Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q1 2025 Earnings Presentation
48 slides from Bristol-myers Squibb's earnings presentation, Apr 24, 2025
Slide 1: Q1 2025 Results
Q1 2025 Results April 24, 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 believes that the non-GAAP financial measures presented portray the results of the “Company”) future financial results, plans, business development strategy,
Slide 3: Chris Boerner, PhD
Q1 2025 Results Chris Boerner, PhD Board Chair and Chief Executive Officer 3
Slide 4: Q1 2025 Performance
Q1 2025 Performance Commercial Execution R&D Milestones Global Net Sales: Q1:~$11.2B (6%) YoY; (4%) Ex-FX* Achieved multiple clinical & regulatory milestones1 Growth Portfolio Net Sales +16%; +18% Ex-FX* $ in billions $4.8 $5.6 milvexian2 Q1 2024 Q1 2025 Financial Execution 2025 Guidance3,4 Earnings
Slide 5: 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 of early-stage data 2025 2025 2025 • • Iberdomide RRMM (EXCALIBER-RRMM)1 • CD19 NEX-T Autoimmune Diseases (Breakfree-1 & 2) • • Krazati 1L NSCLC (TPS <50%) (KRYSTAL-17
Slide 6: David Elkins
Q1 2025 Results David Elkins Executive Vice President and Chief Financial Officer 6
Slide 7: Revenue continues to transition to the Growth Portfolio
Revenue continues to transition to the Growth Portfolio $ in billions Growth Portfolio Legacy Portfolio (6%) YoY, (4%) Ex-FX* 1 $11.9 $11.2 $7.1 $5.6 +16% YoY $4.8 $5.6 +18% * Ex-FX Other Mature Brands Q1 2024 Q1 2025 Other Growth Brands2 Legacy Growth *See “Forward-Looking Statements and Non-GAAP F
Slide 8: Q1 2025 Oncology product summary
Q1 2025 Oncology product summary Global Net Sales1 Opdivo $M YoY % Ex-FX* % • Global sales reflect volume growth $2,265 +9% +12% Opdualag $624 +7% +9% • U.S. sales growth driven by strong demand; ~30% market share3 as a SOC in 1L melanoma $252 +23% +23% Opdivo Qvantig4 • Positive initial feedback; e
Slide 9: Q1 2025 Hematology product summary
Q1 2025 Hematology product summary Global Net Sales Reblozyl $M YoY % Ex-FX* % • 1L MDS-associated anemia now accounts for the majority of new patient starts $936 (44%) (44%) • Ex-U.S. growth driven by new launches across Europe 1 & Japan $658 (24%) (24%) Breyanzi $478 +35% +36% • #1 CAR T in the U.
Slide 10: Q1 2025 Cardiovascular product summary
Q1 2025 Cardiovascular product summary Global Net Sales Camzyos U.S. Quarterly TRx1 Q1 2025 TRx: ~25K $M YoY % Ex-FX* % +19% $3,565 (4%) (3%) $159 +89% +90% Camzyos • Continued strong U.S. demand in oHCM o ~11K patients on commercial drug (~1.4K added in Q1’25) o Favorable U.S. label update (eased R
Slide 11: Q1 2025 Immunology product summary
Q1 2025 Immunology product summary Global Net Sales Sotyktu U.S. Quarterly TRx1 +9% Q1 2025 TRx: ~17K $M YoY % Ex-FX* % $770 (4%) (2%) $55 +27% +29% Sotyktu • U.S. access improvements effective January 1, 2025 (~80% of covered lives with zero step edits) • Leverage broader U.S. access position to dr
Slide 12: Q1 2025 Neuroscience product summary
Q1 2025 Neuroscience product summary Global Net Sales Cobenfy Weekly TRx3 1,800 $M YoY % Ex-FX* % 1,6554 1,600 1 $107 (3%) (2%) 1,400 2 1,200 $27 --- --- 1,000 800 Cobenfy 600 • Feedback continues to underscore strength of Christmas & differentiated efficacy & safety profile 400 New Years • Focused
Slide 13: Q1 2025 Financial Performance
Q1 2025 Financial Performance US US GAAP GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q1 2025 Q1 2024 Q1 2025 Q1 2024 Total Revenues, net 11.2 11.9 11.2 11.9 Gross Margin % 72.9% 75.3% 73.1% 75.5% Operating Expenses1 3.8 5.1 3.8 4.3 Acquired IPR&D 0.2 12.9 0.2 12.9 Amortization of Acquired Int
Slide 14: 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 $4.4 $2.8 • Maintain strong investment-grade credit rating $2.3 Balance Sheet $2.0 • On track to pay down ~$10
Slide 15: Revised 2025 Guidance
Revised 2025 Guidance* Non-GAAP1 Key Highlights February (Prior) April (Updated) • FY revenue vs. prior guidance primarily reflects: Total FY Revenues • ~$500M favorable Legacy Portfolio sales; now ~$45.5B ~$45.8 - $46.8B (Reported & Ex-FX) expect ~16% - 18% decline (previously ~18% - 20%)3 Gross Ma
Slide 16: Q1 2025 Results Q&A
Q1 2025 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 16
Slide 17: Clinical Development Portfolio — Phase I and II
Clinical Development Portfolio — Phase I and II Data as of Apr 24th, 2025 Phase I Phase II Anti-CCR8 Solid Tumors iza-bren 1L Triple-Negative Breast Cancer BMS-986460 Prostate Cancer PRMT5 Inhibitor Non-Small Cell Lung Cancer BMS-986482 Solid Tumors arlo-cel RR Multiple Myeloma BMS-98648
Slide 18: Clinical Development Portfolio — Phase III
Clinical Development Portfolio — Phase III Data as of Apr 24th, 2025 Phase III Registration US, EU, JP AR LDD Metastatic Castration-Resistant Prostate Cancer AUGTYRO NTRK Pan-Tumor (JP) atigotatug + nivolumab 1L Extensive Stage Small Cell Lung Cancer OPDIVO Peri-adjuvant Non-Small Cell Lung Canc
Slide 19: Q1 2025 Opdivo Sales Mix
Q1 2025 Opdivo Sales Mix U.S. Sales Mix Ex-U.S. Sales Mix 27% 1% 21% 28% 22% 28% 18% 7% 23% 26% Note: percentages are approximate Q1 2025 Results Not for Product Promotional Use 21
Slide 20: Q1 2025 Eliquis NBRx/TRx Share
Q1 2025 Eliquis NBRx/TRx Share NBRx Share – US TRx Share – US 20% 19% 22% 22% 7% 7% 12% 10% 73% 74% 68% 66% Q1 2024 Q1 2025 Q1 2024 Q1 2025 Eliquis Warfarin Other NOACs Rx Source: IQVIA; percentages are approximate Q1 2025 Results Not for Product Promotional Use 22
Slide 21: Medicare Part D Redesign: Distribution of cost responsibility
Medicare Part D Redesign: Distribution of cost responsibility BMS 2025 Impact $3,300 annual Catastrophic 20% 80% patient out-of- pocket cap 2024 Manufacturer liability: 70% in 2024 Coverage gap 25% 5% 70% Patient coverage gap has been eliminated Initial coverage 25% 75% Part D Plan Manufacturer NEW
Slide 22: Composition of Other Growth & Other Legacy Products
Composition of Other Growth & Other Legacy Products Other Growth Products Other Legacy Products • Augtyro • Idhifa • Empliciti • Istodax • Inrebic • Thalomid • Nulojix • Glucophage • Onureg • Kenalog • 3rd Party Royalty Revenue • Vidaza • Baraclude • Reyataz • Other Mature Brands Q1 2025 Results Not
Slide 23: Q1 2025 key clinical trials update
Q1 2025 key clinical trials update Oncology Hematology Immunology Cardiovascular Neuroscience • Opdivo • Reblozyl • Sotyktu • milvexian • Cobenfy • Opdualag • arlocabtagene • admilparant • MYK-224 • FAAH/MAGL autoleucel • Nivo+Rela HD • obexelimab • anti-MTBR-Tau • iberdomide • Krazati • mezigdomide
Slide 24: Opdivo (anti-PD1)
Oncology Hematology Immunology Cardiovascular Neuroscience Opdivo (anti-PD1) Indication Peri-Adjuvant NSCLC Adjuvant HCC Peri-Adjuvant MIUC 2L RCC SC Phase/Study Phase III – CheckMate -77T Phase III – CheckMate -9DX Phase III – CA017-078 Phase III – CheckMate -67T # of Patients N = 452 N = 545 N = 8
Slide 25: Opdualag (anti-PD1 + anti-LAG3 FDC)
Oncology Hematology Immunology Cardiovascular Neuroscience Opdualag (anti-PD1 + anti-LAG3 FDC) Indication 1L Melanoma SC Phase/Study Phase III – RELATIVITY-127 # of Patients N = 814 • Relatlimab + nivolumab + rHuPH20 FDC SC • Relatlimab + nivolumab FDC IV Design Primary: • Cavgd28 of nivolumab; Cmin
Slide 26: Nivolumab + Relatlimab HD (anti-PD1 + anti-LAG3 FDC)
Oncology Hematology Immunology Cardiovascular Neuroscience Nivolumab + Relatlimab HD (anti-PD1 + anti-LAG3 FDC) Indication 1L NSCLC PD-L1≥1% Phase/Study Phase III – RELATIVITY-1093 # of Patients N = 1,000 • Nivolumab + Relatlimab FDC IV 360 mg/360 mg + chemotherapy Q3W • Pembrolizumab 200 mg + chemo
Slide 27: Krazati (KRAS G12C inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Krazati (KRASG12C inhibitor) Indication 2L CRC 1L NSCLC PD-L1≥50% 1L NSCLC Phase/Study Phase III – KRYSTAL-10 Phase III – KRYSTAL-7 Phase III – KRYSTAL-4 # of Patients N = 461 N = 5501 N = 630 • Adagrasib 600 mg BID + cetuximab 500 • Adagras
Slide 28: AR LDD (dual androgen receptor degrader & antagonist)
Oncology Hematology Immunology Cardiovascular Neuroscience AR LDD (dual androgen receptor degrader & antagonist) Indication Metastatic CRPC Phase/Study Phase III - rechARge # of Patients N = 960 Part I Part II • BMS-986365 Dose 1 • BMS-986365 RP3D • BMS-986365 Dose 2 • Investigator’s choice of thera
Slide 29: atigotatug (anti-fucosyl-GM1) + nivolumab (anti-PD1)
Oncology Hematology Immunology Cardiovascular Neuroscience atigotatug (anti-fucosyl-GM1) + nivolumab (anti-PD1) Indication 1L ES-SCLC Phase/Study Phase III - TIGOS # of Patients N = 530 • BMS-986489 (atigotatug + nivolumab FDC) combined with carboplatin + etoposide IV Q3W followed by BMS-986489 main
Slide 30: BMS-986504 (PRMT5 inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience BMS-986504 (PRMT5 inhibitor) Indication 2L-3L Metastatic NSCLC (with Homozygous MTAP Deletion) Phase/Study Phase II # of Patients N = 130 • BMS-986504 Dose 1 • BMS-986504 Dose 2 Design • Primary: ORR • Key Secondary: DoR Endpoints • Trial in
Slide 31: izalontamab brengitecan (EGFR x HER3 ADC)
Oncology Hematology Immunology Cardiovascular Neuroscience izalontamab brengitecan (EGFR x HER3 ADC) Indication 1L NSCLC & Advanced Solid Tumors Advanced Solid Tumors 1L TNBC Phase I – LUNG-101 Phase/Study Phase I/II Phase II/III – IZABRIGHT-Breast01 Non-BMS Sponsored* # of Patients N = 260 N = 218
Slide 32: RYZ101 225Ac-DOTATATE (SSTR2 binder)
Oncology Hematology Immunology Cardiovascular Neuroscience RYZ101 225Ac-DOTATATE (SSTR2 binder) Indication 2L+ SSTR2+ GEP-NETs* 1L ES-SCLC HR+/HER2- Metastatic Breast Cancer Phase/Study Phase III – ACTION-1 Phase Ib Phase Ib/II – TRACY-1 # of Patients N = 288 N = 31 N = 124 • RYZ101 10.2 MBq Q8W • R
Slide 33: Reblozyl (Erythroid Maturation Agent)
Oncology Hematology Immunology Cardiovascular Neuroscience Reblozyl (Erythroid Maturation Agent) 1L+ TD Myelofibrosis (MF) 1L NTD Low-or Intermediate Risk Indication Associated Anemia Myelodysplastic Syndrome (MDS) Associated Anemia Phase/Study Phase III – INDEPENDENCE Phase III – ELEMENT-MDS # of P
Slide 34: Reblozyl (Erythroid Maturation Agent)
Oncology Hematology Immunology Cardiovascular Neuroscience Reblozyl (Erythroid Maturation Agent) Indication TD & NTD Alpha-Thalassemia (Ex-US study) Phase/Study Phase II # of Patients N = 177 • Reblozyl 1.0 mg/kg SC Q3W • Placebo SC Q3W + Best Supportive Care Design Primary: • TD: ≥50% reduction in
Slide 35: arlocabtagene autoleucel (GPRC5D CAR T)
Oncology Hematology Immunology Cardiovascular Neuroscience arlocabtagene autoleucel (GPRC5D CAR T) Indication 4L+ MM1 2-4L MM2 Phase/Study Phase II – QUINTESSENTIAL Phase III – QUINTESSENTIAL-2 # of Patients N = 175 N = 440 • BMS-986393 • BMS-986393 • Standard regimens (DPd or Kd) as per Investigato
Slide 36: iberdomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Neuroscience iberdomide (CELMoD) Indication 2L+ MM Post-Transplant Maintenance NDMM Phase/Study Phase III – EXCALIBER-RRMM Phase III – EXCALIBER-Maintenance # of Patients N = 934 N = 1,216 • Iberdomide 1.0, 1.3, 1.6 mg + daratumumab 1800 mg + dex • Iberd
Slide 37: mezigdomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Neuroscience mezigdomide (CELMoD) Indication 2L+ MM 2L+ MM Phase/Study Phase III – SUCCESSOR-1 Phase III – SUCCESSOR-2 # of Patients N = 810 N = 575 • Mezigdomide 1.0 mg + bortezomib 1.3 mg/m2a + dex 20 mg – • Mezigdomide 1.0 mg + carfilzomib 56 mg/m2b +
Slide 38: golcadomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Neuroscience golcadomide (CELMoD) Indication High-Risk 1L LBCL Newly Diagnosed Advanced Stage 1L FL 2L+ FL Phase/Study Phase III – GOLSEEK-1 Phase II – GOLSEEK-2 Phase III – GOLSEEK-4 # of Patients N = 850 N = 90 N = 400 • Golcadomide 0.4 mg + R-CHOP • G
Slide 39: Sotyktu (TYK-2 inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Sotyktu (TYK-2 inhibitor) Indication Psoriatic Arthritis (PsA) Phase/Study Phase III – POETYK-PsA-1 Phase III – POETYK-PsA-2 # of Patients N = 670 N = 729 52-week study of patients with active PsA in TNF-naïve patients 52-week study of patie
Slide 40: Sotyktu (TYK-2 inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Sotyktu (TYK-2 inhibitor) Indication Systemic Lupus Erythematosus (SLE) Sjogren’s Syndrome (SjS) Phase/Study Phase III – POETYK SLE-1 Phase III – POETYK SLE-2 Phase III – POETYK SjS-1 # of Patients N = 490 N = 490 N = 756 • Sotyktu 3 mg BID
Slide 41: admilparant (LPA1 antagonist)
Oncology Hematology Immunology Cardiovascular Neuroscience admilparant (LPA1 antagonist) Indication Idiopathic Pulmonary Fibrosis (IPF) Progressive Pulmonary Fibrosis (PPF) Phase/Study Phase III – ALOFT-IPF Phase III – ALOFT-PPF # of Patients N = 1,185 N = 1,092 • LPA1 Dose 60 mg BID • LPA1 Dose 60
Slide 42: obexelimab (CD19 x FcγRIIB bifunctional mAb)
Oncology Hematology Immunology Cardiovascular Neuroscience obexelimab (CD19 x FcγRIIB bifunctional mAb) Indication IgG4-Related Disease Phase/Study Phase III – INDIGO # of Patients N = 194 • Obexelimab SC • Placebo SC Design • Primary: Time to first IgG4-RD flare that requires initiation of rescue t
Slide 43: milvexian (FXIa inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience milvexian (FXIa inhibitor) Indication Secondary Stroke Prevention Acute Coronary Syndrome Non-Valvular Atrial Fibrillation Phase III – LIBREXIA-STROKE Phase III – LIBREXIA-ACS Phase III – LIBREXIA-AF Phase/Study Non-BMS Sponsored* Non-BMS Sp
Slide 44: MYK-224 (myosin inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience MYK-224 (myosin inhibitor) Indication Heart Failure with Preserved Ejection Fraction (HFpEF) Phase/Study Phase IIa – AURORA-HFpEF # of Patients N = 198 • MYK-224 • Placebo Design Primary: • TEAEs and SAEs • AEs leading to treatment discontin
Slide 45: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Psychosis in Alzheimer’s Disease (ADP) Phase/Study Phase III – ADEPT-1 Phase III – ADEPT-2 Phase III – ADEPT-4 # of Patients N = 380 N = 400 N = 406 • Cobenfy 20 mg/2 mg TID, 30 mg/3 mg • Cobenfy
Slide 46: BMS-986368 (FAAH/MAGL inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience BMS-986368 (FAAH/MAGL inhibitor) Indication Multiple Sclerosis Spasticity (MSS) Alzheimer’s Disease Agitation (AAD) Phase/Study Phase II – BALANCE-MSS-1 Phase II – BALANCE-AAD-1 # of Patients N = 200 N = 120 • BMS-986368 Dose 1 • BMS-986368
Slide 47: BMS-986446 (anti-MTBR-tau)
Oncology Hematology Immunology Cardiovascular Neuroscience BMS-986446 (anti-MTBR-tau) Indication Alzheimer's Disease Phase/Study Phase II – TargetTau-1 # of Patients N = 310 • BMS-986446 Dose A • BMS-986446 Dose B • Placebo Design Primary: • Mean change from baseline in brain tau deposition as measu
Slide 48: Abbreviations
Oncology Hematology Immunology Cardiovascular Neuroscience Abbreviations AAD American Academy of Dermatology D1/D8 Day1/Day8 IR Inadequate Responder NSCLC Non-Small Cell Lung Cancer Rituximab, Cyclophosphamide, International Society for Thrombosis and Hydroxydaunorubicin, Oncovin, and Ac Actinium Dd
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