Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q1 2022 Earnings Presentation
23 slides from Bristol-myers Squibb's earnings presentation, Apr 29, 2022
Slide 1: Q1 2022 Results
Q1 2022 Results April 29, 2022
Slide 2: Forward Looking Statement and Non-GAAP Financial Information
Q1 2022 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 provisions under the Private
Slide 3: Q1 2022 Results - Giovanni Caforio
Not for Product Promotional Use Q1 2022 Results Giovanni Caforio Board Chair and Chief Executive Officer 3
Slide 4: Q1 2022 Performance
Q1 2022 Results Not for Product Promotional Use Operational Performance Strong commercial execution • Q1 sales: ~$11.6B,+5% YoY, +7% ex-FX • Double-digit Non-GAAP EPS growth in Q1 • Strong growth for in-line products & continued momentum from New Product Portfolio Pipeline Execution Key milestones •
Slide 5: 2022 Key Milestones
Q1 2022 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.) Opdualag 1L melanoma U.S. approval Initiation 2L+ CRC Ph3 bempeg 1L melanoma 1L renal 1L bladder Breyanzi 2L LBCL U.S.
Slide 6: Two additional $4B+ Medicines Now Approved
Q1 2022 Results Not for Product Promotional Use Two additional $4B+1 Medicines Now Approved 6 1NRA sales in 2029 NRA: Non-Risk Adjusted sales subject to positive registrational trials and health authority approval Deucravacitinib Three First-in-Class Opportunities Clinically meaningful PFS & OS Firs
Slide 7: Driving Growth Through the Decade
Q1 2022 Results Not for Product Promotional Use Driving Growth Through the Decade 7 ($12B – $14B) +$8B – $10B +$10B – $13B 2020 Revenues Key LOE Products In-Line Products Primarily I-O & Eliquis 2025 Revenues New Product Portfolio Growth 2020 - 2025 Growth 2025 - 2029 2025 Revenues 2029 Revenues LOE
Slide 8: Q1 2022 Results - David Elkins
Not for Product Promotional Use David Elkins Chief Financial Officer 8 Q1 2022 Results
Slide 9: Strong Total Company Performance
Q1 2022 Results Not for Product Promotional Use Strong Total Company Performance 9 Total Company +$0.6B, +5% YoY, +7% Ex-FX $7.8 $8.6 $3.3 $3.0 Q1 21 Q1 22 Recent LOEs In-Line & New Products $B Net Sales YoY % Ex-FX Total Company $11.6 5% 7% In-Line Products $8.3 8% 11% New Product Portfolio $0.4 *
Slide 10: New Product Portfolio Sales Performance
Q1 2022 Results Not for Product Promotional Use New Product Portfolio Sales Performance 10 Contributed $350M in Q1’22; more than doubled vs PY Anticipated approval of deucravacitinib PDUFA: September 10, 2022 $112 $156 $67 $18 $36 $44 $15 $23 $16 $18 $161 $350 Q1 2021 Q1 2022 Q1 2022 vs Q1 2021 Glob
Slide 11: Q1 2022 Solid Tumor product summary
Q1 2022 Results Not for Product Promotional Use 11 Q1 2022 Solid Tumor product summary Opdivo • U.S. growth driven by demand in 1L lung, 1L renal, 1L gastric, adj. esophageal & adj. bladder cancer • Ex-U.S. growth from new launches in multiple geographies • Continued growth expected from current & n
Slide 12: Q1 2022 Cardiovascular product summary
Q1 2022 Results Not for Product Promotional Use 12 Q1 2022 Cardiovascular product summary • Continues to be the best-in-class medicine in an expanding category • Strong underlying demand in U.S., ~10% TRx growth • Continues to be #1 NOAC in key international markets Key Commentary $M YoY % Ex-Fx $3,
Slide 13: Q1 2022 Hematology product summary
Q1 2022 Results Not for Product Promotional Use 13 Q1 2022 Hematology product summary Revlimid – Impacted by generic entry • Expect Q2’22 Revenues of ~$2B & FY’22 of $9 - $9.5B Pomalyst – Increased demand as patients move into earlier lines and extend treatment duration Reblozyl • Strong demand in t
Slide 14: Q1 2022 Immunology product summary
Q1 2022 Results Not for Product Promotional Use 14 Q1 2022 Immunology product summary Orencia • Continued growth in U.S. due to higher demand & expanded market share Zeposia • Sales increased due to higher demand including expansion into UC • Encouraging leading indicators in UC: Increased trialists
Slide 15: Q1 2022 Financial Performance
Q1 2022 Results Not for Product Promotional Use US GAAP Non-GAAP $ in billions, except EPS Q1 2022 Q1 2021 Q1 2022 Q1 2021 Total Revenues, net 11.6 11.1 11.6 11.1 Gross Margin % 78.8% 74.3% 79.2% 78.1% Operating Expenses1 (4.1) (3.9) (4.0) (3.9) Effective Tax Rate 23.9% 19.8% 15.9% 16.8% Diluted EPS
Slide 16: Balanced Approach to Capital Allocation
Q1 2022 Results Not for Product Promotional Use Balanced Approach to Capital Allocation 16 *Cash includes cash, cash equivalents and marketable debt securities **Non-GAAP: There is no reliable or reasonable estimable comparable GAAP metric for this non-GAAP forward-looking information ***Subject to
Slide 17: 2022 Guidance
Q1 2022 Results Not for Product Promotional Use February (prior) April (Revised) February (prior) April (Revised) Commentary Total net Sales ~$47B or low single-digit increase In-line with 2021 ~$47B or low single-digit increase In-line with 2021 FX impact & lower ex-US Revlimid sales Recent LOE Pro
Slide 18: Q&A
Q1 2022 Results Not for Product Promotional Use Q&A Giovanni Caforio, M.D. Board Chair, Chief Executive Officer David Elkins Executive VP, Chief Financial Officer 18 Chris Boerner, Ph.D. Executive VP, Chief Commercialization Officer Samit Hirawat, M.D. Executive VP, Chief Medical Officer, Global Dru
Slide 19: Opdivo Sales Mix
Q1 2022 Results Not for Product Promotional Use Q1 2022 Opdivo Sales Mix 19 23% 24% 26% 11% 17% U.S. Sales Mix Note: percentages are approximate 30% 21% 23% 4% 23% Ex-U.S. Sales Mix
Slide 20: Eliquis NBRx/TRx Share
Q1 2022 Results Not for Product Promotional Use Q1 2022 Eliquis NBRx/TRx Share 20Rx Source: Symphony Health 54% 57% 20% 17% 26% 26% Q1 2021 Q1 2022 TRx Share - US Other NOACsWarfarinEliquis 63% 61% 12% 10% 25% 29% Q1 2021 Q1 2022 NBRx Share – US
Slide 21: 2022 Key News Flow
Q1 2022 Results Not for Product Promotional Use 2022 Key News Flow 21 Asset Timing Opdivo Approval in 1L ESCC (CM-648) U.S. PDUFA - May 28, 2022 Approved in EU Opdivo Approval in Neo-Adj. Lung EFS (CM-816) Approved in U.S. MAA under review Opdualag Approval in 1L Melanoma (RELATIVITY-047) Approved i
Slide 22: Active Clinical Development Portfolio
Not for product promotional use Hematology Fibrosis HSP47 LPA1 Antagonist Immunology Oncology Anti-Fucosyl GM1 TIGIT Bispecific Anti-NKG2A Anti-SIRPα1 AR LDD Anti-CTLA-4 NF Anti-CCR8 Anti-CTLA-4 Probody alnuctamab BCMA TCE CD3xPSCA (Avencell)2 IL-12 Fc Anti-IL-8 Anti-TIGIT BET Inhibitor (BMS-986158)
Slide 23: Our Commitment as a sustainable organization
Q1 2022 Results Not for Product Promotional Use Our Commitment as a sustainable organization Embracing environmental stewardship 23 • Experienced & diverse Board ― Board oversight of strategy & key enterprise risks ― 60% female & ethnically diverse directors • Shareholder rights ― Regular shareholde