Bristol-Myers Squibb Co at Morgan Stanley Global Healthcare Conference Transcript

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

Question: Terence Flynn - Morgan Stanley - Analyst : Great. Well, I know we're going to get into a lot of these topics and the resulting questions here. But maybe just the first one, the high-level side, you mentioned one of the focus areas is obviously the external investments. As you think about your mix of internal versus external, what's the right steady-state mix as you think about where to invest those dollars, internally versus externally? And then as you think about the external opportunity set, obviously, you guys have been fairly active there. Is there still a robust opportunity set? Or maybe just talk to us where we are in the cycle.

Question: Terence Flynn - Morgan Stanley - Analyst : That's a good segue to the next question I had, which is, on the second-quarter call, you talked about reviewing some of the near-term studies to ensure timely delivery, but also high probability success. You alluded to that in your earlier comments. But maybe just give us an update in terms of how long a process you are right now. And then if you do find something in one of these trials, what are some of the steps you could potentially take to optimize POS?

Question: Terence Flynn - Morgan Stanley - Analyst : And the one we get questions on is just ADEPT-2. And I know we're going to talk about Cobenfy, but that trial, maybe an update in terms of timelines there. Is that still -- should that still be expected this month? Or is that something that's likely later in the year?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay, great. Maybe, Adam, just over to you, maybe just give us an update on kind of where we sit with the Cobenfy launch, obviously, a really important product in terms of that growth portfolio for the company. I think there has been a lot of focus on the weekly scripts. Every Friday morning, everyone's looking at those. And so just where do we stand with the launch? And then I know we'll unpack some more of this.

Question: Terence Flynn - Morgan Stanley - Analyst : Can you give us any more granularity in terms of that number of prescribers? Maybe remind us what your target is, where you are now, how you're thinking about the breadth of that further.

Question: Terence Flynn - Morgan Stanley - Analyst : Do you see the hospital team or the retail team as having more of an impact in terms of when you think about the return on investment, I guess? 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: Terence Flynn - Morgan Stanley - Analyst : Okay. And then before we go over to the ADP side and commercial opportunity, just anything about gross to net dynamics that we need to be mindful of as we head into the second year -- second half of this year into 2026 just from a high-level perspective?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. And then, again, we get this question a lot just ahead of the ADEPT data, is just any learnings that you guys can leverage from schizophrenia into Alzheimer's disease, psychosis, and then how to think about the relative sizing of those two populations.

Question: Terence Flynn - Morgan Stanley - Analyst : Is it bigger opportunity, same size, smaller than schizophrenia when you think about just the number of eligible people?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. Before we get into the pipeline, Chris, we were talking before we kicked off just about some of the policy cross-currents here. And you've been spending a lot of time in D.C., Europe, as you mentioned. So maybe just give us your kind of view on state of play here with respect to the tariff -- if that's possible, with respect to tariffs and MFN because that's obviously another frequent topic that comes up in the sector right now.

Question: Terence Flynn - Morgan Stanley - Analyst : And then maybe there's something that came up during the cabinet meeting was linking tariffs to MFN. And so is your view that these are coupled together and it's -- when we see some resolution, it'll all come together? Or are these two separate, still parallel processes and we're going to get resolution on one, but maybe the other one's still lingering? How do you think about that concept, I guess?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay. You mentioned your DTC efforts there with Eliquis, and we've seen this from some of your peers as well. How do you think about leaning into that as a business model? Is that something that there's just very specific use cases? Or is this something that you could see leaning into more broadly at Bristol and maybe across the industry?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay, great. Maybe that's a good segue into one of your key near-term pipeline readouts as we head into '26, Milvexian, your Factor XI inhibitor, potentially looking for a superior profile relative to Eliquis on bleeding. And so maybe you could just remind us the scope of your Phase 3 program there and what is the differentiated opportunity that -- as you see it on the commercial side, Adam. 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: Terence Flynn - Morgan Stanley - Analyst : And can you give us any -- I know you guys sometimes comment on the event rate in that AFib study. Are you able to give an update in terms of how it's tracking relative to [Eliquis]?

Question: Terence Flynn - Morgan Stanley - Analyst : Maybe you could just speculate on this read across from the Bayer study. I mean, they're going to have their SSP data Phase 3 later this year. I think there's a question of just lateral read across on the event that it works or it doesn't work. I mean, how would you frame the perspective on your program? I know there are a lot of differences. 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: Terence Flynn - Morgan Stanley - Analyst : Great. Maybe one more before we go to the next program is just, you mentioned AFib, the largest opportunity. I mean, I think the Factor XIs are doing $18 billion, $19 billion now. You guys have the lion's share of that with Eliquis. SSP, I think, is a smaller opportunity, given it's more of an acute treatment versus chronic treatment in AFib. But maybe ACS is the one where it seems like sizing that up is a little bit trickier. So how do you think that compares relative to AFib if you had to size up ACS?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay, great. The company obviously has been a leader in the immuno-oncology space for the last 15, 20 years or so. You guys have a very broad portfolio, not with just Opdivo, but Opdualag as well. You announced a partnership with BioNTech for 327, and it's PD-L1xVEGF-A bispecific. So maybe just anything as we think about the scope of that program? Obviously, you guys ran very broad studies across the board with a lot of the prior IO work you did. Should that be our expectation? Or are there gating items? I think a number of us are watching to kind of read the tea leaves from competitor programs in terms of survival data, et cetera. So how do you think about the scope of the program? And are there gating steps along that path that you're waiting for before you really lean in aggressively on this?

Question: Terence Flynn - Morgan Stanley - Analyst : Can you give us any early glimpse of what some of those combos might look like?

Question: Terence Flynn - Morgan Stanley - Analyst : Okay, great. And this kind of goes back to some of the earlier conversations you were having on just BD opportunities. I mean, this asset, BioNTech, partnered it from a company -- a biotech company in China. Again, as you think about the opportunities set in China, I know you guys have been active there as well, but just do you see an increasing number of opportunities coming out of China? And how are you thinking about that in terms of your portfolio?

Question: Terence Flynn - Morgan Stanley - Analyst : Great. Maybe just in the last couple minutes, you could kind of walk us through what you're most excited about here in terms of upcoming clinical catalysts throughout the balance of the next 6 to 12 months or so.

Question: Terence Flynn - Morgan Stanley - Analyst : Great. Maybe just last quick one on iberdomide. Any thoughts on where FDA stands on MRD and accelerated approval possibilities?

Question: Terence Flynn - Morgan Stanley - Analyst : Great. Well, thank you so much, Chris and Adam. Really appreciate your time. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.