Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — FY2018 Earnings Presentation
25 slides from Bristol-myers Squibb's earnings presentation, Jan 24, 2019
Slide 1: Q4/FY 2018 Earnings & Business Update
Bristol-Myers SquibbQ4/FY 2018 Earnings &Business Update JANUARY 24, 2019
Slide 2: Important Information and Where to Find It
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. It does not constitute a prospectus or prospectus equivalent document. No offering of securities shall be made except by means of a prospectus meet
Slide 3: Cautionary Statement Regarding Forward Looking Statements
Cautionary Statement Regarding Forward Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can generally identify forward-looking
Slide 4: Overview
Q4 and FY 2018 Financial Results Company Strategic Foundation Celgene Acquisition Value DriversCombined Company in 2025 and Beyond Overview
Slide 5: Strong Financial Results in FY 2018
Strong Financial Results in FY 2018 Disciplined expense managementExpanded operating margin 9% $6.7B 36% $6.4B 32% $2.7B 9% $2.7B - $1.3B 7% $0.2B 7% $3.98NON-GAAP Diluted EPS FY 2018 SOLID BUSINESS MOMENTUM INTO 2019 FY REVENUE GROWTH 32% FY EPS GROWTH (non-GAAP) Not for promotional use
Slide 6: Our Strategic Foundation
Diversified Specialty BioPharma Best of BIOTECH Best of PHARMA INNOVATION Focused and Integrated The Best PEOPLE helping patients in their fight against serious disease Our Strategic Foundation
Slide 7: Acting for Long-Term Success
Acting for Long-Term SuccessBIOPHARMA STRATEGY Belief in InnovationSTRING OF PEARLS Externally-sourced assetsEXITING PRIMARY CARE Focusing on high-value opportunities Our Strategy Has Delivered CAGR16.5% EMBARKING ON THE NEXT CHAPTER… Non-GAAP EPS
Slide 8: Creating a Leading Focused Biopharma Company
Creating a Leading Focused Biopharma Company ONCOLOGY: IO / SOLID TUMORS & HEMATOLOGY CARDIOVASCULAR 10PHASE III ASSETS LEADINGFRANCHISES Led by Opdivo and Yervoy as well as Revlimid and Pomalyst ROBUST EARLY-STAGE PIPELINE(PHASE I / II ASSETS) 21ONCOLOGY: IO / Solid Tumors DEEP AND BROAD LATE-STAGE
Slide 9: Celgene Acquisition Financial Framework
Value Balance Sheet Combined Company P&L Celgene Acquisition Financial Framework High quality pipeline at attractive price Substantial cashflows reduce debt & improve credit profile in the next 2-3 years Expected to grow every year through 2025 STRENGTHENED POSITION IN 2025 AND BEYOND
Slide 10: Clear Path to Value Creation
Clear Path to Value Creation Marketed Products Cost Synergies 5 near term launches>20 Ph1/2 assetsNew platforms:Cell therapyProtein homeostasis COMPELLING VALUE CREATION OPPORTUNITY
Slide 11: Combined Company Projection: Continued Growth and Financial Strength
Combined Company Projection: Continued Growth and Financial Strength PRO FORMA REVENUE* Net Income, $Bn Revenue, $Bn PRO FORMA NET INCOME (non-GAAP)* *Pro Forma Revenue and Net Income are pro forma for the transaction and for 2019 are based on full year contribution for purposes of comparison. Net I
Slide 12: Pro Forma Cashflow and Debt/EBITDA
PRO FORMA CASHFLOW* *Cash flow from operations less CAPEX. Pro Forma Cashflow and Debt/EBITDA are pro forma for the transaction. All figures are presented on a Non-GAAP basis. These figures are based on numerous assumptions and estimates, including information provided to the Company by Celgene, as
Slide 13: Key Financial Assumptions
Revlimid revenue modeled more conservatively relative to consensusPipeline contribution from each company is risk-adjustedStock-based compensation included in non-GAAP financials Key Financial Assumptions *Combined company information is based on numerous assumptions and estimates, including informa
Slide 14: Revlimid IP Considerations
Revlimid IP Considerations Key Focus of Due Diligence We believe bookend scenarios are unlikelyMultiple outcomes based on litigation, IPR, settlement processesOur model is more conservative than consensusSignificant cashflow enabling de-leveraging while delivering returns to shareholders
Slide 15: Growth Opportunities for Opdivo & Yervoy
Growth Opportunities for Opdivo & Yervoy Trial Expected Timing CM-227 (Part 1a) 1H 2019 CM-227 (Part 2) Mid 2019 CM-9LA 2020 1L NSCLC Tumor/Trial Expected Timing* HCC CM-459 1H 2019 GBM CM-548 2H 2019 CM-498 2H 2019 Gastric CM-649 1H 2020 Head & Neck CM-651 1H 2020 CM-714 2H 2019 Other Tumors *Per c
Slide 16: Six Near-Term Product Launch Opportunities
Six Near-Term Product Launch Opportunities:Greater than $15B in Non Risk-Adjusted Revenue U.S. and EU regulatory submissions expected in first half 2019 in 2L MDS and Beta-Thalassemia Targeting patients who relapsed from or are intolerant to Jakafi in Myelofibrosis CD19 CAR-T with strong efficacy an
Slide 17: Luspatercept: A First-in-Class EMA to Address Chronic Anemias
LuspaterceptA first-in-Class EMA to Address Chronic Anemias MDS ~80k mild/int MDS patients with anemia in US/EU Strong data in transfusiondependent Beta-thal (ASH 2018)Filing expected 1H 2019NTD beta-thal study underway progress (BEYOND) Beta-Thalassemia ~15k patients US/EU Ph2 Study in progress in
Slide 18: Exciting Opportunity with CAR-T Platform
Exciting Opportunity with CAR-T Platform Transformational modality with unprecedented efficacy KEY ENABLERS FOR SUCCESS Product Differentiation Improved/Appropriate Access & Reimbursement Expanded prescriber & patient pool Move into earlier lines Not for promotional use
Slide 19: Establishing Presence in Myelofibrosis
High unmet medical need in MF patients that fail or cannot tolerate Jakafi Establishing Presence in Myelofibrosis EFFICACY (JAKARTA2 Trial) 55% of patients achieved splenic volume reduction of ≥35% compared to baseline at week 24 26% of patients achieved total symptom score ≥50% compared to baseline
Slide 20: Liso-cel: Potential Best-in-Class anti-CD19 CAR-T
Liso-cel: Potential Best-in-Class anti-CD19 CAR-T for B Cell Malignancies Broad Clinical Development Plan to Advance into Earlier Lines and Additional Indications PIVOTAL PHASE II PHASE I Phase III TRANSFORM (2nd line transplant eligible) DLBCL PILOT (2nd line transplant eligible) PLATFORM novel com
Slide 21: bb2121: Anti-BCMA CAR-T in late line RRMM
bb2121: Anti-BCMA CAR-T with transformational efficacy in late line RRMM U.S. filing expected 1H 2020 Standard Treatment Regimens Across Multiple Myeloma (%) Emerging bb2121 Profile ORR 69%-82% ORR 59%-91% ORR 29% - 59% ORR 96% N= 22 Complete Response PR VGPR PIVOTAL PHASE II PHASE I Phase II studie
Slide 22: Ozanimod: Potential First-in-Class Selective S1P
Promising efficacy and remission rates in Ph 2 TOUCHSTONE study in UCPh 3 in Ulcerative Colitis (TRUENORTH) expected to complete enrollment by 1H 2019Ph3 in Crohn’s Disease (YELLOWSTONE) initiated in 2018Potential to expand pre-biologic treatment in IBD Potential to improve on safety profile of exis
Slide 23: TYK2: Differentiated Oral with Biologic-like Efficacy
TYK2: Differentiated Oral with Biologic-like Efficacy 29-33% 66-76% 71-78% 67-87% 32-47% % of patients who achieve PASI-75* Potential for Differentiated Profile:Selective inhibition of TYK2Biologic-like efficacy based on Ph 2 resultsSafety differentiated from JAKsOpportunities for post-integration s
Slide 24: BMS in 2025: Positioned for Continued Leadership
BMS in 2025: Positioned for Continued Leadership CHEMISTRY BIOLOGICS CELL THERAPY Underpinned by cutting edgetechnologies and discovery platforms With access to additional modality platforms through strong external partnerships PATIENT-CENTRIC INNOVATION Broad, Balanced & Earlier Life-Cycle Marketed
Slide 25: Q&A
Q&A