Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q4 2024 Earnings Presentation
55 slides from Bristol-myers Squibb's earnings presentation, Feb 6, 2025
Slide 1: Q4 2024 Results
Q4 2024 Results February 6, 2025 Not for Product Promotional Use
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’s baseline performance, supplement or enhance management’s, analysts’ and “Company”) future financial results, plans, business development strategy, a
Slide 3: Chris Boerner, PhD
Q4 2024 Results Chris Boerner, PhD Board Chair and Chief Executive Officer 3
Slide 4: Q4 2024 performance
Q4 2024 performance Growth Portfolio Revenues: +21% or +23% Ex-FX* $ in billions $12.3 $11.5 $6.0 $6.2 Legacy Growth $6.4 $5.3 Q4 2023 Q4 2024 *See “Forward-Looking Statements and Non-GAAP Financial Information” Q4 2024 Results Not for Product Promotional Use 4
Slide 5: 2024 execution has strengthened our foundation
2024 execution has strengthened our foundation Growth Portfolio Revenues: +17% or +19% Ex-FX* Advanced Growth Portfolio with double-digit sales growth $ in billions $48.3 $45.0 Re-established presence in neuroscience with Cobenfy $25.7 Extended immuno-oncology portfolio durability with $25.6 O
Slide 6: Cobenfy: Expansion opportunities with potential multi-billion-dollar peak sales over the decade
Cobenfy: Expansion opportunities with potential multi-billion-dollar peak sales over the decade Ongoing registrational study readout Planned registrational study readout Alzheimer’s Alzheimer’s Disease Psychosis Disease Agitation (ADEPT-2) >6M1 people living >6M1,2 people living with AD in U.S. with
Slide 7: Entering data rich period with multiple catalysts
Entering data rich period with multiple catalysts * 2025–2027 key milestones LCM pivotal data NME registrational data Key next wave early-stage data 2025 2026 2025 • Reblozyl TD MF Associated Anemia (INDEPENDENCE) • Milvexian ACS & SSP (LIBREXIA) • CD19 NEX-T Autoimmune Diseases (Breakfree-1 & 2) •
Slide 8: 2025 Non-GAAP Revenue & EPS Guidance
2025 Non-GAAP Revenue & EPS Guidance Total Revenues ~$45.5B Expanded (Reported & Ex-FX*) Strategic Productivity Initiative* → incremental ~$2B cost savings Non-GAAP EPS1* $6.55 - $6.85 (annualized by YE 2027; ~$1B to be achieved in 2025) *See “Forward-Looking Statements and Non-GAAP Financial Inform
Slide 9: Reshaping BMS to deliver sustained top-tier growth & long-term shareholder returns
Reshaping BMS to deliver sustained top-tier growth & long-term shareholder returns Significantly younger, more diversified and de-risked portfolio • Focusing on which is more balanced across leading TAs transformational medicines where we have an advantage Potential 10+ NMEs & 30+ major LCM indicati
Slide 10: David Elkins
Q4 2024 Results David Elkins Executive Vice President and Chief Financial Officer 10
Slide 11: Revenue continues to transition to the Growth Portfolio
Revenue continues to transition to the Growth Portfolio $ in billions $ in billions Growth Portfolio Legacy Portfolio +8% YoY, +9% Ex-FX* +7% YoY, +9% Ex-FX* 1 $12.3 $48.3 $11.5 $45.0 $6.0 $25.7 $6.2 $25.6 +21% +17% YoY YoY $6.4 $22.6 $5.3 $19.4 +23% +19% * * Ex-FX Ex-FX Other Mature Brands Q4 2023
Slide 12: Q4 & FY 2024 Oncology product summary
Q4 & FY 2024 Oncology product summary Global Net Sales ($M) Q4 2024 FY 2024 Opdivo1: $M YoY % Ex-FX* % $M YoY % Ex-FX* % • Global sales reflect volume growth $2,479 +4% +7% $9,304 +3% +7% Yervoy2: $675 +19% +22% $2,530 +13% +16% • Global sales growth reflects increased $254 +34% +34% $928 +48% +48%
Slide 13: Q4 & FY 2024 Cardiovascular product summary
Q4 & FY 2024 Cardiovascular product summary Global Net Sales ($M) Q4 2024 FY 2024 Q4 2024 FY 2024 $M YoY % Ex-FX* % $M YoY % Ex-FX* % $M YoY % Ex-FX* % $M YoY % Ex-FX* % $3,195 +11% +11% $13,333 +9% +9% $223 +153% +153% $602 +161% +161% Eliquis1: Camzyos3: • U.S. growth driven by strong underlying •
Slide 14: Q4 & FY 2024 Hematology product summary
Q4 & FY 2024 Hematology product summary Global Net Sales ($M) Q4 2024 FY 2024 $M YoY % Ex-FX* % $M YoY % Ex-FX* % Reblozyl: $1,339 (8%) (7%) $5,773 (5%) (5%) • Strong demand in MDS-associated anemia • NCCN guidelines upgraded to preferred 1 $823 (8%) (7%) $3,545 +3% +3% status for use in 1L RS-negat
Slide 15: Q4 & FY 2024 Immunology product summary
Q4 & FY 2024 Immunology product summary Global Net Sales ($M) Q4 2024 FY 2024 Sotyktu: $M YoY % Ex-FX* % $M YoY % Ex-FX* % • Continued focus on demand growth 1 $1,000 +2% +3% $3,682 +2% +4% • Access improvements effective Jan 1, 2025 in the U.S. (~80% of covered lives with zero step edits) 2 $158 +1
Slide 16: Q4 & FY 2024 Neuroscience product summary
Q4 & FY 2024 Neuroscience product summary Global Net Sales ($M) Cobenfy Weekly TRx* Q4 & FY 2024 1,200 $M YoY % Ex-FX % 1 1,000 $10 --- --- 800 600 Cobenfy: • Initial feedback highlights benefits of Christmas & 400 New Years differentiated efficacy & safety profile Thanksgiving • TRx performance tra
Slide 17: Q4 & Full Year 2024 Financial Performance
Q4 & Full Year 2024 Financial Performance US US GAAP GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q4 2024 FY 2024 Q4 2024 FY 2024 Total Revenues, net 12.3 48.3 12.3 48.3 Gross Margin % 61.0% 71.1% 74.0% 75.3% Operating Expenses1 5.3 19.6 4.9 17.8 Acquired IPR&D2 0.0 13.4 0.0 13.4 Amortization
Slide 18: Strategic approach to Capital Allocation
Strategic approach to Capital Allocation Cash flow from Operations $B Business • Pursue opportunities and partnerships to diversify Development portfolio & strengthen long-term outlook $5.6 $4.3 $4.4 $2.8 • Maintain strong investment-grade credit rating $2.3 Balance Sheet Strength • Planned debt pay
Slide 19: Expanded Strategic Productivity Initiative
Expanded Strategic Productivity Initiative Expected to realize ~50% ~50% additional cost Organizational Operational savings of ~$2B by Design Efficiency the end of 2027, of Optimize & Optimize resources which ~$1B to be streamline our & enhance achieved in 2025* workforce productivity Savings from t
Slide 20: 2025 Guidance
2025 Guidance* Non-GAAP Key Highlights February • FY revenue reflects: • Continued strength of Growth Portfolio Total FY Revenues ~$45.5B (Reported & Ex-FX) • ~18% - 20% decline in Legacy Portfolio2 Gross Margin % ~72% • ~$2 - $2.5B FY WW Revlimid sales • ~$500M impact from foreign exchange Operatin
Slide 21: Q4 2024 Results Q&A
Q4 2024 Results Q&A Chris Boerner, PhD David Elkins Samit Hirawat, MD Adam Lenkowsky Board Chair, Executive VP, Executive VP, Executive VP, Chief Executive Officer Chief Financial Officer Chief Medical Officer, Chief Commercialization Officer Global Drug Development 21
Slide 22: Clinical Development Portfolio — Phase I and II
Clinical Development Portfolio — Phase I and II Data as of Feb 6th, 2025 Phase I Phase II Anti-CCR8 Solid Tumors KRAZATI 1L Non-Small Cell Lung Cancer PD-L1<50% BMS-986460 Prostate Cancer arlo-cel (GPRC5D CAR T) RR Multiple Myeloma BMS-986463 Solid Tumors BREYANZI RR Marginal Zone Lymphoma B
Slide 23: Clinical Development Portfolio — Phase III
Clinical Development Portfolio — Phase III Data as of Feb 6th, 2025 Phase III Registration US, EU, JP AR LDD Metastatic Castration-Resistant Prostate Cancer AUGTYRO NTRK Pan-Tumor (JP) atigotatug (Anti-Fucosyl GM1) + nivolumab 1L Extensive Stage Small Cell Lung Cancer OPDIVO Peri-adjuvant Non-Sm
Slide 24: Medicare Part D Redesign: Distribution of cost responsibility
Medicare Part D Redesign: Distribution of cost responsibility BMS 2025 Impact $3,300 annual Catastrophic 20% 80% patient out-of- pocket cap 2024 Manufacturer liability: 70% in 2024 Coverage gap 25% 5% 70% Patient coverage gap has been eliminated Initial coverage 25% 75% Part D Plan Manufacturer NEW
Slide 25: Q4 2024 Opdivo Sales Mix
Q4 2024 Opdivo Sales Mix U.S. Sales Mix Ex-U.S. Sales Mix 26% 3% 21% 28% 22% 26% 18% 7% 23% 26% Note: percentages are approximate Q4 2024 Results Not for Product Promotional Use 21
Slide 26: Q4 2024 Eliquis NBRx/TRx Share
Q4 2024 Eliquis NBRx/TRx Share NBRx Share – US TRx Share – US 14% 11% 20% 20% 8% 6% 22% 21% 72% 74% 68% 64% Q4 2023 Q4 2024 Q4 2023 Q4 2024 Eliquis Warfarin Other NOACs Rx Source: IQVIA Q4 2024 Results Not for Product Promotional Use 22
Slide 27: Composition of Other Growth & Other Legacy Products
Composition of Other Growth & Other Legacy Products Other Growth Products Other Legacy Products • Onureg • Idhifa • Inrebic • Istodax • Empliciti • Thalomid • Nulojix • Glucophage • 3rd Party Royalty Revenue • Kenalog • Vidaza • Baraclude • Reyataz • Other Mature Brands Q4 2024 Results Not for Produ
Slide 28: Q4 2024 key clinical trials update
Q4 2024 key clinical trials update Oncology Hematology Immunology Cardiovascular Neuroscience • Opdivo • Reblozyl • Sotyktu • Camzyos • Cobenfy • Opdualag • arlocabtagene • admilparant • milvexian • FAAH/MGLL autoleucel • Nivo+Rela HD • obexelimab • MYK-224 • anti-MTBR-Tau • iberdomide • Krazati • m
Slide 29: Opdivo (anti-PD1)
Oncology Hematology Immunology Cardiovascular Neuroscience Opdivo (anti-PD1) Indication Peri-Adjuvant NSCLC Adjuvant HCC Peri-Adjuvant MIUC Phase/Study Phase III – CheckMate -77T Phase III – CheckMate -9DX Phase III – CA017-078 # of Patients N = 452 N = 545 N = 861 • Neoadjuvant Opdivo 360 mg + PDCT
Slide 30: Opdivo (anti-PD1)
Oncology Hematology Immunology Cardiovascular Neuroscience Opdivo (anti-PD1) Indication 1L HCC 1L+ MSI High CRC 2L RCC SC Phase/Study Phase III – CheckMate -9DW Phase III – CheckMate -8HW Phase III – CheckMate -67T # of Patients N = 732 N = 831 N = 454 • Opdivo 1 mg/kg + Yervoy 3 • Opdivo 240 mg Q2W
Slide 31: Opdualag (anti-PD1 + anti-LAG3 FDC)
Oncology Hematology Immunology Cardiovascular Neuroscience Opdualag (anti-PD1 + anti-LAG3 FDC) Indication Adjuvant Stage III/IV Melanoma 1L Melanoma SC Phase/Study Phase III – RELATIVITY-098 Phase III – RELATIVITY-127 # of Patients N = 1,050 N = 814 • Relatlimab + nivolumab FDC IV 160 mg/480 mg Q4W
Slide 32: Nivolumab + Relatlimab HD (anti-PD1 + anti-LAG3 FDC)
Oncology Hematology Immunology Cardiovascular Neuroscience Nivolumab + Relatlimab HD (anti-PD1 + anti-LAG3 FDC) Indication 1L NSCLC PD-L1≥1% Phase/Study Phase III – RELATIVITY-1093 # of Patients N = 1,000 • Nivolumab + Relatlimab FDC IV 360 mg/360 mg + chemotherapy Q3W • Pembrolizumab 200 mg + chemo
Slide 33: Krazati (KRAS G12C inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Krazati (KRASG12C inhibitor) Indication 2L CRC 1L NSCLC PD-L1≥50% 1L NSCLC PD-L1<50% Phase/Study Phase III – KRYSTAL-10 Phase II/III – KRYSTAL-7 Phase II – KRYSTAL-17 # of Patients N = 461 N = 806 N = 90 • Adagrasib + Phase II: • Cohort A (P
Slide 34: AR LDD (dual androgen receptor degrader & antagonist)
Oncology Hematology Immunology Cardiovascular Neuroscience AR LDD (dual androgen receptor degrader & antagonist) Indication Metastatic CRPC Phase/Study Phase III - rechARge # of Patients N = 960 Part I Part II • BMS-986365 Dose 1 • BMS-986365 RP3D • BMS-986365 Dose 2 • Investigator’s choice of thera
Slide 35: atigotatug (anti-fucosyl-GM1) + nivolumab (anti-PD1)
Oncology Hematology Immunology Cardiovascular Neuroscience atigotatug (anti-fucosyl-GM1) + nivolumab (anti-PD1) Indication 1L ES-SCLC Phase/Study Phase III - TIGOS # of Patients N = 530 • BMS-986489 (atigotatug + nivolumab FDC) combined with carboplatin + etoposide IV Q3W followed by BMS-986489 main
Slide 36: izalontamab brengitecan (EGFR x HER3 ADC)
Oncology Hematology Immunology Cardiovascular Neuroscience izalontamab brengitecan (EGFR x HER3 ADC) Indication 1L NSCLC & Advanced Solid Tumors Advanced Solid Tumors Phase I – LUNG-101 CA244-0001 Phase/Study Non-BMS Sponsored* Phase I/II # of Patients N = 260 N = 218 • Cohort A: BMS-986507 D1/D8 Q3
Slide 37: RYZ101 225Ac-DOTATATE (SSTR2 binder)
Oncology Hematology Immunology Cardiovascular Neuroscience RYZ101 225Ac-DOTATATE (SSTR2 binder) Indication 2L+ SSTR2+ GEP-NETs* HR+/HER2- Unresectable Metastatic Breast Cancer Phase/Study Phase Ib/III – ACTION-1 Phase Ib/II – TRACY-1 # of Patients Phase Ib N = 17; Phase III N = 288 N = 124 Phase Ib:
Slide 38: Reblozyl (Erythroid Maturation Agent)
Oncology Hematology Immunology Cardiovascular Neuroscience Reblozyl (Erythroid Maturation Agent) 1L+ TD Myelofibrosis (MF) 1L NTD Low-or Intermediate Risk Indication Associated Anemia Myelodysplastic Syndrome (MDS) Associated Anemia Phase/Study Phase III – INDEPENDENCE Phase III – ELEMENT-MDS # of P
Slide 39: Reblozyl (Erythroid Maturation Agent)
Oncology Hematology Immunology Cardiovascular Neuroscience Reblozyl (Erythroid Maturation Agent) Indication TD & NTD Alpha-Thalassemia (Ex-US study) Phase/Study Phase II # of Patients N = 177 • Reblozyl 1.0 mg/kg SC Q3W • Placebo SC Q3W + Best Supportive Care Design Primary: • TD: ≥50% reduction in
Slide 40: arlocabtagene autoleucel (GPRC5D CAR T)
Oncology Hematology Immunology Cardiovascular Neuroscience arlocabtagene autoleucel (GPRC5D CAR T) Indication 4L+ MM1 2-4L MM2 Phase/Study Phase II – QUINTESSENTIAL Phase III – QUINTESSENTIAL-2 # of Patients N = 175 N = 440 • BMS-986393 • BMS-986393 • Standard regimens (DPd or Kd) as per Investigato
Slide 41: iberdomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Neuroscience iberdomide (CELMoD) Indication 2L+ MM Post-Transplant Maintenance NDMM Phase/Study Phase III – EXCALIBER-RRMM Phase III – EXCALIBER-Maintenance # of Patients N = 903 N = 1,216 • Iberdomide 1.0, 1.3, 1.6 mg + daratumumab 1800 mg + dex • Iberd
Slide 42: mezigdomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Neuroscience mezigdomide (CELMoD) Indication 2L+ MM 2L+ MM Phase/Study Phase III – SUCCESSOR-1 Phase III – SUCCESSOR-2 # of Patients N = 810 N = 575 • Mezigdomide 1.0 mg + bortezomib 1.3 mg/m2a + dex 20 mg – • Mezigdomide 1.0 mg + carfilzomib 56 mg/m2b +
Slide 43: golcadomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Neuroscience golcadomide (CELMoD) Indication High-Risk 1L LBCL Newly Diagnosed Advanced Stage 1L FL Phase/Study Phase III – GOLSEEK-1 Phase II – GOLSEEK-2 # of Patients N = 850 N = 90 • Golcadomide 0.4 mg + R-CHOP • Golcadomide Dose 1 + Rituximab • Place
Slide 44: Sotyktu (TYK-2 inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Sotyktu (TYK-2 inhibitor) Indication Psoriatic Arthritis (PsA) Phase/Study Phase III – POETYK-PsA-1 Phase III – POETYK-PsA-2 # of Patients N = 670 N = 729 52-week study of patients with active PsA in TNF-naïve patients 52-week study of patie
Slide 45: Sotyktu (TYK-2 inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Sotyktu (TYK-2 inhibitor) Indication Discoid Lupus Erythematosus (DLE) Systemic Lupus Erythematosus (SLE) Sjogren’s Syndrome (SjS) Phase/Study Phase II - IM011-132 Phase III – POETYK SLE-1 Phase III – POETYK SLE-2 Phase III – POETYK SjS-1 #
Slide 46: admilparant (LPA1 antagonist)
Oncology Hematology Immunology Cardiovascular Neuroscience admilparant (LPA1 antagonist) Indication Idiopathic Pulmonary Fibrosis (IPF) Progressive Pulmonary Fibrosis (PPF) Phase/Study Phase III – ALOFT-IPF Phase III – ALOFT-PPF # of Patients N = 1,185 N = 1,092 • LPA1 Dose 60 mg BID • LPA1 Dose 60
Slide 47: obexelimab (CD19 x FcγRIIB bifunctional mAb)
Oncology Hematology Immunology Cardiovascular Neuroscience obexelimab (CD19 x FcγRIIB bifunctional mAb) Indication IgG4-Related Disease Phase/Study Phase III – INDIGO # of Patients N = 200 • Obexelimab SC • Placebo SC Design • Primary: Time to first IgG4-RD flare that requires initiation of rescue t
Slide 48: Camzyos (myosin inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Camzyos (myosin inhibitor) Indication Non-Obstructive Hypertrophic Cardiomyopathy (nHCM) Phase/Study Phase III – ODYSSEY-HCM # of Patients N = 580 • Camzyos • Placebo Design Primary: • Change from baseline in Clinical Summary Score (KCCQ-23
Slide 49: milvexian (FXIa inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience milvexian (FXIa inhibitor) Indication Secondary Stroke Prevention (SSP) Acute Coronary Syndrome (ACS) Non-Valvular Atrial Fibrillation (NVAF) Phase III – LIBREXIA-STROKE Phase III – LIBREXIA-ACS Phase III – LIBREXIA-AF Phase/Study Non-BMS Sp
Slide 50: MYK-224 (myosin inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience MYK-224 (myosin inhibitor) Indication Heart Failure with Preserved Ejection Fraction (HFpEF) Phase/Study Phase IIa – AURORA-HFpEF # of Patients N = 207 • MYK-224 • Placebo Design Primary: • TEAEs and SAEs • AEs leading to treatment discontin
Slide 51: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Adjunctive Schizophrenia Phase/Study Phase III – ARISE # of Patients N = 360 • Cobenfy 50 mg/20 mg BID, 75mg/20 mg BID, 100mg/20 mg BID, 125mg/30 mg BID* • Placebo Design • Primary: Change From B
Slide 52: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Psychosis in Alzheimer’s Disease (ADP) Phase/Study Phase III – ADEPT-1 Phase III – ADEPT-2 Phase III – ADEPT-4 # of Patients N = 380 N = 400 N = 406 • Cobenfy 20 mg/2 mg TID, 30 mg/3 mg • Cobenfy
Slide 53: BMS-986368 (FAAH/MGLL inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience BMS-986368 (FAAH/MGLL inhibitor) Indication Multiple Sclerosis Spasticity (MSS) Alzheimer’s Disease Agitation (AAD) Phase/Study Phase II – BALANCE-MSS-1 Phase II – BALANCE-AAD-1 # of Patients N = 200 N = 120 • BMS-986368 Dose 1 • BMS-986368
Slide 54: BMS-986446 (anti-MTBR-tau)
Oncology Hematology Immunology Cardiovascular Neuroscience BMS-986446 (anti-MTBR-tau) Indication Alzheimer's Disease Phase/Study Phase II – TargetTau-1 # of Patients N = 475 • BMS-986446 Dose A • BMS-986446 Dose B • Placebo Design Primary: • Mean change from baseline in CDR-SB score at Week 76 Endpo
Slide 55: Abbreviations
Oncology Hematology Immunology Cardiovascular Neuroscience Abbreviations Ac Actinium D1/D8 Day1/Day8 IPF Idiopathic Pulmonary Fibrosis NET Neuroendocrine Tumor RCC Renal Cell Carcinoma Rituximab, Cyclophosphamide, American College of Rheumatology 20% Non-Obstructive Hypertrophic Hydroxydaunorubicin,
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