Bristol-Myers Squibb (BMY) 26 Jul 242024 Q2 Earnings call transcript

Good day, and welcome to the Bristol-Myers Squibb Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note today's event is being recorded.

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

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

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

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

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

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

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

this joining Starting for Tim, Slide us morning. and everyone, thanks, Thanks, on X.

of the on our year-over-year foreign be XX% larger track uptake accelerating sustainable impact moving of quarter commercial is with of to This marketing In a products. exchange. continued our Growth to portfolio increased number mix QX, component strengthen second or a strategy position BMS forward. Our reflect to portfolio growth. our for long-term continued results against overall progress performance XX% across revenues we excluding

approvals strength best-in-class pipeline, and for We This includes demonstrating also and regulatory or first the U.S. assets. development Augtyro. of of our portfolio our Breyanzi, our advanced the Krazati

We in have a a number milestones subcu this liver from where at of PDUFA European our formulation more approval bladder a quarter U.S. to first-line of presented are the December first-line subcutaneous FDA also now The XX. our convenient data for application. nivolumab, including of progressing and in is we achieved date cancer cancer also IO EMA franchise, ASCO reviewing

as performance, Before like X, quarterly we to we stock into back and headed. where take around on and are get I'd details a more are step of where Slide company we

are meaningful win top-tier we that assets Through efforts we these to prioritizing R&D right shareholders. can areas, value. a advancing where therapeutic we previously, where discussed and longer and to has or First, competitive to We're focused return long-term As on we ROI on our portfolio threshold for discontinuing no growth focusing where with advantage. actions, are compelling pipeline programs treatments are This first X a on have our BMS sustained programs and focusing focusing doing our reshaping on across this best-in-class we meet medicines potential growth and maximize by deliver on accelerating transformational where investment. objectives: achieve BMS ensuring our possible, are means key

organization cost track emphasizes cost in on savings and we that speed operate, organization. reduction accountability. on to are billion greater actively productivity, how streamlining R&D and and driving in our matters the operations we QX. efforts are driving the efficient in excellence on $X.X more This achieve focusing and We're throughout becoming includes executing we our Second, most, the improving announced operational a culture what

our behind and ensuring Business our We pipeline and balance shareholders. returns. commitment partnerships us development to to important maintaining to we investing are sheet long-term Third, cash for capital remain while assets. remain are and strengthen most allocating returning for we on strategically portfolio and growth our growth focused we critical continued

organization, are the value patients. highest actions are these the our activities across execution on ensuring medicines deliver together, where focused our ability needed tightening to to Taken important we and accelerating

that to Slide X. turning note, On

growth hematology, us of objective IO and of our potential business top-tier on to degraders. cell are include deliver our generating we leadership pipeline. our oncology, and extending to the focus requires Our protein by broadening driving In therapies

immunology, in we and radiopharmaceuticals. our system efforts cell therapies immune new R&D thrombosis, expanded failure also options have cardiomyopathies. in we're treatment expertise We decades leveraging into reset to therapy. on and that are transformational ADCs In the with program deliver potentially cardiovascular, In heart of focusing a

KarXT our presence are we in pipeline to with continues which followed And by in starting neuropsychiatry, advance neuroscience reestablishing in finally, neurodegeneration, an exciting nicely.

with let On KarXT progress you specifically. update X, me our on Slide

have X important the expand into against clinical for launch a to executing objectives: upcoming and program therapy indications. We preparing robust main multiple this

product. anticipated rapidly KarXT's of the We prep Adam our launch more are speak potential building approval commercial about the infrastructure out in FDA this September. ahead We're necessary can Q&A. for late about excited in

psychosis previously also As expanding in expected additional in with in to Alzheimer's we indications XXXX. XXXX, data in disease schizophrenia KarXT adjunctive are discussed,

to in are agitation start Alzheimer's trials track. plans both on Our disorder and bipolar

also planning for X Alzheimer's for have new and initiated disorders this cognition. indications spectrum autism we product Finally, in

and pipeline lung hematology our subcu year. franchise IO On this milestones we're X, I to In and our a Slide Opdualag. therapeutic want across for highlight oncology, extending nivolumab important data with few areas

believe allows Phase of patients to at cancer we system, the CDXX This standard NEX-T. year, with formulation therapy proof-of-concept launch multiple the the to this In to of XX% decade. this patients this a benefit immunology, the U.S. soon. continue the cancer supports later the next treated deliver we of Phase convert a study being lung IV patients that with meaningful estimate subcutaneous of across data we indications. year. With care nivolumab subset can to administration into to the share data initiation for multiple subcutaneous expect at Opdualag, of least III in resetting we this first-line II of This year plan cell see patients non-small By medicine more immune of XX% for convenient will benefits from indications. With to anticipated ultimately end across

completed enrollment of We to III year. and this Phase now in Sotyktu trials for later psoriatic arthritis see have X data expect also our

on for pipeline Slide will focus to to include in we ahead, year readouts in second LPAX building fibrosis. X, data our A of half this the XXXX. few Looking important begin see momentum through with on pulmonary

Milvexian, cell XIa to myeloma our registrational oral the benefits including confident to Mezigdomide, inhibitor GPRCXD in company. Iberdomide fibrillation. we CELMoDs to our further potential and Our multiple course, pipeline be has growth All of are our the patients and Factor for pipeline, only increasing atrial and in which profile. potential momentum, the commercial a strengthen form deliver ability and for large the significant have With opportunity therapy

XX. Slide on outlook our with close me Let

our upper guidance growth Given top the end confidence we of our at and QX have now the strength the of remainder line in the the year, of range. results to deliver expect we

We are detail year range shortly. also raising updates will in for our David EPS. more full And guidance discuss these

took by me steps long-term in drive journey QX, to our on we noting Let forward notable summarize that sustained growth.

strengthening strategic patients contributions work to a employees is progressing to even the While thank more what there by strong the delivering breakthrough commercial pipeline, more their are flexibility. faster. and is our BMS catalyst-rich of do, their that balance growth maintaining commitment foundation for that provides a sheet for medicines the want in portfolio growing I quarter to to we and

David. over now Let to me it hand

good Chris, begin on morning, you, of Slide Thank with I'll quarterly XX. our and sales highlights everyone. the results

of will growth Let reminder in rates exchange. a are same foreign the me XXXX, start brief which are sales to impact period on all a with comparisons references and an otherwise basis, on our non-GAAP stated, be basis. unless that underlying made the All from excludes P&L discussed

business. total increase and growth our a and quarter portfolio. increase X% slightly spend, portfolio our XXXX on the Our business, quarter financial of our for resulting growth legacy during across and results second a the about growth during came the updated in operational in focused XX% These our XX%. The margin performance as continued a sales excellence and outlook of execution timing in driving represents positive favorable of in operating expected, reflects higher more our proportion now of portfolio than a focus support Expenses to including reflecting our roughly guidance. XX% the

Second Opdualag. quarter continued including momentum reflect Reblozyl, therapeutic and our across growth for brands Camzyos, important Breyanzi areas several key sales performance

While particularly with important half our the do, work growth immunology growth in in Sotyktu into to across several is take phasing still to sales saw will business, of to category. second highly be we more we There net across quarter, consideration competitive growth recognize some which this there inventory year. the brands this when favorability also are

up were $XX important in a by closer global to XX. our with related brand our Opdivo customer benefit immuno-oncology Sequentially, sales business. of key take look starting estimated at oncology and Slide demand on franchise patterns an our performance, buying than product remains Let's an U.S. million the driven

focused to in Opdualag, encouraging higher we newly on in of periadjuvant delivered this be the FDA remain growth see core reimbursement. IO regulatory franchise range lung the quarter We October. driven our approval with expect launched which strengthened demand. mid-single-digit and securing another await Outside indications growth we further is including expected mature and the by in double-digit markets actions, primarily several trends U.S., And additional year across as

this initiate further into and As decade. track our of lung we III subcu nivolumab are of IO Opdualag cancer, program the support next our previously, of development opportunities, of later said we a the with year. extension These on coupled pending expansion segment further in pursuing we first-line registrational Phase to remain approval franchise

reflect leader, Eliquis share as the gross sales than cardiovascular begin by typical billion. Sequentially, In market of demand the enter In to XX, market were sales on quarter, more worldwide global Slide net second unfavorable Medicare higher remains as impact is U.S. in with driven primarily anticoagulant and patients to the gap. coverage $X gains. sales an U.S.,

As half. resulting the versus more half these sales are first the second of acute lower in the in a reminder, dynamics year,

year. second was patients second to X,XXX approximately by Turning than see This future tripled Outside of prior steady mainly sales quarter globally, compared the to almost more markets. in demand the commercial reflects sales reimbursement patients to Sequentially, on an adoption. by the approved in sales And demonstrates growth. for U.S. were room dispensed total growth we commercially drug. significant U.S., the timing and bringing consistent the U.S. growth increase quarter QX, of driven led X,XXX demand. Camzyos, since

of by and U.S., markets. by largely brand turn Sales the anemia demand introductions Slide and hematology the driven across XX% reimbursed sales quarter-over-quarter Outside XX. Japan. globe. and in U.S. U.S. Let's countries including label with forward to the Reblozyl U.S., favorable to quarter saw higher benefited is approved both inventory in MDS-associated ex in look growth nets. from the gross in first-line cell on In first-line international approximately grew In sales recent Abecma broad We Europe we indication the and to growth with the in driven XX seeing therapy, some

discussing the such work continue indications and Breyanzi demand Germany, dynamics customers. with data capacity. in through XX% growth and the Japan. was across which markets We to sales quarter, driven strong myeloma competitive by our multiple International manufacturing multiple by growth expanded grew KarMMa-X reflected France in in as

Now by immunology Performance competitive with month, discussed access covered than to access another At favorable continue greater quarter. earlier the environment lives last starting with and large time, access. of we as have in same impacted XX. Slide be across on QX, large of moving X added PBMs improved now step commercial we the commercial to we Sotyktu achieved the of And during U.S. quality multiple We XX% edits. PBM this

gross on growth a will net revenue term, be near growth, offset As in incremental time. anticipate to we demand which modest over result, by the pressure

I components highlight Now XX, some turning will the of Slide to P&L.

our savings call. quarter execution, steady on focus a reflects billion addition In program against commercial we on second solid last and progress cost financial discussed performance $X.X discipline, to our quarter's

to savings to to driven Operating related As the sequential half impacted basis, mix. were excluding partially in spend, into quarter. favorable the On due Gross savings growth primarily accelerate a reinvest timing lower by drive greater and of in impact R&D, third product expenses this opportunities in reminder, investments we planned higher and plan patient a cost process margin shifted the efficiency by quarter, of to second expenditures. offset timing decade. the initiatives our our growth came of than planned sales to expenses, anticipated that deal-related in the higher by came cost

of was quarter the share the prior Overall, XX.X%, in in from rate $X.XX the income due tax XX.X% to earnings a Our in release year primarily reserve. changed quarter. tax to per

to our robust growth billion operating Now in cash portfolios moving contribute allocation securities sheet to debt legacy to cash, and capital XX, approximately marketable revenue XX. the billion, growth $X Slide highlights the balance equivalents Both with hand. and cash on closed we in on continue we solid on approximately quarter, and $X.X flow delivered and of had our quarter the June legacy

During debt X are the $X.X to consistent and billion, second position years. These actions pay million quarter, $XXX we billion reduced in roughly approximately over including commercial $X.X with of down debt. our next of $XX plan billion our the by paper total debt long-term

In of prioritizing opportunities we that remaining further our our terms dividend. growth strengthen capital will allocation, while are outlook, committed long-term to

the Please Slide through results operational growth guidance. generated updated performance, QX top provide turn XX execution full our support to year line walk for business and to details across of the excellence. On driving focused guidance. These

assumes remains which guidance basis revenue As an on we a prior is our year. well as on as basis, with consistent reported underlying practice, currency provide

the of we the sales full is year at of upper With continued sales reflect portfolio end come guidance mix. range. to for the expect growth are our in we now is and raising growth, revenue due to low This better-than-expected gross performance to impact now of single-digit the Revlimid. our of which margin, Our the to guidance respect

increase in initiative. at the associated due be process to of percentage the continue offset upper the end total by range. acquisitions, realization expect our acquired recent low to Excluding costs to expenses partially productivity incremental of our operating with This we savings reflects R&D, single-digit

full least our of margin remains delay for now at unchanged. the in step operating the we QX in up expect QX, Given a year timing XX% of in expenses anticipated target Overall, previous

For now the and onetime by The approximately impacted be in-process tax in R&D million royalties expect quarter. higher-than-anticipated of acquired expenses expenses we Karuna charge, due first favorable estimated non-GAAP will of annual net $XX net interest OI&E, which annual expense. to rate income our affected nondeductible

the expected full impact, rate estimated be is about still to this the for tax Excluding underlying XX%. year

of between $X.XX and we are these result of non-GAAP XXXX raising range changes, a As $X.XX. our the guidance to EPS

phasing full rate we the of similar the in of and has walk in our Let's second of in Year-to-date, typical the quarter next business temper we these the had seasonality in in to for portfolio growth product the through product of half Also, Normalization expect in third of quarter, the and relation mind anticipate year, growth. the phasing year. we we a reversing second in sales in XX%, $XXX roughly back million to the quarter. half our grown approximately keep sequential growth in QX. sales stocking likely see dynamics anticipate the the will

we these of $X.X end year business, range. generics continue sales our and other we our Revlimid, for variability the we be while result a as billion dynamics monitor across $X However, now strength of the dynamics, strong and growth the to And of billion to expect to at in sales higher from portfolio quarter. underlying the full expect fourth

organization. sales with as KarXT of a we more neuroscience In the ahead agile And XXXX FDA emerging discipline approval closing, and the are opportunity with long-term half key our financial September. momentum and excited brands the building about we have platform. of driving anticipated of in entered leaner second said, in Chris

to We competitive are we investing needs committed our the in where to have meet patients. areas high-growth of advantages

And with call over I'll Q&A. now that, to for turn Tim the

Thanks, David. we to Rocco, first could question, the go please?

Instructions] comes question Schott Today's [Operator at from JPMorgan. first Absolutely. Chris

competitive and portfolio pricing mentioned rolls you the price you Maybe incremental the Just a questions broader But here. there's first X price talk erosion I of environment, think good know how immunology the pressure given think access. this that to continues further a is we is can about likely half just the forward? about going on we about year, out, think or modest X is, I once Sotyktu consider business for time? immunology guess, rate quick to run access when see that over that a this price as about to second that

The directional about there of was any But second just about waiting Any IRA. is surprises the all IRA had Eliquis. negotiations kind just can I just just terms know we're how question price share on broadly could wait Or or you do so, that I you think kind month in went? of disclosure disclosure, how just on markets color that the on negotiations as a until Just that guess, I I in it. appreciate on competing, portfolio you're et we and front? of to cetera? you but more share thinking anything you're price have

Thanks, second Chris. Maybe flip start I'll your with then it Adam. question, I'll over to and

forward of in important final It's seen consistent CMS previously, the So in going Eliquis to as we with what drug we step business. exactly, once we impact we've today, to IRA. look going price And increasingly shape we the received price, I to MFP that oppose want Eliquis under of ability emphasize X. the navigate of continue drug Eliquis price our discussed be term. as more back IRA happens, either and on I'll now setting the patients. on Eliquis. government's though, on an the confident September is or anticipate important for firmly to publish is we're an on to MFP before impact color to is If for to say have you continue to the we MFP price providing the Eliquis, from that we've company short medium final What that for the government

medicines price believe continue We to setting by good life-saving that is public government policy. arbitrary the not on

of you we published irrespective innovation, about more on So concerned and the we'll September weeks Adam? give price that dynamics, before on certainly able color X. anticipate get IRA coming but Eliquis short-term be very once in the long-term of we we implications to remain which

thanks Chris, question. the for Yes,

rebated progress as A you highly David and the and a as of portfolio our that as well from category, in good more in in broadly, Chris, heard number immunology. growth competitive making products, Just and across immunology, know we key it's highly we're

Now performance that. slower been improving that I on been focused on have our than acknowledge a but focus where key we'd We're to executing has like, has Sotyktu plan position. improving our we're access

make we're the unrestrained As to XX% progress access David that of significant with had through year. and in roughly into mentioned, that first year We continuing the the came area. we half

the As of X more XX% July effective the the we is We move we edits. have than now essentially that. half back access, step majority of which doubled probably X, year, into

now, about that's lives in January. million over access XXX we further So expect improvements and

attrit patients Bridge move we'll commercial quickly product, David patients of So we'll as access, new a specialty move fewer pharmacy. to to increase much and onto also program at in obviously, that's gross see due the rebates our product, offset commercial volume. to and by We'll important because a mentioned, required faster on for net modest work out increased the patients see to see improved

we in had a about gross impact a As a negative million true-up. of reminder, due to QX, $X onetime

So versus year, exit be for as with going the us in we expanded a a this to will position a of lot company. move much where we the access, year making into committed big give we're our started and as momentum XXXX, better to we're product this which we

Hector is Our Berenberg. Luisa with next from question

could where on perhaps I the QX? whether million just in describe cendakimab. $XXX wondered which question you a occurred then stocking products And benefit across

and your ramp can might sort access So this on to comments on you positive the readout see be position some tell us you around Sotyktu. good there. and of launch the piggybacking file how color soon Could to the you of and perhaps sort how able

So how about launch think we should there? potential the

Samit and address to and Adam start, can David then the Luisa. on I'll cendakimab. question Thanks, ask

Yes, for thanks question. Luisa, the

our really franchise some as the immunology franchise and Zeposia. Yervoy, and in Opdivo IO that's [indiscernible] inventory, across well, at in but there's On the

thank the and David, for Thanks, question. you

the met the the we III doing as of had days next dive that of take commercial is the recently. in we are to also just endpoints presented treated data, we First, course, its on as into on count at positive as account secondary when The our as conference are just data of we cendakimab, that. study look the cendakimab. medical can terms a how on trial we'll, who then the on read deep take From into endpoints, primary as the hands, at we've me let both patients as the plan Adam, comment in [indiscernible] And will data steps I'd out landscape account well as have but received decrease. well perspective, phase for and today Phase well. a pass be a for so what it that

you thank Luisa, for the Yes, question.

to when in with Phase in roughly, rates So OE But so the positive pleased look presenting are treated days, the about forward early It's we're in low III cendakimab. data. obviously for patients. the XXX,XXX pretty and study are we Treatment there U.S., you States. the look United just

as the are first to of X%, And fact, around then you Dupixent. and that rates In about of down and treated lines treated. therapies of increases go therapy on they line, are steroids PPIs, X/X majority line which conventional like are patients treatment third are patients with

the a Samit so here. And payers is in days phase as this of of the as also for lives mentioned, half the managing And patients remodeling for about potential U.S. are market the are important where

So expect positioned with presenting we to [indiscernible] And meeting. behind Dupixent. in forward look authorities data at upcoming again, regulatory be an sharing and we

Thanks, Adam.

the Let's next please, go question, Rocco.

Chris comes next Our from with Goldman Sachs. Shibutani question

front make X that months, about about your the the the and historically, the more interest had Bristol question now? to to on programs Chris, you've don't capacity last your And realms? the over costs been that prioritizing have in overrun. you in some has any X much noting and and the just thoughtful in obesity business decisions team aggressive disease, appetite, development requisite so been adjacent particular, What's metabolic what's cardiovascular really

Well, we're September but going expected, ago. we've a that. as questions, hopefully for certainly development. I and prioritize will Maybe execute we deals to Chris. something speak business the back I'll and Notable did year. point you continue the out, start, actively certainly, pairing to Adam is as launch, David, we end Thanks the the then as It's, it to to turn the is last to to I can the can that over who deals priority when speak had say right in our of we months Sure. capacity now KarXT completed for at among would that priority that

also mentioned, David as would As the down top paying focused highlight a we're on that also I debt priority.

are of we're and be business types to in. though, of they there. that the as development that, be to sense terms continue going deals to make continue Beyond a going strategic financial interested to important us partnerships be Obviously, order. to have -- first We're disciplined to in and

in mentioned saw I the areas therapeutic and win. feel remarks, you we my where that modalities As prepared we we're right focused and to on a have

to So primarily the requisite for of being on size there's also highlighted us those be of I'll development, bolt-on that respect think a focus I question immediate get to And then development on a look, areas for would but to my business now, would we're as would in those right market, requisite second, the would and monitor David? and the us the areas I for continue remarks. to I deal, priority question in but term. deals on obesity going say, the about focus partnerships with prepared business I obesity. in

you And the the XX paying us X have payout last lowest increasing you past thing we of and well. as paydown we a allocation years. in group. think ratios firmly overall the by only emphasize know, The it the dividend we remain about years committed of debt our dividend, is I for besides think as evidenced covered is capital the Chris, to I'd peer XX

perspective. very from remain capital allocation we financially a disciplined overall, So

to next go question, Can Okay. we Rocco? the Thanks, David. please,

Absolutely.

Anderson Our Research. next at comes question Tim today from Wolfe

next been order and companies negotiations back I'm comply keep drug And all have Can a trying request, or the to If ahead companies I complying are does of would so of that announcement. CMS couple then for meaning asked kind it preventing update nonetheless, drug in news in thereafter, people thinking the including that recess. earlier, talking next formal you'll quiet week GAG congressional has we really no be drug announcement to the I'm update of than possibly second, stuff your were so actually we that provide keep much ahead the told can go drug to to quiet figure the of why that, ongoing if getting come weeks moment. might companies Bristol. out with earlier that companies earlier? coming And from possibly with price assume shortly and IRA There's come the about

Tim. the for Thanks questions, Sure.

clarity. of ability been we've -- a the say the shape to navigate we impact and that the confident speak again, before first, September once IRA which price good to going on the of we're to very we being very I'll going what having we're of consistent inclusive to seen able able Eliquis. of in provide of would only of have And our be on that the we the what have to forward is is forward, being impact the business having price specifics provide for or once to Eliquis look MFP that disclosed, I going is anticipate once much we CMS we're X, to emphasize based So picture very on published,

we And before is website. what when its once our so September public we other if -- provide point again, And provide and we'll impact becomes put IR IRA announce comes we'll price what and on as CMS becomes that will when around that will public. that's we X more X, details anticipate earlier

And so we'll that. communicating that be

Great.

the to question, next please. go Let's

sir. Yes,

from Evan Capital with comes Markets. question next Seigerman BMO Our

Two for me.

trough kind to in provide when about to of understand competitive or start. you you kind able to been help talking the need of when know your to what of IRA/drop happens? to then launch to help capitalize of need So the KarXT earnings, us the through price, push that really have Adam, I'm hand be on not able that do else that taking you'll walk head going can earnings you launch key but And on we've for some will you're preparations the when and me be these on

Sure.

So why don't question. KarXT and second I take let your Adam start on then I'll

Yes, for the question. you Evan, thank

given excited the important decades. potential a schizophrenia launch, late a shared. is significant with XXXX launch commercial going And QX see KarXT So of Reminder, for is drug KarXT as to to a approved be this innovative as launch. the this therapy in effectively very and we about we're September be first

mechanism. about So a are field a areas. bit very sourcing talk key the let on this for experienced and few and we're how preparing market little prepare strong sales we one, launch. And Number me for medical new organization I'll to the focus

Secondly, the months directors have profile the access team state for Medicaid Medicare that been out there reinforcing and with we payers.

terms will PBM the government XX% market very greater population payers the from a is And thought that in payers building Medicare. feedback and Medicaid be space of is leaders product. different driven, this very as are received schizopania CRC unmet patient in a need. and to the for than significant critical fills highly positive access that We've reminder, Just to access markets

And ensuring patients the first I'll we with experience. treatment. is ensure patients new to a and This is physicians that highlight a area a mechanism and that that different on need third have profile positive stay

So this later overall, we this efforts, forward the medicine launching to look year. readiness we're pleased with and important launch

to just things, add of couple here. a Evan. Samit I want Adam,

on to the approval the September, In plan overall are development addition to we in looking for forward KarXT. also executing

are XXXX. study and study our Phase as in to schizophrenia the forward preparing BID data in trials ongoing, enrolling Alzheimer's Also also and cycle as XXXX dosing, in as the We in well initiation XXXX XXXX. Alzheimer's agitation. with know, also readouts III well III and to Alzheimer's well. cognition associated disease anticipate the Phase then impairment start bipolar disorder you studies look adjunctive they're in as As of We the

children. In now autism addition we for preparations the that, to the will studies, making include which are

executed work do and but on we being some right do program now. that large is So that, initiated a need really to

Samit. Thanks,

going Evan, back that of beginning you We've in a navigating made trough. I at comments the your redirect Now back period that on XXXX. to to the the year. about talked I'll question starts

to is levers Now that, the of our good strategic over having shape said news to And continues business have improving the pull. be we focus on of lot a the time.

in assets. have back growth growth and We first of We the saw a young half, expect we growing good good portfolio the in half.

terms in year, to launching, shape business new have going describing nivo and those are of of the We this our products term. KarXT important longer notably be subcu

through that out over have We starting of this accelerating We're some CDXX concept with very we reading sheet discussed early business year commercial development. and David starting mentioned and And XXXX. course, has assets into have a These have interesting partnerships late-stage capacity NEX-T. year going very proof and potential year, seeing we've and this already as start today, And notably as considerable next time. to programs. do pipeline of good balance smart to the are

at the are back obviously of the in to across decade. we're on So number those half in the business how shape this that the business fixated are things looks And a of going back needed the as company accelerate term pulling the in the just as short decade. timing well the are for and strategic I levers be mentioned, to to half the of going of that the pace growth delivering

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

Absolutely.

Barclays. Our Carter Gould next question today with from comes

Maybe X for Adam.

a really Breyanzi. in had nice quarter You

the help second in that think You us highlighted we some about maybe new bit the those then as of year indications, the about there. the you think of both half but supply. drivers also step-up Can and a compartmentalize

the XQ, helpful. color pretty sort be would additional reset Just in here again, given of

Adam?

manufacturing our Yes, in we Carter, in indications. thank with for improved Breyanzi expected pleased new performance significant Remember, you said we a tailwind also We're from quarter. the QX, capacity question. and the

So we be the as is increasingly continued as sales the in year, continue anticipate the recognized XX% first shared, strong driven prior expect Breyanzi through by LBCL to that second our and remainder And we over lead in quarter, increased year. of a as growth David to indication as stronger now a in pleased, want and by the also with our to position in We're expanded as our very expanded are best-in-class to thank manufacturing meet capacity. start. organization market. We're acknowledge and CDXX I to our demand good much GDS off which well versus indications,

And will enable us recent together, market. our so win much taken in best-in-class expanded our to manufacturing effectively to this compete more capacity approvals, and

Adam. Thanks,

please, Okay, to let's Rocco. the next go question,

Yes, sir.

Seamus Our Guggenheim next question from with comes Fernandez Securities.

in coming ones. have you clinical readouts [indiscernible] your So a myeloma number portfolio multiple couple with of Samit, a of in XXXX. quick

substantial redesign or could relative clinically commercially IRA, see simply can help IRA catastrophic what how today? be of that more a but those the with in us maybe effects? you likely by not landscape materially those are on guys XXXX? likely D the understand Will point hoping dynamics crowded in impact make with D XXXX positioned commercially, you guidance? fall negotiation on that redesign, question so harkens and the bit you will to to pulls Just potentially you it Part the is to products that how second negatively -- seek to And XXXX. then the little market that Or the will comes in, actually very understand you to help Part the payout see us but back to impact educate we increasingly Eliquis the offset pushes cap that fall at And

Adam. then, Samit,

you, for Seamus, Thank question. the

small about had for and a benefiting have which cell think bispecifics these myeloma, has patients, transformational been disease into years approved including we and now outcomes really is molecules [indiscernible] as with been from over well it the has therapies therapies the play. as multiple certainly that As multiple and coming

setting now, and to as way we if when III ultimately, a going trials the at Mezigdomide we moving XXXX, head-to-head looking the regimens way or transplant will be designed and with we disease. Whereas And right that's dexamethasone Iberdomide the going Revlimid. a you these you maintenance outcomes, we in the about pomalidomide. versus multidrug think Mezigdomide cure after have both Iberdomide, Valgan the combinations because is them really with into change Phase development are clinical head-to-head don't CELMoDs, across As studies combine for we think versus with you required coming patients it about in think think for have X about the readouts the about

manageable to not there where receive need therapies that believe we who et cetera, So we going same Also, the that have cell are toxicities, with outcomes a are therapies will be patients associated therapies role. to eligible these now. bispecific right play of CRS, don't are which

important, to ultimately multiple more the armamentarium these we in trials give become other so outcomes of data we've and to more therapies many that patients placement through generate continued So for will better prescribe to right physicians myeloma. to

we it before all aspects Thanks, we final redesign, IRA, the Samit. through to inclusive of I'll price. Adam about sets turn specifically. the whenever the when Seamus, over say be to talk Part give of D that including MSP the color on that redesign Adam? But just walk will if I that

Seamus. Yes,

are into both As individual impacted as you alluded by impacts. to, differently future Medicare products each dynamics, the as of to now potential determine redesign. We the the carefully evaluate well

coverage will redesign, with the with by fee. be of Rev We to that see in partially favorability Part having year due offset notably the elimination D next Pomalyst the now will catastrophic gap, responsibility Eliquis and the

as out-of-pocket that So monitoring very shifts closely the well, are landscape. we're to this caps happening impact other the understand in what is

Part when that, And we largely and at actually to will on portfolio, across say, move the it we think I close we look Yes. redesign entire what off just would offsets on. D that

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

Absolutely.

next Our Morgan at comes today from Flynn Stanley. question Terence

And Dave, can you was provide margins. of how through just if on about Winrevair some then us walk and just separately, the wondering XXXX takes. you I think early commentary guys disclose the if any from can we operating Merck? wondering should Maybe royalty puts

David?

gross saw, XX%. a programs as about we're maintaining in of we look, XX% And saw operating gives you margins strength good margins And And which operational flexibility our feel to now, really greater remain in committed those a against operating our with our business. Terence. of efficiency us that above we Thanks, we mix Yes. executing the margin. lot

Thanks, Terence.

Winrevair, about Answer David?

growth we other And about obviously, sales that from of us when at comes XX% for of those rate. through. And royalty sales you'll through they growth XX% there. Winrevair come that hear that Winrevair, our Merck important recognize that revenue But global an so driver comes through --

please, Can one, to Rocco? Great. Thanks very the much, David. next we go

Yes, sir.

Fargo. Our next question today comes from Mohit Bansal with Wells

question are and well cardiology picking that be really to But Zeposia. to there done have like you And was Camzyos spaces new ask even is Sotyktu one the seems launches, immunology maybe oncology with with want I challenge. a And now there up. before

access your just what in? some I'm challenging So the you are of with those asking they are dynamics that are and what want versus all, seeing to access finding better have going than we IL-XXs understand found Sotyktu. because expectations with

could you So help please understand that? us

will And take a Adam, question. It's you it. Mohit. good Thanks,

question. Sure. Mohit, for the thanks

growth So as we portfolio. focused on about, we to accelerate talked are continuing our

you saw products quarter, in and there. the Opdualag. Revlivii, Breyanzi delivering good strong making As progress Camzyos, like performance for we're We're

expected. by focused PBMs. it's we performance we As would on large compete talked both in, immunology I Sotyktu are that access there has longer slower But like, many is are performance that improving products in the and taken Remember, controlled, these of we ultimately, execution. categories we than managed highly highly than the about, the and

to us And so for get took contracts. on position preferred based longer a it into entrenched

that's are better XX% as with position we in approximately really with now, of seeing going important. And we're to most be so edit. at access that X uptake much a step And

competitive highly make we and improvements So a January. further recognize And this is we're to in improvements, continuing access market. in we expect

And the we're contract of like really multiple launches. in over doing in We And we on OCREVUS there but grow products uptake sclerosis. Zeposia, time. the good and based a entered market. seen Zeposia a share to As that to [indiscernible], the been market that to it X continues increases a has continue competitive we've in tale market relates in our

TNF is class, been more It well. we're there managed progress managed, more of as Now but more focused status a across challenging. preferred the virtually on all PBMs, UC also it's has has making

So to what's in today. I space which different well, than Orempia talked biosimilar immunology the with continues the we insight. has in of a dynamics very about, finally, it's hard immunology we're perform readying to broad general as brush. And launch think no paint for a KarXT, access

to in into delivering and to grow the to the in ability near confident continuing term term. and our make in longer progress our strong performance we're and continue business So execution, we're

Adam. Thanks,

to Let's question, please. next the go

next comes Our with question from Risinger Leerink David Partners.

on congrats performance. the And Yes.

X questions, please. So

problem. Bristol, a IRA, to have including much suggested not too of respect with companies, many is First it's

I'm that aren't drugs Opdivo And thinking you're so relative like -- little their bit negotiated Part just understand could pressure are hoping as you heavily a that how drugs B rebated when such helping that about today I'm like Eliquis. they price today and risk of rebated were us to help drugs

Opdualag, Sotyktu, And then have your helpful. would on be Sotyktu you've with running that trials Sotyktu some drugs comment respect show Opdualag competitors drivers. better to late second, commented than are some across that, Obviously, they're cases, a some pretty decade. growth you in that are to that head-to-head just trial competitors with efficacy lot to respect claim encouraging and data and there of launch shown but could and and So and kind their if i.e., going of on much

how that So and the if comment could you're on thinking future you just competition. about

on question me actually first not speculate just let as David. address I'll to the well, the -- probably say, first let Thanks, certainly we're question and the the but Adam second going that aren't of but Adam not been be speak of we books manage to commercial, between or how can business generally the about different and planned negotiated. have products Adam? impact Medicare

off I XXXX. long Yes. we're to way think mean a I

agree. I So

is subcu from well. think Remember, our for premature heard what late discuss But be biosimilars could in negotiation. if the would think list, date announced that in if I of it's people nivo or I IRA in be for eligible as and is PDUFA market there both the David make market the we most to December. Opdivo you that importantly generics Chris,

completely well Also, much in physicians convert the and as XX% to both and we forward and for expect opportunity at And this a the see to as total launching important the great LOE. and LOE least can to expect to market we a with convert we is to U.S. of of prior is Opdivo goal ahead don't look XX% business for this to think business our formulation. we So fall either. Opdivo patients, we biosimilar off the

into the also expect as continue decade see and the IV we subcu So well. to the next

in relates are competition As as or immunology we specifically, asking, you're I again, for more in there. PSO, competition preparing the it think to

This bar It's time. today. space. high is more only Sotyktu a competitive a PSO going more category over crowded competitive has the in think new for set become to very I orals and

PSA will PSA and of the which have to including read will will plan Sotyktu time. and by as both data we'll approved help well out see -- several this which SLE as also be indications, both SLA We some and year, at accelerate help that end of by PSO

to to continuing results make the have the we to different we're but going III of focus IL-XX would brand. Sotyktu to in order Phase needle, move important our with and and So progress data oral see be plan, the this growing executing we're need to meaningfully The on study.

soon approved I'll think, mentioned, because also also Opdualag you once melanoma up are already anticipating adjuvant line, add I first just David, the And as concerned, Opdualag and think the as in again, we way presentation anticipating data is melanoma indication far the I with ahead the data of competition the that. for the seen subset we've interpret and cancer of progress. from the to to continue cell lung the is Phase II of just really Rest the III the too initiation non-small of Phase the in of program data anything out that small

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

Absolutely.

with from comes TD Cowen. question Steve next Scala Our

Eliquis floor the something but you specifically of contour give on for apologize earlier visibility guidance. say And you call times didn't September when Bristol X the you were asked X, around guidance, in on said I the would you about floor repeated Chris, call. that but business from picky, being

in Samit, And cendakimab the guidance OE. floor longer plans? is So in secondly, no on

fully with cendakimab Dupixent Is patients histologic remission that. So competitive XX achieved of weeks. XX% showed at

confident. very sound You

like sounds and things yes, So historically, tone in saying it been like, has your predictive. this very

curious it. So just of I'm to what make

I'll Samit. Thanks, turn Steve. then over to I'll it start, and

lot around topic look, know there's So guidance. floor we a of in interest this

We're that Normally, to how normal about we business long-term see how most targets. updates with when said, report do provide growth moved business. evolving. you our and on historically. we continue we've as has I as we Samit? back and think be our away you transparent going the general, to we are appropriate, we're going we'll the year. that and QX increase the at guidance And results That this profile our This to to the As going continue company to actually I've provide to confidence to the is that, of before, for aware, reflects of do beginning continue as of we when process. in business us forward-looking practice that in done said from providing long-term

you. thanks question, for Thank And Steve. the

Look, one. study pointed versus it did the as comparison Dupixent. always, we As relates to very do

start more measured it hard the and days, for remember this patient. very it's comparing that important the phase very Dupixent in we've So which a thing Also way the study way to different are the important from what relief of versus their did symptom are data. The most ways.

the we a with it mentioned would more keep Certainly, So perspective well, Certainly, we and we the at come have forward that. will deeply as look medical comment in on put Adam conference, because also to into by we mind. it data of as rather data not that I go specificity to regulators. to the in earlier on as present communication

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

Absolutely.

question next with from UBS. today Huynh comes Trung Our

UBS. I for on few the Huynh Trung subcu follow-ups have a Opdivo.

the the like when arriving XX% XX% to somewhat it quite are the XX% subcu conversion formulations. exclusivity the recent being CMS you at again how this And from today, things on So of DARZALEX stopping given versus expected patients. quickly for highlighted last to XX% What's have draft more seen as to subcu on you we've significant IV conversion. then is IRA

mentioned a you you think I the have but X do year. the decade, in next questions of

Adam?

the Yes, for Trung. question. Thanks

and I are the we December, So late [indiscernible]. forward our again, in launch as to date PDUFA planning is looking said,

not Opdivo U.S. good the is have So we we LOE business. the until we -- the news time of have said XXXX. we total XX% convert because at least would And XX% IV to

where largely continuing in as of monotherapy. Opdivo XX% metastatic our represent treatment, So adjuvant in from who for indications RCC we well in overall as These in there's come in or approximately expect melanoma use combination Opdivo with are conversion that first-line patients to indications example, business. the Yervoy, setting,

And about in do broad than next with able the based the patients potential infusion patients the a in got are particularly community benefit free nivo to benefits who less potential the to we that benefit nivo we've of physicians have talked to patent shares, the with fact the both up has so X on and subcu setting. minute time We decade estate. subcu

IO So continue XXXXs. the early Opdualag into subcu leading to to franchise expect and we persist nivo see both or

Adam. Thanks,

please. the go question, Let's next to

Absolutely.

with Blair. Phipps Matthew from comes question next Our William

Phase on secured looks Wondering to trials. that into ones supply was recruitment is then Phase RZXXX taken the Wondered ACTION-X of Mezigdomide, if X Part on trial any of has us the with III and recommenced actinium successor from on trials quick trials dose there? the you the part the if Two And Part with have X like III. X? can give advanced it sense

Samit? Matt Matt. -- Thanks,

you questions. Yes. for Thank the both

as is in For we you trial. Phase know, III GAAP the first very are it. the data actinium-XXX furthest with the actinium-XXX the of along net study, terms supporting indication strong

data have are forward cell starting reinitiated I in new We is in with and indications small forward to the readout the with trial still certainly cancer trial, that along recruitment looking to ongoing. already we looking lung Phase XXXX, the

trial, enrollment is continuing. Mezigdomide For again,

XXXX. Part the certainly, will progresses, trials in forward of We the taken dose looking moved not we're continue and forward. we've to what But both to the study yet the you'll declare yes, about starting have and X trial the to readout hear how

Samit. Thanks,

next the to question, please. go Let's

Absolutely.

Olivia from Cantor Fitzgerald. comes with question next Our Brayer

I to income the you follow-up It want guidance like a ask $XXX about on looks other your guys by sotatercept. for million changed year.

enthusiasm year? on the So going number the half sotatercept's around level you just thinking then a forward, is see back how from it program? of there. a Obviously, what PRMTX your rate? based XX% or -- And economics a X comment Phase can I you royalty strong we'll And P&L are readout back on there from the of essentially the And entirely about out if to big that sotatercept contribution launch? your given the more, just in also you

Samit. then David

question. expense mainly And global driven in Winrevair The as product coming the than thanks as to said Yes. prepared for increase intellectual had what saying through we of our other revenue diabetes I related royalties we growth to interest was the in of is better the anticipated. as that, in goes coming was line. [indiscernible] earlier well X I since earlier related things, better the that Olivia, anticipated own property which than remarks, still my XX% sales by

through So sales. it comes

that for the seen tumor very Olivia, you, presenting trial different along What on. question multiple the PRMTX. we again, much will Certainly, have continues is responses And Phase further be across that one, been types. on data I on thank

initiation and course, to plan looking really Phase the talk more trials forward studies data selected we the we indications, to So to deletions. which a couple will II of in as with of we closer presenting those about as initiate patients, of that [indiscernible] get

Samit. Thanks,

Let's go the one, to next Rocco. please,

sir. Yes,

question next Atlantic. with Our Redburn comes Chesney from Steve

for follow-up over relates differently the somewhat early that response X at you past month for filings a something CAR to Lutathera doing the you about or showed wonder Maybe RAISEXXX opportunity I innovators relapses more how [indiscernible], of that it your and then dosing? couple rates. we've regard space. of competitor to have in on please. ANDA have With sets just a thinking lower-than-expected radiopharma, impacts time also on XXX(b)(X) on in you CAR your construct? as guys confidence and competitor data whether pricing And commercial the in fairly how NEX-T, a thinking Or for seen I'm an on a just are wondering point NEX-T, been

Samit? then Adam,

about a me X We RayzeBio to going let that we talk of end have Yes, significantly it, just decade. the platform through the platform, exciting our that's And this the grow what believe we'll us here. about about really enthusiasm know is facility as back and is been of that what a course the particularly has IND plus, state-of-the-art engine the well we the Rayze as next kind of that or decade see over excites manufacturing forward. is robust

Gap program modest Now opportunity. in fairly I the a is, think, RayzeXXX net lead commercial

radiopharmaceutical However, across to have treatment. a when this safety of has efficacy the host particularly you Actinium the and technology, tumor platform, potential look this at based solid

looking in tumor we at lung potentially other are about, this and talked many we've as small types. cell So cancer

number look new So beyond. of [indiscernible] lead and half in a INDs It forward and as be as will decade of indication. we the the the to well coming the asset back launching

things Adam. talk you, studies about to we thank And are ongoing. X NEX-T, to there understand. Number a And couple CDXX one, Yes. just of have

as The systemic first ruposyritomatosis, only but also patients myositis. systemic far with well not as sclerosis enrolls study advanced

are multiple underlying with the their very patients immunomodulators being these enrolling kidney patients advanced as is that and study immunosuppressants, dysfunctions, patients the such It's of and far second sclerosis. glucocorticoids, are also hemofailure profile patients organ who understand The have may damage. have disease, These important enrolled. to

impact revert a of trying we card We're a the patients kidney damaged the in the think that infusion achieve of state itself. their we grow doesn't can what therapies, cell least to the as about sense time to at are off treatments trying So to we achieve? single by remission and this normal that glococarticoids such immunosuppressants. because What kidney not expect does can at as go

we to So keep are as I think patients treating we have to data, the and that mind today. we're look as in we these bring that forward data at presentation we look the to that looking of

thanks. Okay,

Let's go next one, to the please.

Absolutely.

from today Our with next DB. Shin James comes question

on Couple the pipeline. more

dynamics how then the to later data this on Can CDXX which to data getting some you of readout I early And at interactions? you in Just question in the then lot the thinking that will out? be year. changed size, negotiation think talked are some about that, points And biosimilars. read NEX-T, PRMTX piggyback all to on this previous expect? similar about CPMs of -- be your shed the conference another light question A that will negotiation And disclosed are Has setting? dynamics into via immunology.

Samit then, Adam.

Yes. up asking And for... think you're disclosure think a James, question, your about breaking I you're bit, I

PRMTX and CDXX.

Exactly.

these this of both certainly So both forward presenting of looking our molecules, or medical conference to year, data the through we are them.

And that patients data forward have where to responses. seen been be we bring overall will the that enrolled. We're safety we've dose presenting. all the PRMTX, will For looking certainly, the be that and

there. at grow presentation as data well then SLE conference certainly the CAR from of and looking an we're to NEX-T, forward upcoming for For

of well are month. We and later as planning authorities obviously stages to for plan development of regulatory with preparing have to this conversations

Yes.

the on question. quickly Just biosimilar

yes, I preferred do in a have line. As mentioned, UC, in biosimilars first position

for However, the in a to in we that STELARA payers The respect that dynamics the first we not market, in a are heard fact seen, is PSO or HUMIRA have have do move dominant products understand space. to PBMs to approach. the with largely position work but reason PSO biosimilar and not continuing there, like to

not on expect biosimilars, the least take near a to at position. would we So in term, preferred

Thanks, Adam.

Let's go the please. one, next to

Absolutely.

Our next Devarakonda Securities. with Truist question today comes from Srikripa

Camzyos on on I Congrats question on a and question IRA. X the maybe performance. quarter have

like Camzyos, could know I bit For of state. Do little acceleration. in this to this just trend terms of you noise we're patients last per of started quarter, is seems going a said steady couple be you see a November And starting quarters, election. added change? it forward? be there see reaching think drug you maybe, seeing thing potential Would understanding on awareness the uptake? more result and bit impact futuristic little the the increased our on any on is IRA of a actually Are depending do implementation of you you other or any

and then IRA Adam, I'll question. your So take

as from patients Srikripa, And we've X,XXX growth question. on and for Camzyos, Thanks consistent the mentioned, saw seen increase drug commercial and we approximately yes. David quarter-over-quarter. steady

expect and time. We growth patient consistent positive. steady Physician be over remain that to very and to feedback continues

while the prescribing institutions of larger the is some both large of some base, increasing our Our the smaller COEs of practices. breadth in focus also community and in increasing user

representatives into be additional cardiology representatives. we'll community are treatment. Eliquis accounts fact, These to deploying In drive the community

very with important good and of seeing product. we're So performance this Camzyos, the pleased momentum with we're

maybe here. [indiscernible] more I running know we're for X over

So one, maybe to please. the next go

Sean And next Raymond at James. comes from McCutchen today our question

Samit. for X Maybe

shows saw Oceanic stroke you're looking data? any Obviously, and rapid had what tell the [indiscernible]. in insufficient those but the do see to mechanism distinctions detriment time finding the that from risk And ongoing month. about AF inhibition we're for, of for getting you XXa come for a are prevention? Factor patient noted, are you the is we data data read-through if in, going on clearly the on for And a likely dose So any and get there activity, the ESC [indiscernible] that as will specifics AF to a at failure specific

question speculate a on with also a at Obviously, in how Congress. things we're to want look will have not Before to Samit composition to quickly given election answers, to simply just address very It's but of change States. standpoint Kripa's you the election, from difficult because going of the I presidential just any follow second just continue [indiscernible]. part it's administration to it's just United the the around policy

just So to time. pay we're I do want to going attention to But address? this think to to over Samit, have you continue

based the That's a XXX I of Yes. chose think whereas Thank background the was of you Phase learnings chose a agents. fact, doses agent that off well. was on milligrams the where Look, started single Milvexian higher for studies. why we a XX-milligram II as it there for the the we when antiplatelet dose that BID we at let's program, with first from the the question prior start BID

asendexian preclinical independent between showing takes the the the are required show and differentiation of time investigators XIa. doses have inhibition it conducted to Second, now versus Milvexian, the Factor that in inhibition real work

gives terms And little a so that are going things of how -- shaping more up. in bit us are confidence

thing events those we about that would certainly stroke we dose AF, happened, as will impact as well of the was be helpful is secondary the the what looking very to they time would Milvexian. like think the that are all the to X happen trials, prevention presented, I as data readouts. we're for number of and see continues used, that Third, very ACS say and enrollment Last in these well when forward

Great. the go please, Thanks. one, to let's last Rocco. And

Absolutely.

question Hammond from final Our Alex comes at BofA. today

Camzyos performance potential ACC, you you ODYSSEY with quarter time FDA? can REMS registered year the the favorable and moving this reading expectations out forward? the strong do The early the following results provide at think from modification And set for REMS having next reengage a to will study

Samit?

-- I you the thank So for question. think

have with see been and Camzyos. patients As treated XX% X-milligram the David learned time Adam on both doses. X.X with earlier, thousands outcomes the we've and said profile being of and treated lot, well stay here that of patients the very transformational we as now manageable a these certainly, a And as for with have patients and long treatment

that will now as well. specifics, FDA. readout the conversations with now I cardiomyopathy FDA readout on not multiple and in front into X have certainly, in the the the with next our engagements hypotophic non-obstructive certainly study have the we will about continue we in of get year, expected XQ We with months the pulled that

Samit. Thanks,

a leave call, before just close the we maybe you all I'll things. few So with

pipeline portfolio At to with XX% total in launch are the first in as We readouts and the important David and the where same performance business. coming in particular, of forward look the nicely we medicines, our KarXT half performance, like grew number up the of to the with advance coming of business, months. the continues growth the represent, catalysts and revenues pleased now said and earlier, new a time, data

certainly say feel I'd a a to company the half strong we've execution. well overall, outlook as about busy on full as going back our raising quarter. we're So executed accordingly. driving be and a We and the of It's focused the in are year year, team good and

have. for So the to time your thank answer Have Relations follow-up available may is you and you all today a nice that certainly any Investor team questions weekend.

today's This you, presentation. sir. Thank call. attending all We conference today's concludes you thank for

wonderful now disconnect have and a may You day. lines, your