Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — J.P. Morgan Healthcare Conference 2024
40 slides from Bristol-myers Squibb's conference presentation, Jan 8, 2024
Slide 1: J.P. Morgan Presentation
J.P. Morgan Presentation January 8, 2024
Slide 2: Forward looking statements and non-GAAP financial information
Forward looking statements and non-GAAP financial information • This presentation (as well as the oral statements made with respect to information contained in this presentation) contains statements about Bristol-Myers Squibb Company’s (the “Company”) future financial results, plans, business develo
Slide 3: We are writing the next chapter in our history
We are writing the next chapter in our history BMS has entered another period of renewal in its long history of scientific achievements and delivering innovative medicines to patients We have a Growth Portfolio positioned to generate a more diverse company over the decade, with strong cash flow from
Slide 4: We will navigate a dynamic environment
We will navigate a dynamic environment Evolution of the global Increasingly intense Loss of exclusivity for regulatory and access competitive environment multiple major products environment (e.g., IRA) Industry Headwinds Highly Confidential 4
Slide 5: Our overarching goal is to achieve sustainable, top-tier growth
Our overarching goal is to achieve sustainable, top-tier growth Revenue, illustrative Sustainable, top-tier growth from late 2020s Transition period Maximize performance through 2025 Highly Confidential 5
Slide 6: BMS enters this period with a number of key strengths
BMS enters 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 busin
Slide 7: We have a valuable Growth Portfolio
We have a valuable Growth Portfolio 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 ~$25B sales (2023) + 30+ assets in
Slide 8: How we will deliver
How we will deliver 1. Build on our 2. Continue to 3. Maximize value 4. Strategic leadership in grow our from our capital Oncology, presence in differentiated allocation Hematology & Immunology & pipeline & Cardiovascular Neuroscience platforms Focus on disciplined execution Highly Confidential 8
Slide 9: How we will deliver
How we will deliver 1. Build on our 2. Continue to 3. Maximize value 4. Strategic leadership in grow our from our capital Oncology, presence in differentiated allocation Hematology & Immunology & pipeline & Cardiovascular Neuroscience platforms Focus on disciplined execution Highly Confidential 9
Slide 10: Oncology: Our strategy to build on our leadership
Oncology: Our strategy to build on our leadership Extend durability in IO Expand into targeted therapies Deepen platform capabilities Targeted protein AR LDD degradation 2 ADC subcutaneous nivolumab1 2 Cell Exploring in Therapy solid tumors Radiopharmaceutical 2 therapy 15+ additional oncology asset
Slide 11: Subcutaneous nivolumab & Opdualag: Extending durability of our IO business
Subcutaneous nivolumab & Opdualag: Extending durability of our IO business Melanoma $8B Melanoma subcutaneous Lung nivolumab1 Lung Potential to address 65-75% of Opdivo U.S. indications2 Renal Renal Opportunity to further extend GI/Other with IO pipeline GI/Other 2022 2028 Revenue, not to scale Othe
Slide 12: Hematology: Strengthening our position across a broad array of conditions
Hematology: Strengthening our position across a broad array of conditions Extend leadership in Transform outcomes in Expand impact in multiple myeloma leukemia / lymphoma non-malignant heme 1 Cell Therapy GPRC5D Best-in-class CAR T approved with the Expansion opportunities across GPRC5D x BCMA broad
Slide 13: Breyanzi: Best-in-class CAR T across the broadest array of B-cell malignancies
Breyanzi: Best-in-class CAR T across the broadest array of B-cell malignancies Approved Registrational Phase I or II Patient population size, not to scale Potential best-in-disease (R/R FL) First & only registrational data for CLL / SLL 96% complete response Broadest label FDA Priority Review in 2L+
Slide 14: Reblozyl: Significant growth opportunities in MDS-associated anemia and beyond
Reblozyl: Significant growth opportunities in MDS-associated anemia and beyond New standard of care in 1L approval increases Opportunity to further expand1 1L MDS-associated anemia market opportunity by ~4x • First and only therapy to 2023 U.S. patient estimates Ongoing registrational studies demons
Slide 15: Cardiovascular: Opportunity for sustained leadership with impact for millions of patients
Cardiovascular: Opportunity for sustained leadership with impact for millions of patients Growing opportunity in Extending successful history cardiomyopathies and heart failure in thrombosis MYK-224 milvexian1 Expansion opportunities in CV diseases with Avidity Biosciences collaboration Not exhausti
Slide 16: Camzyos: First and only myosin inhibitor approved in oHCM
Camzyos: First and only myosin inhibitor approved in oHCM Significant untapped Strong launch momentum Levers to deliver potential within oHCM Quarterly U.S. sales, $M1,2 • Maximize strong clinical profile 80 Camzyos Entresto ~75K • Expand prescriber base and further penetrate NYHA Class II 60 Preval
Slide 17: Milvexian: Opportunity to expand anticoagulation beyond FXa
Milvexian1,2: Opportunity to expand anticoagulation beyond FXa to benefit millions of patients ~7.5M patients3 in U.S. with Potential differentiated profile for SSP, ACS, AF thrombotic diseases need treatment • Ph3 studies in Secondary Stroke Prevention (SSP), Acute Coronary Syndrome (ACS) & Atrial
Slide 18: How we will deliver
How we will deliver 1. Build on our 2. Continue to 3. Maximize value 4. Strategic leadership in grow our from our capital Oncology, presence in differentiated allocation Hematology & Immunology & pipeline & Cardiovascular Neuroscience platforms Focus on disciplined execution Highly Confidential 18
Slide 19: Establishing a growing presence in Immunology
Establishing a growing presence in Immunology Expand indication opportunities Maximize existing core indications Launch next wave of assets of leading marketed products Moderate to Eosinophilic Severe Plaque Psoriatic Arthritis cendakimab Esophagitis & Psoriasis SLE Gastroenteritis Sjogren’s syndrom
Slide 20: Sotyktu is a key growth driver to establish leadership in Immunology
Sotyktu is a key growth driver to establish leadership in Immunology Executing launch in psoriasis Expansion opportunities across autoimmune2 and broadening access • Psoriatic Arthritis: Shared pathogenesis with psoriasis – 2024/2025 ~6 million • SLE: Substantial need for effective oral options – 20
Slide 21: LPA1 antagonist has the potential to be the new standard of care in pulmonary fibrosis
LPA1 antagonist has the potential to be the new standard of care in pulmonary fibrosis Significant Unmet need Potentially differentiated profile Idiopathic Progressive • LPA1 antagonist – Disease modifying agent and Pulmonary Pulmonary best-in-class potential Fibrosis 140K Fibrosis 290K (IPF) U.S. p
Slide 22: CD19 NEX T: Potential transformative cell therapy for severe immunologic diseases
CD19 NEX T: Potential transformative cell therapy for patients with several severe immunologic diseases Potential transformative efficacy and Potential for massive expansion safety profile to reset immune system of cell therapy addressable market • Growing evidence of CAR T-induced immune rest in Ad
Slide 23: Re-establishing Neuroscience across a wide range of conditions
Re-establishing Neuroscience across a wide range of conditions with substantial unmet need Neuroinflammation Neurodegeneration Neuropsychiatry • Multiple Sclerosis • Alzheimer’s Disease • Schizophrenia • Parkinson’s Disease • Schizophrenia (adjunctive) • ALS • Alzheimer’s disease psychosis • Alzheim
Slide 24: KarXT: Opportunity for series of indications supporting continued growth
KarXT1: Starting next year, opportunity for series of indications supporting continued growth Pipeline and future indications Alzheimer’s disease psychosis registrational data >6M3 people living with AD in U.S. Bipolar I Disorder registrational data Impacts ~1.4M2 patients in U.S. Alzheimer’
Slide 25: How we will deliver
How we will deliver 1. Build on our 2. Continue to 3. Maximize value 4. Strategic leadership in grow our from our capital Oncology, presence in differentiated allocation Hematology & Immunology & pipeline & Cardiovascular Neuroscience platforms Focus on disciplined execution Highly Confidential 25
Slide 26: Portfolio evolution: Potential to add 16+ NMEs over decade
Portfolio evolution: Potential to add 16+ NMEs over decade NMEs by potential year of first approval 2022 – 2023 2024 – 2025 2026 - 2027 2028 - 2030 Cendakimab Iberdomide LPA1 antagonist KarXT1 Mezigdomide CD19 NEX T 1,2 Alnuctamab GPRC5D CAR T recently approved Milvexian BET inhibitor (986158) Golca
Slide 27: Multiple key pipeline milestones expected in 2024
Multiple key pipeline milestones expected in 2024 ABECMA Cendakimab PRMT5/MTA Inhibitor1 • 3–5L RRMM (KarMMa-3) approval • EoE Ph3 • MTAP-deleted cancers Ph1 AR LDD KarXT1 RYZ1011 • mCRPC Ph1 • Schizophrenia approval • ES-SCLC Ph1 Krazati (KRASG12C Inhibitor)1 SOTYKTU2 BL-B01D11 (EGFRxHER3 ADC) • 1L
Slide 28: How we will deliver
How we will deliver 1. Build on our 2. Continue to 3. Maximize value 4. Strategic leadership in grow our from our capital Oncology, presence in differentiated allocation Hematology & Immunology & pipeline & Cardiovascular Neuroscience platforms Focus on disciplined execution Highly Confidential 28
Slide 29: Strategic approach to capital allocation
Strategic approach to capital allocation Business development Strong investment-grade rating Shareholder distributions Further diversify our portfolio Strong cash flow generation Continued commitment to dividend – 15 consecutive annual increases Strengthen long-term growth profile Balance sheet stre
Slide 30: Business development remains a priority to strengthen the growth profile
Business development remains a priority to strengthen the growth profile of the company Focused on licensing, partnerships & bolt-on acquisitions Build depth in existing Therapeutic Areas Enhance Enhance presence in emerging Therapeutic Areas growth in back half of the Focus on areas of significant
Slide 31: We have already executed important deals to strengthen our growth profile
We have already executed important deals to strengthen our growth profile Deals over the last six months 1 1 1 1 Focus on areas of significant unmet need where BMS can lead 1. Subject to satisfaction of customary closing conditions; anticipated closing for Mirati Therapeutics, Karuna Therapeutics, R
Slide 32: How we will deliver
How we will deliver 1. Build on our 2. Continue to 3. Maximize value 4. Strategic leadership in grow our from our capital Oncology, presence in differentiated allocation Hematology, & Immunology & pipeline & Cardiovascular Neuroscience platforms Focus on disciplined execution Highly Confidential 32
Slide 33: We are focused on disciplined execution
We are focused on disciplined execution Commercial R&D Manufacturing • Accelerate performance for • Drive top-tier productivity • Significantly increase cell key growth drivers therapy capacity and improve • Discontinue lower value reliability & cost • Ensure right level of programs resourcing • Rob
Slide 34: Reaffirming all financial targets
Reaffirming all financial targets Return to historical guidance Key targets* practice • Low-to-mid single-digit revenue CAGR1 from 2020-2025 • Primarily annual • Low double-digit revenue CAGR1 ex-Rev/Pom from 2020-2025 • Total company revenue guidance • $8B-$10B growth from in-line brands2 from 2020
Slide 35: 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 • Ensure on-time delivery of late • Prosecute early to mid-pipeline portfolio • Launch new medicine
Slide 36: Bristol Myers Squibb
(lh Bristol Myers Squibb”
Slide 37: Our ESG updates and looking ahead
Our ESG updates and looking ahead ESG Materiality Assessment Results 2022 ESG Report Completed a global, double ESG materiality assessment1 and identified the On August 23, 2023, published BMS’ 2022 ESG 8 ESG factors that were rated as most “material” by stakeholders Report,2 providing increased
Slide 38: Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items
Bristol Myers Squibb Company Reconciliation of Certain GAAP Line Items to Certain Non-GAAP Line Items (Unaudited, dollars in millions) 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 e
Slide 39: Clinical Development Portfolio – Phase I and II
Clinical Development Portfolio – Phase I and II Data as of December 31, 2023 Phase I Phase II AHR Antagonist*^ Solid Tumors Solid Tumors Anti-CCR8^ Solid Tumors Anti-CTLA-4 NF Probody® Therapeutic Lung Cancer Anti-ILT4^ Solid Tumors 1L, 2L Metastatic Castration-Resistant Prostate Colorectal
Slide 40: Clinical Development Portfolio – Phase III
Clinical Development Portfolio – Phase III Data as of December 31, 2023 Phase III Registration US, EU, JP Adjuvant Hepatocellular Carcinoma ROS1 NSCLC (EU, JP) Peri-adjuvant Muscle-Invasive Urothelial Carcinoma AUGTYRO OPDIVO NTRK Pan-Tumor (EU) Peri-adjuvant Non-Small Cell Lung Cancer OPDIVO + YERV
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