Bristol-Myers Squibb Co Q4 2024 Earnings Call Transcript

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

Question: Chris Schott - JPMorgan - Analyst : Great, thanks so much. Just two quick ones for me. First on Cobenfy. It seems like feedback and coverage dynamics are progressing well. Can you just elaborate on how you're thinking about the ramp of the drug from here as we balance as you highlight kind of entrenched physician prescribing habits against what seems like a relatively poor standard of care and pretty large unmet need in the space. I just trying to get so like the ramp, how you're thinking about it for '25? And the second one is just on the cost program. Once you're done with this incremental $2 billion, should we think about additional cost opportunities as you go through that 2028 LOE cycle, or is this going to really put the company in the, I guess, the right place as we think about the longer-term 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: Chris Schott - JPMorgan - Analyst : Thanks, Chris. Alison, can we go to our next question.

Question: Luisa Hector - Berenberg - Analyst : Hello. thank you for taking my questions. I just wanted to take your assumption for Part D redesign, if you can quantify it in 2025. And then just an update on (inaudible), I don't see it on the slides, but any updates on the filing plans there. Thank you. Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Thanks for the question, Luisa. I'll have Adam take both of those questions. Adam Lenkowsky - Bristol-Myers Squibb Co - Executive Vice President, Chief Commercialization Officer, Member of the Leadership Team Thanks, Luisa. Good morning. As relates to Part D redesign, there are pushes and pulls. Overall, we're going to see favorability with Eliquis due to the elimination of the coverage gap and with that, we're not going to see the historical dynamics with Eliquis, where first half sales have been higher than the second half sales. In fact, what we're going to see in Q1 is going to be the lowest quarter of sales for Eliquis, in fact mid-single-digit sequential growth from Q4 to Q1 globally. And we'll see second half sales be higher than first half sales. But for the full year, we expect strong year-on-year growth for Eliquis. Now when you look at products like REVLIMID, POMALYST, ORENCIA and CAMZYOS, for example, that's going to offset the Eliquis favorability as we see increasing gross to net pressure starting in Q1 as patients enter the catastrophic phase. And as you know, we're responsible for 20% in the catastrophic phase and 10% in the initial coverage phase. But as we've said previously, we project it to be roughly net neutral across our portfolio this year. As it relates to cendakimab, given the data that we have seen, we've made the decision not to commercialize cendakimab. We're going to continue to prioritize investments and opportunities where we have a competitive advantage. We can deliver the highest return for the company in areas where we believe that we have an opportunity to deliver potentially transformational outcomes for patients. We made a similar decision late last year with Zeposia in UC. As we saw the unsuccessful trial in Crohn's disease. And based on our competitive position with Zeposia in IBD, we made that decision as well.

Question: Geoff Meacham - Citi - Analyst : Great, good morning, guys. Thanks so much for the question. I had another one on Cobenfy. I know, Chris, you highlighted the expansion opportunities on slide 6. I guess, are there others that you could add or accelerate beyond what you have? I guess the main question is, since the [emracladine] failure are there changes to the investment plan that you're contemplating? And then on the policy front, I want to get your perspective as RFKJ's nomination or a confirmation looks I think fairly imminent, what are the potential puts and takes on IRA revisions? Obviously, been a lot of chatter on what discounting could look like in the outer years. Thank you. Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Sure. I'll take the first part of that question and then turn it over to Samit and Adam, and then I'll come back and talk about the policy bit. Just let me give you a top line on Cobenfy. Obviously, the competitive dynamics and changes on the competitive front haven't impacted the short term on that product. We have always been focused on delivering that product as quickly as possible. patients. However, we do believe that those competitive dynamics provide a more significant long-term opportunity for us and so we have put a full court press on ensuring that we do everything we can to capitalize on that opportunity in the long term, and that includes accelerating programs where possible. So maybe Samit and Adam want to comment. Samit Hirawat - Bristol-Myers Squibb Co - Executive Vice President, Chief Medical Officer, Global Drug Development, Member of the Leadership Team Yes, it's absolutely true what Chris just said because if you think about the dual muscular agonism mechanism of action that draft carries, it opens up the door for investigating and exploring many of the dementia associated psychosis and agitation disorders. So we will continue to explore where the drug could be applied, where additional indications could be added and how we can accelerate the development of this molecule and as well as continue to look into our pipeline, what other molecules we can bring forward in the neuropsychiatric space to be able to manage the unmet clinical need that exists for these patients at this time. Adam Lenkowsky - Bristol-Myers Squibb Co - Executive Vice President, Chief Commercialization Officer, Member of the Leadership Team I'll just add, Samit. Our focus has been on ensuring a successful launch where generic atypical have about 80% market share, and Cobenfy significant safety and ethically advantages there. As Samit just mentioned, we see the unique efficacy advantages around the three domains of schizophrenia, hitting on positive symptoms, negative symptoms and cognition due to its unique maxes action. So we didn't expect competition from other muscarinic in schizophrenia until late '26, early '27. And the failure of [erracladine], we have a clear path forward in schizophrenia and we're excited about the opportunity with Cobenfy. And we believe that we're going to drive meaningful growth for Cobenfy really into the middle of the next decade. Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer On the policy front, maybe a few things. First, as a company, as you well know, we have a long history of working across both sides of the aisle. We actually look forward to working with the new Congress as well as President Trump's administration, including nominees like RFK once those nominees obviously are confirmed. Our focus as a company is going to continue to be on policies that strengthen the ecosystem for innovation to make sure that we're ensuring to address the needs of patients and our employees. 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: Chris Shibutani - Goldman Sachs - Analyst : Thank you. Good morning. I'm struck by the ability to do several things at the same time while trying to realign your costs and integrate these businesses. There have been several advancements of time lines in terms of data readouts. And there's also been an absence of slippage across integrating aspects of the pipeline that are very important. What are the keys in your opinion, to being able to deliver on this progress and in particular, the advancement of time lines? Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Maybe I'll start and then turn it over to Samit. I think, Chris, you've correctly pointed out there a lot of moving parts. But I would say one of the reasons that we've been fixated on operational excellence, becoming a more nimble and focused organization is making sure that we're staying absolutely focused on those things that are going to drive value to the company and value to shareholders. And so one of those things has been a very laser-like focus on R&D productivity. The work that we've done in that regard has enabled us to accelerate a number of programs that are going to add value for the company. In fact, one of the reasons we have this wave of catalysts that are coming forward over the next 24 months is that we have been focused on ensuring we hit the time lines that we set internally and where possible, accelerate and Samit and the team has done a nice job of helping us do that. So Samit, do you want to comment on specifics. Samit Hirawat - Bristol-Myers Squibb Co - Executive Vice President, Chief Medical Officer, Global Drug Development, Member of the Leadership Team Yes, absolutely. Thank you for the question, Chris. As Chris said, the laser focus is the start. But then again, following the principles we laid out a few years back, in fact, between Robert and myself from the research and discovery perspective, the cause of biology to discover the drugs matching the modality to the mechanisms and then picking the right diseases. 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: Tim Anderson - Bank of America - Analyst : Thank you very much. I have a couple of questions. So the revenue guidance for '25 is about $1 billion less than consensus in as much as you've looked at consensus, where are you seeing the biggest differences, could Cobenfy be one of those contributors of the delta? And then a longer-term question on earnings. In the past, Chris, you've suggested trough earnings would really be in the very late 2020s. And to me, it felt like, maybe 2028, 2029. Is that still the right way to think about it? And could a product like Cobenfy or some of these other programs possibly pull that forward? Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Thanks for the questions, Tim. Maybe I'll start and then turn it over to David for the first part of your question, and then I'll come back for the second part. 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: Mohit Bansal - Wells Fargo - Analyst : Great, thank you very much for taking my question. My question is regarding Eliquis. So I mean, so there was some thoughts about Eliquis getting some tailwind because of RD design given that there's no donut hole now. And maybe the like given the price point the impact of RD design may not be a lot. So in the context of that, how are you thinking about the growth for this brand for this year? Thank you. Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Thanks for the question, Mohit. Adam, do you want to take that? Adam Lenkowsky - Bristol-Myers Squibb Co - Executive Vice President, Chief Commercialization Officer, Member of the Leadership Team Yes, Thanks Mohit, for the question. As I mentioned, we're going to see favorability with Eliquis this year in the US due to Part D redesign with the elimination of the coverage gap. And so I talked about the dynamics historically, where the first half sales were higher than the second half sales. So we're going to see something very different this year, where Q1 sales will be the lowest quarter for Eliquis, and we'll see higher sales in the second half of the year. For the year, we expect strong double-digit growth for Eliquis overall. And when we look at where we are positioned in the market in the US, we have a market share that continues to grow linearly. Our share in the US NBRx is roughly 75% and and we know that with Xarelto out of the market, we've got a great opportunity to continue to drive this important brand for the company.

Question: Chun Chung - UBS - Analyst : Hi guys, thanks for taking my question. Just two, please. So firstly, can you just give us some color on the gross margin cadence for 2025? You touched upon 1Q dynamics, but should we just follow the REVLIMID step downs for the year? I there any other considerations that we should think about here? And then just wondering if you can give us any early insights into the access and coverage of Opdivo Quantic, and any thoughts on the uptake for '25. Thanks Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Thanks for the questions, Chun. David, do you want to take the first one and then Adam, you can comment on the second. 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: Evan Sigerman - BMO Capital Markets - Analyst : Hi guys, thank you so much for taking my question. One on BD, more specifically, now that we're on this side of the muscarinic debate with Cobenfy approved and peer acuity not showing an efficacy, can you walk us through kind of your process in determining why you went for Karuna when you wanted to get into schizophrenia. And on kind of a more mechanistic perspective, what's happening with Camzyos? We saw a nice step up. What are you seeing in the field that's driving the uptake there? Thank you. Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Thanks for the questions, Evan. I'll start and then turn it over to Adam. There's no magic bullet with respect to how you approach business development from our standpoint. But I think there were a few things that we did well with the Karuna acquisition that will frame how we continue to do business development. 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 - Analyst : Hey, thanks so much. So what's the risk around the adjunct schizophrenia trial for Cobenfy? Because we haven't seen a lot of companies run that specific trial. And if they have, they've often failed. So why wouldn't the probability of success for this trial be more like a 50-50 coin flip? And on the Camzyo's label update, are you aiming for six months echo monitoring requirements? And if so, how do you think that will help expand access into the community setting? Thank you. Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Thanks for the question, Samit and Adam. Samit Hirawat - Bristol-Myers Squibb Co - Executive Vice President, Chief Medical Officer, Global Drug Development, Member of the Leadership Team Sure. Thank you for the question. On the adjective schizophrenia, I remember where we started off and how patients are treated in the real world. So we obviously have developed the drug as a monotherapy, but these patients were primarily before they got onto the trial, we're receiving the D2 agonist and thereafter, there was a washout period, patients came on the drug and then, of course, the trial evaluated the primary endpoint in emerging one, two and three at a shorter window. But remember, merging four and five have now read out with a 52-week follow-up. Many of those patients obviously, are also taking concomitant medications in the background. So, and we've seen that efficacy continued to be maintained within, as we look towards the 52-week data point as well. So overall, from that perspective, we are confident on the overall safety profile that is emerging on that. And then, of course, from a blinded data perspective, the study has continued at this point. So now we are only a few months away from the readout for that trial. And, of course, on top of that, we'll look at ADAPT trials also reading out beginning at the back end of this year. Coming to Camzyos, a point that I would like to make is it is very important that we continue to decrease the burden on the site on the patients and the treating physicians. And from that perspective, it was important the data that we've collected from the real world as well as in the clinical trials suggest that the overall safety profile of Camzyos is maintained. Many of the patients are treated actually at the lowest holes of 2.5 and 5 milligrams and considering all of that data is where we approach the health authorities, and you've already seen the action taken in Europe and now looking forward to the April action as we think about the maintenance for these patients with a longer duration in between echos as we look to the US reviews as well. Adam, if you want to add anything? Adam Lenkowsky - Bristol-Myers Squibb Co - Executive Vice President, Chief Commercialization Officer, Member of the Leadership Team Just adding just one bit, and point you to the the European label. The label was updated late last year to reduce the frequency of echo monitoring for patients taking Camzyo's from every 12 weeks to once every 6 months when patients are in the maintenance phase. So that's after week 12. And what we would expect is not so much in the community, but this will open up additional capacity at the centers of excellence. And as a result, physicians will be able to treat more patients. 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, thanks for taking the questions. Maybe two for me. David, I just wanted to clarify on the new productivity initiative, should we think about the run rate year-end for '27 as being $15 billion. So an incremental $1 billion off of the $16 million now. I just wanted to make sure I understand it correctly. And then on iberdomide, the addition to the MRD endpoint, did FDA sign off on that? And if so, are you able to get approval on just an MRD endpoint? Or do you need follow-up data from the PFS? And anything you can say about what kind of efficacy delta you'd need on MRD? Thank you. Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Thanks, Terence, David and Samit. David Elkins - Bristol-Myers Squibb Co - Executive Vice President, Chief Financial Officer, Member of the Leadership Team Yes. thanks for the question. Yes, you have that right. So we said an incremental to $2 billion program, all that dropping to the bottom line. We said $1 billion of that which dropped this year with operating expenses of $16 billion, this further $1 billion achieved by 2027 would get you to operating expenses of $15. Samit Hirawat - Bristol-Myers Squibb Co - Executive Vice President, Chief Medical Officer, Global Drug Development, Member of the Leadership Team In terms of thinking about iberdomide, of course, quite excited that based on the discussions that you probably followed from the ODAC setting perspective at MRD as an endpoint is more and more becoming important because in multiple myeloma, there are multiple lines of therapies that are available, but still no cure available for patients with multiple myeloma. So it is important that we continue to figure out how to accelerate the process of drug development and that's why newer end points are needed. So, of course, we've discussed with the FDA the ability to include MRD as one of the primary endpoints in the clinical trial, and we'll certainly be reading that out most likely in this year. Now everything in the regulatory world will be dependent on the risk benefit ratio and the overall magnitude that we'll observe at the end of the day. So when the data is available, that's when we will engage with the regulators in terms of how they will see that data and what else they would need. Remember, we have not taken out PFS as the second primary endpoint within the trial as well. So, of course, the patients will be followed for PFS and as well as the secondary endpoint, which is overall survival as well. So we are going to collect maximum data from the clinical trial and engage the authorities based on the magnitude and the timing of the readout. 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: Courtney Breen - Bernstein - Analyst : Thanks so much for taking my call today. Two parts, I think you spoke a little bit about business development in an answer before and referenced it as a top priority from a capital allocation perspective. Can you just talk a little bit about TA alignment, kind of what good looks like, particularly in the context of the organization you have right now, I think, last year was a little bit of digesting the deals that you've done quickly. And so wanting to understand kind of how you're thinking about that appetite now and over the course of the year? And then the second was just around kind of Cobenfy, specifically kind of gross-to-net evolution as we're thinking about this access evolving from kind of initial private pay to more of the government setting to then adding on a little bit of the commercial environment. That would be really helpful to understand how you're expecting that to flow. Thank you. Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Both good questions. I'll start and then turn it over to Adam. As we said earlier, and as you reiterated, business development is a top priority for us. Think about that both in terms of partnerships and where it makes sense, acquisitions. And the way we think about therapeutic areas is that we're really focused on strengthening our position in the core therapeutic areas that we have today, and that we can do by bringing promising areas of science into the company as well as looking for assets that can improve the growth profile of the company. And I think you saw shortly after I became CEO in 2023, we did both of those things. What's important and the way we think about it is that we need to like the science and feel that we're the rightful owners of it. The financials have to make sense. And again, we've included in that thinking strengthening the growth profile as a key factor we're considering. And we have to believe that we can drive value for the company and ultimately for shareholders. And as we look across the core therapeutic areas that we have today, we see opportunities as we see opportunities to strengthen our position in those therapeutic areas. The nice thing is that we're in a very strong financial position. And as I said earlier, that financial strength and flexibility gives us strategic flexibility and that flexibility includes doing business development where it makes sense.

Question: Seamus Fernandez - Guggenheim Securities - Analyst : Oh, great. Thanks for the question. So just quickly on Cobenfy, I was hoping you could talk about the patient experience that you're seeing so far in the field. We know that patients certainly feel better cognitively, but there are questions around the tolerability and the BID dosing. So just interested to know if there's any early signs of sort of durability and how you're managing the GI profile that's been talked about a bit by some thought leaders in that regard. And then the second question is just as we think about the overall kind of multiple myeloma opportunity, just hoping to get a sense of where you think novel oral drugs like iberdomide or resignomide could appropriately fit within the context of the overall multiple myeloma market. given the availability of generic Revlimid and POMALYST? Thanks. Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Thanks, Seamus. Adam, and then maybe, Samit, you can chime in as well. Adam Lenkowsky - Bristol-Myers Squibb Co - Executive Vice President, Chief Commercialization Officer, Member of the Leadership Team Yes, Seamus, thanks for the questions. We've been really pleased with what we're hearing from both physicians and patients. The feedback has been very positive with a lot of enthusiasm on the efficacy and the safety profile. So what we're hearing is patients are seeing improvement in positive symptoms as early as the first week of treatment and on really the lowest dose of 50 milligrams. And we're also hearing good successes on negative symptoms and what we were really excited about this asset for improvement in clarity of thought, improvement of cognition, patients being able to reengage with their families and even start thinking about going back to work. The AEs, what we've heard from physicians, they're manageable, including the nausea and vomiting because what we're seeing is the majority of physicians in the real world are treating patients at the lowest dose. Just starting with 50 milligrams, they're taking a week or two before they titrate up to the next dose at 100 unlike what you saw in the clinical trials, which moved to 125 milligrams within the first eight days of the trial. 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: David Risinger - Leerink Partners - Analyst : Yes, thanks very much and congrats on all the updates. Sorry, I have another call coming in here. So my apologies. They want me on the box to speak. So I have two questions. First, with respect to the performance in '25. So obviously, the worse that the LOEs perform in '25, the better the setup for the trajectory of growth for the company in '26. But if the loss of exclusivity products performed better than expected, then it makes it a little bit tougher to grow in '26. Could you just discuss that a little bit and provide some initial context for '26? I know that you're not providing guidance at this time. And then second, just with respect to YERVOY, it's been performing very strongly, growing 20% roughly in the fourth quarter and roughly 20% for full year 2025, sorry, 2024, can you comment on growth prospects for YERVOY going forward as well? 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: Matt Phipps - William Blair - Analyst : Following up on the MRD primary endpoint for the (inaudible) trial, is there a time course that the FDA wants as far as how much durability on that MRD? And why not add MRD endpoints to the teziimide trials? It does look like you already have MRD on the II]. And then 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: Steven Scala - TD Cowen - Analyst : Oh, thank you so much. I have two questions. First, Bristol's second-generation TYK2 completed Phase II in Psoriasis in August of 2024, but hasn't progressed. So curious what the profile of this agent is, what are plans and is IBD within those plans? And secondly, Milvexian Phase III readouts in stroke and ACS are expected in 2026, but later in the year. Curious if events are tracking for that 2026 readout and is there any possibility at all for a 2025 readout for either trial? 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: Kripa Devarakonda - Truist Securities - Analyst : Hey guys, thank you so much for taking my question. I have a canvas question. Congrats on getting the label update in EU. I was wondering with the label change in EU and potentially a change in the US as well. How do you see the peak opportunity now? And with ODYSSEY data upcoming this year, can you help set expectations for the readout? And then if I can week one in (inaudible) for Cobenfy. One of the tails we recently spoke to said that there was an issue with drug availability at average pharmacies is what he said. I was wondering if this is just a one-off or just does it just take time to ramp up availability? Thank you. Adam Lenkowsky - Bristol-Myers Squibb Co - Executive Vice President, Chief Commercialization Officer, Member of the Leadership Team Yes. So I can certainly take those thank you. So as it relates to the label for Camzyos. As I said, we expect to have a PDUFA date in April of this year. And our goal is to continue to ease the burden of the echo requirements for both patients and physicians, and it's going to open up additional capacity at the COEs. What we are seeing for Camzyos, which is and steady growth. We have a very large revenue base that's building, and we continue to expect growth from the expansion of prescribers and high persistency. Patients are staying on treatment for a very long time because they're feeling better. And so that's going to help with the duration of therapy, and we're focused on continuing to add new patients each and every week. As it relates to the ODYSSEY readout, maybe Samit, if you want to talk a little bit about it, but just as I mentioned, we're looking forward to seeing top line data in Q2. This is going to add a positive around a third of patients in HCM and have an opportunity to build upon the success of Camzyos with a strong first-mover advantage across both indications, and we're certainly looking forward to that data readout. 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: Olivia Brayer - Cantor Fitzgerald - Analyst : Hey, good morning. Thank you for the question. What data did you submit to the FDA for the less restrictive Camzyos? Did that include anything additional versus what was submitted to EMA. And are you asking the agency for the same two updates that were proposed in the December agenda? I think those are around monitoring frequency and the use of LVOT gradient. And then, Adam, I just wanted to clarify 1 point you made earlier. You said the European label was updated to reduce frequency. I think you said from every 12 weeks to once every six months. I just wanted to clarify that I heard that correctly. Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Thanks. Samit and Adam. Samit Hirawat - Bristol-Myers Squibb Co - Executive Vice President, Chief Medical Officer, Global Drug Development, Member of the Leadership Team Maybe I can start off. Thanks for the question, Olivia. We will not be able to give you the specifics at this time in terms of the asks of the FDA. Certainly, there are several of them, and then we'll see which ones we are able to have a conversation and get from a relief for the patient perspective. And in terms of the data that were submitted, they come from both clinical trials as well as from the real-world evidence. So overall data package was very strong, and we continue to have the dialogue with the regulatory agencies. 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: James Shin - Deutsche Bank - Analyst : Thank you for the question, guys. I just wanted to follow up on the Rise question. What are BMY's expectations for the PAN score benefit? And then, any color on how ADAPT 2 will be disclosed? Will the MPIC be top line in the PR? And will this be followed by a full data set at a Medical Congress Tom? Thank you. Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Samit. Samit Hirawat - Bristol-Myers Squibb Co - Executive Vice President, Chief Medical Officer, Global Drug Development, Member of the Leadership Team Thank you for the questions. Let me start with the second one for Adapt. As has been recently done and previously done, at the top line, if we it reads out, we will be putting out a press release. But generally, we do not disclose the data. Those will be presented at medical conference appropriately and for RISE again, the magnitude that we are going to be looking for is going to be the difference between the two arms rather there and as well as we look, the difference that we observed from baseline to the time of readout. So both of those endpoints are going to be important, apart from the, of course, the secondary end points. Right now, we are not commenting on the overall magnitude. But here, even small differences in terms of the points would be very, very important and clinically meaningful, as you know, in the neuropsychiatric space.

Question: Sean McCutcheon - Raymond James - Analyst : All right guys, thanks for the question. Can you speak to the expectations for the cadence of data for the targeted radiotherapeutic portfolio and prioritization of further investment in BD and internal development. following that investment in the infrastructure in that segment. Thanks. Samit Hirawat - Bristol-Myers Squibb Co - Executive Vice President, Chief Medical Officer, Global Drug Development, Member of the Leadership Team Yeah, from the, raised by portfolio perspective, of course, the phase III is already ongoing in (inaudible) net, and this is in the patient population that has already received prior due to era. So it's and certainly the phase I data was very strong and we'll continue to look for not only the responsor. But, of course, progression free survival is going to be important to continue to observe in this one, as we look to the readout in 2026. As you know that we are also exploring the activity of this drug in patients with small cell lung cancer in a Phase I study, and we recently started a breast cancer program as well. And from the portfolio perspective, we have, we're looking forward to initiation of our Phase I program for GPC3 as a new target. And then of course there's a pipeline behind it in the research space as well. Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer And the only thing I would add is that we continue to be looking for opportunities to enhance the acquisition of Raise, we believe in this platform. And if it's appropriate and it makes sense for us, both financially and scientifically, we would consider business development as well.

Question: Alexandria Hammond - Wolfe Research - Analyst : Thanks for squeezing me in. Just one on Bristol's long-term growth potential. So the team has mentioned an unappreciation to the pipeline. Can you imply the key assets you expect to drive revenue looking at the back end of the decade, maybe your favorite child or two? Thank you. Christopher Boerner - Bristol-Myers Squibb Co - Chairman of the Board, Chief Executive Officer, Chief Operating Officer Well, listen, I'll take that one. We feel great about the pipeline. We have a number of really exciting assets that are coming, we've spoken at length, obviously, about Cobenfy. Clearly, we also are very excited about our CELMoD programs. We have multiple CELMoDs that we've spoken about today, Ibara and (inaudible), but we haven't spoken about (inaudible), that's a potentially very meaningful product in in lymphoma. (inaudible) important. So it's very difficult to pick a favorite child here whenever there's such a wealth of opportunity in the late-stage pipeline. And we haven't even talked about the next wave of assets, which include some really exciting opportunities, including products like CD19, XT, ARLDD in prostate cancer as well as others. And by the way, I forgot to mention in the first wave of assets, LPA1, which is also a very fighting opportunity. So a plethora of potential catalysts that will be playing out over the next 24 months, and we look forward to seeing them then play out and going from there. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.