Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q1 2023 Earnings Presentation
17 slides from Bristol-myers Squibb's earnings presentation, Apr 27, 2023
Slide 1: Q1 2023 Results
Q1 2023 Results April 27, 2023
Slide 2: Forward Looking Statements and Non-GAAP Financial Information
Forward Looking Statements and Non-GAAP Financial Information This presentation contains statements about Bristol-Myers Squibb Company’s (the “Company”) future financial results, plans, business development strategy, anticipated clinical trials, results and regulatory approvals that constitute forwa
Slide 3: Giovanni Caforio, MD
Q1 2023 Results Giovanni Caforio, MD Chairman of the Board and Chief Executive Officer 3
Slide 4: Q1 2023 Performance
Q1 2023 Performance Strong Commercial Execution New Product Performance Global Net Sales $ in millions Q1:~$11.3B (3%) YoY; (1%) Ex-FX * $723 In-Line Brands & New Product $350 Portfolio: Q1 2022 Q1 2023 Q1:~$9.3B +8% YoY; +10% Ex-FX * Revenues more than doubled vs prior year Strong Financial Executi
Slide 5: Near-term Catalysts Across Diversified Portfolio
Near-term Catalysts Across Diversified Portfolio 2023 Key Milestones 2024/2025 Key Milestones Initiation of pivotal Metastatic: 1L MF Ph3 Early Stage: Reblozyl post-transplant 1L HCC Ph3 (CM-9DW) (INDEPENDENCE) Neo-adjuvant NSCLC Ph3 iberdomide Opdivo maintenance H2H vs 1L+ MSI High CRC Ph
Slide 6: New Product Portfolio Significantly De-Risked with Important Catalysts Ahead
New Product Portfolio Significantly De-Risked with Important Catalysts Ahead Key Milestones $25B+ Beyond Non-Risk Adjusted* • Camzyos nHCM • Opdualag Adj. Mel $4B+ • Sotyktu SLE • Opdualag 2L+ MSS CRC • Opdualag 1L NSCLC $4B+ $10B - $13B Risk-Adjusted Sales Planned Next 1-2 Years Breyanzi 3L+ CLL
Slide 7: David Elkins
Q1 2023 Results David Elkins Executive Vice President and Chief Financial Officer 7
Slide 8: Strong Total Company Performance
Strong Total Company Performance Total Company Sales ~$11.3B (3%) YoY, (1%) Ex-FX* $B Q1 Net Sales1 YoY % Ex-FX* % $2.0 Total Company $11.3 (3%) (1%) $3.0 In-Line Products $8.6 +4% +6% New Product $0.7 ** ** $9.3 Portfolio $8.6 In-Line Products & $9.3 +8% +10% New Product Portfolio Recent LOEs2 $2.0
Slide 9: New Product Portfolio Sales Performance
New Product Portfolio Sales Performance Revenues more than doubled vs prior year +12% or +11% Ex-FX* growth vs prior quarter $ in millions $ in millions $723 $723 $16 $16 $25 $645 $25 $29 $7 $29 $34 $23 $34 $16 $71 $37 $71 $55 $78 $78 $79 $350 $117 $117 $104 $18 $23 $44 $147 $147 $125 $36 $6 $67 $20
Slide 10: Q1 2023 Solid Tumor Product Summary
Q1 2023 Solid Tumor Product Summary Q1 Global Net Sales Opdivo • U.S. growth driven by demand in 1L lung, upper GI $M YoY % Ex-FX* % indications & adj. bladder cancer • Ex-U.S. growth from 1L lung & upper GI indications $2,202 +15% +17% Opdualag $508 (1%) +2% • 3rd approved I-O agent; potential to b
Slide 11: Q1 2023 Cardiovascular Product Summary
Q1 2023 Cardiovascular Product Summary Q1 Global Net Sales $M YoY % Ex-FX* % $M YoY % Ex-FX* % $3,423 +7% +8% $29 --- --- Best-in-class & leading OAC within category First-in-class myosin inhibitor • U.S. robust underlying demand strength • U.S. increase in total treated & commercial dispensed patie
Slide 12: Q1 2023 Hematology Product Summary
Q1 2023 Hematology Product Summary Q1 Global Net Sales1 Revlimid – Impact from Gx entry; FY 2023 revenue projection of ~$6.5B 1 $M YoY % Ex-FX* % Pomalyst – Growth driven by demand for triplet-based regimens $1,750 (37%) (37%) in earlier lines & favorable buying patterns ex-U.S. Reblozyl $832 +1% +2
Slide 13: Q1 2023 Immunology Product Summary
Q1 2023 Immunology Product Summary Q1 Global Net Sales % $M YoY % Ex-FX* % % $M YoY % Ex-FX* % $764 (4%) (1%) $16 --- --- $78 ** ** First-in-class selective allosteric TYK2 inhibitor **In excess of +100% • U.S. continued strong early adoption; significant demand growth in Q1 Zeposia • Focused on dri
Slide 14: Q1 2023 Financial Performance
Q1 2023 Financial Performance US US GAAP GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q1 2023 Q1 2022 Q1 2023 Q1 2022 Total Revenues, net 11.3 11.6 11.3 11.6 Gross Margin % 77.4% 78.8% 77.8% 79.2% Operating Expenses1 4.1 4.1 4.0 4.0 Acquired IPR&D 0.1 0.3 0.1 0.3 Amortization of Acquired Intan
Slide 15: Balanced Approach to Capital Allocation
Balanced Approach to Capital Allocation Cash flow from Operations $B Business • Prioritize opportunities to further diversify Development portfolio & strengthen long-term outlook $3.8 $3.3 $3.7 $3.0 • Continued debt reduction $2.3 Balance Sheet ‒ ~$1.6B in debt repayments in Q1 Strength • Maintain s
Slide 16: 2023 Guidance
2023 Guidance US GAAP* Non-GAAP* February (Prior) April (Revised) April (Affirm) Total Revenues ~2% increase No Change ~2% increase Reported Rates Total Revenues ~2% increase No Change ~2% increase Ex-FX Revlimid ~$6.5 billion No Change ~$6.5 billion Gross Margin % ~77% No Change ~77% Operating Expe
Slide 17: Q1 2023 Results Q&A
Q1 2023 Results Q&A Giovanni Caforio, MD Chris Boerner, PhD Chairman of the Board, Executive VP, Chief Executive Officer Chief Operating Officer Samit Hirawat, MD David Elkins Executive VP, Executive VP, Chief Medical Officer, Chief Financial Officer Global Drug Development 17
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