| Metric [Unit: $ million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| United States            | 7,900  **[0000014272-23-000018_q42022ex991.htm:1]**  | 8,033  **[0000014272-23-000104_bmy-20230331.htm:37]**  | 7,891  **[0000014272-23-000152_bmy-20230630.htm:42]**  | 7,628  **[0000014272-23-000181_bmy-20230930.htm:46]**  | 8,000  **[0000014272-24-000020_q42023ex991-filing.htm:0]**  | 8,476  **[0000014272-24-000096_bmy-20240331.htm:40]**  | 8,800  **[0000014272-24-000121_q22024ex991-filing.htm:0]**  | 8,232  **[0000014272-24-000147_bmy-20240930.htm:49]**  |
| International            | 3,500  **[0000014272-23-000018_q42022ex991.htm:1]**  | 3,304  **[0000014272-23-000104_bmy-20230331.htm:38]**  | 3,160  **[0000014272-23-000152_bmy-20230630.htm:42]**  | 3,153  **[0000014272-23-000181_bmy-20230930.htm:46]**  | 3,500  **[0000014272-24-000020_q42023ex991-filing.htm:0]**  | 3,190  **[0000014272-24-000096_bmy-20240331.htm:40]**  | 3,400  **[0000014272-24-000121_q22024ex991-filing.htm:0]**  | 3,389  **[0000014272-24-000147_bmy-20240930.htm:49]**  |
| Other                    | N/A     | N/A     | 175  **[0000014272-23-000152_bmy-20230630.htm:42]**  | 185  **[0000014272-23-000181_bmy-20230930.htm:46]**  | N/A     | N/A     | N/A     | 271  **[0000014272-24-000147_bmy-20240930.htm:49]**  |
| Total Revenue            | 11,400  **[0000014272-23-000018_q42022ex991.htm:0]**  | 11,337  **[0000014272-23-000104_bmy-20230331.htm:37]** **[0000014272-23-000104_bmy-20230331.htm:38]**  | 11,226  **[0000014272-23-000152_bmy-20230630.htm:42]**  | 10,966  **[0000014272-23-000181_bmy-20230930.htm:46]**  | 11,500  **[0000014272-24-000020_q42023ex991-filing.htm:0]**  | 11,865  **[0000014272-24-000096_bmy-20240331.htm:40]**  | 12,200  **[0000014272-24-000121_q22024ex991-filing.htm:0]**  | 11,892  **[0000014272-24-000147_bmy-20240930.htm:49]**  |

469438675745b034fc90742582921ec38359142c219e5ad74a6350d55dcdd823

GTN Adjustments Percentage (percentage)

U.S. GTN Adjustments Percentage (percentage)

Non-U.S. GTN Adjustments Percentage (percentage)

269bf7564e48cad91987ff8cf638ec1071dd374e37f0c30b8b5937b949f66382

Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from / Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

26715bd9518fe997c174340599a88d569f6f21b5a2c8a6e40bd362aae784ba1a

Bristol-Myers Squibb Company (BMS) is a global biopharmaceutical company dedicated to discovering, developing, licensing, manufacturing, marketing, distributing, and selling innovative medicines that help patients overcome serious diseases **[0000014272-24-000044_bmy-20231231.htm:122]** **[0000014272-24-000044_bmy-20231231.htm:3]** **[0000014272-24-000096_bmy-20240331.htm:5]**. The company operates in a single business segment, focusing on therapeutic areas such as oncology, hematology, immunology, cardiovascular, and neuroscience **[0000014272-24-000044_bmy-20231231.htm:3]** **[0000014272-24-000044_bmy-20231231.htm:82]**. BMS's product portfolio includes in-line products, a new product portfolio, and recent loss of exclusivity (LOE) products **[0001140361-24-020908_ef20027324_defa14a.htm:2]** **[0000014272-24-000020_q42023earningspresentati.htm:4]**.

1. **In-line Products** - Comprises well-established brands like Eliquis and Opdivo, contributing significantly to the company's revenue.
2. **New Product Portfolio** - Includes rapidly growing drugs such as Reblozyl, Opdualag, and Camzyos, showing substantial growth in recent years.
3. **Recent Loss of Exclusivity (LOE) Products** - Consists of products like Revlimid, which have experienced revenue decline due to generic competition.

b02b2b55b998c97e9c1d402d004204f1efc3983f5a9deabf4706f4f3f1ba5ea4

0a66aae8b06d6ab0dad36cf7ea8243309dc425e63ae92b9a236d6dd2b62582b1

| Metric [Unit: USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **In-Line Products**       |         |         |         |         |         |         |         |         |
| Eliquis                    | 2,688  **[0000014272-23-000018_q42022ex991.htm:1]**  | 3,423  **[0000014272-23-000102_q12023ex991.htm:1]**  | 3,200  **[0000014272-23-000150_q22023ex991-filingversion.htm:2]**  | 2,705  **[0000014272-23-000179_q32023ex991-filing.htm:2]**  | 2,874  **[0000014272-24-000020_q42023ex991-filing.htm:1]**  | 3,720    | 3,416  **[0000014272-24-000123_bmy-20240630.htm:46]**  | 3,002  **[0000014272-24-000145_q32024ex991-filing.htm:1]**  |
| Opdivo                     | 2,216  **[0000014272-23-000018_q42022ex991.htm:1]**  | 2,202  **[0000014272-23-000102_q12023ex991.htm:1]**  | 2,145  **[0000014272-23-000150_q22023ex991-filingversion.htm:2]**  | 2,275  **[0000014272-23-000179_q32023ex991-filing.htm:2]**  | 2,387  **[0000014272-24-000020_q42023ex991-filing.htm:1]**  | 2,078    | 2,387  **[0000014272-24-000121_q22024ex991-filing.htm:0]**  | 2,360  **[0000014272-24-000145_q32024ex991-filing.htm:1]**  |
| Pomalyst/Imnovid           | 877  **[0000014272-23-000018_q42022ex991.htm:1]**  | 832  **[0000014272-23-000102_q12023ex991.htm:1]**  | 847  **[0000014272-23-000150_q22023ex991-filingversion.htm:2]**  | 872  **[0000014272-23-000179_q32023ex991-filing.htm:2]**  | 890  **[0000014272-24-000020_q42023ex991-filing.htm:1]**  | 865    | 959  **[0000014272-24-000123_bmy-20240630.htm:46]**  | 898  **[0000014272-24-000145_q32024ex991-filing.htm:1]**  |
| Orencia                    | 913  **[0000014272-23-000018_q42022ex991.htm:1]**  | 764  **[0000014272-23-000102_q12023ex991.htm:1]**  | 927  **[0000014272-23-000150_q22023ex991-filingversion.htm:2]**  | 925  **[0000014272-23-000179_q32023ex991-filing.htm:2]**  | 985  **[0000014272-24-000020_q42023ex991-filing.htm:1]**  | 798    | 948  **[0000014272-24-000123_bmy-20240630.htm:46]**  | 936  **[0000014272-24-000145_q32024ex991-filing.htm:1]**  |
| Sprycel                    | 578  **[0000014272-23-000018_q42022ex991.htm:1]**  | 429  **[0000014272-23-000102_q12023ex991.htm:1]**  | 458  **[0000014272-23-000150_q22023ex991-filingversion.htm:2]**  | 517  **[0000014272-23-000179_q32023ex991-filing.htm:2]**  | 526  **[0000014272-24-000020_q42023ex991-filing.htm:1]**  | 374    | 424  **[0000014272-24-000123_bmy-20240630.htm:46]**  | 290  **[0000014272-24-000145_q32024ex991-filing.htm:1]**  |
| Yervoy                     | 568  **[0000014272-23-000018_q42022ex991.htm:1]**  | 508  **[0000014272-23-000102_q12023ex991.htm:1]**  | 585  **[0000014272-23-000150_q22023ex991-filingversion.htm:2]**  | 579  **[0000014272-23-000179_q32023ex991-filing.htm:2]**  | 566  **[0000014272-24-000020_q42023ex991-filing.htm:1]**  | 583    | 630  **[0000014272-24-000123_bmy-20240630.htm:46]**  | 642  **[0000014272-24-000145_q32024ex991-filing.htm:1]**  |
| Mature and Other Products  | 411  **[0000014272-23-000018_q42022ex991.htm:1]**  | 467  **[0000014272-23-000102_q12023ex991.htm:1]**  | N/A | 476  **[0000014272-23-000179_q32023ex991-filing.htm:2]**  | 480  **[0000014272-24-000020_q42023ex991-filing.htm:1]**  | N/A | N/A | N/A |
| **Total In-Line Products** | N/A | N/A | 8,600  **[0000014272-23-000150_q22023ex991-filingversion.htm:2]**  | 8,349  **[0000014272-23-000179_q32023ex991-filing.htm:2]**  | 8,708  **[0000014272-24-000020_q42023ex991-filing.htm:1]**  | N/A | N/A | N/A |

fdb7a38e9f7822b64036b135229045605f580750b98b1e94eee554ffbea9d68b

1. Given the challenges you've faced with Sotyktu and Zeposia in the immunology space, particularly regarding market access and competition from IL-23 inhibitors, can you explain what specific actions you're taking to improve performance and overcome these hurdles?

2. With the upcoming impact of the Inflation Reduction Act on Eliquis and potential price pressures on non-rebated drugs like Opdivo, how are you strategically preparing for these changes, and what can you share about the negotiations and their implications for your portfolio?

3. As you've become more aggressive in business development while prioritizing programs to control costs, what is your current capacity for further deals, and are you considering expanding into new areas such as obesity treatments?

4. Competitors are advancing therapies that claim superior efficacy to your growth drivers like Sotyktu and Opdualag, some even conducting head-to-head trials; how are you positioning your products to maintain market share amid this increasing competition?

5. With several clinical readouts expected in multiple myeloma by 2026, including your CELMoD agents Iberdomide and Mezigdomide, how do you plan to position these therapies in an increasingly crowded market to ensure they stand out both clinically and commercially?

cb8876ced17e69afcd17ae468665b2cea83ffcb266da547699d09ca683115a94

1630272ba5fd6a8c2c44ec086f81e7a0dffc25251b94c0bfeb35f24ece243c16

0c6d237e476a35622006d129f3c30030bec45867f8d6d008caf381ce106d3317

United States

Europe

Rest of the World

International

Other

Total Revenue

75d652f3ba525f83cd79dd3034c46fca4cf269339d8048c3ee21533a8de0bcd9

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD, Units]

Earnings Per Share (EPS) - Diluted [USD, Units]

fa1c018f460d0a1cd1d158d0313eea81ec9546c37049c2badaa96bf4567fbb26

### Q2 2024 Earnings Call
- **Issued Period:** Q2 2024
- **Guided Period:** FY 2024
- **Guidance:**
  1. **Revenue Growth:** Full-year revenue expected to achieve low single-digit growth, anticipated at the upper end of this range.
  2. **Gross Margin:** Raised to reflect the impact of sales mix.
  3. **Operating Expenses:** Expected at the upper end of a low single-digit percentage increase range.
  4. **Operating Margin:** Target for the full year remains at least 37%.
  5. **Other Income & Expenses (OI&E):** Annual expenses expected to be approximately $50 million.
  6. **Tax Rate:** Estimated underlying tax rate expected to be about 18%.
  7. **Non-GAAP EPS:** Range raised to between $0.60 and $0.90  **[BMY_3394674_5]** .

### Q1 2024 Earnings Call
- **Issued Period:** Q1 2024
- **Guided Period:** FY 2024
- **Guidance:**
  1. **Revenue:** Expected to increase in the low single-digit range.
  2. **Gross Margin:** Expected to be approximately 74%.
  3. **Operating Expenses:** Expected to increase in the low single-digit range.
  4. **Operating Margin:** Target at least 37%.
  5. **Other Income & Expense (OI&E):** Expected to be approximately $250 million.
  6. **Tax Rate:** Full-year underlying tax rate expected to be about 18%.
  7. **Non-GAAP EPS Guidance:** Range of $7.10 to $7.40.
  8. **Cost Savings:** Anticipated cost savings of approximately $1.5 billion by the end of 2025  **[BMY_3380716_8]** **[BMY_3380716_7]** **[BMY_3380716_3]** .

### Q4 2023 Earnings Call
- **Issued Period:** Q4 2023
- **Guided Period:** FY 2024
- **Guidance:**
  1. **Non-GAAP EPS:** Expected to be within the range of $7.10 to $7.40.
  2. **Revenue Growth:** Expected to increase in a low single-digit range.
  3. **Gross Margin:** Expected to be approximately 74%.
  4. **Operating Expenses:** Expected to increase in a low single-digit range.
  5. **Operating Margin:** Targeted to be at least 37%.
  6. **Other Income & Expense (OI&E):** Expected to be approximately $250 million.
  7. **Tax Rate:** Projected to be approximately 17.5%  **[BMY_3371752_7]** **[BMY_3371752_6]** .

### Q3 2024 Earnings Call
- **Issued Period:** Q3 2024
- **Guided Period:** N/A
- **Guidance:** The documents do not contain information about the Q3 2024 earnings call for Bristol-Myers Squibb (BMY). Therefore, I cannot provide the guidance metrics from that specific earnings call.

ee3fb30189b50d45f5f913dc121ee65943f4e0a2374f72e988a3b91c5292af42

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Name                  | Position                                                      | Start Date          | Short Bio                                                                                                                                                                                                 |
|-----------------------|---------------------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Christopher Boerner   | Chief Executive Officer                                       | November 1, 2023    | Christopher Boerner, Ph.D., has been serving as the CEO since November 1, 2023. He was previously the Executive Vice President and Chief Operating Officer from April 2023 to October 2023  **[0001140361-24-003759_ny20019237x1_ex-a1i.htm:94]** **[0000014272-24-000044_bmy-20231231.htm:73]** **[0001140361-24-013975_ny20016133x1_pre14a.htm:87]** **[0001140361-24-013975_ny20016133x1_pre14a.htm:14]** .                                        |
| Giovanni Caforio      | Executive Chairman of the Board                               | November 1, 2023    | Giovanni Caforio, M.D., has been the Executive Chairman since November 1, 2023. He was the CEO from May 2015 to October 2023 and has been a director since 2014  **[0001140361-24-003759_ny20019237x1_ex-a1i.htm:94]** **[0001140361-23-050518_ef20013739_8ka.htm:1]** **[0001140361-23-020613_brhc20052030_defa14a.htm:2]** .                                                                      |
| David V. Elkins       | Executive Vice President and Chief Financial Officer          | 2019                | David V. Elkins has served as EVP and CFO since 2019. He was previously the CFO at Celgene Corporation from 2018 to 2019  **[0001140361-24-003759_ny20019237x1_ex-a1i.htm:97]** **[0000014272-24-000044_bmy-20231231.htm:73]** .                                                                                                               |
| Cari Gallman          | Executive Vice President, Corporate Affairs                   | 2023                | Cari Gallman has been EVP, Corporate Affairs since 2023. She was previously the Senior Vice President, Chief Compliance Officer from 2021 to 2023  **[0001140361-24-003759_ny20019237x1_ex-a1i.htm:97]** **[0000014272-24-000044_bmy-20231231.htm:73]** .                                                                                       |
| Sharon Greenlees      | Senior Vice President, Corporate Controller                   | 2022                | Sharon Greenlees has served as SVP, Corporate Controller since 2022. She was previously at AbbVie Inc. as Vice President and Controller, R&D Finance and Operations from 2021 to 2022  **[0001140361-24-003759_ny20019237x1_ex-a1i.htm:97]** **[0000014272-24-000044_bmy-20231231.htm:73]** .                                                   |
| Samit Hirawat         | Executive Vice President, Chief Medical Officer, Head of Development | 2023                | Samit Hirawat, M.D., has been EVP, Chief Medical Officer, and Head of Development since 2023. He was previously EVP, Chief Medical Officer, Head of Global Drug Development from 2019 to 2023  **[0000014272-24-000044_bmy-20231231.htm:73]** **[0001140361-24-003759_ny20019237x1_ex-a1i.htm:97]** .                                           |
| Lynelle Hoch          | President, Cell Therapy Organization                           | 2023                | Lynelle Hoch has been President, Cell Therapy Organization since 2023. She was previously the Senior Vice President, Global Cell Therapy Franchise Lead from 2021 to 2023  **[0001140361-24-003759_ny20019237x1_ex-a1i.htm:98]** **[0000014272-24-000044_bmy-20231231.htm:73]** .                                                               |
| Adam Lenkowsky        | Executive Vice President, Chief Commercialization Officer     | 2023                | Adam Lenkowsky has served as EVP, Chief Commercialization Officer since 2023. He was previously the Senior Vice President, Head of Major Markets from 2022 to 2023  **[0001140361-24-003759_ny20019237x1_ex-a1i.htm:98]** **[0000014272-24-000044_bmy-20231231.htm:73]** **[0001140361-23-020613_brhc20052030_defa14a.htm:2]** .                                                                   |
| Sandra Leung          | Executive Vice President, General Counsel                     | 2015                | Sandra Leung has been EVP and General Counsel since 2015. She is a member of the Leadership Team  **[0000014272-24-000044_bmy-20231231.htm:73]** **[0001140361-24-003759_ny20019237x1_ex-a1i.htm:98]** .                                                                                                                                        |
| Greg Meyers           | Executive Vice President, Chief Digital and Technology Officer | 2022                | Greg Meyers has served as EVP, Chief Digital and Technology Officer since 2022. He was previously the Group Chief Information and Digital Officer at Syngenta Group from 2018 to 2022  **[0001140361-24-003759_ny20019237x1_ex-a1i.htm:98]** **[0000014272-24-000044_bmy-20231231.htm:73]** .                                                   |
| Robert Plenge         | Executive Vice President, Chief Research Officer, Head of Research | 2023                | Robert Plenge, M.D., Ph.D., has been EVP, Chief Research Officer, and Head of Research since 2023. He joined BMY as part of the acquisition of Celgene Corporation in November 2019  **[0001140361-24-003759_ny20019237x1_ex-a1i.htm:98]** **[0000014272-24-000044_bmy-20231231.htm:73]** .                                                     |
| Amanda Poole          | Executive Vice President, Chief Human Resources Officer       | 2024 (expected)     | Amanda Poole has been EVP, Chief Human Resources Officer since 2024. She was previously the Senior Vice President, People Strategy, Solutions & Services from 2022 to 2024  **[0001140361-24-003759_ny20019237x1_ex-a1i.htm:98]** **[0000014272-24-000044_bmy-20231231.htm:73]** .                                                              |
| Karin Shanahan        | Executive Vice President, Global Product Development & Supply | 2022                | Karin Shanahan has served as EVP, Global Product Development & Supply since 2022. She was previously the Senior Vice President of Global Biologics and Sterile Operations at Merck & Co., Inc. from 2018 to 2022  **[0001140361-24-003759_ny20019237x1_ex-a1i.htm:98]** **[0000014272-24-000044_bmy-20231231.htm:73]** .                        |
| Michael R. McMullen   | Independent Director                                          | July 1, 2024        | Michael R. McMullen has served as an Independent Director since July 1, 2024. There is no specific information available regarding his membership in the Audit Committee  **[0000014272-24-000116_xslF345X02/wk-form3_1719955787.xml:0]** **[0000014272-24-000125_xslF345X02/wk-form3a_1722470897.xml:0]** .                                                                |
| Phil Holzer           | Senior Vice President and Controller                          | N/A                 | Phil Holzer serves as the Senior Vice President and Controller. He is listed as an officer in the company's SEC filings, specifically in a Form 3 document filed on February 23, 2024  **[0000014272-24-000046_xslF345X02/wk-form3_1708729414.xml:0]** .                                                     |

a1827f8518d20e2712bd0bb6e8e6c887ee09dafc89de8642a6ba3d23541f96e1

| Program Details          | Program 1       | Program 2       | Program 3       | Program 4       | Program 5       |
|--------------------------|-----------------|-----------------|-----------------|-----------------|-----------------|
| Approval Date            | May 2010  **[0000014272-24-000147_bmy-20240930.htm:79]**     | February 2020  **[0000014272-24-000147_bmy-20240930.htm:79]** | January 2021  **[0000014272-24-000147_bmy-20240930.htm:79]** | December 2021  **[0000014272-24-000147_bmy-20240930.htm:79]** | December 2023  **[0000014272-24-000147_bmy-20240930.htm:79]** |
| End Date/Duration        | N/A             | N/A             | N/A             | N/A             | N/A             |
| Total Additional Amount  | **$3.0 billion**  **[0000014272-24-000147_bmy-20240930.htm:79]** | **$5.0 billion**  **[0000014272-24-000147_bmy-20240930.htm:79]** | **$2.0 billion**  **[0000014272-24-000147_bmy-20240930.htm:79]** | **$15.0 billion**  **[0000014272-24-000147_bmy-20240930.htm:79]** | **$3.0 billion**  **[0000014272-24-000147_bmy-20240930.htm:79]** |
| Remaining Authorization  | N/A             | N/A             | N/A             | N/A             | **$5.0 billion**  **[0000014272-24-000147_bmy-20240930.htm:79]** |
| Details                  | N/A             | N/A             | N/A             | N/A             | N/A             |

a526e3d8be1c7b4194549ea9e6f5d8c10872a7d4915276e344b8443e2dce44b0

**Annual guidance for FY 2024:**
- **Revenue growth**: approximately 5% as reported (6% at constant currency)  **[BMY_3405039_4]**  (raised from “low single-digit growth at the upper end”  **[BMY_3394674_5]** )  
- **Revlimid Sales**: $5.5 billion  **[BMY_3405039_4]**  (no prior guidance)  
- **Operating margin**: at least 37%  **[BMY_3405039_7]**  (no change from prior guidance  **[BMY_3394674_5]** )  
- **Non-GAAP EPS**: $0.75 to $0.95  **[BMY_3405039_5]**  (raised from $0.60 to $0.90  **[BMY_3394674_5]** )  
- **Tax Rate**: 18%  **[BMY_3405039_5]**  (no change from prior guidance  **[BMY_3394674_5]** )  
- **Cost Savings Program**: $1.5 billion in savings by the end of 2025  **[BMY_3405039_7]** **[BMY_3405039_4]**  (no prior guidance)  
- **Debt Reduction**: on track to pay down $10 billion by the first half of 2026  **[BMY_3405039_4]**  (no prior guidance)  

e7cdcc94626cd8c7bdd202d8a737ac25e53cd431963b0b7ac2fc9ef60aa39459

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2006  **[0000014272-24-000044_bmy-20231231.htm:183]**    | Present  | Current auditor   |

94245db9e3ac6b45396953803aebbc0b7fb336f744d4bd133b02dd3e7d04999b

24e6f0a9a256a270f593396c1142262a5913054d76aaf52cca14f9b5276d2fa4

- Total Revenue: $11,892 million (+8% YoY)  **[0000014272-23-000181_bmy-20230930.htm:2]** **[0000014272-24-000147_bmy-20240930.htm:2]**   
- Net Income: $1,211 million (**-37%** YoY)  **[0000014272-23-000181_bmy-20230930.htm:2]** **[0000014272-24-000147_bmy-20240930.htm:2]**   
- U.S. Revenue: $8,232 million (+8% YoY)  **[0000014272-23-000181_bmy-20230930.htm:46]** **[0000014272-24-000147_bmy-20240930.htm:49]**   
- Operating Income: $1,676 million (-22% YoY)  **[0000014272-23-000181_bmy-20230930.htm:2]** **[0000014272-24-000147_bmy-20240930.htm:2]**   
- EPS (Diluted): $0.60 (**-35%** YoY)  **[0000014272-23-000181_bmy-20230930.htm:2]** **[0000014272-24-000147_bmy-20240930.htm:2]**   
- Sprycel: $290 million (**-44%** YoY)  **[0000014272-23-000181_bmy-20230930.htm:47]** **[0000014272-24-000147_bmy-20240930.htm:51]**   
- Reblozyl: $447 million (+80% YoY)  **[0000014272-23-000181_bmy-20230930.htm:47]** **[0000014272-24-000147_bmy-20240930.htm:51]**   
- Opdualag: $233 million (+40% YoY)  **[0000014272-23-000181_bmy-20230930.htm:47]** **[0000014272-24-000147_bmy-20240930.htm:51]**   
- Breyanzi: $224 million (**+143%** YoY)  **[0000014272-23-000181_bmy-20230930.htm:47]** **[0000014272-24-000147_bmy-20240930.htm:51]**   
- Camzyos: $156 million (**+129%** YoY)  **[0000014272-23-000181_bmy-20230930.htm:47]** **[0000014272-24-000147_bmy-20240930.htm:51]**   

a750e98b48bb52cc70d1126b2a16ec6551df7dfb807a14ef3ff32e798762d48e

1. **Impact of IRA on Eliquis Pricing**  
   **Q:** How will IRA affect Eliquis pricing and profits?  
   **A:** The company acknowledges that the impact of the IRA on **Eliquis** pricing is a significant uncertainty that will be clarified when the price becomes public in September. They expect to see an impact starting in **2026** and will provide more details on the top line and EPS effects at that time. Their plan is to return to growth **before the end of the decade**.  **[BMY_3380716_10]** **[BMY_3380716_13]** **[BMY_3380716_19]** 

2. **Timing of Earnings Trough**  
   **Q:** When will earnings trough occur and growth resume?  
   **A:** The company expects to see an impact on earnings starting in **2026** due to factors like IRA effects on Eliquis. They plan to return to growth **before the end of the decade** and are focused on accelerating both the timing and pace of growth in the back half of the decade.  **[BMY_3380716_10]** **[BMY_3380716_17]** 

3. **Cost Savings Allocation**  
   **Q:** How will the $1.5B cost savings be allocated?  
   **A:** The company plans to redeploy the **$1.5 billion** in cost savings primarily into R&D, with about **two-thirds** allocated there and **one-third** in SG&A. The savings come from streamlining legacy BMS operations, including impacting **2,200 employees**, and will be invested in key acquisitions like **Mirati**, **Karuna**, and **RayzeBio** to strengthen the growth profile.  **[BMY_3380716_9]** **[BMY_3380716_11]** 

4. **Discontinuation of Clinical Assets**  
   **Q:** Which clinical assets are being discontinued or externalized?  
   **A:** The company is discontinuing about **12 programs**, including **CTLA-4**, **SIRP alpha**, and **BET 158**, due to evolving science and strategic focus on growth drivers. These programs did not meet the thresholds for investment or competitive advantage.  **[BMY_3380716_12]** 

5. **Opdualag Expansion into Lung Cancer**  
   **Q:** What is the status of Opdualag in lung cancer?  
   **A:** The company has found encouraging results for **Opdualag** in a subgroup of first-line non-small cell lung cancer patients and plans to initiate a **Phase III trial** in the second half of the year. They will present data and are optimistic about expanding Opdualag's indications.  **[BMY_3380716_13]** 

6. **KarXT Commercial Strategy**  
   **Q:** What is the commercial rollout plan for KarXT post-PDUFA?  
   **A:** The company is preparing to launch **KarXT**, expecting it to effectively be a **2025 launch**. They are building a large neuroscience sales team, focusing on prelaunch activities, and engaging with payers to ensure rapid access, especially in Medicaid markets.  **[BMY_3380716_22]** 

7. **Camzyos REMS Modification**  
   **Q:** Is there potential to modify Camzyos REMS program?  
   **A:** Positive real-world data from **Camzyos** may support future discussions with the FDA to modify the REMS program, potentially reducing patient burden and expanding access. Upcoming study results in nonobstructive hypertrophic cardiomyopathy will also provide opportunities to engage on this topic.  **[BMY_3380716_18]** 

8. **Performance of Growth Products**  
   **Q:** Which growth products show the greatest potential?  
   **A:** The company sees significant potential in growth products like **Opdualag** (grew **76%**), **Reblozyl** (grew over **70%**), **SOTYKTU**, **Breyanzi**, and **Camzyos**. Investments are focused on these key brands to drive future growth.  **[BMY_3380716_11]** 

9. **Abecma and CAR-T Franchise Outlook**  
   **Q:** What is the outlook for Abecma and the CAR-T franchise?  
   **A:** With the **KarMMa-3** approval, the company aims to return **Abecma** to growth by expanding into a larger patient population. They are focused on educating physicians about Abecma's differentiated safety profile and expanding their site footprint globally.  **[BMY_3380716_14]** **[BMY_3380716_20]** 

10. **Other Income Prospects**  
    **Q:** What is the outlook for other income and anticipated step-downs?  
    **A:** The company anticipates a significant step-down in other income due to reductions in PD-1 royalties and diabetes income. Additionally, interest expenses from recent debt issuance will impact other income, shifting it from a **$250 million income** to a **$250 million expense** this year.  **[BMY_3380716_16]** 

e5b8de8cca169d10583b3f987c9d412d245fedd6881c611e41bb3a5f869a0726

e0fedfc5aef7084212083f89bea79692331d61f3a7ff8fd933fa66a8d906a282

d7bcd06741bc3061ddc4dd9254fa8551e442001bb7660e9a8c91d04498c1e1c6

| Year | Amount Due (in millions) | Debt Type                | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|------------------------------|------------------------|------------------------------------------------------------------------------------|
| 2026     | $500                         | Floating Rate Notes          | SOFR + 0.49           | 1.0% = (500 / 49,547) * 100 **[0000014272-24-000147_bmy-20240930.htm:22]** **[0000014272-24-000147_bmy-20240930.htm:22]**                                       |
| 2026     | $1,000                       | 4.950% Notes                 | 4.950                 | 2.0% = (1,000 / 49,547) * 100 **[0000014272-24-000147_bmy-20240930.htm:22]** **[0000014272-24-000147_bmy-20240930.htm:22]**                                     |
| 2027     | $1,000                       | 4.900% Notes                 | 4.900                 | 2.0% = (1,000 / 49,547) * 100 **[0000014272-24-000147_bmy-20240930.htm:22]** **[0000014272-24-000147_bmy-20240930.htm:22]**                                     |
| 2029     | $1,750                       | 4.900% Notes                 | 4.900                 | 3.5% = (1,750 / 49,547) * 100 **[0000014272-24-000147_bmy-20240930.htm:22]** **[0000014272-24-000147_bmy-20240930.htm:22]**                                     |
| 2031     | $1,250                       | 5.100% Notes                 | 5.100                 | 2.5% = (1,250 / 49,547) * 100 **[0000014272-24-000147_bmy-20240930.htm:22]** **[0000014272-24-000147_bmy-20240930.htm:22]**                                     |
| 2034     | $2,500                       | 5.200% Notes                 | 5.200                 | 5.0% = (2,500 / 49,547) * 100 **[0000014272-24-000147_bmy-20240930.htm:22]** **[0000014272-24-000147_bmy-20240930.htm:22]**                                     |
| 2044     | $500                         | 5.500% Notes                 | 5.500                 | 1.0% = (500 / 49,547) * 100 **[0000014272-24-000147_bmy-20240930.htm:22]** **[0000014272-24-000147_bmy-20240930.htm:22]**                                       |
| 2054     | $2,750                       | 5.550% Notes                 | 5.550                 | 5.5% = (2,750 / 49,547) * 100 **[0000014272-24-000147_bmy-20240930.htm:22]** **[0000014272-24-000147_bmy-20240930.htm:22]**                                     |
| 2064     | $1,750                       | 5.650% Notes                 | 5.650                 | 3.5% = (1,750 / 49,547) * 100 **[0000014272-24-000147_bmy-20240930.htm:22]** **[0000014272-24-000147_bmy-20240930.htm:22]**                                     |

e9b1adf35b71f0d462af04b7895b4bd2ecbd6fdb8a829d43741c2b81045ccc07

1. **Cobenfi Launch and Access Strategy**  
   **Q:** What's the plan for Cobenfi's access over the next year?  
   **A:** Management is excited about Cobenfi's approval, the first innovative schizophrenia therapy in decades.  **[BMY_3405039_6]**  They see it as a 2025 launch, expecting sales to ramp in the second half after attaining broad access.  **[BMY_3405039_6]**  Over 80% of patients are on Medicare or Medicaid, and they anticipate achieving **80% to 85% access within roughly 12 months** post-approval.  **[BMY_3405039_6]** 

2. **Milvexian Trial Update**  
   **Q:** Why increase the milvexian trial's sample size due to lower event rates?  
   **A:** The lower blended event rate is encouraging, prompting an increase in sample size to ensure the study reads out in 2027.  **[BMY_3405039_10]**  The study is periodically reviewed by the DMC, with no indications to alter the course, and they remain supportive.  **[BMY_3405039_10]** 

3. **SOTYKTU Access and Pricing Outlook**  
   **Q:** What's the outlook for SOTYKTU's access and pricing next year?  
   **A:** SOTYKTU's performance has been slower than desired, but progress is being made.  **[BMY_3405039_9]**  They've doubled **zero step edits access** to approximately **50%** in Q3 and expect broader access in 2021, albeit with significant rebating affecting gross-to-net.  **[BMY_3405039_9]**  Upcoming psoriatic arthritis trial readouts are anticipated by year-end.  **[BMY_3405039_9]** 

4. **Revenue Guidance Increase**  
   **Q:** Is the revenue guidance increase solely due to Revlimid?  
   **A:** Strong performance, including raising Revlimid guidance to **$5.5 billion**, led to raising the full-year outlook to **5% growth** versus prior year.  **[BMY_3405039_14]**  While Revlimid contributed, they also face generic entries impacting other products.  **[BMY_3405039_14]** 

5. **Sustainable Growth Amid Revenue Pressures**  
   **Q:** How will you sustain growth with upcoming revenue pressures?  
   **A:** Despite 2026 revenue pressures and the end of the diabetes royalty stream, they focus on a young portfolio of growing assets like Cobenfi and Breyanzi.  **[BMY_3405039_18]**  Late-stage pipeline progress with assets like milvexian and LPA1 adds confidence.  **[BMY_3405039_18]**  Financial discipline allows continued investment and strategic flexibility.  **[BMY_3405039_18]** 

6. **GPRC5D CAR-T Market Opportunity**  
   **Q:** How do you view the GPRC5D CAR-T's market potential relative to Abecma?  
   **A:** Encouraged by early results, they see GPRC5D CAR-T as a significant asset, potentially used after BCMA CAR-T treatments like Abecma.  **[BMY_3405039_17]**  They believe its single-dose administration and favorable toxicity profile position it as a leading cell therapy.  **[BMY_3405039_17]** 

7. **IRA Impact on 2025 Dynamics**  
   **Q:** What's the net impact of IRA changes on your portfolio?  
   **A:** The elimination of the coverage gap is favorable for Eliquis, but offset by obligations on products like Revlimid and POMALYST in the catastrophic phase.  **[BMY_3405039_16]**  Overall, they see the impact as essentially **net neutral** across the portfolio.  **[BMY_3405039_16]** 

8. **Cobenfi Label and Physician Adoption**  
   **Q:** Are label warnings for Cobenfi expected to hinder adoption?  
   **A:** They are pleased that Cobenfi's label lacks atypical antipsychotic class warnings.  **[BMY_3405039_15]**  While some monitoring is recommended, it's consistent with current practice and not anticipated to be a barrier.  **[BMY_3405039_15]**  Feedback has been very positive, reinforcing confidence in its safety profile.  **[BMY_3405039_15]** 

9. **Subcutaneous Opdivo Protection**  
   **Q:** How do your protections for subcu Opdivo compare to Merck's KEYTRUDA?  
   **A:** They look forward to the PDUFA date for subcutaneous nivolumab in late December, planning to shift **30% to 40%** of the U.S. Opdivo business ahead of LOE in late 2028.  **[BMY_3405039_19]**  The broad patent estate for subcu forms will extend their I-O franchise into the next decade.  **[BMY_3405039_19]** 

10. **Cell Therapy CD19 Asset Data**  
    **Q:** What's your perspective on upcoming CD19 asset data and its market?  
    **A:** They are enthusiastic about presenting data for their CD19 asset, seeing cell therapies as transformational in autoimmune diseases.  **[BMY_3405039_16]**  They will assess where CAR-T therapies fit compared to T-cell engagers and bispecifics, considering factors like administration frequency and patient suitability.  **[BMY_3405039_16]** 

6349791bf70f76e6860f246ed184ff931e1b4d47de6338229fcdce3b46f58a37

1. **IRA Impact on Eliquis**  
   **Q:** Any updates on IRA negotiations for Eliquis?  
   **A:** We have received the government's final MFP price for **Eliquis** and expect CMS to publish it by **September 1**. Once published, we'll provide more details on the impact. Having seen the final price, we're increasingly confident in our ability to navigate the impact of the **IRA** on Eliquis, which remains important for patients and the company in the short to medium term.  **[BMY_3394674_7]** 

2. **Sotyktu Performance and Pricing**  
   **Q:** How is Sotyktu's pricing and performance outlook?  
   **A:** **Sotyktu's** performance has been slower than we'd like, but we're focused on improving it. We've increased access from **25% to 65%** as of July 1, covering over **100 million lives**. Further access improvements are expected in January. While there will be a modest increase in gross to net due to rebates for improved access, this is offset by increased volume. We're committed to making this a big product as we move into **2025**.  **[BMY_3394674_7]** 

3. **Business Development Strategy**  
   **Q:** What's your capacity and focus for business development?  
   **A:** Business development remains a priority. We're focused on executing recent deals, like preparing for the **KarXT** launch. Paying down debt is also a top priority. We're interested in deals that make strategic and financial sense, focusing on therapeutic areas where we have a right to win. We plan to pursue **bolt-on deals and partnerships**. We're monitoring the **obesity** market but are currently focusing on our highlighted areas.  **[BMY_3394674_9]** 

4. **Opdivo Subcutaneous Launch**  
   **Q:** How will the Opdivo subcutaneous version impact the business?  
   **A:** We anticipate the **PDUFA** date for Opdivo subcutaneous in **late December**. We aim to convert at least **30%–40%** of the total U.S. Opdivo IV business before the **2028** LOE. This new formulation benefits patients with less than **5-minute** infusion time and frees up chairs for physicians. We expect both subcutaneous and IV versions to continue into the next decade, extending our leading **IO** franchise into the early **2030s**.  **[BMY_3394674_18]** 

5. **Cendakimab Launch Plans**  
   **Q:** When can we expect the cendakimab launch?  
   **A:** We recently had a positive Phase III study for **cendakimab** in **Eosinophilic Esophagitis (EO)**, meeting both primary endpoints. We've just received the data and are analyzing it. In the U.S., there are about **300,000** treated EO patients with low treatment rates. We expect cendakimab to be positioned behind **Dupixent**, and we're preparing to share data with regulatory authorities and present at an upcoming meeting.  **[BMY_3394674_8]** 

6. **Breyanzi Performance**  
   **Q:** Can you discuss Breyanzi's strong quarter and outlook?  
   **A:** **Breyanzi** sales increased over **50%** versus prior year in Q2. We've expanded manufacturing capacity, putting us in a stronger position to meet demand. Growth will continue, driven by our leading indication in **LBCL** and recent expanded indications. Breyanzi is increasingly recognized as a **best-in-class CD19** therapy.  **[BMY_3394674_12]** 

7. **Operating Margin Outlook**  
   **Q:** How should we think about 2025 operating margins?  
   **A:** We remain committed to an operating margin greater than **37%**. We saw strength in our gross margins with a favorable mix, and our operational efficiency programs give us flexibility in maintaining those margins.  **[BMY_3394674_14]** 

8. **Part D Redesign Impact**  
   **Q:** How will Medicare Part D redesign affect your products?  
   **A:** We'll see favorability with **Eliquis** due to the Part D redesign, notably the elimination of the coverage gap, partially offset by increased responsibility in the catastrophic phase for products like **Revlimid** and **Pomalyst**. Overall, when looking at Part D redesign across the portfolio, we think it offsets and will largely move on.  **[BMY_3394674_13]** 

9. **Milvexian and FXIa Program**  
   **Q:** Any concerns with Milvexian after competitor data?  
   **A:** We're confident in our **Milvexian** program. We chose doses based on prior learnings, including **100 mg BID** for single agent. Independent investigators have shown differentiation between asundexian and Milvexian. Enrollment continues well in **AF**, **secondary stroke prevention**, and **ACS** trials, and we're looking forward to readouts.  **[BMY_3394674_24]** 

10. **Camzyos Performance**  
    **Q:** Can you discuss Camzyos patient growth trends?  
    **A:** We're seeing steady and consistent growth with approximately **1,300** patients added quarter-over-quarter. Physician and patient feedback remains positive. We're increasing our user base in large **COEs** and expanding prescribing in smaller institutions and community practices. We're deploying additional community representatives to drive treatment.  **[BMY_3394674_23]** 

11. **PRMT5 Data Expectations**  
    **Q:** What will we see from the PRMT5 readout?  
    **A:** We plan to present data from our **PRMT5** program this year at a medical conference, including responses across multiple tumor types. This will help as we initiate Phase II studies in selected patients with **MTAP deletions**.  **[BMY_3394674_20]** 

12. **Radiopharma Strategy**  
    **Q:** How do you view the radiopharma opportunity with RayzeBio?  
    **A:** We're excited about the **RayzeBio** platform, which includes a robust **IND engine** and a state-of-the-art manufacturing facility. While the lead program **Rayze 101** in **GAP-NET** is a modest opportunity, the actinium-based radiopharmaceutical platform has potential across a host of solid tumors. We look forward to launching Rayze 101 and advancing new INDs in the back half of the decade and beyond.  **[BMY_3394674_21]** 

13. **CELMoDs Positioning**  
    **Q:** How will your CELMoDs compete in multiple myeloma?  
    **A:** Our CELMoDs, **Iberdomide** and **Mezigdomide**, are in development across four Phase III trials with readouts in **2026**. We're focusing on multidrug regimens for better outcomes. **Mezigdomide** is going head-to-head versus **pomalidomide**, and **Iberdomide** is being studied in combinations and as maintenance after transplant versus **Revlimid**. We believe they will play roles, especially in patients not eligible for cell therapies, providing manageable toxicities and more options for physicians.  **[BMY_3394674_13]** 

14. **Sotyktu Competitive Landscape**  
    **Q:** How will Sotyktu fare against new competitors?  
    **A:** We recognize psoriasis is a highly competitive category that will become more crowded over time. **Sotyktu** has set a high bar for new orals. We're preparing for competition and plan to have several indications, including **psoriatic arthritis (PsA)** and **SLE**, which will help accelerate Sotyktu's growth. We're focused on growing this important brand.  **[BMY_3394674_16]** 

15. **CAR NEX-T Data**  
    **Q:** Any updates on the CAR NEX-T program?  
    **A:** We have two ongoing studies with our **CD19 NEX-T** therapy. One enrolls patients with advanced **systemic lupus erythematosus** and other autoimmune diseases; the other enrolls patients with **multiple sclerosis**. We aim to achieve remission, allowing patients to discontinue treatments like glucocorticoids and immunosuppressants. We look forward to presenting data and progressing the program.  **[BMY_3394674_21]** 

a6069a44619b36a5e45b6ab9f1bd827b4e4550a4e54027ca8c616dd2594049b9

- **Strong performance and growth potential of key products:** Bristol-Myers Squibb's new products like **Opdualag**, **Reblozyl**, and **Breyanzi** are either meeting or exceeding expectations, demonstrating strong market performance and anticipated to continue robust growth into 2024. The company sees **very strong manufacturing performance** for Breyanzi, ensuring improved supply and quality.  **[BMY_3362116_14]**
- **Confidence in long-term potential of emerging products:** Despite slower initial uptake, the company maintains strong conviction in the **long-term potential** of products like **Camzyos** and **Sotyktu**, viewing the challenge as a matter of timing rather than potential. Strategic efforts are underway to accelerate their growth, including expanding prescriber breadth, improving access, and enhancing patient and physician education.  **[BMY_3362116_14]** **[BMY_3362116_8]**
- **Strategic business development to drive growth:** Bristol-Myers Squibb is committed to enhancing its growth profile through strategic acquisitions, exemplified by the planned acquisition of **Mirati**, which diversifies its oncology portfolio towards targeted therapies. Business development remains a **top priority for capital allocation**, focusing on scientifically interesting, strategically relevant, and financially sound opportunities to enhance the company's growth trajectory.  **[BMY_3362116_22]**

7b6a305cd14aa7896af1da55255f2a6592a2ae4af6f4d6de88ab392d9815f35b

- **Pressure on gross margins due to declining legacy brands and uncertainties around Eliquis negotiations, with gross margins expected to decrease to approximately 74% in 2024**.  **[BMY_3371752_25]**
- **Challenges in accelerating new product launches, as seen with Camzyos showing steady but not increasing patient additions each quarter, potentially indicating slower-than-expected uptake**.  **[BMY_3371752_20]**
- **Difficulties in expanding market access for key products in competitive markets, such as Zeposia in ulcerative colitis, where access improvements may take more time**.  **[BMY_3371752_23]**

0c53fd3b781eaba09524bb0e7723add03477b146cf1f0012aa1776d2730b46ab

- **Bristol-Myers Squibb's growth portfolio delivered double-digit growth, now comprising approximately 40% of total revenue**, highlighting a diversified and robust potential for future growth.  **[BMY_3380716_19]**
- **Cost-saving initiatives are expected to generate approximately $1.5 billion by the end of 2025**, allowing reinvestment into high ROI programs and strengthening the company's long-term growth profile.  **[BMY_3380716_19]**
- **Launch preparations for KarXT are underway**, with plans to make it **a very big product for Bristol-Myers Squibb**, indicating significant commercial potential and future growth opportunities.  **[BMY_3380716_19]**

0b68280aee4702969eeab15196659bb8e63aedf2dba3083095fd33c7e1416b52

1. **New Launches Growth**  
   **Q:** What's the outlook for new product sales in 2024?  
   **A:** The company is not providing individual product-level guidance but expects continued growth from its new launches. They are focused on accelerating their new product portfolio, including **Camzyos**, **Sotyktu**, and **Breyanzi**, and maximizing the ten launches over the last four years. Products like **Eliquis** and **Opdivo** will continue to contribute significant growth in **2024**. They are also preparing to launch a **low CAR-T** in September, bringing a **multibillion-dollar opportunity**.  **[BMY_3371752_9]** 

2. **Sotyktu Revenue Expectations**  
   **Q:** When will Sotyktu start generating significant revenues?  
   **A:** The company is executing its plan for **Sotyktu**, focusing on driving demand and securing access. Net sales increased about **40%** versus Q3, excluding clinical trial orders. They expect to see around **10,000 paid prescriptions** in Q1 and plan to double that to **20,000 prescriptions** in Q4. They are making progress in shifting patients from bridge programs to commercial product and improving access with recent **ESI** and **Cigna** wins.  **[BMY_3371752_11]** 

3. **Eliquis Pricing Impact**  
   **Q:** How will IRA negotiations affect Eliquis?  
   **A:** The company cannot provide details on the IRA negotiations for **Eliquis**, but they expect to manage potential commercial spillover risks and see potential opportunities around patient affordability. They anticipate continued strong performance for Eliquis in the U.S. and expect significant growth through the end of **2025**.  **[BMY_3371752_14]** 

4. **Camzyos Growth and Competition**  
   **Q:** What's the outlook for Camzyos amid new competitor data?  
   **A:** The company is confident in **Camzyos**, which is showing steady growth with around **1,000 patients** added quarterly. Recent competitor data further strengthens their confidence, as Camzyos has transformational data from three Phase III trials. They are investing in direct-to-consumer advertising and expanding internationally, with launches in **Germany**, **Japan**, **China**, and other markets, expecting sales to manifest in late **2024** and into **2025**.  **[BMY_3371752_20]** **[BMY_3371752_22]** 

5. **Breyanzi Expansion**  
   **Q:** What's the potential for Breyanzi's growth this year?  
   **A:** The company expects strong demand growth for **Breyanzi** in **2024**, supported by increased vector supply in Q2 and expanded indications. With three FDA priority reviews for **follicular lymphoma**, **mantle cell lymphoma**, and **CLL**, Breyanzi has the potential to treat the broadest array of B-cell malignancies of any CAR-T, doubling its addressable patient population. They are seeing increased outpatient use due to its best-in-class safety profile.  **[BMY_3371752_18]** 

6. **Capital Allocation and M&A**  
   **Q:** What are the plans for capital allocation and deals?  
   **A:** Business development continues to be a top priority. After executing several deals last year, the company remains interested in bringing innovation into the company through **bolt-on opportunities** that make strategic and financial sense. They are also looking at partnerships and licensing deals.  **[BMY_3371752_15]** 

7. **Opdivo Subcutaneous Formulation**  
   **Q:** What's the strategy for subcutaneous Opdivo?  
   **A:** The company anticipates launching subcutaneous **Opdivo** early next year, offering potential benefits for thousands of patients well into the next decade. The subcutaneous formulation addresses treatment burden due to less than **5-minute infusion time** and aims to convert roughly **30% to 40%** of the overall U.S. Opdivo business to subcutaneous, helping the franchise endure into the next decade.  **[BMY_3371752_10]** 

8. **Reblozyl Growth**  
   **Q:** What's driving Reblozyl's growth and international potential?  
   **A:** The first-line **MDS** launch is progressing well in the U.S., with strong demand supported by a broad label. They are seeing strength in first-line use across RS-positive and steadily building momentum in RS-negative populations. **Reblozyl** was approved in **Japan** in mid-January with positive uptake, and they expect **European approval** in the first half of this year.  **[BMY_3371752_12]** 

9. **Milvexian Trial Confidence**  
   **Q:** Are you confident in Milvexian's AFib trials?  
   **A:** The trials are progressing continuously, with enrollment going very well. The Data Monitoring Committee has not indicated any issues. They believe in their well-designed studies and remain confident, looking forward to the readout of these trials in **2026** and **2027**.  **[BMY_3371752_17]** 

10. **Sotyktu Payer Access**  
    **Q:** What are current step edits for Sotyktu?  
    **A:** The company has secured additional access at **ESI** and **Cigna** in a one-step position, adding another **40 million lives**. Patients may need to step through products like **Otezla** or IL-17 and IL-23 inhibitors. They are continuing to negotiate with payers and will update on additional progress over the coming months.  **[BMY_3371752_13]** 

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- **BMY** is focused on accelerating its new product portfolio, having launched **10 new products over the last 4 years**, and is prioritizing products like **Camzyos**, **Sotyktu**, and **Breyanzi** to drive significant growth in **2024**.  **[BMY_3371752_9]**
- **Reblozyl** is showing strong sales performance, with its **first-line launch progressing very well in the U.S.**, and expecting continued growth this year; it was also approved in **Japan in mid-January** and expects **European approval in the first half of this year**, indicating international expansion.  **[BMY_3371752_12]**
- BMY is preparing to launch the **first new treatment for schizophrenia**, a **low CAR-T product** in **September**, which brings a **multibillion-dollar opportunity** to the organization.  **[BMY_3371752_9]**

92f83f0ca9adad4dd85b68bb42309b248c0a1865bd671c3bd9a7570cd53709c3

- **Slower-than-expected growth for key new products like Camzyos and Sotyktu is delaying peak sales and impacting revenue projections.** The company acknowledged that these products are taking longer to gain traction, shifting their $10 billion new product sales target from 2025 to 2026.  **[BMY_3362116_3]** **[BMY_3362116_14]** **[BMY_3362116_8]**
- **Underperformance of products like Abecma and Zeposia due to competition and market dynamics is impacting sales.** Abecma faces increased competition from other BCMA-targeting agents, and Zeposia struggles with access challenges, leading management to consider a "launch reboot" strategy.  **[BMY_3362116_3]** **[BMY_3362116_14]** **[BMY_3362116_16]**
- **Declining revenues from mature products like Revlimid and reduced operating margin guidance raise concerns.** Revlimid sales are expected to decrease from $6 billion in 2023 to about $4 billion in 2024, and the company lowered its operating margin guidance from above 40% to above 37%, partly due to increased investments and dilution from the Mirati acquisition.  **[BMY_3362116_11]** **[BMY_3362116_10]**

958933ae1b8698f70c9969ba26e288f0dbe65dabbfd22bb5a4b23209c0c50783

- **Potential significant impact on future profits due to Eliquis price negotiations under the Inflation Reduction Act (IRA) and upcoming patent expirations.** Eliquis, a major revenue generator, faces price negotiations that will become public in September, and its patent expires in 2028. Opdivo also faces loss of exclusivity in December 2028, which could lead to decreased revenues in the latter half of the decade.  **[BMY_3380716_19]** ,  **[BMY_3380716_12]**
- **Declining revenues from key drugs due to loss of exclusivity and increased generic competition.** Revlimid sales are expected to decrease by approximately **$1.5 billion to $2 billion** this year and the same next year, with increased volumes of U.S. generics starting in March. The company anticipates variability in Revlimid sales and expects to be through its loss of exclusivity by the end of next year.  **[BMY_3380716_5]** ,  **[BMY_3380716_19]**
- **The need for significant cost-cutting measures including discontinuation of clinical assets and workforce reductions.** The company plans to achieve cost savings of approximately **$1.5 billion** by the end of 2025, including eliminating about **2,200 positions** and discontinuing about **12 clinical assets**. These actions may reflect challenges in the pipeline and pressure on margins.  **[BMY_3380716_3]** ,  **[BMY_3380716_12]** ,  **[BMY_3380716_9]**

49d81838475c13abe66aef0c8fda485845464f8374c07fd4b1ab346f44aa3deb

- **Immunology products like Sotyktu are underperforming expectations due to slower-than-expected market access and intense competition**, with performance being "slower than we would like" and challenges in gaining preferred status with PBMs.  **[BMY_3394674_15]**
- **Key growth drivers are facing increasing competition**, with competitors running head-to-head trials that may lead to drugs with better efficacy than BMY's Sotyktu and Opdualag, and the market is becoming "more crowded and competitive over time."  **[BMY_3394674_16]**
- **The company is moving away from providing long-term targets or floor guidance**, potentially indicating uncertainty about future revenue streams, which may concern investors seeking visibility into future performance, especially given upcoming challenges like patent expirations and the impact of the IRA.  **[BMY_3394674_17]**

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Bristol-Myers Squibb Co (BMY)

Financials