Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q4 2022 Earnings Presentation
21 slides from Bristol-myers Squibb's earnings presentation, Feb 2, 2023
Slide 1: Q4 2022 Results, February 2, 2023
Q4 2022 Results February 2, 2023
Slide 2: Forward Looking Statements and Non-GAAP Financial Information
Q4 2022 Results Not for Product Promotional Use Forward Looking Statements and Non-GAAP Financial Information 2 This presentation contains statements about Bristol-Myers Squibb Company’s (the “Company”) future financial results, plans, business development strategy, anticipated clinical trials, resu
Slide 3: Giovanni Caforio, Chairman and Chief Executive Officer
Giovanni Caforio, MD Chairman of the Board and Chief Executive Officer 3
Slide 4: Q4 & Full Year 2022 Performance
Q4 2022 Results Not for Product Promotional Use Q4 & Full Year 2022 Performance 4 Strong Commercial Execution Global Net Sales 3 first-in-class medicines launched in 2022 Q4:~$11.4B (5%) YoY; (1%) Ex-FX* Earnings Per Share (EPS) Q4: GAAP $0.95, (11%) YoY Non-GAAP* $1.82, (1%) YoY Strong Financial Ex
Slide 5: Key Milestones in 2022: Delivered on Our Commitments
Q4 2022 Results Not for Product Promotional Use Key Milestones in 2022 Opdivo (+/- Yervoy) U.S./EU expected approvals: 1L ESCC (CM-648) Neo-adj lung EFS (CM-816) (U.S.) Adj. RCC (CM-914) Opdualag 1L melanoma U.S. approval 1L melanoma EU approval Initiation 2L+ CRC Ph3 bempeg 1L melanom
Slide 6: New Product Portfolio Significantly De-Risked with Important Catalysts Ahead
Not for Product Promotional UseQ4 2022 Results • Camzyos nHCM • Sotyktu SLE • Opdualag 1L NSCLC Breyanzi 3L+ CLL1 • Breyanzi 3L+ iNHL • Reblozyl MF Planned Next 1-2 Years • Sotyktu PsA • Zeposia CD Milestones Already Delivered that De-Risk 2025–2030 and Beyond Zeposia MS Reblozyl 2L TD MDS B
Slide 7: 2023 Key Milestones: Near-term Catalysts Across Diversified Portfolio
Q4 2022 Results Not for Product Promotional Use 2023 Key Milestones Opdivo (+/- Yervoy) Early Stage: Neo-adjuvant NSCLC Ph3 (CM-816) approval in EU Metastatic 1L mCRPC Ph3 (CM-7DX) Opdualag 1L NSCLC Ph2 repotrectinib ROS1+ NSCLC (TRIDENT-1) U.S. filing Abecma 3-5L MM Ph3 (KarMMa-3) filing
Slide 8: Delivered Significant Financial & Portfolio Milestones Through Strong Execution
Q4 2022 Results Not for Product Promotional Use MYOK, TPTX 15+ Delivered Significant Financial & Portfolio Milestones Through Strong Execution 8 Sales growth High single-digit Non-GAAP EPS growth2 Mid-20s Cost synergies $3B+ $40B+ Significant Operating Cash Flow3 3 First-in-Class Assets Approved in
Slide 9: Multiple Paths for Long-Term Growth
Q4 2022 Results Not for Product Promotional Use Multiple Paths for Long-Term Growth 9 On track to deliver • Low-to-mid single digit revenue CAGR* • $8B - 10B growth from in-line brands (primarily I-O & Eliquis) • $10B - 13B from New Product Portfolio • 40%+ operating margin** 2025 Revenues LOE Brand
Slide 10: David Elkins, Executive Vice President and Chief Financial Officer
David Elkins Executive Vice President and Chief Financial Officer 10
Slide 11: Strong Total Company Performance
Not for Product Promotional UseQ4 2022 Results Strong Total Company Performance 11 Total Company Sales ~$46.2B in-line YoY, +3% ex-FX $B FY 22 Net Sales* YoY % Ex-FX % Total Company $46.2 - +3% In-Line Products $33.3 +7% +11% New Product Portfolio $2.0 +87% +92% In-Line Products & New Product Portfo
Slide 12: New Product Portfolio Sales Performance
Not for Product Promotional UseQ4 2022 Results $151 $199 $69 $125 $104 $48 $79 $40 $55 $25 $37 $20 $23 $353 $645 Q4 2021 Q4 2022 $M Reblozyl Abecma Opdualag Zeposia Breyanzi Onureg Inrebic Camzyos Sotyktu $16 New Product Portfolio Sales Performance 12 Sales nearly doubled vs PY $551 $717 $164 $388 $
Slide 13: Q4 & Full Year 2022 Solid Tumor Product Summary
Not for Product Promotional UseQ4 2022 Results Q4 & Full Year 2022 Solid Tumor product summary 13 Opdivo • U.S. growth driven by demand in 1L lung, 1L renal, 1L gastric, adj. esophageal, adj. bladder cancer & neoadjuvant lung • Ex-U.S. growth from 1L lung, upper GI cancers & timing of shipments vs P
Slide 14: Q4 & Full Year 2022 Cardiovascular Product Summary
Q4 2022 Results Not for Product Promotional Use Q4 & Full Year 2022 Cardiovascular product summary 14 • U.S. robust demand & gross-to-net adjustments offset by timing of wholesaler buying patterns in Q4’22 vs PY • Ex-U.S. continues to be #1 OAC in key international markets; impacted by some generic
Slide 15: Q4 & Full Year 2022 Hematology Product Summary
Q4 2022 Results Not for Product Promotional Use Q4 & Full Year 2022 Hematology product summary 15 Revlimid – Impact from Gx entry; FY 2023 revenue projection ~$6.5B Pomalyst – Increased demand as patients move into earlier lines, extending treatment duration % YoY Ex-FX YoY Ex-FX $2,260 (32%) (31%)
Slide 16: Q4 & Full Year 2022 Immunology Product Summary
Q4 2022 Results Not for Product Promotional Use Q4 & Full Year 2022 Immunology product summary 16 Zeposia • Strong demand growth including expansion into UC • Continuing to improve formulary access; achieved 0 or 1 step edit across several plans • Very encouraging HCP feedback & strong early adoptio
Slide 17: Q4 & Full Year 2022 Financial Performance
Q4 2022 Results Not for Product Promotional Use US GAAP Non-GAAP $ in billions, except EPS Q4 2022 FY 2022 Q4 2022 FY 2022 Total Revenues, net 11.4 46.2 11.4 46.2 Gross Margin % 77.3% 78% 77.9% 78.8% Operating Expenses1 4.8 17.3 4.8 16.9 Acquired IPR&D 0.1 0.8 0.1 0.8 Amortization of Acquired Intang
Slide 18: Balanced Approach to Capital Allocation
Q4 2022 Results Not for Product Promotional Use Balanced Approach to Capital Allocation 18 *Cash includes cash, cash equivalents and marketable debt securities **Subject to Board approval $B Q4 2022 Total Cash* ~$9.3B Total Debt ~$39.3B • Prioritize opportunities to further diversify portfolio & str
Slide 19: 2023 Guidance
Q4 2022 Results Not for Product Promotional Use Total Net Sales Reported Rates ~2% increase ~2% increase Total Net Sales Ex-FX ~2% increase ~2% increase Revlimid ~$6.5 billion ~$6.5 billion Gross Margin % ~77% ~77% Operating Expenses1 Mid-single digit decline Low-single digit decline Tax Rate ~22% ~
Slide 20: Management team
20 Giovanni Caforio, MD Chairman of the Board, Chief Executive Officer Chris Boerner, PhD Executive VP, Chief Commercialization Officer David Elkins Executive VP, Chief Financial Officer Samit Hirawat, MD Executive VP, Chief Medical Officer, Global Drug Development
Slide 21: Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items
Q4 2022 Results Not for Product Promotional Use Year-Ended December 31 2020 2021 2022 Total Revenues $42,518 $46,385 $46,159 Gross Profit $30,745 $36,445 $36,022 Specified items (a) $3,300 $603 $356 Gross Profit excluding specified items $34,045 $37,048 $36,378 Marketing, Selling and Administrative