Bristol-Myers Squibb (BMY) 2 Feb 242023 Q4 Earnings call transcript

Welcome to the Bristol-Myers Squibb Fourth Quarter 2023 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 and Head of Investor Relations. Please go ahead.

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

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

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

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

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

And over with that, to I'll hand it Chris.

the Please all the time our turn first for Thanks, medicines to Tim, I'm to as on patients. transformational to for opportunity call and continue X. CEO, good very of about to pleased I'm excited you you. for earnings morning company be speaking deliver our and Slide to to

in with Camzyos Reblozyl, Eliquis, portfolio new brands, key nearly in good growth our QX and across and sales Opdivo, and revenue strong multiple billion growth X% a momentum Breyanzi, XXXX was $XX with Sotyktu. Optulag, product quarter, including including in-line

of in year. our a David $X.X expect We to quarter. operations minutes, as you'll flows from few grow business generate significant the this in hear And billion also we from continued cash to

several that company. I in our navigate an importance transactions the strengthen pipeline execution are quarter, BMS. achieved on you to the This fourth of also we key During our and know business growth many important disciplined at to milestones of decade for on the the is time strategy focused profile. development important

chapter that opportunity We and the comes BMS for an with for next are change. writing

me to our few let a to So clear my and you focus our minutes on about be take LOEs strategy tell about execution. navigate very

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you which it Second, pipeline, X. of growth relatively we see many exciting of have portfolios, see the expansion combined potential. as these on all expanding with portfolio market our When to comes together, you are products, and at look an newer how depicted significant can Slide

about period, end sustainable think decade, back we decade. near-term in drive distinct growth, period see we top-tier X a which plan this the the potential for a to of As we transition and periods: growth

be product accelerating our will on focus most be into approvals maximizing period. Then transition by programs, our possible This, P&L have focus as pipeline starting the our discipline. around portfolio. best and XXXX, transition now on maintaining and acute, with on can growth while exposure of company our and our with the opportunity period as launches is will the the decade, execution, middle position much the Between the we R&D shortening along executing

of financial the this around of periods. have part latter you XXXX opportunity. flexibility support portfolio first and to recognize sustainable beyond, Finally, the we deliver Many in plan the we top-tier and growth, decade, the and pipeline to X

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in while period to is the transition few a strategy of years the maximizing our the minimize decade. Our coming back growth part in

confidence fact that our successfully financial Slide that platforms invest strengths, therapeutic growth to strategy supported development. in other X. pipeline, business continued periods, with some by exciting companies an growth for with the portfolio is compared Turning navigated have an we My areas, across and expanding multiple strength to clear further similar differentiated

from Slide our commercial performance. told we the on October, quarter recent we strengths during is most from momentum capitalize And QX, been you making would X. And progress. these strengthen to In clear we've

Camzyos Sotyktu. key growth such behind brands and investment increased have as We

We Command Reblozyl MDS. of on first-line by are capitalizing growth the the launch reaccelerating for indication in

told to efforts including of for but R&D we And approval R&D, in cancer, therapy you melanoma the for up for standard therapies, as AR data capacity protein program. would initiating expanding and growth. are driving asset I the important expansion platforms, cell our study NEXT further particularly Phase our care showing establish Augtyro the have this our milestones, recharging lung multiple targeted platform. our at further in setting ROS-positive and first-line delivering Brian of as In sclerosis do cell Optulag CDXX important advancing degradation Day, INDs, LDD including we key prostate from first-line our early we Our progress with significant we early-stage for XX year. pipeline delivered made in our

we've in business been Importantly, development. active

the schizophrenia, portfolio the CARXT, important bringing believe the with of will from acquisition transformational diversified of announced a ADC and planned PRMTX oncology further bispecific bringing with across planned acquisition and of Sysmmune recently I psychosis from a exciting which acquisition, indications multibillion-dollar targeted with we pipeline medicine for Mirati differentiated the we Alzheimer's be oncology Therapeutics, other patients Specifically, Karuna Bio, data sales we and cancers, as manufacturing lung And assets planned such and tumors, radiopharmaceutical potential. assets, including potentially addition capabilities. Raise Phase and completed our Krezati breast with

year. later are We transaction this this looking medicine to the after forward launching closing

substrate important company portfolio term. growth add deals our to the diversify and long our These for

the a levels Slide X. and is important driving performance and accelerate means right growth resourcing with our me to brands, top most on across delivering results. The means to Let's commercial. the for accountability people priority. drivers. Starting for having it best investment ensuring Execution is and key focus continuing This for turn

I XX deliver we on productivity. as here, R&D, out highlighted In at the the of we to coming potential last building our quarter, described momentum XXXXs. strong accelerate over Day, late we with pipeline a the to and have top-tier deliver And NMEs need through R&D

are a We priority pipeline look to our projects opportunities programs. discontinuing investments and for at lower taking prioritize return with higher hard also

OpEx And base. our

This the room for make base told assets need Karuna. efficiency OpEx we to productivity. and we by you, means As we to are going our these OpEx focusing absorb increase from to

you executing David much begun to detail on and progress on quarters. Slide have will look a We plan more our to our as forward few fronts, X our We updating in provide guidance minutes. grow on business in XX. this future across all shown year,

rather to our than our us said in of long-term from that guidance growth short our historical what's those deliver can also strengthening line I But my be providing few the term. going of total important in not date. product ago, well targets expected long-term weeks I A and perspective portfolio work level updating Therefore, this that time, is back as we mind, to forward. targets were long-term our growth At requires our is with getting we that guidance to plan that see moving reflects that practice will mainly company revenue top targets. year. With annual you reaffirmed

on their colleagues David, for as to Before to for embarking BMS I thank and my company. XXXX enthusiasm during like hand would chapter the efforts for next our I call serving a patients David? over at their

you, and Chris, call you Thank joining again today. all thank our for

next embark transforming as our As portfolio. for Chris our mentioned, an time chapter, on this is important BMS we

continued performance of new the in in-line product ongoing portfolio our of strong the Our and XXXX reflect erosion Revlimid. and growth

on performance with get our Let's started Slide XX. top line

growth in-line versus otherwise of period our of in product all same Unless by exchange. entries. X% reflected growth unfavorable from performance generic new delivered an foreign in We comparisons XXXX, billion on made sales the underlying be excludes which XXXX, and offset of which impact and approximately rates are will basis, discussed sales stated, impact portfolio, $XX the

key and gain in Eliquis traction saw the for year, our such During products we markets. continued while products as new in-line respective their Opdivo, demand strong

split how we is from to can you we turn our XX, you growth to This tell transition see legacy portfolio. is our as well report I move business Slide underway and legacy already portfolio earlier. sales our between the our you XXXX of If will business spoke about Chris What the growth is forward. that

portfolio the This growth providing XXXX, a earlier. near delivered while cash legacy For flow approximately within our our products grow see growth generation in foundation for solid that supports portfolio the XX% in portfolio our discussed significance. our growth. We term, Chris strategy

sales our deeper Slide quarter Let and portfolio oncology fourth me full with dive into year starting on our XX. performance,

which for by volume global strong pleased upper with adjuvant primarily offset GI are sales sales the in optimized In melanoma. demand driven We cancer, the and for first-line growth bladder Opdivo, achieved indications, the partially XX%, core growth by quarter, first-line increased lung, grew fourth U.S. including year. robust in

by cancer reimbursement. indications the Internationally, of X%, During and favorable expanded and grew for million gastric led sales quarter, U.S. stocking. and from increased benefited international each approximately markets demand $XX lung from

versus melanoma. fourth Turning treatment to year prior the and quarter, benefiting sales than XXXX and the sequentially, care year grew is of in now U.S. its full sales [indiscernible] XX% more doubled standard Opdualag, which first-line a XX% in In stocking.

XXXX, to important patients. more bringing forward medicine look During we this to

cardiovascular turn to on our Let's Slide XX.

sales flat, driven over the share generic by oral be we $XX continue broadly Eliquis billion and as quarter, markets. sales driven continues Internationally, in demand fourth #X competitors. were the market primarily, XXXX gain to in sales by grew in in to European entry QX in from anticoagulant In several U.S. globally. generated

in $XX QX. were the and quarter strong, Camzyos of fourth including full million year Sales in

in And patients modest in As commercial average, patients had commercial continue been quarter. per is momentum December roughly internationally, on expect Camzyos drug for And we drug. we have sales. near-term adding expected X,XXX X,XXX we roughly the of U.S. XXXX. to The to XX, on

Turning generics Revlimid year Global portfolio market specialty of dispensing. sales quarter-to-quarter starting enter the pharmacy based to to anticipate [indiscernible] U.S. an Slide with in the our for full patterns approximately XX, hematology in being are upon Revlimid. performance March. on additional historic sales volume We

this year. to step-down continue of Revlimid in We $X range to billion revenues $X.X a the billion in forecast

surpassing Rebloyzl. XX% XXXX, moving Global in an first the Now basis sales annualized billion on for to time. $X grew

grew strong and in supported quarter, a in U.S. including Reblozyl driven XX% generated growth, launched continues in the demand Sales U.S. Internationally, be globe, markets For different broad Reblozyl first-line across the sales by Japan. to recently the label. XX% in by QX.

portfolio, impacts. Abecma competitive continue experience of Turning cell with starting in sales to to therapy our we U.S., the

anticipation customers' of third-line remained CHP benefits demand use approval U.S. setting of We ex-U.S., potential in product quarter. Abecma in data in data. to on line And strong the While expanded the the KarMMA-X in the Japan setting. recently demonstrating based of on KarMMa-X in the was our the we upon received week, third last positive focused plus opinion. profile approved remain

our doubled and strength Moving to of its reflecting improved sales profile Breyanzi. manufacturing clinical capacity. Global the year-over-year,

pleased lymphocytic leukemia dates and are PDUFA for We the expanded review indications follicular and received lymphoma to our for March to for date additional FDA forward PDUFA of cell indications. May X chronic all have in mental in look and priority Breyanzi for

second we capacity expect additional year, new the quarter, and sales strong the these growth in this to supply for driven improved to by potential indications. starting Looking see

in million, XX. We focused across driving immunology driven $XXX Zeposia Moving sclerosis Slide growth Global of and multiple in sales both ulcerative on demand colitis. remain to grew XXXX by on indications. increased to XX%

keep first impact for commercially assistance U.S. to of XXXX, quarter due who symposia insured the reset. in mind patients benefits copay typical For the in sales

access. onetime When and the million. in increased showed purchases quarter sales QX and you from in to of driving demand. from broadening pull-through continues reflecting supply and good both quarter. we sequential QX, be clinical $XX on sales fronts goal in U.S. strong our fourth purchase a approximately strip also good underlying XX% Sotyktu, growth Fourth We the demand of progress and With made the benefited out CVS

U.S. prescriptions. the through to forward, at in is way the commercially our Going look paid progress

build access, to you be which rebates, higher is subject we value to will As in mind Sotyktu something to XXXX. model for keep we as prove

the over reimbursement regulatory Q&A our Of expect course, Adam call country approvals in of can today. Internationally, to additional about talk this Sotyktu portion time. and gain we more

settlement Gross to covered approximately let to our percentage walk decreased margin few quarter just me basis through items. a Having prior key and XX. P&L of Slide year non-GAAP hedge gears on Switching sales line a to XXX lower performance, fourth gains. XX.X% points to due mix sales product compared as

operating the partially year in decreased XXXX. by Excluding The increased and $XXX quarter in net was Acquired million, of offset R&D and Camzyos, partially $X.XX which Sotyktu quarter of expenses in investments. primarily pipeline expenses was in-process offset R&D, an EPS. resulting licensing in-process due the of fourth full unfavorable acquired investments quarter timing of income, timing in by fourth to was decline impact

rate Overall, year. mix. approximately quarter was and driven earnings full the in was $X.XX per by XX.X%, share effective tax fourth The the earnings for primarily $X.XX quarter

moving XX. capital on Now allocation Slide to balance the and sheet

position share further and our pay discipline, invest operating down to strong financial financial remains we approximately on expand quarter. cash and in of flow in our shareholders repurchases fourth billion marketable portfolio, significant Our through strong cash margins, business debt billion Through with in December $X.X return and generate dividends. from XX, as the $XX.X securities we our hand operations as and strong have of maintain cash been able to

returned including the a shareholder row. Over which increased billion years X for the years, past we've XX distributions, we've in dividend, annually $XX over in

be we're to additional this As finance you know, going on taking debt planned to RayzeBio. and of year Karuna acquisitions our

However, position, as debt our we plan to demonstrated financial pay cash flow with past. to the strong utilize down we our in our

to the over billion Our X years next debt approximately profile. of repay leverage to improve plan is $XX our

to Karuna but our non-GAAP turning excludes and of item Before let with on Mirati, guidance our RayzeBio. includes impact pending me XX, Slide future Systimmune, line transactions, the which close guidance, XXXX

year. As reported consistent an we providing which we were prior new currency did a basis, as guidance remains well in on on with assumes basis underlying XXXX,

in growth XXXX increase our single-digit revenues a expect to growing confidence the range, momentum portfolio. in our low of reflecting We

foreign expect increase in Excluding low the exchange, to we digit well. as revenues single

from growth Driving our year portfolio Opdivo our recently our be and will like momentum the this in increasing products. products launched sales

As maturing, indications. year includes strong year. the last assets Eliquis that pace more a the with we from from growth the said while year for new back than of of in this expect Opdivo for previously, growth are our acceleration in we modest half U.S. And portfolio potential the legacy expect we

our a As sales, of few it relates to reminders. progression quarterly

the in the the first products like entering year early keep typical sales works For mind due Medicare gap be the first Revlimid, of gap opposite direction, in expect dynamic in in higher in and year. coverage half where the to impact in the the the And half. to quarter Eliquis, Pomalyst coverage Camzyos, the patients we on sales for than second

and expect relates of it guidance gross to last line from which the As item year. for approximately gains our margin nonrecurrence XX%, year, an be we to reflects the hedging evolution our sales mix of

initiatives expect Excluding single-digit of additional in MS&A in-process continue operating and R&D, total expenses reallocation efficiency invest and to of we cost to the we product our increase range, in reflecting maintaining of growth our Mirati organization while in focused across new productivity. as with costs high the to This a margin invest aligns the target for enable us least efficiencies means will previous This launches. remain prioritization we our operating to driving including at operational XX%. portfolio low on

to rate of reflecting be tax tax of approximately to increase our benefit last reflecting of due the acquisition. as January in related PD-X We $XXX royalty to anticipated X.X%, financing occurred year, from the well We of X.X% the in OI&E to X. impact million XX.X%, to as be the nonrecurrence costs Mirati the income, plus an third expect Pillar that approximately quarter onetime project step-down

$X.XX. Finally, the we share expect $X.XX within to deliver range non-GAAP earnings of per and

guidance our transactions. XXXX clarity, For excludes X pending the

financing financing approximately earnings with OpEx. and in-process expected half we plan the $X.XX expected TayzeBio Karuna would to reminder, to to relative earnings, be relating a $X.XX in absorb to as is other OpEx. the add is As half And be $XXX about Systimmune to about million in costs to dilutive R&D.

in When we deals have we QX our update time. guidance to April, that at reflect will the report in that closed

for profile thank I Before portfolio focused that the around with all in to our us I'll the over invest our cash Chris Q&A. for exciting for call the back opportunities financial hard believe diversify This our enable the question-and-answer and an move we flow to patients of BMS and and and to course session, XXXX. for our dedication time work decade. their to now advantages growth are [indiscernible] want key I to the strong colleagues further turn will discipline, is of investors. generation, coupled over world Tim in that deliver

please. question get can question, so First But as many morning we people just reminder, before a a X for as you to do, to to just it's everybody. busy appreciate And obviously keep that. extent possible, can we would we the

rest go let's question, So our please. first to

from will come Hector of Berenberg. Luisa The first question

coming you Maybe have ADCOM because FDA the I'll start Abecma the up. with

just into might changes how for comments any the So all your that not impacting CAR-T and on you're Any that XXXX? X pressure seeing label how just or confidence in are And evolve heading of from level that. CAR-Ts?

then we'll have and answer First, Samit Adam. go to

the patients standard the for question. the driving at on an the care and year. these of overall arm. And survival have much you disease as of overall patients survival are curve last we've that the data, what curves. very progression saw, does is getting. that KarMMa-X you And crossover therefore, shared benefit Luisa, the It's therefore, you, it clear for that Thank on updated From of was ASH perspective, data impact see allowance Abecma that their of because benefit,

product are as we and dialogue regulatory to the confident possible. to to patients much soon the very forward with We and looking very this authorities and looking discussion as are that forward having getting

therapies from and see Abecma. Breyanzi our cell a FDA that T seeking Once of asked all into around we patients. thousands perspective, the we've to relationship in look for And malignancies. CAR-T terms as cell right part causative we that updates do our you about, CAR-T not again, now products data, So second the is of label the treated

continue the we'll the look to on have that that well will as design. dialogue final we the the as wording So regulators to with FDA

on pass Adam? that, to With let me it

the for question. Luisa, Thanks,

do reinforce catalyst expect the in benefits And Samit growth for forward XXXX said, to as population. of we So ODAC to do look triple a we KarMMa-X key for growth Abecma patient this is Abecma. year. a exposed the

seeing can launch and a As international we're new And and for this Abecma commercial some you time, have launch strong teams number of also we'll Breyanzi countries in performance. been both our imagine, ready year. continued

This market, site on [indiscernible] also agents. new focused squarely competitive And safety that additional the We perceptions, footprint, expanding continued highly growth, some a not in relates around seen teams misconceptions just to opening have Abecma's but Abecma but U.S. pressure stated internationally, efficacy solidifying in our including it are our BCMA from impact is particularly profile, accounts, gap on the on reinforcing efficacy and CNS neurotoxicity. any as putting Abecma's

taking in we're confident profile. So Abecma's together,

Looking that we'll forward ODAC, more this competitive I'm and confident to be the year.

The comes JPMorgan. question Schott next of Chris from

bigger a on Maybe launches. the question picture new

you billion you're any a on just versus is those providing? $X.X bit Street know of about not I I to a there just or you're did consensus there's in launches XXXX? any where not sales about focus think framework the But areas And that those XXXX. just target trajectory quite I new about more can of guess bit in little maybe giving maybe a targets. ramps. talk a those think optimistic target, rough there's you're less see you is? If longer-term I how know of

I'll quickly the start Thanks very it I'll Maybe turn and just for to over Chris. then Adam. question,

be individual I guidance, when to ago. we level to X we at providing mentioned, met product weeks not think we're and had had alluded we JPMorgan As that going

item about is going as growth important we're you'll give about And and we going about we which forward. be business guidance new continue Adam, give today. today, you additionally talk as to as did talking we think to did to then be we going But the see, portfolio to do we the that want have, company launches? line we'll reported

Yes.

strong the to Chris. our we've product new We're build for growth a the focused have I So launches of upon. to accelerate coming that last growth our the to foundation new off like quarter, we the certainly and of Breyanzi. and execution our and XX on Camzyos, maximizing years. products launches prioritizing thanks question, adding accelerate for performance portfolio portfolio X investment the good We're continuing a we're and Sotyktu had over for mean

Reblozyl You've seen and Opdualag. performance also strong from

products to low organization. which in CAR-T continue And like also some of readying we're Opdivo, for launch the growth Eliquis a the We XXXX. to first have growth of the also September, will opportunity contribute multibillion-dollar schizophrenia we're which will and in finally, treatment excited and which for be our brings this significant product, [indiscernible] new in

commercial it up, to we're in why an important drive XXXX. adding performance to excited that's continue So

comes question next Shibutani Goldman from The Chris Sachs. of

Opdivo for where Charlie We competitors a potential is had careful strategy context question on This on of subcutaneous at a of intravenous be same a in potential there. time. considering launch potential subcutaneous for there. they the pricing from We like the sounded your a Chris. one were could what strategy market yesterday on for heard out that PI, the biosimilars

So subcutaneous just thinking the wondering Opdivo? pricing how you're potential on about of

Adam?

for Charlie, Thanks, question. the Yes.

comment to early say, we going subcu the pricing can in a we results, not of What our side positive the Opdivo announced anticipate launch and quarter, subcu. I year. next we're So on

we next subcu have thousands the well result, patients into a the Opdivo. decade to potentially of with opportunity benefit As

to in Remember, patients and talked to less this that's to expect And mind. franchise the Opdivo the XX% address of subcu. physicians treatment we an to potential think U.S. about X-minute XX% infusion see than keep to time. next due important why overall convert the endure would has the subcu really for roughly thing we both And business into to into I decade. burden

forward to both important bringing certainly patients formulation, we to physicians. and this So look

The of next from question Baum comes Citi. Andrew

coverage be patients programs the printing for it think then do of in experience? these bridge? will long through Realistically, how revenues Sotyktu U.S. bridge your Adam. the topic. rethought use broader getting A launches same before starts just off question And for following the you Sotyktu Have combination the of well as you as

Thanks, Great. Andrew.

well question the second question. as bridge answer just first, then and I'll me take Let the

we against on plan. the our brand focused year, an executing we're So and Sotyktu We last important X shared organization, is are areas. for

And is securing The And from you first driving mentioned, And through is of second pulling making funnel. those access. top against progress at the we're as course, demand bridge the the both. to of commercial. patients

sales, directly CPIC When trial, You product. at move sales at David. access specialty patients to [indiscernible] the normalize you as which, with bridge and net have on clinical quite as heard improved excluding frankly, easier X now about versus onto from commercial and increase the that XX% pharmacies, orders, access we moving well QX become

about XX,XXX access But progresses. expect in QX around where talked mentioned David secure to we the improved net to also we good broader growing in XX,XXX double offset plan Sotyktu. needed he year, to reset prescriptions that will are the that an roughly QX. in which momentum sales today. due see But impacts we and And there than net in get paid was year see QX, be in for to QX. gross base prescriptions to around of paid increase in as rebating gross our prescriptions momentum this And level net will that we expect more volume to

clinical trial purchases. We bridge And made going as expected. about to that patients the months you you X move asked XX% As from around good progress the patients Conversion bridge sequential commercial. talked X to result, to growth that commercial we around conversion. CVS shifting a from is saw also We've taking excluded as from exactly in very to for product.

from continue to makes wins our XXXX moving Cigna also sense And to bridge in continue work drive as in access and and ESI demand patients to with so where to work do our improve improved XXXX we'll financial so. secure it well, to and

Fernandez from The Securities. Guggenheim next comes question of Seamus

that of quick brand bit continued On of thinking Can And to international how a that sense in talk a driving us little of the give particular. starting for just should the here. the the incrementally? you Reblozyl Reblozyl, acceleration about just what's So opportunity we be see. strength one and a about maybe we're

Adam?

for Yes, Seamus, thanks question. the

RS-agnostic The broad supported launch an is by our the ADS U.S. in demand with in well progressing strong patient population. label first-line very

Just positive from we Reblozyl. late majority take now in the back, building to of we're across we're and after are seeing community patient August. switches setting we the steadily where in rapid And RS population, you saw particularly launched momentum patients launch, the use strength initially in ESAs in first-line But treated. the RS-negative population,

We presentation, the both ability key we've transfusion feedback physicians independents the to as the ASH brand. of also features community heard have, of recognizing after remain response and durability the and from academic

the as very seeing pleased performance. with we're launch strong So we're sales

We expect year. it to was this in first Japan And seeing in of half continue approved and this We're in approval mid-January. there, Reblozyl European uptake also expect nice we the year.

comes Wolfe question from next of The Tim Anderson Research.

it think would at you I Sotyktu, On QX, step was to get it. at no mentioned it take longer

what what Is what I'm current exactly? step through? So the do biosimilar primarily? wondering have step patients are exactly, it Or to or HUMIRA, Otezla edits brands is it either brand or

Yes, Tim, thank you.

now a secured Cigna one-step we mentioned, I access additional and position. ESI in at as So

really of product. that so is And regardless the

to X progress over you step a months. Otezla, additional That actively and complement or be after coming payers, could IL-XX. and IL-XXs step that be adds will to So today, another after on could XX million our a we continuing update lives with negotiate the the we're

question The from Trung of comes next UBS. Hunh

Medicare, there negotiation much their spillover could pricing how realize you that skewed for I the commercial you a that? I patient the erosion? towards more about say is IRA, there's on do has uplift pricing that where Just offset those not initial about could just impacts. about think And mix do you anticipate I think CMS So think can sent was offer. the how But wondering largely from you help given do potential be Eliquis,

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

Revlimid be IRA when to [indiscernible] eroded. it branded will fully as So relates

look always think shared, important, patient also we and around As spillover, the potential of including it's just spillover, scenarios affordability. but relates it to I as commercial opportunity, I multiple at planning the risk

the design. So and benefit pulls there with are pushes changes in there

spillover and going same time, to of the across to to September wants just books continue mean to manage business, have that agree We MFP this we also today that we it mix we'll to doesn't risk our manage include are in commercial do to at transparency need of remain commercial, because certainly commercial in potential the the And to on the payer with have both we But continue as price disciplined to negotiating payers. X. there.

So performance end and in through we year expect expect XXXX. significant continued strong growth of the U.S. the Eliquis for this

next Bank Geoff of Meacham America. from comes The of question

just half the Chris guys sense more and some on have launches capital integration? in the be pause first year. Or commercially. I'm David, on obviously, or integration deals deals whether with you products focus you're be what would you to balance year of newer a this interest? distraction get to of with all closing, or products the operationally on doing trying a allocation, and could say would is bolt-on of But a the more the of still

Thanks that the one. Geoff. I'll for question, take

So of as just top those Obviously, think about we've got we discussed number year, of as for deals. the stay executing a be executed last we've development business a continues capital to allocation, previously, we've on focused end priority deals towards us. to and

more said characterize strategic going in into the be I sense company financial and to a those to makes so. continue bit to interested certainly Having is innovation at well. partnerships course, are that, would bringing we development that as would But deals at priority. how characterize opportunities that's I point. bolt-on to this We're a Business also, and look as it. continuing licensing of still do

The next of Blair. Phipps William comes Matt from question

like. you with a I this is program the of give us after step of So study the next a NEXT wondering that T yet to I sense patients treat Phase SLE what if pivotal? many how And sense this was Give a expect you could to year. looks do straight CAR-T

Samit?

Look, Yes. in we Thank Matt. question, phase. escalation you are dose for the the

get patients many efficacy to the to for at patients one one time. patient we'll patients to open but can certainly, will profile have patient a in through to this As number can't certainly we dose of at go the have by number give we right safety and you SLE terms disease. treat But good treat remain intend advanced the we very with time, at recall, soon, a who trials of a be the of beginning. able understanding the want you how I same in as

data the emerging trial. year, present to first the this intend later from do We

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Steve Scala from Cowen. The next TD of comes question

has you everything Factor progressing Milvexian's believe AFib on trial right based is some trial point where at I are in And AFib trial. now us as AFib. already been AFib and you for Bayer taken. underway trial stopped XI events imagine been would expected? approaching the The Milvexian you Samit, know, look has the a its Mivexian are confident so in I very that reassure sort around year, Can of

Samit?

thoughtful, the going certainly, you Very any is all is from do continuously question. very trial trials, the tell for On enrollment and the Steve, the as And the prevention progressing. X secondary you, trials, indication continues not can always. otherwise. is well. to have DMC oversee stroke DC What CS, we Thank and we

that will well this the one will X more studies. whatever the just be the in look a certainly to at of in nothing look There's [indiscernible] would at we data. though, reasons these that at SSP forward will data that actually the philosophy. readout and for perspective the from believe, to to a well-designed doses they We safety very I assuming differential don't thing, continue conduct competitor between failed those looking because of to doses say reasons DMC as report time. as picked, 'XX ACS, and to trial and We versus trials 'XX. We are the same have we picked did and continue

The comes Morgan from Flynn of next Terence question Stanley.

second-line if Breyanzi outpatient I Breyanzi seeing elaborate that? respect you're commercial OS anything final you setting treatment on was in year, to impact with then and the potential And how just might the here? wondering for particularly thoughts could data your this on

Samit? and Adam

Yes, certainly. Thank you.

then So to start commercial. first I'll off it comes on pass [indiscernible] before and

mental few do dates are as high lymphoma that mentioned very earlier a Adam off to and lymphoma, cell David start forward And PDUFA course, planning that we remains need. then, these unmet trials to follicular remarks as Breyanzi. medical I'll because looking more these had for his lymphoma with CLL. X So a well in in patients of Certainly

And then, of therapy that course, cell there are products multiple other are in development.

a with we'll we'll where are regulatory and we update of out-of-spec authority, that. discussions, of at inkling later those landing the to date have terms the the that. From continuation on once So about be Adam? we an we talking more in engage or continue

question. the Thanks Yes. for

Breyanzi's So double-digit performance We saw growth the with quarter. quarter-on-quarter. we're pleased in

good XXXX, expect to supply. to Breyanzi also of make continue vector supported our We in progress by strengthening in

support where and materialize cell for we be indication. indication agent CLL see our have first supply and further with planned March, to starting indications fact, Breyanzi even new to therapy In QX the only Breyanzi this in expand the in will will

spec time As Samit product to, drug making out good we're in alluded turnaround progress of reducing capacity.

of addressable just these move we X So Breyanzi. half the Breyanzi broadest array the reviews first with the CAR-T. potential of of of and year, will course now the in half B-cell any believe LBCL. treat malignancies as brought has double for of we to label population the priority patient through year, the And the indications now the we FDA And first

So we're seeing what and progress the very pleased we're with making. we're that

expect demand profile in We and that we because Breyanzi of are the seeing strong brings, outpatient safety this increases use year. growth best-in-class

Capital The next comes BMO Markets. Evan from Seigerman of question

love company investors Bristol-Myers? to cell for a antigen last for why receptor you ASCO your direct integrator in lot ligand to GU, hosted important you initial an at analysts side. for you large I'd as pay presented event So you to Phase it's speak week, from and X pipeline. then attention going your the a data know have to I think as on a asset at

we things should this? on like why be So focused

it KOLs product. start from some we'll we'll then Samit, get turn Adam on this to to and feedback

you, Thank Evan.

good to important us that for multifold. is are question. a it And believe the we reason it's think I this be able highlight to

anticipated we Let said and there me on molecule X progress to is from we Day, to demonstrate we saying, are at . AR-LDD, cancer. and platforms in, wanted year and them. that off the degrader platform the late-line it goes remember efficacy that the are critical we protein to with very into that by it prostate R&D manageable tumors, had are is able that continuing start that patients showing believe and as first well safety last we progressing absolutely solid be profile in

truly you from of durability and the the if impacting correlation look reductions, saw the at overall the data PSAXX, as of those that PSAXX you the in the data, survival. correlated, as As well literature, that

thus we we've So are what truly far. excited about seen

more enrolling course, of are, patients. We

trials optimization of phase. are initiating registration We for regulatory authorities the We interactions now and phase XX the months. the to X next with had development planning next in within

to just his Let perspective me pass well. as over it further from comment to Adam

Thanks, Yes. Evan, for question. thanks and the

excited we're degradation. protein So cancer, relates as prostate in to said, the to diversifies even about, portfolio the of And complement of further AR-LDD Samit our it some as deals. platform this recent IO

of enthusiastic durability profile, to the manageable were III GU look they have late-line out of of KOL that community we feedback presentation to patients profile this a ASCO And safety have were studies moving when profile, the the prostate registrational coming about response. with reassured cancer. and number stating Phase around efficacy into a forward community the about of treat and and well, the as they it was ask and asset, PLs enthusiastic the positions, around opportunity had been We particularly the

comes question Gould Carter next of The Barclays. from

For to wanted back to come Camzyos. I Adam,

of shown of addition kind a same pretty sort You the number steady of of of patients for each sort

under with would you to that's increasing of or I factor, logistics comment and 'XX? I launches. guess that your sort some forward of And there? maybe gotten you're trends there's can going with quarter launch, kind sort you've expect frame with each see would of how seeing gating sort what that, most disagree, elaborate you the that whatnot. agree I other whether quarter. extent of whether Can you feet now in number that be on like on whatever the we

Adam?

Sure, the Carter. Thanks for question.

good very Camzyos. So with to continue we progress make

steady the see about, to expect unbranded growth. continued do we As and we're We direct-to-consumer. talked brand consistent behind investing further and in branded

a David mentioned time. treatment As seems feedback positive. very Remember, quarterly basis. going we're be averaging long to and very his opening X,XXX Patient patients patients a physician are in remarks, around these for to be on on

to And JPMorgan. taking you back

to case, a recall, Chris you showed CV an akin is tracking in very strong analog If where launch, Camzyos this ENTRESTO.

and activating our cardiovascular launches diagnosis And we that patients expand working So focused in continuing our to of top top We'll on are this by outside to breadth new continue via advertising. increase uptake. COEs. to COEs rates is way our the drive DTC

are is to coupled to going we confident lead and internationally, growth new So with sustained that, this continued for important launches this that brand.

of Bansal comes The next question Fargo. from Mohit Wells

Serena Bansal. is Mohit for This on

considering this II So could I Phase Opdualag Opdivo the chemo be is approved year Opdivo coming arm regimen? wanted to you in versus this wondering first-line was the how being ask that out I comparator think early about YERVOY readout data meaningful the cancer. lung

relatlimab of of we're chemotherapy Opdivo chemotherapy. relatlimab that chemo. study looking the is wanted of this II a out Phase contribution to plus Obviously, question. to we looking the with for you The Opdivo show comparing Thank at forward to data Opdualag, doing OPDIVO right of on we can randomized seeing away twofold. the for question contribution intent of One, component so get the the top combination

also most this we therefore, the for of wanted on data. do appropriate arm two, we that number is plan course, we to Chemo. study we Phase so used the right -- to is widely go when And set dependent, Pembro that control now are III, that, can And

data, And go will this year, we decisions quarter with based you on on be then drug. to where later making the this will and the to data. able So be about hear this

question from Robyn of Truist Karnauskas comes next The Securities.

a This for question is Kapan Camzyos. I follow-up on Robyn. have

data a or do steady broadly based bit any efforts a growth from more you you the not that, is reimbursements improving to on that sort see expect and little drug U.S. should AM. the awareness? if Obviously, competitor sort continue landscape impact any about you recent points? also, talk a to if the inflection talk of might inflection see wondering you your can can you think Just do point And And about but yet, these on we little expect? you of based see approved ex the data how in bit

Samit thanks. Yes, Adam? and

would within way III Camzyos the we Yes. our it out Camzyos. confidence Thank transformational Phase the read clinical amazing with further X trials at competitor that you data. we the And in now The is look for have data have actually trials, that questions. strengthens

You've seen for the Explorer. data

BELR. which recently, of first the we from You've the as the trial trials. seen And replicates seen well, readout III already Japan results X data had Phase in we've for the a that

and the the continues As to treated tell as drug of maintain drug. as thousands also well of patients, data safety that efficacy we've showcase the Adam you, the would of now

see setting the the will when you safety of drug what data the As real-world is. are profile ACC, from presented the at overall

in what would [indiscernible]. that say So general, I is

want difference to X those [indiscernible] see NCLs from endpoint the a the likely in meaningful about [indiscernible] populations -- data They set. due They data after being data talked patient stated studies. are also Camzyos. and and not across differences of clinically PVOX data in shared. to any differences have the we those undifferentiated to that spoke and were They appears course, many also, similar broad

this Actually, for leaders [indiscernible] said space. in we And to comes our we class organization. it market positive it for leading also we OECM with is a prepared and which cardiovascular could though maintained a important. be we important that keep awareness really consistent is help remain that rates, when have to be will also do another this diagnosis competitor, patients certainly I've view will in that net symptomatic to mind drive thing increased with see with

host in a to Finally, starting in to in to in just We've launched China relates the other markets. U.S., expansion as Germany. Japan, prepare see the outside and midyear launch of U.S. We'll outside of we're of it expansion

that sales to the So manifest the end see back XXXX. we'll those year into of start and in

Bank. from James comes Deutsche question Shin of next The

mentioned on access similar to improve the back going like of this time, situation a little . going year? psoriasis? that a year, still to more Adam, take UC. Just Zeposia. is it last I bit think circle to late meaningfully or for wanted Is access to was and you Or earlier improving sort Sotyktu

Yes. Thanks the question. for

we're seeing So year-on-year solid growth. overall, quarterly continued and and

has XX% MS growth year. amongst a I been showed Dave versus prior think solid. the As competitors oral tale shared, is performance launches. X And of Zeposia really we

face We in of market agents. the And growing growth in expect oral declining paper a we're continued share there. B-cell

as continue have continued which, as is We in volume very increasing. a know, UC, We're share for making market. are growth and progress to an opportunity you competitive

opportunity on to for focused additional in data the this are We the of lines year prescribers. of sales disease, Zeposia. for readout expanding will also the position continuing earlier later add to like post breadth treatment. We're And indications the Crohn's

to So again, continued accumulate continue we experience to patients as with Zeposia for do growth expect the to physicians gain product. and see continue

X for then time X maybe after that, we'll question And and Great. or Maybe Andrea. X for more. to go now the next

from Akash next Jefferies. Tewari of The is Okay. question

on what positively. to And color treatment what get high what of Any on similar psychosis arms we've do out be of will the the percent it XT? patients these KR for studies? roughly ADEPT think Alzheimer's occur on confidence on you seen trials? you dropouts in schizophrenia percent dose what in of Should the able reading will the be to Can comment you drives think your

Samit?

fact. agonist to was positive first that published, [indiscernible] agonism the our muscular Look, you that the in Thank confidence tells in work was there. in for us MX/MX peripheral issue obvious publications of look do question, high. for toxicity back the there if over the think, was trial, a was that very Akash. if reason was muscarinic that a to And remains that that over seen. due is XXXX, you the go which the trial, The data, there And you study xanomeline at I

the has right in is schizophrenia. that combination with as beginning obviously in to So Trospium AD better trial outcomes we at psychosis led . The saw now stages.

So right now. are being the tested doses

But transaction to would future to get looks tell. deeper And the too needs into hard course, then us, of and separate the now. closes, have get the able and the comment it as once it's So be, look operate Karuna into right we on what it's early to utilization it. at patients continue to be like. we'll will doses, on be where dose We'll what highest to the

talking later be date. at it we'll about you. Thank So a

our please, Maybe let's Andrea. to last go one,

The of next question comes from Rajesh Kumar HSBC.

at assuming we appreciate guidance on an this implicit from an any more that you we get we price expect, negotiations. adjust I what and But margin clarity to I'm year, made look obviously this assumption should your of have can't is lost? guidance you guidance your you color Eliquis that negotiation? that in when give Or as outcome that

the offer. we just maybe to about and We're it around not will we're for bit going won't talk question. we IRA be So they David try public follow think about. Right, providing have the little I'll initial the price a a be We about But to Eliquis. in over on David start we turn about September, where thinking process the generally. how to any be additional going with discussion able talk then to we're and give and sit can additional Rajesh, to I'll that. details thanks margins got around to you bit to how

are that's increase, obviously, anticipate continues gross LOE year, that we going. where gross But XX% guided, brands we by will this the as driven coming as the to help overall, really portfolio term be and offset down. about margins margins growth longer Just those to

said going on order savings grew Karuna, lot to those that And that expenses that, mid in said we on low with we're to also cover there expenses. efficiencies there's operating a single-digit the in and We really, our as range. find going

But I our Camzyos my Sotyktu. remarks, said also, in increasing we're Adam investments as and and in opening indicated,

those from that And the all of deliver we're that, year, greater legacy with So about. a finding than which able XX% that. be into to resources very confident for feel our refunding margin we'll we brands, said,

Thanks, David.

to was from but today. decade. of the we progress sharing against you the course, we very exited joining the look discussion on how we for have time forward to that capitalize with you. we morning that the get for the a on calls. Hopefully, navigate I future all thank I day for to on think going all this you that this a that call busy XXXX I that it's momentum have, we're of So it know about good And strategy sense articulated

And a day good answer questions a very with that, good call. available following hope of I the and always, we'll have is team today's close you the to any as discussion, and And weekend. Thanks. all

now The Thank conference concluded. you disconnect. presentation, attending you for and today's has now may