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    Trang Han

    Research Analyst at UBS

    Trang Han is an Equity Analyst at UBS with a specialization in commodities and gold market analysis, leading research and investment calls focused on major gold producers such as Barrick Gold and Newmont Corporation. She has contributed to UBS's market outlook reports and has been involved in driving their gold price forecasts, with her calls factoring into UBS's recent upward revision of gold targets. Trang began her career in financial research after earning her degree in economics, joining UBS in the early 2020s following analyst stints at boutique investment research firms. She holds active securities licenses including FINRA Series 7 and Series 63, and has been recognized internally at UBS for her consistently accurate commodity price targets and her collaborative research approach.

    Trang Han's questions to BRISTOL MYERS SQUIBB (BMY) leadership

    Trang Han's questions to BRISTOL MYERS SQUIBB (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.

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