Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q3 2025 Earnings Presentation
55 slides from Bristol-myers Squibb's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Results
Q3 2025 Results October 30, 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 the adjusted items or the effects of foreign currency translation, as applicable, and “Company”) future financial results, plans, business development strateg
Slide 3: Q3 2025 Results
Q3 2025 Results Chris Boerner, PhD Board Chair and Chief Executive Officer 3
Slide 4: Q3 2025 Performance
Q3 2025 Performance Commercial Execution Key Milestones Global Net Sales: ~$12.2B +3% YoY; 2% Ex-FX* Achieved multiple clinical & regulatory milestones1 Growth Portfolio Net Sales: +18%; +17% Ex-FX* $ in billions Iberdomide Pumitamig Iza-bren $6.9 Anti-MTBR-tau CD19 NEX-T $5.8 Executed strategic bus
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 • • • CD19 NEX-T Autoimmune Diseases (Breakfree-1 & 2) • • Krazati 1L NSCLC (TPS <50%) (KRYSTAL-17)2 • • Iza-bren Advanced Solid Tumo
Slide 6: Q3 2025 Results
Q3 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 $11.9 $12.2 $5.4 $6.1 +18% YoY $6.9 $5.8 +17% * Ex-FX Other Mature Brands Q3 2024 Q3 2025 Other Growth Brands1 Legacy Growth *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1
Slide 8: Q3 2025 Oncology product summary
Q3 2025 Oncology product summary Global Net Sales1 Opdivo $M YoY % Ex-FX* % • Global sales reflect demand growth • U.S. strong launch in MSI-high CRC & 1L NSCLC share $2,532 +7% +6% growth • Ex-U.S. expanded indications across markets $739 +15% +14% Opdualag • U.S. sales growth driven by demand as a
Slide 9: Q3 2025 Hematology product summary
Q3 2025 Hematology product summary Global Net Sales Reblozyl $M YoY % Ex-FX* % • U.S. strong continued demand across 1L MDS- associated anemia and increasing duration of therapy 1 $675 (25%) (25%) • Ex-U.S. growth driven by demand & new launches across multiple markets $615 +37% +37% • Annualizing >
Slide 10: Q3 2025 Cardiovascular product summary
Q3 2025 Cardiovascular product summary Global Net Sales Camzyos U.S. Quarterly TRx1 35,000 +11% Q3 2025 TRx: ~32.2K $M YoY % Ex-FX* % 30,000 $3,746 +25% +23% $296 +89% +88% 25,000 Camzyos 20,000 • Continued strong U.S. demand in oHCM 15,000 o ~14.1K patients on commercial drug (~1.6K added in Q3 202
Slide 11: Q3 2025 Immunology product summary
Q3 2025 Immunology product summary Global Net Sales Sotyktu $M YoY % Ex-FX* % • U.S. TRx growth offset by rebates associated with improved access $964 +3% +2% • ~80% of covered lives with zero step edits effective Jan. 1, 2025 $80 +21% +20% • Ex-U.S. continued sales momentum *See “Forward-Looking St
Slide 12: Q3 2025 Neuroscience product summary
Q3 2025 Neuroscience product summary Global Net Sales Cobenfy Weekly TRx2 3,000 $M YoY % Ex-FX* % 1 2,500 $161 +9% +7% 2,000 $43 --- --- 1,500 Cobenfy 1,000 • Strong and consistent feedback highlighting strength of efficacy on positive/negative symptoms and cognition 500 • Continued focus to change
Slide 13: Q3 2025 Financial Performance
Q3 2025 Financial Performance US US GAAP GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q3 2025 Q3 2024 Q3 2025 Q3 2024 Total Revenues, net 12.2 11.9 12.2 11.9 Gross Margin % 71.9% 75.1% 72.9% 76.0% Operating Expenses1 4.3 4.4 4.2 4.3 Acquired IPR&D 0.6 0.3 0.6 0.3 Amortization of Acquired Intan
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 $6.3 $5.6 $4.4 • Maintain strong investment-grade credit rating $3.9 Balance Sheet • On track to pay down ~$10B of
Slide 15: Revised 2025 Guidance
Revised 2025 Guidance* Non-GAAP1 Key Highlights July (Prior) Oct (Updated) • FY revenue vs. prior guidance primarily reflects ~$750M favorability from: Total FY Revenues ~$46.5 - $47.5B ~$47.5 - $48.0B (Reported & Ex-FX) • Growth Portfolio strength Gross Margin % ~72% No change • Continue to expect:
Slide 16: Q3 2025 Results Q&A
Q3 2025 Results Q&A Chris Boerner, PhD David Elkins Adam Lenkowsky Cristian Massacesi, MD Board Chair, Executive VP, Executive VP, Executive VP, Chief Executive Officer Chief Financial Officer Chief Commercialization Officer Chief Medical Officer, Global Drug Development 16
Slide 17: Clinical Development Portfolio — Phase I and II
Clinical Development Portfolio — Phase I and II Data as of Oct 30th, 2025 Phase I Phase II Anti-CCR8 Solid Tumors 1L Microsatellite Stable Colorectal Cancer BMS-986460^ Prostate Cancer pumitamig 1L Gastric Cancer BMS-986482+ Solid Tumors 1L Triple-Negative Breast Cancer BMS-986488+ Solid T
Slide 18: Clinical Development Portfolio — Phase III
Clinical Development Portfolio — Phase III Data as of Oct 30th, 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 BREYANZI R/R Marginal Zone Lymphoma (US, JP)
Slide 19: Q3 2025 Changes to the Development Pipeline
Data as of Oct 30th, 2025 Q3 2025 Changes to the Development Pipeline Phase I Phase II Phase III Registrational Submissions New or BMS-986506 in Solid Tumors pumitamig in 1L MSS CRC pumitamig in 1L TNBC * BREYANZI in R/R MZL (US, JP) Phase BMS-986523 in Solid Tumors pumitamig in 1L G
Slide 20: Q3 2025 Opdivo Sales Mix
Q3 2025 Opdivo Sales Mix U.S. Sales Mix Ex-U.S. Sales Mix 25% 21% 5% 28% 21% 7% 18% 27% 22% 26% Note: percentages are approximate Q3 2025 Results Not for Product Promotional Use 20
Slide 21: Q3 2025 Eliquis NBRx/TRx Share
Q3 2025 Eliquis NBRx/TRx Share NBRx Share – US TRx Share – US 20.2% 17.9% 22.1% 20.5% 6.7% 6.4% 10.8% 9.8% 73.1% 75.7% 69.7% 67.1% Q3 2024 Q3 2025 Q3 2024 Q3 2025 Eliquis Warfarin Other NOACs Data Source: IQVIA Xponent data thru 9/19/2025; Q3’25 average calculated with currently available data Q3 20
Slide 22: 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 23: 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 Q3 2025 Results Not
Slide 24: Q3 2025 key clinical trials update
Q3 2025 key clinical trials update Oncology Hematology Immunology Cardiovascular Neuroscience • Krazati • Reblozyl • Sotyktu • milvexian • Cobenfy • Opdivo • arlo-cel • admilparant • MYK-224 • anti-MTBR-Tau • Opdualag • iberdomide • CD19 NEX-T • FAAH/MAGL • Nivo+Rela HD • mezigdomide • obexelimab •
Slide 25: Krazati (KRAS G12C inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience Krazati (KRASG12C inhibitor) 2L CRC 1L NSCLC PD-L1≥50% 1L NSCLC Indication (with KRASG12C mutation) (with KRASG12C mutation) (with KRASG12C mutation) Phase/Study Phase III – KRYSTAL-10 Phase III – KRYSTAL-7 Phase III – KRYSTAL-4 # of Patient
Slide 26: Opdivo (anti-PD1)
Oncology Hematology Immunology Cardiovascular Neuroscience Opdivo (anti-PD1) Indication Peri-Adjuvant MIUC Adjuvant HCC 1L NSCLC SC + IV Phase/Study Phase III – CA017-078 Phase III – CheckMate -9DX Phase II – CheckMate-1533 # of Patients N = 855 N = 545 N = 76 • Opdivo 360 mg Q3W for four cycles + •
Slide 27: 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 28: 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 29: 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 30: 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 31: iza-bren (izalontamab brengitecan, EGFR x HER3 ADC)
Oncology Hematology Immunology Cardiovascular Neuroscience iza-bren (izalontamab brengitecan, EGFR x HER3 ADC) Indication 1L NSCLC & Advanced Solid Tumors Advanced Solid Tumors Phase I – LUNG-101 Phase/Study Phase I/II - CA244-0001 Non-BMS Sponsored* # of Patients N = 260 N = 198 • Cohort A: BMS-986
Slide 32: iza-bren (izalontamab brengitecan, EGFR x HER3 ADC)
Oncology Hematology Immunology Cardiovascular Neuroscience iza-bren (izalontamab brengitecan, EGFR x HER3 ADC) Indication 1L TNBC EGFR-mutated Post-TKI NSCLC Post-IO Metastatic Urothelial Cancer Phase/Study Phase II/III – IZABRIGHT-Breast01 Phase II/III – IZABRIGHT-Lung01 Phase II/III – IZABRIGHT-Bl
Slide 33: BMS-986504 (PRMT5 inhibitor)
Oncology Hematology Immunology Cardiovascular Neuroscience BMS-986504 (PRMT5 inhibitor) 2-3L Metastatic NSCLC (with 1L Metastatic NSCLC (with Homozygous 1L Metastatic PDAC (with Homozygous Indication Homozygous MTAP Deletion) MTAP deletion) MTAP deletion) Phase/Study Phase II Phase II/III – Mountain
Slide 34: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Neuroscience pumitamig (BNT327, PD-L1 x VEGF-A) Indication 1L MSS CRC 1L Gastric Cancer 1L TNBC Phase/Study Phase II/III – ROSETTA CRC-203 Phase II/III – ROSETTA Gastric-204 Phase III – ROSETTA BREAST-01* # of Patients N = 990 N = 690 N = 558 • BNT327 +
Slide 35: pumitamig (BNT327, PD-L1 x VEGF-A)
Oncology Hematology Immunology Cardiovascular Neuroscience pumitamig (BNT327, PD-L1 x VEGF-A) Indication 1L NSCLC 1L ES-SCLC Phase/Study Phase II/III – ROSETTA LUNG-02* Phase III – ROSETTA LUNG-01* # of Patients N = 982 N = 439 Substudy A Substudy B • Atezolizumab + etoposide + Phase II Phase II car
Slide 36: 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 37: Reblozyl (Erythroid Maturation Agent)
Oncology Hematology Immunology Cardiovascular Neuroscience Reblozyl (Erythroid Maturation Agent) 1L+ TD MF 1L NTD Low or Intermediate Risk TD & NTD Alpha-Thalassemia Indication Associated Anemia MDS Associated Anemia (Ex-U.S. study) Phase/Study Phase III – INDEPENDENCE Phase III – ELEMENT-MDS Phase
Slide 38: arlo-cel (arlocabtagene autoleucel, GPRC5D CAR T)
Oncology Hematology Immunology Cardiovascular Neuroscience arlo-cel (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 I
Slide 39: 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 40: 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 41: golcadomide (CELMoD)
Oncology Hematology Immunology Cardiovascular Neuroscience golcadomide (CELMoD) Indication High-Risk 1L LBCL 2L+ FL Newly Diagnosed Advanced Stage 1L FL Phase/Study Phase III – GOLSEEK-1 Phase III – GOLSEEK-4 Phase II – GOLSEEK-2 # of Patients N = 850 N = 400 N = 90 • Golcadomide 0.4 mg + R-CHOP • G
Slide 42: 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 43: 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 44: 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 = 1,255 N = 1,092 • Admilparant 60 mg BID • Admilparant
Slide 45: BMS-986353 (CD19 NEX-T CAR T)
Oncology Hematology Immunology Cardiovascular Neuroscience BMS-986353 (CD19 NEX-T CAR T) Indication Active Systemic Lupus Erythematosus (SLE) including Lupus Nephritis (LN) 1 Phase/Study Phase II – Breakfree-SLE # of Patients N = 89 • BMS-986353 Design • Primary: Proportion of participants achieving
Slide 46: 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 47: 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 48: 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 49: 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 50: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Manic Episodes in Bipolar-I Disease Adjunctive Bipolar Mania Phase/Study Phase III – BALSAM-1 Phase III – BALSAM-2 Phase III-BALSAM-4 # of Patients N = 274 N = 274 N = 440 • KarXT BID* • KarXT BI
Slide 51: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Agitation Associated with Alzheimer’s Disease (AAD) Phase/Study Phase III – ADAGIO-1 Phase III – ADAGIO-2 # of Patients N = 352 N = 352 • KarXT + KarX-EC • KarXT + KarX-EC • Placebo • Placebo Des
Slide 52: Cobenfy (M1/M4 muscarinic agonist)
Oncology Hematology Immunology Cardiovascular Neuroscience Cobenfy (M1/M4 muscarinic agonist) Indication Alzheimer’s Disease Cognition (ADC) Phase/Study Phase III – MINDSET 1 Phase III – MINDSET 2 # of Patients N = 586 N = 586 • KarXT + KarX-EC • KarXT + KarX-EC • Placebo • Placebo Design Co-Primary
Slide 53: 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 1 • BMS-986446 Dose 2 • Placebo Design Primary: • Mean change from baseline in brain tau deposition as measu
Slide 54: 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 55: Abbreviations
Oncology Hematology Immunology Cardiovascular Neuroscience Abbreviations DPd Daratumumab, Pomalidomide, and Dexamethasone LOT LPA1 Line of Therapy Lysophosphatidic Acid Receptor 1 Q2W Q3W Every Two Weeks AAD American Academy of Dermatologists Every Three Weeks DVd Daratumumab, Bortezomib, and Dexame
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