Bristol-Myers Squibb Co at UBS BioPharma Conference Transcript

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

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : You guys are one of the pioneers of cell therapy. When I first looked at cell therapy, I thought to myself, my God, this is not going to work. And there were many challenges. Challenges around manufacturing, challenges around vector, supply, reimbursements, you guys have made significant progress over the last 5 years to try to address all of these issues. But perhaps, can you talk about your progress today? Where we are? And what else do you think there's needed to be done?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : And you've certainly made a lot of that progress within the U.S. It feels like the awareness is there. Globally, though, it does feel like perhaps you're a bit behind of that awareness. So perhaps, can you give us sort of your view on where we are today in the U.S. versus where we are today globally and in Europe?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : And for 2024 in terms of capacity, where are we for the U.S. in particular, but do you have that -- where are we today with that capacity ex U.S. as well?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : Great. And if we move on to the 2 products that you have on the market. You guys are pioneers. You're the only company with 2 cell therapies that target 2 different targets. One of the things you can clearly see is you're making a big push to get these products used more. I think 20% to 30% of eligible people for CAR T are using a CAR T. So you've got -- you've shown many studies in the earlier stages. So perhaps for both of those products, can you summarize some of the data that you've seen and what makes you excited about pushing these products further on the treatment algorithm?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : Yes. I think sequencing is certainly one of the big questions that I get, given the fact that it's such a competitive market. So -- are you seeing a shift in physicians in the U.S. in terms of how aggressive they treat multiple myeloma. Some of the data we've seen with Legend and you're going to be releasing some data in the very early lines soon in the next few years. Are physicians using CAR T as maybe an induction therapy or something to swap out the stem cell transplant. How's your view about sequencing of -- in the very early stages?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : Yes. Yes, that's really interesting. And we have a bispecific GPRC5D. You have a CAR-T GPRC5D in development. Can you perhaps talk a little bit about what you've seen with that product and where we are and what are the next steps we should look out for that?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : Yes. Understood. And you're doing that with your NEX-T next-generation program, perhaps it's something that investors keep talking to me about. They're excited on what you're going to bring through NEX-T. Perhaps, can you talk about this program as a whole and what you hope to achieve from it in terms of manufacturing, engineering, what's -- why is this pushing the envelope? 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: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : Yes, very, very exciting. And I think you saw some more data from a group, and an abstract in ASH, randomly presenting lupus data at ASH, but -- yes, that data shows the durability of this approach really interesting. And you're talking about the disease that you're going into a lot of B

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : Okay. And have you spoken to rheumatologists, neurologists about using CAR Ts?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : Oncologists always push the envelope. They're very -- they adopt technology very quickly. But rheumatology and neurologists take a bit more time. So have you spoken to their appetite in using something like a CAR T therapy?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : Yes, yes. And you mentioned the lupus stuff at ASH. What are your thoughts on that data?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : And the next set of catalysts we should be aware of. One of these starting, have they started? When is the first date that we should see?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : Okay. And then the final thing that we wanted to touch on was the nonviral delivery systems that you have on the horizon, what's BMS doing here? I mean, ever since we first started talking about cell therapy, there's been a discussion about allogenic. So just what's BMS as pioneers in this space? Where are you now?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : And do you have a preference, what's the difference between a healthy donor approach versus IPSC? What's the benefit...

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : And what are your thoughts about the Holy Grail of moving into solid tumors with some of these new approaches, what everyone hopes to come from the field? Where are we today?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : So let me take a step back and look at access reimbursement and penetration. Ultimately, the goal is to get this product to as many people as possible. You're developing in various different areas, and you're doing extremely well within cell therapy. Just where are we today with access and investment?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : Yes, that's really interesting. It's funny. When I talk to investors, it's always who's got the better data, who's going to win out here. It's almost given the fact that there's many now players within cell therapies, like a rising tide lifts all boats, and to get that awareness up, actually will benefit everyone else. So moving it into that outpatient setting is key. And where are we today with outpatients versus in-patients? And that should alleviate sort of concerns over capacity in the space.

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : Yes. Okay. We've got 5 minutes left. If anyone in the audience got any questions? Okay. So to finish up, sort of in the next 10 years, what do you hope to have achieved in your time, the head of cell therapy? Where can we be in 10 years' time?

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : Well, excellent. Well, thank you very much for your time. It's very inspiring what you guys are achieving at the moment, and we hope you have a rest of a good rest of everything.

Question: Trung Chuong Huynh - UBS Investment Bank, Research Division - Analyst : Excellent. Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.