Bristol-myers Squibb Company · NYSE:BMY
Bristol-myers Squibb — Q1 2021 Earnings Presentation
19 slides from Bristol-myers Squibb's earnings presentation, Apr 29, 2021
Slide 1: Q1 2021 Results
Q1 2021 Results April 29, 2021
Slide 2: Forward Looking Statement and Non-GAAP Financial Information
Q1 2021 Results Not for Product Promotional Use Forward Looking Statement and Non-GAAP Financial Information 2 This presentation contains statements about the Company’s future plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private
Slide 3: Q1 2021 Results: Giovanni Caforio, Chair and CEO
Not for Product Promotional Use Q1 2021 Results Giovanni Caforio Board Chair and Chief Executive Officer 3
Slide 4: Operational Performance, Financial Strength, Pipeline Execution
Q1 2021 Results Not for Product Promotional Use Operational Performance Strong commercial execution • Sales of $11.1B in Q1; increase of 3% YoY, +8% excl. Q1’20 COVID-related buying patterns • Continued execution on launches for I-O and new product portfolio Financial Strength Strong financial resul
Slide 5: Expected pipeline milestones and approvals
Q1 2021 Results Not for Product Promotional Use Opdivo (+/- Yervoy) U.S./EU expected approvals: 1L RCC (9ER) , 1L GC (649, O+Chemo), adj Eso (577), adj MIBC (274) 1L Esophageal (CM-648) Opdivo return to annual growth Relatlimab 1L Melanoma w/ Opdivo Ph3 Breyanzi 3L+ DLBCL U.S. EU approval 2L TE and
Slide 6: Continued portfolio renewal into 2H of decade
Q1 2021 Results Not for Product Promotional Use Continued portfolio renewal into 2H of decade 6 *Loss of Exclusivity (LOE) products are Revlimid, Pomalyst, Sprycel, and Abraxane **Non-risk adjusted revenue potential; subject to positive registrational trials and health authority approval 2025 projec
Slide 7: David Elkins, Chief Financial Officer
Not for Product Promotional Use David Elkins Chief Financial Officer 7 Q1 2021 Results
Slide 8: Net Sales and performance in key products
Q1 2021 Results Not for Product Promotional Use Net Sales $ in Billions Vs. Prior Year $2.9 1% $2.9 9% $1.7 3% $0.8 6% Performance in key products Net Sales $ in Billions Vs. Prior Year $0.8 8% $0.5 10% $0.5 15% $0.3 5% 8 ▲ ▲ ▲ ▲ ▲ ▲ *approx. $500M in Q1’20 + 8% excl. COVID-related buying patterns*
Slide 9: Eliquis: continued significant demand growth
Q1 2021 Results Not for Product Promotional Use US: Continued significant demand growth • Q1 sales up 8% vs. PY • Continued strong underlying demand, one- time Medicare coverage gap true-up ~$160M • ~11% TRx growth Q1 2021 Eliquis performance 9Rx Source: Symphony Health Significant future growth opp
Slide 10: Opdivo performance
Q1 2021 Results Not for Product Promotional Use U.S. • 1L Lung* shares in low double-digits • Strengthened position in 1L Renal with O+Cabo International • Strong adoption in new launches offset by impacts of COVID and 2L I-O eligibility Q1 2021 Opdivo performance 10 24% 24%30% 22% Approx. U.S. Sale
Slide 11: Multiple Myeloma performance
Q1 2021 Results Not for Product Promotional Use Q1 2021 Multiple Myeloma performance 11 $489 $512 $224 $261 Q1 2020 Q1 2021 Global sales growth of 1% • US: Reversal of inventory build offset growth • International: +4% driven by FX & demand, offset by ~$100M inventory build and PY tender Global sale
Slide 12: Advancing new product launches
Q1 2021 Results Not for Product Promotional Use • Encouraged by uptake in new patient starts • Continued transition from initial bolus to underlying demand • Remain focused on new patients earlier in their treatment journey • Expansion in global markets Advancing new product launches 12 • Continued
Slide 13: Cell Therapy Franchise
Q1 2021 Results Not for Product Promotional Use Cell Therapy Franchise • Best-in-class CD-19 CAR T • High physician awareness and robust feedback around efficacy and outpatient utilization • Rapid activation of ~55 sites with patients apheresed and recently infused • First-in-class BCMA CAR T • Enth
Slide 14: Q1 2021 Financial Performance
Q1 2021 Results Not for Product Promotional Use US GAAP Non-GAAP $ in billions, except EPS Q1 2021 Q1 2020 Q1 2021 Q1 2020 Total Revenues, net 11.1 10.8 11.1 10.8 Gross Margin % 74.3% 66.0% 78.1% 79.4% MS&A 1.7 1.6 1.7 1.6 R&D 2.2 2.4 2.2 2.3 Effective Tax Rate 19.8% (152.0)% 16.8% 16.0% Diluted EPS
Slide 15: Financial flexibility and capital allocation
Q1 2021 Results Not for Product Promotional Use Significant financial flexibility to support a balanced approach to capital allocation 15 $B Q1 2021 Total Cash** $13.2B Total Debt $46.3B Net Debt Position $33.1B *Subject to Board approval **Cash includes cash, cash equivalents and marketable securit
Slide 16: 2021 Guidance
Q1 2021 Results Not for Product Promotional Use 2021 Guidance 16 GAAP Non-GAAP Feb (prior) Apr (revised) Affirmed Net Sales High single-digit increase Unchanged High single-digit increase Gross Margin % ~80.5% ~79% ~80.5% MS&A Expense In line with 2020 Unchanged Low single-digit increase R&D Expense
Slide 17: Q&A
Q1 2021 Results Not for Product Promotional Use Q&A Giovanni Caforio, M.D. Board Chair, Chief Executive Officer David Elkins Executive VP, Chief Financial Officer 17 Chris Boerner, Ph.D. Executive VP, Chief Commercialization Officer Samit Hirawat, M.D. Executive VP, Chief Medical Officer, Global Dru
Slide 18: 2021 News Flow
Q1 2021 Results Not for Product Promotional Use 2021 News Flow 18 Asset Timing Opdivo Approval in 1L renal (CM-9ER) Approved Opdivo Approval in 1L gastric (CM-649) Approved Opdivo Approval in adjuvant esophageal (CM-577) PDUFA date May 20, 2021 Opdivo Approval in adjuvant MIBC (CM-274) 2H 2021 Opdiv
Slide 19: Development pipeline by phase
Q1 2021 Results Not for Product Promotional Use Hematology Fibrosis pegbelfermin HSP47 LPA1 Antagonist JNK Inhibitor Immunology Oncology Data as of April 27, 2021 Anti-Fucosyl GM1 Anti-OX40 STING Agonist Anti-NKG2A Anti-SIRPα* CCR2/5 Dual Antagonist Anti-TIM3 Anti-CTLA-4 NF Anti-CCR8 Anti-CTLA-4 Pro