Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q3 2023 Earnings Presentation
24 slides from Bristol-myers Squibb's earnings presentation, Oct 26, 2023
Slide 1: Q3 2023 Results
Q3 2023 Results October 26, 2023 Exhibit 99.2
Slide 2: Forward Looking Statements and Non-GAAP Financial Information
Q3 2023 Results Not for Product Promotional Use Forward Looking Statements and Non-GAAP Financial Information 2 This presentation contains statements about Bristol-Myers Squibb Company’s (the “Company”) future financial results, plans, business development strategy, anticipated clinical trials, resu
Slide 3: Giovanni Caforio, Board Chair and Chief Executive Officer
Giovanni Caforio, MD Board Chair and Chief Executive Officer 3 Q3 2023 Results
Slide 4: Chris Boerner, Chief Operating Officer
Chris Boerner, PhD Chief Operating Officer Chief Executive Officer, effective November 1, 2023 4 Q3 2023 Results
Slide 5: Q3 Performance, Financial Outlook and Execution Summary
Q3 2023 Results Not for Product Promotional Use Q3 2023 Performance 5 Financial Outlook Commercial & Financial Execution Pipeline Execution Business Development Q3 Global Net Sales In-Line Brands & New Product Portfolio • 11.0B; (2%) YoY; (3%) Ex-FX* • ~$9.3B; +8% YoY; +7% Ex-FX* *See “Forward-Looki
Slide 6: Our Mission and Goal to Deliver Sustainable Growth
Q3 2023 Results Not for Product Promotional Use We are driven by our mission: Transforming patients’ lives through science Our Goal is to Deliver Sustainable Growth 6 Four Key Enablers Strong commercial execution to realize value of our marketed portfolio Evolve R&D for scientific leadership Execute
Slide 7: Solid Momentum in Q3 & Accelerating Future Growth
Q3 2023 Results Not for Product Promotional Use Solid Momentum in Q3 & Accelerating Future Growth 7 Key In-Line Products Outlook*New Product Portfolio • Strong U.S. demand growth offset by gross- to-net adjustments • Continued demand growth • Delivered key clinical milestones to enable future growth
Slide 8: Strong Delivery from our R&D Engine Since R&D Day
Q3 2023 Results Not for Product Promotional Use Strong Delivery from our R&D Engine Since R&D Day 8 ImmunologyOncology Opdivo ‒ U.S. approval in Stage II adj. melanoma ‒ Peri-adj. lung & 1L MIUC presented at ESMO ‒ Met co-primary endpoints for SC nivolumab1 Krazati2 ‒ 1L lung TPS ≥ 50% encouraging P
Slide 9: Mirati Therapeutics: Strong Strategic Fit
Q3 2023 Results Not for Product Promotional Use Mirati Therapeutics: Strong Strategic Fit 9 Extending in IO Diversifying beyond IO repotrectinib1 (U.S. PDUFA: 11/27/23) • Best-in-class KRASG12C inhibitor approved in 2L+ mutated NSCLC; confirmatory Ph3 results expected 1H 2024 • Potential KRASG12C mu
Slide 10: Continued Strong Pipeline Execution
Q3 2023 Results Not for Product Promotional Use Continued Strong Pipeline Execution 10 1. Data readout anticipated early 2024 2. ACS, SSP, AF trials conducted by Janssen 2023 Key Milestones Opdivo (+/- Yervoy) Early Stage: Neo-adjuvant NSCLC Ph3 (CM-816) approval in EU Metastatic: 1L mCRPC Ph3 (
Slide 11: Numerous Levers to Drive Long-Term Growth
Q3 2023 Results Not for Product Promotional Use Numerous Levers to Drive Long-Term Growth 11 Extended durability of our IO business with subcutaneous nivolumab and Opdualag Increasingly de-risked the New Product Portfolio Number of registrational assets increasing from 6 to 12 over the next 18 month
Slide 12: David Elkins, Chief Financial Officer
David Elkins Executive Vice President and Chief Financial Officer 12 Q3 2023 Results
Slide 13: Total Company Performance Driven by In-Line & New Product Portfolios
Q3 2023 Results Not for Product Promotional Use Total Company Performance Driven by In-Line & New Product Portfolios 13 Total Company Sales ~$11B (2%) YoY, (3%) Ex-FX* $B Q3 Net Sales1 YoY % Ex-FX* % Total Company $11.0 (2%) (3%) In-Line Products $8.3 +3% +3% New Product Portfolio $0.9 +68% +67% In-
Slide 14: New Product Portfolio Performance
Q3 2023 Results Not for Product Promotional Use New Product Portfolio Performance 14 $190 $248 $84 $166 $69 $123 $107 $93 $44 $92 $68 $66 $32 $43 $553 $928 Q3 2022 Q3 2023 Reblozyl Opdualag Zeposia Abecma Breyanzi Camzyos Sotyktu Onureg Inrebic $ in millions +67% growth vs PY Ex-FX*Building strong m
Slide 15: Oncology Product Summary
Q3 2023 Results Not for Product Promotional Use Q3 2023 Oncology Product Summary 15 Opdivo: • U.S. YoY volume growth in 1L lung, upper GI & adj. bladder cancer • Ex-U.S. YoY growth of +15% ex-FX* primarily from demand in 1L lung & upper GI & expanded access Opdualag: • U.S. growth driven by strong d
Slide 16: Cardiovascular Product Summary
Q3 2023 Results Not for Product Promotional Use • U.S. increase in total treated & commercial dispensed patients • Expansion in international markets based on reimbursement timing Q3 2023 Cardiovascular Product Summary 16 Eliquis: • U.S. growth driven by strong underlying demand offset by gross-to-n
Slide 17: Hematology Product Summary
Q3 2023 Results Not for Product Promotional Use Q3 2023 Hematology Product Summary 17 Revlimid: FY 2023 revenue projection ~$6.0B Reblozyl: • U.S. FDA approval in August 2023 in 1L MDS-associated anemia with a broad label (COMMANDS) • U.S. strong YoY growth of +28% driven by demand from increased 1L
Slide 18: Immunology Product Summary
Q3 2023 Results Not for Product Promotional Use Q3 2023 Immunology Product Summary 18 Zeposia: • Growth from demand in MS & expanding contribution from UC • Continued focus on improving formulary access • Expansion in international markets based on reimbursement timing First-in-class selective allos
Slide 19: Financial Performance
Q3 2023 Results Not for Product Promotional Use Q3 2023 Financial Performance 19 US GAAP Non-GAAP $ in billions, except EPS Q3 2023 Q3 2022 Q3 2023 Q3 2022 Total Revenues, net 11.0 11.2 11.0 11.2 Gross Margin % 77.1% 79.0% 77.3% 79.8% Operating Expenses1 4.2 4.3 4.1 4.1 Acquired IPR&D 0.1 - 0.1 - Am
Slide 20: Balanced Approach to Capital Allocation
Q3 2023 Results Not for Product Promotional Use Balanced Approach to Capital Allocation 20 *Cash includes cash, cash equivalents and marketable debt securities **Subject to Board approval Note: YTD operating cash may not add due to rounding $B Q3 2023 Total Cash* ~$8.0B Total Debt ~$37.6B • Prioriti
Slide 21: Revised 2023 Guidance
Q3 2023 Results Not for Product Promotional Use July (Prior) October (Revised) July (Prior) October (Revised) Total Revenues Reported Rates Low-single digit decline No Change Low-single digit decline No Change Total Revenues Ex-FX Low-single digit decline No Change Low-single digit decline No Change
Slide 22: Medium-Term Guidance
Q3 2023 Results Not for Product Promotional Use Medium-Term Guidance* 22 *See “Forward-Looking Statements and Non-GAAP Financial Information” and “Bristol Myers Squibb Company Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items” 1. At constant exchange rates on a risk-adjusted b
Slide 23: Q&A
Giovanni Caforio, MD Board Chair, Chief Executive Officer Chris Boerner, PhD Executive VP, Chief Operating Officer, CEO effective November 1, 2023 David Elkins Executive VP, Chief Financial Officer Samit Hirawat, MD Executive VP, Chief Medical Officer, Global Drug Development Adam Lenkowsky Executiv
Slide 24: Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items
Q3 2023 Results Not for Product Promotional Use Year-Ended December 31 2020 2021 2022 Total Revenues $42,518 $46,385 $46,159 Gross Profit $30,745 $36,445 $36,022 Specified items (a) $3,300 $603 $356 Gross Profit excluding specified items $34,045 $37,048 $36,378 Marketing, Selling and Administrative