Q1 2021 Bristol-Myers Squibb Co Earnings Call

Of of of partying Tom bosses at the level that is similar in efficacy. But better safety profile, that is what we're looking for and certainly looking forward to the data in combination with them as well.

Thank you. Thanks, Summit case. Can we go to our next one? Please.

What does that? Take, our next question. It comes from Chris Schott of JPMorgan, a great. Thanks so much. Just two questions here, maybe just maybe elaborate a little bit more money in terms of like three and its role in the market. I guess should be things slowly as a kind of monotherapy, competitor or is it something you think from efficacy standpoint can stand up against and upkeep? Oh, your voice type of combo and then my second question was just a little bit more color on the opdivo launches as we got kind of treatment rates and development of these markets, just a little bit more color of how do you feel about the esophageal and bladder, kind of ramps as we think about, kind of this year. So are these big 20-21 events or just going to take a couple of years to really see the the opportunity for for those indications like suck.

Thank you for ice. So first on like three, let me share my enthusiasm for a fixed-dose combination which represents it really important data to validate a third engine oncology agent from the company, and let me ask Chris to give you his perspective on Dynamics and in melanoma and where that fixes combination may play and then give you insights into the update and management. Yeah, thanks for the things for the question press. So let me start with lack three. So first, let me say that we are very excited and pleased with the data. Read off that, we've seen for the third row that we have from BMS. The results are very encouraging and I think seeing an enhanced activity on top of opdivo and melanoma. That's a pretty high bar and so I ended about the opportunity to bring this to patients in terms of where it fits. You remember the current landscape of first like melanoma. Do you go you're away represents about thirty-five to forty percent of first-line melanoma.

Approximately 30% of this Market is still single agent. I owe and you've got another 30%. That is non IO. So we think there's a real clear opportunity here for us to drive the benefit package, plus opdivo into that population. There's clearly a continued unmet need with Physicians looking for additional options. That have a dual. I owe like effect and and we're looking forward to bringing that that combination to patients as we work our way through the, the regulatory process in terms of the adjuvant opportunities. Again, this is going to be an important opportunity as we get into the latter half of this year. And certainly, as we look about, look for the growth opportunities Beyond 20 21, you noted esophageal in the upcoming opportunity. With bladder, we're very excited about those with adjuvant esophageal. This is a substantial patient population with considerable. Unmet need the treatment rates, here are relatively low today, just given the lack of approved,

Repeat that we would anticipate.

over time will be able to drive utilization of today, which is relatively small,

And then improved treatment rates over time. Much the way we did, you'll recall in out of it melanoma and we would expect a similar Dynamic to play out as we launched in in bladder cancer as well. And seemed very excited about those opportunities and and look forward to seeing those launches play out in the coming months to our next question. Please, please.

Our next question comes from Seamus, Fernandez of Guggenheim.

Oh great. Thanks for the question. So I wanted to follow up on Christmas question as it relates to lag. Three, you know, I noticed Pascal abstracts. There's also an adjuvant trial that is is supposed to release reports and data. I assume that this is just a a single-arm trial, but what's Crystal hoping for in adjuvant melanoma in particular, as well as the plan celebration of the, the the non small-cell lung cancer opportunity just hoping that Summit could maybe help finding a better. Give us a little bit of visibility on um where he sees like three kind of potentially fitting in on the lung cancer side. And then separately, just wanted to get a little bit of a better sense of your thoughts around the stroke. The, the fpps, trial, with Factor eleven still first half of next year. And, um,

Maybe you could just remind us of the opportunity that you see there. In our view. We think that could be a community that's really not reflected in in expectations, but nobody knows this better than Bristol. Myers Squibb given your experience of products. Thanks. Thank you. Thanks so much. And thanks for the question. So let me just say, before I pass it to Sam it to answer all your questions that

You know, we really look forward to presenting the luxury data task. Oh, I think it's going to be a great opportunity. To show the strength of the data and on Factory. Let me just agree with you. This is a space. We know. Extremely well, we're we've demonstrated our ability to be successful with Plavix, of course, going back a few years and finally quizzes. We're seeing as we speak now with the current performance of the Eliquis, samet, I think you're running and and certainly very excited to see the data coming out. Great for the patience. And certainly, very happy with where we're going in the pipeline for lack three in in oncology for BMS as well, over all the natural progression after seeing the data and the first line setting of addition of the last name of on top of nivo, would be to go and into the adjuvant setting and that's where you, you began beginning to hear a lot more. That will be progressing into a phase three program.

In the argument.

For the school formulation that we now have is a as a fixed-dose combination for opdivo plus throughout the map. Certainly more to follow. As we look deeper into the data for the month, free trial to gain more in-depth, knowledge on the biomarkers, as well as the long-term follow-up that will come from the current. Oh, four seven trial that will continue to evolve in terms of our knowledge. Now, the second part which you asked is about the non small-cell, lung cancer opportunity. Certainly excited to have started. The early box generation trial is, is looking at the wrong combination of nivo plus plus chemotherapy to see where we can take it and that that's the idea behind accelerating the enrollment in the trial. So that by the end of the year, we can initiate a phase three program in that setting. If we have tolerability that is demonstrated in that early trial that we're looking at in addition to that you continue to hear evolution of the damage.

Potentially better settlement question about that. We are looking also to have some look into in the face to study and that can open up additional indications that we look forward beyond that in the same speed trial. Yes, we are still looking forward to the rear out in the early part of 20, 20, 20 22. As I said earlier, there are two opportunities opportunity. Number one is to improve on the Carfax regulation. Paradigm is a single agent and then opportunity. Number two is to expand the use of anticoagulants to the background therapy of antiplatelet agents. And those are the two studies that together will form the basis clinical development plan that we are thinking through, whether it be the venous side or the thanks a lot, because of the next question, please.

Thank you. Very, next question, comes from Tim Anderson, a wolf research, go ahead, thank you. I have a kind of a higher level question on the pd-1 space, can you just talk about your longer-term view on whether price competition in this category is kind of imminent or eventually will happen in develop markets both in Europe the space you know is clearly getting more crowded with both domestically, produced P loans as well as the

The Source from Chinese Pharma companies and while price competition usually is not a winning strategy, it might be the only lever. Lots of these other companies can pull and I think at least in China as many get started to recognize the people in category has become a commoditized class. So lots of folks are trying to figure out what precludes this from happening outside of China. Can you articulate your views here? Thank you.

Thank you, Tim. Let me ask Chris to give you our perspective on, on a really important topic. Yeah, thanks for the question. Can we obviously, think about this quite a bit is we think about the number of new age? 81 entrance in the market. We we really look at it on two Dimensions. First, there's the competitive, in fact of having additional players on the market. Frankly, that's an area that that we pay attention to, but offer a little bit less concerned about, we have considerable resources folks, focus on planning around competition. We have a good track record of competing in these markets. And while we're always a bit paranoid of potential new entrance, we feel good about our ability to effectively manage competition. The 2nd Dimension that we look at is the one you're raising, which is the risk of commoditization of a market. And the way we look at that is commoditization, we think requires two things. It requires a low-cost entrance and interchangeability on the part of payers providers and patients the risk of both of these things. Coming together, likely varies, we yep.

Be by geography Healthcare System and maybe even by therapeutic setting but we play pay very close attention to this. In terms of the risk we absolutely believe at some

Thing that we need to stay on top of its as, you know, very Dynamic, currently the areas where we see the greatest risk don't overlap with our largest markets at least today, but we certainly have plans to address the risk as they become more tangible. The two things that I think we're we can continue to do that position us well against this threat. Our first continue to Leverage The Extreme data set that we have generated in. I owe to ensure that treatment decisions continue to be clinically driven and then second continue to rapidly bring a new data and approvals to Market such that we're, we pushing forward Innovation and changing the standard of care. But this is an area, that's very Dynamic. And we're paying close attention to it. Thanks very much. Let me go to the next question, please, please.

Thank you. Our next question comes from Jeff Meacham of Bank of America, please go ahead.

Hey guys. Good morning. Thanks for the question. Just had a couple of quick ones. 512. What were some of the headwinds you saw for this quarter? And what do you think could be the Tipping Point for as opposed to an honorary for the current indication? And then the second questions with your cell therapy franchise, I know it's early but just given the proximity of the two launches are there suggested that you're seeing. We just with respect the site, activation, or reimbursement, cetera. Thank you. Thank you. Jeff Chris want to go ahead? Let me just give you my perspective. I'm really excited with what's happening on the front, or launch Brands. The profile of the medicines that you mentioned, is very differentiated have strong labels. And what we are hearing from Physicians is exciting, in terms of the potential role that these agents will have in the marketplace. Let me just ask

Chris to give you more insights into some of the launch Dynamics. You, your reference, just sure. Thanks for the questions. Just there's a lot there. So let me try to hit on each of these relatively quickly. So Rebels Hill, we're pleased actually with the continued strong execution of the teams and what we're hearing on Rebel and our expectations for growth this year. And certainly in the long term remain unchanged as for the Dynamics that we saw in the corner or relatively flat Q4 into q1 and there were really two factors underlying this first. As you will have heard from some of our peers, we have seen new patient volt down and hematology. Generally, they were down about 10 to 20% versus COVID-19 levels in the n d s population. And so, that was one of the factors that play at least for the quarter wage. And we have seen specific to Rebel Zilla, bit of a prolonged bolus washout. And to give you some context around that. In Q4 the we estimate that bowl of stations for Rebels were dead.

Roughly around 40% of the overall business in q1 that has come down to about 20 to 25%. And and we would expect those patients to continue to come off there. Be over the coming month. Those two Dynamics notwithstanding, we were very encouraged by the continued uptake of new patient starts in the setting and continue to see new trial as an expansion of the prescriber base, which is critically important at this point to launch. So continued excitement on our, from our perspective, with respect to Rebel on you Reagan is supposedly in terms of pivot Points. I would say, you know, as we have discussed in in that same as you've seen with some of our peers it does take time to transition patients from written scripts to commercial, dispensation in nms, that said it was a big Focus area as we did last year, and we are seeing very nice acceleration for as opposed Ian. And that's and of course, we have the opportunity and you see coming up with the group of data in a month or so dead.

And that's obviously another report.

An opportunity for Zippo Z and very much look forward to bringing this differentiated product, and mechanism into into. IBD on your egg. We're in the process of creating a month was on your Rag, and that lunch is going very well. In fact, we saw patient demand volume increase about 50% from Q4 coming into q1. And I would say in that space, we're very excited with what I'm seeing now, again, it's, it's a market where we're creating a new treatment Paradigm and that's going to take some time, but all indicators are that the the efficacy profile of the stage Landing. Well, with customers. And again, the teams are executing well and then pivoting to your question on Cell Therapy. We're very excited about the two cell therapy. Launches both products have been very well received given breyanzi is a got a little bit more data. In terms of the launch timing, let me start there. The launch there is going very well. We've had over fifty accounts. That have been activated, already are higher wage.

Priority accounts. In fact, we're we're activated within eight weeks of approval, the messaging around the Best in Class profile, for breyanzi is landing. Well, positions are clearly seeing a differentiated safety profile. And in fact we've, we've already infused a priest and Infuse patience with breyanzi. And so, I would say the, the execution there has been exceptionally well and just quit on a beckmann, obviously a bit earlier in the process for Rebecca, but we have the advantage of lawn advantage of launching that product on top of the infrastructure that we built with briandi. So we've actually been able to more rapidly activate sites. There, we've had twenty-five centers were activated within ten days of approval. The Physician feedback has been very positive and there's a lot of enthusiasm for us. Being the first bcma, targeted Cell Therapy into multiple myeloma. So, so far early days but the launch it seems to be off to a very good start.

Thanks very much, Chris, speaking to the next question, please.

Our next question comes from Andrew Baum of City. Please go ahead.

Many thanks Christmas Giovanni in relation to Business Development, Bristol, we anticipate it's going to be more active than many of your peers given the decadence of allergies you may have a new portfolio. The FTC has been making increasingly loud noises about consolidation being a driver of increased drug prices and administration took over night. I'm interested in how you think this could impact Business Development going forward whether it's more noise than actions and what we should be looking for in novel mechanism, engage to determine whether m&a relates and anti-competitive activities and then second question for Summit. Perhaps you care to, whether you can anticipate a panel meeting to assess Jack safety. Obviously, thinking about to collaborative, move in terms of its broader membership of that particular category.

Thank you. Thank you Andrea. Let me start with your question on Business Development and then Sam, it will fall on your sex.

From question. So it's really difficult to speculate at this point and early days, or the what, the evolving position of the FTC will be a couple of things that I would say is number one. I I, I do agree with you, that business development is an important priority for us. It has been for a while and it will remain one of the priorities for deploying capital and and our Capital allocation strategy. The second thing that that I like to say is that I actually feel that we've demonstrated took over and over at that, uh, when we acquire assets into the company, it's actually a way of accelerating their development and generating even more violence, an important element of what drives our, our business development strategy. I feel there are plenty of opportunities to continue to strengthen our portfolio across all of the areas where we have a prairie, dog.

Susanne expertise, and obviously, we'll always take, you know, competition issues into account, when we look at opportunities. But I don't see that at this point is limiting our ability to continue to to execute a very, uh, differentiate Business Development strategy, so, with that Summit.

Yeah, thanks Andrew. And certainly yes. We've heard the speculation around Adcom for potentially looking at it from a safety perspective for Addictive behaviors and where they belong in the Jack, I believe me. Think about it is as we presented. If you look at the data, we do believe, it is very differentiated and there are absolutely thinking around preclinical data, the clinical data, the member of action and the way the data has evolved also on the efficacy side. So overall I think we have very strong arguments. If there is an Adcom, certainly will be prepared with that with all the, all the data that we've shared already and will

Computer evolve in terms of the long-term follow-up as well. We do believe this is new breakthrough in science. It's a new first-in-class, molecule for a ticket to the thick two inhibitor potentially burst as it brings new efficacy data for patients with psoriasis, which is an unmet medical need. So certainly looking forward to sharing more as we go along at the current time. We are in discussions in terms of prestige and getting it to the regulators and move it forward as soon as possible.

Thanks Keith me. Go to the next one.

Our next question comes from Ronnie Cal of Bernstein.

Good morning everybody. I met first with some participation by Pharma through the to the cost structure roughly, 10% Democratic dog from the public inside. I was wondering if you could just sign full part for us, the relative impacts of phone number situation in the cost structure of party. And how does that translate into your own Revenue loss? And second, I was wondering how you going to handle the difference in price is supposed to have between the market and the ID Market two different price. Do you have your your percentage that how you thinking about handle?

Hey, Ronnie.

It's 10:00. We couldn't quite hear the first part of your question. We heard the part about the price on suppose you could, you repeat your beginning of your question if you don't mind. Sure. Parkview restructuring. Can you give us a song? How can I get 10% reimbursement requirement by Pharma translate into impact on your Revenue?

Okay, thank you, and thanks very much. Let me start today. And then I'll ask Chris to, to address your question on here. So, let me say Obviously, there is continued dialogue the potential, uh, benefit design changes that may that may be discussed.

By the administration. And I think it's premature assessment of what the part of the redesign, you know, may may what elements may be discussed going forward. I think what's important is a couple of things. So first of all, as you know, we have a very Diversified portfolio across multiple segments and and multiple therapeutic areas. And so, you know, there will always be different impacts on on different parts of our portfolio from any benefit redesigned and they offer different Dynamics for a product, like, revlimid versus April. I can give you any insights into impact of reforms because it really is important to know the details of why. I think it's more important, is the fact that from our perspective, it is critical that we look at reforms that have one objective in mind, which is to improve for the pig.

For patients in, in Medicare Part D. That's sort of the, the core of the, of the, you know, the priority the issue has and, you know, the, the, the proposals that will continue to make as we interact with the administration will be focused on elements of the redesign that include establishing, out-of-pocket caps, uh, you know, reducing the overall impact to patients in the catastrophic phase smoothing expand throughout the year. And so as you know as as proposals progress I think it'll be easier for us to provide insights into how that impacts our portfolio crisp. Yeah, thanks for the question. Wage is Lee. We are keenly aware of the differential in in prices between the m s market and you see as you as you know, we priced as opposed Iya dead.

In the broadest patient access in the market. And as we think about, you see, it certainly too early as this

In. You see what I would?

Your price considerations out the importance of access in generally and we have plans in place that will execute as we get closer to the approval of deposing, you see, but it's something we've been focused on for some time.

It's pretty much Chris. Can we go to the next question, please?

Our next question comes from David Risinger of Morgan Stanley.

Yes, thanks very much. I have two questions. Please, first the bar that Bristol Myers set in first-line melanoma with a combination of wage. Plus your voice just so we have that in context. Ahead of the likes re-read out ahead. And then second could you provide a framework for the poem? The sales drivers in coming years in both, the US and X us. Thanks very much.

Thank you, David. Let me ask Sam it to start and give you his perspective on first line.

Manoj and then Chris can can add any perspective. Yeah, thanks.

For the question, David. The way to look at it though is as Chris mentioned earlier, there's still a large number of patients who are treated with either single-agent bio org to non-ios. So yes. Oh, plus, why is a very important regimen has shown very important efficacy and long-term effects and maintenance of that effect and said before it becomes important. What we are now bringing is an additional let's say treatment potential who have melanoma in the first line setting with relaxing on top of nivolumab as a single agent. And that's the reason why we excited about this to be able to add to the treatment Paradigm for prescribers and for patients to potentially using a future once approved in this particular setting one has to remember that we are also talking about the safety profile and its differentiation over here. So, the latinum a plus bluffing

Nivolumab therefore becomes an important aspect of the freaking. I'm looking at the future.

Yeah, and then let me take the, the question on supposed David. So, the way we think about the Bodhi is first of all, we're very excited about the opportunity, initially that we have both in the US and us, and, and Thursday. We think that that those here brings a very differentiated profile into this Market. It's now in the US, the number one s p in terms of written, prescriptions were gaining on oral agent

And as I mentioned earlier, we are making progress in terms of optimizing the patient pull through in terms of commercial dispense. So we think we've got considerable opportunity to continue to grow in a short-term in and that's in the u. S x u s. It's still very early days for the launches of supposed to have. But I would say that in the early launch markets in Europe as opposed to the uptake appears to be very good, particularly in markets, like Germany. So I think in the near-term, there's going to be clearly a focus on maximizing the opportunity that we have with that. Those Ian in that market globally, and off course with the upcoming launch. And you see that becomes a much more important opportunity for us as we beyond supposedly is profile. Looks very good. The feedback we've gotten from a truck is in the IBD, space is very positive. Obviously the the rate limiter in terms of the US uptake is going to be accessed, we've know, that's a very important component and we're going to approach that into dead.

very step-wise fashion, it's going to be important that we drive volume initially, in those patients, with those patients, who have

Uh insurance. That is open or relatively unrestricted and then we'll leverage those opposing of profile to drive additional utilization. And then of course, work with payers to ensure wage at the access that patients have in that space that will that will clearly take some time. But we think the opportunity and IBD for supposedly is substantial and and that will be among both in the US and us as we as we get into that launched in later in 2021 and then certainly 2022 and Beyond

Express, can we go to the next one? Please?

Our next question comes from Greg Gilbert of Truth securities.

Thank you on like three. How are you thinking about the importance of biomarkers here and and what level of granularity should we expect around the data set of Vasco as it relates to lag? Three positivity at 6 and then Giovanni is Different Twist. Perhaps on, on the question when you took over a CEO I imagine there was quite a sense of urgency to diversify the company, but with the steps you've already taken to do something, so would it be fair to characterize your m&a, strategy? From here's as more about enhancing existing franchises and less about diversification as a concept. Thanks

Thank you Greg, let me start there and then I'll ask somebody to give you an answer on the on the market strategy for like three. I'd I think you're absolutely right. I believe that one of the things that is with a clear strength for the company. Today is the diversification of our business. When you look at our oncology business, solid tumors and hematology what's happening in Iraq, you know, give me an allergy which is clearly the fastest growing segment of our business right now and the long-term leadership position that we have in cardiovascular medicine. I think that we have an incredibly well Diversified set of businesses with strong Dynamics for all four of them. So I think that's an important foundation that we've built for the company and wage. And, you know, at this point, I see that as an opportunity because we have capabilities that we can leverage really have deep expertise, whether that's from a scientific and development perspective, or off.

Commercial perspective, growing in all of those areas and it gives us an opportunity to look at assets where we can apply.

Apply our expertise and maximize the value of those assets. So, you know, the priority for us now, in business development, is across all of those areas to continue to strengthen. I work for folio. And as I mentioned several times, the objective that we have is to further strength,

And the Outlook in the second part of the decade but our business is extremely well Diversified at this point samit thanks Greg doing sir Giovanni and thanks for the question as well for like three. Obviously, I will not get into the specifics of the data that we presented a school. But certainly some of the biomarker data will be included in the presentation. You might recall from all the published literature on Backstreet and in general for iOS. It's been it's been a difficult exercise to get specificity, he's around which biomarkers, really dictate the activity of choice of the medicines that we are testing and exploring. So it will continue to get into that into deeper details after the data are presented but certainly looking forward to a better understanding of the overall length of type. And as we look to the combinations and other indications as well,

Thanks very much.

For the next release.

Our next question comes from Matt Phillips of William Blair.

Thanksgiving the quick ones. Can you give us any update on timeline for an ESS look and the Checkmate, 816 trial. And how do you think the whole world out there in the potential opportunity? There is an impact positive announcement and then secondly on the ticket to given the strong results. Uh you saw on the moderate-to-severe patience and then also be a Tesla Advanced study in Bible moderate. Any plans to maybe run an additional head-to-head study for for the Tesla in a mild-to-moderate patient population to expand the opportunity?

Thank you, Matt. Let me ask somebody to to address both of your points. Well, the second one probably pass it on to Chris. The first one, I will say that for EFS 4816, you've seen a data already for the pathologic computer response, certainly very, very encouraging. Looking forward to the ef-s, read out towards the end of 2022, early 2023 time frame so it off. So I mean from that perspective on track and we'll certainly be sharing it as soon as we have that data available times. Just one more thing that I wanted to clarify what I said early on. Pause on Andrews, question around the speculation on the Adcom, the speculation that we hear is around the Jack Inhibitors, and we have known knowledge around, including a stick to, as, as being included in there. And that's what I just want to clarify one, one more time,

And let me just very quickly, hit on the commercial opportunity, 4816, and then turn it back to solid on on tick. We're happy with the results. Obviously, that we've seen so far with 816 Pages, mentioned the data continue to emerge in the space. What I would say is that this is a, a fairly sizable opportunity. There are about just shy of thirty thousand, treatable patience here off the treatment rates, are in the order of sixty to 65%. So, we think there's an opportunity to do two things. One obviously, provide an opportunity to need to do a space for those patients who are being treated today and potentially continue to push the treatment rate. And remember many patients will be identified. Once you have more active components that are available in the space. So we think there's considerable opportunity here, great. Thank you. And, in terms of the, the sources it has large brought up, I think, first of all, the exact

Other deal that we have, we have obviously the mechanism of action that is quite unique over here. We've uh, seen the data in the moderate-to-severe psoriasis. We have additional studies that are ongoing in the ibdc in the new place space. The discussion around moderate to mild to moderate psoriasis continues and we'll certainly share with you ultimately what the plans would be. But truly excited today when we, where we are and certainly the evolution of the data, at the end of the year, in additional indications, we are not ready to share yet. Our plans for mild to moderate psoriasis.

Let me go to the next question.

Our next question comes from Steve Scala of Cowen.

Thank you. A couple of questions based on everything that has been said it sounds as though. The relax data is not competitive with opdivo. Plus your voice on efficacy. How long it might be on safety or am I misinterpreting for instance, you mentioned adding to the Armament area but not advancing it, you refer to many patients on monotherapy or not received. I, oh, but you didn't really refer to those on ioio. So I'm just curious what we should interpret and we'll fill full data be in the abstract on May 19th. Second question, on slide on on slide on page six, other ninety percent of products in the continuing business, should we think about opdivo, plus your voice comprising?

About 50% of that. 90%, thank you.

Okay, thank you, Steve. Let me just provide some perspective. So to answer your second question, as we've said ninety percent of the business by 2025 being continuing business, that excludes it and pomalyst in that.

That 90% we set about a third are the launch brand. The rest is the current online portfolio. We're not breaking the that, that 70% down further. But I think, what's important, there is actually the strength of the emerging business for the remainder of the decade. And can obviously, the launch Brands becomes particularly important given that were discussing 2025. Let me just reiterate our enthusiasm for the last month. Fixed-dose combination in melanoma. It is clear that we have a very well-established standard of care with all plus why and you know long durability of response demonstrated over a long period of time but I just want to again Raider aid from an efficacy perspective. I'm a safety perspective, we're really excited to be able to show off.

David asked Summit and Steve the appoint I would add is look we did not do a study of nivolumab plus vs. Nivolumab plus people umer. So it would be unfair to start comparing the data for the two trials. Secondly nivolumab plus the blue map as Chris had said earlier as Giovanni just said has been established for a long time of long-term data overall survival data, response rate data. For the last amount we do not have the overall survival data as well as the response rate data. But we are excited to see where we stand with our overall, progression-free survival data. As compared to single agent, the volume Avenue Cedar database soon and certainly we can have a dialogue after that but as as Giovanni said, very pleased where we are and certain looking for the evolution of the data as we go forward.

Thanks so much. Can we go to the next one? Please.

Our next question comes from Luisa. Hector of berenberg.

Hello. Thank you. I wanted to return to the trivia please. Ms. Device off Market to be launching into through COVID-19. I'm just wondering which patients boxing on

Christian. And do you expect that to evolve on the indication? Are you anticipating an update on from how you're preparing to launch? Thank you.

Chris sure, let me start and then I can maybe turn it over to Summit for the Adcom question. So, very happy with the performance of the posy in, in particularly, as you found out in light of the COVID-19 environment. This was, as we had talked about last year, a market that was hit by COVID-19, in terms of new patient, volume being down. And, and obviously, this is a, a market that we are entering into relatively new for for BMS and so at the end of last year, we spent a considerable amount of time. Making sure we were engaging with customers in many cases for the first time and so our Focus was continuing to do a few things first. It was making sure that we were selling the profile for this being demonstrated in the data. Number one, s p m.

Take in terms of written prescriptions here.

Ms is relatively small and we've seen most of the the business at this point coming from switch patients and we're continuing to get

An increase in new patients who are coming on board as well. So we're very happy with that and we would expect that to continue to evolve over time. And then obviously as I mentioned in one of the previous Club, big Focus for us has been making sure that we continue to convert those written scripts into commercial Journey for patients in this market and we've had great acceleration. They're so excited about what we're seeing so far. And we think we're on a very good trajectory for Zippo Z and Ms. In the US, just very briefly on Thursday. We are already at the end of April, or to do for date. Is end of May, we have had nothing but very good conversation with the FDA so we have no knowledge of an Adcom for life as opposed to me. I think we've got time for maybe two last ones. We go to an excellent place.

Thank you. Next question comes from Dane Leone of Raymond James.

People. Go ahead.

Thank you very much for taking a question graduations on starts the year. I know it's late in the call, but thank you for taking the questions and I'll keep it. I guess they Brave a question a lot from investors is how to think about the multiple myeloma franchise over the next couple of years and years market share collectively within that. Obviously, you have some moving pieces with them with an offset to the back. But the specific question I guess is, where is your team looking in terms of some of the new agents that dependable Community is becoming more interested in such as life or divide? And how, how do you think that can move into a commercial setting as an offset to, you know, some of the the headphones you may face in the space. Thank you.

Thank you then. Yeah, thank you. So, you very quickly ask about multiple myeloma

Dear leader than multiple myeloma. Of course continuing to build on the heritage of the image where we pioneered in that space. We do have the broadest portfolio and now we are beginning to see the results of that page approval of a bank, but the way we look at it is the three-pronged approach on one side, we have the celmods which have the potential to allow for us to replace the image is a good time with a near-term opportunity for iberdomide reading out this year in the 4th Line plus setting. And then the second celmods 480 reading out in 2022. The second strategy is a b, c d. A bechamel already approved, and we have the, the investigation ongoing for EDC targeting. The third pillar is, of course, the combination and you will see beginning this year already, the studies of celmods line setting in the one to two prior lines of therapy and then, we will continue to build on the other combinations as well. So, we feel overall really good about our position by having these multiple modalities dead.

And you're confident, we can continue to build on our leadership position going forward in that space.

Thanks so much for last one. Please keys.

Our last question comes from Navin, Jacob.

QBs. Please go ahead. All right, thanks so much for taking my question. I'm putting me in just to just to confirm that the 160 million dollar to upload. Actually, uh, was indeed a, uh, tail wind, and not ahead win. And then finally, just just on with the question for Giovanni, but I can't someone new vertical for for BMS and so far as having Neuroscience, as you think about BB, what are the areas that month, you'll be looking to invest in and, uh, roughly how much are you looking to deploy on an annual basis for the next few years?

Yeah, thanks Navin. So let me just say very quickly. Yes, you are right. It is, it is a table in the hundred sixty million with respect of Business Development. I actually, what what we are doing with our teams are doing in Neuroscience is really interesting. We've obviously over the last few years built of a Innovative model, we're through a network of Partnerships. Primarily as multimat DMS has been very successful in advancing an early portfolio looks quite compelling this point. So, you know, not a large area of focus from a sort of late-stage development for us yet, but an emerging franchise that could be important in a future. You know, as I said earlier, we're going to be looking at continuing to strengthen our portfolio depending on obviously the assets that that we look at and our Aveo.

across all of the

Yes, where we have expertise. We haven't really given a, a Target in terms of spend per year, but we've made it very clear that this is the number one priority issue of capital allocation strategy. You know, the the the acquisition of myokardia last years of really good example, of the type of focus, we want to continue to have going going out. For one is a company and I'll remind you, we have tremendous Financial flexibility to be able to invest in the right in the right opportunities and in the right science. So, with that, I would like to thank all of you for joining us today. As we discussed, this course, that we delivered strong results. Consistent with our strategy. We've continued to grow Revenue. Execute on our launch. An advanced package pipeline. I'm really proud of what our teams have accomplished so far this year, including so many of the important Milestones that have been discussed during the call. And as always, our team will be able to answer them.

Further questions, you may have during the course of the day and the rest of the week. So have a good day and thanks again to all of you for participating.

This concludes today's call, thank you for your participation. You may now disconnect