Bristol-Myers Squibb Co Q3 2025 Earnings Call Summary

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

Question: Christopher Schott - JPMorgan Chase & Co - Analyst : Just I wanted to start with ADEPT-2. Is there any additional updates you can give us in terms of any actions, if any, that you've taken following some of the clinical site reviews you highlighted on the 2Q earnings? And then maybe just putting the broader ADEPT program into context, as we think about ADEPT-1 and 4 next year, can you just talk about the relative confidence you have in those studies relative to ADEPT-2, just given some of the differences in study designs? Just maybe just an update kind of broadly on how you're thinking about that indication. Thank you.

Question: Geoffrey Meacham - Citi Infrastructure Investments LLC - Analyst : Just have a couple also on Cobenfy, but more commercial. How would you guys characterize the speed of reimbursement and maybe the depth of prescribers in the US? I guess I'm just looking for what could be a tipping point of demand as it sounds like maybe there's more work to do on education. And then also I wanted to loop in Cristian here. I know, obviously, early days. But can you give us a sense of your priorities and maybe approach to development for a diversified portfolio like Bristol? Thank you.

Question: Evan Seigerman - Bank of Montreal - Analyst : I wanted to touch on the competitive landscape for the PD-L1 VEGF bispecifics. So we saw some data at ESMO with PFS benefit in the HARMONY 6 trial in squamous non-small cell lung cancer. Can you just help frame how that maybe informs how you're thinking about your partnership with BioNTech? Does it make you more incrementally confident? Or is it really too early to read into kind of your program?

Question: David Amsellem - Piper Sandler Companies - Analyst : So I wanted to come back to Cobenfy. And not trying to read too much into the prescription data over the summer relative to earlier this year, but I didn't want to ask about how you're thinking about potential or key barriers to adoption thus far? Is it GI tolerability? Is it twice daily dosing? Is it just prescriber inertia in terms of the dominance of the D2 blockers? Just wanted to get a better sense of what you're hearing and seeing in the field and what you think you need to do to drive more acceptance of product among psychiatrists.

Question: Asad Haider - Goldman Sachs Group Inc - Analyst : Congrats on the quarter. Just first for Chris or David, on the cost side, as it relates to your strategic productivity initiatives where another $1 billion in cost savings is expected to drop to the bottom line by 2027, any updated thoughts on the shape of this over the next couple of years in the context of the potential R&D expenses associated with the development of BNT-327 as it starts to go forward into later-stage Phase III programs, recognizing, of course, that you have other Phase III programs over the next 18 to 24 months are going to come off? Just trying to understand the margin trajectory as we go through these pushes and pulls. And then second for Cristian. Maybe just double clicking on your previous response. Could you share with us any early thoughts on the pipeline and if there are programs that you're particularly encouraged by? Thank you.

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : My question is regarding the VEGF PD1 and the data we have seen from summit so far. So what is your impression of the data, especially on the OS side of things? And the second part of the question is that, I mean, there are two ways to think about it. One is like you could actually go after indications where PD-1s work really well or you could go after indications where VEGF work well and PD-1 could add some value there. Is there an either/or approach here? Or could there be a scenario where it works better to improve the efficacy of VEGF with the VEGF PD-1 approach? How do you think about that? 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.

Question: Timothy Anderson - Bofa Merrill Lynch Asset Holdings Inc - Analyst : A couple of questions. The first is on trough earnings. Chris, are you still looking at very late 2020s relative to what you've made been forecasting, say, a year ago? Is that trending towards being pulled forward or being pushed back or maybe staying the same? We've seen lots of developments both at Bristol and then industry wide, and I'm wondering if any of that has changed the timing of reaching trough earnings. And then just on Cobenfy, as you undoubtedly know, there's heightened investor nervousness around ADEPT-2 on the back of comments that were made in Q2. Do you think investors read too much into those comments that Samit has made? Thank you.

Question: David Risinger - Leerink Partners LLC - Analyst : Yeah. Congrats on the strong third-quarter results. So I have two questions, please. First, milvexian is being dosed at 25 milligrams BID in secondary stroke prevention, which is the same daily dose as Bayer's Asundexian 50 milligrams QD. So could you please discuss milvexian's profile, including its potency relative to Asundexian and comment on Asundexian's secondary stroke prevention Phase III trial readout in coming months and implications for milvexian's secondary stroke prevention readout in the second half of '26? And then my separate question is, are IRA prices for the first 10 price-controlled drugs in 2026, including Eliquis, currently being renegotiated? Thank you.

Question: Carter Gould - Cantor Fitzgerald LP - Analyst : I ask this question with an appreciation that your timelines have been consistent, but there's been lots of discussions around potential scenarios where you might add patients to sites that -- I'm talking about ADEPT-2, you might add patients to sites that underenrolled based. And can you address those discussions and say definitively whether you've gone back and added more patients since enrollment was completed based on your own ct.gov entries? And could that address the variance between what was implied by those time lines and the actual timelines to data? Thank you.

Question: Terence Flynn - Morgan Stanley - Analyst : Maybe just another policy one. We've seen some headlines around these GLOBE and GUARD, what I assume are CMMI pilots for Medicare. Can you weigh in at all in terms of those, if there's any progress or give any details in terms of how those might play out? And then a second question is just on iberdomide and your upcoming discussions with the FDA on a potential for a filing on MRD. What's your confidence level that FDA will actually move in that direction? Or do you think they're going to want to see more definitive data first before acting on MRD? 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: Akash Tewari - Jefferies LLC - Analyst : Just on ADEPT-2. I think your team has hinted there are no cytorregularities that you're seeing right now and dropouts seem to be similar to the schizophrenia studies. So if that's the case, why hasn't the data been locked at this point? And why open more ex US sites? And can you also comment specifically on what you learned from the open-label period in your relapse prevention studies with Cobenfy in Alzheimer's psychosis? Thanks so much.

Question: Steve Scala - Cowen and Company LLC - Analyst : I'm curious if you have concluded the IRA negotiations for Pomalyst and how did the results compare to expectations. GSK indicated yesterday that its negotiations concluded for one of its drugs, and they did not sound troubled in the least at the result of those negotiations. And I'll leave it to one question, given that time is short. So thank you so much.