BMY - Earnings call transcript Q1 2020 | Bristol-Myers Squibb Company

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Operator

Good day, and welcome to the Bristol-Myers Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Tim Power, Vice President, Investor Relations. Please go ahead.

Tim Power

morning good and Chloe everyone. Thanks us Thanks quarter for first morning year for results. joining financial our this

Joining Global morning David Samit Hematology Chairman call our and Officer Financial me Chief Caforio Medical Also Hirawat for Chief Drug Giovanni this Officer. Head Nadim are and Executive our with the prepared Commercialization Q&A Chief Officer; Chris in Officer; and and participating Elkins, Development. session Chief are our of today's remarks Boerner our President Ahmed,

bms.com to David slides you posted to with we've note you'll along for and follow As remarks. Giovanni's

I we get read Before statements. started, will our forward-looking

this about and statements. plans During will we forward call make the company's looking constitute that statements future prospects

results statements should not a estimates future company's as in Actual those the as and from various represent by of filings. any today those indicated forward-looking result forward These representing our discussed differ SEC as as our of estimates looking may important materially be those of factors upon relied date. including

forward-looking our any obligation We even estimates statements, to specifically change. disclaim update if

will financial measures to measures, on items. to which our available financial the GAAP bms.com. also are non-GAAP most Reconciliations measures at adjusted certain specified comparable exclude comments are focus We those of non-GAAP our

will I over that it With Giovanni. to hand

Giovanni Caforio

families and good communities. I morning lives, you, safely Thank and Tim, are hope your that healthy these times. and everyone. profoundly The our is impacting you unprecedented families through managing and COVID-XX pandemic

how health around help of in globally the have priority fight to teams workforce. past the and the global supply focused patients medicines months on proud Over am the our the very our the while world to our can company the safety highest of I we effectively of our lives how on reasoned the against challenge. placing and continue has

and has treatments tests, in prevention providers to During been and plays COVID-XX. public prevent critical to us to develop the treatment a clear diagnostic have effective the role and industry identify Governments, to and of the healthcare like the disease. turned abundantly this that diseases biopharma it pandemic, vaccines

ultimately is help impressed collaboration responding. scientific and Deep industry development And been expertise and knowledge, prevail. the which us are what speed the with I will have manufacturing capabilities by

On what focused key doing science, patients COVID four with areas, global start is our let Slide Bristol-Myers the and support efforts, in communities, to our response team. X, our me our Squibb

the making On front, available we XXXX researchers we compounds discovery globally, that R&D to are COVID-XX. have external our potential for approximately to identified screen to library treat molecules in

associated on portfolio clinical could are immune inflammatory evaluating near response in our the in included We certain with be a with that COVID-XX. medicines focus term trials

designed for participating We cross These Research, industry Accelerator, others. are the Therapeutics the also Foundation Biomedical California groups in include of Institute Institute Health among National to Gates the foster collaboration. COVID-XX

our has to over the order world on service response support the and resources grants gaps support in patient groups in how our organizations Foundation XXX Squibb in With to provided to Bristol-Myer communities. we XX The can COVID-XX. over human countries around address

importantly protective in are to we front the U.S. support our have providers and patients. equipments to hospitals the targeted very here care focused personal health to providing China, lines And on We how been on community in Italy

for by We support due have patients employed to offering lost have medicine their eligible to patient expanded the U.S. branded treatment. in health our program any to the existing help Squibb Bristol-Myers who and insurance pandemic access

the through are contact virtual spread and need effective in they We to they while minimizing providers to COVID-XX. treat with healthcare ways the support of their have engagements working ensure person potential patients in new

to system. the local year activities needed have restrictions trial where the operations clinical ensure resume providers are All trial the end to our lifted. by patients, the our safety avoid planned and been where stressing of adjusted healthcare employees country to We and overall clinical of

trials recruited clinical on impact am the fully risk of at incredibly are proud being is evaluated, across our virus. the globe. of Although teams lower trial new I timelines still

ensure dedication. reach workers from sites to workers people work our at of medicine safe our are the proud to minimize to virus. their potential Most of essential our patients home continue our them. and keep will First, the working spread essential to to I depend am of on

We to teams our for are with at supporting they have they home. care flexibility those needed increased design ensure to

healthcare pandemic provide to to Our patients are employees salary the supported and workers volunteer who are with during services to benefits. licensed wish medical food, and

We quarter. start the a from the perspective to Slide And turning X. quarter financially. extraordinary on pipeline with let performance the execution first had me Now, pipeline excellent in

on approved in well multiple deliver with relapsing March label. We U.S. forms for Starting approvals drivers. very best-in-class sclerosis in have a late continued with the all key value was to Zeposia of

with And medicine to we Zeposia the only Europe. this opinions Reblozyl recommending we this we treat received approval in received In is opportunity have in medicine. approval we EMA April, also and positive by encouraged This CHMP second very the for And anemia. first a FDA for for indication are MDS.

and in Additionally, CHMP we positive large lymphoma in B-Cell respect thal received Reblozyl plus Europe. third both and for line to just for we With a beta filings submissions in review priority opinion MDS a announced the for U.S. liso-cel

which to November Now step myeloma. in CAR with we first adult for the date PDUFA candidate patients is T multiple to with completed an exciting our the FDA bringing extended XXth, ide-cel, submission next

in cancer. that respect review CHMP priority first-line announced and for review for plus the line the in recently Opdivo cancer CheckMate XLA plus first EU received we And lung received chemo to very CC-XXX a in validation a in U.S. maintenance. priority lung Yervoy AML we for we with limited And

the And next we're for PDUFA week. forward CheckMate XXX to looking

from recently first-line CheckMate-XXX positive combination RCC a studies Opdivo XER positive our two we Phase X Cabometyx in survival evaluating results Yervoy clinical IO demonstrators pipeline, benefit perspective, in CheckMate plus research top-line where first-line in pivotal mesothelioma. with Opdivo reported Lastly, from and

This has working forward been options. with treatment bring patients, a to quarter. waiting new look health truly for regiments authorities to remarkable We to global new these are who combination

without the been exciting these our global of All and of dedication not teams. accomplishments focus would have possible

had X, Moving Slide quarter of financially. to Despite very emergence good the we've the pandemic. a

sales. billion in is we business the Our $XX.X In strong. deliver quarter, first

a buying pro Excluding versus forma related represents year. patterns. growth of last COVID X% underlying This

performance shifts commercial remarks, strong was execution excellent our as David seeing provide in board. his we're the of for will a including geographies across the and brands result in across details Our some more medicines. patterns of buying

provide Let me business environment. the more we the now details are current managing how on in

supply intact. chain remains Our

of manufacture the raw We and API are without continuing and product we materials available. safety finished have to stock disruption

The we are logistic and navigating successfully. caused pandemic has some naturally complications this

Our integration well. is work proceeding

efficiencies. running on work of 'XX the build from seen hard period. We allowed hit with us acceleration in cohesion We've new an company home from work greater continue during that to our cultural to the the ground the

As together the current even greater in us environment ways. has brought

$X.X in synergies 'XX. deliver end to track on are by of billion the We

And see has Finally, enemies, is recovery. shifted their to to planning our of of are we as operations. for Phase moving X counter parts our restart many focus the accelerating reopening of and we pandemic of

this do to as and patients will safety workforce, while evolve, the health our priorities. as our gradually, keep continuing and of conditions our communities, We highest our

pandemic. So is short-term, dynamics business create the in of the our looking the uncertainty there significant volatility wide while forward, of dynamics regarding and in evolution the may industry

are of the executing company. am excited well, potential well the and about We positioned we I remain

quarter I’ll David? about we our for to you and hand are how it future. over that, David, walk to through With thinking this our financials

David Elkins

Giovanni. Hello I safe that you, everyone healthy for families virtually. are and you hope your operate joining. again Thank thanks while and we staying and

commercial the pleased As of strong Giovanni with our our mentioned, of the I and benefits extremely time. The during medicines exceptional execution in in teams execution am the performance this quarter. unprecedented first resulted

we had strong the increasing on dollar strengthening we quarter year saw line latter year March double-digits XX% minimal to global a think with will this first top and a had in important X, a keep the the the mind in versus of in of part about Turning be full the Slide in We performance to impact outlook. basis. quarter, this growing it prior significant there pro-forma as sales

impacted X% $XXX impact growth the note, related continue approximately COVID-XX million year-over-year. performance to by sales important be due stocking Additionally, were to favorably with strong excluding to COVID-XX underlying sales

key globally to driven strong on starting another underlying X. had growing with turn demand. XX% with year-over-year Slide performance let's largely Now strong sales by quarter billion $X.X brand our Eliquis Eliquis of

from significant level $XXX channel COVID-XX expected over on reverse million, to the also impact patient approximately stocking which remainder favorable year. due to is We saw the of

quarter been Excluding have COVID-XX XX%. the in would growth sales impact,

COVID situation starts. of patient continue the the impact monitor As we'll including evolves, patients, to customers the and

momentum we Although pandemic, where approximately of share some TRx XX%. to share considering remain new the grow Eliquis' expect to and brand variability confident of and growth continued XX% there's of quarter-to-quarter outlook, due

as Looking strong to the forward, we increasingly growth Eliquis’ expect expanding number driven NOAC by significant position one product in continue class.

Slide are on Opdivo in with trends line our U.S. turning Now demand expectations. to XX,

down low is demand in communicated, As previously sequentially. digits single the

first eligibility one-third to strengthening our good continue the sets RCC line potential as well the foundation We CheckMate-XER. in a of about second stabilization of IO the market, for of line as which launch see future of poll position

with saw indications. strong our Opdivo continued by across we execution sales shares minimally the in growth with first quarter year-over-year. COVID-XX was of Internationally, impacted all XX% strong

has access second of impact in infusion the centers could are infused we However, oncology volumes products which impacted aware quarter. that the patient COVID-XX to and clinics

We will to monitor continue these factors.

CheckMate-XER. and well believe the in growth Importantly, to long as XLA year this is for for well front upcoming XXXX, dates Opdivo we we with line positioned as look week return action next as forward, opportunity in for XXX later

to for This treatment XX% therapies. digit Now myeloma of share moving and driven Revlimid deliver inline to Pomalyst and growth and Revlimid XX% double our Pomalyst multiple respectively XX. growth and demand was on based to Slide on triplet increased by portfolio due strong duration continue year-over-year.

The COVID-XX Outside treatment Revlimid. treatment we and less impact the a U.S. an to Revlimid million mainly at COVID the take estimate administration of to to to stocking, the the home oral related stopped, $XX the pandemic. was patients for related first therapy million in of relapse $XXX U.S. Pomalyst and patient disruption of relatively quarter. impact to Due we the potential is in their favorable allowing from myeloma for expect minimal

FDA starts changes from see scripts. We would to we stocking specialty other XX to XX monitor well chronic pharmacies, medications. as not day new you buying days are program as with U.S. sold these level relaxation of to through to due products Because patterns the continuing patient are same the see oral advance do

We of We XX. the allocation Slide the strong debt cash $XX first with $XX let's balance billion. nearly net Now in liquidity down with a toward of billion. turn capital flow our and in $X operations quarter to strength position marketable quarter cash the significant billion ended in and coming generated sheet securities on approximately the from

end balance of prioritization achieving future and deleveraging the debt allocation development half commitment less execute will than to continue business strength of The and us to our times and XXXX, for allow on which sheet EBITDA our of one priorities our a in capital our through investing continued ratio will to innovation be by dividend.

remaining previously of at billion Celgene close $X agreement the into retired the The be will of we the which completed XX% the of transaction, by quarter. second quickly. As XX% end stated, entered a ASR

setting priority off we completed and repurchase in So share a don't stock share environment. term authorization, ASR. is in based for We current plan compensation have the near share purchase our the repurchases having

Now turning be primarily to billion and and $XX expect revenue I swings EPS range currency to driven line described. now just between adjusted on revenue guidance updating XXXX OI&E billion Slide MS&A, R&D our items. by We XX, our $XX and reaffirming

XX reduced to activity billion OI&E have lower reduced reflecting income expect to R&D $X.X and be with and to through $X.X interest billion and MS&A efficiencies. COVID between expect between be $X.X $X.X rates. incremental interest operational by the driven In we billion billion combined We

me XXXX. on you Now some also with perspective let provide

the we've and non our in GAAP business impact COVID EPS on the based assumptions of made affirming XXXX are XX. the positive We about momentum

we provide we don't As continual to mentioned XXXX our in plan updates guidance. to February,

we to quarter of XXXX important the circumstances that of view confirm XX exceptional with this our However, COVID light is associated intact. in it's believe

things reflects monitor what will we evolve. guidance to Our today and need we know how

on guidance With that XX. mind, in framework let on our color with Slide me some you provide

business impact return work to XXXX the that our QX minimal occurs extent impact significant mostly from itself QX. our QX, rest advanced inventory of to peak more XXXX, the XX COVID in end stable in during with year, of QX a is down that assumption These guidance and QX QX environment factors the a include and that a in at on buying in the crisis onwards. of assume Our and QX products lesser see or business

off been prescriptions and are brand when fully QX by listed. QX reduction in as during have new rates QX holding resume assumptions continent FX The These all demand mid-April, and planning administered and and in product local recovered clinical restrictions physician to year XXXX. based recovering country interest activities end of and

could does affect but to macroeconomic entire changes industry. that not factors the just not Our business include our guidance

factors companies current move post future the we when impact as need an on US include course that Of this evolution with and dollar, might environment. forward, our incorporate and demand of industry related the have are specific strength the to persistence macroeconomic analysis. XXXX and These the QX more we view of recovery of the

the remain fundamentals you our the business remain of disciplined respect the of with strong we Nevertheless, and management P&L. very to

Before we the move world reiterate to to our of employees I Q&A, want proud on how during crisis. I am

and the guidance good of long-term and diversification growth demonstrate we our the our flexibility portfolio Our and and about feel strong first resiliency continue quarter of financial business. results to

to and to over Giovanni Q&A. Tim it turn the manage now I'll

Tim Power

Thanks David.

So could to go we please? question first the

Operator

Absolutely.

Please ahead. from Fernandez Seamus from comes question first the Guggenheim. So go

Seamus Fernandez

very for Thanks the much question.

you is bit that this missed hoping, talk team a you about prospects commercial was you the asset about it. argued being I as kind the of products of and the the Celgene of one CC-XXX. the is said, for XXX little acquisition durability in could So think

And you the ASCO. of outside same could abstracts come I us day XXth. EHA believe the then to XXth be are any on if frankly wondering data late would incremental as hitting, that on will the coming either on out update breakers just the and that

on just EHA? the Thanks. coming of update So, at to rest get the hoping an pipeline

Giovanni Caforio

Thank is Giovanni. Seamus. very you, you much. This Thank

up commercial your review with questions Nadim beyond. there. Samit to you then So, data on CC-XXX. we're a on very perspective can pleased And follow and and designation the I'll regarding ASCO give for the ask Thanks. priority opportunity

Nadim Ahmed

Seamus. We Thanks very question, the remain about Great. for excited CC-XXX.

some important to context. provide it's think I

look So rates survival on in of age around prognosis five we with patients. AML disease the setting poor it's a to year very XX%, even of at where newly XX% the diagnosed depending

a of XX-months. even patients have within patients complete do will XX% those saying And but most response, relapse that

CC-XXX very setting. that fact excited the a months XX about So, we're delivered that in benefit has survival

you as we the epi-related But benefit. that's survival opportunity, that the about about think rates, it's you I months And start think if XX,XXX to doubled can really think And we've benefit, the to survival the So, fact patients added overall. the XX important. think relapse about we've relapse about disease. then the free

I to think have survival tried paradigm patients’ very about haven't in opportunity other the in establish benefit a those maintenance potential, setting. excited maintenance treatment but we're commercial terms seen AML, not the of in only we now outcomes, which before drugs the impacting also and

remain So, are the date, property think feel on have very intellectual the we of And perspective now good from I terms well durability, our clarity CC-XXX. having And opportunity very our going PDUFA the excited about launch position we about CC-XXX. we preparations to indeed. around very in team

CC-XXX. excited very turn the now. for we're about Maybe over to I'll it business opportunity patients of for Samit So, and the

Samit Hirawat

the Thank question. you, thanks Nadim, and for Seamus

look come at Let me that first and looking titles you've seen the say, have then what we at, ASCO out. we are as

exciting chemotherapy, very cell with cancer CheckMate-XXX. a view lung year along from of limited looking a at update to placebo looking XLA forward two certainly for with update the and are data non-small an We in

first looking to In perspective, in a from data myeloma. at addition the of multiple to more that we're presentation hematology CARMA forward specifically, trials from ide-cel the

CELMoD, In addition data that of the to for which exciting. looking multiple we're and at to be CC-XXX myeloma at with important liso-cel going importantly, look continuing data the with very very and team very, presentation the we update is

terms ASCO, well will sets outpatient use You that, EHA. of encore asked of addition data following of liso-cel about be at up as the EHA. at certainly we're looking the EHA presentations more in to from in

we we is forward sets go follow there you. Thank then to continue If important more going more, have talk are these up. which as EHA at to will I say and about obviously to So anything ASCO, be about thereafter.

Seamus Fernandez

Thanks.

Tim Power

we Thanks, Seamus. go the to Can please? next question

Operator

question comes Sachs. Goldman next Flynn The Absolutely. from Terence from

Terence Flynn

adapting wondering Great. the the this how maybe Chris, Thanks longer just than obviously for for the environment you're launches here of the of questions. number is current and Maybe with upcoming expect. strategy possibility persists taking commercial we'd a you have

lot And specifics new goals wondering launches? any you I follow can you these just your up more give submission. on are questions liso-cel achieve you. about Thank the FDA if was And a you product confident for BLA request. of sales target that then can

Giovanni Caforio

Thank Terrance. you,

start. to employees Samit the just Nadim safety then We're me the health also and of launches. ask on our comment is healthcare can your with will I clear up the Let priority and Chris number liso-cel. on way a one of and obviously, question, follow professionals. taking approach And

So we disrupt right don’t want now. to systems, healthcare

engaging to maximize in the the of And so customers respect have on our remote our capabilities taken pandemic. challenges early order terms with to really of we in position the to

said indication principles different principles, existing of a And while also parts brands the apply differently for brands, different strategy world. that, new those of launch a a we an Having have is the totally medicine. because to new different global apply to they well-established versus clearly

and Chris of to can applying the support them we how launches these Nadim portfolio. are continued couple and examples give our our of principles a you So obviously of

Chris Boerner

maybe so for start. I’ll the question. Terence, Yes, thanks

the side Giovanni mentioned, continued in-person to on the a said, and engage of That made medical as both decision to So with engagement number weeks with we we remotely. customers ago customers. commercial pull have

capabilities made last is BMS investments The few engagement remote has significant in that over good news the years.

of lot engage experience, to So the technology customers. for last many years for teams this leveraging not but of have couple just the with a in months,

specifics. as engage look is taken we're how view and going the launch we're to point to And be how as that to the of those going going Giovanni think viewed customers we'll independently. launches, much with at mentioned, we've every very given about And

system in we because within postpone impact the to did community of were the March. example, to that We so at healthcare for their ability specifically, recall was And pretty that impact really March, just the MS COVID. operate late decided approved through to big time see you'll bracing the launch. a starting we was for So on Zeposia when

For new decrease example, to we saw about in MS. XX% brand scripts a in

And the to and our commercial conditions said, to begin begun customers. current That in to market to new see we've introduce recent medical weeks with feel engage the we to having appropriate didn't adapt were that be a the without medicine, frankly able environment. teams MS effectively

June to Importantly, initiate as new we therapies. plan physicians and on a began They on actively are to switching result patients Zeposia, beginning launch therapy Xst.

In terms commercial very very very been the team in and gotten Zeposia launch. We've well on medical And of the frankly that's we've teams fully preparations, prepared. a experienced hired are place good before profile. feedback

So excited true engagements. will be making well remote about heavily it cancer index available. that we're very for that lung and heavily will Obviously opportunity index line first this on initially launch as will

we'll we of engagement that experience ultimately warrant, ability have we mix in-person we always we'll Again, of confidence launches. have those use able do, both a conditions execute personal to across And of a leveraging our to in in commercial and these technology. remote promotion. lot a organization then as in the teams launches. to in And support the And be lot dial-up as

Nadim, add. anything to

Nadim Ahmed

this Thanks Chris. to Sure. I launch about just the or best-in-class in things. first-in-class say excited the of One, U.S. mean opportunity year. I'll couple medicines very just a four we're

very, going team. launch And well are so with the the preparations very

continue use hematology also Of to hematologists infrastructure. course relationships our experts deep commercial and our we'll with and

the launches that's CC-XXX U.S, Reblozyl, ide-cel in four year. potential the for So between this liso-cel,

able very and general good virtual the give ability Reblozyl to for an access we to virtual with to have engagement. to situation, beginning at to the some through a about just launch we stories which of saying, continue our launch quickly from filled the flavor what in pivot and MDS was physicians success customers And were year in-live the you we Chris

said, really we're us. ahead digital Chris pivoted finding So, about we've excited good launches the And of to that access. gaining environment. I'm very as we're

So about launches. those very excited

And of then hand over I'll to part other for Samit, question. the your

Samit Hirawat

thanks Thank And the Nadim. question. for you, Terence

review application know, And the and last a February in comprehensive data sets year. that the priority had application liso-cel, year. with submitted we the relates granted it this of for end FDA at As to the you as accepted of liso-cel

the has received the review in company now. continue months they has made. major to the have and FDA that's to their that constitute they for FDA And ask response request decided that been the to it Now, is the requests additional information amendment. has FDA date typical three as why extended November process to information supplied PDUFA XXth information by the several a of

to obviously to We're committed to not as soon as to meet discussions. we're our patients continue this ensuring comment milestones. severe our possible going on regulatory available of is specifics we the Obviously, medicine and

very health truly unmet licensed the we just But as about large approval and it towards the lymphoma, these remain year. let this confident therapy data forward end for an need to we're me is that patients remind medical with of for the B-cell the of looking

Terence Flynn

you. Thank

Tim Power

Thanks to Terence. Chloe please? question, go we next the could

Operator

The from next from question comes Meacham Bank America. of Absolutely. Geoff

Geoff Meacham

this a run a follow in Thanks for an of flow, launches. you or of the lower still XXXX your to cash accelerated for opportunities if as question. realized other think up had maybe I environment normalizes be and Since couple, a revenue just synergies terms about be the if how year, rate basis. on this for for David affects new some

And front. picture the then Giovanni, BD on big

well being cells. on You talked focused still about as integrate deals

environment this you. or offers the perhaps size just priorities so COVID-XX the curious either their view scope? whether Thank And and

Giovanni Caforio

Geoff. you, Thank

perspective ask our and start after. you second reflected Let It's question 'XX. to has on I'll a in David And give your guidance. me XXXX really what immediately been to and get

David Elkins

on inventory question. now QX thinking Particularly sell as we the is mainly build-up the and is, in as for through right guidance, that year. remainder you came to thank we for of it, really we're about the said going the So, think

into patients the And that the infusion starts back in would normal returning and in in QX. QX we're anticipation to new centers recovers as as continue And As normal. to closely far in we're what watching as for that volumes that on. XXXX well

the as are in product business product strong What coming what is quarter. I well this confidence launches as four would the you And are those say the of the year, launches is next performance very as first about underlying product year. that heard launches in the

keep our the industry but very That gives I my as year guidance we're that going reiterating both and this about us to in wind up talked a on eye factors for in the macroeconomic entire confidence impacting close remarks. next year, could

synergies as our As internally well board. with far as those the review as both synergies, we continually

pleased We party with making we've front. are the very, well. the progress done really the progress been on synergy the third vendors has with And very

as far selection together bringing are majority organization as of And that's the moving organization And the concerned placements done. getting well. of the along our place, vast planned sites in site as as far is as as our

So of essential in we have. targets remain confident kind delivering that we

Giovanni Caforio

you, Thank David.

So Geoff. back just question, going to your

progress let made first the are happy of company, all, of very the very, say execution we the the and time, in company. the integration strength at with of same So me with the just we've

side, one business well. to on perform our continues So really

As pipeline We're progress. you've drivers. great made executing we've seen, We've progress against well. with key the made value all

perspective from And progressing are well. well synergies tremendous financial we flexibility perspective. and a say really P&L with have would a we from as I

So be allocation very given related COVID going terms forward, of to we how think disciplined in evolutions about pandemic. and resource expenses to will the we continue

our really Business development strategy. changed mentioned our as central given pillar we've our of strategy. not position, Now, the capital allocation earlier, David remains strong

assets into We to are bring very focused the innovation on and company. new the continuing

going we to on the be development to definitely continue to focused us there are we've more forward. that And always expect been. possible to and very it's are opportunities as in that case going fact business available I

you. thank So,

Tim Power

the next Are one? for we Great. ready Thanks, Giovanni.

Operator

next question comes The Chris from Absolutely. from Schott JPMorgan.

Chris Schott

much so the for Great. Thanks questions.

for two me. Just

positioning the frontline offerings how RCC position different The them TKI to another? you light one, study, Opdivo market opportunity Yervoy versus you're XER to first Bristol can time? in IO you think about one combinations you you how and as going they're relative have over the talk of two see And the see to these going for about

was My second COVID and drug pricing. question on

I of high factors, you deficits but think well some about think of macroeconomic government payers. from as mentioned as when growing you unemployment budget these kind

think net COVID incremental that think now? sort flowing looking with some occurring much. this pricing that do into impact you going right to of what's later to see pricing, we're do you so as and out likely the about of see you XXXX? How question year Core you Thank from through it's

Giovanni Caforio

Chris. you, Thank

Let Chris comment you on me pricing. XER I'll on, RCC. perspective then start. to exciting there. my And It's I'll give ask and

first and been of of first drug think of, we've a about all, of the would real in pricing So say that the I for the creating all, need one, is pricing strategic. for time. dialogue And as period of to where that as industry now we, I of issue the And a continue affordability U.S. there is a lot Chris, in company elements system think are some a to of reforming think be issues patients. an

which drug through is know, that real issue. terms patient rebate pricing As we of other there believe of real a based opportunity affordability, reform you is the issue and measures are market to in the address

and to your question, speculate is it early on respect first to and early the to it is with future. Now, say, it days is difficult

significant question Of course impact markets. is, the was at to an the a many happens I that unemployment higher in where environment and commercial of your think focus the and center of is what

to the So in our U.S. look our about, one at where business, if think way business you XX% approximately of

is of So XX%, play our the about in that when the the you that XX% of may in commercial look commercial space. at business And out dynamics space.

happens on to what that potentially I may lot think be lose patients depends coverage. and a unemployed

those spouse's of patients some plan. will move to insurance So a

policy take be affordable those that would even would or more affordable for COBRA. strategy And makes of that beneficial may patients be - more Some obviously any patients. up

those patients of will Some be eligible XX. for they're if over Medicare

the covered. few very patients Medicaid government no or exchanges to be is or may like and programs There shifts some patient hopefully

we're So to these are going through. all of be the dynamics that working

a together. we'll lasts. these that the factors sort on course depends long and unemployment be how the macro But at think of lot of I recovery looking shape the of are And

ask Chris I'll that, about perspective his the to with the RCC give and So you market with XER. excitement

Chris Boerner

an thanks update question answering Maybe XER. line are saw Yervoy question, that We're today with I'll the plus start your about very on kind with the data for excited of renal. in with Yeah, in first Chris. we we Opdivo where just

of back that a when happened. one line. said we And things you precisely anticipated If that that started a the to plus the that's was go we in TKI see data IO first Opdivo year, what's we first would remain standard-of-care Yervoy

think we in Yervoy. XX of that Yervoy about by that Opdivo plus ASCO population. sort the benefits GU, We primarily ITT And update you long-term been Opdivo just performance plus at impressive have XX% of the And OS first with in that's seen OS that's month saw strong was the been line. driven continued

share at between of XX% intermediate end use It's population, label us now overall. indication non-promoted upper which core. labeled some the XX% right in there. that and Yervoy do the have of when look plus is about you Opdivo for the range, We favorable we is in use off that Market XX% on get

has we've existing that expense And use TKI therapies first the also IO at that seen, the have majority been renal largely plus gotten line of in TKI the monotherapy. of

seen really number plus uptick bit in has of we've months. in last So plus Opdivo held Yervoy up over of a well an and Opdivo Yervoy fact the

the that we to OS very safety data exciting the XER and both profile very the XER. saw data, there, also see for happy encouraged by we're PFS very

the thinking about we're existing compete through very how of TKI working the data think we days data, very it, IO and early therapies. positioning against we're still but terms In well these

there's drive an opportunity IO existing As TKI therapies. a to result, from share we think

share, to XX% share drive TKI mostly monotherapy renal about still to think spite in population. from of TKI of first in the favorable there's line an also opportunity is monotherapy in that advances We XX%

approved, now for XER favorable, us population promotionally. patient with we'll since population And to and access have once think that status and that we to favorable there's an crossroads there included respect opportunity well as

Importantly, us give once does multiple but is would believe that XER also offering. opportunity company, the have say offer IO really frankly, best last patients approved We'll we thing I class modalities. would the IO, TKI the in IO dual what a be to be only to

patients a provide there's opportunity that offers about XER to think And patients. I So another that opportunity. the very those excited nice help to us and modality

Tim Power

go Thanks, can question Chris. next Chloe the we to please?

Operator

from comes Baum question Citi. next Certainly. Andrew The from

Andrew Baum

Thank you.

please. So questions Samit for

what is OSN to follow-up PFS? the strategy ASCO, up non-small rethink is there? after at line going there on the that data all My enough presentation come for of that for cell first of question XLA back data follow that is attending of terms that and physicians for data, lung In both

could terms Phase and cover I use you a remember when be of you and the that talk XER the too? sure ran dose. low was in making that to trial, there about toxicity Second, the question X,

promiscuous given profile? should a be tops or it's TTI, you more could a would So assume that favorable share interesting. we Anything much comparable

you. it with on not that And Thank molecule? is TIGIT, of is of seeing and then particular this as with pushing function program antagonist. Merck that aggressively forward what been seems allocation TIGIT or your interested function a very a much. clearly to active finally with Roche's resource Is very you're

Giovanni Caforio

Thank you, Andrew.

I of Samit for all the So elements believe three questions you. are

Samit Hirawat

certainly but meaningful. data. from ASCO, At presentation Thank XLA we're very you, a very certainly always provoking Andrew, first the as questions. thought forward thoughtful virtually, to of the And perspective going certainly our looking be to

recall enrollment the you of we towards As finished year. last beginning had

short. we that XLA So realize to is data, answer. that will It's towards perspective share the first will at are I think readout we a few be from to interim is the important perspective. the able follow on What questions the to analysis, things that from be follow-up very the looking data of data

beginning out? on continue have what early happens how of it happens the CheckMateXXX as curve continue limited part the you impact can follow progresses that to we in that? two, up, to follow a that as the one. and where is and chemotherapy that what Number Does start amount to curve? OS saw Number we of to One we flatten

excited. answers you of very We as data. XLA look for be the those presentation we towards important think looking the the remain that are I

I think of a both them management towards of with non-small cell and considered have patient the forward. to you as data together as we XLA lung look go cancer management overall data in be XXX

required. dual that commercial So that also becomes I comment Chris need. shortened the to towards IO I perspective very I some chemotherapy from when to that will patients duration finished obviously think of ask really that was for along inhibition end important of with

management you of and be in On to of of that XER dose terms the important profile. certainly use the is side, of a XX will couple mentioned, going safety medics a milligrams as

have is we profile. we've said, already safety seen generally overall manageable that As what quite

risk in combination further all Chris also Opdivo the spoke use potential. opportunity an about, that in of this this categories provides with for

very met safety there in major managed rate, look profile. endpoints to you trial DFS survival at very benefit, if the overall a an has and addition the well certainly So endpoints, exciting as news three all at from as response well looking

I'll Chris then as the comment as finish on well to XER. on bothXLA and to on I'll further off TIGIT it pass And

well Roche perspective, data very we presenting, very be forward On as will mechanism, the that a complex are you see certainly to TIGIT looking the know.

We molecule Phase our in is have X. which

to overall going differently. do if We And shared continue learn will to that agent Phase want we'll and but profile certainly and we there's see to from then what the data to can certainly for you be add is we evaluate yet, things? X. no manage dose Roche Chris, present the

Chris Boerner

Sure.

of XLA standpoint together. Samit that say the from physicians do XXX that most is stood it's with last about the Samit and had really a And be really need and said lot over points to and we've few I XXX physicians think thought of think important obviously commercial what I that What on about around XLA. months discussions we a would XLA.

XXX, we XX% the that still about curve. nice of was OS this what at recall saw and responding you'll showed of responders were two years, we flattening

ASCO about XXX. complimentary data physicians But matures as thinking at is way very into that You'll how few to XLA then much weeks. the are see

and attention for chemotherapy, In weeks. that key need benefit presented XLA pay Samit to comes I chemotherapy don't they Yervoy who patients to hit play. want that's offer think potentially patients who in of those a need are do things plus that on And few the of XXX. that's that And the into data you ASCO some to Opdivo at where when

Opdivo that Two mind would plus in lung. respect keep in other I to Yervoy with just things

lung renal. or either First Yervoy in melanoma used have about Opdivo half plus treaters of cancer the

benefit familiar the that and they're thirds two total with for So, about there cancer those we account see of patients. with physicians regimen lung that

the not approved standard establish record of Yervoy to we with of able the then a in tumors is track that both experienced trivial that in have at care very second being And with Opdivo thing a a plus team thing been which regimen. a we've of

and date incredibly the prepared they're week. Yervoy line to cancer then first excited lung launch plus PDUFA looking XXX And forward for in Opdivo and to we're really next

Andrew Baum

Chris. you, Thank

Tim Power

could one, Chris. get Thanks, Chloe, the to please? we next

Operator

go from Certainly. Please Research. comes Tim Anderson from The next question ahead. Wolfe

Tim Anderson

its please. Bristol markets to footprint number emerging scale you. geographies few a more and Quite in was on focus I where Thank had questions, of presence. of it intentionally narrowed what Couple think felt it

me markets even geographies, going in slide it as organization. But emerging much or industry, with of very Celgene But don't press forward. emerging the oncology. important, kind release folded their are in makes China, plan the deck. wonder China markets is in mentioned with especially And see you're in what seen a like bigger or across we've the I

big the don't So a of wonder problem that you you me size enough now solution, it what's think indeed if the And a the stream makes an if company? have kind is revenue there's untapped here. there of given footprint

year-end, high in you line plus question up low view as are much to expectations those be should risk as I that on seem is Opdivo get do data coming doesn't My talked program in LAGX LAGX. question this investor understand it is, you low. have first a around about second The very program? combination melanoma a If be pivotal expectations

Giovanni Caforio

Tim. Thank you,

just his And you I'll the first then ongoing perspective me to answer ask LAGX Samit program. your on question. give Let

point I very is good It think is question. important. a really you're

work world. I we the say You our all over have and been last primarily of that focused on are developed done right few the the we have given focus years, oncology that on, would

And business we development seen in we've say we have developing in US the markets, approval significant Opdivo China. and must I And we look of Europe oncology success our when recently key some presence actually Latin particular, have and major in when outside including and at had the countries. Eastern a in Europe the with of America. know the of Central and as markets of you meaningful

really also to confident And more a the I'm continue actually is internationally. it presence we outside the we a we capabilities now tier establish portfolio have and have base markets. opportunities accurate one strong top invest to broader that So there. a to have right of And larger

a but presence that BMS is successful real a the already also opportunity, there. of portfolio is has been there There

have geographies to there and an So, is an to across approach respect the Samit? broader portfolio invest, with even opportunity we'll to continue different broader with a footprint.

Samit Hirawat

BMS questions, first Opdivo role three happened big all, think, drug terms played last FDA development BMS the of getting has and I and in with player. the Yervoy. lot on in take patients in a both so, I'll Giovanni. a certainly of has part melanoma you, Thank together

how data new have a about excited are mechanism Phase as the going we X perspective system T-cell get from seen, the immune looking at and the Lastly exhaustion early that also we data the and from to biomarker again.

patients this trial perspective. From in the excited continue that to to this certainly important is They enrolling and The currently study. from they is going enroll a is perspective, seeing and be investigators very the remain trial.

the as as end the we lifecycle data It visual in end continue collect looking terms indications to And towards of parallel, is management on we the you the look about continue enrollment towards we where's track. hear well. into out of From will perspective, that next early of them we the year. to an plan readout roll in at year, year studies

Tim Power

next we Chloe? Can go please Samit. to the Thanks one

Operator

Certainly. question The next Matt William comes Phipps from from Blair.

Matt Phipps

Thanks question. taking the for

infusion potential the that? since going accelerate given trouble First of reason environment our development any and other there subcutaneous at on is the there trials looking current accessing nivolumab clinics, to XXXX and

can confirm filings potential if wondering summer. a clinical the there's midyear to molecule any a trials are And that And trials.gov. successful? trials completed. impact be just the psoriasis our all want new then And or of physician lot to this formulation TYKX assessments on to according track just in been work of And secondly, clinical for complete ongoing are small

Giovanni Caforio

you, Matt. Thank

status questions think subcu on then there's and two the TYKX I program. Samit, nivo of the So

Samit Hirawat

Absolutely, thank you.

the I subcu So, It we thing nivo is say the that can currently ongoing. about evaluating that. only are

sometime available should I be and look safety, studies which we will outcomes of the the dosing the tolerability on and as soon. think acceleration depend first towards X the Phase

Phase then very enrollment. data over looking further X on are We X both recall development progress we'll the bringing based patients. XXX very, the to certainly into that, And promising further, completed it continue to the XXX, trials, and we Phase

and be will readout of are can psoriasis XXX for year there that this first quarter the looking of these to activities we so time push program. database at end for reason of any data we at There's that XXX believe the of the looking towards year the of no delays. of follow-up the and So next study cleaning lock. the first patients, We're for collection

those Back updates subcu nivo. two the and Tim. are you to TYKX So, for

Tim Power

we're starting of Thanks the normal time. I to to know run end close much. our so

Could to time go one? maybe it's we to more Chloe. questions squeeze think two next in I the

Operator

next question The Scala go Steve Absolutely. comes Cowen. ahead. from from Please

Steve Scala

you. Thank

regulatory liso-cel new no comments year. timeline. PDUFA with on the one of for launches extension you reflected real whatsoever. it's called comfortable out this four you the the the completely concern FDA Your meeting It And are seems

us? then well and could as you wish of to was what to want was that inventory destock that. drop just make And beyond infusion that's a secondly, impression I it convey these Thank just during sure that April? the COVID-XX lead to to the month metrics in curious, the second the to visits you. I'm the patient in centers in decline as quarter stated

Giovanni Caforio

Steve. Thank Sure. you,

comments can made Samit, already but if and there's perspective market about for give year. wants of think the on we see rest add, how we've he impacting a the anything dynamics then ask I different you and to So liso-cel, that I'll the business David

Samit Hirawat

And the Giovanni. you, for Thank thanks question. Steve

the FDA towards remain It November. review FDA. the confident the is what we they in the normal that Certainly ask date to said now the very in questions. we liso-cel data file as have to looking We are that remain for submitted the data. approval we For in is confident

very that's that a review process, the be many During But more to process. there may normal questions us. come

the comment to of forward looking one that's we or it. to end soon to view. point questions possible treatment remain relates confident as way this this at a think look of and So patients the I towards bringing types We are on from obviously I of regulatory that cannot specifically as to year.

David Elkins

around just the we question the saw. stocking that And on

we safety across as was we entered making saw pandemic inventory. February we stocks and March, increasing So they board, saw we situation the so had increased saw sure wholesalers, what the in

we talked getting also that stock. scripts, pharmacies longer safety then with patients we saw about We installed as had And it. extra

was example they Revlimid that doubling an of could get. days the number

to as see that starting destocking of said that will anticipate, out. come earlier are in that I We some majority come the of And we out QX.

and So that talked we're come anticipating. then QX in is of majority that about, it million of out the what we'll QX, in $XXX we to coming see remainder out

seeing of update and second on them. the And started on XX%, we'll to those but as see far did the in some Rxs closely we'll XX% we days. new quarter, what As we're new there, that. patient seeing declining early you What be that upon depending we're watching very

well, infusion as on fewer center, that seeing then that we're XX% patients. range to the XX% And in similar,

that's second add going know, well. Chris, in I if anything you don't again, to there's quarter an something wanted that. keep So to that that we're as eye the to on

Chris Boerner

in would particularly thing think new that managed is points. areas. volume seen across other to varied the I patient and starts in therapeutic has drop I hit only you've patient the we've that key The on really say

So XX% in been order the CV XX% space, it's NOAC sort on class. to the across of the of

new mentioned, we And in in April, XX%. and are to starts. that choppiness, the in of is patient that tumors A the the example, lesser Opdivo to as some the sales think on attributable oncology extent to drop in been new led to patients, order which has for we in, X% it's David

what for David that quarter, normalize more and we'll monitor. quarter would second the and the That quarter that in expect would impact to - had be normal back by that would said, by the mentioned, continuing begin be as we to fourth to that levels third the biggest that's would be

Tim Power

Chloe. we go Maybe Chris. Thanks, our one to can last

Operator

Risinger comes Dave question Stanley. Morgan next The Absolutely. from from

Dave Risinger

much. very Thanks

So results in congrats two prospects. have the I the questions. on

the and just of all timing ozanimod the opportunity Phase expected X First, comment and results? colitis could of you top-line sort on

watch? don't adjuvant call Opdivo commercial biggest But you. trials? with the you on I also if focus then readouts you so Thank missed comment know And opportunities to incremental part And on adjuvant earlier, could I could to of trial you it. those discussed respect maybe

Giovanni Caforio

you, David. Thank

address So your both questions. Samit can and Chris of

Chris Boerner

Samit, the the on do pick about you up on and want talk to opportunity then I'll attributes. to IBD start with commercial data

Samit Hirawat

And for certainly we're ulcerative for colitis. data Sure, that absolutely. then looking in forward ozanimod to the

We are top of already and still we're on completed track as line the third quarter this the towards enrollment looking readout. for had the year trial

for you the back to Chris? give me timelines adjuvant impact. and Let

Chris Boerner

areas, conditions, efficacious chronic multiple manage. treatments what manageable would require just IBD, And are that those of what on the these say drugs profile. around with safety I know, Crohn's for is in So a ulcerative colitis is build really a both disease more started may disease, as to on need in with they Samit opportunity there the and with both data you to commercial

In terms Crohn's need line that could in first the disease, think which order well-established there's space lacks I with play see with you what of options a how of any we That's efficacy ozanimod. we in for In space, pre-biologic a on true seek, the sort biologics. safe convenient with treatment. especially that's of

we're dependent safe is a the to, to And there's then develop biologics. to options post-biologic Samit still going in patients data for and ultimately going different for have opportunity alluded data as And relatively immunogenicity they a be that really need as MOA to young with the there. are space, a

early an adjuvant work of neoadjuvant with we impact immune and both system. on talked we've intact data some biggest a IO the pathological Yervoy looked we're think seen patients. seen adjuvant and the opportunity. melanoma response where about have setting in that to The space very it's encouraging. you given a about data opportunity as to With routinely, It's about XX% Opdivo with Opdivo adjuvant And respect so opportunity in the the that far, rate we've the excited saw the we've where should we have

an we way opportunity the saw not those commercially what watching adjuvant really but improve in treatment like have melanoma, the for. to out to with think introduction of only IO it you the commercial the today terms In treated is rates. are Remember patients opportunities, about much who of we

rate. to the So today, treated but treatment you are look who also patients at what's need both,

about treated the But XX,XXX on So an patients to about treatment ones where lung. U.S. keep would in Lung be only eye adjuvant are is rate the an XX%. is area the today. lung in

in have Those And the rate then only opportunities. melanoma esophageal. treatment programs renal about Renal large ongoing is are we excited and we're Similarly, the in particular, opportunities also well. cell XX%. obviously adjuvant as adjuvant in potentially about in

looking be that of would the interest programs as peri-adjuvant. And at are we're neoadjuvant programs the gastric got well as we multiple bladder. portfolio nice Other is traditional adjuvant thing approaches about and have that also and adjuvant we've of

opportunity. So really the about excited

Giovanni Caforio

Chris. Thank you. Thanks

So achieve in organization. very to quarter. proud very to thanks This the we call. I participating for everyone execution of our strong what forward I'm look resilience on our work and a together. the was of

patients the transform the light as an to In impacting our lives patients on. closing, lives. it depending have we and continuing medicines shining as is that part company of the that pandemic science. doing our the our on deliver is to and a clear It's also a are on We're to potential industry focus

questions. Thanks to Have available Thank your to will you. be the everyone and rest our good a day. continue team of answer

Operator

for you participation. This call. your today’s concludes Thank

You may now disconnect.

Bristol-Myers Squibb (BMY) 7 May 202020 Q1 Earnings call transcript