Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q4 2021 Earnings Presentation
20 slides from Bristol-myers Squibb's earnings presentation, Feb 4, 2022
Slide 1: Q4 2021 Results
Q4 2021 Results February 4, 2022
Slide 2: Forward Looking Statement and Non-GAAP Financial Information
Q4 2021 Results Not for Product Promotional Use Forward Looking Statement and Non-GAAP Financial Information 2 This presentation contains statements about the Company’s future plans and prospects that constitute forward-looking statements for purposes of the safe harbor prov isions under the Private
Slide 3: Q4 2021 Results - Giovanni Caforio
Not for Product Promotional Use Q4 2021 Results Giovanni Caforio Board Chair and Chief Executive Officer 3
Slide 4: 2021 Performance
Q4 2021 Results Not for Product Promotional Use Operational Performance Robust commercial execution • Q4 sales: ~$12.0B,+8% YoY; FY 2021 sales: ~$46.4B,+9% YoY • Strong double digit Non-GAAP EPS growth in Q4 & FY 21 • Continued momentum for Eliquis, I-O & demand growth for New Product Portfolio: Bre
Slide 5: 2021 Key Milestones: Delivered on Our 2021 Commitments
Q4 2021 Results Not for Product Promotional Use 2021 Key Milestones Opdivo (+/- Yervoy) U.S./EU expected approvals: 1L RCC (9ER, O+Cabometyx) 1L GC (649, O+Chemo) adj Eso (577) adj MIBC (274) 1L Esophageal (CM-648) Opdivo return to annual growth relatlimab + nivolumab FDC 1L Melanoma w
Slide 6: 2022 Key Milestones
Q4 2021 Results Not for Product Promotional Use 2022 Key Milestones Opdivo (+/- Yervoy) U.S./EU expected approvals: 1L ESCC (CM-648) Neo-adj lung EFS (CM-816) (U.S.) relatlimab + nivolumab FDC 1L melanoma U.S. approval Initiation 2L+ CRC Ph3 bempeg 1L melanoma 1L renal 1L bladder Breya
Slide 7: Driving Growth Through the Decade
Q4 2021 Results Not for Product Promotional Use Driving Growth Through the Decade 7 ($12B – $14B) +$8B – $10B +$10B – $13B 2020 Revenues Key LOE Brands In-Line Brands Primarily I-O & Eliquis 2025 Revenues New Product Portfolio Growth 2020 - 2025 Growth 2025 - 2029 2025 Revenues 2029 Revenues LOE Bra
Slide 8: Q4 2021 Results - David Elkins
Not for Product Promotional Use David Elkins Chief Financial Officer 8 Q4 2021 Results
Slide 9: Strong performance in key franchises
Q4 2021 Results Not for Product Promotional Use Net Sales $ in Billions Vs. Prior Year $3.3 1% $2.7 18% $2.0 11% $0.9 $0.9 2% $0.6 2% $0.5 16% $0.3 3% Strong performance in key franchises 9 Net Sales $ in Billions Vs. Prior Year $12.8 6% $10.8 17% $7.5 8% $3.3 5% $3.3 9% $2.1 1% $2.0 20% $1.2 5% FY
Slide 10: Q4 2021 Eliquis performance
Q4 2021 Results Not for Product Promotional Use US: Continued significant demand growth • Continued strong underlying demand & ~$100m inventory build vs. Q3 • ~13% TRx growth Q4 2021 Eliquis performance 10Rx Source: Symphony Health Significant future growth opportunity • Expect to continue to grow s
Slide 11: Q4 2021 Opdivo performance
Q4 2021 Results Not for Product Promotional Use Global net sales up 11% in Q4, 8% for FY vs. PY U.S. • Accelerated growth (+16% vs. PY) • 1L lung* shares in low double-digits • Leadership position in 1L renal • Strong initial adoption in Upper GI, adj. esophageal & GU in adj. bladder cancer Q4 2021
Slide 12: IMiD agents performance
Q4 2021 Results Not for Product Promotional Use Q4 2021 IMiD agents performance 12 $577 $584 $258 $270 Q4 2020 Q4 2021 Global net sales up 1% in Q4, 6% FY vs PY • U.S.: 3% driven primarily by triplet demand & longer treatment duration offset by fewer selling days • International: (2%) due to FX & ge
Slide 13: Advancing new product portfolio launches
Q4 2021 Results Not for Product Promotional Use Advancing new product portfolio launches 13 $274 $551 $164 $12 $134 $87 $17 $73 $55 $74 $358 $1,083 2020 2021 2021 vs 2020 Global Net Sales Reblozyl Abecma Zeposia Breyanzi Onureg Inrebic • Revenues doubled compared to PY • Continued demand increase of
Slide 14: Q4 2021 Financial Performance
Q4 2021 Results Not for Product Promotional Use US GAAP Non-GAAP $ in billions, except EPS Q4 2021 Q4 2020 Q4 2021 Q4 2020 Total Revenues, net 12.0 11.1 12.0 11.1 Gross Margin % 80.3% 73.7% 80.3% 79.8% MS&A 2.4 2.7 2.4 2.5 R&D 2.6 3.8 2.6 2.5 Effective Tax Rate (27.7)% 4.1% 15.0% 15.5% Diluted EPS 1
Slide 15: Significant financial flexibility to support capital allocation
Q4 2021 Results Not for Product Promotional Use Significant financial flexibility to support a balanced approach to capital allocation 15 $B Q4 2021 Total Cash** ~$17.0B Total Debt ~$44.6B Net Debt Position ~$27.6B *Subject to Board approval **Cash includes cash, cash equivalents and marketable debt
Slide 16: 2022 Guidance
Q4 2021 Results Not for Product Promotional Use 2022 Guidance 16 GAAP Non-GAAP Total Net Sales ~$47.0B or low single-digit increase ~$47.0B or low single-digit increase Key LOE Brands1 ~$10.5B or double-digit decline ~$10.5B or double-digit decline Continuing Business ~$36.5B or low double-digit inc
Slide 17: Q&A
Q4 2021 Results Not for Product Promotional Use Q&A Giovanni Caforio, M.D. Board Chair, Chief Executive Officer David Elkins Executive VP, Chief Financial Officer 17 Chris Boerner, Ph.D. Executive VP, Chief Commercialization Officer Samit Hirawat, M.D. Executive VP, Chief Medical Officer, Global Dru
Slide 18: 2022 Key News Flow
Q4 2021 Results Not for Product Promotional Use 2022 Key News Flow 18 Asset Timing Opdivo Approval in 1L ESCC (CM-648) U.S. PDUFA - May 28, 2022 MAA under review Opdivo U.S. Approval in neo adj. lung EFS (CM- 816) 2022 relatlimab + nivo FDC U.S. approval in 1L Melanoma U.S. PDUFA - March 19, 2022 MA
Slide 19: Active Clinical Development Portfolio
Q4 2021 Results Not for Product Promotional Use Hematology Fibrosis HSP47 LPA1 Antagonist Immunology Oncology Data as of February 4, 2022 Anti-Fucosyl GM1 TIGIT BispecificAnti-NKG2A Anti-SIRPα1 AR LDD Anti-CTLA-4 NF Anti-CCR8 Anti-CTLA-4 Probody BCMA TCE CD3xPSCA (GEMoaB)2 IL-12 Fc Anti-IL-8 Anti-TI
Slide 20: Our Commitment as a sustainable organization
Q4 2021 Results Not for Product Promotional Use Our Commitment as a sustainable organization Embracing environmental stewardship 20 • Experienced & diverse Board ― Board oversight of strategy & key enterprise risks ― 60% female & ethnically diverse directors • Shareholder rights ― Regular shareholde