Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q1 2024 Earnings Presentation
20 slides from Bristol-myers Squibb's earnings presentation, Apr 25, 2024
Slide 1: Q1 2024 Results
Q1 2024 Results April 25, 2024
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
Q1 2024 Results Chris Boerner, PhD Board Chair and Chief Executive Officer 3
Slide 4: Q1 2024 overview
Q1 2024 overview Solid Commercial Performance Topline growth: +5% or +6% Ex-FX* Advanced our Pipeline Multiple regulatory approvals & clinical development milestones Strengthened long-term growth profile by diversifying in Closed Four Significant Deals Oncology & expanding in Neuroscience Actions un
Slide 5: Q1 2024 Performance
Q1 2024 Performance Commercial Research & Development1 Business Development Growth Portfolio Revenues: Regulatory approvals: Closed key acquisitions & +8% or +11% Ex-FX* YoY • Breyanzi in 3L+ CLL/SLL in U.S. global licensing deal $ in billions • Abecma in 3L+ MM in U.S. & EU $11.3 $11.9 • Reblozyl 1
Slide 6: KarXT: Potential first-in-class M1/M4 agonist with multi-billion-dollar peak sales opportunities
KarXT: Potential first-in-class M1/M4 agonist with multi-billion-dollar peak sales opportunities Significant market opportunity Differentiated profile supported by long-term data2,3,4 • Large population: 1.6M1 adults treated • Compelling efficacy: >75% patients for schizophrenia in the U.S. achievin
Slide 7: Strengthening the Company for the Transition Period & long-term growth
Strengthening the Company for the Transition Period & long-term growth Realizing internal cost savings of ~$1.5B by the end of 2025* • Identifying key assets and programs with highest potential • Streamlining decision-making & reducing management layers • Focusing R&D on higher ROI programs • Invest
Slide 8: Continued confidence delivering underlying growth in 2024
Continued confidence delivering underlying growth in 2024 2024 Guidance Highlights*1 Total Revenues Low single-digit increase affirmed Reported Rates Total Revenues Low single-digit increase affirmed Ex-FX Revised Non-GAAP EPS $0.40 - $0.70 Includes (~$6.73) impact from Acquired IPR&D & dilution fro
Slide 9: David Elkins
Q1 2024 Results David Elkins Executive Vice President and Chief Financial Officer 9
Slide 10: Composition of revenue is rapidly transitioning to the Growth Portfolio
Composition of revenue is rapidly transitioning to the Growth Portfolio Growth Portfolio Legacy Portfolio $ in billions +5% YoY, +6% Ex-FX* $7.1 $6.9 $4.4 $4.8 Other Growth Brands1 Other Mature Brands Q1 2023 Q1 2024 +8% +11% +2% +3% Legacy Growth YoY Ex-FX* YoY Ex-FX* *See “Forward-Looking Statemen
Slide 11: Q1 2024 Oncology product summary
Q1 2024 Oncology product summary Global Net Sales Opdivo: • U.S. impacted by inventory work down & timing of $M YoY % Ex-FX* % customer orders vs PY; continued demand growth across indications (e.g., upper GI & 1L lung) $2,078 (6%) (2%) • Ex-U.S. demand growth & expanded access Opdualag: $583 +15% +
Slide 12: Q1 2024 Cardiovascular product summary
Q1 2024 Cardiovascular product summary Eliquis: Best-in-class & leading OAC within category Global Net Sales • U.S. growth driven by strong underlying demand • Ex-U.S. continues to be #1 OAC in key international markets % $M YoY % Ex-FX* % Camzyos: First-in-class myosin inhibitor $3,720 +9% +9% • St
Slide 13: Q1 2024 Hematology product summary
Q1 2024 Hematology product summary Global Net Sales 1 $M YoY % Ex-FX* % Reblozyl: • Strong U.S. launch in 1L MDS-associated anemia $1,669 (5%) (4%) • Growth across a broad RS agnostic patient population, gaining momentum in the RS negative population $865 +4% +4% • EU 1L approval with a broad label
Slide 14: Q1 2024 Immunology product summary
Q1 2024 Immunology product summary Global Net Sales Sotyktu: First-in-class TYK2 inhibitor • Achieved goal of ~10K commercial scripts in Q1 % $M YoY % Ex-FX* % • Additional momentum driven by continued volume $798 +4% +6% growth and access improvement • Continued focus on demand growth and access $1
Slide 15: Q1 2024 Financial Performance
Q1 2024 Financial Performance US US GAAP GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q1 2024 Q1 2023 Q1 2024 Q1 2023 Total Revenues, net 11.9 11.3 11.9 11.3 Gross Margin % 75.3% 77.4% 75.5% 77.8% Operating Expenses1 5.1 4.1 4.3 4.0 Acquired IPR&D 12.9 0.1 12.9 0.1 Amortization of Acquired Int
Slide 16: Strategic approach to Capital Allocation
Strategic approach to Capital Allocation Cash flow from Operations $B • Prioritize opportunities to further diversify portfolio & strengthen long-term outlook focused Business mainly on bolt-ons & licensing opportunities Development ‒ Completed acquisitions of Mirati Therapeutics, Karuna Therapeutic
Slide 17: Actions to enhance productivity
Actions to enhance productivity Realizing internal cost savings of ~$1.5B by the end of 2025* • Focus on opportunities with the Cost savings across the organization highest potential ROI to drive that include: long-term growth Strengthening the • Reduction of management layers Company to • Prioritiz
Slide 18: 2024 Non-GAAP EPS guidance adjusted for impact of recently closed transactions
2024 Non-GAAP EPS guidance adjusted for impact of recently closed transactions 2024 Non-GAAP EPS Guidance* February Diluted EPS (Prior) $7.10 - $7.40 Acquired IPR&D Impact ($6.30) Dilution Impact (RayzeBio) ($0.13) Dilution Impact (Karuna) ($0.30) Total Deals Impact ($6.73) Revised Diluted EPS1,2 $0
Slide 19: Revised 2024 Guidance
Revised 2024 Guidance Non-GAAP* Key Highlights February (Prior) April (Revised) • No change to Revenue or Gross Margin Total Revenues Low single-digit increase No Change • No change to Operating Expenses Reported Rates Total Revenues • Other Income/(Expense) updated for Low single-digit increase No
Slide 20: Q1 2024 Results Q&A
Q1 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 20
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