Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q2 2024 Earnings Presentation
21 slides from Bristol-myers Squibb's earnings presentation, Jul 26, 2024
Slide 1: Q2 2024 Results
Q2 2024 Results July 26, 2024 il Bristol Myers Squibb’
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: Chris Boerner, PhD, Board Chair and CEO
Q2 2024 Results Chris Boerner, PhD Board Chair and Chief Executive Officer 3
Slide 4: Q2 2024 performance
Q2 2024 performance Commercial Research & Development Growth portfolio revenues: +18% or +21% Ex-FX* YoY Achieved multiple clinical & regulatory milestones1 $ in billions $12.2 $11.2 $6.6 $6.5 Legacy Growth $4.7 $5.6 Q2 2023 Q2 2024 • Subcutaneous nivolumab: potential to extend durability of IO busi
Slide 5: Reshaping BMS for sustained top-tier growth & value creation
Reshaping BMS for sustained top-tier growth & value creation Focusing on Driving operational Strategically transformational medicines excellence allocating capital where we have a throughout the for long-term growth competitive advantage organization and returns Accelerating delivery of important me
Slide 6: Focusing pipeline in core therapeutic areas where we have competitive advantage
Focusing pipeline in core therapeutic areas where we have competitive advantage Hematology Oncology Cardiovascular Immunology Neuroscience Extending in IO & broadening Leveraging deep Transformational Developing new beyond IO with novel modalities: expertise across: programs to: treatments: —Cell Th
Slide 7: KarXT: First-in-class M1/M4 with multi-billion-dollar potential
KarXT: First-in-class M1/M4 with multi-billion-dollar potential U.S. FDA PDUFA date: September 26, 2024 Future growth drivers1 Adjunctive Alzheimer’s Schizophrenia 1 Schizophrenia Psychosis Phase 3 data 2025 Phase 3 data 2026 ~1.6M ~70% Alzheimer’s Bipolar I people2 of patients Agitation Disorder on
Slide 8: Strengthening pipeline momentum in the near term
Strengthening pipeline momentum in the near term 2H 2024 key milestones*1 Expanding in IO & diversifying beyond IO PRMT5i SC Nivolumab Present Phase 2 data Phase 1 data readout U.S. FDA PDUFA date: & initiate Phase 3 trial in 1L NSCLC in advanced solid tumors December 29th Accelerating return in Neu
Slide 9: Pipeline enters catalyst-rich period starting next year
Pipeline enters catalyst-rich period starting next year 2025–2026 key milestones* Growth Products indication expansion1 NME registrational data Key early-stage data • Reblozyl 1L TD MF associated anemia • Milvexian LIBREXIA program • EGFR x HER3 ADC (INDEPENDENCE) Advanced solid tumors • LPA1 IPF (A
Slide 10: Raising our 2024 outlook
Raising our 2024 outlook 2024 Guidance Highlights *1 Total Revenues Upper end of low single-digit range Reported Rates Total Revenues Upper end of low single-digit range Ex-FX Increasing range to Non-GAAP EPS2 $0.60 - $0.90 *The Company does not reconcile forward-looking non-GAAP measures. See “Forw
Slide 11: David Elkins, EVP and Chief Financial Officer
Q2 2024 Results David Elkins Executive Vice President and Chief Financial Officer 11
Slide 12: Composition of revenue continues to transition to the Growth Portfolio
Composition of revenue continues to transition to the Growth Portfolio Growth Portfolio Legacy Portfolio $ in billions +9% YoY, +11% Ex-FX* $6.6 $6.5 $5.6 $4.7 Other Growth Brands1 Other Mature Brands Q2 2023 Q2 2024 +18% +21% +2% +3% Legacy Growth YoY Ex-FX* YoY Ex-FX* *See “Forward-Looking Stateme
Slide 13: Q2 2024 Oncology product summary
Q2 2024 Oncology product summary Global Net Sales Opdivo: $M YoY % Ex-FX* % • U.S. sales growth vs. PY including favorable inventory dynamics $2,387 +11% +16% • Ex-U.S. demand growth & expanded access $630 +8% +10% Opdualag: • U.S. growth driven by strong demand; achieved ~25%-30% market share1 in 1
Slide 14: Q2 2024 Cardiovascular product summary
Q2 2024 Cardiovascular product summary Eliquis: Best-in-class & leading OAC within category Global Net Sales • U.S. growth driven by strong underlying demand • #1 OAC in key Ex-U.S. markets % $M YoY % Ex-FX* % Camzyos1: First-in-class myosin inhibitor • Strong increase in total treated & commercial
Slide 15: Q2 2024 Hematology product summary
Q2 2024 Hematology product summary Global Net Sales 1 $M YoY % Ex-FX* % Reblozyl: $1,353 (8%) (7%) • Strong demand in 1L MDS-associated anemia • Increasing market share across both RS positive and $959 +13% +14% RS negative populations • Securing reimbursement across Ex-U.S. markets $425 +82% +82% $
Slide 16: Q2 2024 Immunology product summary
Q2 2024 Immunology product summary Global Net Sales Sotyktu1,2: First-in-class TYK2 inhibitor % $M YoY % Ex-FX* % • Achieved 26% sequential growth in commercially paid scripts in the U.S. $948 +2% +5% • Continued focus on demand growth and access improvements $151 +51% +51% Sotyktu Commercially Paid
Slide 17: Q2 2024 Financial Performance
Q2 2024 Financial Performance US US GAAP GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q2 2024 Q2 2023 Q2 2024 Q2 2023 Total Revenues, net 12.2 11.2 12.2 11.2 Gross Margin % 73.2% 74.4% 75.6% 75.0% Operating Expenses1 4.8 4.2 4.2 4.2 Acquired IPR&D 0.1 0.2 0.1 0.2 Amortization of Acquired Intan
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 $4.8 $4.3 $2.8 • Maintain strong investment-grade credit rating $2.3 Balance Sheet $1.9 Strength • Planned debt pay
Slide 19: Revised 2024 Guidance
Revised 2024 Guidance Non-GAAP* Key Highlights April (Prior) July (Updated) Total Revenues Upper end of • Total Revenues (reported & Ex-FX) are Low single-digit increase expected to be at the upper end of Reported Rates low single-digit range low-single digit range Total Revenues Upper end of Low si
Slide 20: Delivering on focused strategic execution in Q2
Delivering on focused strategic execution in Q2 • Topline growth: +9% or +11% Ex-FX* Q2 Performance • Growth portfolio: +18% or +21% Ex-FX* • Focusing on Transformational Medicines Driving Sustainable Growth • Driving Operational Excellence • Strategically Allocating Capital • Multiple regulatory ap
Slide 21: Q2 2024 Results Q&A
Q2 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
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