Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q2 2023 Earnings Presentation
22 slides from Bristol-myers Squibb's earnings presentation, Jul 27, 2023
Slide 1: Q2 2023 Results
Q?2 2023 Results July 27, 2023 lh Bristol Myers Squibb”
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: Q2 2023 Results - Giovanni Caforio, MD
Q2 2023 Results Giovanni Caforio, MD Chairman of the Board and Chief Executive Officer 3
Slide 4: Q2 2023 – Summary Overview & Updated Outlook
Q2 2023 – Summary Overview & Updated Outlook Performance 2023 Revised Guidance Global Net Sales Total Sales1* GAAP EPS* $3.72 - $4.02 $11.2B Low single-digit decline Non-GAAP EPS* $7.35 - $7.65 (6%) YoY; (5%) Ex-FX* 2023 Revlimid* Outlook revised from ~$6.5B to ~$5.5B New Product Sales 2020–2025 Fin
Slide 5: Guidance Impacted By Change in Outlook for Revlimid and Pomalyst
Guidance Impacted By Change in Outlook for Revlimid and, to a Lesser Extent, Pomalyst Patient Support Ecosystem Financial Impact • Under U.S. law, company co-pay Estimated Q2 Impact: BMS Access Support support may be provided only to • ~$330M for Revlimid & Pomalyst, Company co-pay assistance for el
Slide 6: New Product Portfolio Performance
New Product Portfolio Performance New Product Portfolio Revenues $862 • Contributed $862M in quarter; $ in millions revenues increased +79% vs PY • Approaching ~$3.5B annual run rate $482 • Strong outlook for future growth Q2 2022 Q2 2023 Q2 2023 Results Not for Product Promotional Use 6
Slide 7: New Product Portfolio Significantly De-Risked with Important Catalysts Ahead
New Product Portfolio Significantly De-Risked with Important Catalysts Ahead Key Milestones $25B+ Beyond Non-Risk Adjusted* • Camzyos nHCM • Opdualag Adj. Mel • Reblozyl 1L NTD MDS • Sotyktu SLE • Opdualag 2L+ MSS CRC $4B+ • Sotyktu SjS • Opdualag 1L NSCLC $4B+ $10B - $13B Risk-Adjusted Sales Planne
Slide 8: Continued Strong Pipeline Execution
Continued Strong Pipeline Execution 2023 Key Milestones 2024/2025 Key Milestones Initiation of pivotal Metastatic: 1L MF Ph3 Early Stage: Reblozyl post-transplant 1L HCC Ph3 (CM-9DW) (INDEPENDENCE) Neo-adjuvant NSCLC Ph3 iberdomide Opdivo maintenance H2H vs 1L+ MSI High CRC Ph3 (CM-816) ap
Slide 9: On Track to Deliver 2020-2025 Financial Targets
On Track to Deliver 2020-2025 Financial Targets Total Company Revenue 2020 - 2025 Low-to-mid single-digit CAGR 2020 - 2025 Financial Targets** ~2% - 3% CAGR <10% On track to deliver 10% - 15% • Low-to-mid single-digit revenue CAGR* ~30% >90% • Double-digit revenue CAGR* Ex-Rev/Pom 85% - 90% • $8B -
Slide 10: Multiple Paths for Long-Term Growth
Multiple Paths for Long-Term Growth 2025 – 2030* Optionality from Next Wave early-stage of innovation: pipeline & BD Additional growth from 6 registrational New Product Portfolio stage assets LOE Brands 2025 2030 Revenues Revenues *See "Forward-Looking Statements and Non-GAAP Financial Information Q
Slide 11: Q2 2023 Results - David Elkins
Q2 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 ~$11.2B (6%) YoY, (5%) Ex-FX* $B Q2 Net Sales1 YoY % Ex-FX* % $2.7 $1.7 Total Company $11.2 (6%) (5%) In-Line Products $8.6 - - New Product $0.9 +79% +79% $9.1 $9.5 Portfolio In-Line Products & $9.5 +4% +4% New
Slide 13: New Product Portfolio Annualizing at ~$3.5B
New Product Portfolio Annualizing at ~$3.5B Building strong momentum for future growth +79% growth vs PY $ in millions $ in millions $862 $25 $27 $44 $862 $100 $46 $482 * $132 $23 $32 $100 +91% Q2’23 YTD $66 $3 vs PY $89 $39 $234 $172 $154 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $58 Q1 Q1 Q2 Q2 2022 Q2 2023 2021 2022
Slide 14: Q2 2023 Solid Tumor Product Summary
Q2 2023 Solid Tumor Product Summary Q2 Global Net Sales Opdivo: +5% YoY, +11% YTD ex-FX* • U.S. YoY growth of +2% driven by demand in 1L lung, $M YoY % Ex-FX* % gastric indications & adj. bladder cancer offset by customer buying patterns $2,145 +4% +5% • Ex-U.S. YoY growth of +10% ex-FX* demand grow
Slide 15: Q2 2023 Cardiovascular Product Summary
Q2 2023 Cardiovascular Product Summary Q2 Global Net Sales $M YoY % Ex-FX* % $M YoY % Ex-FX* % $3,204 (1%) (1%) $46 ** ** Best-in-class & leading OAC within category First-in-class myosin inhibitor Eliquis: +4% YTD ex-FX* • U.S. increase in total treated & commercial dispensed patients; VALOR approv
Slide 16: Q2 2023 Hematology Product Summary
Q2 2023 Hematology Product Summary Q2 Global Net Sales1 Reblozyl: +35% YoY, +34% YTD ex-FX* • Strong U.S. sales growth of +24% due to TRx share growth driven by longer duration of treatment 1 $M YoY % Ex-FX* % • COMMANDS2 Priority Review: U.S. FDA PDUFA date $1,468 (41%) (41%) August 28, 2023 • Ex-U
Slide 17: Q2 2023 Immunology Product Summary
Q2 2023 Immunology Product Summary Q2 Global Net Sales % $M YoY % Ex-FX* % % $M YoY % Ex-FX* % $927 +6% +7% $25 --- --- $100 +52% +52% First-in-class selective allosteric TYK2 inhibitor • U.S. significant volume growth in Q2 • Payor coverage accelerated into 2023 - CVS indication-based plans Zeposia
Slide 18: Q2 2023 Financial Performance
Q2 2023 Financial Performance US US GAAP GAAP Non-GAAP Non-GAAP * $ in billions, except EPS Q2 2023 Q2 2022 Q2 2023 Q2 2022 Total Revenues, net 11.2 11.9 11.2 11.9 Gross Margin % 74.4% 77.1% 75.0% 78.3% Operating Expenses1 4.2 4.1 4.2 4.1 Acquired IPR&D 0.2 0.4 0.2 0.4 Amortization of Acquired Intan
Slide 19: Balanced Approach to Capital Allocation
Balanced Approach to Capital Allocation Cash flow from Operations $B Business • Prioritize opportunities to further diversify Development portfolio & strengthen long-term outlook $3.7 $3.0 $3.3 $2.3 • Continued debt reduction $1.9 Balance Sheet ‒ ~$1.9B in YTD debt repayments Strength ‒ ~$2B in addi
Slide 20: Revised 2023 Guidance
Revised 2023 Guidance US GAAP* Non-GAAP* April (Prior) July (Revised) April (Prior) July (Revised) Total Revenues ~2% increase Low-single digit decline ~2% increase Low-single digit decline Reported Rates Total Revenues ~2% increase Low-single digit decline ~2% increase Low-single digit decline Ex-F
Slide 21: On Track to Deliver 2020-2025 Financial Targets
On Track to Deliver 2020-2025 Financial Targets Total Company Revenue 2020 - 2025 Low-to-mid single-digit CAGR 2020 - 2025 Financial Targets** ~2% - 3% CAGR <10% On track to deliver 10% - 15% • Low-to-mid single-digit revenue CAGR* ~30% >90% • Double-digit revenue CAGR* Ex-Rev/Pom 85% - 90% • $8B -
Slide 22: Q2 2023 Results Q&A
Q2 2023 Results Q&A Giovanni Caforio, MD Chris Boerner, PhD David Elkins Samit Hirawat, MD Adam Lenkowsky Chairman of the Board, Executive VP, Executive VP, Executive VP, Executive VP, Chief Executive Officer Chief Operating Officer Chief Financial Officer Chief Medical Officer, Chief Commercializat
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