Bristol-Myers Squibb Co at Truist Securities Life Sciences Summit (May Series) Transcript

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

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : So I was hoping you could start by framing for us what you see as the growth drivers for that important product in the coming couple of years.

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Since you brought up the COVID effect, I wanted to ask you to what degree COVID affected cancer treatments, timing, things you've learned, things that will stick, things that were temporary, just any sort of takeaways about this once-in-a-lifetime, hopefully, "once in a lifetime" experience we've been through. .

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : That's great. So I wanted to ask you about the competitive dynamics at play in the PD-1/PD-L1 space. It seems like in the beginning, each player had kind of its own turf. Now you have some turf battles beginning in certain areas. So how has that sort of competitive intensity changed from what it was early on to what it is now?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Something you said just made me want to ask about biomarkers because I remember when PD-1s were a new thing investors announced or were wondering about what the speed and the penetration of PD-L1 testing would be, relative to say HER2, et cetera. Where do we stand now on sort of the biomarker penetration and sort of how ubiquitous it is to measure PD L1 and other things?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : And is the penetration where you would expect higher in academic settings lower in community? Or is it not that simple in terms of just what parts of the system have embraced testing?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Sure. I'm sticking with the theme of a different kind of competition. Over the medium term, let's say, before biosimilars arrive if they arrive, there seems to be concern among investors about the number of PD-1, PD-L1 somehow triggering price competition that hasn't really happened in this space or cancer in general. So you have this fear conceptually, but no one seems to know what the specific mechanism of that pricing pressure would be particularly in the U.S. market. So maybe you could frame for us why there hasn't been and whether you expect there to be any sort of pricing or contracting pressures have to date, not really been an issue in this field.

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : So maybe this is a good segue to talk about the role -- you see combinations playing. Let's start with where combinations have become most important and where you see them becoming important. I know you touched on some of this already, but let's talk about that conceptually first, and going back to if you launched Yervoy, you've been in on the ground floor in terms of one of the earlier IO/IO combo. So what role have combinations already starting to play? And where do you see that going? 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: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : So you mentioned triplets and that spawns another question, and that is, is there a sort of a price level that becomes problematic for the system as you start stacking these on. I don't think we've seen any pushback about Opdivo Yervoy from a price standpoint. I know treaters are worried about synergistic side effects as you stack any 2 therapies or 3 therapies together. But what are your thoughts on sort of the wallet effect? Or is it really just more about side effects?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Yes. Since you were in on the ground floor on Yervoy, I just wanted to ask you kind of a sidebar question. How is the perception of that molecule evolve from launch until now in the eyes of physicians in terms of their excitement, their fears, et cetera, over that [now] to 10-year period. 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: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : And that's really mostly been dose adjustments on the AE side, combined with just expectations of what to look for.

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Since we've brought up dosing, just to go back to PD-1 dosing and frequency there, regardless of who has what label on sort of and who had it first on dosing frequency. Our physicians kind of seeing Opdivo KEYTRUDA somewhat, interchangeable is the wrong word, but in terms of dosing flexibility and frequency, does it really matter it's labeled versus not?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Thank you. I know this is not an R&D session, per se, but you brought it up. So I'll ask you about relatlimab, it seems like the company is quite excited about not just the top line but what's to come in terms of the full data set at ASCO. So maybe from a commercial guy standpoint, you could give us a sneak peek of how you see that fitting in.

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Great. Maybe before we talk about immunology and cardiovascular, let's give Winselow some airtime and wake him up. Winselow, and then we'll come back to you Adam. Winselow, maybe you could give us a little bit of a state of the union on the hematology franchise and what the near-term priorities are for you in your organization? Winselow Tucker Sure. Absolutely, happy to do that. Thank you, Greg. First, as you know, we had a leadership in hematology, built really off of our IMiD franchise with Revlimid and Pomalyst. Over the last year or so, we've had the opportunity to launch 4 important medicines and really expand that hematology franchise. I'm really excited about. First, Reblozyl has been launched for both Beta thalassemia and MDS transfusion dependent, a low-risk MDS. And so this is a really important indication for us because we see an opportunity to grow significantly in that indication. And it's an area we have experience because Revlimid was in MDS. So it's a market we know and an area that we really think that we can expand. I'll talk to you a little bit more about that. Secondly, Onureg, really exciting product. Overall survival benefit, first continued therapy in AML after post induction therapy. And that is an area also where we have experience from IDHIFA. So it's another area that we know we have experienced, and we feel really good about that opportunity as well. Lastly, this first quarter has been a very exciting quarter for us. We've been anticipating to have the opportunity to launch 2 cell therapies. Breyanzi, which is a potential best-in-class therapy there, broad enthusiasm for the profile and what we are seeing is really strong enthusiasm to onboard 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: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Sure. Before I ask you to drill down into a little more detail about how those launches are going and the key metrics you're looking at. You mentioned Revlimid has set the stage and a lot of us on the street just have as a line in the model, and it's going to do it's thing, right? Meanwhile it's the foundation for this franchise. So how has the Revlimid sort of infrastructure, if I can call that, and know-how sort of changed as the growth expectations and durability expectations for that asset have changed versus these launches that you're going to go a little bit deeper into. So has the organization size and structure changed very much? Or is it simply repositioning what you already have? Winselow Tucker Yes. That's a great question. If you think about where we have -- we've had a very large presence in multiple myeloma and a team there. And what it's really allowed us to do is 2 things. One, continue that presence because we're going to continue to build off of it. It's also helped us to use that when it comes to Abecma because we're going to really the at the community level trying to support referrals to the community sites. So from that perspective, we still have a strong presence in multiple myeloma. We've been able to add-on and expand our presence in the marketplace to support the launches. So the presence we had for multiple myeloma continues. I'll also remind you that we're in a very unique place when it comes to multiple myeloma. We have what's going to be more of a slope than a cliff. And going over time and continuing to position Revlimid and Pomalyst, which is moving to early lines of therapy, along with Abecma and then the CELMoDs, which are not that far away. I think that's given us a great opportunity to continue that presence, but then build on it to support the launches.

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : So Winselow, maybe one more for you before we turn back to Adam. I personally haven't followed CAR-T in the past. So I guess I'm asking for a little bit of a background here. What can you say about the commercial world's readiness to embrace these products? What headwinds existed before? How that's evolved? And how are your products and strategy differentiated in CAR-T? Winselow Tucker Sure. First and foremost, we're building a differentiated CAR-T platform. And what I mean by that is making sure that we can deliver the best customer experience. And we think we're poised to do that across having 2 cell therapies and working with centers. Early on, it's all about making sure that we get the sites onboarded. And then over time, getting patients that refer to the centers and schedule apheresis and obviously infused. What I can tell you is that the onboarding is going extremely well. We on-boarded centers very quickly. We have over 55 center now on-boarded for Breyanzi. We follow that with Abecma in those centers because we've already got them on-boarded for Breyanzi, came on even faster for Abecma, which is rich is really, really important. With respect to the CAR-T market, what we have seen is there's some improvement in the reimbursement with the DRG, which is important. We are seeing that patients are starting to be referred more, and we believe there's an opportunity to drive larger referrals from the community to the centers and expand the CAR-T market. We also think with Breyanzi, there's an opportunity to bring CAR-T closer to patients because that profile of that product has a significant safety profile, which we think can be an advantage for us in ways. That we can bring CAR-T closer to patients as well. So early days with our CAR-T portfolio, but what we are seeing is broad enthusiasm for both products, centers on boarded, patients being apheresed and we're having infusions with Breyanzi and with Abecma. We are starting to see patients at apheresed as well. So we're really excited about where we're headed.

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Great. Thank you for that, (inaudible) the exciting stuff going on in your business. So let's shift back to Adam and we got 7 or 8 minutes, Adam, more. I'll try to hit a few different topics here. Maybe we'll start with the ZEPOSIA launch or launches, I should say, maybe you could compare and contrast those 2 settings and what you're seeing there?

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Great. Let's spend a moment on deucravacitinib. We saw some exciting data recently in all its glory there at AAD. How much are you thinking about that in your role at this point? What has to happen? And in what order to kind of set the stage for that product and how does it fit in. I know it will take an hour to answer, but we'll take 1-minute version of that.

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : I'm sure you'll be watching the JAK developments very carefully. And I know that BMS thinks it is not a JAK. So that is very clear that deucrav is not a JAK. Listen, 2 more minutes in cardiovascular, it's hard to a justice this, but let's just reflect upon the huge success Eliquis has been from -- I

Question: Gregory B. Gilbert - Truist Securities, Inc., Research Division - Analyst : Adam, thank you so much. Winselow, thank you. I want to thank the IR team, Tim and Nina. Thank you to our Truist clients for listening in or watching later or reading later. Thank you all. This will end session. Be well.