Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q4 2023 Earnings Presentation
21 slides from Bristol-myers Squibb's earnings presentation, Feb 2, 2024
Slide 1: Q4 2023 Results
Q4 2023 Results February 2, 2024
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: Chris Boerner, PhD, Chief Executive Officer
Q4 2023 Results Chris Boerner, PhD Chief Executive Officer 3
Slide 4: Strong execution in Q4 drives momentum into 2024
Strong execution in Q4 drives momentum into 2024 +9% $4.3B Low single-digit increase In-line and new Strong cash flow Revenue growth product growth1 generation2 in 20243* Momentum in key brands1 +7% +8% +61% +83% +84% >100% >100% *The Company does not reconcile forward-looking non-GAAP measures. See
Slide 5: Revenue growth today supported by Legacy & Growth Portfolios
Revenue growth today supported by Legacy & Growth Portfolios Growth Portfolio Including a more diversified and robust range of Legacy Portfolio products 11 major brands across 4 TAs Generating strong cash flow and + 12 assets in/entering registrational stage flexibility to invest in growth ~$26B sal
Slide 6: Executing on our plan to drive sustainable, top-tier long-term growth
Executing on our plan to drive sustainable, top-tier long- term growth Accelerate growth Navigate transition from late 2020s Maximize performance period through 2025 • Drive strong commercial execution • Accelerate delivery of late- • Prosecute early to mid-pipeline stage portfolio • Launch new medi
Slide 7: Entering this period with a number of key strengths
Entering this period with a number of key strengths Differentiated Growing position in Robust & innovative Financial strength platforms with large, attractive TAs pipeline & flexibility significant potential Leadership positions in Expanding registrational Center of the innovative Profitable busines
Slide 8: Q4 execution & recent business accomplishments supports momentum for 2024
Q4 execution & recent business accomplishments supports momentum for 2024 Commercial Research & Development Business Development1,2 Increased investment to Delivered 10 INDs in 2023 accelerate growth (e.g., Sotyktu, Camzyos) U.S. approval for Augtyro Re-accelerated Reblozyl growth expanding label in
Slide 9: We are focused on disciplined execution
We are focused on disciplined execution • Accelerate performance for key growth drivers Commercial • Ensure right level of resourcing • Drive top-tier productivity Research & Development • Accelerate high priority programs • Discontinue lower value programs Financial • Maintain P&L efficiency throug
Slide 10: Delivering growth in 2024
Delivering growth in 2024 2024 Guidance Highlights*1 Total Revenues Low single-digit increase Reported Rates Total Revenues Low single-digit increase Ex-FX Non-GAAP EPS $7.10 - $7.40 *The Company does not reconcile forward-looking non-GAAP measures. See “Forward-Looking Statements and Non-GAAP Finan
Slide 11: David Elkins, Chief Financial Officer
Q4 2023 Results David Elkins Executive Vice President and Chief Financial Officer 11
Slide 12: Total company performance driven by In-Line & New Product Portfolios
Total company performance driven by In-Line & New Product Portfolios Total Company Sales ~$45B (2%) YoY, (2%) Ex-FX* $B 2023 Net Sales1 YoY % Ex-FX* % $10.8 $7.1 Total Company $45.0 (2%) (2%) In-Line Products $34.3 +3% +4% New Product $3.6 +77% +76% $35.4 $37.9 Portfolio In-Line Products & $37.9 +7%
Slide 13: Growth & Legacy Portfolios
Growth & Legacy Portfolios Growth Portfolio Legacy Portfolio $29.4 $25.6 2 $16.8 $19.4 Other Growth Brands1 Other Mature Brands 2022 2023 Legacy Growth 1. Other Growth Brands: Onureg, Inrebic, Nulojix, Empliciti, & Royalty revenues; 2. Mirati Therapeutics acquisition closed January 2024 Q4 2023 Resu
Slide 14: Q4 & Full Year 2023 Oncology product summary
Q4 & Full Year 2023 Oncology product summary Global Net Sales ($M) Opdivo: Q4 2023 FY 2023 • U.S. YoY volume growth in 1L lung, upper GI & adj. bladder cancer YoY Ex-FX* YoY Ex-FX* • Ex-U.S. YoY growth primarily from demand in 1L lung & upper GI & expanded access $2,387 +8% +8% $9,009 +9% +10% Opdua
Slide 15: Q4 & Full Year 2023 Cardiovascular product summary
Q4 & Full Year 2023 Cardiovascular product summary Global Net Sales ($M) Q4 2023 FY 2023 Q4 2023 FY 2023 ````` YoY Ex-FX* YoY Ex-FX* ````` YoY Ex-FX* YoY Ex-FX* $2,874 +7% +6% $12,206 +4% +3% $88 ** ** $231 ** ** Best-in-class & leading OAC within category First-in-class myosin inhibitor • U.S. grow
Slide 16: Q4 & Full Year 2023 Hematology product summary
Q4 & Full Year 2023 Hematology product summary Global Net Sales ($M) Q4 2023 FY 2023 % YoY Ex-FX* YoY Ex-FX* Reblozyl: $1,450 (36%) (36%) $6,097 (39%) (39%) • Strong launch in 1L MDS-associated anemia in a broad, RS-agnostic patient population $890 +1% +1% $3,441 (2%) (1%) • Increased demand driven
Slide 17: Q4 & Full Year 2023 Immunology product summary
Q4 & Full Year 2023 Immunology product summary Global Net Sales ($M) First-in-class selective allosteric TYK2 inhibitor Q4 2023 FY 2023 Sotyktu: YoY Ex-FX* YoY Ex-FX* • U.S. continued volume growth including pull-through of CVS patients & expanded commercial access wins with $985 +8% +9% $3,601 +4%
Slide 18: Q4 & Full Year 2023 Financial Performance
Q4 & Full Year 2023 Financial Performance US US GAAP GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q4 2023 FY 2023 Q4 2023 FY 2023 Total Revenues, net 11.5 45.0 11.5 45.0 Gross Margin % 76.1% 76.2% 76.4% 76.6% Operating Expenses1 4.6 17.1 4.5 16.8 Acquired IPR&D 0.6 0.9 0.6 0.9 Amortization of
Slide 19: Strategic approach to Capital Allocation
Strategic approach to Capital Allocation Cash flow from Operations $B • Prioritize opportunities to further diversify portfolio & strengthen long-term outlook focused $4.8 mainly on bolt-ons & licensing opportunities Business $4.3 Development ‒ Completed acquisition of Mirati Therapeutics ‒ Entered
Slide 20: 2024 Guidance
2024 Guidance Non-GAAP*1 Expected future impact from pending deals2 February Total Revenues Low single-digit increase Reported Rates ~$800M Upfront in Q1 Total Revenues (Acquired IPR&D) Low single-digit increase Ex-FX Gross Margin % ~74% Operating Expenses3 Low single-digit increase ~$0.30 Dilution
Slide 21: Q4 2023 Results Q&A
Q4 2023 Results Q&A Chris Boerner, PhD David Elkins Samit Hirawat, MD Adam Lenkowsky Chief Executive Officer Executive VP, Executive VP, Executive VP, Chief Financial Officer Chief Medical Officer, Chief Commercialization Officer Global Drug Development 21
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