Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q2 2023 Earnings Presentation
23 slides from Bristol-myers Squibb's earnings presentation, Jul 27, 2023
Slide 1: Q2 2023 Results
Q2 2023 Results July 27, 2023 lh Bristol Myers Squibb’ Exhibit 99.2
Slide 2: Forward Looking Statements and Non-GAAP Financial Information
Q2 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, Chairman and Chief Executive Officer
Giovanni Caforio, MD Chairman of the Board and Chief Executive Officer 3 Q2 2023 Results
Slide 4: Summary Overview & Updated Outlook
Q2 2023 Results Not for Product Promotional Use Q2 2023 – Summary Overview & Updated Outlook FY Sales 2021-2023 Global Net Sales New Product Sales 2020–2025 Financial Targets* Reaffirmed $11.2B (6%) YoY; (5%) Ex-FX* $862M; +79% vs. PY Performance 1Sales decline on reported & Ex-FX* basis 2023 Revlim
Slide 5: Guidance Impacted By Change in Outlook for Revlimid and Pomalyst
Q2 2023 Results Not for Product Promotional Use Guidance Impacted By Change in Outlook for Revlimid and, to a Lesser Extent, Pomalyst 5 Patient Support Ecosystem Estimated Q2 Impact: • ~$330M for Revlimid & Pomalyst, of which 80% is Revlimid Estimated 2023 Impact*: • Revlimid: ~$1B impact which is r
Slide 6: New Product Portfolio Performance
Q2 2023 Results Not for Product Promotional Use New Product Portfolio Performance • Contributed $862M in quarter; revenues increased +79% vs PY • Approaching ~$3.5B annual run rate • Strong outlook for future growth 6 $482 $862 Q2 2022 Q2 2023 $ in millions New Product Portfolio Revenues
Slide 7: New Product Portfolio Significantly De-Risked with Important Catalysts Ahead
Q2 2023 Results Not for Product Promotional Use • Camzyos nHCM • Sotyktu SLE • Sotyktu SjS Breyanzi 3L+ CLL Breyanzi 3L+ iNHL (incl. FL/MCL) • Reblozyl MF Planned Next 1-2 Years • Sotyktu PsA • Zeposia CD Milestones Already Delivered that De-Risk 2025–2030 and Beyond Zeposia MS Reblozyl 2L T
Slide 8: Continued Strong Pipeline Execution
Q2 2023 Results Not for Product Promotional Use Continued Strong Pipeline Execution 8 1CD PoC not achieved; awaiting higher dose UC Ph2 data to inform future IBD development plans; 2SSP, ACS, AF trials conducted by Janssen 2023 Key Milestones Opdivo (+/- Yervoy) Early Stage: Neo-adjuvant NSCLC Ph3
Slide 9: On Track to Deliver 2020-2025 Financial Targets
Q2 2023 Results Not for Product Promotional Use 2020 2023 2025 Recent LOEs In-Line & New Products On Track to Deliver 2020-2025 Financial Targets 1Recent LOE Brands = Revlimid & Abraxane 10% - 15% <10% ~30% ~70% 85% - 90% >90% 9 ~2% - 3% CAGR Low-to-mid single-digit CAGR On track to deliver • Low-to
Slide 10: Multiple Paths for Long-Term Growth
Q2 2023 Results Not for Product Promotional Use Multiple Paths for Long-Term Growth 10 2025 Revenues LOE Brands 2030 Revenues Additional growth from New Product Portfolio Next Wave of innovation: 6 registrational stage assets Optionality from early-stage pipeline & BD 2025 – 2030* *See "Forward-Look
Slide 11: David Elkins, Chief Financial Officer
David Elkins Executive Vice President and Chief Financial Officer 11 Q2 2023 Results
Slide 12: Total Company Performance Driven by In-Line & New Product Portfolios
Q2 2023 Results Not for Product Promotional Use Total Company Performance Driven by In-Line & New Product Portfolios 12 Total Company Sales ~$11.2B (6%) YoY, (5%) Ex-FX* $B Q2 Net Sales1 YoY % Ex-FX* % Total Company $11.2 (6%) (5%) In-Line Products $8.6 - - New Product Portfolio $0.9 +79% +79% In-Li
Slide 13: New Product Portfolio Annualizing at ~$3.5B
Q2 2023 Results Not for Product Promotional Use New Product Portfolio Annualizing at ~$3.5B 13 $862 Q1 Q2 Q4Q3 Q1 Q2 Q4Q3 Q1 Q2 2021 2022 2023 $58 $154 $172 $234$39 $100 $89 $132 $46 $66 $100 $32 $44 $23 $27 $482 $862 Q2 2022 Q2 2023 Opdualag Reblozyl Breyanzi Abecma Camzyos Zeposia Onureg Inrebic S
Slide 14: Solid Tumor Product Summary
Q2 2023 Results Not for Product Promotional Use Q2 2023 Solid Tumor Product Summary 14 Opdivo: +5% YoY, +11% YTD ex-FX* • U.S. YoY growth of +2% driven by demand in 1L lung, gastric indications & adj. bladder cancer offset by customer buying patterns • Ex-U.S. YoY growth of +10% ex-FX* demand growth
Slide 15: Cardiovascular Product Summary
Q2 2023 Results Not for Product Promotional Use • U.S. increase in total treated & commercial dispensed patients; VALOR approval further strengthens clinical profile • EU approval in symptomatic oHCM Q2 2023 Cardiovascular Product Summary 15 Eliquis: +4% YTD ex-FX* • U.S. YoY growth of +7% driven by
Slide 16: Hematology Product Summary
Q2 2023 Results Not for Product Promotional Use Q2 2023 Hematology Product Summary 16 Reblozyl: +35% YoY, +34% YTD ex-FX* • Strong U.S. sales growth of +24% due to TRx share growth driven by longer duration of treatment • COMMANDS2 Priority Review: U.S. FDA PDUFA date August 28, 2023 • Ex-US sales r
Slide 17: Immunology Product Summary
Q2 2023 Results Not for Product Promotional Use Q2 2023 Immunology Product Summary 17 Zeposia: +52% YoY, +75% YTD ex-FX* • Growth from demand in MS & expanding contribution from UC • Continued focus on improving formulary access • Expansion in international markets based on reimbursement timing Firs
Slide 18: Financial Performance
Q2 2023 Results Not for Product Promotional Use Q2 2023 Financial Performance 18 US GAAP Non-GAAP $ in billions, except EPS Q2 2023 Q2 2022 Q2 2023 Q2 2022 Total Revenues, net 11.2 11.9 11.2 11.9 Gross Margin % 74.4% 77.1% 75.0% 78.3% Operating Expenses1 4.2 4.1 4.2 4.1 Acquired IPR&D 0.2 0.4 0.2 0.
Slide 19: Balanced Approach to Capital Allocation
Q2 2023 Results Not for Product Promotional Use Balanced Approach to Capital Allocation 19*Cash includes cash, cash equivalents and marketable debt securities **Subject to Board approval $B Q2 2023 Total Cash* ~$8.7B Total Debt ~$37.7B • Prioritize opportunities to further diversify portfolio & stre
Slide 20: Revised 2023 Guidance
Q2 2023 Results Not for Product Promotional Use April (Prior) July (Revised) April (Prior) July (Revised) Total Revenues Reported Rates ~2% increase Low-single digit decline ~2% increase Low-single digit decline Total Revenues Ex-FX ~2% increase Low-single digit decline ~2% increase Low-single digit
Slide 21: On Track to Deliver 2020-2025 Financial Targets
Q2 2023 Results Not for Product Promotional Use 2020 2023 2025 Recent LOEs In-Line & New Products On Track to Deliver 2020-2025 Financial Targets 1Recent LOE Brands = Revlimid & Abraxane 10% - 15% <10% ~30% ~70% 85% - 90% >90% 21 ~2% - 3% CAGR Low-to-mid single-digit CAGR On track to deliver • Low-t
Slide 22: Q&A
Giovanni Caforio, MD Chairman of the Board, Chief Executive Officer Chris Boerner, PhD Executive VP, Chief Operating Officer David Elkins Executive VP, Chief Financial Officer Samit Hirawat, MD Executive VP, Chief Medical Officer, Global Drug Development Adam Lenkowsky Executive VP, Chief Commercial
Slide 23: Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items
Q2 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