Bristol-Myers Squibb Co at Citi Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Well, we have a number of questions to go over, partly, finance, partly commercial, but maybe, for you guys, let's just talk about yesterday's news with respect to the Cobenfy study. That's the probably the more topical thing to -- give us some context for kind of the trial amendments.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Yeah, maybe we'll focus first on that, on Cobenfy as a franchise. So in the schizophrenia settin, the -- maybe talk a little bit, Adam, about you know the success so far as you -- wins along the way on things like formulary on adoption awareness. Then we can get into maybe the investments that you're making in future studies for sure. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : What's been the education cycle for given the novel mechanism, right, the muscarinic. Is there -- are there some neurologists, physicians overall that still need a bit of an education of how the drug works. There hasn't been a lot of innovation, I guess, in many years, and so you have to sort of prime the pump, so to speak. Are you still doing that, I guess? Are --

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Gotcha. Makes sense. And I know you're -- so let's talk about the futures trials to to go after. So obviously, Alzheimer's, you have the -- a lot of the multiple ADEPT studies but talk about the other indications. I know you guys were talking about at one time bipolar. There's a lot of different other segments where the mechanism may work. Beyond the ones that you've announced, are you thinking about making this, another five or six trials and maybe what would be on the docket? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Got you. And does the -- are you looking at the ADEPT studies looking to end of next year as a [gating] factor? Do you want to see more positive Phase 3s before you decide to invest in future indications?

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Okay, perfect. Well, let's take it a little bit higher level. So I know this internal R&D is a big component of the Bristol story and the growing pipeline. Maybe David, if you talk a little bit about kind of the pushes and pulls on the P&L as we look to next year. Obviously, you have the new product portfolio where there's a big investment and the success there commercially, but I want to get your perspective of kind of some of the [puts and take]. David Elkins - Bristol-Myers Squibb Co - Executive Vice President, Chief Financial Officer, Member of the Leadership Team Yesh. Thanks for that. And really if you're talking about as we think about as we go forward, think about what we've accomplished this year in 2025. It's been a strong year from an execution perspective, particularly on the commercial side. You're really seeing the transition of the portfolio to the growth portfolio, which is now more than 50% of the business in the most recent quarter growing 18%. And it's pretty -- you know that portfolio in and of itself, we now have four products in there that are annualizing over $1 billion. REBLOZYL is annualizing over $2 billion. Adam very nicely laid out Cobenfy and the traction we've been making this year on and adding that to the portfolio. But also, next year is '26, really important year from a catalyst perspective. If you think about the number of enemies that we have Phase 3 data readouts, you guys are going to hear more. I'll start with the CELMoDs. We have iberdomide and mezigdomide. We're really excited about those two products. We see those that could be next generation REVLIMID and POMALYST, great from an efficacy and a safety perspective. Ash, you'll hear more about that. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : So David, talk about the the the cost savings and I know a lot of companies have deployed things like AI to you know to to drive efficiencies. To what degree have you guys gone all in on that and has that been more surprising or in line with kind of what you thought in terms of the level of cost efficiency? David Elkins - Bristol-Myers Squibb Co - Executive Vice President, Chief Financial Officer, Member of the Leadership Team It's a great question. I mean, really, AI is we're excited about this. And it's not just from an efficiency perspective. From an AI perspective, we see the greatest opportunity in driving shareholder value by helping us accelerate identifying new medicines, accelerating to proof of concept. And then we're using it even in study design, helping us site selection on the drug development side of things. And it's even making us more efficient on the manufacturing side of things where we're able to predict problems in manufacturing processes before they occur by using AI. Again, all of these things drive efficiency, but more importantly, if we can increase our probability of success in early development, if we can speed the time between proof of concept and product approval by using AI and we got some early test cases there that we believe that's going to enable us to do that, we'll be able to bring more medicines faster to patients, that's where you create the shareholder value. We are getting efficiencies, a couple of examples around that. It's critically important, simple things like automating approval processes, even in the finance organization and the procurement organization, simplifying the procurement process for our scientists and our sales force so spending less time doing internal processes and more focus on the external world, whether it's being competitive or more time in the lab, we're using AI in those cases as well. Yes, and of course it helps us drive those efficiencies that we talked about earlier.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Okay, that's that's helpful. Well, let's talk about some of the assets and new product portfolio, and one of the questions we get a lot is a sub-cu OPDIVO, the new launch -- new [antic]. So if you think about the -- maybe the access and initial kind of demand, obviously the idea for you guys and for [Merck] too is to roll this out in patients that are maybe pre-metastatic, healthier patients, but over time though, to potentially just let the metastatic kind of end of things, play out with respect to biosimilars. But just talk about how you're setting the stage for that with the [Cubantic] launch tonight today.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Adam, can you sort of, I wouldn't say force, but can you [derive use] in one versus another, based on things like the [gross the net] or discounts or volume or -- I'm trying to get a sense for how you can maybe further strike point, the Cubantic into the paradigm.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Okay. That's helpful. Speaking with oncology, so cell therapy overall, you guys are among the largest cell therapy companies out there on the back of the Celgene deal. Talk about maybe David, where this ranks kind of in your new product portfolio like priorities with the investment that you're making. This isn't a category where you could sort of be passive here you have to invest in infrastructure and manufacturing and and consistently, so may maybe talk about like the the priorities of where this where this ranks. David Elkins - Bristol-Myers Squibb Co - Executive Vice President, Chief Financial Officer, Member of the Leadership Team Yeah, look, I mean the good thing is we're blessed with numerous modalities in oncology and hematology and this is an important franchise for us and we've really focused -- that that's a dedicated team that doing that. I'd say BREYANZI, it just -- tremendous success, the number of indications that are there, the broadest indications in its class. I think the other thing is that we have follow on. We have [Arloce] which is due targeting, which we're really excited about. And then as already talked about, [Nex PCD-19], we see that as the opportunity to go into autoimmune diseases. And then if you throw on top of that, the in vivo that I was talking about with the orbital acquisition, being able to bring down those manufacturing costs, it makes it a really attractive franchise for us. So it's an important component to the overall growth story. And this is the great thing about us, I think whether it's immuno oncology, whether it's cell therapy, radio pharmaceuticals, and even with isobrand with our [ADC], we have a lot of modalities, which is what we've been focused on from a business development perspective, but as well as from an internal development perspective that enables us to go after the most interesting science where there's that high unmet need. And that's why we feel really comfortable about our growth trajectory as we exit this decade because we have a lot of breadth and depth across really important tumor types. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : One of the more exciting mechanisms is your partnership with BioNTech and the VEGF, PD1, Talk a little bit about that in terms of the maybe the context for forming that partnership. Like what was the -- did you, what was the kind of background for how you're exploring that as a modality and then going forward, you've invested in a ton of studies and maybe what's more exciting to you, as you expand that offering? David Elkins - Bristol-Myers Squibb Co - Executive Vice President, Chief Financial Officer, Member of the Leadership Team Yeah, I'll start at a really high level and I'll turn it over to Adam. But look, this is a great example of how we think through business development. This is a really exciting area and it's an area that we've been following very closely. There are multiple options to enter into this. But look, we were looking for the best science. We are -- it's very important to be first or second to market because that's where the greatest value is generated in this place, and you can see that in [I/O] today. And then do we have a right to win, do we have the scientific expertise, do we have the development capabilities, and do we have a commercial organization that can add value beyond in the hands of somebody that currently owns it? When we looked at the entire landscape that was out there, we became most excited about BioNTech and where they are. They're just really strong from a scientific perspective, but our capabilities in development and in commercial really complement their scientific capabilities. Bringing those two organizations together and being able to do that in a joint partnership, 50/50 partnership, we think that adds the most value for both us and BioNTech. You want to talk about the programs?

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Are there lessons to be learned from the pace of new Phase 3s and the development of Opdivo, the lessons to be learned that you can translate here in terms of not be linear or just to more of a basket kind of approach to, am I hitting the right? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : And Adam, you mentioned China and all the competition. And maybe David, when you think about, [BD back] to that question that we've seen a ton of new products coming out of China in a ton of new deals. And then in the US it's kind of odd. We've seen a lot of CVR kind of deals. So there -- we've seen some new structures emerge that really haven't been like that you know widespread in the biopharma space over the past couple of years. How does Bristol think about sort of deal structure? Do you -- and maybe give us some context for the emphasis of assets coming from China. David Elkins - Bristol-Myers Squibb Co - Executive Vice President, Chief Financial Officer, Member of the Leadership Team Yeah, look, I mean we're agnostic where the asset comes from. It's where is the most important science, where do you have proof of concept, and what assets are available and then what value can be created from those. So look, China is critically important. And if you look at the number of I&Ds that are coming out of China now globally, they're becoming a greater percentage of the total and they could surpass the US by next year. So you can't just ignore any geographic area, especially if they're producing that much science. Secondly, from our perspective, we're putting scientists on the ground there. We have business development teams there. We're looking for -- and it's a great way to get products into humans as quickly as possible to get the proof of concept. So it's critically important to the development cycle as well. That being said, look, there's a tremendous amount of science here in the United States and in Europe, and, we look across the board to find the best science for that unmet medical need. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Makes sense. So going through kind of the rest of the pipeline, so Milvexian, you mentioned that, so talk about the recent discontinuation of the study, and we'll give you confidence and the other two studies with respect to a read through.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Yeah, and those are very large market opportunities. Is there -- do you want to turn the card over on those the next year before you look at other potential indications, or is there, maybe a few other cardio indications that you can go after with no vaccine?

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Yeah, AFib for sure seems like a major major, more of an unmet need than really than any other cardio verticals, I feel like.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : So sticking with cardio, let's talk about [Kim's eyes] for a second. So the just with respect to new patient identification, are you past some of the the initial investments in awareness? Are you looking more at the kind of access reimbursement type of -- like give us some a bit of a status update on the on the commercial and what's the good drivers from here.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Is the speed of diagnosis and as [docs] become more familiar with the sort of the symptom, the presentation, is that getting better, is that accelerating, and if you talk about that in the context of maybe the OUS opportunity.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Is that something that you have to, go through FDA to sort of as a diagnostic tool, or is it just sort of an analytic that you can put in that? David Elkins - Bristol-Myers Squibb Co - Executive Vice President, Chief Financial Officer, Member of the Leadership Team It's an analytic. It's a tool that the cardiovascular doctor uses at the end of the day to determine it.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Okay, that makes sense. And then maybe in the final few minutes, I know, David, we talked the beginning of this year, health care policy was a topic du jour. We've had some great insights, with [Secretary Azar], yesterday, and then Marty on Tuesday. Talk a little bit about where Bristol is with regard to the rest of the industry on the tariff, MSN, I know you guys have already communicated that you're onshoring a lot of manufacturing and so bringing jobs over here, but maybe talk through kind of where you are in that in that continuum. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : One element to come out of that is there this year it does seem like there is a much more consumer driven kind of model that's coming out of pharma and [big cat biotech]. Maybe talk about that as a strategy for Bristol? You have a lot of companies that now have portals that you can go right into, but I think it just sort of connects a lot of payers and patients, but some are more than that, right? Some are more of a drop ship kind of element. I don't know, but where does that rank in terms of riskful sort of distribution and priority?

Question: Geoffrey Meacham - Citibank Cameroon SA (Douala Branch) - Analyst : Awesome, David, Adam, thank you very much. Congratulations.