Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q3 2023 Earnings Presentation
23 slides from Bristol-myers Squibb's earnings presentation, Oct 26, 2023
Slide 1: Q3 2023 Results
Q3 2023 Results October 26, 2023
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: Giovanni Caforio, MD, Board Chair and Chief Executive Officer
Q3 2023 Results Giovanni Caforio, MD Board Chair and Chief Executive Officer 3
Slide 4: Chris Boerner, PhD, Chief Operating Officer
Q3 2023 Results Chris Boerner, PhD Chief Operating Officer Chief Executive Officer, effective November 1, 2023 4
Slide 5: Q3 2023 Performance
Q3 2023 Performance Q3 Global Net Sales Medium-Term Financial Targets* • 11.0B; (2%) YoY; (3%) Ex-FX* Reaffirms1: • Low-to-mid single digit revenue CAGR2 Commercial In-Line Brands & New Product Portfolio • Low double-digit revenue CAGR2 ex-Rev/Pom Financial & Financial • ~$9.3B; +8% YoY; +7% Ex-FX*
Slide 6: Our Goal is to Deliver Sustainable Growth
Our Goal is to Deliver Sustainable Growth Four Key Enablers Evolve R&D for Strong commercial Execute strategic Foster a high- scientific leadership execution to realize capital allocation to performance culture value of our further strengthen and attract & retain marketed portfolio our growth profil
Slide 7: Solid Momentum in Q3 & Accelerating Future Growth
Solid Momentum in Q3 & Accelerating Future Growth Key In-Line Products New Product Portfolio Outlook* $ in millions +67% ex-FX* $928 • Expect >$10B revenue $29 $43 from new product $66 portfolio in 2026 • Strong U.S. demand $68 growth offset by gross- $92 to-net adjustments $553 ** • Focused on prod
Slide 8: Strong Delivery from our R&D Engine Since R&D Day
Strong Delivery from our R&D Engine Since R&D Day Oncology Immunology Hematology Opdivo LPA1 antagonist Reblozyl ‒ U.S. approval in Stage II ‒ Breakthrough Therapy ‒ U.S. approval in 1L MDS adj. melanoma Designation granted in PPF associated anemia with a ‒ Peri-adj. lung & 1L MIUC broad label prese
Slide 9: Mirati Therapeutics: Strong Strategic Fit
Mirati Therapeutics: Strong Strategic Fit Extending in IO • Best-in-class KRASG12C inhibitor approved in 2L+ mutated NSCLC; confirmatory Ph3 results expected 1H 2024 • Potential KRASG12C mutated tumor opportunities: 1L NSCLC; 2L & 3L+ CRC Indication Development Status TPS ≥ 50%: Krazati + pembrolizu
Slide 10: Continued Strong Pipeline Execution
Continued Strong Pipeline Execution 2023 Key Milestones 2024/2025 Key Milestones Initiation of pivotal Metastatic: 1L MF Ph3 Early Stage: Reblozyl post-transplant 1L HCC Ph3 (CM-9DW) (INDEPENDENCE) Neo-adjuvant NSCLC Ph3 iberdomide Opdivo maintenance H2H vs 1L+ MSI High CRC Ph3 (CM-816) ap
Slide 11: Numerous Levers to Drive Long-Term Growth
Numerous Levers to Drive Long-Term Growth 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 months Developing medicines in rapidly growing markets w
Slide 12: David Elkins, Executive Vice President and Chief Financial Officer
Q3 2023 Results David Elkins Executive Vice President and Chief Financial Officer 12
Slide 13: Total Company Performance Driven by In-Line & New Product Portfolios
Total Company Performance Driven by In-Line & New Product Portfolios Total Company Sales ~$11B (2%) YoY, (3%) Ex-FX* $B Q3 Net Sales1 YoY % Ex-FX* % $1.7 Total Company $11.0 (2%) (3%) $2.6 In-Line Products $8.3 +3% +3% New Product $0.9 +68% +67% $9.3 Portfolio $8.6 In-Line Products & $9.3 +8% +7% Ne
Slide 14: New Product Portfolio Performance
New Product Portfolio Performance Building strong momentum for future growth +67% growth vs PY Ex-FX* $ in millions $ in millions $928 $29 $2,513 $43 $66 $68 $92 ** $553 $93 $21 $1,385 $1 $32 $5 $44 $123 $107 $166 $730 $69 $84 $248 $190 YTD 2021 YTD 2022 YTD 2023 Q3 2022 Q3 2023 Reblozyl Opdualag Ze
Slide 15: Q3 2023 Oncology Product Summary
Q3 2023 Oncology Product Summary Q3 Global Net Sales Opdivo: • U.S. YoY volume growth in 1L lung, upper GI & adj. $M YoY % Ex-FX* % bladder cancer • Ex-U.S. YoY growth of +15% ex-FX* primarily from $2,275 +11% +11% demand in 1L lung & upper GI & expanded access Opdualag: $579 +11% +10% • U.S. growth
Slide 16: Q3 2023 Cardiovascular Product Summary
Q3 2023 Cardiovascular Product Summary Q3 Global Net Sales $M YoY % Ex-FX* % $M YoY % Ex-FX* % $2,705 +2% - $68 ** ** Best-in-class & leading OAC within category First-in-class myosin inhibitor Eliquis: • U.S. increase in total treated & commercial dispensed patients • U.S. growth driven by strong u
Slide 17: Q3 2023 Hematology Product Summary
Q3 2023 Hematology Product Summary Q3 Global Net Sales1 Revlimid: FY 2023 revenue projection ~$6.0B 1 $M YoY % Ex-FX* % Reblozyl: $1,429 (41%) (41%) • U.S. FDA approval in August 2023 in 1L MDS-associated anemia with a broad label (COMMANDS) $872 (2%) (2%) • U.S. strong YoY growth of +28% driven by
Slide 18: Q3 2023 Immunology Product Summary
Q3 2023 Immunology Product Summary Q3 Global Net Sales % $M YoY % Ex-FX* % % $M YoY % Ex-FX* % $925 +5% +5% $66 ** ** $123 +78% +75% First-in-class selective allosteric TYK2 inhibitor • U.S. continued volume growth; ~$30M clinical purchase in quarter Zeposia: • Progress converting patients on CVS in
Slide 19: Q3 2023 Financial Performance
Q3 2023 Financial Performance US US GAAP GAAP Non-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 - Amortization of Acquired Intangibl
Slide 20: Balanced Approach to Capital Allocation
Balanced Approach to Capital Allocation Cash flow from Operations $B $4.8 • Prioritize opportunities to further diversify portfolio & strengthen long-term outlook Business $3.7 Development ‒ Entered into agreement to acquire Mirati Therapeutics; planned close by 1H 2024 $3.3 $3.0 $1.9 Balance Sheet
Slide 21: Revised 2023 Guidance
Revised 2023 Guidance US GAAP* Non-GAAP* July (Prior) October (Revised) July (Prior) October (Revised) Total Revenues Low-single digit decline No Change Low-single digit decline No Change Reported Rates Total Revenues Low-single digit decline No Change Low-single digit decline No Change Ex-FX Revlim
Slide 22: Medium-Term Guidance
Medium-Term Guidance* July 2023 October 2023 • Low-to-mid single-digit revenue CAGR1 from • Reaffirms low-to-mid single-digit revenue CAGR1 2020-2025 from 2020-2025 • Low double-digit revenue CAGR1 ex-Rev/Pom • Reaffirms low double-digit revenue CAGR1 ex- from 2020-2025 Rev/Pom from 2020-2025 • $8B-
Slide 23: Q3 2023 Results Q&A
Q3 2023 Results Q&A Giovanni Caforio, MD Chris Boerner, PhD David Elkins Samit Hirawat, MD Adam Lenkowsky Board Chair, Executive VP, Executive VP, Executive VP, Executive VP, Chief Executive Officer Chief Operating Officer, Chief Financial Officer Chief Medical Officer, Chief Commercialization Offic
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