Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q4 2024 Earnings Presentation
21 slides from Bristol-myers Squibb's earnings presentation, Feb 6, 2025
Slide 1: Q4 2024 Results
Q4 2024 Results February 6, 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 Company’s baseline performance, supplement or enhance management’s, analysts’ and “Company”) future financial results, plans, business development strategy, a
Slide 3: Chris Boerner, PhD, Board Chair and CEO
Q4 2024 Results Chris Boerner, PhD Board Chair and Chief Executive Officer 3
Slide 4: Q4 2024 performance
Q4 2024 performance Growth Portfolio Revenues: +21% or +23% Ex-FX* $ in billions $12.3 $11.5 $6.0 $6.2 Legacy Growth $6.4 $5.3 Q4 2023 Q4 2024 *See “Forward-Looking Statements and Non-GAAP Financial Information” Q4 2024 Results Not for Product Promotional Use 4
Slide 5: 2024 execution has strengthened our foundation
2024 execution has strengthened our foundation Growth Portfolio Revenues: +17% or +19% Ex-FX* Advanced Growth Portfolio with double-digit sales growth $ in billions $48.3 $45.0 Re-established presence in neuroscience with Cobenfy $25.7 Extended immuno-oncology portfolio durability with $25.6 O
Slide 6: Cobenfy: Expansion opportunities with potential multi-billion-dollar peak sales
Cobenfy: Expansion opportunities with potential multi-billion-dollar peak sales over the decade Ongoing registrational study readout Planned registrational study readout Alzheimer’s Alzheimer’s Disease Psychosis Disease Agitation (ADEPT-2) >6M1 people living >6M1,2 people living with AD in U.S. with
Slide 7: 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 early-stage data 2025 2026 2025 • Reblozyl TD MF Associated Anemia (INDEPENDENCE) • Milvexian ACS & SSP (LIBREXIA) • CD19 NEX-T Autoimmune Diseases (Breakfree-1 & 2) •
Slide 8: 2025 Non-GAAP Revenue & EPS Guidance
2025 Non-GAAP Revenue & EPS Guidance Total Revenues ~$45.5B Expanded (Reported & Ex-FX*) Strategic Productivity Initiative* → incremental ~$2B cost savings Non-GAAP EPS1* $6.55 - $6.85 (annualized by YE 2027; ~$1B to be achieved in 2025) *See “Forward-Looking Statements and Non-GAAP Financial Inform
Slide 9: Reshaping BMS to deliver sustained top-tier growth & long-term shareholder returns
Reshaping BMS to deliver sustained top-tier growth & long-term shareholder returns Significantly younger, more diversified and de-risked portfolio • Focusing on which is more balanced across leading TAs transformational medicines where we have an advantage Potential 10+ NMEs & 30+ major LCM indicati
Slide 10: David Elkins, EVP and Chief Financial Officer
Q4 2024 Results David Elkins Executive Vice President and Chief Financial Officer 10
Slide 11: Revenue continues to transition to the Growth Portfolio
Revenue continues to transition to the Growth Portfolio $ in billions $ in billions Growth Portfolio Legacy Portfolio +8% YoY, +9% Ex-FX* +7% YoY, +9% Ex-FX* 1 $12.3 $48.3 $11.5 $45.0 $6.0 $25.7 $6.2 $25.6 +21% +17% YoY YoY $6.4 $22.6 $5.3 $19.4 +23% +19% * * Ex-FX Ex-FX Other Mature Brands Q4 2023
Slide 12: Q4 & FY 2024 Oncology product summary
Q4 & FY 2024 Oncology product summary Global Net Sales ($M) Q4 2024 FY 2024 Opdivo1: $M YoY % Ex-FX* % $M YoY % Ex-FX* % • Global sales reflect volume growth $2,479 +4% +7% $9,304 +3% +7% Yervoy2: $675 +19% +22% $2,530 +13% +16% • Global sales growth reflects increased $254 +34% +34% $928 +48% +48%
Slide 13: Q4 & FY 2024 Cardiovascular product summary
Q4 & FY 2024 Cardiovascular product summary Global Net Sales ($M) Q4 2024 FY 2024 Q4 2024 FY 2024 $M YoY % Ex-FX* % $M YoY % Ex-FX* % $M YoY % Ex-FX* % $M YoY % Ex-FX* % $3,195 +11% +11% $13,333 +9% +9% $223 +153% +153% $602 +161% +161% Eliquis1: Camzyos3: • U.S. growth driven by strong underlying •
Slide 14: Q4 & FY 2024 Hematology product summary
Q4 & FY 2024 Hematology product summary Global Net Sales ($M) Q4 2024 FY 2024 $M YoY % Ex-FX* % $M YoY % Ex-FX* % Reblozyl: $1,339 (8%) (7%) $5,773 (5%) (5%) • Strong demand in MDS-associated anemia • NCCN guidelines upgraded to preferred 1 $823 (8%) (7%) $3,545 +3% +3% status for use in 1L RS-negat
Slide 15: Q4 & FY 2024 Immunology product summary
Q4 & FY 2024 Immunology product summary Global Net Sales ($M) Q4 2024 FY 2024 Sotyktu: $M YoY % Ex-FX* % $M YoY % Ex-FX* % • Continued focus on demand growth 1 $1,000 +2% +3% $3,682 +2% +4% • Access improvements effective Jan 1, 2025 in the U.S. (~80% of covered lives with zero step edits) 2 $158 +1
Slide 16: Q4 & FY 2024 Neuroscience product summary
Q4 & FY 2024 Neuroscience product summary Global Net Sales ($M) Cobenfy Weekly TRx* Q4 & FY 2024 1,200 $M YoY % Ex-FX % 1 1,000 $10 --- --- 800 600 Cobenfy: • Initial feedback highlights benefits of Christmas & 400 New Years differentiated efficacy & safety profile Thanksgiving • TRx performance tra
Slide 17: Q4 & Full Year 2024 Financial Performance
Q4 & Full Year 2024 Financial Performance US US GAAP GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q4 2024 FY 2024 Q4 2024 FY 2024 Total Revenues, net 12.3 48.3 12.3 48.3 Gross Margin % 61.0% 71.1% 74.0% 75.3% Operating Expenses1 5.3 19.6 4.9 17.8 Acquired IPR&D2 0.0 13.4 0.0 13.4 Amortization
Slide 18: 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 $4.3 $4.4 $2.8 • Maintain strong investment-grade credit rating $2.3 Balance Sheet Strength • Planned debt pay
Slide 19: Expanded Strategic Productivity Initiative
Expanded Strategic Productivity Initiative Expected to realize ~50% ~50% additional cost Organizational Operational savings of ~$2B by Design Efficiency the end of 2027, of Optimize & Optimize resources which ~$1B to be streamline our & enhance achieved in 2025* workforce productivity Savings from t
Slide 20: 2025 Guidance
2025 Guidance* Non-GAAP Key Highlights February • FY revenue reflects: • Continued strength of Growth Portfolio Total FY Revenues ~$45.5B (Reported & Ex-FX) • ~18% - 20% decline in Legacy Portfolio2 Gross Margin % ~72% • ~$2 - $2.5B FY WW Revlimid sales • ~$500M impact from foreign exchange Operatin
Slide 21: Q4 2024 Results Q&A
Q4 2024 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 21
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