes. is

As we remember, $X the upon XX% Adam? and just of retired the billion the period. shares And execution contract the the doing ASR ASR said, about of is about XX% over those in we that, quarter. remaining dynamics third anticipate of happens

Yes, Dane, thanks.

our certainly continue mentioned, is I as market Sotyktu, to objective share. grow to to relates it As

month-over-month I And we share trending towards XX%, the year. to of increases. market where we is feel As our nearing see it's end said good continue very back about the

Our Otezla. objective is to surpass

equivalents And expect think so, where we we accelerate. are from and about when TRx have of today, QX we to also volume you that doubled the QX, to

patients two It to months. three will drug, bridge as take mentioned, time around, move certainly from I commercial to to

the And commercial year. moving plans end into in happen well, more of supply. starting unlock year, take to as back will ramp that So patients start place next as we also to January we'll start other that of see the in

for So and Sotyktu growth of into end we certainly XXXX. very in the about good year this continued prospects feel our back

Adam. Thanks,

our question, Let's go Jamie. to last please,

Brayer will ahead final Olivia go come Cantor your from question. from Our today question Fitzgerald. Please with

you for shutdown be I the going the from revenue forward. morning, on follow is to for good Hi, know a minimize most thank had but up shutdowns in way disruption a we headwind there is that factoring And that manufacturing I capacity Abecma's to should June, years? wanted you guys. forward? future going that in question. And

for timing And studies? in And are lung, the on and bar for the into Thanks. about quickly strategy what's that then just in registrational you X? moving how LAG-X Phase thinking success

I'll for take Thanks the the Olivia. first question, question.

it as capacity manufacturing So to the relates and shutdown.

manufactured. Abecma limited Abecma increase that. is to very and across to making relates about capacity that both manufacturing really is shutdown, talked I progress our to good But we're So it two components franchise, Breyanzi. as therapy cell [indiscernible] because of where our Abecma, the the

one And of to are site so, shutdowns This our our our maintenance at for month. is shutdown execute routine in planned, all approximately for accounted capacity plans.

launch. one of And since XX% Abecma is ramp have ramp. for over aspect being that important success tied rates that's important the manufacturing overall ramp and supply to we now And KarMMa-X really because plans with multiple

advance continue for success process us So, in and manufacturing KarMMa-X build this capacity of our important rate really our for strong routine maintenance to readiness are the launch. increase

some QX we impact David to in accelerate mentioned, So QX, have our and certainly into expect in XXXX. will as that and Abecma sales

for Yes. quickly is on on Phase Opdualag non-small cancer. to The we the combining But LAG-X chemotherapy. And comparison the of plus very chemotherapy. Phase lung versus with nemolizumab X versus plus question the do comparing combination trial, intend II chemotherapy, cell [indiscernible] study

of data mind to as we that appropriateness in to have we in the see need So of the that outcome at so have evolution we look and magnitude the we keep terms Phase the that X. effect in

and we So of X the to the that's program terms [indiscernible]. in are on And of launch and Phase the quickly prepared start study, study reads out, when then depends ready our it the bar.

everyone. thank So you,

by our about when So that all, We say, the we provided quarter, to same obviously, take the don't time, update at we look At about discussion the products, of the performance in-line the want company, the an had are I I future and am the launch strength of portfolio where of year. I the the we outlook pipeline. I our about to important as we first driven remain our and of very optimistic think lightly. for

to With thank I participating. want for that, you

as always, you And everyone remains wish good any questions team, Our available a may day. to have. answer

and We presentation. conference conclude with thank call for Ladies and that, gentlemen, today's we'll you joining.

You your may now disconnect lines.