Bristol-Myers Squibb Co at JPMorgan Healthcare Conference Transcript

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

Question: Chris Scott - JP Morgan - Analyst : Great, thanks so much. So maybe just to kick off the Q&A Chris, you've been CEO for a little over a year now. Stock performed well in 2024, but Bristol still trades at a pretty reasonable discount to peers. What do you think it's going to take for Investors to really understand this kind of longer-term profile you're laying out? And how do you, how do you kind of see that playing through as we look about how to narrow that discount versus the broader sectors valuations?

Question: Chris Scott - JP Morgan - Analyst : Decade, maybe just building on that as you think about those upcoming patent expirations. How are you feeling at this point in terms of Bristol's ability to manage through those LOEs, as we consider the new product portfolio pipeline more broadly, I guess, the heart of it is-- how are you feeling about kind of trough EPS and Bristol's ability to kind of manage through that period of time?

Question: Chris Scott - JP Morgan - Analyst : And I guess one of the questions I get is if I think about you've had Cobenfy in a much better competitive position, I think, than maybe we'd all imagined a few months ago. You've got this new product portfolio. It's getting real traction now. I guess one of the questions I have is how do you think about, I guess balancing near term earnings performance versus some of the longer-term growth drivers? So, I guess, is there may be a willingness to lean into investment a little bit more today and think about long term growth or do you really try to kind of maintain this balance that we need to preserve earnings? And I'm just trying to get a sense of like, has that thinking changed at all versus a year ago? (inaudible) REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Chris Scott - JP Morgan - Analyst : Maybe just the last big picture one just to think about Bristol's [BID] priorities. I think we came into the conference last year. A lot of activity just talk a little bit about, is the focus now on, let's say more corona type [dre] larger market opportunities. Is it more smaller niche deals that kind of build around some of these verticals? Just directionally where you, where you focused?

Question: Chris Scott - JP Morgan - Analyst : Great. Maybe just pivoting to products, Cobenfy a big focus for the company this year. Just elaborate a little bit more in terms of the launch traction so far. What are you hearing out there? Any surprises with the ramp? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Chris Scott - JP Morgan - Analyst : Obviously, a lot of excitement around the asset in the market because one of the questions we get though is BID dosing, there's some food effect with the drug, just initial experience with that. Have you had any pushback from physicians or is that being generally well tolerated so far?

Question: Chris Scott - JP Morgan - Analyst : You mentioned the coverage ramp, just remind us how you're thinking about coverage ramping this year and how those efforts are progressing.

Question: Chris Scott - JP Morgan - Analyst : And just want to follow by that. Do you expect physicians will wait till both the Medicare and Medicaid pieces are in place or will we see some uptake even prior to Medicare?

Question: Chris Scott - JP Morgan - Analyst : Maybe pivoting to the upcoming readouts and the broadening out of the label, I guess, which of these opportunities do you think is the most important to Ken as we think about? It seems like every year you're going to have a different readout coming.

Question: Chris Scott - JP Morgan - Analyst : I guess my question is, how do risk should Investors think about these indications? Just given? How strong the schizophrenia data has been so much? How much of a read across do you think there is as you're starting these studies are these, would you be these are high probability, would you describe these as.

Question: Chris Scott - JP Morgan - Analyst : Maybe just pivoting over to OPDIVO, the sub-Q kind of ramp there, just maybe help them set expectations of how we should think about 2025 for this asset. I know we got some reimbursement components need to get in place. We talk about that and then maybe more broadly, what percent of up OPDIVO do you think will be appropriate to, to consider this new therapy?

Question: Chris Scott - JP Morgan - Analyst : Maybe just continuing looking at some of the pipeline readouts. Milvexian is one that the company is talking a lot more about. I know this has been a more controversial categories following some of your competitors' data, but just where we sit today how are you thinking about the asset? What's the bar for efficacy? You think you need to see, maybe in that, that larger [afib] study and just talk a little bit about what's driving that, that level of conviction.

Question: Chris Scott - JP Morgan - Analyst : Here. Great, maybe one last product, one here, BREYANZI coming off a strong '24 I'll look for '25. How much more room is there for growth in this one?

Question: Chris Scott - JP Morgan - Analyst : On these products. The ability to get these products into more of a community setting. Is that something that you're, is that a focus for you as we go into '25 or is it still more academic focused?

Question: Chris Scott - JP Morgan - Analyst : And maybe it's in the last couple of minutes here. Just a broad question 2025 just walk through pushes and polls we should be thinking about for the business as you look at consensus. Is there anything you feel it's not captured? Well, relative to your expectations? And I'm going to give formal guidance, but just a preview of a (Technical difficulty). REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Chris Scott - JP Morgan - Analyst : Great. Well, thanks for the time, Chris. I really appreciate the comments and thanks for joining us.