Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q2 2025 Earnings Presentation
55 slides from Bristol-myers Squibb's earnings presentation, Jul 31, 2025
Slide 1: Q2 2025 Results
Q2 2025 Results July 31, 2025 Not for Product Promotional Use
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 believes that the non-GAAP financial measures presented portray the results of the “Company”) future financial results, plans, business development strategy,
Slide 3: Chris Boerner, PhD
Q2 2025 Results Chris Boerner, PhD Board Chair and Chief Executive Officer 3
Slide 4: Q2 2025 Performance
Q2 2025 Performance Commercial Execution Key Milestones Global Net Sales: Q2:~$12.3B +1% YoY; 0% Ex-FX* Achieved multiple clinical & regulatory milestones1 Growth Portfolio Net Sales: +18%; +17% Ex-FX* $ in billions $5.6 $6.6 Executed strategic business development 2 3 Immunology NewCo Q2 2024 Q2 20
Slide 5: Enhancing & augmenting our pipeline through strategic BD
Enhancing & augmenting our pipeline through strategic BD 1 • License agreement for exclusive worldwide rights to • Global alliance to co-develop and co- OncoACP3 commercialize BNT327 (PD-L1/VEGF bispecific) • Adds best-in-class targeting agent for prostate cancer • Further strengthens our position i
Slide 6: Entering data-rich period with multiple catalysts
Entering data-rich period with multiple catalysts * 2025–2027 key milestones LCM pivotal data NME registrational data* Key next wave of early-stage data 2025 2025 2025 • • Iberdomide RRMM (EXCALIBER-RRMM)1 • CD19 NEX-T Autoimmune Diseases (Breakfree-1 & 2) • • Krazati 1L NSCLC (TPS <50%) (KRYSTAL-17
Slide 7: David Elkins
Q2 2025 Results David Elkins Executive Vice President and Chief Financial Officer 7
Slide 8: Revenue continues to transition to the Growth Portfolio
Revenue continues to transition to the Growth Portfolio $ in billions Growth Portfolio Legacy Portfolio 1 $12.2 $12.3 $5.7 $6.6 +18% YoY $6.6 $5.6 +17% * Ex-FX Other Mature Brands Q2 2024 Q2 2025 Other Growth Brands2 Legacy Growth *See “Forward-Looking Statements and Non-GAAP Financial Information”;
Slide 9: Q2 2025 Oncology product summary
Q2 2025 Oncology product summary Global Net Sales1 Opdivo $M YoY % Ex-FX* % • Global sales reflect demand growth 2 • Strong launch in 1L MSI-high colorectal cancer $2,560 +7% +7% Opdualag $728 +16% +15% • U.S. sales growth driven by strong demand as a SOC in 1L melanoma with consistent ~30% market s
Slide 10: Q2 2025 Hematology product summary
Q2 2025 Hematology product summary Global Net Sales Reblozyl $M YoY % Ex-FX* % • Strong continued demand across 1L MDS-associated anemia $838 (38%) (38%) • Ex-U.S. growth driven by demand & new launches across Europe & Japan 1 $708 (26%) (27%) 2 $568 +34% +33% Breyanzi • #1 CAR T in the U.S.4 with t
Slide 11: Q2 2025 Cardiovascular product summary
Q2 2025 Cardiovascular product summary Global Net Sales Camzyos U.S. Quarterly TRx1 35,000 +13% Q2 2025 TRx: ~29K $M YoY % Ex-FX* % 2 30,000 $3,680 +8% +6% 3 $260 +87% +86% 25,000 Camzyos 20,000 • Continued strong U.S. demand in oHCM 15,000 o ~12.5K patients on commercial drug (~1.6K added in Q2 202
Slide 12: Q2 2025 Immunology product summary
Q2 2025 Immunology product summary Global Net Sales Sotyktu U.S. Quarterly TRx1 25,000 +21% Q2 2025 TRx: ~20K $M YoY % Ex-FX* % 2 $963 +2% +1% 20,000 3 $70 +31% +29% 15,000 Sotyktu 10,000 • U.S. access improvements effective January 1, 2025 (~80% of covered lives with zero step edits) 5,000 • Ex-U.S
Slide 13: Q2 2025 Neuroscience product summary
Q2 2025 Neuroscience product summary Global Net Sales Cobenfy Weekly TRx2 2,500 $M YoY % Ex-FX* % 1 $150 0% (2%) 2,000 $35 --- --- 1,500 Cobenfy 1,000 • Strong and consistent feedback highlighting strength of efficacy on positive/negative symptoms and cognition 500 • Continued focus on expanding pre
Slide 14: Q2 2025 Financial Performance
Q2 2025 Financial Performance US US GAAP GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q2 2025 Q2 2024 Q2 2025 Q2 2024 Total Revenues, net 12.3 12.2 12.3 12.2 Gross Margin % 72.5% 73.2% 72.6% 75.6% Operating Expenses1 4.3 4.8 4.0 4.2 Acquired IPR&D 1.5 0.1 1.5 0.1 Amortization of Acquired Intan
Slide 15: 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 $5.6 $4.4 $3.9 • Maintain strong investment-grade credit rating Balance Sheet $2.3 • On track to pay down ~$10B of
Slide 16: Revised 2025 Guidance
Revised 2025 Guidance* Non-GAAP1 Key Highlights April (Prior) July (Updated) • FY revenue vs. prior guidance primarily reflects ~$700M favorability from: Total FY Revenues ~$45.8 - $46.8B ~$46.5 - $47.5B (Reported & Ex-FX) • Growth Portfolio strength Gross Margin % ~72% No change • Legacy Portfolio
Slide 17: Q2 2025 Results Q&A
Q2 2025 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 17
Slide 18: Clinical Development Portfolio — Phase I and II
Clinical Development Portfolio — Phase I and II Data as of Jul 31st, 2025 Phase I Phase II Anti-CCR8 Solid Tumors BNT327 1-2L Triple-Negative Breast Cancer* BMS-986460 Prostate Cancer iza-bren 1L Triple-Negative Breast Cancer BMS-986482 Solid Tumors OPDIVO QVANTIG + YERVOY 1L Non-Small Cell
Slide 19: Clinical Development Portfolio — Phase III
Clinical Development Portfolio — Phase III Data as of Jul 31st, 2025 Phase III Registration US, EU, JP AR LDD Metastatic Castration-Resistant Prostate Cancer AUGTYRO NTRK Pan-Tumor (JP) atigotatug + nivolumab 1L Extensive-Stage Small Cell Lung Cancer OPDIVO + YERVOY 1L+ Microsatellite Instabilit
Slide 20: Q2 2025 Changes to the Development Pipeline
Data as of Jul 31st, 2025 Q2 2025 Changes to the Development Pipeline Phase I Phase II Phase III Registrational Submissions New or ◼ BMS-986500 in Solid Tumors ◼ BNT327 in 1-2L TNBC * ◼ BNT327 in 1L ES-SCLC * ◼ SOTYKTU in PsA (US, EU, JP) Phase ◼ BMS-986517 in Solid Tumors ◼ CD19 NEX-T in SLE
Slide 21: Q2 2025 Opdivo Sales Mix
Q2 2025 Opdivo Sales Mix U.S. Sales Mix Ex-U.S. Sales Mix 27% 1% 21% 28% 22% 18% 28% 7% 23% 26% Note: percentages are approximate Q2 2025 Results Not for Product Promotional Use 21
Slide 22: Q2 2025 Eliquis NBRx/TRx Share
Q2 2025 Eliquis NBRx/TRx Share NBRx Share – US TRx Share – US 20% 19% 22% 21% 7% 7% 11% 10% 73% 75% 69% 67% Q2 2024 Q2 2025 Q2 2024 Q2 2025 Eliquis Warfarin Other NOACs Rx Source: IQVIA; percentages are approximate Q2 2025 Results Not for Product Promotional Use 22
Slide 23: Medicare Part D Redesign: Distribution of cost responsibility
Medicare Part D Redesign: Distribution of cost responsibility BMS 2025 Impact $3,300 annual Catastrophic 20% 80% patient out-of- pocket cap 2024 Manufacturer liability: 70% in 2024 Coverage gap 25% 5% 70% Patient coverage gap has been eliminated Initial coverage 25% 75% Part D Plan Manufacturer NEW
Slide 24: Composition of Other Growth & Other Legacy Products
Composition of Other Growth & Other Legacy Products Other Growth Products Other Legacy Products • Augtyro • Idhifa • Empliciti • Istodax • Inrebic • Thalomid • Nulojix • Glucophage • Onureg • Kenalog • 3rd Party Royalty Revenue • Vidaza • Baraclude • Reyataz • Other Mature Brands Q2 2025 Results Not
Slide 25: Q2 2025 key clinical trials update
Q2 2025 key clinical trials update Oncology Hematology Immunology Cardiovascular Oncology Hematology Immunology Cardiovascular Neuroscience • Krazati • Reblozyl • Sotyktu • milvexian • Cobenfy • Opdivo • arlocabtagene • admilparant • MYK-224 • FAAH/MAGL autoleucel • Opdualag • obexelimab • anti-MTBR
Slide 26: Opdivo (anti-PD1)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Opdivo (anti-PD1) Indication Peri-Adjuvant MIUC Adjuvant HCC 1L NSCLC SC + IV Phase/Study Phase III – CA017-078 Phase III – CheckMate -9DX Ph
Slide 27: Opdualag (anti-PD1 + anti-LAG3 FDC)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Opdualag (anti-PD1 + anti-LAG3 FDC) Indication 1L Melanoma SC Phase/Study Phase III – RELATIVITY-127 # of Patients N = 814 • Relatlimab + niv
Slide 28: Nivolumab + Relatlimab HD (anti-PD1 + anti-LAG3 FDC)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Nivolumab + Relatlimab HD (anti-PD1 + anti-LAG3 FDC) Indication 1L NSCLC PD-L1≥1% Phase/Study Phase III – RELATIVITY-1093 # of Patients N = 1
Slide 29: Krazati (KRAS G12C inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Krazati (KRASG12C inhibitor) 2L CRC 1L NSCLC PD-L1≥50% 1L NSCLC Indication (with KRASG12C mutation) (with KRASG12C mutation) (with KRASG12C m
Slide 30: AR LDD (dual androgen receptor degrader & antagonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated AR LDD (dual androgen receptor degrader & antagonist) Indication Metastatic CRPC Phase/Study Phase III - rechARge # of Patients N = 960 Part
Slide 31: atigotatug (anti-fucosyl-GM1) + nivolumab (anti-PD1)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated atigotatug (anti-fucosyl-GM1) + nivolumab (anti-PD1) Indication 1L ES-SCLC Phase/Study Phase III - TIGOS # of Patients N = 530 • BMS-986489 (
Slide 32: BMS-986504 (PRMT5 inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated BMS-986504 (PRMT5 inhibitor) 2-3L Metastatic NSCLC (with 1L Metastatic NSCLC (with Homozygous 1L Metastatic PDAC (with Homozygous Indication
Slide 33: BNT327 (PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated BNT327 (PD-L1 x VEGF-A) Indication 1-2L Metastatic TNBC Phase/Study Phase II – BNT327-02 # of Patients N = 70 Part I Part II • BNT327 Dose 1
Slide 34: BNT327 (PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated BNT327 (PD-L1 x VEGF-A) Indication 1L NSCLC 1L ES-SCLC Phase/Study Phase II/III – BNT327-06 Phase III – BNT327-03 # of Patients N = 982 N = 4
Slide 35: Iza-bren (izalontamab brengitecan, EGFR x HER3 ADC)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Iza-bren (izalontamab brengitecan, EGFR x HER3 ADC) Indication 1L NSCLC & Advanced Solid Tumors Advanced Solid Tumors 1L TNBC Phase I – LUNG-
Slide 36: RYZ101 225Ac-DOTATATE (SSTR2 binder)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated RYZ101 225Ac-DOTATATE (SSTR2 binder) Indication 2L+ SSTR2+ GEP-NETs* 1L ES-SCLC HR+/HER2- Metastatic Breast Cancer Phase/Study Phase III – AC
Slide 37: Reblozyl (Erythroid Maturation Agent)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Reblozyl (Erythroid Maturation Agent) 1L+ TD MF 1L NTD Low-or Intermediate Risk TD & NTD Alpha-Thalassemia Indication Associated Anemia MDS A
Slide 38: arlocabtagene autoleucel (GPRC5D CAR T)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated arlocabtagene autoleucel (GPRC5D CAR T) Indication 4L+ MM1 2-4L MM2 Phase/Study Phase II – QUINTESSENTIAL Phase III – QUINTESSENTIAL-2 # of P
Slide 39: iberdomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated iberdomide (CELMoD) Indication 2L+ MM Post-Transplant Maintenance NDMM Phase/Study Phase III – EXCALIBER-RRMM Phase III – EXCALIBER-Maintenan
Slide 40: mezigdomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated mezigdomide (CELMoD) Indication 2L+ MM 2L+ MM Phase/Study Phase III – SUCCESSOR-1 Phase III – SUCCESSOR-2 # of Patients N = 810 N = 575 • Mez
Slide 41: golcadomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated golcadomide (CELMoD) Indication High-Risk 1L LBCL 2L+ FL Newly Diagnosed Advanced Stage 1L FL Phase/Study Phase III – GOLSEEK-1 Phase III – G
Slide 42: Sotyktu (TYK-2 inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Sotyktu (TYK-2 inhibitor) Indication Psoriatic Arthritis (PsA) Phase/Study Phase III – POETYK-PsA-1 Phase III – POETYK-PsA-2 # of Patients N
Slide 43: Sotyktu (TYK-2 inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Sotyktu (TYK-2 inhibitor) Indication Systemic Lupus Erythematosus (SLE) Sjogren’s Syndrome (SjS) Phase/Study Phase III – POETYK SLE-1 Phase I
Slide 44: admilparant (LPA1 antagonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated admilparant (LPA1 antagonist) Indication Idiopathic Pulmonary Fibrosis (IPF) Progressive Pulmonary Fibrosis (PPF) Phase/Study Phase III – ALO
Slide 45: obexelimab (CD19 x FcγRIIB bifunctional mAb)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated obexelimab (CD19 x FcγRIIB bifunctional mAb) Indication IgG4-Related Disease Phase/Study Phase III – INDIGO # of Patients N = 194 • Obexelima
Slide 46: BMS-986353 (CD19 NEX-T CAR T)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated BMS-986353 (CD19 NEX-T CAR T) Indication Active Systemic Lupus Erythematosus (SLE) including Lupus Nephritis (LN) 1 Phase/Study Phase II – Br
Slide 47: milvexian (FXIa inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated milvexian (FXIa inhibitor) Indication Secondary Stroke Prevention Acute Coronary Syndrome Non-Valvular Atrial Fibrillation Phase III – LIBREX
Slide 48: MYK-224 (myosin inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated MYK-224 (myosin inhibitor) Indication Heart Failure with Preserved Ejection Fraction (HFpEF) Phase/Study Phase IIa – AURORA-HFpEF # of Patien
Slide 49: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Cobenfy (M1/M4 muscarinic agonist) Indication Psychosis in Alzheimer’s Disease (ADP) Phase/Study Phase III – ADEPT-1 Phase III – ADEPT-2 Phas
Slide 50: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Cobenfy (M1/M4 muscarinic agonist) Indication Manic Episodes in Bipolar-I Disease Phase/Study Phase III – BALSAM-1 Phase III – BALSAM-2 # of
Slide 51: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Cobenfy (M1/M4 muscarinic agonist) Indication Agitation Associated with Alzheimer’s Disease (AAD) Phase/Study Phase III – ADAGIO-1 Phase III
Slide 52: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Cobenfy (M1/M4 muscarinic agonist) Indication Alzheimer’s Disease Cognition (ADC) Phase/Study Phase III – MINDSET 1 Phase III – MINDSET 2 # o
Slide 53: BMS-986368 (FAAH/MAGL inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated BMS-986368 (FAAH/MAGL inhibitor) Indication Multiple Sclerosis Spasticity (MSS) Alzheimer’s Disease Agitation (AAD) Phase/Study Phase II – BA
Slide 54: BMS-986446 (anti-MTBR-tau)
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated BMS-986446 (anti-MTBR-tau) Indication Alzheimer's Disease Phase/Study Phase II – TargetTau-1 # of Patients N = 310 • BMS-986446 Dose 1 • BMS-
Slide 55: Abbreviations
Oncology Hematology Immunology Cardiovascular Neuroscience Icon Oncology Hematology Immunology Cardiovascular Neuroscience Description automatically generated Abbreviations Ac Actinium CVD Cardiovascular Disease IR Inadequate Response NET Neuroendocrine Tumor R-CHOP Rituximab, Cyclophosphamide, Hydr
Bristol-Myers Squibb Company — Q2 2025 Earnings Presentation on 6ix