Q3 2023 Bristol-Myers Squibb Co Earnings Call

October 26, 2023

Operator: Hello, and welcome to the Bristol Myers Squibb third quarter 2023 earnings conference call. All participants will be in listen-only mode.

Operator: Hello and welcome to the Bristol Myers Squibb Q3 2023 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may have pressed Star then one on your telephone keypad. To withdraw your question, please press Star then two. Please note this event is being recorded. I will now turn the conference over to Tim Power, Vice President of Investor Relations. Please go ahead.

All participants will be in listen only mode.

Should you need assistance, please signal our conference specialist by pressing the star key followed by zero.

After today's presentation, there will be an opportunity to me to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two.

To withdraw your question, please press star then two.

Please note this event is being recorded.

I'll now turn the conference over to Tim Power, Vice President of Investor Relations. Please go ahead.

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Tim Power: Thank you. Good morning everyone. Thank you for joining us this morning for our Q3 2023 earnings call. Joining me this morning with prepared remarks are Giovanni Caforio, our Board Chair and Chief Executive Officer, Chris Boerner, our Chief Operating Officer and CEO designate, and David Elkins, our Chief Financial Officer. Also participating in today's call are Adam Lenkowsky, our Chief Commercialization Officer and Samit Hirawat, our Chief Medical Officer and Head of Global Drug Development. As you'll note, we've posted slides to BMS.com that you can use to follow along with for Giovanni, Chris and David's remarks. Before we get started, I'll read our forward-looking statement. During this call, we make statements about the company's future plans and prospects that constitute forward-looking statements.

Timothy Power: Thank you and good morning everyone. Thank you for joining us this morning for our third quarter 2023 earnings call.

Joining me this morning with prepared remarks are Giovanni Caforio, our Board Chair and Chief Executive Officer, Chris Boerner, our Chief Operating Officer and CEO designate and David Elkins, our Chief Financial Officer.

Also participating in today's call are Adam LenKowsky, our Chief Commercialization Officer, and Samit Hirawat, our Chief Medical Officer, and Head of Global Drug Development.

Also participating in today's call are Adam Lenkowsky, our Chief Commercialization Officer and Samit Hirawat, our Chief Medical Officer and Head of Global Drug Development. As you'll note, we've posted slides to BMS.com that you can use to follow along with for Giovanni, Chris and David's remarks. Before we get started, I'll read our forward-looking statement. During this call, we make statements about the company's future plans and prospects that constitute forward-looking statements.

As you'll note, we've posted slides to bms.com that you can use to follow along with during Giovanni, Chris, and David's remarks. Before we get started, I will read our forward-looking statement.

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

During this call, we'll make statements about the company's future plans and prospects that constitute forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's SEC filings. These forward-looking statements represent our estimates as of today and should not be relied upon as representing our estimates as of any future date. We specifically disclaim any obligation to update forward-looking statements, even if our estimates change.

Tim Power: Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's SEC filings. These forward-looking statements represent our estimates as of today and should not be relied upon as representing our estimates as of any future date. We specifically disclaim any obligation to update forward-looking statements even if our estimates change. We'll also focus our comments on our non-GAAP financial measures, which are adjusted to exclude certain specified items. Reconciliations of certain non-GAAP financial measures to the most comparable GAAP measures are available at bms.com. With that, I'll hand it to Giovanni.

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

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

We specifically disclaim any obligation to update forward-looking statements even if our estimates change. We'll also focus our comments on our non-GAAP financial measures, which are adjusted to exclude certain specified items. Reconciliations of certain non-GAAP financial measures to the most comparable GAAP measures are available at bms.com. With that, I'll hand it to Giovanni.

We'll also focus our comments on our non-GAAP financial measures, which are adjusted to exclude certain specified items. Reconciliations of certain non-GAAP financial measures to the most comparable GAAP measures are available at bms.com. With that, I'll hand it to Giovanni.

Giovanni Caforio: Thank you, Tim, and good morning, everyone. Q3 was a solid quarter for the company. We delivered sales growth for our in-line and new product portfolios and continued to advance the renewal of our business, delivered important clinical and regulatory milestones, and further strengthened the long-term prospects of the company through the planned acquisition of Mirati. On my 49th and last quarterly earnings call, I am proud of where Bristol Myers Squibb is today. We have built a highly diversified business. The strength of our in-line products and the potential of the launch portfolio gives us confidence in the ability to navigate the Revlimid LOE through 2025. The focus is clearly on the second half of the decade. We continue to strengthen our position thanks to a growing registrational-stage pipeline and the ability to source external innovation through business development.

Giovanni Caforio: Thank you Tim and good morning everyone.

Q3 was a solid quarter for the company. We delivered sales growth for our in line and new product portfolios and continued to advance the renewal of our business, delivered important clinical and regulatory milestones, and further strengthened the long term prospects of the company through the planned acquisition of [inaudible].

We delivered sales growth for our in line and new product portfolios and continued to advance the renewal of our business delivered important clinical and regulatory milestones and further strengthened the long term prospects of the company through the planned acquisition of mid Rusty.

For my 49th and last quarterly earnings call, I am proud of where Bristol Myers Squibb is today. We have built a highly diversified business. The strength of our in line products and the potential of the launch portfolio gives us confidence in the ability to navigate the Revlimid LOE through 2025.

We have built a highly diversified business. The strength of our in-line products and the potential of the launch portfolio gives us confidence in the ability to navigate the Revlimid LOE through 2025. The focus is clearly on the second half of the decade. We continue to strengthen our position thanks to a growing registrational-stage pipeline and the ability to source external innovation through business development.

We have built a highly diversified business. The strength of our in line products and the potential of the launch portfolio gives us confidence in the ability to navigate the Revlimid L O E through 2025.

The strength of our in line products and the potential of the launch portfolio gives us confidence in the ability to navigate the Revlimid L O E through 2025.

The focus is clearly on the second half of the decade. We continue to strengthen our position, thanks to a growing registrational pipeline and the ability to source external innovation through business development. Our R&D Day highlighted the breadth and depth of our research efforts, which provides us with confidence in our long term sustainable growth of our business.

We continue to strengthen our position thanks to our growing registrational stage pipeline and the ability to source external innovation through business development. Our R&D day highlighted the breadth and depth of our research efforts, which provide us with confidence in the long term sustainable growth of the business.

Giovanni Caforio: Our R&D day highlighted the breadth and depth of our research efforts, which provide us with confidence in the long-term sustainable growth of the business. It has been an honor and privilege to work alongside my talented and dedicated colleagues at BMS over the past 23 years and to help grow this company into the industry leader it is today.

Our R&D day highlighted the breadth and depth of our research efforts, which provide us with confidence in the long-term sustainable growth of the business. It has been an honor and privilege to work alongside my talented and dedicated colleagues at BMS over the past 23 years and to help grow this company into the industry leader it is today.

Our R&D day highlighted the breadth and depth of our research efforts, which provide us with confidence in the long term sustainable growth of the business.

It has been an honor and privilege to work alongside my talented and dedicated colleagues at BMS over the past 23 years and to help grow this company into the industry leader it is today. You all know Chris very well and I am sure you will share my confidence in him as our leader. I'm excited to see the company's continued progress in delivering against our critical patient centric mission.

And to help grow this company into the industry leader it is today. You all know, Chris very well and I am sure you will share my confidence in him as our leader.

Giovanni Caforio: You all know Chris very well, and I am sure you will share my confidence in him as a leader. I'm excited to see the company's continued progress in delivering against our critical patient-centric mission. My sincerest gratitude goes out to all our employees for the work they have done and will do to enable BMS to improve outcomes for millions of patients around the world. With that, I'd like to turn it over to Chris to talk more about the quarter.

You all know Chris very well, and I am sure you will share my confidence in him as a leader. I'm excited to see the company's continued progress in delivering against our critical patient-centric mission. My sincerest gratitude goes out to all our employees for the work they have done and will do to enable BMS to improve outcomes for millions of patients around the world. With that, I'd like to turn it over to Chris to talk more about the quarter.

You all know, Chris very well and I am sure you will share my confidence in him as our leader.

I'm excited to see the Companys continued progress in delivering against our critical patient centric mission.

My sincerest gratitude goes out to all our employees for the work they have done and will do to enable BMS to improve outcomes for millions of patients around the world.

With that, I'd like to turn it over to Chris to talk more about the quarter.

Chris Boerner: Thank you, Giovanni. Before I dive in, on a more personal note, I want to recognize Giovanni for his tremendous impact on the organization. He is consistently focused on ensuring that we are strengthening our company while delivering for patients, and I wish him every success in his next chapter. Let's start with our third quarter overview on Slide 5. As Giovanni said, we delivered continued top line growth for the in line and new product portfolio during Q3. We also advanced our pipeline and announced an important business development transaction with the planned acquisition of Mirati. You'll have seen that we are increasing our non-GAAP EPS guidance for the year. We also updated our target for our new products to grow to more than $10 billion in 2026 and for our operating margin to be above 37% while reaffirming our other 2020-2025 guidance.

Christopher S. Boerner: Thank you Giovanni. Before I dive in, on a more personal note, I want to recognize Giovanni for his tremendous impact on the organization. He has consistently focused on ensuring that we are strengthening our company, while delivering for patients and I wish him every success in his next chapter.

Let's start with our third quarter overview on slide five. As Giovanni said, we delivered continued topline growth for the inline and new product portfolio during Q3. We also advanced our pipeline and announced an important business development transaction with the planned acquisition of Marathi. You'll have seen that we are increasing our non-GAAP EPS guidance for the year.

As Giovanni said, we delivered continued top line growth for the in line and new product portfolio during Q3. We also advanced our pipeline and announced an important business development transaction with the planned acquisition of Mirati. You'll have seen that we are increasing our non-GAAP EPS guidance for the year. We also updated our target for our new products to grow to more than $10 billion in 2026 and for our operating margin to be above 37% while reaffirming our other 2020-2025 guidance.

As Giovanni said, we delivered continued topline growth for the inline and new product portfolio during Q3.

We also advanced our pipeline and announced an important business development transaction with the planned acquisition of Marathi, you'll have seen that we are increasing our non-GAAP EPS guidance for the year.

We also updated our target for our new products to grow to more than $10 billion in 2026 and for our operating margin to be above 37%, while reaffirming our other 2020 to 2025 guidance.

Chris Boerner: I will give you more color on our outlook in a moment, so let me step back and provide some context.

I will give you more color on our outlook in a moment, so let me step back and provide some context.Let's turn to Slide 6. As I told you last month at our R&D Day. My objective as incoming CEO is to continue to position our company for sustainable long-term growth. Three levers I outlined there were commercial execution, R&D leadership, and strategic business development. I'd like to take a minute to tell you where we are on each of these, starting with commercial execution on Slide 7.

I will give you more color on our outlook in a moment. So let me step back and provide some context.

Chris Boerner: Let's turn to Slide 6. As I told you last month at our R&D Day. My objective as incoming CEO is to continue to position our company for sustainable long-term growth. Three levers I outlined there were commercial execution, R&D leadership, and strategic business development. I'd like to take a minute to tell you where we are on each of these, starting with commercial execution on Slide 7. David will provide more details in his remarks about our commercial results, but let me describe how I think about our performance and outlook. Let's start with our key in-line products where we are seeing good growth. Eliquis demand growth in the US is strong with continued opportunities for growth going forward. Consistent with previous years, revenues in Q3 were impacted by gross-to-net adjustments.

Let's turn to slide six. As I told you last month at our R&D Day, my objective as incoming CEO is to continue to position our company for sustainable long term growth. Three levers I outlined there were commercial execution, R&D leadership and strategic business development.

I'd like to take a minute to tell you where we are on each of these starting with commercial execution on slide seven. David will provide more details in his remarks about our commercial results, but let me describe how I think about our performance and outlook. Let's start with our key inline products where we're seeing good growth.

David will provide more details in his remarks about our commercial results, but let me describe how I think about our performance and outlook. Let's start with our key in-line products where we are seeing good growth. Eliquis demand growth in the US is strong with continued opportunities for growth going forward. Consistent with previous years, revenues in Q3 were impacted by gross-to-net adjustments.

Let's start with our key inline products where we're seeing good growth.

ELIQUIS demand growth in the US is strong with continued opportunities for growth going forward. Consistent with previous years, revenues in Q3 were impacted by gross to net adjustments. We expect these to normalize through Q4 as we've seen in previous years.

Chris Boerner: We expect these to normalize through Q4 as we've seen in previous years. Opdivo continued to see good demand growth in Q3. Importantly, we've delivered a number of important future growth drivers with new data and approvals during the quarter that I will describe momentarily. David will provide highlights for the remainder of the in-line and LOE portfolio. Turning to the new product portfolio overall, our new products continue to perform well, providing confidence in the portfolio's growth potential and ability to diversify our business over the long term. I would characterize the performance of these products in three categories. First, we are seeing strong performance for a number of products including Reblozyl, Opdualag, and Breyanzi. Specifically for Reblozyl we're seeing strong growth with a broad label for COMMANDS as Adam can discuss further, we're seeing encouraging trends in both first-line and second-line.

We expect these to normalize through Q4 as we've seen in previous years. Opdivo continued to see good demand growth in Q3. Importantly, we've delivered a number of important future growth drivers with new data and approvals during the quarter that I will describe momentarily. David will provide highlights for the remainder of the in-line and LOE portfolio.

OPDIVO continued to see good demand growth in Q3. Importantly, we've delivered a number of important future growth drivers with new data and approvals during the quarter that I will describe momentarily. David will provide highlights for the remainder of the inline and LOE portfolio.

David will provide highlights for the remainder of the inline and LOE portfolio.

Turning to the new product portfolio overall, our new products continue to perform well, providing confidence in the portfolio's growth potential and ability to diversify our business over the long term. I would characterize the performance of these products in three categories. First, we are seeing strong performance for a number of products including Reblozyl, Opdualag, and Breyanzi. Specifically for Reblozyl we're seeing strong growth with a broad label for COMMANDS as Adam can discuss further, we're seeing encouraging trends in both first-line and second-line.

Turning to the new product portfolio. Overall, our new products continue to perform well, providing competence in the portfolio's growth potential and ability to diversify our business over the long term. I would characterize the performance of these products in three categories.

Overall, our new products continue to perform well, providing competence in the portfolio's growth potential and ability to diversify our business over the long term.

I would characterize the performance of these products in three categories first.

First, we are seeing strong performance for a number of products, including REBLOZYL, OPDUALAG and BREYANZI. Specifically for REBLOZYL we're seeing strong growth with a broad label for commands. As Adam can discuss further, we're seeing encouraging trends in both first line and second line. We are also very pleased to see the NCCN guidelines recognize the importance of REBLOZYL as an important treatment in first line MDS for both RS positive and RS negative patients.

Specifically for rub Louisville, we're seeing strong growth with a broad label for commands as Adam can discuss further we're seeing encouraging trends in both first line and second line. We are also very pleased to see that the N. C. C. N guidelines recognize the importance of rub Roseville as an important treatment in first line M. D S. For both Rs positive and Rs negative patients.

Chris Boerner: We are also very pleased to see that the NCCN guidelines recognize the importance of Reblozyl as an important treatment in first-line MDS for both RS-positive and RS-negative patients. For Opdualag, growth was also robust for the quarter, and the product is on the path to become the new standard of care in first-line melanoma. This product has considerable growth opportunity remaining in its existing indication, and we are continuing to study its potential in future indications, which Samit can speak to. Breyanzi performance was strong for the quarter, and we expect strengthening performance for this product heading into 2024 as manufacturing performance and supply continue to improve.

We are also very pleased to see that the NCCN guidelines recognize the importance of Reblozyl as an important treatment in first-line MDS for both RS-positive and RS-negative patients. For Opdualag, growth was also robust for the quarter, and the product is on the path to become the new standard of care in first-line melanoma.

For both Rs positive and Rs negative patients.

For OPDUALAG, growth was also robust for the quarter and the product is on the path to become the new standard of care in first line melanoma. This product has considerable growth opportunity remaining in its existing indication and we are continuing to study its potential and future indications, which Samit can speak to. BREYANZI's performance was strong for the quarter and we expect strengthening performance for this product heading into 2024 as manufacturing performance and supply continue to improve.

This product has considerable growth opportunity remaining in its existing indication, and we are continuing to study its potential in future indications, which Samit can speak to. Breyanzi performance was strong for the quarter, and we expect strengthening performance for this product heading into 2024 as manufacturing performance and supply continue to improve.

This product has considerable growth opportunity remaining in its existing indication and we are continuing to study its potential and future indications, which summit can speak to. <unk> performance was strong for the quarter and we expect strengthening performance for this product heading into 'twenty 'twenty four as manufacturing performance and supply continue to improve.

<unk> performance was strong for the quarter and we expect strengthening performance for this product heading into 'twenty 'twenty four as manufacturing performance and supply continue to improve.

BREYANZI's performance was strong for the quarter and we expect strengthening performance for this product heading into 2024 as manufacturing performance and supply continue to improve.

Chris Boerner: Second, there are a couple of products, notably Camzyos and Sotyktu, where performance is strong but growth has been slower than expected. For Camzyos, we continue to see steady increases in use, and all feedback metrics from customers and patients continue to be very strong. At the same time, getting cardiovascular accounts onboarded and the pace of getting patients onto therapy, as patients may see their cardiologist only one to two times per year, has resulted in a longer adoption curve. As we have shared, we expect consistent and steady growth akin to a cardiovascular launch for this important product, and we remain confident in our long-term projections for Sotyktu. The profile continues to be strong, and we're seeing nice increases in share. Access continues to be the main constraint for this brand, and why we will see broad and meaningful access improvements in 2024.

Second, there are a couple of products, notably Camzyos and Sotyktu, where performance is strong but growth has been slower than expected. For Camzyos, we continue to see steady increases in use, and all feedback metrics from customers and patients continue to be very strong. At the same time, getting cardiovascular accounts onboarded and the pace of getting patients onto therapy, as patients may see their cardiologist only one to two times per year, has resulted in a longer adoption curve.

Second, there are a couple of products, notably CAMZYOS and SOTYKTU where performance is strong but growth has been slower than expected.

For CAMZYOS, we continue to see steady increases in use and all feedback metrics from customers and patients continue to be very strong at. At the same time, getting cardiovascular accounts on boarded and the pace of getting patients onto therapy as patients may see their cardiologists only one to two times per year, has resulted in a longer adoption curve.

At the same time getting cardiovascular accounts on boarded and the pace of getting patients onto therapy as patients may see their cardiologists only one to two times per year has resulted in a longer adoption curve.

As we have shared, we expect consistent and steady growth akin to a cardiovascular launch for this important product, and we remain confident in our long-term projections for Sotyktu. The profile continues to be strong, and we're seeing nice increases in share. Access continues to be the main constraint for this brand, and why we will see broad and meaningful access improvements in 2024.

As we have shared, we expect consistent and steady growth akin to a cardiovascular launch for this important product and we remain confident in our long term projections.

For SOTYKTU, the profile continues to be strong and we're seeing nice increases in share. Access continues to be the main constraint for this brand and while we will see broad and meaningful access improvements in 2024 getting to zero step edits will take a bit longer than anticipated for some key plans, given emerging payer dynamics in the immunology market.

Access continues to be the main constraint for this brand and why we will see broad and meaningful access improvements in 2020 for getting to zero step edits will take a bit longer than anticipated for some key plans given emerging payer dynamics in the immunology market importantly.

Chris Boerner: Getting to zero step edits will take a bit longer than anticipated for some key plans given emerging payer dynamics in the immunology market. Importantly for both of these products, our peak expectations remain unchanged, though the time to peak will shift. Finally, I would highlight Abecma and Zeposia where performance has lagged expectations for Abecma in class competition and dynamics with bispecifics and late line multiple myeloma have impacted performance. At the same time, real world data generated by a consortium of KOLs demonstrates that our efficacy, safety, and reliability are quite competitive. This has been further strengthened by recent data in triple class refractory patients who receive bridging therapy presented at the IMS conference. Our focus will be on ensuring our teams are fully leveraging this breadth of data to effectively reinforce the profile of this important treatment. For Zeposia, performance remains strong in MS.

Getting to zero step edits will take a bit longer than anticipated for some key plans given emerging payer dynamics in the immunology market. Importantly for both of these products, our peak expectations remain unchanged, though the time to peak will shift. Finally, I would highlight Abecma and Zeposia where performance has lagged expectations for Abecma in class competition and dynamics with bispecifics and late line multiple myeloma have impacted performance.

Importantly, for both of these products, our peak expectations remain unchanged, though the time to peak will shift. Finally, I would highlight ABECMA and ZEPOSIA's where performance has lagged expectations. For ABECMA, in class competition and dynamics with bi specifics in late line multiple myeloma have impacted performance.

Importantly, for both of these products, our peak expectations remain unchanged, though the time to peak will shift.

Finally, I would highlight ABECMA and ZEPOSIA's where performance has lagged expectations. For ABECMA, in class competition and dynamics with bi specifics in late line multiple myeloma have impacted performance. At the same time, real-world data generated by a consortium of KOLs demonstrates that our efficacy safety and reliability are quite competitive. This has been further strengthened by recent data in triple class refractory patients who received bridging therapy presented at the IMS Conference. Our focus will be on ensuring our teams are fully leveraging this breadth of data to effectively reinforce the profile of this important treatment.

At the same time, real-world data generated by a consortium of KOLs demonstrates that our efficacy safety and reliability are quite competitive. This has been further strengthened by recent data in triple class refractory patients who received bridging therapy presented at the IMS Conference. Our focus will be on ensuring our teams are fully leveraging this breadth of data to effectively reinforce the profile of this important treatment.

At the same time, real world data generated by a consortium of KOLs demonstrates that our efficacy, safety, and reliability are quite competitive. This has been further strengthened by recent data in triple class refractory patients who receive bridging therapy presented at the IMS conference. Our focus will be on ensuring our teams are fully leveraging this breadth of data to effectively reinforce the profile of this important treatment. For Zeposia, performance remains strong in MS.

At the same time real world data generated by a consortium of Kols demonstrates that our efficacy safety and reliability are quite competitive there.

This has been further strengthened by recent data in Triple class refractory patients who received bridging therapy presented at the I M. S Conference.

Our focus will be on ensuring our teams are fully leveraging this breadth of data to effectively reinforce the profile of this important treatment.

For ZEPOSIA performance remained strong in MS. In UC access has been a constraint that will require continued focus to unlock future growth. Again, Adam can provide additional context. Taken together, we now expect sales from this portfolio to be $3.5 billion in 2023. This is slightly lower than we had expected at the start of this year.

For ZEPOSIA performance remained strong in MS. In UC access has been a constraint that will require continued focus to unlock future growth. Again, Adam can provide additional context.

Chris Boerner: In UC, access has been a constraint that will require continued focus to unlock future growth. Again, Adam can provide additional context. Taken together, we now expect sales from this portfolio to be $3.5 billion in 2023. This is slightly lower than we expected at the start of this year. Looking forward, we see continued growth in the medium term. We do expect to achieve greater than $10 billion in sales for this portfolio in 2026 rather than 2025. The commercial team is laser-focused on building on the momentum of performance in the quarter and, importantly, accelerating performance where necessary. We are also further increasing our investment behind selected brands to ensure performance accelerates. Finally, I would highlight that our new product portfolio will expand this quarter with the addition of Repotrectinib next month and upon completion of the Mirati transaction.

In UC, access has been a constraint that will require continued focus to unlock future growth. Again, Adam can provide additional context. Taken together, we now expect sales from this portfolio to be $3.5 billion in 2023. This is slightly lower than we expected at the start of this year. Looking forward, we see continued growth in the medium term. We do expect to achieve greater than $10 billion in sales for this portfolio in 2026 rather than 2025.

Taken together, we now expect sales from this portfolio to be $3.5 billion in 2023. This is slightly lower than we had expected at the start of this year.

Together, we now expect sales from this portfolio to be $3.5 billion. In 2023. This is slightly lower than we had expected at the start of this year.

Looking forward, we see continued growth. In the medium term, we do expect to achieve greater than $10 billion in sales for this portfolio in 2026 rather than 2025.

The commercial team is laser-focused on building on the momentum of performance in the quarter and, importantly, accelerating performance where necessary. We are also further increasing our investment behind selected brands to ensure performance accelerates. Finally, I would highlight that our new product portfolio will expand this quarter with the addition of Repotrectinib next month and upon completion of the Mirati transaction.

The commercial team is laser focused on building on the momentum performance in the quarter, and importantly, accelerating performance where necessary. We are also further increasing our investment behind selected brands to ensure performance accelerates.

We are also further increasing our investment behind selected brands to ensure performance accelerates. Finally, I would highlight that our new product portfolio will expand this quarter with the addition of [inaudible] next month and upon completion of the Marathi transaction, [inaudible].

We are also further increasing our investment behind selected brands to ensure performance accelerates.

Finally, I would highlight that our new product portfolio will expand this quarter with the addition of [inaudible] next month and upon completion of the Marathi transaction, [inaudible].

Chris Boerner: Krazati. Turning now to our R&D engine on slide 8. As I mentioned last month, we have exciting opportunities to strengthen our pipeline and deliver more important medicines to patients across therapeutic areas, including expanding our registrational pipeline from 6 to 12 assets over the next 18 months. Since our R&D day, we've continued to make progress in oncology. For Opdivo, we've delivered several growth drivers including US approval in stage 2 adjuvant melanoma, presentation of positive data for peri-adjuvant lung with CheckMate 77T, and for first-line bladder cancer with CheckMate 901. Importantly, we've met the co-primary endpoints for the subcutaneous nivolumab trial, CheckMate 67T. This has the potential to open a regulatory approval in indications that constitute approximately 65% to 75% of today's Opdivo business in the US and extend franchise durability into the 2030s.

Krazati. Turning now to our R&D engine on slide 8. As I mentioned last month, we have exciting opportunities to strengthen our pipeline and deliver more important medicines to patients across therapeutic areas, including expanding our registrational pipeline from 6 to 12 assets over the next 18 months. Since our R&D day, we've continued to make progress in oncology.

Turning now to our R&D engine on slide eight. As I mentioned last month, we have exciting opportunities to strengthen our pipeline and deliver more important medicines to patients across therapeutic areas, including expanding our registrational pipeline from six to 12 assets over the next 18 months.

Since our R&D day, we continued to make progress. In oncology, for OPDIVO, we delivered several growth drivers, including US approval in stage two adjuvant melanoma, presentation of positive data for Peri adjuvant lung with Checkmate 77 T and for first line bladder cancer with Checkmate 901. And importantly, we've met the co-primary endpoints for the subcutaneous [inaudible] trial Checkmate 67 T. This has the potential to open a regulatory approval in indications that constitute approximately 65% to 75% of today's OPDIVO business in the US and extend franchise durability into the 2030s.

For Opdivo, we've delivered several growth drivers including US approval in stage 2 adjuvant melanoma, presentation of positive data for peri-adjuvant lung with CheckMate 77T, and for first-line bladder cancer with CheckMate 901. Importantly, we've met the co-primary endpoints for the subcutaneous nivolumab trial, CheckMate 67T. This has the potential to open a regulatory approval in indications that constitute approximately 65% to 75% of today's Opdivo business in the US and extend franchise durability into the 2030s.

Presentation of positive data for Peri adjuvant lung with Checkmate 77, T and for first line bladder cancer with Checkmate 901, and importantly, we've met the co primary endpoints for the subcutaneous Novo you're Mad trial Checkmate 67 T.

This has the potential to open a regulatory approval in indications that constitute approximately 65% to 75% of today's OPDIVO business in the US and extend franchise durability into the 2030s.

Chris Boerner: You may have also seen that Mirati presented encouraging PD-1 combination data in first-line lung cancer at ESMO. These data further strengthen our conviction in the potential of Krazati and the value it will add to our oncology portfolio in immunology. Our LPA1 inhibitor has now been granted Breakthrough Therapy designation in progressive pulmonary fibrosis by the FDA. This builds on the previously granted Fast Track designation from FDA for the idiopathic pulmonary fibrosis indication. These actions reinforce the potential importance of this asset in these diseases with high unmet medical need. And importantly, our CD19 CAR-T cell therapy is making progress. We have started dosing patients in our lupus study, and today I can disclose that we have now achieved clearance from the FDA to begin our MS trial.

You may have also seen that Mirati presented encouraging PD-1 combination data in first-line lung cancer at ESMO. These data further strengthen our conviction in the potential of Krazati and the value it will add to our oncology portfolio in immunology. Our LPA1 inhibitor has now been granted Breakthrough Therapy designation in progressive pulmonary fibrosis by the FDA.

You may have also seen that Marathi presented encouraging PD1 combination data in first line lung cancer at ESMO. These data further strengthen our conviction in the potential of [inaudible] and the value it will add to our oncology portfolio.

In immunology, our LPA-1 inhibitor has now been granted breakthrough therapy designation in progressive pulmonary fibrosis by the FDA. This builds on the previously granted fast track designation from FDA for the idiopathic pulmonary fibrosis indication. These actions reinforce the potential importance of this asset in these diseases with high unmet medical need.

This builds on the previously granted Fast Track designation from FDA for the idiopathic pulmonary fibrosis indication. These actions reinforce the potential importance of this asset in these diseases with high unmet medical need. And importantly, our CD19 CAR-T cell therapy is making progress. We have started dosing patients in our lupus study, and today I can disclose that we have now achieved clearance from the FDA to begin our MS trial.

This builds on the previously granted fast track designation from FDA for the idiopathic pulmonary fibrosis indication.

These actions reinforce the potential importance of this asset in these diseases with high unmet medical need.

And importantly, our CD-19 next T cell therapy is making progress. We have started dosing patients in our lupus study and today I can disclose that we have now achieved clearance from the FDA to begin our MS trial.

Chris Boerner: These are important milestones that illustrate our strategy of rapidly advancing cell therapies and into immunologic diseases and becoming leaders in the space, and we are moving forward with other assets in our pipeline. You can expect to hear more about our hematology assets at ASH later this year and about AR LDD at a medical conference early next year. Turning to business development, a key priority for capital allocation on Slide 9, as you know, BD has been a key component of our strategy to supplement our internal innovation. Our recently announced planned Mirati acquisition is an excellent example of a transaction with great strategic fit, compelling science, and financial soundness. Through this acquisition we're strengthening and diversifying our oncology portfolio with the addition of Krazati and potentially PRMT5, along with a pipeline of future KRAS inhibitors and enabling programs.

These are important milestones that illustrate our strategy of rapidly advancing cell therapies and into immunologic diseases and becoming leaders in the space, and we are moving forward with other assets in our pipeline. You can expect to hear more about our hematology assets at ASH later this year and about AR LDD at a medical conference early next year.

These are important milestones that illustrate our strategy of rapidly advancing cell therapies into immunologic diseases and becoming leaders in this space. And we are moving forward with other assets in our pipeline. You can expect to hear more about our hematology assets at ASH later this year and about AR LDD at a medical conference early next year.

And we are moving forward with other assets in our pipeline you can expect to hear more about our hematology assets at Ash later, this year and about a R. L. D D. At a medical conference early next year.

Turning to business development, a key priority for capital allocation on Slide 9, as you know, BD has been a key component of our strategy to supplement our internal innovation. Our recently announced planned Mirati acquisition is an excellent example of a transaction with great strategic fit, compelling science, and financial soundness. Through this acquisition we're strengthening and diversifying our oncology portfolio with the addition of Krazati and potentially PRMT5, along with a pipeline of future KRAS inhibitors and enabling programs.

Turning to business development, a key priority for capital allocation on slide nine. As you know, BD has been a key component of our strategy to supplement our internal innovation. Our recently announced planned Marathi acquisition is an excellent example of a transaction with great strategic fit, compelling science, and financial soundness.

As you know BD has been a key component of our strategy to supplement our internal innovation. Our recently announced planned Marathi acquisition is an excellent example of a transaction with great strategic fit compelling science and financial soundness.

Our recently announced planned Marathi acquisition is an excellent example of a transaction with great strategic fit compelling science and financial soundness.

Through this acquisition, we're strengthening and diversifying our oncology portfolio with the addition of [inaudible] and potentially PRMT-5 along with our pipeline of future K Ras inhibitors and enabling programs. We maintained significant cash flow to support continued investments in business development and this will remain a top priority for capital allocation for the company.

Chris Boerner: We maintain significant cash flow to support continued investments in business development, and this will remain a top priority for capital allocation for the company. Turning now to our scorecard on slide 10, I've already discussed many of the positive recent milestone achievements noted here. While we recently learned that the second line HCC study for Opdualag did not support moving forward in a registrational trial for this indication, we have a second study underway in first line liver cancer that we expect to read out next year. In addition, as discussed already, we've seen a number of important accomplishments not included on this slide, notably first line bladder and Sub Q Opdivo. All of this speaks to continued strong pipeline execution and the progress of programs that will become important catalysts for the future growth.

We maintain significant cash flow to support continued investments in business development, and this will remain a top priority for capital allocation for the company. Turning now to our scorecard on slide 10, I've already discussed many of the positive recent milestone achievements noted here. While we recently learned that the second line HCC study for Opdualag did not support moving forward in a registrational trial for this indication, we have a second study underway in first line liver cancer that we expect to read out next year.

We maintained significant cash flow to support continued investments in business development and this will remain a top priority for capital allocation for the company.

Turning now to our scorecard on slide 10. I've already discussed many of the positive recent milestone achievements noted here. While we recently learned that the second line HCC study for OPDUALAG did not support moving forward in a registrational trial for this indication, we have a second study underway in first line liver cancer that we expect to read out next year.

I've already discussed many of the positive recent milestone achievements noted here. While we recently learned that the second line HCC study for Abdulla <unk> did not support moving forward in a registrational trial for this indication we have a second study underway in first line liver cancer that we expect to read out next year.

While we recently learned that the second line HCC study for Abdulla <unk> did not support moving forward in a registrational trial for this indication we have a second study underway in first line liver cancer that we expect to read out next year.

In addition, as discussed already, we've seen a number of important accomplishments not included on this slide, notably first line bladder and Sub Q Opdivo. All of this speaks to continued strong pipeline execution and the progress of programs that will become important catalysts for the future growth.

In addition, as discussed already we've seen a number of important accomplishments not included on this slide notably first line bladder and subdue opdivo. All of this speaks to continued strong pipeline execution and the progress of programs that will become important catalysts for the future growth.

All of this speaks to continued strong pipeline execution and the progress of programs that will become important catalysts for the future growth.

Chris Boerner: Turning to slide 11, when you add everything up as we discussed last month, we have numerous levers to drive growth into the back half of this decade and beyond. I am confident in our ability to transform our portfolio both organically as well as through business development and to deliver new medicines for patients. With that, I'll turn it over to David to walk you through our product performance and financial results in more detail.

Turning to slide 11, when you add everything up as we discussed last month, we have numerous levers to drive growth into the back half of this decade and beyond. I am confident in our ability to transform our portfolio both organically as well as through business development and to deliver new medicines for patients. With that, I'll turn it over to David to walk you through our product performance and financial results in more detail.David,

Turning to slide 11, when you add everything up, as we discussed last month, we have numerous levers to drive growth into the back half of this decade and beyond. I'm confident in our ability to transform our portfolio, both organically as well as through business development and to deliver new medicines for patients. With that, I'll turn it over to David to walk you through our product performance and financial results in more detail. David?

I'm confident in our ability to transform our portfolio, both organically as well as through business development and to deliver new medicines for patients with that I'll turn it over to David to walk you through our product performance and financial results in more detail David.

David Elkins: David, thank you, Chris, and thanks to all of you for joining our third quarter earnings call. Turning to Slide 13, let's discuss our top line performance. Unless otherwise stated, all comparisons are made versus the same period in 2022, and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. Total company sales in the third quarter were $11 billion, driven by continued growth of our in-line and new product portfolio, offset by the expected decline in Revlimid sales. Let's move to our new product portfolio on Slide 14. During the quarter, we delivered solid growth for the portfolio with $928 million in revenue. Growth was strong across the portfolio, though we have seen an impact of Abecma from both manufacturing site maintenance in June and from increased availability and usage of alternative BCMA targeting therapies for multiple myeloma.

David Elkins: thank you, Chris, and thanks to all of you for joining our third quarter earnings call. Turning to Slide 13, let's discuss our top line performance. Unless otherwise stated, all comparisons are made versus the same period in 2022, and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. Total company sales in the third quarter were $11 billion, driven by continued growth of our in-line and new product portfolio, offset by the expected decline in Revlimid sales.

David Elkins - CFO: Thank you, Chris and thanks to all of you for joining our third quarter earnings call. Turning to slide 13, let's discuss our topline performance. Unless otherwise stated, all comparisons are made versus same period in 2022 and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange.

Total company sales in the third quarter were $11 billion driven by continued growth of our in line and new product portfolio, offset by the expected decline in REVLIMID sales.

Let's move to our new product portfolio on Slide 14. During the quarter, we delivered solid growth for the portfolio with $928 million in revenue. Growth was strong across the portfolio, though we have seen an impact of Abecma from both manufacturing site maintenance in June and from increased availability and usage of alternative BCMA targeting therapies for multiple myeloma.

Let's move to our new product portfolio on slide 14. During the quarter, we delivered solid growth for the portfolio with $928 million in revenue. Growth was strong across the portfolio that we have seen an impact of ABECMA for both manufacturing site maintenance in June and from increased availability and usage of alternative PCMA targeting therapies for multiple myeloma.

Growth was strong across the portfolio that we have seen an impact of a beckman for them both manufacturing site maintenance in June and from increased availability and usage of alternative P. CMA targeting therapies for multiple myeloma Bay.

David Elkins: Based on the performance year to date, we now expect the new product portfolio to deliver roughly $3.5 billion for the full year 2023. This is primarily due to the impacts of our cell therapy franchise, particularly Abecma. As Chris mentioned, we are laser focused on continuing to accelerate growth of our inline and new product portfolio into the next year and beyond.

Based on the performance year to date, we now expect the new product portfolio to deliver roughly $3.5 billion for the full year 2023. This is primarily due to the impacts of our cell therapy franchise, particularly Abecma. As Chris mentioned, we are laser focused on continuing to accelerate growth of our inline and new product portfolio into the next year and beyond.

Based on our performance year to date, we now expect a new product portfolio to deliver roughly $3.5 billion for the full year 2023. This was primarily due to the impacts of our cell therapy franchise, particularly ABECMA.

This was primarily due to the impacts of our cell therapy franchise, particularly at Beckman.

As Chris mentioned, we are laser focused on continuing to accelerate growth of our in line and new product portfolio into the next year and beyond.

David Elkins: Let's discuss performance of our solid tumor products on slide 15. Our flagship oncology product Opdivo continues to grow well with sales up 11% globally. In the US, Opdivo grew 9% primarily driven by demand. Sequentially, sales grew double-digit driven by demand and a reversal of roughly $50 million of unfavorable buying patterns in the second quarter. Outside the US, third quarter revenues increased 15% primarily driven by demand for indications such as lung and gastric cancer. This performance, along with potential new launch opportunities in perioperative adjuvant lung and first-line bladder, as well as in the recently approved adjuvant melanoma indication, reinforces our confidence in the continued growth for Opdivo. As Chris mentioned earlier, we now have positive data for the subcutaneous formulation. We believe this supports the potential for an important new option for patients and strengthens the franchise longevity into the next decade.

Let's discuss performance of our solid tumor products on slide 15. Our flagship oncology product Opdivo continues to grow well with sales up 11% globally. In the US, Opdivo grew 9% primarily driven by demand. Sequentially, sales grew double-digit driven by demand and a reversal of roughly $50 million of unfavorable buying patterns in the second quarter. Outside the US, third quarter revenues increased 15% primarily driven by demand for indications such as lung and gastric cancer.

Let's discuss performance of our solid tumor products on slide 15. Our flagship oncology product OPDIVO continues to grow well with sales up 11% globally.

In the US, OPDIVO grew 9%, primarily driven by demand. Sequentially, sales grew double digit driven by demand and a reversal of roughly $50 million of unfavorable buying patterns in the second quarter. Outside the US, third quarter revenues increased 15%, primarily driven by demand for indications such as lung and gastric cancer.

This performance, along with potential new launch opportunities in perioperative adjuvant lung and first-line bladder, as well as in the recently approved adjuvant melanoma indication, reinforces our confidence in the continued growth for Opdivo. As Chris mentioned earlier, we now have positive data for the subcutaneous formulation. We believe this supports the potential for an important new option for patients and strengthens the franchise longevity into the next decade.

This performance, along with potential new launch opportunities in Peri adjuvant lung and first line bladder, as well as in recently approved adjuvant melanoma indication, reinforce our confidence in the continued growth for OPDIVO.

As Chris mentioned earlier, we now have positive data for the sub Q formulation. We believe this supports the potential for an important new option for patients and strengthens the franchise longevity into the next decade.

David Elkins: With respect to our next generation IO asset, Opdualag revenue nearly doubled as we build share in first-line melanoma in the US, we now see market share of roughly 25% with additional room to grow, particularly in the approximately 15% of patients that are still receiving PD1 monotherapy. Opdualag has become a new standard of care in patients with metastatic melanoma, where BMS total share is 65% in this important market.

With respect to our next generation IO asset, Opdualag revenue nearly doubled as we build share in first-line melanoma in the US, we now see market share of roughly 25% with additional room to grow, particularly in the approximately 15% of patients that are still receiving PD1 monotherapy. Opdualag has become a new standard of care in patients with metastatic melanoma, where BMS total share is 65% in this important market.

With respect to our next generation IOS at OPDUALAG revenue nearly doubled as we build share in first line melanoma. In the US, we now see market share of roughly 25% with additional room to grow, particularly in the approximately 15% of patients that are still receiving PD-1 monotherapy. OPDUALAG has become a new standard of care in patients with metastatic melanoma, where BMS total share of 65% in this important market.

OPDUALAG has become a new standard of care in patients with metastatic melanoma, where BMS total share of 65% in this important market.

Let's now turn to cardiovascular on slide 16. ELIQUIS continued to grow with $2.7 billion in revenue in the quarter. In the US, sales grew 4% year over year, driven by strong demand growth offset by unfavorable gross to nets due to channel mix, including impact of approximately $75 million in Q3.

David Elkins: Let's now turn to Cardiovascular on slide 16. Eliquis continued to grow with $2.7 billion in revenue in the quarter. In the US sales grew 4% year over year driven by strong demand growth offset by unfavorable gross-to-nets due to channel mix including an impact of approximately $75 million in Q3. Internationally, sales were primarily impacted by generic entries in Canada and the UK, pricing pressures we mentioned in the past. At the same time, we're encouraged to have successfully defended our IP in several EU countries this year including France, Norway, and Sweden. Moving to Camzyos, our first-in-class obstructive HCM product, we are pleased with the continued growth of the product delivering $68 million of revenue in the quarter. In the US we added roughly 1,000 patients both to our hub and to commercial dispense.

Let's now turn to Cardiovascular on slide 16. Eliquis continued to grow with $2.7 billion in revenue in the quarter. In the US sales grew 4% year over year driven by strong demand growth offset by unfavorable gross-to-nets due to channel mix including an impact of approximately $75 million in Q3. Internationally, sales were primarily impacted by generic entries in Canada and the UK, pricing pressures we mentioned in the past.

<unk> continued to grow with $2 $7 billion in revenue in the quarter.

In the U S sales grew 4% year over year, driven by strong demand growth offset by unfavorable gross to nets due to channel mix, including impact of approximately $75 million in Q3.

Internationally, sales were primarily impacted by generic entries in Canada, and the UK and pricing pressures we mentioned in the past. At the same time, we're encouraged to have successfully defended our IP in several EU countries this year, including France, Norway and Sweden.

At the same time, we're encouraged to have successfully defended our IP in several EU countries this year including France, Norway, and Sweden. Moving to Camzyos, our first-in-class obstructive HCM product, we are pleased with the continued growth of the product delivering $68 million of revenue in the quarter. In the US we added roughly 1,000 patients both to our hub and to commercial dispense.

Moving to CAMZYOS, our first-in-class obstructive HCM product, we're pleased with the continued growth of the product delivering $68 million of revenue in the quarter.

In the US, we added roughly 1,000 patients both through our hub and through commercial defense. We are very encouraged to see good persistence with roughly 3,500 patients now on commercial drug.

David Elkins: We are very encouraged to see good persistence with roughly 3,500 patients now on commercial drug. Our patient base continues to grow as we steadily bring more patients onto treatment and convert them to commercial dispense. Turning to our hematology products on slide 17, starting with Revlimid, global sales in the quarter were just over $1.4 billion. At this point we expect revenues of approximately $6 billion for the full year, primarily due to higher level of demand for lenalidomide. Now on the Pomalyst, global revenues were down 2% versus prior year mainly due to free product dynamics in the US we described in July. Internationally demand for Pomalyst was stable. Revenues also benefit from a $40 million clinical supply purchase during the quarter. Turning to Reblozyl, which generated revenues of $248 million in the quarter.

We are very encouraged to see good persistence with roughly 3,500 patients now on commercial drug. Our patient base continues to grow as we steadily bring more patients onto treatment and convert them to commercial dispense. Turning to our hematology products on slide 17, starting with Revlimid, global sales in the quarter were just over $1.4 billion.

Our patient base continues to grow as we steadily bring more patients on the treatment and convert them to commercial defense.

Turning to our hematology products on slide 17, starting with REVLIMID, global sales in the quarter were just over $1.4 billion. At this point, we expect revenues of approximately $6 million for the full year, primarily due to higher level of demand for lenalidomide.

Global sales in the quarter with just over $1.4 billion at this point, we expect revenues of approximately $6 million for the full year, primarily due to higher level of demand for lenalidomide.

At this point we expect revenues of approximately $6 billion for the full year, primarily due to higher level of demand for lenalidomide. Now on the Pomalyst, global revenues were down 2% versus prior year mainly due to free product dynamics in the US we described in July. Internationally demand for Pomalyst was stable. Revenues also benefit from a $40 million clinical supply purchase during the quarter. Turning to Reblozyl, which generated revenues of $248 million in the quarter.

Now on POMALYST, global revenues were down 2% versus prior year, mainly due to free product dynamics in the US we described in July. Internationally demand for POMALYST was stable. Revenues also benefitted from a $40 million clinical supply purchase during the quarter.

Turning to REBLOZYL, which generated revenues of $248 million in the quarter, in the US, revenue growth accelerated increasing 28% year over year, primarily driven by increased demand. With the commands approval, we're seeing increased use in first line as well as an increase in second line patients that are rapidly switching from ESA to REBLOZYL along with a continued increase in duration of treatment.

David Elkins: In US, revenue growth accelerated, increasing 28% year-over-year, primarily driven by increased demand. With the COMMANDS approval, we are seeing increased use in first-line as well as an increase in second-line patients that are rapidly switching from ESAs to Reblozyl along with a continued increase in duration of treatment. Though it's early in the launch in first-line MDS, we're hearing very positive feedback on the profile, especially in the community setting. Overall, we're encouraged by the strong label for Reblozyl and first-line MDS-associated anemia, and we believe it sets us well to deliver this medicine to more patients with this disease. Moving to Abecma with revenue of $93 million in the quarter. This was impacted by the manufacturing site maintenance in June and the use and availability of other BCMA-targeting agents.

In US, revenue growth accelerated, increasing 28% year-over-year, primarily driven by increased demand. With the COMMANDS approval, we are seeing increased use in first-line as well as an increase in second-line patients that are rapidly switching from ESAs to Reblozyl along with a continued increase in duration of treatment. Though it's early in the launch in first-line MDS, we're hearing very positive feedback on the profile, especially in the community setting.

along with a continued increase in duration of treatment.

Though it's early in the launch in first line MDS, we're hearing very positive feedback on the profile, especially in the community setting. Overall, we're encouraged by the strong label for REBLOZYL in first line MDS associated anemia, and we believe it sets us well to deliver this medicine to more patients with this disease.

Overall, we're encouraged by the strong label for Reblozyl and first-line MDS-associated anemia, and we believe it sets us well to deliver this medicine to more patients with this disease. Moving to Abecma with revenue of $93 million in the quarter. This was impacted by the manufacturing site maintenance in June and the use and availability of other BCMA-targeting agents.

Overall, we're encouraged by the strong label for rebels, Alan first line Mds associated anemia, and we believe it sets us well to deliver this medicine to more patients with this disease.

Moving to ABECMA with revenue of $93 million in the quarter, this was impacted by the manufacturing site maintenance in June and to use and availability of other BCMA targeting agents.

David Elkins: Turning to Breyanzi, sales in the quarter were $92 million, more than double versus prior year and down slightly compared to prior quarter due to timing of infusions. As we mentioned in July, during the quarter we remained constrained with respect to vector. However, with continued strong demand in second- and third-line plus large B-cell lymphoma and an expected increase in supply next year, we are confident in our ability to grow in 2024 and beyond. Let's move to our immunology products on slide 18. Global sales for Zeposia were $123 million, up 75% compared to prior year in the US.

Turning to Breyanzi, sales in the quarter were $92 million, more than double versus prior year and down slightly compared to prior quarter due to timing of infusions. As we mentioned in July, during the quarter we remained constrained with respect to vector. However, with continued strong demand in second- and third-line plus large B-cell lymphoma and an expected increase in supply next year, we are confident in our ability to grow in 2024 and beyond. Let's move to our immunology products on slide 18. Global sales for Zeposia were $123 million, up 75% compared to prior year in the US.

Turning to REBLOZYL, sales in the quarter were $92 million, more than doubled versus prior year and down slightly compared to prior quarter due to timing of infusions.

As we mentioned in July, during the quarter remained constrained with respect to vector. However, with continued strong demand in second and third line plus large B cell lymphoma and an expected increase in supply next year, we're confident in our ability to grow in 2024 and beyond.

and an expected increase in supply next year, we're confident in our ability to grow in 2024 and beyond.

Let's move to our immunology products on slide 18. Global sales for [inaudible] were $123 million, up 75% compared to prior year. In the US, in addition to $15 million contribution due to favorable gross to nets in inventory in the quarter, we continue to be pleased with the momentum in multiple sclerosis with a best-in-class share within the [inaudible] class and continued volume growth and very competitive ulcerative colitis market. Outside the US, sales increased mainly due to demand in MFS.

David Elkins: In addition to a $15 million contribution due to favorable gross-to-net and inventory in the quarter, we continue to be pleased with the momentum in multiple sclerosis with the best-in-class share within the S1P class and continued volume growth in a very competitive ulcerative colitis market. Outside US sales increased mainly due to demand in MS. Turning to Sotyktu, underlying launch trends remained strong. Sales in the quarter were $66 million, which included a clinical supply purchase of approximately $30 million, and we saw continued strong volume demand during the quarter with over 38,000 script equivalents dispensed since launch. We delivered over 15,000 script equivalents in the US during the third quarter. Within the oral category, our share is now roughly 40%.

In addition to a $15 million contribution due to favorable gross-to-net and inventory in the quarter, we continue to be pleased with the momentum in multiple sclerosis with the best-in-class share within the S1P class and continued volume growth in a very competitive ulcerative colitis market. Outside US sales increased mainly due to demand in MS. Turning to Sotyktu, underlying launch trends remained strong.

class and continued volume growth and very competitive ulcerative colitis market. Outside the US, sales increased mainly due to demand in MFS. Turning to SOTYKTU,

class and continued volume growth and very competitive ulcerative colitis market. Outside the US, sales increased mainly due to demand in MFS.

Turning to SOTYKTU, underlying launch trends remained strong. Sales in the quarter were $66 million, which included a clinical supply purchase of approximately $30 million and we saw continued strong volume demand during the quarter. With over 38,000 script equivalents dispensed since launch, we've delivered over 15,000 script equivalents in the US during the third quarter.

underlying launch trends remained strong. Sales in the quarter were $66 million, which included a clinical supply purchase of approximately $30 million and we saw continued strong volume demand during the quarter. With over 38,000 script equivalents dispensed since launch, we've delivered over 15,000 script equivalents in the US during the third quarter.

Sales in the quarter were $66 million, which included a clinical supply purchase of approximately $30 million, and we saw continued strong volume demand during the quarter with over 38,000 script equivalents dispensed since launch. We delivered over 15,000 script equivalents in the US during the third quarter. Within the oral category, our share is now roughly 40%.

quarter.

Within the oral category, our share is now roughly 40%, reinforcing that SOTYKTU is establishing our position as the oral of choice in this market and we are making progress converting covered CVS patients from the free drug program to commercial defense. We expect this will take on average two to three months per patient. Building on our momentum we continue to expect the further strengthening of axis next year.

Our share is now roughly 40% reinforcing that sector is establishing our position as the oral of choice in this market and we are making progress converting covered Cvs patients from the free drug program to commercial defense. We expect this will take on average two to three months per patient building. Building on our momentum we continue to expect the further strengthening of axis next year.

David Elkins: Reinforcing that Sotyktu is establishing a position as the oral of choice in this market, and we are making progress converting covered CVS patients from the free drug program to commercial dispense. We expect this will take on average two to three months per patient. Building on our momentum, we continue to expect the further strengthening of Sotyktu next year.

Reinforcing that Sotyktu is establishing a position as the oral of choice in this market, and we are making progress converting covered CVS patients from the free drug program to commercial dispense. We expect this will take on average two to three months per patient. Building on our momentum, we continue to expect the further strengthening of Sotyktu next year.

Building on our momentum we continue to expect the further strengthening of axis next year.

David Elkins: Now moving to the P and L on Slide 19, I will focus my remarks on a few non-GAAP key line items. Having just covered sales performance, compared to Q2, gross margin was favorably impacted by product mix acquired in process. R and D in the quarter was $80 million, which is partially offset by $12 million of licensing income, resulting in a net impact of $0.03 of EPS. The reduction of the effective tax rate during the quarter was primarily due to recently issued Section 174 guidance regarding deductibility of certain research and development expenses. This resulted in an adjustment in the quarter to our estimated tax rate. Overall, third quarter earnings per share was $2 per share, growing approximately 1%.

Now moving to the P and L on Slide 19, I will focus my remarks on a few non-GAAP key line items. Having just covered sales performance, compared to Q2, gross margin was favorably impacted by product mix acquired in process. R and D in the quarter was $80 million, which is partially offset by $12 million of licensing income, resulting in a net impact of $0.03 of EPS.

Now moving to the P&L on slide 19, I will focus my remarks on a few non-GAAP key line items, having just covered sales performance. Compared to Q2, gross margin was favorably impacted by product mix. Acquired in process R&D in the quarter was $80 million, which was partially offset by $12 million of licensing income, resulting in a net impact of three cents of EPS.

<unk> to Q2 gross margin was favorably impacted by product mix acquired in process R&D in the quarter was $80 million, which was partially offset by $12 million of licensing income, resulting in a net impact of three cents of EPS. The.

The reduction of the effective tax rate during the quarter was primarily due to recently issued Section 174 guidance regarding deductibility of certain research and development expenses. This resulted in an adjustment in the quarter to our estimated tax rate. Overall, third quarter earnings per share was $2 per share, growing approximately 1%.

The reduction of the effective tax rate during the quarter was primarily due to recently issued section 174 guidance regarding deductibility of certain research and development expenses. This resulted in an adjustment in the quarter to our estimated tax rate. Overall, third quarter earnings per share was $2 per share, growing approximately 1%.

Overall, third quarter earnings per share was $2 per share, growing approximately 1%.

Turning to the balance sheet and capital allocation on slide 20, cash flow generation and our balance sheet remains strong. Cash flow from operations in the quarter was approximately $4.8 billion with over $8 billion in cash and marketable securities on hand at the end of Q3.

David Elkins: Turning to the balance sheet and capital allocation on Slide 20, cash flow generation and our balance sheet remained strong. Cash flow from operations in the quarter was approximately $4.8 billion with over $8 billion in cash and marketable securities on hand at the end of Q3, our capital allocation approach remains focused on business development as a top priority with the planned acquisition of Mirati as an example. We also remain focused on growing our dividend and on opportunistic share repurchases. In this regard, during the quarter we executed $4 billion ASR and expect that to be completed by the end of the year. Today we have roughly $2 billion of authorization outstanding. Lastly, turning to our 2023 non-GAAP guidance on Slide 21, we continue to expect revenue to decline in the low single digits compared to last year.

Turning to the balance sheet and capital allocation on Slide 20, cash flow generation and our balance sheet remained strong. Cash flow from operations in the quarter was approximately $4.8 billion with over $8 billion in cash and marketable securities on hand at the end of Q3, our capital allocation approach remains focused on business development as a top priority with the planned acquisition of Mirati as an example.

Our capital allocation approach remains focused on business development as a top priority with the planned acquisition of Marathi as an example. We also remain focused on growing our dividend and opportunistic share repurchases. In this regard, during the quarter, we executed $4 billion ASR and expect that to be completed by the end of the year. Today, we have roughly $2 billion of authorization outstanding.

We also remain focused on growing our dividend and on opportunistic share repurchases. In this regard, during the quarter we executed $4 billion ASR and expect that to be completed by the end of the year. Today we have roughly $2 billion of authorization outstanding. Lastly, turning to our 2023 non-GAAP guidance on Slide 21, we continue to expect revenue to decline in the low single digits compared to last year.

In this regard, during the quarter, we executed $4 billion ASR and expect that to be completed by the end of the year. Today, we have roughly $2 billion of authorization outstanding.

Lastly, turning to our 2023 non-GAAP guidance on slide 21, we continue to expect revenue to decline in the low single digits compared to last year. As mentioned, we expect new products to be about $3.5 billion this year and for REVLIMID to deliver about $6 billion.

David Elkins: As mentioned, we expect new products to be about $3.5 billion this year, and for Revlimid to deliver about $6 billion. Turning to OpEx, we continue to expect roughly low single-digit decline compared to last year, corresponding to roughly $4.4 billion expected in Q4. Based on the changes to tax I described earlier, we are revising our full-year effective tax rate to 15.5%. With respect to our earnings, we have increased the midpoint of our non-GAAP EPS guidance and narrowed the range to $7.50 to $7.65.

As mentioned, we expect new products to be about $3.5 billion this year, and for Revlimid to deliver about $6 billion. Turning to OpEx, we continue to expect roughly low single-digit decline compared to last year, corresponding to roughly $4.4 billion expected in Q4. Based on the changes to tax I described earlier, we are revising our full-year effective tax rate to 15.5%. With respect to our earnings, we have increased the midpoint of our non-GAAP EPS guidance and narrowed the range to $7.50 to $7.65.

Turning to Opex, we continue to expect roughly low single digit decline compared to last year corresponding to roughly $4.4 billion expected in the fourth quarter. Based on the changes to the tax I described earlier, we are revising our full year effective tax rate to 15.5%.

Based on the changes to the tax I described earlier, we are revising our full year effective tax rate to 15, 5%.

With respect to our earnings, we have increased the midpoint of our non-GAAP EPS guidance and narrowed the range to $7.50 and $7.65.

David Elkins: With respect to our medium-term guidance on Slide 22, as Chris described earlier, we reaffirm our low- to mid-single-digit revenue CAGR from 2020 to 2025 and the $8 to $10 billion growth from our in-line portfolio during this period. We have adjusted our new product portfolio target to greater than $10 billion in 2026, a year later than previously communicated. With respect to operating margin, we're restating our target to greater than 37% through 2025 to reflect continued strong profitability while enabling flexibility to invest in future growth and incorporating a dilution from Mirati. Now, before we turn it over to Questions and Answers, I'd like to recognize Giovanni's leadership of the company and thank him for his considerable contributions in transforming BMS. I also want to acknowledge the hard work of our teams around the world during the quarter.

And with respect to our medium term guidance on slide 22, as Chris described earlier, we reaffirm our low to mid single digit revenue CAGR from 2020 to 2025, and the $8 billion to $10 billion growth from our in line portfolio during this period. We have adjusted our new product portfolio target to greater than 10 billion in 2026, a year later than previously communicated, and with respect to operating margin, moving our target to greater than 37% through 2025 to reflect continued strong profitability while enabling flexibility to invest in future growth and incorporating a dilution for Marathi.

With respect to our medium-term guidance on Slide 22, as Chris described earlier, we reaffirm our low- to mid-single-digit revenue CAGR from 2020 to 2025 and the $8 to $10 billion growth from our in-line portfolio during this period. We have adjusted our new product portfolio target to greater than $10 billion in 2026, a year later than previously communicated.

in 2026, a year later than previously communicated, and with respect to operating margin, moving our target to greater than 37% through 2025 to reflect continued strong profitability while enabling flexibility to invest in future growth and incorporating a dilution for Marathi.

With respect to operating margin, we're restating our target to greater than 37% through 2025 to reflect continued strong profitability while enabling flexibility to invest in future growth and incorporating a dilution from Mirati. Now, before we turn it over to Questions and Answers, I'd like to recognize Giovanni's leadership of the company and thank him for his considerable contributions in transforming BMS.

Now before we turn it over to question and answers, I'd like to recognize Giovanni's leadership of the company and thank him for his considerable contributions in transforming BMS. I also want to acknowledge the hard work of our teams around the world during the quarter. I know that our people remain focused on delivering for patients and will continue to do so under Chris's leadership moving forward.

I also want to acknowledge the hard work of our teams around the world during the quarter.I know that our people remain focused on delivering for patients and will continue to do so under Chris's leadership moving forward. I'll now turn the call back over to Tim, Giovanni, and Chris for Q and A.

Also want to acknowledge the hard work of our teams around the world during the quarter I know that our people remain focused on delivering for patients and will continue to do so under Chris's leadership moving forward.

David Elkins: I know that our people remain focused on delivering for patients and will continue to do so under Chris's leadership moving forward. I'll now turn the call back over to Tim, Giovanni, and Chris for Q and A.

I'll now turn the call back over to Tim, Giovanni, and Chris for Q&A.

Adam Lenkowsky: Great.

Tim Power: Great.Thanks very much, David. Before we go to the first question, we know it's a very busy morning. We want to get to as many questions as we can. If you can try to keep to just one question per person, that would be very much appreciated. Keith, can we go to the first question please?

Timothy Power: Great. Thanks very much David. And before we go to the first question, we know it's a very busy morning. We want to get to as many questions as we can so if you can try to keep to just one question per person that would be very much appreciated. Keith, can we go to the first question please?

Tim Power: Thanks very much, David. Before we go to the first question, we know it's a very busy morning. We want to get to as many questions as we can. If you can try to keep to just one question per person, that would be very much appreciated. Keith, can we go to the first question please?

Operator: Yes. Thank you. We will now begin the question and answer session. To ask a question, you may press star, then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then 2. At this time, we will pause momentarily to assemble the roster. The first question comes from Chris Schott with J.P. Morgan.

Operator: Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble the roster.

Using a speakerphone please pick up your handset before pressing the keys to Australia. A question. Please press Star then sure at this time, we will pause momentarily to assemble the roster.

And our first question comes from Chris Schott with JP Morgan.

Chris Schott: Great. Thanks so much. Just maybe for me, just a bigger picture question. You're lowering the 2025 targets? It sounds like there's a couple of the products that adoption is just taking longer than expected. I guess what gives the company confidence that this isn't kind of a different dynamic with some of these products that isn't going to enable maybe some of those longer term targets as we look up to 2030 that you've announced before. So maybe just kind of elaborate a little bit more on how much of how do you make sure the company is positioning itself to hit those longer term peak sales, and do we need to maybe just rethink some of the peak sales potentials of some of these assets, given what we've learned from the launches over the last year or so. Thanks so much. Thanks, Chris.

Chris Schott: Great. Thanks so much. Just maybe for me just a bigger picture question, you're lowering the 2025 targets, it sounds like there's a couple of products that adoption is just taking longer than expected. I guess, what gives the company confidence that this isn't kind of a different dynamic with some of these products that isn't going to enable maybe some of those longer term targets as you look out to 2030 that you've announced before? So maybe just kind of elaborate a little bit more on how do you make sure the company is positioning itself to hit those longer term peak sales and do we need to maybe to just rethink some of the peak sales potential of some of these assets given what we've learned from the launches over the last year or so. Thanks so much.

Are you lowering the 'twenty 'twenty five targets it sounds like there's a couple of products that adoption is just taking longer than expected. I guess, what gives the company confidence that this isn't you know kind of a different dynamic with some of these products that isn't going to enable maybe there's some of those longer term targets. You know as you look out to 'twenty 30 that you've announced before so maybe just kind of elaborate a little bit more on how much of the how how do you make sure. The company is positioning itself to hit those longer term peak sales and. And do we need to maybe to just rethink some of the peak sales potential of some of these assets given what we've learned from the launches over the last year or so thanks, so much.

I guess, what gives the company confidence that this isn't you know kind of a different dynamic with some of these products that isn't going to enable maybe there's some of those longer term targets. You know as you look out to 'twenty 30 that you've announced before so maybe just kind of elaborate a little bit more on how much of the how how do you make sure. The company is positioning itself to hit those longer term peak sales and. And do we need to maybe to just rethink some of the peak sales potential of some of these assets given what we've learned from the launches over the last year or so thanks, so much.

So maybe just kind of elaborate a little bit more on how much of how do you make sure the company is positioning itself to hit those longer term peak sales, and do we need to maybe just rethink some of the peak sales potentials of some of these assets, given what we've learned from the launches over the last year or so. Thanks so much.

And do we need to maybe to just rethink some of the peak sales potential of some of these assets given what we've learned from the launches over the last year or so thanks, so much.

Chris Boerner: Thanks, Chris. This is Chris I'll start and then I'm going to turn it over to Adam. I think it's important to step back and be clear on what we've said on this call. First, I think it's important to recognize that for the new product portfolio in totality, we continue to see very strong long term potential consistent with what we've said previously. There's been no change in the conviction for this portfolio overall and in fact the question really is a question of when, not if.

Christopher S. Boerner: Thanks, Chris. This is Chris, I'll start and then I'm going to turn it over to Adam. I think it's important to step back and be clear on what we've said on this call. First, I think it's important to recognize that for the new product portfolio in totality we continue to see very strong long term potential consistent with what we've said previously. There's been no change in the conviction for this portfolio overall. And in fact, the question really is a question of when not if.

Adam Lenkowsky: This is Chris.

Chris Schott: I'll start and then I'm going to turn it over to Adam. I think it's important to step back and be clear on what we've said on this call. First, I think it's important to recognize that for the new product portfolio in totality, we continue to see very strong long term potential consistent with what we've said previously. There's been no change in the conviction for this portfolio overall and in fact the question really is a question of when, not if. We have, however, recognized the timing change that we've communicated today and that's really around a few things. First, there are, as I mentioned in the prepared remarks, a number of products where expectations, where performance is achieving if not exceeding expectations. However, we also have to acknowledge that there are a few products where the dynamics are different for products like Sotyktu and Camzyos.

for this portfolio overall. And in fact, the question really is a question of when, not if. We have however, recognized the timing change that we've

for this portfolio overall. And in fact, the question really is a question of when, not if.

Overall and in fact, the question really is a question of when not if.

We have, however, recognized the timing change that we've communicated today and that's really around a few things. First, there are, as I mentioned in the prepared remarks, a number of products where expectations, where performance is achieving if not exceeding expectations. However, we also have to acknowledge that there are a few products where the dynamics are different for products like Sotyktu and Camzyos.

We have however, recognize the timing change that we've.

We have however, recognized the timing change that we've that we've communicated today and that's really around a few things. First, there are, as I mentioned in the prepared remarks, a number of products where performance is achieving if not exceeding expectations. However, we also have to acknowledge that there are a few products where the dynamics are different.

that we've communicated today and that's really around a few things. First, there are, as I mentioned in the prepared remarks, a number of products where performance is achieving if not exceeding expectations. However,

we also have to acknowledge that there are a few products where the dynamics are different.

For products like SOTYKTU and CAMZYOS the reality is while the long term potential for these products remains unchanged, it's taking a bit longer and Adam can speak to those dynamics. And there are a couple of products where performance needs to be needs to change. And so for example, with the ABECMA and ZEPOSIA we know that we've got challenges there. The team is reorienting and making sure we've got the right resources and focus on delivering for those products. But I think it's important that when you step back and look at the portfolio in totality, our conviction around these products and the importance of these products will play in terms of driving long term growth and helping us diversify the business; that remains unchanged. When you then layer on that to good in line performance with products like [inaudible] and OPDIVO we're as as confident as we have been in the long term growth profile of the company. The focus right now is around executing on the commercial side, continuing to move the pipeline forward and ensuring that we've got the right focus on bringing innovation and externally the business development. Adam, anything you would add?

Chris Schott: The reality is, while the long-term potential for these products remains unchanged, it's taking a bit longer, and Adam can speak to those dynamics, and there are a couple of products where performance needs to change. And so, for example, with Abecma and Zeposia, we know that we've got challenges there. The team is reorienting and making sure we've got the right resources and focus on delivering for those products. But I think it's important that when you step back and look at the portfolio in totality, our conviction around these products and the importance that these products will play in terms of driving long-term growth and helping us diversify the business that remains unchanged. When you then layer on that to good in-line performance with products like Eliquis and Opdivo, we're as confident as we have been on the long-term growth profile of the company.

The reality is, while the long-term potential for these products remains unchanged, it's taking a bit longer, and Adam can speak to those dynamics, and there are a couple of products where performance needs to change. And so, for example, with Abecma and Zeposia, we know that we've got challenges there. The team is reorienting and making sure we've got the right resources and focus on delivering for those products.

where performance needs to be needs to change. And so for example, with the ABECMA

and ZEPOSIA we know that we've got challenges there. The team is reorienting and making sure we've got the right resources and focus on delivering for those products. But I think it's important that when you step back and look at the portfolio in totality, our conviction around these products and the importance of these products will play in terms of driving long term growth and helping us diversify the

But I think it's important that when you step back and look at the portfolio in totality, our conviction around these products and the importance that these products will play in terms of driving long-term growth and helping us diversify the business that remains unchanged. When you then layer on that to good in-line performance with products like Eliquis and Opdivo, we're as confident as we have been on the long-term growth profile of the company.

business; that remains unchanged. When you then layer on that to good in line performance with products like [inaudible] and OPDIVO we're as

When you then layer on that to good in line performance with products like [inaudible] and OPDIVO we're as as confident as we have been in the long term growth profile of the company. The focus right now is around executing on the commercial side, continuing to move the pipeline forward and ensuring that we've got the right focus on bringing innovation and externally the business development. Adam, anything you would add?

as confident as we have been in the long term growth profile of the company. The focus right now is around executing on the commercial side, continuing to move the pipeline forward and ensuring that we've got the right focus on bringing innovation and externally the business development. Adam, anything you would add? No, I think you covered it very well.

Chris Schott: So the focus right now is around executing on the commercial side, continuing to move the pipeline forward, and ensuring that we've got the right focus on bringing innovation in externally with business development. Adam, anything you would add?

So the focus right now is around executing on the commercial side, continuing to move the pipeline forward, and ensuring that we've got the right focus on bringing innovation in externally with business development. Adam, anything you would add?

Adam Lenkowsky: No, I think you covered it very well.

Tim Power: Thanks.

Chris Schott: Thanks.

Chris Schott: Thanks, Chris.

Chris Boerner: Thanks, Chris.

Operator: Thanks Chris. Can we go to the next question please? Yes, that comes from Geoff Meacham with Bank of America.

Christopher S. Boerner: Thanks Chris. Can we go to the next question please?

Tim Power: Thanks, Chris. Keith, can we go to the next question please?

Operator: Yes. And that comes from Jeff Mecham with Bank of America.

Operator: Yes, that comes from Geoff Meacham with Bank of America.

Adam Lenkowsky: Morning everyone. Thanks for the question. You know, you have recent data for Sub Q Opdivo. I guess the question is what's the.

Geoff Meacham: Morning everyone. Thanks for the question. You know, you have recent data for Sub Q Opdivo. I guess the question is what's the. Incremental benefit here, and maybe how strategically important is this? You know, is this approach just given IRA implementation, and you know, potential opportunities. To extend the LOE? Thank you very much.

>>Geoffrey Meacham - BofA Securities, Research Division: Good morning everyone and thanks for the question. You had recent data for sub Q OPDIVO, I guess the question is what's the incremental benefit here and maybe how strategically important is this approach just given IRA implementation and potential opportunities that extend the LOEs? Thank you very much.

Recent data. <unk> you. I guess the question is what's the incremental benefit here and maybe how strategically important is this. It is this approach just given IRA implementation and potential opportunities that extend the alaouite. Thank you very much.

<unk> you. I guess the question is what's the incremental benefit here and maybe how strategically important is this. It is this approach just given IRA implementation and potential opportunities that extend the alaouite. Thank you very much.

I guess the question is what's the incremental benefit here and maybe how strategically important is this. It is this approach just given IRA implementation and potential opportunities that extend the alaouite. Thank you very much.

Chris Schott: Incremental benefit here, and maybe how strategically important is this? You know, is this approach just given IRA implementation, and you know, potential opportunities.

It is this approach just given IRA implementation and potential opportunities that extend the alaouite. Thank you very much.

Adam Lenkowsky: To extend the LOE?

Chris Schott: Thank you very much. Thanks, Jeff. I'll start. In spite of a lot of the progress, when you look at IO, there are still opportunities we know to improve patient experience and address the treatment burden that exists with these assets. And that's really where Sub Q comes into play. And we're very pleased with the data that we've seen with 67T. The data are compelling in our view, and we look forward to, after we finish the review, presenting those at an upcoming conference and obviously engaging with regulators. The way we've thought about the Sub Q program consistently is that this would address specific patient needs as well as the opportunity to address those centers where, for example, chair time is at a premium. And that's still where we think this will go.

Chris Boerner: Thanks, Jeff. I'll start. In spite of a lot of the progress, when you look at IO, there are still opportunities we know to improve patient experience and address the treatment burden that exists with these assets. And that's really where Sub Q comes into play. And we're very pleased with the data that we've seen with 67T. The data are compelling in our view, and we look forward to, after we finish the review, presenting those at an upcoming conference and obviously engaging with regulators.

Christopher S. Boerner: Thanks, Geoff, I'll start. In spite of a lot of the progress when you look at IO there are still opportunities, we know to improve patient experience and address the treatment burden that exists with these assets and that's really where sub Q comes into play and we're very pleased with the data that we've seen with 67 T. The data are compelling in our view and we look forward to after we finish the review presenting those at an upcoming conference and obviously engaging with regulators.

In spite of a lot of the progress when you look at Io there are still opportunities, we know to improve patient experience and address the treatment burden that exists with these assets and that's really where sub Q comes into play and we're very pleased with the data that we've seen with 67 T. The data are compelling in our view and we look forward to.

after we finish the review presenting those at an upcoming conference and obviously engaging with regulators. The way we thought about the sub Q program consistently is that this would address specific patient needs as well as the opportunity to address those centers where for example chair time is at a premium.

after we finish the review presenting those at an upcoming conference and obviously engaging with regulators.

The way we've thought about the Sub Q program consistently is that this would address specific patient needs as well as the opportunity to address those centers where, for example, chair time is at a premium. And that's still where we think this will go.

The way we thought about the sub Q program consistently is that this would address specific patient needs as well as the opportunity to address those centers where for example chair time is at a premium. and that's still where we think this will go. We think that these indications will represent somewhere between 65 and 75% of the OPDIVO business as that subsidiary and with focused effort, we think we can convert roughly about 50% of the overall business over time and so that's really how we're thinking about it. And if you sort of were successful in doing that, we think this has the potential to extend the franchise into the early 2030s.

and that's still where we think this will go. We think that these indications will represent somewhere between 65 and 75% of the OPDIVO business as that subsidiary and with focused effort, we think we can convert roughly about 50% of the overall business over time and so that's really how we're thinking about it. And if you sort of were successful in doing that, we think this has the potential to extend the franchise into the early 2030s.

Chris Schott: We think that these indications will represent somewhere between 65% and 75% of the Opdivo business as it sits today. And with focused effort, we think we can convert roughly about 50% of the overall business over time. And so that's really how we're thinking about it. And if you sort of were successful in doing that, we think this has the potential to extend the franchise into the early 2030s.

We think that these indications will represent somewhere between 65% and 75% of the Opdivo business as it sits today. And with focused effort, we think we can convert roughly about 50% of the overall business over time. And so that's really how we're thinking about it. And if you sort of were successful in doing that, we think this has the potential to extend the franchise into the early 2030s.

And if you sort of were successful in doing that we think this has the potential to extend the franchise into. Into the early 2000 Thirty's.

Into the early 2000 Thirty's.

Tim Power: Thanks Chris. Keith, could we go to the next question please?

Timothy Power: Thanks, Chris. Keith, could we go to the next question please?

Operator: Yes. That comes from Louisa Hector with Berenberg.

Operator: Yes, and that comes from Luisa Hector with [inaudible].

Operator: Oh hi. Thank you for taking my question. Still on the medium term outlook, can you confirm that there is no contribution from Mirati in that guidance? And then perhaps some comments around the lower margin expectation. Just is that purely linked to the new product revenue guidance or are there other factors at play? Thank you.

Luisa Hector: Oh hi. Thank you for taking my question. Still on the medium term outlook, can you confirm that there is no contribution from Mirati in that guidance? And then perhaps some comments around the lower margin expectation. Just is that purely linked to the new product revenue guidance or are there other factors at play? Thank you.

Luisa Caroline Hector: Oh, hi, thank you for taking my question. Still on the medium term outlook, can you confirm that there is no contribution from Marathi in that guidance? And then perhaps some comments around the lower margin expectation; is that purely linked to new product revenue guidance or are there other factors at play? Thank you.

Still on the medium term outlook can you confirm that there was no contribution from <unk> and <unk>. And then perhaps some comments around the lower margin. Is that purely linked. In your guidance or are there other factors at play.

And then perhaps some comments around the lower margin. Is that purely linked. In your guidance or are there other factors at play.

Is that purely linked. In your guidance or are there other factors at play.

In your guidance or are there other factors at play.

David Elkins: Thank you for the question. So the long-term guidance new product portfolio does not include anything related to from a Mirati sales perspective. If you do recall, we did say the dilution next year related to Mirati's about $0.35 as it relates to the margin. That does factor in how we view our margin going forward. If you recall previously, previously our mid-term guidance was margins above 40%. But we continue to see opportunity invest in our launch portfolio, invest behind products like Camzyos and Sotyktu as well as our cell therapies. But also we continue to see opportunities in our portfolio. As you know we had multiple readouts this quarter, you know, LPA being one of those, as well as additional indications for Opdivo and we had first-line COMMANDS.

>>David Elkins - CFO: Thank you for the question. So the long term guidance on new product portfolio does not include anything related to from a Marathi sales perspective. If you do recall, we did say the dilution next year related to Marathi is about 35 cents. As it relates to the margin, that does factor in how we view our margin going forward. If you recall, previous year midterm guidance the margin is above 40%, but we continue to see opportunity invest our launch portfolio, invest behind products like [inaudible] as well as our cell therapies, but also we continue to see opportunities in our portfolio. As you know we had multiple readouts this quarter, LPA being one of those, as well as additional indications for OPDIVO and we had first line commands. But as we step back and what we showed at R&D Day, we see opportunities to continue to accelerate in our R&D pipeline. So that's why we revised our guidance to incorporate the dilution from Marathi, but as well as the investments that we're making it a new product portfolio in the R&D portfolio.

35.

As it relates to the margin that does factor in how we view our margin going forward. If you recall previous your midterm guidance as margins above 40%, but we continue to see opportunity invest our launch portfolio would invest behind products like <unk> in particular as well as our.

cell therapies, but also we continue to see opportunities in our portfolio. As you know we had multiple readouts this quarter, LPA being one of those, as well as additional indications for OPDIVO and we had first line commands. But as we step back and what we showed at R&D Day, we see opportunities to continue to accelerate in our R&D pipeline. So that's why we revised our guidance to incorporate the dilution from Marathi, but as well as the investments that we're making it a new product portfolio in the R&D portfolio.

But also we continue to see opportunities in our portfolio. As you know we had multiple readouts this quarter, you know, LPA being one of those, as well as additional indications for Opdivo and we had first-line COMMANDS.But as we step back and what we shared at R&D Day, we see opportunities to continue to accelerate in our R&D pipeline. So that's why we revised our guidance to incorporate the dilution from Mirati, as well as the investments that we're making in a new product portfolio and the R&D portfolio.

as well as additional indications for OPDIVO and we had first line commands. But as we step back and what we showed at R&D Day, we see opportunities to continue to accelerate in our R&D pipeline. So that's why we revised our guidance to incorporate the dilution from Marathi, but as well as the investments that we're making it a new product portfolio in the R&D portfolio.

David Elkins: But as we step back and what we shared at R&D Day, we see opportunities to continue to accelerate in our R&D pipeline. So that's why we revised our guidance to incorporate the dilution from Mirati, as well as the investments that we're making in a new product portfolio and the R&D portfolio.

Andy portfolio.

Tim Power: Thanks David. Keith, can we go to the next question please?

Operator: Thanks, David. Keith, can we go to the next question please? Yes, and that comes from Seamus Fernandez with Guggenheim.

Timothy Power: Thanks, David. Keith, can we go to the next question please?

Operator: Yes. And a question from Seamus Fernandez with Guggenheim.

Operator: Yes, and that comes from Seamus Fernandez with Guggenheim.

Seamus Christopher Fernandez: Thanks for the question. So just trying to get a little bit of a better sense on the 37% margin guidance, is that something that we should anticipate is a potential floor in 2024 as you lose the Keytruda Royalty or is it really sort of a sequential a floor for margins in 2025 as you lose SPRYCEL and POMALYST following the loss of the Keytruda Royalty? So just trying to get a sense of kind of the path to 2025 as we move through the balance of this year and next year. Thanks.

Adam Lenkowsky: Thanks for the question. So just trying to get a little bit of a better sense on the 37% margin guidance. You know, is that something that we should anticipate is a potential floor in 2024 as you lose the Keytruda royalty or is it really sort of a sequential floor for margins in 2025 as you lose Sprycel and Pomalyst following the loss of the Keytruda royalty? So just trying to get a sense of kind of the path to 2025 as we move through the balance of.

Seamus Fernandez: Thanks for the question. So just trying to get a little bit of a better sense on the 37% margin guidance. You know, is that something that we should anticipate is a potential floor in 2024 as you lose the Keytruda royalty or is it really sort of a sequential floor for margins in 2025 as you lose Sprycel and Pomalyst following the loss of the Keytruda royalty? So just trying to get a sense of kind of the path to 2025 as we move through the balance of. This year and next year. Thanks.

Oh, thanks for the question so. Just trying to get a little bit of a better sense on the 37% margin guidance. Is that something that we should anticipate is a potential floor in 2024 and you lose the keytruda. Royalty or is it really a sort of a sequential a floor for margins in 2025, as you lose spry salt and populist following the loss of the Keytruda royalty. So just trying to get a sense of kind of the path to 2025. As we move through the balance of this year. Thanks.

Just trying to get a little bit of a better sense on the 37% margin guidance. Is that something that we should anticipate is a potential floor in 2024 and you lose the keytruda. Royalty or is it really a sort of a sequential a floor for margins in 2025, as you lose spry salt and populist following the loss of the Keytruda royalty. So just trying to get a sense of kind of the path to 2025. As we move through the balance of this year. Thanks.

Is that something that we should anticipate is a potential floor in 2024 and you lose the keytruda. Royalty or is it really a sort of a sequential a floor for margins in 2025, as you lose spry salt and populist following the loss of the Keytruda royalty. So just trying to get a sense of kind of the path to 2025. As we move through the balance of this year. Thanks.

Royalty or is it really a sort of a sequential a floor for margins in 2025, as you lose spry salt and populist following the loss of the Keytruda royalty. So just trying to get a sense of kind of the path to 2025. As we move through the balance of this year. Thanks.

As we move through the balance of this year. Thanks.

Chris Schott: This year and next year.

Adam Lenkowsky: Thanks.

David Elkins: Yeah, thanks Seamus for the question. The 37% guidance is a floor that we've provided as we look forward to that midterm period, which is 2025. We haven't provided guidance yet; we'll do that on the fourth quarter earnings call as it relates, you know, to 2024, which I think is what your question is getting after. I'd say the one thing to think about is one, we've talked about Revlimid in the past and that we said we've revised Revlimid's guidance this year from $5.5 billion to $6 billion, and we still see next year stepping down to about that $4 billion. Then we'll update you on all the other line items when we do our fourth quarter earnings as far as profitability next year. But you should think about the operating margin as a floor as we look forward through 2025.

David Elkins - CFO: Thanks Seamus for the question. And the 37% guidance is a floor that we've provided as we look forward to that mid term period, which is 2025. We haven't provided guidance yet; we'll do that on our fourth quarter earnings call. As it relates to 2024, which I think is what your question is getting after, I'd say the one thing to think about it is one we've talked about REVLIMID in the past and that we said we've revised REVLIMID's guidance this year from $5 billion to $6 billion and we still see next year stepping down to about that $4 billion. And then we'll update you on all the other line items when we do our fourth quarter earnings as far as profitability next year, but you should think about the operating margin as a floor as we look forward through '25.

You know to 2024. Which I think is what your question is getting after I'd say the one thing to think about it it's one. You know we've talked about revlimid in the past and that we said you know we've revised revenue guidance. This year from five $5 billion to $6 billion and we still see next year stepping down to about that $4 billion and you. And then we'll update you on all the other line items when we do our fourth quarter earnings as far as profitability next year, but you should think about the operating margin as a floor as we look forward through 'twenty five.

Which I think is what your question is getting after I'd say the one thing to think about it it's one. You know we've talked about revlimid in the past and that we said you know we've revised revenue guidance. This year from five $5 billion to $6 billion and we still see next year stepping down to about that $4 billion and you. And then we'll update you on all the other line items when we do our fourth quarter earnings as far as profitability next year, but you should think about the operating margin as a floor as we look forward through 'twenty five.

I'd say the one thing to think about is one, we've talked about Revlimid in the past and that we said we've revised Revlimid's guidance this year from $5.5 billion to $6 billion, and we still see next year stepping down to about that $4 billion. Then we'll update you on all the other line items when we do our fourth quarter earnings as far as profitability next year. But you should think about the operating margin as a floor as we look forward through 2025.

You know we've talked about revlimid in the past and that we said you know we've revised revenue guidance. This year from five $5 billion to $6 billion and we still see next year stepping down to about that $4 billion and you. And then we'll update you on all the other line items when we do our fourth quarter earnings as far as profitability next year, but you should think about the operating margin as a floor as we look forward through 'twenty five.

And then we'll update you on all the other line items when we do our fourth quarter earnings as far as profitability next year, but you should think about the operating margin as a floor as we look forward through 'twenty five.

Tim Power: Thanks, David, and thanks for the question, Jamus. Keith, could we go to the next question, please?

Thanks Dave and thanks for the question Seamus. Keith, can we go to the next question please? Yes, certainly and that comes from [inaudible] with Goldman Sachs.

Timothy Power: Thanks Dave and thanks for the question Seamus. Keith, can we go to the next question please?

Operator: Yes, certainly. And that comes from Chris Shibutani with Goldman Sachs.

Operator: Yes, certainly and that comes from [inaudible] with Goldman Sachs.

Adam Lenkowsky: Thank you very much. You made some comments about Sotyktu and the reimbursement environment as that is evolving and the constraints that you have, perhaps from Adam or whoever would be appropriate. Could you comment further about what you're seeing there and how we should be thinking about the cadence? I think the setup had been that 2024 would be an opportunity and that seems to be slightly different.

Chris Shibutani: Thank you very much. You made some comments about Sotyktu and the reimbursement environment as that is evolving and the constraints that you have, perhaps from Adam or whoever would be appropriate. Could you comment further about what you're seeing there and how we should be thinking about the cadence? I think the setup had been that 2024 would be an opportunity and that seems to be slightly different.

Unknown: Thank you very much. You made some comments about [inaudible] and the reimbursement environment as that is evolving and the constraints that you have perhaps from Adam or whoever would be appropriate, could you comment further about what you're seeing there and how we should be thinking about the cadence? I think the setup had been that '24 would be an opportunity and that seems to be slightly different.

And the reimbursement. Environment that is evolving and the constraints that you have perhaps from Adam or whoever would be appropriate could you comment further about what you're seeing there and how we should be thinking about the cadence I think the setup had been that 'twenty four would be an opportunity and that seems to be slightly different.

Environment that is evolving and the constraints that you have perhaps from Adam or whoever would be appropriate could you comment further about what you're seeing there and how we should be thinking about the cadence I think the setup had been that 'twenty four would be an opportunity and that seems to be slightly different.

Adam Lenkowsky: Chris, thank you for the question. First, I want to say we're very pleased with the performance of Sotyktu. Our goal remains to be the standard of care in the oral market. In fact, as you heard, we have achieved now a 40% share of newly written prescriptions, and we're the third most newly prescribed systemic therapy. And we've done that in a little over a year post launch. Now, as you have stated, our focus really is around accelerating access, and we anticipate achieving broader access in 2024 and continuing in 2025. Remember, today, Sotyktu is not covered on approximately 80% of lives in the United States. And so, you know, we expect to see significant improvements coming next year.

Chris Boerner: Chris, thank you for the question. First, I want to say we're very pleased with the performance of Sotyktu. Our goal remains to be the standard of care in the oral market. In fact, as you heard, we have achieved now a 40% share of newly written prescriptions, and we're the third most newly prescribed systemic therapy. And we've done that in a little over a year post launch.

Adam Lenkowsky: Thank you for the question. First I want to say, we're very pleased with the performance of SOTYKTU. Our goal remains to be the standard of care in the oral market. In fact, as you heard, we have achieved a 40% share of newly written prescriptions and we're the third most newly prescribed systemic therapy and we've done that in a little over a year post launch. Now as you have stated, our focus really is around accelerating access and we anticipate achieving broader access in 2024 and continuing in 2025. Remember today, SOTYKTU is not covered on approximately 80% of lives in the United States and so we expect to see significant improvements coming next year. We're in negotiations with the PPM, so we would expect to see a market improvement in 2024 and that could continue into 2025 where we would expect to have very broad access across the two PPM, and we're very confident in our ability to achieve that.

All over a year post launch now as you have stated that our focus really is around accelerating access and we anticipate achieving broader access. In 2024, and continuing in 2025 remember today, particularly was not covered on approximately 80% of lives in the United States and so we expect to see significant improvements. Next year, we're in negotiations with the P. P. M. So we would expect to see a market improvement in 2024 and that could continue into 2025, where we would expect to have very broad access across the two P. M. And that's we're very confident in our ability to achieve that.

Adam Lenkowsky: Now, as you have stated, our focus really is around accelerating access, and we anticipate achieving broader access in 2024 and continuing in 2025. Remember, today, Sotyktu is not covered on approximately 80% of lives in the United States. And so, you know, we expect to see significant improvements coming next year.We're in the throes of negotiations with the PBMs, so we would expect to see a market improvement in 2024 and that could continue into 2025, where we would expect to have very broad access across the other two PBMs. That's, you know, we're very confident in our ability to achieve that.

In 2024, and continuing in 2025 remember today, particularly was not covered on approximately 80% of lives in the United States and so we expect to see significant improvements. Next year, we're in negotiations with the P. P. M. So we would expect to see a market improvement in 2024 and that could continue into 2025, where we would expect to have very broad access across the two P. M. And that's we're very confident in our ability to achieve that.

Next year, we're in negotiations with the P. P. M. So we would expect to see a market improvement in 2024 and that could continue into 2025, where we would expect to have very broad access across the two P. M. And that's we're very confident in our ability to achieve that.

Adam Lenkowsky: We're in the throes of negotiations with the PBMs, so we would expect to see a market improvement in 2024 and that could continue into 2025, where we would expect to have very broad access across the other two PBMs. That's, you know, we're very confident in our ability to achieve that.

And that's we're very confident in our ability to achieve that.

Tim Power: Perfect. Thanks, Adam. Could we go to the next question please, Keith?

Timothy Power: Thanks Adam. Can we go to the next question, please?

The next question please keep yeah.

Operator: Yes, certainly. That comes from Steve Scala with TD Cowen.

Operator: Yes, certainly and that comes from my Stephen Scala with TD Cowen.

Adam Lenkowsky: Thank you very much. Regarding the midterm guidance changes, I'm a.

Steve Scala: Thank you very much. Regarding the midterm guidance changes, I'm a. Bit puzzled as to why now, particularly. When you had a major meeting last month. Time to go through the specifics. I'm sure these changes were evident at that point. Or wait until Q4 when you have to set the stage for 2024 and beyond. I think the answer will be that that was an R and D meeting. Last month, but still, Chris, you opened the meeting by kind of setting the stage and tone for the company. I'm just wondering why you're fitting these changes in on a Q3 call? Thank you.

Stephen Michael Scala: Thank you very much. Regarding the mid term guidance changes, I'm a bit puzzled as to why now, particularly when you had a major meeting last month and time to go through the specifics. I'm sure these changes were evident at that point or wait until Q4 when you have to set the stage for 2024 and beyond. I think the answer will be that that was an R&D meeting last month, but still Chris, you opened the meeting by kind of setting the stage and tone for the company. So I'm just wondering why you're fitting these changes in on a Q3 call. Thank you.

Operator: Bit puzzled as to why now, particularly.

Adam Lenkowsky: When you had a major meeting last month.

Operator: Time to go through the specifics.

Adam Lenkowsky: I'm sure these changes were evident at that point. Or wait until Q4 when you have to set the stage for 2024 and beyond. I think the answer will be that that was an R and D meeting.

Four and beyond I think the answer will be that that was an R&D meeting last month, but still Chris He opened the meeting by kind of setting the stage and tell him for the company. So I'm just wondering why you're hitting these changes in our Q3 call. Thank you.

Operator: Last month, but still, Chris, you opened the meeting by kind of setting the stage and tone for the company.

Adam Lenkowsky: I'm just wondering why you're fitting these changes in on a Q3 call?

So I'm just wondering why you're hitting these changes in our Q3 call. Thank you.

Operator: Thank you.

Chris Schott: Sure. Steve, let me take that. And then David can provide additional color. So the timing of this shift is really driven by the fact that in the short term we have seen additional trends, mainly around Abecma, that have required that we change our short term guidance. And that's giving the guidance for the new product portfolio for this year. And as we said, we expect that portfolio to be roughly $3.5 billion this year. And that is slightly less than what we had anticipated when we began this year. As a result of that change and what we're seeing with the new product portfolio, the dynamics of which I described in the prepared remarks, we made the decision that we wanted to update the 2025 guidance as we anticipated that would be a question that would come out on this call.

Chris Boerner: Sure. Steve, let me take that. And then David can provide additional color. So the timing of this shift is really driven by the fact that in the short term we have seen additional trends, mainly around Abecma, that have required that we change our short term guidance. And that's giving the guidance for the new product portfolio for this year. And as we said, we expect that portfolio to be roughly $3.5 billion this year.

Christopher Boerner: Sure, Steve. Let me take that and then David can provide additional color. So the timing of this shift is really driven by the fact that in the short term we have seen additional trends mainly around ABECMA that have required that we change our short term guidance and that's giving the guidance for the new product portfolio for this year. And as we've said, we expect that portfolio to be roughly $3.5 billion this year and that is slightly less than what we had anticipated when we began this year. As a result of that change and what we're seeing with the new product portfolio, the dynamics which I described in the prepared remarks, we made the decision that we wanted to update the '25 guidance as we anticipated that would be a question that would come out on this call and so that's why we made the decision to change the 2025 guidance. And then of course, as we get into next year, we'll provide additional color as to how we expect 2024 to proceed but that was really the motivation for the timing of why we decided to make the changes in guidance today.

The timing of this shift is really driven by. The fact that in the short term we have seen additional trends mainly around our back amount that are required that we change our short term guidance and that's giving the guidance for the new product portfolio for this year and as we've said, we expect that portfolio to be roughly $3 $5 billion. This year and that is slightly less than what we had anticipated. Hate it when we began this year as a result of that change and what we're seeing with the new product portfolio. The dynamics of which I described in the prepared remarks, we made the decision that we wanted to update the 25 guidance. We anticipated that would be a question that will come out on this call and so that's why we made the decision to change the 2025 guidance. And then of course as we get into next year, we'll provide additional color as to how we expect 2024 or two to proceed but that was really the motivation for the timing of why we decided to make the changes in guidance today.

The fact that in the short term we have seen additional trends mainly around our back amount that are required that we change our short term guidance and that's giving the guidance for the new product portfolio for this year and as we've said, we expect that portfolio to be roughly $3 $5 billion. This year and that is slightly less than what we had anticipated. Hate it when we began this year as a result of that change and what we're seeing with the new product portfolio. The dynamics of which I described in the prepared remarks, we made the decision that we wanted to update the 25 guidance. We anticipated that would be a question that will come out on this call and so that's why we made the decision to change the 2025 guidance. And then of course as we get into next year, we'll provide additional color as to how we expect 2024 or two to proceed but that was really the motivation for the timing of why we decided to make the changes in guidance today.

And that is slightly less than what we had anticipated when we began this year. As a result of that change and what we're seeing with the new product portfolio, the dynamics of which I described in the prepared remarks, we made the decision that we wanted to update the 2025 guidance as we anticipated that would be a question that would come out on this call.

Hate it when we began this year as a result of that change and what we're seeing with the new product portfolio. The dynamics of which I described in the prepared remarks, we made the decision that we wanted to update the 25 guidance. We anticipated that would be a question that will come out on this call and so that's why we made the decision to change the 2025 guidance. And then of course as we get into next year, we'll provide additional color as to how we expect 2024 or two to proceed but that was really the motivation for the timing of why we decided to make the changes in guidance today.

We anticipated that would be a question that will come out on this call and so that's why we made the decision to change the 2025 guidance. And then of course as we get into next year, we'll provide additional color as to how we expect 2024 or two to proceed but that was really the motivation for the timing of why we decided to make the changes in guidance today.

Chris Schott: And so that's why we made the decision to change the 2025 guidance. And then of course, as we get into next year, we'll provide additional color as to how we expect 2024 to proceed. But that was really the motivation for the timing of why we decided to make the changes in guidance today.

And so that's why we made the decision to change the 2025 guidance. And then of course, as we get into next year, we'll provide additional color as to how we expect 2024 to proceed. But that was really the motivation for the timing of why we decided to make the changes in guidance today.

And then of course as we get into next year, we'll provide additional color as to how we expect 2024 or two to proceed but that was really the motivation for the timing of why we decided to make the changes in guidance today.

Tim Power: Thanks, Chris. Keith, could we go to the next question, please?

Operator: Thanks, Chris. Keith, could we go to the next question please? Certainly. And that comes from Terence Flynn with Morgan Stanley.

Timothy Power: Thanks, Chris. Keith, could we go to the next question please?

Operator: Certainly. And that comes from Terence Flynn with Morgan Stanley.

Chris Schott: Hi, thanks for taking the question. I guess, Chris, maybe for you, just the launch reboot strategy for some of these, some of the drugs that have come in below your expectations, maybe you could just walk us through each of those and some of the steps you're taking and why you're confident that that's going to have success. Thank you. Sure. Terence, let me start and then I'll ask Adam to provide some specifics, really around the products where we think we're going to need to have either a reboot or where we are moving to accelerate. I think the way I characterize in the opening remarks is right, we have a number of products which are either hitting or exceeding our expectations. Certainly Opdualag Reblozyl is performing very, very well.

Terence Flynn: Hi, thanks for taking the question. I guess, Chris, maybe for you, just the launch reboot strategy for some of these, some of the drugs that have come in below your expectations, maybe you could just walk us through each of those and some of the steps you're taking and why you're confident that that's going to have success. Thank you.

Terence C. Flynn: Hi, thanks for taking the questions. I guess Chris maybe for you, just the the launch reboot strategy for some of the drugs that have come in below your expectations, maybe you could just walk us through each of those and some of the steps you're taking and why you're confident that that's going to have perhaps success. Thank you.

Chris maybe for you just the the launch reboot strategy for some of these some of the drugs that are have come in below your expectations. Maybe you could just walk us through each of those and some of the steps you're taking and why you're confident that that's going to have perhaps success. Thank you.

Chris Boerner: Sure. Terence, let me start and then I'll ask Adam to provide some specifics, really around the products where we think we're going to need to have either a reboot or where we are moving to accelerate. I think the way I characterize in the opening remarks is right, we have a number of products which are either hitting or exceeding our expectations. Certainly Opdualag Reblozyl is performing very, very well.

Christopher S. Boerner: Sure Terence, let me start and then I'll ask Adam to provide some specifics really around the products where we think we're going to need to have either a reboot or where we are moving to accelerate. I think the way I characterized it in the opening remarks is right. We have a number of products, which are either hitting or exceeding our expectations, certainly OPDUALAF, REBLOZYL is performing very, very well. BREYANZI, as David alluded to, we saw good performance in the quarter, but importantly, we're seeing very strong manufacturing performance and we anticipate both supply and the quality of manufacturing for that product to improve. And given the profile of the drug, we have every expectation that's going to continue to perform very well as we get into 2024. So those products we feel very good about.

Need to have either a reboot or where we are moving to accelerate.

The way I'd characterize it in the opening remarks is right. We have a number of products, which are either hitting or exceeding our expectations certainly op do lag rubble zone, performing very very well brianti as David alluded to we saw good performance in the quarter, but importantly, we're seeing very strong manufacturing performance and we anticipate both <unk>.

Chris Schott: Breyanzi, as David alluded to, we saw good performance in the quarter, but importantly, we're seeing very strong manufacturing performance. We anticipate both supply and the quality of manufacturing for that product to improve. Given the profile of the drug, we have every expectation that's going to continue to perform very well as we get into 2024. So those products we feel very good about. For Sotyktu and Camzyos, the dynamics are the products are just taking a bit longer and the trajectory for those products requires that we think about the time to peak being shifted back. What's important, and Adam can speak to this, is the fundamentals for both of those products continue to be very, very strong. We get good, strong share.

Breyanzi, as David alluded to, we saw good performance in the quarter, but importantly, we're seeing very strong manufacturing performance. We anticipate both supply and the quality of manufacturing for that product to improve. Given the profile of the drug, we have every expectation that's going to continue to perform very well as we get into 2024. So those products we feel very good about.

<unk> and the quality of manufacturing for that product to improve and given the profile of the drug we have every expectation that's going to continue to perform very well as we get into 2024.

For SOTYKTU and CAMZYOS the dynamics are the products are just taking a bit longer and the trajectory for those products requires that we think about the time to peak being shifted back. What's important and Adam can speak to this is the fundamentals for both of those products continue to be very, very strong. We got good strong share for SOTYKTU. We anticipate given the quality of that data and what we're seeing from customers, this will become the oral standard of choice, which is remember what the objective was when we launched the product. And for CAMZYOS every metric across this product, whether it relates to how physicians see the product and how patients see the product remains very strong. The dynamics in the cardiovascular market are such that that's just simply going to take a bit longer. I'll have Adam speak to any additional color on those two products, but mainly focus on ABECMA and ZEPOSIA.

For Sotyktu and Camzyos, the dynamics are the products are just taking a bit longer and the trajectory for those products requires that we think about the time to peak being shifted back. What's important, and Adam can speak to this, is the fundamentals for both of those products continue to be very, very strong. We get good, strong share.

<unk>. The dynamics are the products are just taking a bit longer than the trajectory for those products requires that we think about the time to peak being shifted back what's important and Adam can speak to this as the fundamentals for both of those products continue to be very very strong. We got good strong share a four so take two. We anticipate given the quality of that data and what we're seeing from customers. This will become the oral standard of choice, which as you remember what the objective was when we launched the product and for <unk> every metric across this product whether it relates to how physicians see the product in the outpatient and see the product remains very strong the dynamics in the cardiovascular market are such that.

Chris Schott: For Sotyktu, we anticipate, given the quality of that data and what we're seeing from customers, this will become the oral standard of choice, which is, remember what the objective was when we launched the product. And for Camzyos, every metric across this product, whether it relates to how physicians see the product and how patients see the product, remains very strong. The dynamics in the cardiovascular market are such that that's just simply going to take a bit longer. I'll have Adam speak to any additional color on those two products, but mainly focus on Abecma and on Zeposia.

For Sotyktu, we anticipate, given the quality of that data and what we're seeing from customers, this will become the oral standard of choice, which is, remember what the objective was when we launched the product. And for Camzyos, every metric across this product, whether it relates to how physicians see the product and how patients see the product, remains very strong. The dynamics in the cardiovascular market are such that that's just simply going to take a bit longer. I'll have Adam speak to any additional color on those two products, but mainly focus on Abecma and on Zeposia.

We anticipate given the quality of that data and what we're seeing from customers. This will become the oral standard of choice, which as you remember what the objective was when we launched the product and for <unk> every metric across this product whether it relates to how physicians see the product in the outpatient and see the product remains very strong the dynamics in the cardiovascular market are such that.

that's just simply going to take a bit longer. I'll have Adam speak to any additional color on those two products, but mainly focus on ABECMA and ZEPOSIA.

additional color on those two products, but mainly focus on ABECMA and ZEPOSIA.

Adam Lenkowsky: Yes, thanks, Chris. Thanks, Terence for the question. Let me just add a little bit more color, as you heard. You know, we have said that we're seeing continued impact from additional BCMA agents pressuring Abecma growth. Our teams are focused on, number one, expanding our site footprint both in the US and internationally. We're differentiating and contextualizing Abecma real world data for physicians, which really look very similar and consistent with our clinical trials. We're educating on the sequencing and some of the emerging data that the use of CAR T therapy ahead of bispecifics is ultimately better for patient outcomes. We're also very pleased with the progress we made on manufacturing around our predictability and low out-of-spec rates.

Adam Lenkowsky: Yes, thanks, Chris and thanks Terence for the question. Let me just add a little bit more color. As you heard we have said that we're seeing continued impact from additional BCA agent pressuring ABECMA growth and so our teams are focused on number one, expanding our site's footprint both in the US and internationally. We're differentiating sectionalizing ABECMA real world data for physicians, which really look very similar and consistent with our clinical trials and we're educating on the sequencing and some of the emerging data that the use of cell therapy ahead of bispecific is ultimately better for a patient outcome. We're also very pleased with the progress we've made on manufacturing around our predictability and low out of spec rate. So that's what we're really doing around ABECMA.

Pressuring our backlog growth and so our teams are focused on number one expanding our site footprint both in the U S and internationally, we're differentiating sexualizing backed by real world data for physicians, which really look. Very similar and consistent with our clinical trials and we're educating on the sequencing and some of the emerging data that the use of cell therapy had a biased headaches. Ultimately better for a patient outcome. We're also very pleased with the progress we've made on manufacturing around our predictability and low out of spec rate. So that's what we're really doing round back mark as it relates to as opposed yeah.

We're differentiating and contextualizing Abecma real world data for physicians, which really look very similar and consistent with our clinical trials. We're educating on the sequencing and some of the emerging data that the use of CAR T therapy ahead of bispecifics is ultimately better for patient outcomes. We're also very pleased with the progress we made on manufacturing around our predictability and low out-of-spec rates.

Very similar and consistent with our clinical trials and we're educating on the sequencing and some of the emerging data that the use of cell therapy had a biased headaches. Ultimately better for a patient outcome. We're also very pleased with the progress we've made on manufacturing around our predictability and low out of spec rate. So that's what we're really doing round back mark as it relates to as opposed yeah.

Ultimately better for a patient outcome. We're also very pleased with the progress we've made on manufacturing around our predictability and low out of spec rate. So that's what we're really doing round back mark as it relates to as opposed yeah.

Adam Lenkowsky: So that's what we're really doing around Abecma as it relates to Zeposia, you know, as Chris mentioned, and then I'll shift to the others, you know, we continue to see quarterly demand growth. You know, MS is really driving that growth. And so we made a lot of progress on the MS front, even in a declining oral market in favor of B-cell. And so we continue to expect growth in the MS market. Now we have certainly an opportunity for continued growth in UC. We're making progress, but our access challenges, they remain and we're working to improve our access position. But we're also seeing progress in Zeposia in the first-line setting post ASA as physicians are identifying Zeposia really as a good treatment option based on its efficacy and safety profile.

So that's what we're really doing around Abecma as it relates to Zeposia, you know, as Chris mentioned, and then I'll shift to the others, you know, we continue to see quarterly demand growth. You know, MS is really driving that growth. And so we made a lot of progress on the MS front, even in a declining oral market in favor of B-cell. And so we continue to expect growth in the MS market.

As it relates to ZEPOSIA, as Chris mentioned, and then I'll shift to the others, we continue to see quarterly demand growth and that is really driving that growth and so we've made a lot of progress on the MS front, even in a declining oral market in favor of [inaudible] and so we continue to expect growth in the MS market. Now we have certainly an opportunity for continued growth in UC, we're making progress, but our access challenges they remain and we're working to improve our access position. But we're also seeing progress in ZEPOSIA in the first line setting post ASI as physicians are identifying ZEPOSIA as a good treatment option based on its efficacy and safety profile. So we're focusing there on expanding breadth of prescribing and continuing to really drive adoption across a broader use of physician. So for those reasons, we do expect to see continued growth in uptake for ZEPOSIA.

Quarterly demand growth. That is really driving that growth and so we've made a lot of progress on the <unk> front, even in a declining oral market in favor of diesel and so we continue to expect growth in EMS market now we have certainly an opportunity for continued growth in UC, we're making progress, but our access challenges there they remain and we're working to. Improve our access position. But we're also seeing progress in symposia in the first line setting post ASI as physicians are identifying as opposed yeah. It really is a good treatment option based on its efficacy and safety profile. So we're focusing there on expanding breadth of prescribing and continuing to really drive adoption across our. A broader use of physician so for those reasons, we do expect to see continued growth.

That is really driving that growth and so we've made a lot of progress on the <unk> front, even in a declining oral market in favor of diesel and so we continue to expect growth in EMS market now we have certainly an opportunity for continued growth in UC, we're making progress, but our access challenges there they remain and we're working to. Improve our access position. But we're also seeing progress in symposia in the first line setting post ASI as physicians are identifying as opposed yeah. It really is a good treatment option based on its efficacy and safety profile. So we're focusing there on expanding breadth of prescribing and continuing to really drive adoption across our. A broader use of physician so for those reasons, we do expect to see continued growth.

Now we have certainly an opportunity for continued growth in UC. We're making progress, but our access challenges, they remain and we're working to improve our access position. But we're also seeing progress in Zeposia in the first-line setting post ASA as physicians are identifying Zeposia really as a good treatment option based on its efficacy and safety profile.

Improve our access position. But we're also seeing progress in symposia in the first line setting post ASI as physicians are identifying as opposed yeah. It really is a good treatment option based on its efficacy and safety profile. So we're focusing there on expanding breadth of prescribing and continuing to really drive adoption across our. A broader use of physician so for those reasons, we do expect to see continued growth.

But we're also seeing progress in symposia in the first line setting post ASI as physicians are identifying as opposed yeah. It really is a good treatment option based on its efficacy and safety profile. So we're focusing there on expanding breadth of prescribing and continuing to really drive adoption across our. A broader use of physician so for those reasons, we do expect to see continued growth.

Adam Lenkowsky: So we're focusing there on expanding breadth of prescribing and continuing to really drive adoption across our, you know, a broader use of physicians. So for those reasons we do expect to see continued growth and uptake for Zeposia now as it relates to Camzyos and Sotyktu. As you know, Chris opened, he talked about the importance of those two products and really not a matter of if, but a matter of when. And that's why we made that decision. And so for Camzyos, you know, we are pleased with the uptake there. The focus on Camzyos remains to continue to increase our breadth in our COEs, go outside of the COEs to kind of the non centers of excellence to expand utilization.

So we're focusing there on expanding breadth of prescribing and continuing to really drive adoption across our, you know, a broader use of physicians. So for those reasons we do expect to see continued growth and uptake for Zeposia now as it relates to Camzyos and Sotyktu. As you know, Chris opened, he talked about the importance of those two products and really not a matter of if, but a matter of when.

A broader use of physician so for those reasons, we do expect to see continued growth.

Now as it relates to CAMZYOS and SOTYKTU, as you know, Chris opened and he talked about the importance of those two products and really not a matter of if but a matter of when and that's why we made that decision. And so for CAMZYOS we are pleased with the uptake there. The focus on CAMZYOS remains to continue to increase our breadth in our COEs, go outside of the COEs to the non centers of excellence to expand utilization. We're seeing doctors get much more comfortable in using the patient response has also been very, very strong there and continuing to bring patients out of the hub. Remember these patients are going to be on treatment for a very long time. And then finally, just again I'll just close on SOTYKTU, I mentioned some of the key areas of our focus on around access and David talked about pulling through those patients through to the hub, but also continue to drive breadth of prescribers, where we're making really meaningful progress and reinforcing our superior efficacy profile compared to [inaudible].

<unk> as you know. Chris opened and you talked about the importance of those two products and really not a matter of yes, but a matter of when and that's why we made that decision and so for <unk>. We are pleased with the uptake there the focus on cams iOS remains to continue to increase our breadth in our coes. Go outside of the Coes to kind of the the non centers of excellence to expand utilization, we're seeing doctors get much more comfortable in using the patient response has also been very very strong there. And continuing to bring patients out of the hub remember these patients are going to be on treatment for a very long time and then finally, just again I'll just close on <unk> I mentioned some of the key areas of our focus on around access and David talked about pulling through those patients through to the hub, but also continue to drive breadth of prescribers, where we're <unk>. <unk> really meaningful progress and reinforcing our superior efficacy profile compared to a Tesla.

Chris opened and you talked about the importance of those two products and really not a matter of yes, but a matter of when and that's why we made that decision and so for <unk>. We are pleased with the uptake there the focus on cams iOS remains to continue to increase our breadth in our coes. Go outside of the Coes to kind of the the non centers of excellence to expand utilization, we're seeing doctors get much more comfortable in using the patient response has also been very very strong there. And continuing to bring patients out of the hub remember these patients are going to be on treatment for a very long time and then finally, just again I'll just close on <unk> I mentioned some of the key areas of our focus on around access and David talked about pulling through those patients through to the hub, but also continue to drive breadth of prescribers, where we're <unk>. <unk> really meaningful progress and reinforcing our superior efficacy profile compared to a Tesla.

And that's why we made that decision. And so for Camzyos, you know, we are pleased with the uptake there. The focus on Camzyos remains to continue to increase our breadth in our COEs, go outside of the COEs to kind of the non centers of excellence to expand utilization.

Go outside of the Coes to kind of the the non centers of excellence to expand utilization, we're seeing doctors get much more comfortable in using the patient response has also been very very strong there. And continuing to bring patients out of the hub remember these patients are going to be on treatment for a very long time and then finally, just again I'll just close on <unk> I mentioned some of the key areas of our focus on around access and David talked about pulling through those patients through to the hub, but also continue to drive breadth of prescribers, where we're <unk>. <unk> really meaningful progress and reinforcing our superior efficacy profile compared to a Tesla.

Adam Lenkowsky: We're seeing doctors get much more comfortable in using, the patient response has also been very, very strong there, and continuing to bring patients out of the hub. Remember, these patients are going to be on treatment for a very long time. And then finally, just again, I'll just close on Sotyktu. I mentioned some of the key areas we're focused on around access, and David talked about pulling through those patients through the hub. But we're also continuing to drive breadth of prescribers, where we're making really meaningful progress and reinforcing our superior efficacy profile compared to Otezla.

We're seeing doctors get much more comfortable in using, the patient response has also been very, very strong there, and continuing to bring patients out of the hub. Remember, these patients are going to be on treatment for a very long time. And then finally, just again, I'll just close on Sotyktu. I mentioned some of the key areas we're focused on around access, and David talked about pulling through those patients through the hub. But we're also continuing to drive breadth of prescribers, where we're making really meaningful progress and reinforcing our superior efficacy profile compared to Otezla.

And continuing to bring patients out of the hub remember these patients are going to be on treatment for a very long time and then finally, just again I'll just close on <unk> I mentioned some of the key areas of our focus on around access and David talked about pulling through those patients through to the hub, but also continue to drive breadth of prescribers, where we're <unk>. <unk> really meaningful progress and reinforcing our superior efficacy profile compared to a Tesla.

And then finally, just again I'll just close on SOTYKTU, I mentioned some of the key areas of our focus on around access and David talked about pulling through those patients through to the hub, but also continue to drive breadth of prescribers, where we're making really meaningful progress and reinforcing our superior efficacy profile compared to [inaudible].

<unk> really meaningful progress and reinforcing our superior efficacy profile compared to a Tesla.

Tim Power: Thanks Adam. Keith, could we go to the next question please?

Operator: Thanks Adam. Keith, could we go to the next question please? Sure and that comes from [inaudible] with BMO capital.

Timothy Power: Thanks Adam. Keith, could we go to the next question please?

Operator: Sure. That comes from Evan Seigerman with BMO Capital. Hi guys.

Operator: Sure. That comes from Evan Seigerman with BMO Capital.

Operator: Sure and that comes from Evan Seigerman with BMO capital.

Evan Seigerman: Hi guys. Thank you for taking my question. This one's on Mirati. So, Krazati and the general KRAS rest.G12C class has recently really fallen below expectations. Can you just walk me through your thinking of the opportunity for Krazati? What's the key value driver here in the acquisition, and what can you do differently versus Mirati to accelerate growth of this asset?

Evan David Seigerman: Hi, guys. Thank you for taking my question. This one's on Marathi [inaudible] and the general K rescue 12 seat classes recently really fallen below expectations, could you just walk me through your thinking of the opportunity for [inaudible], what's the key value driver here in the acquisition and what can you do differently versus Marathi to accelerate growth of this asset?

Chris Schott: Thank you for taking my question. This one's on Mirati.

Adam Lenkowsky: So, Krazati and the general KRAS rest.

Chris Schott: G12C class has recently really fallen below expectations. Can you just walk me through your thinking of the opportunity for Krazati? What's the key value driver here in the acquisition, and what can you do differently versus Mirati to accelerate growth of this asset?

Adam Lenkowsky: Yeah, thanks Evan for the question. You know number one, we're very confident in Krazati's significant commercial opportunity as we believe this is a best in class KRAS G12C. Remember, the real opportunity for Krazati is in the first-line setting and so in lung cancer. And so we have, you know, Mirati has started their phase 3 study in combination with PD-1. We'll also see data around the triplet to PD-1 chemo KRAS. I think that's another significant advantage of Krazati where it can combine with multiple agents including PD-1. We obviously need data to understand the potential of that opportunity. But Evan, we think this could bring significantly greater upside to this opportunity. And then also we're very excited about the other assets that.

Adam Lenkowsky: Yeah, thanks Evan for the question. We're very confident in [inaudible] significant commercial opportunity as we believe it is a best-in-class [inaudible]. However, the real opportunity for [inaudible] is in the first line setting in lung cancer and so Marathi has started their phase III study in combination with PD-1. We'll also see data around the triplet PD-1 chemo, [inaudible]. I think that's another significant advantage of [inaudible] where it can combine with multiple agents, including PD-1. We'll need to see data to understand the potential of that opportunity, but we think this could bring significantly greater upside to this opportunity.

However, the real opportunity for <unk> is in the first line setting and so in lung cancer and so we have. Marathi has started their phase III study in combination with PD one. We'll also see data around the triplet PD, one chemo, okay, whereas I think that's another significant advantage of prosodic, where it can combine with multiple agents, including PD one lot of CD data to understand the potential of the opportunity that opportunity, but we think this could bring significantly greater upside to this opportunity. <unk>.

Marathi has started their phase III study in combination with PD one. We'll also see data around the triplet PD, one chemo, okay, whereas I think that's another significant advantage of prosodic, where it can combine with multiple agents, including PD one lot of CD data to understand the potential of the opportunity that opportunity, but we think this could bring significantly greater upside to this opportunity. <unk>.

We'll also see data around the triplet PD, one chemo, okay, whereas I think that's another significant advantage of prosodic, where it can combine with multiple agents, including PD one lot of CD data to understand the potential of the opportunity that opportunity, but we think this could bring significantly greater upside to this opportunity. <unk>.

But Evan, we think this could bring significantly greater upside to this opportunity. And then also we're very excited about the other assets that.Mirati has PRMT5, KRAS G12D, and the SOS1 inhibitor, which we think also showing very promising early efficacy. So taken together, we do believe that this is a really exciting deal for the company and will be a strong catalyst of growth in the back end of this decade.

<unk>.

And then also we're very excited about the other assets that Marathi has, PRMT5, five [inaudible] and the SaaS one inhibitor, which we think also showing very promising early efficacy. So taken together, we do believe that this is a really exciting deal for the company and will be a strong catalyst of growth in the back end of this decade.

Debt Marathi has <unk> five <unk> 12, D and the SaaS, one inhibitor, which we think also showing very private promising early efficacy. So taken together. We do believe that this is a really exciting deal for the company and will be a strong catalyst of growth in the back end of this decade.

Adam Lenkowsky: Mirati has PRMT5, KRAS G12D, and the SOS1 inhibitor, which we think also showing very promising early efficacy. So taken together, we do believe that this is a really exciting deal for the company and will be a strong catalyst of growth in the back end of this decade.

Tim Power: Thanks, Adam. Keith, could we go to the next question please?

Timothy Power: Thanks, Adam. Keith, can we go to the next question please?

Operator: Yes, certainly. That comes from Carter Gould with Barclays.

Operator: Yes, certainly and that comes from Carter Gould with Barclays.

Adam Lenkowsky: Hi, good morning, guys.

Carter Gould: Hi, good morning, guys. On Abecma, can you help frame? You mentioned some of the headwinds and.Some of those are obviously transient in nature. How should we think about how long? It might take to get back to.Sort of the run rate you were seeing in H1 2023 and I guess along those lines as well, given some of the commentary on the guidance, just your confidence in an on-time approval of KarMMa-3? Thank you.

>>Carter Gould - Barclays Bank PLC, Research Division: Hi, good morning guys. On ABECMA, can you help frame, you mentioned some of the headwinds and some of those are obviously transient in nature, how should we think about how long it might take to get back to sort of the run rate we're seeing in the first half of '23? And I guess, along those lines as well as some of the commentary on the guidance, just your confidence on an on time approval of [inaudible]. Thank you.

Hi. On a back them off. Can you help frame you mentioned some of the headwinds and some of those are obviously transient in nature, how should we think about how long it might take to get back. Sort of the run rate we're seeing. In the first half of 'twenty, three and I guess, along those lines as well as some of the commentary on the guidance just your confidence on an on time approval of <unk>. Thank you.

Chris Schott: On Abecma, can you help frame? You mentioned some of the headwinds and.

On a back them off. Can you help frame you mentioned some of the headwinds and some of those are obviously transient in nature, how should we think about how long it might take to get back. Sort of the run rate we're seeing. In the first half of 'twenty, three and I guess, along those lines as well as some of the commentary on the guidance just your confidence on an on time approval of <unk>. Thank you.

Can you help frame you mentioned some of the headwinds and some of those are obviously transient in nature, how should we think about how long it might take to get back. Sort of the run rate we're seeing. In the first half of 'twenty, three and I guess, along those lines as well as some of the commentary on the guidance just your confidence on an on time approval of <unk>. Thank you.

Adam Lenkowsky: Some of those are obviously transient in nature. How should we think about how long?

Chris Schott: It might take to get back to.

Adam Lenkowsky: Sort of the run rate you were seeing in H1 2023 and I guess along those lines as well, given some of the commentary on the guidance, just your confidence in an on-time approval of KarMMa-3? Thank you.

Sort of the run rate we're seeing. In the first half of 'twenty, three and I guess, along those lines as well as some of the commentary on the guidance just your confidence on an on time approval of <unk>. Thank you.

In the first half of 'twenty, three and I guess, along those lines as well as some of the commentary on the guidance just your confidence on an on time approval of <unk>. Thank you.

So let me just start off with the [inaudible] part first. As you know that we have a PDUFA date in December and that's all pretty much we can comment on as we continue to work with the regulatory agencies to bring it forward. Yeah, Carter, I'll just expand on that just a little bit. We mentioned two things in last quarter's earnings remember. Number one, the S 12 maintenance that occurred in June would dampen Q3 sales and we're seeing that happen. However, we also see continued impact from additional BCMA targeted agent, so we knew this is going be a highly competitive market putting pressure on growth and I talked about what we're doing to really stabilize that business and returning to growth. Clearly [inaudible] approval would move ABECMA into earlier lines of treatment and be a catalyst to return it back into growth by opening up a significant larger patient pool, but as [inaudible] said, obviously, we have to wait to see that approval.

Giovanni Caforio: So let me just start off with the [inaudible] part first. As you know that we have a PDUFA date in December and that's all pretty much we can comment on as we continue to work with the regulatory agencies to bring it forward.

David Elkins: Let me just start off with the KarMMa-3 part first. As you know, that we have a PDUFA date in December, and that's all, pretty much, we can comment on as we continue to work with the regulatory agencies to bring it forward.

So let me do this let me just start off with the car about three part first as you know that we have a particular date in December and that's all pretty much. We can comment on as we continue to work with the regulatory agencies to bring it forward. Yes cardiologist. And then just a little bit you know we mentioned two things in last quarter's earnings remember number one now the S 12 maintenance that occurred in June were dampened Q3 sales and we're seeing that happen. However, we also see continued impact from additional bcm a targeted agent. So we knew this is going be a highly competitive market putting. Pressure on growth and I talked about what we're doing to really stabilize that business and returning to growth clearly a karma III approval would move back by into earlier lines of treatment and be a catalyst to return it back into growth by opening up a significant larger patient pool, but as Simon said, obviously, we have to wait to see that.

Adam Lenkowsky: Yeah, Carter, I'll just expand on that just a little bit. You know, we mentioned two things. Last quarter's earnings, remember? Number one, you know the S12 maintenance that occurred in June would dampen Q3 sales. And you know, we're seeing that happen. However, you know, we are also seeing a continued impact from additional BCMA targeted agents. So we knew this is going to be a highly competitive market putting pressure on growth. And I talked about what we're doing to really stabilize that business and return to growth. Clearly a KarMMa-3 approval would move Abecma into earlier lines of treatment and be a catalyst to return Abecma growth by opening up a significant larger patient pool. But as some had said, obviously we have to wait to see that approval come.

Yes cardiologist. And then just a little bit you know we mentioned two things in last quarter's earnings remember number one now the S 12 maintenance that occurred in June were dampened Q3 sales and we're seeing that happen. However, we also see continued impact from additional bcm a targeted agent. So we knew this is going be a highly competitive market putting.

Adam Lenkowsky: Yeah, Carter, I'll just expand on that just a little bit. We mentioned two things in last quarter's earnings remember. Number one, the S 12 maintenance that occurred in June would dampen Q3 sales and we're seeing that happen. However, we also see continued impact from additional BCMA targeted agent, so we knew this is going be a highly competitive market putting pressure on growth and I talked about what we're doing to really stabilize that business and returning to growth. Clearly [inaudible] approval would move ABECMA into earlier lines of treatment and be a catalyst to return it back into growth by opening up a significant larger patient pool, but as [inaudible] said, obviously, we have to wait to see that approval.

And then just a little bit you know we mentioned two things in last quarter's earnings remember number one now the S 12 maintenance that occurred in June were dampened Q3 sales and we're seeing that happen. However, we also see continued impact from additional bcm a targeted agent. So we knew this is going be a highly competitive market putting.

Pressure on growth and I talked about what we're doing to really stabilize that business and returning to growth clearly a karma III approval would move back by into earlier lines of treatment and be a catalyst to return it back into growth by opening up a significant larger patient pool, but as Simon said, obviously, we have to wait to see that.

And I talked about what we're doing to really stabilize that business and return to growth. Clearly a KarMMa-3 approval would move Abecma into earlier lines of treatment and be a catalyst to return Abecma growth by opening up a significant larger patient pool. But as some had said, obviously we have to wait to see that approval come.

Timothy Power: Thanks Adam. Can we go to the next question please?

Tim Power: Thanks, Adam. Can we go to the next question please?

Great. Thanks, Adam we go to the next question. Please.

Operator: Certainly, certainly. That comes from Andrew Baum with Citi.

Operator: Certainly. That comes from Andrew Baum with Citi.

Andrew Baum: Thank you. Question for Adam, many of your predecessor have been scarred just trying to get off [inaudible] reinvest plans. Are you still confident that you're going to be able to by the end of this year get 60% of your CVS insured patients off the bridge [inaudible].

Operator: Thank you. Question for Adam. Many of your predecessors has been scarred trying to get off the bridge onto reimbursed plans. Are you still confident that you're going to be able to by the end of this year get 60% of your CVS insured patients off the bridge onto a reimbursed basis?

Andrew Baum: Thank you. Question for Adam. Many of your predecessors has been scarred trying to get off the bridge onto reimbursed plans. Are you still confident that you're going to be able to by the end of this year get 60% of your CVS insured patients off the bridge onto a reimbursed basis?

Thank you. Question for Adam many of your predecessor has been scarred just trying to get off the bridge. Reinvest plans. Are you still confident that you'll kind of be able to by the end of this year get 60% of your Cvs insured patients off the bridge answer reinvest stages.

Question for Adam many of your predecessor has been scarred just trying to get off the bridge. Reinvest plans. Are you still confident that you'll kind of be able to by the end of this year get 60% of your Cvs insured patients off the bridge answer reinvest stages.

Reinvest plans. Are you still confident that you'll kind of be able to by the end of this year get 60% of your Cvs insured patients off the bridge answer reinvest stages.

Are you still confident that you'll kind of be able to by the end of this year get 60% of your Cvs insured patients off the bridge answer reinvest stages.

Adam Lenkowsky: Yeah, Andrew, thanks for the question. So conversion is going as we expected. You know, we are focused on pulling through the early access win for Sotyktu at CVS. And shipping those patients to commercial product from Bridge. As I said last time on the call, it takes about two to three months for patients to move from Bridge to commercial. And you know, we have started to see that conversion happening towards the end of Q3. We believe the majority of CVS patients will be coming out of the Hub by Q4 and start to see some benefit towards the tail end of Q4 and into Q1. We're also seeing new patients on CVS move very quickly into commercial products. So that's also helping to accelerate performance.

Adam Lenkowsky: Yes, Andrew, thanks for the question. So conversion is going as we expected. We are focused on pulling through the early access win for SOTYKTU at CVS and shifting those patients to commercial product from bridge. As I said, last time on the call, it takes about two to three months for patients to move from bridge to commercial and we have started to see that conversion happening towards the end of Q3. We believe the majority of CVS patients will be coming out of the hub by Q4 and start to see some benefit towards the tail end of Q4 and into Q1. We're also seeing new patients on CVS move very quickly into commercial products, so that's also helping to accelerate performance. So I talked earlier, that coupled with broader formulary access in January of 2024, we are confident that we'll be a strong accelerator of growth for SOTYKTU in 2024 and beyond.

Focused on pulling through the early access win for <unk> at Cvs and shifting those patients to commercial product from bridge. As I said last time on the call. It takes about two to three months for patients to move from bridge to commercial and you know we have started to see that conversion happening towards the end of Q3, we believe the majority of Cvs patients will be coming out of the hub by Q4 and start to see some benefit towards the tail end of Q. Four and into Q1. We're also seeing new patients on Cvs moved very quickly into commercial products. So that's also helping to accelerate performance. So I talked earlier, you know that coupled with broader formulary access in January of 2024, we are confident that we'll be in a strong accelerator of growth for <unk>. In 2024 and beyond.

As I said last time on the call. It takes about two to three months for patients to move from bridge to commercial and you know we have started to see that conversion happening towards the end of Q3, we believe the majority of Cvs patients will be coming out of the hub by Q4 and start to see some benefit towards the tail end of Q. Four and into Q1. We're also seeing new patients on Cvs moved very quickly into commercial products. So that's also helping to accelerate performance. So I talked earlier, you know that coupled with broader formulary access in January of 2024, we are confident that we'll be in a strong accelerator of growth for <unk>. In 2024 and beyond.

Four and into Q1. We're also seeing new patients on Cvs moved very quickly into commercial products. So that's also helping to accelerate performance. So I talked earlier, you know that coupled with broader formulary access in January of 2024, we are confident that we'll be in a strong accelerator of growth for <unk>. In 2024 and beyond.

We're also seeing new patients on CVS move very quickly into commercial products. So that's also helping to accelerate performance.So I talked earlier, you know, that coupled with broader formulary access in January of 2024, we are confident that will be a strong accelerator of growth for Sotyktu in 2024 and beyond.

We're also seeing new patients on Cvs moved very quickly into commercial products. So that's also helping to accelerate performance. So I talked earlier, you know that coupled with broader formulary access in January of 2024, we are confident that we'll be in a strong accelerator of growth for <unk>. In 2024 and beyond.

Adam Lenkowsky: So I talked earlier, you know, that coupled with broader formulary access in January of 2024, we are confident that will be a strong accelerator of growth for Sotyktu in 2024 and beyond.

In 2024 and beyond.

Tim Power: Thank you, Adam. Keith, could we go to our next question please?

Timothy Power: Thank you Adam. Keith, could we go to our next question please?

Operator: Once again, please press Star and then one if you would like to ask a question.

Operator: Once again, please press Star and then one if you would like to ask a question. The next question comes from Tim Anderson, Wolfe Research.

Operator: Please press star and then one if you'd like to ask a question.

Yeah. Okay.

Okay.

Operator: The next question comes from Tim Anderson, Wolfe Research.

And the next question comes from Tim Anderson with Wolfe Research.

Tim Power: Thank you.

Tim Anderson: Thank you. So you gave product specific peak sales targets out to 2030. I think you did that for almost 10 products. Are any of those trending ahead of what those prior targets were? We've heard of several things, it sounds. Like, where it might be trending below that. And are we going to get updated? 2030 targets on those same list of products at some point? Thank you.

Tim Anderson: Thank you. So you gave product specific peak sales target out to 2030, I think you did that for almost 10 products. Are any of those trending ahead of what those prior targets were. We've heard several things, it sounds like it might be trending below that and are we going to get updated 2030 targets on those same list of products at some point? Thank you.

Adam Lenkowsky: So you gave product specific peak sales targets out to 2030. I think you did that for almost 10 products.

So. You gave product specific peak sales target out to 2030, I think you did that for almost 10 products are. Are any of those trending ahead of. What those prior targets, where we've heard of them several things it sounds like where it might be trending below that and are we going to get updated 2030 targets on those same list of product at some point. Thank you.

You gave product specific peak sales target out to 2030, I think you did that for almost 10 products are. Are any of those trending ahead of. What those prior targets, where we've heard of them several things it sounds like where it might be trending below that and are we going to get updated 2030 targets on those same list of product at some point. Thank you.

David Elkins: Are any of those trending ahead of what those prior targets were? We've heard of several things, it sounds.

Are any of those trending ahead of. What those prior targets, where we've heard of them several things it sounds like where it might be trending below that and are we going to get updated 2030 targets on those same list of product at some point. Thank you.

What those prior targets, where we've heard of them several things it sounds like where it might be trending below that and are we going to get updated 2030 targets on those same list of product at some point. Thank you.

Adam Lenkowsky: Like, where it might be trending below that. And are we going to get updated?

David Elkins: 2030 targets on those same list of products at some point?

Adam Lenkowsky: Thank you.

Christopher S. Boerner: So Tim let me start and then I'll ask Adam to comment on how we're seeing performance trends overall. But what I would say is look, I would go back to how I characterize the new product portfolio at the beginning. We've launched nine new products over the last two and a half years and it's a portfolio of products and we are seeing some products perform at or better than expected. I thin when you factor in some of the early manufacturing constraints that we had, I look at a product like BREYANZI, the best-in-class product, that product has considerable opportunity to meet or exceed expectations. Look, I think we knew the competitive dynamics around ABECMA coming into this launch. I fully expect that the team is going to get that product back on track as it relates to competition from other BCMA targeted agents, but in the long run that product will continue to be a competitive product for us. And then certainly as we look at the opportunity for a product like CAMZYOS and a product like SOTYKTU we think the long term profit potential still remains on track. And possibly for a product like CAMZYOS in excess of what we had anticipated. And then as you would expect in any portfolio of products there are a couple of products where performance is lagging. We've highlighted what those are but maybe I'll ask Adam to comment on any additional underlying dynamics he wants to speak to.

Chris Schott: So Tim, let me start, and I'll ask Adam to comment on how we're seeing performance trends overall. But what I would say is, look, I would go back to how I characterize the new product portfolio at the beginning. We've launched nine new products over the last two and a half years, and it's a portfolio of products, and we are seeing some products perform at or better than expected. I think when you factor in some of the early manufacturing constraints that we had, I look at a product like Breyanzi, the best-in-class profile. That product has considerable opportunity to meet or exceed expectations. Look, I think we knew the competitive dynamics around Abecma coming into this launch. I fully expect that the team is going to get that product back on track as it relates to competition from other BCMA targeted agents.

Chris Boerner: So Tim, let me start, and I'll ask Adam to comment on how we're seeing performance trends overall. But what I would say is, look, I would go back to how I characterize the new product portfolio at the beginning. We've launched nine new products over the last two and a half years, and it's a portfolio of products, and we are seeing some products perform at or better than expected. I think when you factor in some of the early manufacturing constraints that we had, I look at a product like Breyanzi, the best-in-class profile.

or better than expected. I think when you factor in some of the early manufacturing constraints that we had, I look at a product like BREYANZI, the best-in-class profile of that product has considerable opportunity to meet or exceed expectations. Look, I think we knew the competitive dynamics around ABECMA coming into this launch.

That product has considerable opportunity to meet or exceed expectations. Look, I think we knew the competitive dynamics around Abecma coming into this launch. I fully expect that the team is going to get that product back on track as it relates to competition from other BCMA targeted agents.

I fully expect that the team is going to get that product back on track as it relates to competition from other BCMA targeted agents, but in the long run that product will continue to be a competitive product for us. And then certainly as we look at the opportunity for a product like CAMZYOS and a product like SOTYKTU we think the long term profit potential still remains on track. And possibly for a product like CAMZYOS in excess of what we had anticipated. And then as you would expect in any portfolio of products there are a couple of products where performance is lagging. We've highlighted what those are but maybe I'll ask Adam to comment on any additional underlying dynamics he wants to speak to.

To get that product back on track as it relates to competition from other be CMA targeted agents, but in the long run that that product will continue to be a competitive product for us and then certainly as we look at the opportunity for a product like <unk> and a product like so take two we think the long term profit potential still remains on track and possibly.

Chris Schott: But in the long run that product will continue to be a competitive product for us. And then certainly as we look at the opportunity for a product like Camzyos and a product like Sotyktu, we think the long term potential still remains on track and possibly for a product like Camzyos in excess of what we had anticipated. And then as you would expect in any portfolio product, there are a couple of products where performance is lagging. We've highlighted what those are but maybe I'll ask Adam to comment on any additional underlying dynamics he wants to speak to.

But in the long run that product will continue to be a competitive product for us. And then certainly as we look at the opportunity for a product like Camzyos and a product like Sotyktu, we think the long term potential still remains on track and possibly for a product like Camzyos in excess of what we had anticipated. And then as you would expect in any portfolio product, there are a couple of products where performance is lagging. We've highlighted what those are but maybe I'll ask Adam to comment on any additional underlying dynamics he wants to speak to.

for a product like CAMZYOS in excess of what we had anticipated. And then as you would expect in any portfolio of products there are a couple of products where performance is lagging. We've highlighted what those are but maybe I'll ask Adam to comment on any additional underlying dynamics he wants to speak to.

Adam Lenkowsky: Yeah, thanks for the question. I think you know, when we looked at totality of a portfolio, you know, we obviously see some products that are ahead where we projected them to be at peak, and some are tracking behind. But taken together, you know, we don't see any changes in what we had discussed, which is on a non risk adjusted basis that these, the new product portfolio, you know, could exceed that objective, you know, by 2030. You know, Chris talked about some of the, you know, the pushes and pulls. I would just add, I think Reblozyl is certainly a product that we're seeing that is tracking at or even ahead of expectations with the COMMANDS label. Camzyos, we also see that tracking ahead in the longer term.

Adam Lenkowsky: Yeah, thanks for the question. I think when we looked at totality of our portfolio, we obviously see some products that are ahead where we projected them to be at peak and some are tracking behind but taken together, we don't see any changes in what we had discussed which is on a non-risk adjusted basis that this new product portfolio could exceed that objective by 2030. Chris talked about some of the pushes and pulls, I would just add that REBLOZYL is certainly a product that we're seeing that is tracking at or even ahead of expectations with the command label.

New product portfolio. Could exceed that objective. By 2030, Chris talked about some of the you know the pushes and pulls I just I would just add and rebels Hill is certainly a product that we're seeing that he is tracking at or even ahead of expectations with the command label.

Could exceed that objective. By 2030, Chris talked about some of the you know the pushes and pulls I just I would just add and rebels Hill is certainly a product that we're seeing that he is tracking at or even ahead of expectations with the command label.

By 2030, Chris talked about some of the you know the pushes and pulls I just I would just add and rebels Hill is certainly a product that we're seeing that he is tracking at or even ahead of expectations with the command label.

You know, Chris talked about some of the, you know, the pushes and pulls. I would just add, I think Reblozyl is certainly a product that we're seeing that is tracking at or even ahead of expectations with the COMMANDS label. Camzyos, we also see that tracking ahead in the longer term.Yes, it's taking slower than we initially guided to, but it's tracking very similar to a very, very strong cardiovascular launch. And so we expect that adoption to continue with sustained growth into the long term. Chris mentioned Breyanzi. You mentioned, you know, Breyanzi has been seen as the best in class.

CAMZYOS, we also see that tracking ahead in the longer term. Yes, it's taking slower than we initially guided to but it's tracking very similar to a very, very strong cardiovascular launch and so we expect that adoption to continue with sustained growth into the long term. Chris mentioned BREYANZI, BREYANZI has been seen as the best-in-class cell therapy agent and coming into next year, we're going to be in a much better supply position and that is going to help accelerate and catalyze that product. And also SOTYKTU as well because we think about SOTYKTU once we are able to secure access early next year, we'll see accelerations in PSL, but we also have important data readouts as you know coming in PSA and in SLE or lupus, which will all contribute to having SOTYKTU exceed potentially our expectations in the back end of this decade. So Tim, just to close it out, we had said that that product portfolio had $25 billion plus potential. Where we sit today, we still see that potential at least $25 billion as we get to the end of this decade.

Adam Lenkowsky: Yes, it's taking slower than we initially guided to, but it's tracking very similar to a very, very strong cardiovascular launch. And so we expect that adoption to continue with sustained growth into the long term. Chris mentioned Breyanzi. You mentioned, you know, Breyanzi has been seen as the best in class.

<unk> has the best in class. Car <unk> cell therapy agent and coming into next year, we're going to be in a much better supply position and that is going to help accelerate and catalyze that product and it also citic too as well because we think about <unk>. Once we are able to secure access early next year, we'll see accelerations in PSL, but we also have important data readouts as you know coming in PSA and in SLE or lupus, which will all contribute to having to take to exceed potentially our expectations in the back end of this decade. So Tim just to close it out we had said that that patent that product portfolio had $25 billion plus potential. Where we sit today, we still see that potential at least $25 billion as we get to the end of this decade.

Adam Lenkowsky: Cell therapy agent, and coming into next year we're going to be in a much better supply position and that is going to help accelerate and catalyze that product and also Sotyktu as well. Because if you think about Sotyktu, you know, once we are able to secure access early next year we'll see accelerations in Pso. But we also have important data readouts as you know, coming in PSA, and in SLE or Lupus which will all contribute to having Sotyktu exceed potentially our expectations in the back end of this decade.

Cell therapy agent, and coming into next year we're going to be in a much better supply position and that is going to help accelerate and catalyze that product and also Sotyktu as well. Because if you think about Sotyktu, you know, once we are able to secure access early next year we'll see accelerations in Pso. But we also have important data readouts as you know, coming in PSA, and in SLE or Lupus which will all contribute to having Sotyktu exceed potentially our expectations in the back end of this decade.

Car <unk> cell therapy agent and coming into next year, we're going to be in a much better supply position and that is going to help accelerate and catalyze that product and it also citic too as well because we think about <unk>. Once we are able to secure access early next year, we'll see accelerations in PSL, but we also have important data readouts as you know coming in PSA and in SLE or lupus, which will all contribute to having to take to exceed potentially our expectations in the back end of this decade. So Tim just to close it out we had said that that patent that product portfolio had $25 billion plus potential. Where we sit today, we still see that potential at least $25 billion as we get to the end of this decade.

Once we are able to secure access early next year, we'll see accelerations in PSL, but we also have important data readouts as you know coming in PSA and in SLE or lupus, which will all contribute to having to take to exceed potentially our expectations in the back end of this decade. So Tim just to close it out we had said that that patent that product portfolio had $25 billion plus potential. Where we sit today, we still see that potential at least $25 billion as we get to the end of this decade.

Christopher S. Boerner: So Tim, just to close it out, we had said that that product portfolio had $25 billion plus potential. Where we sit today, we still see that potential at least $25 billion as we get to the end of this decade.

Chris Schott: So Tim, just to close it out, we had said that that product portfolio had $25 billion plus potential. Where we said today we still see that potential, at least $25 billion, as we get to the end of this decade.

Chris Boerner: So Tim, just to close it out, we had said that that product portfolio had $25 billion plus potential. Where we said today we still see that potential, at least $25 billion, as we get to the end of this decade.

So Tim just to close it out we had said that that patent that product portfolio had $25 billion plus potential. Where we sit today, we still see that potential at least $25 billion as we get to the end of this decade.

Where we sit today, we still see that potential at least $25 billion as we get to the end of this decade.

Tim Power: Thanks Chris. We go to the next question please. Keith.

Timothy Power: Thanks Chris. Can we go to the next question please, Keith?

Operator: Yes, that comes from David Risinger with Leerink Partners.

Operator: Yes, certainly. It comes from David Risinger with Leerink Partners.

David Elkins: Yes, thanks very much. So I just wanted to sort of pivot to 2026. So considering that you extended the new product portfolio revenue guidance to 2026, could you please comment on both the inline product segment and the recent LOE segments for 2026, specifically how you'd frame the magnitude of potential declines for Eliquis and Revlimid given the, you know, the pressures?

David Risinger: Yes, thanks very much. So I just wanted to sort of pivot to 2026. So considering that you extended the new product portfolio revenue guidance to 2026, could you please comment on both the inline product segment and the recent LOE segments for 2026, specifically how you'd frame the magnitude of potential declines for Eliquis and Revlimid given the, you know, the pressures? That they are set to face. Thank you very much.

David R. Risinger: Yes, thanks very much. So I just wanted to sort of pivot to 2026, so considering that you extended the new product portfolio revenue guidance to '26 could you please comment on both the inline product segment and the recent LOE segments for '26, specifically, how you'd frame the magnitude of potential declines for ELIQUIS and REVLIMID given the pressures that they are set to face. Thank you very much.

So I just wanted to sort of pivot to 2026, so considering that you extended the new product portfolio revenue guidance to 26 could you. Please comment on both the inline product segment and our recent eloise segments for 26, specifically, how you'd frame the magnitude of potential declines for Alex <unk> and Rev. <unk>. Given the. The pressures that they are set to face. Thank you very much.

<unk>. Given the. The pressures that they are set to face. Thank you very much.

Given the. The pressures that they are set to face. Thank you very much.

Chris Schott: That they are set to face.

The pressures that they are set to face. Thank you very much.

David Elkins: Thank you very much.

David Elkins: Thanks, Dave. Just as a reminder, you know, as far as the only change that we made was from a new product portfolio going to 2026. We're not providing line item guidance for the other line items. But what I would like to do is just remind you there's really no change to that in-line portfolio growing from 2010 to 2025 at $8 to $10 billion. Feel very confident in that. And I think the double-digit growth you saw on Opdivo, you know, year to date, it demonstrates our continued confidence there. And the only change that we made in relation to the guidance was in that new product portfolio after 2026. As it relates to the LOE. Again, we increased the guidance this year for Revlimid from $5.5 to $6 billion.

>>David Elkins - CFO: Thanks Dave. Just as a reminder, the only change that we made was from a new product portfolio going into '26 we're not providing guidance for the other line items, but what I would like to do is just remind you there's really no change in line portfolio growing from 2010 to 2025 at $8 billion to $10 billion so we're very confident in that and I think the double digit growth you saw on OPDIVO year to date it demonstrates our continued confidence there. And the only change that we've made in relation to the guidance was in that new product portfolio out to '26.

Just as a reminder, you know as far as the only change that we made was from a new product portfolio going into 'twenty six we're not providing guidance. Guidance for the other line items, but I would I would like to do is just remind you. There's really no change in line portfolio growing from 2010 to 2025 at $8 billion to $10 billion feel very confident in that and I think the double digit growth you saw on Opdivo.

Guidance for the other line items, but I would I would like to do is just remind you. There's really no change in line portfolio growing from 2010 to 2025 at $8 billion to $10 billion feel very confident in that and I think the double digit growth you saw on Opdivo.

And I think the double-digit growth you saw on Opdivo, you know, year to date, it demonstrates our continued confidence there. And the only change that we made in relation to the guidance was in that new product portfolio after 2026. As it relates to the LOE. Again, we increased the guidance this year for Revlimid from $5.5 to $6 billion.As we said on the second quarter, there's really no change to how we're looking at it, which is pretty consistent with where consensus is for 2024 and 2025, dropping down to about $4 billion next year and $2 billion in 2025.

Year to date as it demonstrates our continued confidence there. The only change that we've made in relation to the guidance was in that new product portfolio out to 'twenty six as it relates to the low <unk>.

The only change that we've made in relation to the guidance was in that new product portfolio out to 'twenty six as it relates to the low <unk>.

>>David Elkins - CFO: As it relates to the LOE, again, we increased the guidance this year for REVLIMID from 5.5 to 6 and as we said on the second quarter there's really no change to how we're looking at it which is pretty consistent with where consensus is for 24, 25, dropping down to about $4 billion next year and $2 billion in '25. And remember, by the time we finished this year, REVLIMID will be beyond 60% of the erosion of that product and a significant portion of our growth going forward is going to be represented by that in line and new product portfolio. ELIQUIS in 2025 would be less than 10% of our total revenue. So we'll have a much younger portfolio by the time we get to '25 and that will set us up well for 2026 and that's where we stand today.

David Elkins: As we said on the second quarter, there's really no change to how we're looking at it, which is pretty consistent with where consensus is for 2024 and 2025, dropping down to about $4 billion next year and $2 billion in 2025. Remember, by the time we finish this year, Revlimid will be beyond 60% of the erosion of that product. So, and a significant portion of our growth going forward is going to be represented by that, you know, in line and new product portfolio LOEs in 2025 would be less than 10% of our total revenue. You know, we'll have a much younger portfolio by the time we get to 2025 and set us up well for 2026. You know, that's where we stand today.

In 'twenty five and remember by the time, we finished this year revlimid will be beyond 60% of the erosion of that product so and a significant portion of our growth going forward is going to be represented by that. In line and new product portfolio, although we used in 2025 would be less than 10% of our total revenue. So you know we'll have a much. A much younger portfolio by the time, we get to 'twenty. And set us up well for 2006 and. That's where we stand today.

Remember, by the time we finish this year, Revlimid will be beyond 60% of the erosion of that product. So, and a significant portion of our growth going forward is going to be represented by that, you know, in line and new product portfolio LOEs in 2025 would be less than 10% of our total revenue. You know, we'll have a much younger portfolio by the time we get to 2025 and set us up well for 2026. You know, that's where we stand today.

In line and new product portfolio, although we used in 2025 would be less than 10% of our total revenue. So you know we'll have a much. A much younger portfolio by the time, we get to 'twenty. And set us up well for 2006 and. That's where we stand today.

A much younger portfolio by the time, we get to 'twenty. And set us up well for 2006 and. That's where we stand today.

And set us up well for 2006 and. That's where we stand today.

That's where we stand today.

Tim Power: Thanks, David. Go to the next question please. Keith.

Thanks, David. Can we go to the next question please? Yes, the next question is from [inaudible] with [inaudible].

Timothy Power: Thanks, David. Can we go to the next question please?

Operator: Yes. Next is Robyn Karnauskas with Truist.

Operator: Yes, the next question is from [inaudible] with [inaudible].

Operator: Hi.

Robyn Karnauskas: Hi.I mean, I think all the questions are focused on near term, but I have gotten a lot of bullish indicators on your launches thinking more longer term like next year. We've heard from KOLs that LVEF drops in the real world for Camzyos seem to be better than what we're seeing in the clinical trials. Maybe you can provide some color on what you're seeing and how that impacted uptake. I think big picture, do you see any potential for changes to REMS because of what you're saying? Thanks.

Unknown: Hi. I think all of the questions are focused on near term, but I have gotten a lot of bullish indicators on your launches thinking more longer term like next year. We've heard from KOLs that LDE have dropped in the real world CAMZYOS. I think would be better than what we're seeing in the clinical trials. Maybe you can provide more color on what you're seeing and how that impacted uptake. And [inaudible] do you see any potential for changes to [inaudible] because of what you're seeing.

Adam Lenkowsky: I mean, I think all the questions are focused on near term, but I have gotten a lot of bullish indicators on your launches thinking more longer term like next year. We've heard from KOLs that LVEF drops in the real world for Camzyos seem to be better than what we're seeing in the clinical trials. Maybe you can provide some color on what you're seeing and how that impacted uptake. I think big picture, do you see any potential for changes to REMS because of what you're saying? Thanks.

I think all of the questions a couple of things. Near term, but I has gotten a lot of bullish indicators on your lunch is thinking more longer term like next year, we've heard from Kols that L. D. E F dropped in the real World Parkins, I think would be better than what we're seeing in the clinical trials. Maybe you can provide more color on what youre seeing and how that impacted uptake and I think they take tariff did you see any potential for changes to resin because what youre, saying. Yeah.

Near term, but I has gotten a lot of bullish indicators on your lunch is thinking more longer term like next year, we've heard from Kols that L. D. E F dropped in the real World Parkins, I think would be better than what we're seeing in the clinical trials. Maybe you can provide more color on what youre seeing and how that impacted uptake and I think they take tariff did you see any potential for changes to resin because what youre, saying. Yeah.

Maybe you can provide more color on what youre seeing and how that impacted uptake and I think they take tariff did you see any potential for changes to resin because what youre, saying. Yeah.

Yeah.

David Elkins: Thank you, Robyn. I think what we have heard and what Adam has talked about in the past as well, that overall profile for Camzyos as we think about patients and the prescribers remains very, very positive, and we remain very confident on that profile as well as it relates to the REMS impact. Look, these are data that we have to collect for a long time from the real world. There is no commitment in terms of really getting the REMS changed, but certainly we'll continue to try as more and more data evolves and more and more patients are put on Camzyos. Overall, once the patient goes on Camzyos, we have not heard of any stories of patients trying to get off Camzyos.

Samit Hirawat: Thank you. I think what we have heard and what Adam has talked about in the past as well that overall profile for CAMZYOS as we think about patients and the prescribers, remains very, very positive and we remain very confident in that profile as well. As it relates to the Rems impact, look these are data that we have to collect for a long time from the [inaudible]. There is no commitment in terms of really getting the rems change, but certainly we will continue to try as more and more data evolves and more and more patients are put on CAMZYOS. Overall, once the patient goes on CAMZYOS we have not heard of any stories of patients trying to get off CAMZYOS. In fact, even if they have to interrupt for any other reason, they want to go back on the drug because of the benefit that they see in their quality of life and how they perform on their overall daily living.

There is no commitment in terms of really getting the REMS changed, but certainly we'll continue to try as more and more data evolves and more and more patients are put on Camzyos. Overall, once the patient goes on Camzyos, we have not heard of any stories of patients trying to get off Camzyos. In fact, even if they have to interrupt for any other reasons, they want to go back on the drug because of the benefit that they see in their quality of life and how they perform on their overall daily living.

There is no commitment in terms of really getting the rems change, but certainly we will continue to try as more and more data and more and more data more and more patients are put on <unk> overall.

Once the patient goes on Cams iOS, we have not heard of any stories of patients trying to get off comes out was in fact, even if they have to interrupt for any other reasons. They want to go back on the drug because of the benefit that they see in their quality of life and how they perform on their overall daily living.

David Elkins: In fact, even if they have to interrupt for any other reasons, they want to go back on the drug because of the benefit that they see in their quality of life and how they perform on their overall daily living.

Operator: Thanks Samit. Can we go to the next question please? Yes, and that comes from Mohit Bansal with Wells Fargo.

Timothy Power: Thanks Samit. Can we go to the next question please?

Tim Power: Thanks so much. Go to the next question please.

Operator: Yes, and that comes from Mohit Bansal with Wells Fargo.

Adam Lenkowsky: Great, thank you for taking my question. And my question is regarding, my question is related to Sotyktu because it seems like in prepared remarks you mentioned that Sotyktu contracting to zero step edits may run into 2025 and you mentioned because there are some changes in the immunology contracting market.

Mohit Bansal: Great, thank you for taking my question. And my question is regarding, my question is related to Sotyktu because it seems like in prepared remarks you mentioned that Sotyktu contracting to zero step edits may run into 2025 and you mentioned because there are some changes in the immunology contracting market. Can you please help us understand them? A little bit better? What are these changes and how should we think about the long term net pricing for this category? Thank you.

Mohit Bansal: Great. Thank you for taking my question. My question is related to SOTYKTU because it seems like in prepared remarks you mentioned that SOTYKTU contracting to [inaudible] and you mentioned because there are some changes in the immunologic contracting market. Can you please help us understand a little bit better what are these changes and how should we think about the long term net pricing for this category? Thank you.

My question is related to <unk>, because it seems like in prepared remarks, you mentioned that so. So take two contracting to dealer stock. Our next step edits made under <unk> 25, and you mentioned because there are some changes in the immunologic contracting market. Can you please help us understand them a little bit better what are these changes and how should we think about the long term net pricing for this category. Thank you.

So take two contracting to dealer stock. Our next step edits made under <unk> 25, and you mentioned because there are some changes in the immunologic contracting market. Can you please help us understand them a little bit better what are these changes and how should we think about the long term net pricing for this category. Thank you.

Tim Power: Can you please help us understand them?

Can you please help us understand them a little bit better what are these changes and how should we think about the long term net pricing for this category. Thank you.

Adam Lenkowsky: A little bit better? What are these changes and how should we think about the long term net pricing for this category? Thank you. Yeah Mohit, thanks for the question. I'll take that one. So as I said, we are working to improve significantly our formulary access in 2024. And as I said, we have approximately 80% of lives today that are not covered on Sotyktu. We expect that to change dramatically as we move in next year. However, when you look at where we will likely be in 2024, we will likely have the majority of our business in either a zero or one step edit position.

Adam Lenkowsky: Yeah Mohit, thanks for the question. I'll take that one. So as I said, we are working to improve significantly our formulary access in 2024. And as I said, we have approximately 80% of lives today that are not covered on Sotyktu. We expect that to change dramatically as we move in next year. However, when you look at where we will likely be in 2024, we will likely have the majority of our business in either a zero or one step edit position.

Yeah.

Adam Lenkowsky: Yeah, Mohit, thanks for the question. I'll take that one. I said, we are working to improve significantly our formulary access in 2024. And as I said, we have approximately 80% of lives today that are not covered on SOTYKTU. We expect that to change dramatically as we move into next year. However, when you look at where we will likely be in 2024, we will likely have the majority of our business in either zero or one step edit position. When we're talking to PBMs and the reason why we're talking a little bit about 2025, PBMs are really thinking about different ways to manage the PSL class as well as the broader immunology class with now more and more biosimilar humera coming into the market and so those decisions have not yet been finalized for 2025, but as I stated, we're very confident that we will see a significantly broader access position next year. So we'll go from non covered to being covered which would be a really nice growth opportunity for us, particularly as we move into early next year.

I said, we are working to improve significantly our formulary access in 2024. And as I said, we have. Ultimately 80% of lives today that are not covered on <unk>, we expect that to change dramatically as we move into next year. However, when you look at you know, where we will likely be in 2024, we will likely have the majority of our business in either zero or one step edit position when we're talking to Pbms and the reason why we're talking a little bit about 2025 pbms. <unk> really thinking about different ways to manage the PSL class as well as the broader immunology class with now more and more biosimilar humira coming into the market and so those decisions have not yet been finalized for 2025, but as I stated, we're very confident that we will see a. Significantly broader access position next year. So we'll go from non covered to being covered which would be a really nice growth opportunity for us, particularly if we can move into early next year.

And as I said, we have. Ultimately 80% of lives today that are not covered on <unk>, we expect that to change dramatically as we move into next year. However, when you look at you know, where we will likely be in 2024, we will likely have the majority of our business in either zero or one step edit position when we're talking to Pbms and the reason why we're talking a little bit about 2025 pbms. <unk> really thinking about different ways to manage the PSL class as well as the broader immunology class with now more and more biosimilar humira coming into the market and so those decisions have not yet been finalized for 2025, but as I stated, we're very confident that we will see a. Significantly broader access position next year. So we'll go from non covered to being covered which would be a really nice growth opportunity for us, particularly if we can move into early next year.

Ultimately 80% of lives today that are not covered on <unk>, we expect that to change dramatically as we move into next year. However, when you look at you know, where we will likely be in 2024, we will likely have the majority of our business in either zero or one step edit position when we're talking to Pbms and the reason why we're talking a little bit about 2025 pbms. <unk> really thinking about different ways to manage the PSL class as well as the broader immunology class with now more and more biosimilar humira coming into the market and so those decisions have not yet been finalized for 2025, but as I stated, we're very confident that we will see a. Significantly broader access position next year. So we'll go from non covered to being covered which would be a really nice growth opportunity for us, particularly if we can move into early next year.

However, when you look at you know, where we will likely be in 2024, we will likely have the majority of our business in either zero or one step edit position when we're talking to Pbms and the reason why we're talking a little bit about 2025 pbms. <unk> really thinking about different ways to manage the PSL class as well as the broader immunology class with now more and more biosimilar humira coming into the market and so those decisions have not yet been finalized for 2025, but as I stated, we're very confident that we will see a. Significantly broader access position next year. So we'll go from non covered to being covered which would be a really nice growth opportunity for us, particularly if we can move into early next year.

Adam Lenkowsky: When we're talking to PBMs and the reason why we're talking a little bit about 2025, PBMs are really thinking about different ways to manage the Pso class as well as the broader immunology class with now more and more biosimilar Humira coming into the market. So those decisions have not yet been finalized for 2025. But as I stated, we're very confident that we will see a significantly broader access position next year. So we'll go from non-covered to being covered, which will be a really nice growth opportunity for Sotyktu as you move into early next year.

When we're talking to PBMs and the reason why we're talking a little bit about 2025, PBMs are really thinking about different ways to manage the Pso class as well as the broader immunology class with now more and more biosimilar Humira coming into the market. So those decisions have not yet been finalized for 2025. But as I stated, we're very confident that we will see a significantly broader access position next year. So we'll go from non-covered to being covered, which will be a really nice growth opportunity for Sotyktu as you move into early next year.

<unk> really thinking about different ways to manage the PSL class as well as the broader immunology class with now more and more biosimilar humira coming into the market and so those decisions have not yet been finalized for 2025, but as I stated, we're very confident that we will see a. Significantly broader access position next year. So we'll go from non covered to being covered which would be a really nice growth opportunity for us, particularly if we can move into early next year.

Significantly broader access position next year. So we'll go from non covered to being covered which would be a really nice growth opportunity for us, particularly if we can move into early next year.

Tim Power: Let's go to the next question, please.

Timothy Power: Let's go to the next question please.

Operator: Yes, and that comes from Olivia Brayer with Cantor Fitzgerald.

Adam Lenkowsky: Hey, good morning, and thank you for the question. M&A has obviously been something.

Olivia Brayer: Hey, good morning, and thank you for the question. M&A has obviously been something. That you guys have leaned into. So does that strategy change at all after the Mirati deal? And if there is still an appetite for midsize deals, are there certain areas that may be best fit your growth strategy going forward?

Olivia Brayer: Hey, good morning, and thank you for the question. M&A has obviously been something that you guys have leaned into so does that strategy change at all after the Marathi deal? And If there is still an appetite from the deal are there certain areas that may be [inaudible] your growth strategy going forward?

Operator: That you guys have leaned into.

Adam Lenkowsky: So does that strategy change at all after the Mirati deal? And if there is still an appetite for midsize deals, are there certain areas that may be best fit your growth strategy going forward?

If there is still an appetite from it. Are there certain areas that may be back to take your growth strategy going forward.

Are there certain areas that may be back to take your growth strategy going forward.

Chris Schott: Sure, let me take that one. So as we've said consistently, business development remains the top priority for capital allocation at the company. What I would say is at a macro level, the way we think about business development is somewhat consistent with the way we've always thought about it, which is we are going to be looking for deals that are scientifically interesting and related to things that we know well. They're going to be strategically relevant for the company, and of course, they have to be financially sound. The one thing that I would add is that we are going to index more heavily on those deals that enhance the growth profile of the company. That's an area that we remain fixated on as a management team. And so I think that's going to factor into how we think about business development going forward.

Chris Boerner: Sure, let me take that one. So as we've said consistently, business development remains the top priority for capital allocation at the company. What I would say is at a macro level, the way we think about business development is somewhat consistent with the way we've always thought about it, which is we are going to be looking for deals that are scientifically interesting and related to things that we know well.

Christopher S. Boerner: Sure let me take that one. So as we've said consistently business development remains the top priority for capital allocation at the company. What I would say is at a macro level, the way we think about business development is somewhat consistent with the way we've always thought about it, which is we are going to be looking for deals that are scientifically interesting and related to things that we know well.

They're going to be strategically relevant for the company, and of course, they have to be financially sound. The one thing that I would add is that we are going to index more heavily on those deals that enhance the growth profile of the company. That's an area that we remain fixated on as a management team. And so I think that's going to factor into how we think about business development going forward. We're going to see areas, of course, that enhance the portfolio or help us to continue to.

They're gonna be strategically relevant for the company and of course they have to be financially sound. The one thing that I would add is that we're going to index more heavily on those deals that enhance the growth profile of the company. That's an area that we remain fixated on as a management team and so I think that's going to factor into how we think about business development going forward. And we're going to see areas of course that enhance the portfolio or help us to continue to give us capabilities or products that we don't have today. I think in some ways, that's how you can think about Marathi. Marathi continues to diversify our oncology business [inaudible]

They're gonna be strategically relevant for the company and of course they have to be financially sound.

The one thing that I would add is that we're going to index more heavily on those deals that enhance the growth profile of the company. That's an area that we remain fixated on as a management team and so I think that's going to factor into how we think about business development going forward. And we're going to see areas of course that enhance the portfolio or help us to continue to give us capabilities or products that we don't have today. I think in some ways, that's how you can think about Marathi. Marathi continues to diversify our oncology business [inaudible] towards targeted therapies. We're very excited about that opportunity. But I think generally speaking, the way we approach business development will be largely consistent again, though we will be focusing on great science that can enhance the growth profile of the company.

And so I think that's going to factor into how we think about business development going forward. And we're going to see areas of course that enhance the portfolio or help us to continue to. Give us capabilities or products that we don't have today I think in some ways. That's how you can think about Marathi Marathi continues to diversify our oncology business away.

Chris Schott: We're going to see areas, of course, that enhance the portfolio or help us to continue to.

And we're going to see areas of course that enhance the portfolio or help us to continue to. Give us capabilities or products that we don't have today I think in some ways. That's how you can think about Marathi Marathi continues to diversify our oncology business away.

Chris Schott: Give us capabilities or products that we don't have today. I think in some ways that's how you can think about Mirati. Mirati continues to diversify our oncology business away from oncology toward targeted therapies. We're very excited about that opportunity. But I think generally speaking, the way we approach business development will be largely consistent. Again, though, we'll be focusing on great science that can enhance the quality growth profile of the company.

Give us capabilities or products that we don't have today. I think in some ways that's how you can think about Mirati. Mirati continues to diversify our oncology business away from oncology toward targeted therapies. We're very excited about that opportunity. But I think generally speaking, the way we approach business development will be largely consistent. Again, though, we'll be focusing on great science that can enhance the quality growth profile of the company.

Give us capabilities or products that we don't have today I think in some ways. That's how you can think about Marathi Marathi continues to diversify our oncology business away.

towards targeted therapies. We're very excited about that opportunity. But I think generally speaking, the way we approach business development will be largely consistent again, though we will be focusing on great science that can enhance the growth profile of the company. Great. Thanks, Chris. Can we go to our last question please? Yes, and that comes from Dane Leone with Raymond James.

Timothy Power: Great. Thanks, Chris. Can we go to our last question please?

Tim Power: Great. Thanks, Keith. Can we go to our last question, please?

Operator: Yes. That comes from Dane Leone with Raymond James.

Operator: Yes, and that comes from Dane Leone with Raymond James.

Unknown: Hi, guys. This is Sean on for Dane, thanks for taking the question. It does appear maybe we can get a little bit more color on those CAMZYOS script trends. It does appear that the number of patients entering the hub maybe slightly slowing so just any further color on what you've been hearing from physicians on how burdensome the rems program is and what you expect for further growth. Thanks.

Operator: Hi, guys.

[Analyst] (Raymond James): Hi, guys.This is Sean on for Dane. Thanks for taking the questions. It does appear maybe we can get a little bit more color on those Camzyos script trends. It does appear that the number of patients entering the hub may be slightly slowing. So just any further color on what you've been hearing from physicians on how burdensome the REMS program is and what you expect for further growth? Thanks.

Hi, guys. This is Sean on for Dan Thanks for taking the question. It does appear maybe we can get a little bit more color on those campfires script trends. It does appear that the number of patients entering the hub, maybe slightly slowing so just any further color on what you've been hearing from physicians. Physicians on the burden Halliburton from the Rems program is. And what you expect for further growth. Yeah.

Adam Lenkowsky: This is Sean on for Dane. Thanks for taking the questions. It does appear maybe we can get a little bit more color on those Camzyos script trends. It does appear that the number of patients entering the hub may be slightly slowing. So just any further color on what you've been hearing from physicians on how burdensome the REMS program is and what you expect for further growth? Thanks.

It does appear maybe we can get a little bit more color on those campfires script trends. It does appear that the number of patients entering the hub, maybe slightly slowing so just any further color on what you've been hearing from physicians. Physicians on the burden Halliburton from the Rems program is. And what you expect for further growth. Yeah.

Physicians on the burden Halliburton from the Rems program is. And what you expect for further growth. Yeah.

And what you expect for further growth. Yeah.

Yeah.

Adam Lenkowsky: Sure, Sean. I'll take that question. So we're very pleased with what we're seeing in the launch of Camzyos. We continue to see week over week, consistency in patient starts and rapid conversion of patients from the hub to commercial. You know, as we all said, we would expect to see steady, consistent, and sustained uptake for this product into the, you know, the distant future. We don't expect an inflection, but rather an accumulation of patients coming on to treatment and staying on treatment for a very long period of time. And so right now, you know, we've got 5,000 patients in the hub and approximately 3,500 patients on commercial products.

Adam Lenkowsky: Sure Sean, I'll take that question. So we're very pleased with what we're seeing in the launch of CAMZYOS. We continue to see week over week consistency in patient starts and rapid conversion of patients from the hub to commercial. As we said, we would expect to see steady, consistent, and sustained uptake for this product into the distant future. We don't expect an inflection, but rather an accumulation of patients coming onto treatment and staying on treatment for a very long period of time. So right now we've got 5,000 patients in the hub and approximately 3,500 patients on commercial product. So that coupled with patient and physician feedback which continues to be very strong, we're focusing on driving penetration of our top centers, where we have 90% adoption in our top 100 centers and expanding use outside of the COEs. We're also focused on increasing diagnosis rates by activating patients and as you know we recently received approval internationally as well in Europe, so that will also be a contributor to growth.

We would expect to see steady consistent and sustained uptake for this product into the distant future. We don't expect an inflection, but rather an accumulation of patients coming onto treatment and staying on treatment for a very long period of time. So right now we've got 5000 patients in the hub and approximately 3500 patients on commercial product, so that coupled with patient and physician feedback which continues to be very strong we're focusing on driving penetration of our top centers, where we have 90% adoption in our top 100 centers and expanding use out. Side of the Coes. We're also focused on increasing diagnosis rates by activating patients and as you know we recently received approval internationally as well in Europe. So that will also be a contributor to growth.

So right now we've got 5000 patients in the hub and approximately 3500 patients on commercial product, so that coupled with patient and physician feedback which continues to be very strong we're focusing on driving penetration of our top centers, where we have 90% adoption in our top 100 centers and expanding use out. Side of the Coes. We're also focused on increasing diagnosis rates by activating patients and as you know we recently received approval internationally as well in Europe. So that will also be a contributor to growth.

Adam Lenkowsky: So that, coupled with patient and physician feedback, which continues to be very strong, we're focusing on driving penetration in our top centers where we have 90% adoption in our top 100 centers, and expanding use outside of those COEs. We're also focused on increasing diagnosis rates by activating patients. And as you know, we recently received approval internationally as well in Europe. So that will also be a contributor to growth. So taken together, we're very confident this will lead to a continued and sustained growth of this important product.

So that, coupled with patient and physician feedback, which continues to be very strong, we're focusing on driving penetration in our top centers where we have 90% adoption in our top 100 centers, and expanding use outside of those COEs. We're also focused on increasing diagnosis rates by activating patients. And as you know, we recently received approval internationally as well in Europe. So that will also be a contributor to growth. So taken together, we're very confident this will lead to a continued and sustained growth of this important product.

Side of the Coes. We're also focused on increasing diagnosis rates by activating patients and as you know we recently received approval internationally as well in Europe. So that will also be a contributor to growth.

We're also focused on increasing diagnosis rates by activating patients and as you know we recently received approval internationally as well in Europe. So that will also be a contributor to growth.

So taken together, we're very confident this will lead to continued and sustained growth of this important product.

Chris Schott: So maybe I'll close. So first, thank you all for joining the call. I know it's a very busy day. What I would just say to summarize where we are is look, this team has continued to be fixated on driving the growth profile of the company. How we go about doing that is as we've discussed on the call, we're going to continue to drive in-line product performance, the new product portfolio. We have continued very strong conviction in the long-term potential of this portfolio. Our focus is going to be continuing to drive where we have momentum today and accelerate those products where we need to accelerate. And that focus on execution transcends across the entire portfolio, including continuing to drive execution in R and D, and continue to find and source really attractive assets externally. And with that we'll close the call.

Chris Boerner: So maybe I'll close. So first, thank you all for joining the call. I know it's a very busy day. What I would just say to summarize where we are is look, this team has continued to be fixated on driving the growth profile of the company. How we go about doing that is as we've discussed on the call, we're going to continue to drive in-line product performance, the new product portfolio.

Christopher S. Boerner: So maybe I'll close. So first, thank you all for joining the call. I know it's a very busy day. What I would just say to summarize where we are is look, this team has continued to be fixated on driving the growth profile of the company. How we go about doing that is as we've discussed on the call, we're going to continue to drive in line product performance in the new product portfolio. We have continued very strong convention conviction in the long term potential of this portfolio. Our focus is going to be continuing to drive where we have momentum today and accelerate those products where we need to accelerate and that focus on execution transcends across the entire portfolio, including continuing to drive execution in R&D and continue to find and source really attractive assets externally.

portfolio. We have continued very strong convention conviction in the long term potential of this portfolio. Our focus is going to be continuing to drive where we have momentum today and accelerate those products where we need to accelerate and that focus on execution transcends across the entire portfolio, including continuing to drive execution in R&D and continue to find and source really attractive assets externally. And with that, we'll close the call and as always, the team is available to answer any questions following today's discussion. I hope you all have a good day and the rest of the week.

We have continued very strong conviction in the long-term potential of this portfolio. Our focus is going to be continuing to drive where we have momentum today and accelerate those products where we need to accelerate. And that focus on execution transcends across the entire portfolio, including continuing to drive execution in R and D, and continue to find and source really attractive assets externally. And with that we'll close the call.As always, the team is available to answer any questions following today's discussion. Hope you all have a good day and the rest of the week.

<unk> across the entire portfolio, including continuing to drive execution in R&D and continue to find and source really attractive assets externally and with that we'll close the call and as always the team is available to answer any questions. Following today's discussion I hope you all have a good day and the rest of the week.

And with that, we'll close the call and as always, the team is available to answer any questions following today's discussion. I hope you all have a good day and the rest of the week.

Chris Schott: As always, the team is available to answer any questions following today's discussion. Hope you all have a good day and the rest of the week.

Operator: Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Yes.

Q3 2023 Bristol-Myers Squibb Co Earnings Call

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