Trang Han's questions to Bristol-Myers Squibb Co (BMY) leadership • Q4 2024
Question
Trang Han of UBS asked for color on the gross margin cadence for 2025 and for early insights into the access, coverage, and expected uptake of the new subcutaneous formulation, Opdivo Quvantic.
Answer
CFO David Elkins explained that the 2025 gross margin cadence will be driven by product mix, specifically lower volumes of Revlimid and Pomalyst, and the inverted quarterly sales pattern of Eliquis. CCO Adam Lenkowsky added that for Opdivo Quvantic, early feedback is positive, and he expects conversion from the IV formulation to accelerate in the second half of the year after a permanent J-code is established in July.