Bristol-Myers Squibb at Goldman Sachs Healthcare Conference Transcript

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

Question: Jami Rubin - Goldman Sachs - Analyst : If you take this further out, what happens to traditional chemo, radiation therapy, even maybe some target therapy where we're seeing huge responses but no impact on survivability?

Question: Jami Rubin - Goldman Sachs - Analyst : So, if you're Roche, what do you do now to differentiate your PD-L1 program? 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: Jami Rubin - Goldman Sachs - Analyst : Let's touch upon Bristol's competitive positioning in immunocology. I remember last year as ASCO there was an analyst meeting and maybe ten or 15 people showed up. This year there were probably 300 people in that room. How do you see yourself? Obviously you're not the only game in town. There are two other competitors right on your heels, Merck and Roche. But if you could talk about how you see your competitive positioning and the importance of that in your R&D pipeline?

Question: Jami Rubin - Goldman Sachs - Analyst : Beyond the seven registrational trials and the three tumor types you're targeting with YERVOY and Nivo, what else?

Question: Jami Rubin - Goldman Sachs - Analyst : Is colorectal cancer one?

Question: Jami Rubin - Goldman Sachs - Analyst : Fast forward a year from now at ASCO. What will be the key highlights?

Question: Jami Rubin - Goldman Sachs - Analyst : So, Brian, just coming back to the data we saw this last weekend, I think coming out of ASCO many investors came out comparing the data we saw for Merck's PD-1, Limbrel, and saw very high response rates and in fact higher response rates than we saw for Nivo as a monotherapy. Some would say that Limbrel looks more potent and given that it's lower toxicity profile as a single agent, why wouldn't -- explain the rationale. Why should we be so excited about combination versus a single agent PD-1 that seems to perform as well in terms of response rates?

Question: Jami Rubin - Goldman Sachs - Analyst : Just jumping off on that, can you address the other point of contention which is that if you use the RECIST criteria instead of WHO in measuring tumor shrinkage, Merck claims you would've had less compelling data than you showed at ASCO in terms of tumor shrinkage.

Question: Jami Rubin - Goldman Sachs - Analyst : Are there questions back here? Unidentified Audience Member Thank you. Can you talk a bit about potential cost implications from all of this going forward? Who's going to pay for the combination therapy if it is successful? Will you end up, with the cost of these drugs end up bankrupting Medicare?

Question: Jami Rubin - Goldman Sachs - Analyst : Not the story anymore, Brian.

Question: Jami Rubin - Goldman Sachs - Analyst : I think there's a question back here. Unidentified Audience Member You mentioned the Merck compound. Can you maybe just comment on your thoughts on PD-L1 particularly when you're talking about utility

Question: Jami Rubin - Goldman Sachs - Analyst : Brian, we're in luck. We have six minutes and I wanted to sort of segue to the lung market which is the next really big commercial opportunity for immunotherapy. We saw a two year follow-up for Nivo as a single agent in refractory lunch and response rates were I think around 20% and comparable between yours and I think we saw Roche. 43% survival year one and 14% survival year two. Obviously very compelling but lower response rates, lower survival numbers than we saw with melanoma. Can you put this all in perspective for us? How meaningful is this in the context of treatment today for lung patients?

Question: Jami Rubin - Goldman Sachs - Analyst : Would you expect to see that higher survivorship with the combination in lung similar to what you saw or similar sort of -- ?

Question: Jami Rubin - Goldman Sachs - Analyst : Do you think Roche has an advantage over you because in the PD-L1 studies they had no cases of pneumonitis? Obviously in this patient population that's going to be more -- ?

Question: Jami Rubin - Goldman Sachs - Analyst : Let me ask a final question. You will report -- your late line or stage III squamous lung study, will end end of this year, early next. That's the 100, 150 patient registrational trial. I recall in the Phase I trial in squamous about a 30% or so response rate. What is an acceptable response rate? What is the number, Brian?

Question: Jami Rubin - Goldman Sachs - Analyst : And at that time you'll have access -- ?

Question: Jami Rubin - Goldman Sachs - Analyst : Okay. Great. Thank you very much. We have to end.