Bristol-Myers Squibb (BMY) 26 Oct 232023 Q3 Earnings call transcript

Hello, and welcome to the Bristol-Myers Squibb's Third Quarter 2023 Earning Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Tim Power, Vice President of Investor Relations. Please go ahead.

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

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

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

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

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

where On and and of XXth of the I my Squibb acquisition further and Mirati. of the is company clinical continued am advance important for product company. business, our everyone. for our prospects quarterly the We growth renewal QX proud last through sales Tim, Bristol-Myers was call, to you, of and a the today. the morning, new Thank in-line planned portfolios earnings and milestones quarter long-term good delivered regulatory and strengthened delivered solid

gives in We have LOE and strength half on decade. ability confidence us to potential of built diversified focus XXXX. through launch navigate clearly Revlimid of is in-line business. The our the the of a highly second the products portfolio The the the the

to to We external pipeline continue registrational-stage innovation thanks through position, source strengthen the ability growing business and a our development. to

to Our talented Day breadth company our over been highlighted research of into the it which long-term the to of this growth the confidence the us and years efforts, in at R&D colleagues with an depth grow and dedicated today. BMS privilege and alongside past help honor sustainable my industry has leader work business. It and provide the XX is

in for all it I I'm all quarter. done patient-centric company's more continued millions the the do will Chris gratitude improve mission. have around to turn sincerest to to as You excited share talk our work progress to they world. With outcomes for about and of I'd like employees will that, to you BMS against the to leader. and my our Chris over know enable patients very to see confidence him out My sure delivering goes well, critical the am in a

Thank you, Giovanni.

Before ensuring success on in I I consistently to our that delivering company his note, we more strengthening on and on recognize patients, while impact personal every him want for has wish organization. dive tremendous a chapter. He his focused the I are in, for Giovanni next

third X. quarter on our with start overview Let's Slide

and portfolio continued in-line delivered said, for we top during growth line new Giovanni QX. the As product

of with announced advanced also Mirati. important planned We pipeline acquisition our the an development business and transaction

we guidance that You'll non-GAAP increasing year. the our have for seen are EPS

moment, color billion be also will on XXXX our XXXX XXXX you while a in more operating me give to context. so to our step for guidance. I some to We to for products margin back in and other reaffirming let provide updated target grow our XX% more $XX above new our our and outlook than

to Slide turn X. Let's

you tell month objective like are will to were position with CEO think these, more how to and a our our incoming long-term outlook. commercial you strategic commercial as development. on our leadership, his continue results, told company take outlined minute levers is where but me in let and details I business execution, last Day, I growth. R&D to to of Slide on performance my our I'd we R&D about there X. execution each Three at about I commercial David describe starting As provide for sustainable remarks

is growth growth our with revenues demand with impacted start forward. products good QX for the in continued with in-line U.S. strong opportunities adjustments. key years, were Consistent we by in going where growth. Eliquis Let's gross-to-net are seeing previous

as seen expect good we've to QX previous to see these normalize continued Opdivo QX. years. demand in growth through in We

Importantly, and growth we've LOE momentarily. will I describe a the portfolio. in-line of of delivered important provide with approvals drivers data for highlights and number remainder the future that quarter the new during will David

products term. products product new to confidence characterize the the ability in categories. our in potential would portfolio's business our X I of continue providing the new to over well, performance Overall, long Turning diversify the portfolio. and growth perform to these

are for a and strong of Opdualag number performance seeing products, Breyanzi. Reblozyl, we First, including

we're strong broad Reblozyl, for for growth Specifically with seeing label a COMMANDS.

and encouraging in seeing we're further, discuss can line. both line trends second Adam As first

both very guidelines important also in of Reblozyl as recognize pleased treatment RS-negative that and an to for MDS first-line NCCN patients. are the RS-positive the see We importance

the are This robust care to on supply new opportunity strengthening path future in this strong For Opdualag, of and remaining the growth quarter, product the XXXX was in can continuing expect was standard is and has considerable melanoma. for existing to the quarter, improve. study to into performance first-line performance Samit become as manufacturing also the continue growth its heading we in product and we performance and product potential for speak Breyanzi for indications, which to. its indication

notably Second, has there where Sotyktu a growth expected. slower Camzyos strong, of performance couple than are but and is products, been

in At same very getting X time, cardiologist feedback X has use increases onboarded adoption see accounts a pace only patients on in For cardiovascular metrics per getting as curve. resulted patients of in their may from and therapy continue be patients to see longer steady and all year, Camzyos, the we strong. the to customers times continue to to

have and consistent we we important product, to confident our expect cardiovascular this steady we for and akin long-term growth remain shared, in a launch As projections.

meaningful longer market. anticipated For in we edits are XXXX, Sotyktu while the key for continues payer in profile improvements immunology the to strong, getting see seeing be Access increases and plans brand, to broad some for dynamics to nice X this main be than will a bit emerging in continues we constraint and share. given take and step access will the

of remain shift. to though both expectations peak products, for the these our Importantly, time unchanged, peak will

where would I and Finally, Abecma Zeposia, highlight has expectations. lagged performance

in efficacy, myeloma reliability This For quite time, have late-line Abecma, impacted therapy safety patients, that further real-world at the data Conference. generated receive IMS are a by demonstrates refractory same presented dynamics competition At competitive. bispecifics who has performance. the and recent in-class KOLs and our consortium data by triple-class strengthened multiple was bridging been of in

data be leveraging profile our important will this focus Our effectively of on fully treatment. of ensuring to teams this the reinforce are breadth

future remained that will growth. UC, performance in constraint context. access continued unlock been provide a additional For to require Again, focus In Zeposia, Adam can has MS. strong

XXXX. the start be portfolio from sales expected slightly expect this this in now we of year. together, billion $X.X at to is This lower Taken we than

accelerating greater $XX importantly, in the performance In in this for rather is term, the see medium quarter do performance than we laser-focused necessary. to we The forward, in expect continued billion Looking and than the sales commercial XXXX on of building growth. XXXX. on team achieve portfolio momentum where

accelerates. are ensure We further also investment behind our increasing performance brands selective to

that highlight new completion expand would Mirati addition our portfolio next of I Krazati. the transaction, Finally, and upon repotrectinib quarter with will the this product month of

engine to Slide on our Turning X. now R&D

X subcutaneous have periadjuvant the U.S. our and indications Stage a month, for to our months. XXXXs. XX deliver in several CheckMate-XXT XX% progress. we constitute for for last we've strengthen important growth in exciting the mentioned Day, In business including XX% make more continued of that into including Presentation the the to to Opdivo to pipeline pipeline with areas, patients XX I assets over today's registrational Opdivo, potential we've to lung And Since for expanding oncology, across approval approval franchise met first-line drivers, delivered II has the opportunities next R&D the and As we've medicines trial, therapeutic our durability This open positive in bladder melanoma. importantly, co-primary approximately nivolumab endpoints with cancer adjuvant U.S. extend of regulatory CheckMate-XXX. to data CheckMate-XXT. and from

designation the FDA. first-line LPAX presented from fibrosis PD-X of indication. will for Breakthrough diseases value pulmonary our unmet in in builds cell Track medical encouraging granted this now Krazati Fast have progressive with data importance in these data in add has portfolio. In by granted the Therapy potential idiopathic been cancer These our that pulmonary the on importantly, making combination our actions NEX-T therapy immunology, is high conviction These This You further at also it oncology designation asset fibrosis and progress. previously the strengthen CDXX need. And reinforce the inhibitor of the ESMO. FDA lung potential our Mirati to may seen

other the These illustrate are we We leaders immunologic have disclose and clearance of have And the becoming MS assets our that cell that started achieved begin can into space. trial. from now dosing advancing patients moving therapies we important in And FDA with strategy forward study. in our today, lupus rapidly to our are I our diseases milestones pipeline. in

to can at You this ASH and conference our hematology at about next year about a AR-LDD more medical hear expect year. assets later early

priority on to development, key Turning a X. Slide for allocation business capital

BD internal innovation. know, our to you our component key strategy As been has a of supplement

portfolio along We investments capital business cash diversifying is a continued financial strengthening this development with and and Our a example the support fit, great and remain a soundness. future top acquisition oncology for with of and recently addition this compelling of priority in announced, we're enabling for with the PRMTX strategic our acquisition, pipeline planned Through flow company. programs. KRAS maintain Krazati will Mirati excellent allocation transaction of inhibitors to and an potentially science significant

scorecard here. achievements already many XX. now recent Turning on our positive I've Slide the discussed to milestone of noted

the learned Opdualag that recently read a liver support we in HCC we indication, for second study study underway in first-line expect out to not year. this cancer that trial we did have for next moving forward registrational While second-line a

first-line discussed bladder this In subcu notably on accomplishments addition, in Opdivo. seen already, included a important slide, as of number not we've

strong this speaks will become pipeline programs for important and the future that progress the catalysts execution continued of to of All growth.

detail. add to over numerous into to ability When and I David? it confident product both turn have XX. you am everything walk Slide of half that, to more discussed performance in business our up, as as month, last through we growth financial our I'll transform through decade deliver to portfolio, as levers this David beyond. drive development, organically back to we Turning new our and well results for to patients. With and medicines in you the

and Chris, you, you call. of Thank quarter joining thanks for our to third all earnings

Total in excludes discuss Turning will quarter by otherwise the to sales in exchange. sales the continued of versus sales. line comparisons billion, Slide which growth the all on the our discussed Unless an company decline basis, $XX made in-line performance. stated, are portfolio, driven let's XXXX underlying new our by XX, impact rates third offset and growth same Revlimid top period of product foreign were expected in and be

new portfolio Let's XX. product our on move to Slide

in solid impacts Growth targeting portfolio, strong impact therapy the for primarily June portfolio, from with quarter, of Based XXXX. was to for myeloma. $XXX from new Abecma both This cell alternative deliver availability is the During increased the we due product revenue. maintenance an our roughly have though, performance BCMA expect and we full in franchise, year-to-date, and seen we million now of for delivered billion of portfolio the manufacturing the the usage particularly across site the Abecma. year on $X.X to therapies growth multiple

of continuing growth on year mentioned, portfolio new product in-line and and our Chris the laser-focused are beyond. into As we next to accelerate

products Let's XX. our discuss tumor Slide of solid performance on

well demand and buying in Our product, primarily sales In demand. unfavorable digit with patterns driven flagship roughly double X%, sales U.S., Sequentially, the Opdivo the oncology the U.S., gastric increased second in launch a for globally. by of million indication, cancer. driven reversal Opdivo quarter and primarily reinforce first-line bladder Outside along lung as continues $XX of grew driven performance, by our approved new third revenues demand confidence lung melanoma with in potential and the indications adjuvant XX%, for in continued This periadjuvant opportunities as recently Opdivo. growth up grew XX% well to quarter. by grow such as

share into patients melanoma. subcu option the earlier, nearly next of U.S., are BMS franchise positive become for for IO of In we in see market to potential Chris new XX% XX% PD-X As mentioned and melanoma, with doubled this care share now important particularly we new important build we supports additional to now believe as in have grow, patients where for Opdualag XX% the has the data in that our an formulation. first-line standard the receiving the Opdualag, decade. With strengthens total of roughly longevity monotherapy. approximately metastatic next-generation is patients market. the We revenue share asset a this in room with respect still

now we're to in Let's the approximately Canada At in $XX of gross-to-nets sales several defended time, on quarter. in Slide QX. mix mentioned U.K. grow driven demand Internationally, to cardiovascular year, were in by billion have the million IP including an revenue primarily due with to turn grew by pressures and year-over-year, unfavorable Eliquis and continued X% EU this growth, XX. the in impact past. U.S., strong In Norway including in offset to sales the channel pricing France, and same by Sweden. we've encouraged successfully countries the our generic entries impacted $X.X

our the through U.S., of commercial product, the first-in-class delivering product, $XX HCM added roughly and the both Camzyos, continued In with pleased to revenue to of we the we in X,XXX obstructive quarter. dispense. growth are million patients, our hub Moving

now to very X,XXX on persistence roughly patients encouraged drug. are see We with good commercial

grow Our on and to patient them we the base dispense. bring continues commercial more to patients convert treatment as steadily

this in point, Revlimid. our of just the expect primarily XX, for products the to $X.X we due $X At approximately to demand Global Slide of billion lenalidomide. over revenues hematology billion. starting Turning full higher year, were level quarter on sales with for

to Pomalyst supply a Revenues clinical in the from quarter. were benefited the we product to due purchase X% million Pomalyst stable. free on Now for global was down revenues demand prior versus U.S. in dynamics July. mainly described year, $XX also during Internationally,

driven million which increasing XX% demand. accelerated, of Reblozyl, revenues year-over-year, quarter. by the In generated to Turning the primarily $XXX growth revenue in U.S., increased

that approval, COMMANDS increase in increase first use the treatment. Reblozyl, an continued in with of increased duration the sets to medicine MDS, with and deliver profile, we the the as we rapidly hearing are Though of from the very on well by Reblozyl setting. to it's MDS-associated in anemia label switching we disease. first-line the positive especially are strong believe first-line are in early encouraged we're patients feedback as second-line for seeing With well to launch this line it us ESAs Overall, patients community this along in in more

impacted with in Abecma was million quarter, the $XX of availability maintenance Moving to the revenue in agents. the other BCMA-targeting and site this and of June manufacturing by use

Turning to and more in were down prior double to compared million, Reblozyl Sales slightly $XX infusions. ]. year of than due Breyanzi [ quarter quarter the versus timing prior to (sic)

we to As in mentioned respect quarter, the July, remain constrained during we with vector.

our are plus However, large an third with confident next line beyond. we second supply in year, in XXXX demand and continued and B-cell in to ability increase expected and strong in lymphoma, grow

XX. demand to sales sales in In continue in due XX% $XXX in and million to to up continued $XX class Zeposia our for in share multiple competitive with U.S., a year. be prior increased pleased with addition the compared to favorable products Outside million, due momentum market. growth Let's within colitis Slide U.S., quarter, we inventory the in the were to move ulcerative volume the mainly to on SXP very gross-to-nets Global immunology sclerosis best-in-class and MS. contribution

since we Sotyktu. during the $XX in a equivalents continued purchase launch, third saw equivalents over quarter. which remained script quarter Sales XX,XXX strong over and With included million, volume in demand $XX clinical the supply trends script Underlying Turning delivered XX,XXX dispense the during of to were U.S. quarter. the approximately strong. launch million, we

to the the share drug in reinforcing Within we making commercial program Sotyktu oral free the are that CVS of category, from And roughly is our covered is progress as establishing dispense. XX%, now position this choice patients a market. oral converting

take this next expect to per the Building months our on patient. momentum, further will continue to access X strengthening on X We year. we of average expect

deductibility to focus third Slide quarter favorably of $XX offset XX. million to the quarter $X.XX adjustment per share, by per in certain X%. a of $XX of resulted was product gross in tax primarily to Section performance. will by Now rate Overall, P&L R&D impacted I an mix. Acquired growing in-process which impact sales remarks due regarding $X on was my just EPS. QX, key approximately Compared during XXX share items, recently rate. few the of and guidance net was million, the The on was expenses. non-GAAP was resulting moving quarter to in covered reduction having development line licensing income, quarter the effective a the research our margin partially tax of estimated issued earnings This in

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

on allocation approach planned with development an a as focused capital business Our acquisition as top of example. remains priority, Mirati the

year. opportunistic regard, our completed We and also by repurchases. billion expect authorization ASR In Today, be outstanding. growing end and this during the remain we the executed that focused roughly to on $X on billion $X dividend quarter, we of of share have the

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

to digits compared We decline last in to expect single low continue to revenue year. the

this $X to billion. new be about products $X.X Revlimid to about As we year expect billion deliver mentioned, and for

Turning OpEx. to

on Based have XX.X%. full year increased the are expect last to respect I to changes the effective the single-digit billion rate tax we to earlier, midpoint EPS guidance during to With earnings, we $X.X revising the roughly our and growth our year billion quarter. corresponding to non-GAAP fourth compared from to our in described to this our roughly continue to $X.XX tax range low the mid-single-digit our decline portfolio medium-term with We expected low of XXXX $X described Chris we earlier, billion to on our $XX from period. Slide $X.XX. And guidance in-line to reaffirm to narrowed XXXX CAGR as XX, and to respect the revenue

than continued target than in XXXX operating new incorporating year XX% to decreasing And XXXX, and our dilution enabling portfolio greater communicated. future previously flexibility respect to with Mirati. through adjusted $XX greater [ to margin our to ] in have while invest reflect growth a later to the We than product target strong from profitability billion

during Now it turn before in to answers, the want teams Giovanni's to and our work leadership to of we our and thank question over so to Giovanni call people and under I'd transforming patients continue also quarter. BMS. world for and like company for over moving considerable recognize hard will the his acknowledge the for Chris' him I Tim, around Q&A. delivering of know contributions I leadership now that Chris on focused turn do forward. I'll the the to back remain

Thanks the we as morning. question, to Great. first David. as first please? get to much, very [Operator questions it's know go busy Keith, we question, can. And many want to the We go can we we a very to before Instructions]

And question from Instructions] JPMorgan. Schott [Operator with comes Chris the first

question. me a Just maybe bigger for just picture

adoption this products announced maybe to a isn't there's confidence that as enable these It out lowering some expected. than look some like those to that isn't longer-term I a the guess taking different going longer You're of before. you've kind that what dynamic XXXX, with XXXX of is the couple you company of gives of just that targets targets. sounds products the

some peak positioning little you is sure more those a just or given some kind bit So the of be do how to of on rethink the just need the assets, -- to much how And sales? of potential make itself so? able of year hit peak we've we what of sales do from longer-term launches over maybe learned these company to the last elaborate

going I'll to Adam. is turn over it This to start, then and Chris. I'm Thanks, Chris.

on step we've important I said to on call. this clear it's and think back be what

to we've I see portfolio think said not really change in for question in of the for potential, recognize previously. new There's that overall. question consistent portfolio totality, no And very First, we strong important is conviction with long-term if. a been the what continue fact, when, to this in it's the product

that around We recognized timing and communicated today, really a we've have, however, few the that's change things.

products in exceeding there prepared mentioned expectations. where as First, I expectations a if where are, is -- the achieving, of remarks, performance number not

have a products also we are few different. to acknowledge there dynamics are However, where that the

the long-term products For longer needs of those Camzyos, are to a products these the couple remains potential where speak change. bit it's and dynamics. And unchanged, while products like there and Adam Sotyktu reality for to can a taking performance is,

back to remains you on as growth profile with importance delivering there. And important in-line layer and think business. those like so resources Opdivo, have ensuring right that at focus Abecma anything good focus sure externally that The we've on around would of for the forward for confident will is diversify know products that we and with been bringing side, as business and and got got the and got in these is we're company. products step now products. the and our that The commercial add? with driving of reorienting you Eliquis look and on the on right these That the executing team conviction that then we've unchanged. When move totality, the helping you us portfolio making and We focus the example, challenges Zeposia. we've it's growth But -- right I continuing long-term products pipeline around terms the the performance when long-term development. Adam, innovation and in play on to

well. No, it you covered very I think

Thanks, Chris. question the can Keith, go we to next please?

with from comes of that America. Meacham and Yes, Geoff Bank

and Opdivo. incremental IRA given maybe opportunities approach subcu implementation important potential LOE? this the is here? the I And strategically extend for question recent is, how guess benefit the what's to have You data in just

that this with subcu and really progress, opportunities improve In start. address I'll the assets. address thought exists with about burden that's patient we Jeff. a we we way as of the indications and program well is represent those will can forward play, into business a time centers to where these The needs are go. We of seen convert still example, of treatment review, think know the the specific we pleased And somewhere would Thanks, between you XX% opportunity IO, after roughly data where look lot address to, the consistently experience there this today. XX% of And And the as patient these ] with at the subcu at very regulators. XXT, over spite And obviously where, the that and when to at business Opdivo in compelling we've will our upcoming we're we that's with that XX% think premium. with engaging that presenting is we an look as it are think and sits data for those view. [ effort, the overall finish about conference chair comes we focused still time.

has potential you if how it. successful of -- And the extend doing about that, the think if we're this so we're in into XXXXs. early really to that's thinking we sort And franchise the

please? Chris. Thanks, the can question to we Keith, next go

and from Yes, Luisa Hector with Berenberg. comes that

or that comments around new outlook, no the then guidance are revenue from margin that there Mirati medium-term the other And play? perhaps the purely factors to that is at linked on expectation, Still you can confirm product just is guidance? in lower contribution some there

the for you question. Thank

from -- guidance Mirati perspective. So related a new long-term anything does the not sales of portfolio to product include

Mirati's recall, did relates $X.XX. dilution do next say year to you the about we If

forward. does factor how our to we in that the As margin, it margin relates view going

but you to see opportunity as guidance continue Camzyos our recall, margins above invest and our behind products to we therapies, XX%, as If like midterm our and continue is launch in opportunities invest portfolio. Sotyktu previously, see we but well portfolio in cell our also and

R&D know, what we as and to you additional But Opdivo. Day, had we our continue shared as see this one we well we opportunities R&D multiple in accelerate of being first-line had readouts indications we as at to As LPA step COMMANDS. And for pipeline. quarter, those back

new guidance and Mirati, to we portfolio. as in why our that from dilution incorporate the well the revised as we're R&D portfolio the So that's the making investments but product

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

Fernandez Yes, from comes Seamus and that with Guggenheim.

Sprycel trying as of better anticipate of royalty? on floor next that of for you KEYTRUDA as get should to a the of Pomalyst move sense or royalty potential margin you the the just trying year So a the it XXXX really we sense a guidance. Is and as the that little kind loss is margins sequential in of lose through get we lose following floor bit and sort a path of a XXXX the to something KEYTRUDA year. in Just balance as XX% XXXX to this

Yes. Thanks, is we Seamus, as is the look provided which floor for that the period, question. we've a that XXXX. And XX% to guidance forward midterm

we'll billion. line billion update I'd far year do a And this is other say that We'll you one, the as the next in our Revlimid Revlimid's talked yet. to guidance items about earnings year look past think you provided through thing one all stepping fourth forward the then we $X we guidance billion after. that margin question earnings haven't we we've getting relates see floor to We that down said and we've do $X profitability quarter on 'XX. we about to the as which about as is quarter about from operating think the year. I what on But that as when should still is, next think your fourth call as revised and to $X.X XXXX,

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

Shibutani comes Goldman that with with certainly. Sachs. And Yes, Chris

comments further about have or Adam would is reimbursement comment about we perhaps made that different. how there? had that and I cadence? be been setup You environment should seeing think and the you're whoever be from that evolving the 'XX appropriate. some to seems as that And an opportunity, would the Can be thinking what be you about slightly Sotyktu and constraints the you

Chris, for thank the you question.

pleased First, of Sotyktu. I to very say with we're want the performance

Our goal care in market. remains to be the the standard oral of

and we prescriptions most newly little done we've systemic of the In we're you a third year XX% fact, therapy, and achieved have now post launch. newly share as a written over in a heard, that prescribed

have around XXXX. our Now, XX% access continuing and the stated broader and States. we really access, anticipate in United in on is as focus not XXXX today, approximately of is Sotyktu Remember, covered achieving accelerating you in lives

the so next of improvements with year. PBMs. significant We're expect see And the in negotiations to we throes coming

would would confident the continue market And that to see -- X access broad into expect in in we have other ability could very PBMs. to So to XXXX, that's our and across very we're we XXXX, improvement a where achieve expect that.

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

comes Cowen. Yes, Stephen with Scala from certainly that TD

the last changes, wait to the a you the through point or at a I'm until to these time changes that for have now. month midterm beyond. go to guidance particularly evident when and when stage sure XXXX QX you puzzled I'm as Regarding and bit meeting set major specifics. were had why

that, still, stage answer the month. But the last will the think I setting be Chris, the you meeting was and that of kind opened for meeting an by R&D company. tone

these on I'm you're So wondering call? just QX changes the in why fitting

Sure, Steve.

color. David and Let take can provide that then additional me

required that mainly the anticipated we is guidance portfolio And less So product in the to new for the we year. than year. that's we $X.X roughly short-term is by had have And shift additional billion this driven of we guidance, said, as that change this that and when began what seen timing term, expect slightly we we Abecma short year. for this portfolio the be that around really this fact that our trends the have giving

decision dynamics we're As to with of change which guidance. wanted update that the remarks, 'XX that product new made the seeing the what we of and in prepared I described result the a the we portfolio,

on would this anticipated, come call. that a As question be out would that we

And into next course, And why how we the the timing get of to the in the change color then, we'll XXXX made to so decided proceed. additional today. really motivation as that's decision XXXX make we for of was changes we guidance guidance. to the as year, that we why provide expect But to

question Thanks, Chris. we can Keith, next the go to please?

comes Terence Stanley. that and from with Morgan Certainly, Flynn

maybe guess, I for you. Chris,

that us walk your and taking some through steps these of have and those drugs going expectations. some you're each success? some Just in for the could Maybe you that of reboot why confident launch just come of -- you're strategy that's have to below of the the

Sure, Terence.

we Adam moving reboot or start, ask some me the either we to where and to specifics then really we're going around accelerate. where to have I'll Let products are provide think a to need

way think the remarks characterized I I in right. is opening the

to product going quality perform anticipate both products good have very given XXXX. well. exceeding very, continue we alluded but importantly, improve. hitting number the the or have we manufacturing and We for that of expectation profile and the performance we're saw that's we very we every manufacturing as a which very And into quarter, supply expectations. performance of to Breyanzi, as in to, seeing Reblozyl strong the get Certainly David are performing Opdualag, either drug, is of our well to

products those feel good we So about. very

of of Adam going just that, that's back. in can focus Camzyos, to products, those We and strong. products and a Abecma become but got the quality such bit bit have was color every this, What's important, oral and it requires will is products both those very anticipate, The and we the the those seeing data are just this strong standard what X for and to product we and think We product, the for products for peak Sotyktu For take taking very, metric trajectory strong. for how that that is, mainly choice, a the on to which see dynamics speak be shifted dynamics additional patients continue Sotyktu. see product. And Adam are time relates we're the speak whether being good on from this about across very to remember, the Zeposia. the of longer given customers, share fundamentals physicians the how on Camzyos, remains are product to I'll launched the what market to any objective when longer. cardiovascular the the simply

Terence, thanks, the and Chris, Thanks, for question. Yes.

a Let little me just add more bit color.

have from we pressuring growth. that additional we're heard, BCMA you As continued said seeing Abecma impact agents

progress data focused therapy out-of-spec patient is made ultimately one, of of are on site the we outcomes. some use U.S. and around very and cell trials. Abecma ahead rates. and expanding And we're which low our teams that our and with our We're clinical very better internationally. our on: really similar the sequencing so the look data pleased consistent bispecifics also contextualizing the manufacturing of on educating and the for footprint in for number And We're predictability real-world emerging with physicians, both differentiating

what we're around So doing Abecma. really that's

Zeposia, to relates it shift quarterly that to really see the As I'll as demand is MS driving Chris and continue mentioned, then growth. others, we growth. to

declining lot favor in oral B-cell. of the on even of in a And so MS progress the market we front, a made

continue the in MS expect And market. so we to growth

in access profile. opportunity we also challenges, Now access Zeposia option based in our treatment our are setting in we're post seeing identifying as a continued to progress, We're progress working as for but But Zeposia an and growth improve physicians good have its remain, the efficacy really first-line on ASA safety making they UC. certainly and position. we're

really So drive broader of across continuing our a there use breadth adoption focusing expanding we're for -- and prescribing on physicians. to

to Zeposia. reasons, see continued those growth for So we for expect do and uptake

and relates Now of about those Camzyos he And opened, the but decision. matter we matter and when. importance a talked as a Chris that really and that's products made why if, as it of not to X Sotyktu, of

around continuing pulling continue for the breadth finally, where the on mentioned Camzyos patients we there. the a David remains Otezla. key doctors to making close access excellence also out going progress long bring are non-centers to Sotyktu. hub. through there. But very to we're uptake and superior and very, I on just response talked on about compared to the to get been the so We're the in utilization. with these of Camzyos, on has COEs hub. of using focus of outside The increase And to COEs, expand our breadth pleased to to very more seeing comfortable in patient our patients go Remember, are strong much also our of through areas prescribers again, then some those we just drive profile efficacy reinforcing time. And be continue I'll for we're really of patients and the focused treatment meaningful

can to go we Adam. Thanks, question please? the next Keith,

Seigerman BMO Sure. And Capital. Evan from comes with that

Mirati. This one is on

thinking asset? general to Can here your this in key just So accelerate KRAS of can expectations. driver acquisition? you the What's growth below And Krazati me walk do for value the Krazati? class opportunity and GXXC recently through fallen has the really you Mirati of differently the versus what

Krazati's for GXXC. Evan, in Thanks, opportunity very so opportunity cancer. the in is as Yes. setting is for significant best-in-class the KRAS lung commercial Krazati the We're and But first-line in question. confident this we a believe real

with And in see PD-X. around III also Phase started their so have the triplet to We'll Mirati study has we KRAS. data combination chemo -- PD-X

also, that the I bring with Krazati PD-X, agents, think that's another need could multiple this which of significantly data showing excited to KRAS the assets greater where then significant also understand of including has, we're we opportunity. about promising opportunity. And we that GXXD combine advantage PRMTX, it But very Evan, early upside SOSX and think very to potential can Mirati think this we'll efficacy. other the inhibitor, obviously

of we decade. taken is the back end a together, will So company strong growth be and the in deal this a do this believe of exciting that really for catalyst

to go the we can Keith, Adam. Thanks, please? question next

from Gould comes certainly. Barclays. Yes, And Carter that with

the your an the are KarMMa-X. long -- the to And guidance, first back confidence take those can on-time those 'XX? half in of obviously we as nature. the of the run transient were in think guess, it some how Abecma, of should about given help on in rate along frame you get well, lines headwinds sort I just to might you commentary and seeing On of of some approval some How mentioned you of

is So this let -- me Samit.

just the me start part off first. KarMMa-X Let with

As much December, forward. comment it you know, regulatory as we in bring work have to that's with on date pretty a continue PDUFA to can all we that the agencies we and

a just occurred We last quarter's we're and Remember, Carter, in mentioned in the seeing one, would number SXX bit. things Yes, earnings. dampen maintenance X QX that little I'll that happen. sales, just June expand on that

However, we from continued impact BCMA-targeted additional also are seeing a agents.

as this So really to to growth, growth. move a about stabilize pressure highly be of and KarMMa-X into we and a approval lines approval Abecma obviously, talked patient would larger opening doing we Abecma we're going I come. is Samit growth competitive Clearly, to pool. by be on into But catalyst knew a said, wait earlier and treatment what that have that business return up a putting see to significantly to to market, return

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

with comes Andrew That Certainly. Citi. Baum from

bridge you're to, off XX% get this year, you the be off Adam. to able a your of predecessors get reimbursed Many to to going status? the onto your A question plans. bridge has of end on insured for trying been that CVS the reimburse confident by scarred Are of patients still

question. for Andrew, thanks the Yes,

going is conversion expected. So as we

shifting focused bridge. the and commercial product pulling Sotyktu for through from at win CVS to are those on We early patients access

also seeing commercial out will by see into new patients benefit QX coming QX QX. We're last conversion started end As to it the I products. commercial, bridge the towards some call, and majority towards into the to very happening QX. and from to patients to for takes patients said hub about of have CVS months of time on that quickly the and CVS X move of We end of start tail move believe to be X see we the on

performance. that's helping accelerate So also to

we confident formulary I broader in earlier, growth be talked So that for will of accelerator January strong that, of coupled in access and beyond. are XXXX Sotyktu with a XXXX,

could the Adam. question Thanks, please? next we Keith go to

with [Operator Instructions] next Anderson And the comes question Wolfe Research. from Tim

gave out product-specific targets you peak So to XXXX. sales

think targets to on those list point? did those targets that I It be XX some you any updated And going trending for ahead get products heard at like those same what products. Are where almost XXXX sounds things. of of of trending of We've it several below that. were? we might are prior

at get product product track, We've That we And in the product possibly the continue has agents. portfolio like product profile. you're for when look it's opportunity a where of ask how us. we team that we product Breyanzi, products the and that product some products I characterize product portfolio a from perform new to me start, constraints anticipated. you best-in-class it's But a launched excess and like that factor potential a of launch. than would we fully for think on new and as had expected, and what Sotyktu, BCMA-targeted as think Adam opportunity X.X that products. Camzyos X to or seeing is, better I a beginning. Abecma or overall. competitive let competitive I considerable for I'll I product knew we look go it of think back what on to manufacturing to like the say the we're some into the to then had, coming how to early still Tim, other the the in at years, I the look, meet be a back seeing on over trends performance comment So at Camzyos would last will remains long-term then And like this in at product long dynamics certainly, exceed But going around expectations. Look, relates track I run, is expect competition I a

I'll those where products maybe And to Adam is then are, highlighted to. any portfolio dynamics product, lagging. he any a there in as to performance expect underlying couple of what comment you speak would are wants additional ask but We've on

the question. Thanks Yes. for

that guided I launch. pulls. cardiovascular obviously Yes, that we're to, discussed, it's the ahead, certainly just some some we some initially where we a very, that that changes also are which to of had see by tracking at tracking basis tracking talked and non-risk-adjusted is strong than at Chris are and be seeing together, product look products portfolio in objective a similar ahead don't slower of COMMANDS of with XXXX. we is pushes to taking we our when behind. in it's tracking a new even that see we the very could that or very term. about peak the exceed we label. Camzyos, But would the on totality is think taken what them see longer projected we add, but I Reblozyl any at portfolio, expectations product ahead

that into to are and we'll into expectations agent. and access expect And be this potentially we best-in-class to will we year, going or product. to term. Chris cell early once important continue so Sotyktu position that and long going SLE decade. see therapy a as Breyanzi. with lupus, as also much but know, next which all And sustained year, our readouts, growth in been back contribute data adoption PSO, have that Sotyktu, about accelerations accelerate think in coming the catalyze PsA Breyanzi we're in is exceed as better has you also able you because well having the to in of And secure supply the help seen mentioned coming in Sotyktu we next end to

So sit Tim, that, just get we today, Where portfolio had billion said we potential. to still as it decade. least at billion-plus close $XX product out, this the we $XX had we end see that of to that potential

to next Chris. the Thanks, go question Could we please, Keith.

And certainly. Yes, David that comes from with Partners. Leerink Risinger

Yes.

XXXX. I of wanted to pivot sort to So just

the frame portfolio that the So for and segment both you revenue 'XX. the are declines specifically the magnitude you'd that you how segments Could of comment product extended potential Eliquis for given LOE set in-line product considering to on the and Revlimid pressures please face? guidance 'XX, they recent to new

David. Thanks,

relation change providing we're XXXX far for to the I from But billion not change 'XX, that year-to-date, in change the $X in portfolio remind on a there's guidance at we you think (sic) product do as line-item [ was to would new portfolio continued Opdivo a made that that confidence was you, XXXX in-line our guidance what the from no the as items. billion. I -- as product demonstrates really growth the very XXXX Just new there. double-digit to confident, to to 'XX. we just made growing it other only And going and line is out feel to reminder, saw I that ] portfolio to $XX like only

quarter, $X.X year it, there's we As no consistent billion as increased to this that it we're $X we $X will looking time remember, guidance change about and again, to of of the 'XX product. be for in from LOE, really XX% erosion year we is the Revlimid how billion at beyond 'XX. next the consensus to relates our is on for said second by Revlimid where 'XX, And billion the pretty which $X And dropping year, billion down with and finish this to

to a XX% growth portion going of portfolio. less of XXXX LOEs significant and in line revenue. by product would -- represented new is forward and be our So total in going our than be that

much So well get we 'XX we'll where and have us a stand to today. and time by portfolio the for younger set we 'XX that's will up it

the next question we David. to Keith. go Thanks, Could please,

Karnauskas Robyn comes from that and Truist. with Yes,

how have year. Maybe better LVEF term, think real to indicators be seeing seeing? like in what lot longer your bullish from I questions KOLs the seem mean launches, the Camzyos the clinical gotten more I of near We've are but on a world focused heard thinking that drops term, that on for I all on next impacted you do for changes trials. see can color you're big in provide think picture, uptake? we're REMS And you're you what and I any because of to seeing potential than some what

Thank you, Robyn.

remains heard have profile as think we for the we Camzyos, the in and confident remain and as talked what what overall well, on has we past very, positive, what about well. about we very very and that profile the prescribers Adam think I -- as patients

heard on Camzyos, any stories -- and of patients more goes terms the more continue get to commitment of to the REMS we'll As for these more once trying of we have are the to evolves but collect change, try more relates time have a and certainly, from long data put really we There as more REMS and that world. it off data in look, Camzyos. the to no Camzyos. Overall, real getting patients patient are on not impact, is

to to quality that they perform of on how they any see their if daily want fact, drug benefit life living. because their have for they In the on go back they overall interrupt and even other reasons, the in of

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

Yes. from And Fargo. Bansal Mohit comes that Wells with

better, My to the because my to question it to prepared question that contracting you like remarks, Sotyktu And Sotyktu mentioned what how And net are a we because you understand run in changes about the contracting in seems please some think this related help changes? should may pricing is them category? edits for bit -- there us XXXX. the Can these long-term little regarding are market. immunologic is X you mentioned step

thanks I'll one. that Mohit, for take the Yes, question.

said, working covered said, have today I approximately we significantly So that in on formulary as XX% XXXX. improve as I of access lives to are Sotyktu. are not And we our

We dramatically expect that next we as change year. to move into

manage look likely be likely X we're position. we business why and different more now thinking X will have or into majority XXXX, class, talking step PSO you in more little to when with However, the and the our talking border ways to the really well the edit are as XXXX, Humira of a where will market. as bit at in the When either immunology about a about we biosimilar coming class reason PBMs we're PBMs

access significantly for confident been so And not next year. we XXXX. finalized have very yet as that But see we're those decisions stated, I will a broader position

we opportunity for Sotyktu as growth really next from early nice into to move noncovered go will we'll covered, which So be year. being a

Thanks, Adam.

Let's go to the next please. question

Yes. that from Brayer Cantor comes And Fitzgerald. Olivia with

appetite that may leaned are growth obviously M&A that for does Mirati an And certain at deal? been so areas best midsize have still that all guys if has change there the you fit something into, going is strategy your there be strategy deals, forward? after

Sure.

Let that take one. me

that to know one course, are going an going And area add sound. The we I I index those way thought well. management top the are going we've would relevant So interesting fixated business scientifically the related a more development that which at level, the a be to about to business with said team. on What would is profile it, that heavily are to company. company. is is have we that say strategically enhance deals thing consistently, for be That's consistent growth company. remain remains the always somewhat that we've for way that we as of macro things think priority we they about the to allocation as for at we the capital development They're looking the financially on be and is of deals

to about portfolio us going business help And factor I we have think think course, give today. going we into going don't products areas, to enhance or of development that to so how we're And or that the capabilities that's us to continue see forward.

ways, company. ] to think Mirati. [ that excited that's targeted away therapies. I we'll continues speaking, great consistent. the you Again, can about though, from But diversify growth we in way think can the We're our some how will approach about the development on towards oncology I generally profile opportunity. enhance that Mirati business oncology of focusing think, business be very be largely science

our to thanks. last question, go Great, Keith, please? can we

Yes, Raymond from Dane James. with comes that Leone

Sean can is slightly patients Dane. on the appear we more a for does entering trends. It script those Camzyos maybe number on This bit appear color does -- little of get be the that may slowing. hub It

So How you've physicians from what you is hearing been on growth? further the expect burden program color just for from the any burden? and further REMS on what

Sean. take that Sure, I'll question.

the seeing we're with very pleased So what of Camzyos. launch we're in

We commercial. continue hub of to patients to rapid the starts in conversion see and patient week-over-week consistency from

into an expect treatment time. but of sustained product on period staying we coming of to said, for see all consistent for future. inflection, a don't patients and an would and to We treatment we this accumulation on steady, expect the rather As long uptake distant very

patients And so in X,XXX patients on and products. approximately now, we've hub right commercial got X,XXX the

coupled recently continues Europe. also penetration centers And of expanding our we activating outside received where patients. well rates in centers to you the top feedback, know, as which driving patient that, physician diagnosis focused use XX% in We're in We're on be have strong. as and top we and with COEs. focusing approval increasing very our on adoption by So XXX internationally

contributor a be also will that to So growth.

this and we're will product. to of important lead taken together, continued So sustained growth very confident this

I'll maybe So close.

busy about first, growth profile portfolio, say in new call, just we've day. as So long-term fixated The we're in-line are where I have this to the continue What I the we just performance. has for going of to very would call. go portfolio. we company. strong be look, product you it's discussed to all the drive team How product know thank driving this of on summarize continued the potential is, conviction joining on we a that to the is very doing continued

where is the continuing we today continuing need and today's have going drive good in Our drive products to R&D a portfolio, momentum transcends continue to answer focus And Hope week. execution that accelerate. available we have questions on the including of to execution find discussion. following team focus those any where to entire And always, and accelerate with be across you all and as source is the close we'll attractive really externally. And call. and assets day to the to that, the rest

for has conference The concluded. you you. now today's Thank attending Thank presentation.

may now You disconnect.