Q1 2024 Bristol Myers Squibb Co Earnings Call

April 25, 2024

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Operator: Welcome to the Bristol Myers Squibb Q1 2024 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 press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note today's event is being recorded. I would now like to turn the conference over to Tim Power, Vice President and Head of Investor Relations. Please go ahead.

Welcome to the Bristol Myers Squibb Q1 2024 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 press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note today's event is being recorded. I would now like to turn the conference over to Tim Power, Vice President and Head of Investor Relations. Please go ahead.

Speaker Change: Welcome to the Bristol Myers Squibb first quarter 2024 earnings conference call.

Operator: Welcome to the Bristol-Myers Squibb First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, today's event is being recorded. I would now like to turn the conference over to Tim Power, Vice President and Head of Investor Relations. Please go ahead.

Speaker Change: All participants will be in listen only mode.

Speaker Change: Should you need assistance. Please signal conference specialist by pressing the star followed by zero.

Speaker Change: After todays presentation, there will be an opportunity to ask questions.

Speaker Change: To ask a question you May press Star then one on your telephone keypad.

Speaker Change: To answer your question. Please press Star then two.

Speaker Change: Please note today's event is being recorded.

I would now like to permit.

Speaker Change: Hum.

Speaker Change:

Speaker Change: Sure.

Speaker Change: Please go ahead.

Tim Power: Thank you and good morning everyone. Thanks for joining us this morning for our Q1 2024 earnings call. Joining me this morning with prepared remarks are Chris Boerner, our Board Chair and Chief Executive Officer, 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 Chris and David's remarks. Before we get started, I'll 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.

Tim Power: Thank you and good morning everyone. Thanks for joining us this morning for our Q1 2024 Earnings Call. Joining me this morning with prepared remarks are Chris Boerner, our Board Chair and Chief Executive Officer, 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 Chris and David's remarks. Before we get started, I'll 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.

Timothy Power: Thank you and good morning everyone. Thanks for joining us this morning for our first quarter 2024 earnings call. Joining me this morning with prepared remarks are Chris Boerner, our Board Chair and Chief Executive Officer, 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 Chris and David's remarks.

Speaker Change: Thank you and good morning, everyone. Thanks for joining us this morning for first quarter 2024 earnings call.

Speaker Change: Joining me this morning with prepared remarks are Chris Burner, Our board, Chairman and Chief Executive Officer, and David Elkins, Our Chief Financial Officer.

Speaker Change: Also participating in today's call are Adam Lin Koski, our chief commercialization Officer and summit here, a lot our chief Medical Officer, and head of global drug development House, you'll note, we've posted slides to BMS dot com that you can use to follow along with Chris in David's remarks.

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

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

As you'll note, we've posted slides to bms.com that you can use to follow along with for Chris and David's remarks.

Speaker Change: Before we get started I'll read our forward looking statements. During this call we'll make statements about the company's future plans and prospects that constitute forward looking statements.

Before we get started, I'll 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.

During this call, we will 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.

Speaker Change: 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.

Tim Power: 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, and with that I'll hand it over to Chris.

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, and with that I'll hand it over to Chris.

Tim Power: 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.

Speaker Change: 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 I P. M S Dot com.

Tim Power: And with that, I'll hand it over to Chris.

Speaker Change: That I'll hand, it over to Chris.

Chris Boerner: Thank you, Tim, and good morning, everyone. Q1 was a busy quarter for us and a good start to 2024. Starting on slide 4 and knowing what an active quarter we had, I wanted to start by telling you how we think about our performance across four dimensions. First, the performance of our commercial portfolio was good and broadly in line with our expectations, even with some products impacted by inventory or gross-to-net. Second, we made solid progress advancing our pipeline. Third, we closed four important transactions that strengthen our long-term growth profile during Q1, and fourth, we're taking decisive actions to improve productivity. Taken together, Q1 performance was broadly aligned to our internal expectations, and importantly, there is no change to the underlying business outlook we provided in February.

Chris Boerner: Thank you, Tim, and good morning, everyone. Q1 was a busy quarter for us and a good start to 2024. Starting on slide four and knowing what an active quarter we had, I wanted to start by telling you how we think about our performance across four dimensions. First, the performance of our commercial portfolio was good and broadly in line with our expectations, even with some products impacted by inventory or gross-to-net. Second, we made solid progress advancing our pipeline. Third, we closed four important transactions that strengthen our long-term growth profile during Q1, and fourth, we're taking decisive actions to improve productivity. Taken together, Q1 performance was broadly aligned to our internal expectations, and importantly, there is no change to the underlying business outlook we provided in February.

Chris Boerner: Thank you, Tim, and good morning, everyone. Q1 was a busy quarter for us and a good start to 2024. Starting on slide 4, and knowing what an active quarter we had, I wanted to start by telling you how we think about our performance across 4 dimensions. First, the performance of our commercial portfolio was good and broadly in line with our expectations, even with some products impacted by inventory or gross to net.

Christopher Boerner: Thank you, Tim, and good morning, everyone. Q1 was a busy quarter for us and a good start to 2024. Starting on slide 4, and knowing what an active quarter we had, I wanted to start by telling you how we think about our performance across 4 dimensions.

Chris Boerner: Thank you, Tim and good morning, everyone Q.

Chris Boerner: Q1 was a busy quarter for us and a good start to 2020 board.

Starting on slide four and knowing what inactive quarter, we had I wanted to start by telling you how we think about our performance across four dimensions.

First the performance of our commercial portfolio was good and broadly in line with our expectations, even with some products impacted by inventory or gross to nets second we made solid progress advancing our pipeline.

First, the performance of our commercial portfolio was good and broadly in line with our expectations, even with some products impacted by inventory or gross to nets. Second, we made solid progress advancing our pipeline. Third, we closed 4 important transactions that strengthened our long-term growth profile during Q1. And fourth, we're taking decisive actions to improve productivity. Taken together, our Q1 performance was broadly aligned to our internal expectations. And importantly, there is no change to the underlying business outlook we provided in February. As you know, we've included the accounting impact of the recently closed transactions in our non-GAAP EPS guide.

Chris Boerner: Second, we made solid progress advancing our pipeline. Third, we closed four important transactions that strengthened our long-term growth profile during Q1. And fourth, we're taking decisive actions to improve productivity. Taken together, our Q1 performance was broadly aligned to our internal expectations. And importantly, there is no change to the underlying business outlook we provided in February. As you know, we've included the accounting impact of the recently closed transactions in our non-GAAP EPS guide. Let's turn to slide 5 for some details.

Second, we made solid progress advancing our pipeline.

Third, we closed 4 important transactions that strengthened our long-term growth profile during Q1. And fourth, we're taking decisive actions to improve productivity. Taken together, our Q1 performance was broadly aligned to our internal expectations. And importantly, there is no change to the underlying business outlook we provided in February. As you know, we've included the accounting impact of the recently closed transactions in our non-GAAP EPS guide. Let's turn to slide 5 for some details.

Third, we closed 4 important transactions that strengthened our long-term growth profile during Q1.

Chris Boerner: Third we closed four important transactions that strengthened our long term growth profile during Q1.

And fourth, we're taking decisive actions to improve productivity. Taken together, our Q1 performance was broadly aligned to our internal expectations. And importantly, there is no change to the underlying business outlook we provided in February. As you know, we've included the accounting impact of the recently closed transactions in our non-GAAP EPS guide. Let's turn to slide 5 for some details.

Chris Boerner: Fourth we're taking decisive actions to improve productivity.

Chris Boerner: Taken together Q1 performance was broadly aligned to our internal expectations and importantly, there is no change to the underlying business outlook. We provided in February as you know we've included the accounting impact of the recently closed transactions in our non-GAAP EPS guidance, let's turn to slide five for some details.

Chris Boerner: As you know, we've included the accounting impact of the recently closed transactions in our non-GAAP EPS guidance. Let's turn to Slide 5 for some details. I'll start with some highlights on commercial performance. We've seen real strength across key brands including Eliquis, Opdualag, Reblozyl, Yervoy, and Breyanzi. Though the BCMA space remains competitive, our objective is to return Abecma to growth over time with the KarMMa-3 approval as we move into a larger patient population. Turning to Opdivo, Camzyos, and Sotyktu, what's important about all three brands is that demand grew while revenue was impacted by other factors such as inventory and gross-to-net. Today we are seeing the inventory patterns for Opdivo and Camzyos normalizing, and for Sotyktu we are steadily building commercial script volume as access continues to improve this year.

As you know, we've included the accounting impact of the recently closed transactions in our non-GAAP EPS guidance. Let's turn to Slide 5 for some details. I'll start with some highlights on commercial performance. We've seen real strength across key brands including Eliquis, Opdualag, Reblozyl, Yervoy, and Breyanzi. Though the BCMA space remains competitive, our objective is to return Abecma to growth over time with the KarMMa-3 approval as we move into a larger patient population. Turning to Opdivo, Camzyos, and Sotyktu, what's important about all three brands is that demand grew while revenue was impacted by other factors such as inventory and gross-to-net. Today we are seeing the inventory patterns for Opdivo and Camzyos normalizing, and for Sotyktu we are steadily building commercial script volume as access continues to improve this year.

Let's turn to slide 5 for some details. I'll start with some highlights on commercial performance. We've seen real strength across key brands, including ELIQUIS, OPDUALAG, REBLOZYL, YERVOY and BREYANZI. And though the BCMA space remains competitive, our objective is to return ABECMA to growth over time with the KarMMa-3 approval as we move into a larger patient population. Turning to Ob-Divo, Kim Zios, and So-T

Speaker Change: I'll start with some highlights on commercial performance, we've seen real strength across key brands, including Alagoas off do lag rubble zil your boy embryonic and though the BC amazed space remains competitive our objective is to return it back to growth over time with the Karma three approval as we move into a larger patient.

Chris Boerner: I'll start with some highlights on commercial performance. We've seen real strength across key brands, including Eloquus, OptiLag, Rubloxil, Urvoy, and Bryanzi. And though the BCMA space remains competitive, our objective is to return Abecma to growth over time with the CARMA 3 approval as we move into a larger patient population. Turning to Ob-Divo, Kim Zios, and So-T

Speaker Change: Turning to Opdivo, Kim's iOS and so take two.

Turning to OPDIVO, CAMZYOS, and SOTYKTU. What's important about all 3 brands is that demand grew while revenue was impacted by other factors such as inventory and gross to net. Today, we are seeing the inventory patterns for OPDIVO and CAMZYOS normalizing. And for SOTYKTU, we're steadily building commercial script volume as access continues to improve this year. David will give you more details, but taken together, the commercial performance in Q1 is in line with our expectations and sets us up for the year.

to Ob-Divo, Kim Zios, and So-T

Chris Boerner: What's important about all three brands is that demand grew while revenue was impacted by other factors such as inventory and gross to net. Today, we are seeing the inventory patterns for Obdivo and Kamzaios normalizing, and for SOTIC2, we're steadily building commercial script volume as access continues to improve this year. David will give you more details, but taken together, the commercial performance in Q1 is in line with our expectations and sets us up for the year.

Speaker Change: What's important about all three brands is that demand grew while revenue was impacted by other factors such as inventory and gross to nets. Today, we are seeing the inventory patterns for Opdivo and <unk> XI is normalizing and four so take two we're steadily building commercial script volume as access continues to improve this year.

Chris Boerner: David will give you more details, but taken together, the commercial performance in Q1 is in line with our expectation and sets us up for the year. Second, we made important progress advancing our pipeline. This includes two important cell therapy approvals, the initiation of new registrational trials, and important proof of concept data for Opdualag and lung cancer from a prespecified analysis of our phase 2 during Q1. We're looking forward to starting a phase 3 registrational trial versus standard of care in a segment consisting of about 20% to 30% of non-small cell lung cancer patients, and not on the slide. But important for patients is Movexian, which has the potential to be the only oral factor XIa medicine in afib, and the trials are continuing following the most recent DSMB review with enrollment accelerating. Third, we closed four important deals during the quarter.

David will give you more details, but taken together, the commercial performance in Q1 is in line with our expectation and sets us up for the year. Second, we made important progress advancing our pipeline. This includes two important cell therapy approvals, the initiation of new registrational trials, and important proof of concept data for Opdualag and lung cancer from a prespecified analysis of our II during Q1. We're looking forward to starting a III registrational trial versus standard of care in a segment consisting of about 20% to 30% of non-small cell lung cancer patients, and not on the slide. But important for patients is Movexian, which has the potential to be the only oral factor XIa medicine in afib, and the trials are continuing following the most recent DSMB review with enrollment accelerating. Third, we closed four important deals during the quarter.

Speaker Change: David will give you more details, but taken together the commercial performance in Q1 is in line with our expectation and sets us up for the year second we made important progress advancing our pipeline. This includes two important cell therapy approvals the initiation of new Registrational trials and important proof of concept data for.

Chris Boerner: Second, we made important progress advancing our pipeline. This included 2 important cell therapy approvals, the initiation of new registrational trials, and important proof-of-concept data for OPDUALAG in lung cancer from a pre-specified analysis of our Phase II during Q1. We're looking forward to starting a Phase III registrational trial versus standard of care in a segment consisting of about 20% to 30% of non-small cell lung cancer patients. And not on the slide, but important for patients is MILVEXIAN, which has the potential to be the only oral factor XIa medicine in AFib and ACS. The trials are continuing following the most recent DSMB review, with enrollment accelerating. Third, we closed four important deals during the quarter.

Second, we made important progress advancing our pipeline. This included 2 important cell therapy approvals, the initiation of new registrational trials, and important proof-of-concept data for OPDUALAG in lung cancer from a pre-specified analysis of our Phase II during Q1. We're looking forward to starting a Phase III registrational trial versus standard of care in a segment consisting of about 20% to 30% of non-small cell lung cancer patients. And not on the slide, but important for patients is MILVEXIAN, which has the potential to be the only oral factor XIa medicine in AFib and ACS. The trials are continuing following the most recent DSMB review, with enrollment accelerating.

Speaker Change: Rob do lag in lung cancer from a pre specified analysis of our phase two during Q1, we're looking forward to starting a phase III registrational trial versus standard of care in a segment consisting of about 20% to 30% of non small cell lung cancer patients and not on the slide but important for <unk>.

Speaker Change: Patients is more vaccine, which has the potential to be the only oral factor eliminate medicine in afib and Acs. The trials are continuing following the most recent D. S. M. B review with enrollment accelerating third we closed four important deals during the quarter across all four we have added assets K.

Third, we closed 4 important deals during the quarter. Across all 4, we have added assets, capabilities, and expertise that strengthen our ability to drive long-term growth as we exit the 2020s. Our team is driving performance of KRAZATI. The Rayze radioligand plant in Indiana is now operational. We're in the process of filing an application to supply clinical product for RYZ101 from this site. SystImmune's first-in-class bispecific ADC is advancing into global clinical trials in tumors including lung and overtime breast cancer.

Chris Boerner: Across all four, we have added assets, capabilities, and expertise that strengthen our ability to drive long-term growth. As we exit the 2020s, our team is driving performance of core portfolio. The RayzeBio radioligand plant in Indiana is now operational. We're in the process of filing an application to supply clinical product for RYZ101 from the site. SystImmune's first-in-class bispecific ADC is advancing into global clinical trials in tumors, including lung and, over time, breast cancer, and we are very excited about the potential of KarXT from Karuna, which I will review on slide 6. The team is on track and focused on two objectives. First, launch preparations are underway and on track for KarXT. Second, we are executing against a robust clinical program for this important asset.

Across all four, we have added assets, capabilities, and expertise that strengthen our ability to drive long-term growth. As we exit the 2020s, our team is driving performance of core portfolio. The RayzeBio radioligand plant in Indiana is now operational. We're in the process of filing an application to supply clinical product for RYZ101 from the site. SystImmune's first-in-class bispecific ADC is advancing into global clinical trials in tumors, including lung and, over time, breast cancer, and we are very excited about the potential of KarXT from Karuna, which I will review on slide 6. The team is on track and focused on two objectives. First, launch preparations are underway and on track for KarXT. Second, we are executing against a robust clinical program for this important asset.

Chris Boerner: Across all four, we have added assets, capabilities, and expertise that strengthen our ability to drive long-term growth as we exit 2020. Our team is driving the performance of CRIZATI. The RAISE radioligand plant in Indiana is now operational, and we're in the process of filing an application to supply clinical product for RAISE 101 from this site. Cyst Immune's first-in-class bispecific ADC is advancing into global clinical trials in tumors including lung and overtime breast cancer.

Speaker Change: Abilities and expertise that strengthen our ability to drive long term growth as we exit the 20 Twenty's. Our team is driving performance of <unk>. The rays radio ligand plant in Indiana is now operational we're in the process of filing an application to supply clinical product for raise 101 from the site system.

Speaker Change: <unk> first in class Bispecific, ADC is advancing into global clinical trials and tumors, including lung and overtime breast cancer.

Chris Boerner: And we are very excited about the potential of KarXT from Karuna, which I will review on slide 6. The team is on track and focused on 2 objectives. First, launch preparations are underway and on track for KarXT. Second, we are executing against a robust clinical program for this important asset. On this slide, you can see the significant unmet need in schizophrenia and highlights of data recently presented for KarXT. These data demonstrate its compelling long-term efficacy as KarXT was associated with significant improvements in symptoms of schizophrenia across all efficacy measures without evidence of metabolic or movement disorder side effects.

Speaker Change: And we are very excited about the potential of car X T from Corona, which I will review on slide six the team is on track and focused on two objectives first launch preparations are underway and on track for car X T. Second we are executing against a robust clinical program for this important asset.

Chris Boerner: On the slide you can see the significant unmet need in schizophrenia and highlights of data recently presented for KarXT. These data demonstrate its compelling long-term efficacy as KarXT was associated with significant improvements in symptoms of schizophrenia across all efficacy measures without evidence of metabolic or movement disorder side effects. This reinforces the very attractive profile for this medicine as an important advancement for patients and a significant commercial opportunity for the company. Underpinning our efforts to navigate this decade is an enhanced focus on driving operational productivity and efficiency, and we have made some notable progress already this year. Let's go to slide 7. At a company level, we have clearly identified brands and programs that are most critical to both near and latter half of the decade performance.

On the slide you can see the significant unmet need in schizophrenia and highlights of data recently presented for KarXT. These data demonstrate its compelling long-term efficacy as KarXT was associated with significant improvements in symptoms of schizophrenia across all efficacy measures without evidence of metabolic or movement disorder side effects. This reinforces the very attractive profile for this medicine as an important advancement for patients and a significant commercial opportunity for the company. Underpinning our efforts to navigate this decade is an enhanced focus on driving operational productivity and efficiency, and we have made some notable progress already this year. Let's go to slide seven. At a company level, we have clearly identified brands and programs that are most critical to both near and latter half of the decade performance.

Speaker Change: On the slide you can see the significant unmet need in schizophrenia and highlights of data recently presented for car X T. These data demonstrate its compelling long term efficacy as car T was associated with significant improvements in symptoms of schizophrenia across all efficacy measures without evidence of metabolic or movement.

Speaker Change: Order side effects. This reinforces the very attractive profile for this medicine is an important advancement for patients and a significant commercial opportunity for the company.

Chris Boerner: This reinforces the very attractive profile for this medicine as an important advancement for patients and a significant commercial opportunity for the company. Underpinning our efforts to navigate this decade is an enhanced focus on driving operational productivity and efficiency, and we have made some notable progress already this year.

Speaker Change: Underpinning our efforts to navigate this decade is an enhanced focus on driving operational productivity and efficiency and we have made some notable progress already this year lets go to slide seven.

Chris Boerner: Let's go to slide 7. At a company level, we have clearly identified brands and programs that are most critical to both near and latter half of the decade performance. Across the organization, we have initiated efforts to de-layer and streamline decision-making. And within R&D, we are optimizing the portfolio to focus our internal efforts on higher ROI programs. These are programs with compelling science, significant commercial value, and in therapeutic categories where BMS is positioned and resourced to win. As a result of these actions, we anticipate cost savings of approximately $1.5 billion by the end of 2025, which will allow us to reinvest in high-priority growth brands and R&D programs. With our heightened focus on improving productivity and efficiencies, we're strengthening the company's long-term growth profile. This is a snapshot of what has been a very busy start to the year, and while we clearly have more work to do this year, we're off to a good start. Let me close on slide 8.

Let's go to slide 7. At a company level, we have clearly identified brands and programs that are most critical to both near and latter half of the decade performance. Across the organization, we have initiated efforts to de-layer and streamline decision-making. And within R&D, we are optimizing the portfolio to focus our internal efforts on higher ROI programs. These are programs with compelling science, significant commercial value, and in therapeutic categories where BMS is positioned and resourced to win. As a result of these actions, we anticipate cost savings of approximately $1.5 billion by the end of 2025, which will allow us to reinvest in high-priority growth brands and R&D programs. With our heightened focus on improving productivity and efficiencies, we're strengthening the company's long-term growth profile. This is a snapshot of what has been a very busy start to the year, and while we clearly have more work to do this year, we're off to a good start.

Speaker Change: At a company level, we have clearly identified brands and programs that are most critical to both near and latter half of the decade performance across the organization. We have initiated efforts to de layer and streamline decision, making and within R&D. We are optimizing the portfolio to focus our internal efforts on higher ROI programs.

Chris Boerner: Across the organization, we have initiated efforts to delayer and streamline decision making, and within R&D we are optimizing the portfolio to focus our internal efforts on higher ROI programs. These are programs with compelling science, significant commercial value, and in therapeutic categories where BMS is positioned and resourced to win. As a result of these actions, we anticipate cost savings of approximately $1.5 billion by the end of 2025, which will allow us to reinvest in high priority growth brands and R&D programs. With our heightened focus on improving productivity and efficiencies, we're strengthening the company's long-term growth profile. This is a snapshot of what has been a very busy start to the year, and while we clearly have more work to do this year, we're off to a good start. Let me close on slide eight. Overall, our business outlook remains unchanged.

Across the organization, we have initiated efforts to delayer and streamline decision making, and within R&D we are optimizing the portfolio to focus our internal efforts on higher ROI programs. These are programs with compelling science, significant commercial value, and in therapeutic categories where BMS is positioned and resourced to win. As a result of these actions, we anticipate cost savings of approximately $1.5 billion by the end of 2025, which will allow us to reinvest in high priority growth brands and R&D programs. With our heightened focus on improving productivity and efficiencies, we're strengthening the company's long-term growth profile. This is a snapshot of what has been a very busy start to the year, and while we clearly have more work to do this year, we're off to a good start. Let me close on slide eight. Overall, our business outlook remains unchanged.

Speaker Change: These are programs with compelling science significant commercial value and in therapeutic categories, where BMS is positioned and resource to win as a result of these actions we anticipate cost savings of approximately $1.5 billion by the end of 2025, which will allow us to reinvest in high.

As a result of these actions, we anticipate cost savings of approximately $1.5 billion by the end of 2025, which will allow us to reinvest in high-priority growth brands and R&D programs. With our heightened focus on improving productivity and efficiencies, we're strengthening the company's long-term growth profile. This is a snapshot of what has been a very busy start to the year, and while we clearly have more work to do this year, we're off to a good start.

Chris Boerner: As a result of these actions, we anticipate cost savings of approximately $1.5 billion by the end of 2025, which will allow us to reinvest in high-priority growth brands and R&D programs. Furthermore, with our heightened focus on improving productivity and efficiencies, we're strengthening the company's long-term growth profile. This is a snapshot of what has been a very busy start to the year, and while we clearly have more work to do this year, we're off to a good start. Let me close on slide 8.

Speaker Change: Priority growth brands and R&D programs with our heightened focus on improving productivity and efficiencies. We're strengthening the company's long term growth profile. This is a snapshot of what has been a very busy start to the year.

Speaker Change: And while we clearly have more work to do this year, we're off to a good start.

Let me close on slide 8. Overall, our business outlook remains unchanged. We remain confident that we will deliver top-line growth for the year consistent with what we communicated in February, and our underlying non-GAAP EPS forecast has also remained unchanged. We are taking important actions to effectively manage the decade. Our management team is focused on ensuring the disciplined execution required to deliver both this year and set us up for the longer term.

Speaker Change: Let me close on slide eight overall, our business outlook remains unchanged. We remain confident that we will deliver top line growth for the year consistent with what we communicated in February and our underlying non-GAAP EPS forecast has also remained unchanged.

Chris Boerner: Overall, our business outlook remains unchanged. We remain confident that we will deliver top-line growth for the year consistent with what we communicated in February, and our underlying non-GAAP EPS forecast has also remained unchanged. We are taking important actions to effectively manage the decade. Our management team is focused on ensuring the disciplined execution required to deliver both this year and set us up for the longer term.

Chris Boerner: We remain confident that we will deliver top line growth for the year consistent with what we communicated in February, and our underlying non-GAAP EPS forecast has also remained unchanged. We are taking important actions to effectively manage the decade. Our management team is focused on ensuring the disciplined execution required to deliver both this year and set us up for the longer term. I want to thank the employees of BMS, including new team members from our recent acquisitions, for their contributions and commitment to delivering for patients. Let me now hand it over to David.

We remain confident that we will deliver top line growth for the year consistent with what we communicated in February, and our underlying non-GAAP EPS forecast has also remained unchanged. We are taking important actions to effectively manage the decade. Our management team is focused on ensuring the disciplined execution required to deliver both this year and set us up for the longer term. I want to thank the employees of BMS, including new team members from our recent acquisitions, for their contributions and commitment to delivering for patients. Let me now hand it over to David. David.

Speaker Change: We are taking important actions to effectively manage the decade, our management team is focused on ensuring the disciplined execution required to deliver both this year and set us up for the longer term I want to thank the employees of biomass, including new team members from our recent acquisitions for their contributions and commitment to delivering for patients.

Chris Boerner: I want to thank the employees of BMS, including new team members from our recent acquisitions, for their contributions and commitment to delivering for patients. Let me now hand it over to David. David? Thank you, Chris, and good morning, everyone.

I want to thank the employees of BMS, including new team members from our recent acquisitions, for their contributions and commitment to delivering for patients. Let me now hand it over to David. David?

I want to thank the employees of BMS, including new team members from our recent acquisitions, for their contributions and commitment to delivering for patients.

Let me now hand it over to David. David?

Speaker Change: Let me now hand, it over to David David.

David Elkins: David, thank you, Chris, and good morning everyone. As Chris highlighted, we're off to a good start to the year with top line growth as shown on slide 10. As a reminder, unless otherwise stated, all comparisons are made from the same period in 2023, and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. Building on our momentum coming out of last year, we are executing against our plan to drive our growth portfolio, which delivered approximately 11% sales increase in the first quarter compared to the prior year and now represents approximately 40% of our total revenue. This growth was broad-based with most growth brands recording significant increases in the quarter. Our legacy portfolio also contributed to overall sales growth in the quarter with strong sales of Eliquis, which remains an important cash flow generator for the company.

David Elkins: Thank you, Chris, and good morning everyone. As Chris highlighted, we're off to a good start to the year with top line growth as shown on slide 10. As a reminder, unless otherwise stated, all comparisons are made from the same period in 2023, and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. Building on our momentum coming out of last year, we are executing against our plan to drive our growth portfolio, which delivered approximately 11% sales increase in the Q1 compared to the prior year and now represents approximately 40% of our total revenue. This growth was broad-based with most growth brands recording significant increases in the quarter. Our legacy portfolio also contributed to overall sales growth in the quarter with strong sales of Eliquis, which remains an important cash flow generator for the company.

David V. Elkins: Thank you, Chris, and good morning, everyone. As Chris highlighted, we're off to a good start to the year with top-line growth, as shown on slide 10. As a reminder, unless otherwise stated, all comparisons are made from the same period in 2023, and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. Building on our momentum coming out of last year, we are executing against our plan to drive our growth portfolio, which delivered approximately an 11% sales increase in the first quarter compared to the prior year and now represents approximately 40% of our total revenue.

David V. Elkins: Thank you, Chris and good morning, everyone as Chris highlighted we're off to a good start to the year with topline growth as shown on slide 10, as a reminder, unless otherwise stated all comparisons are made from the same period in 2023 and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange building our momentum coming out.

David V. Elkins: Thank you, Chris, and good morning, everyone. As Chris highlighted, we're off to a good start to the year with top-line growth, as shown on slide 10. As a reminder, unless otherwise stated, all comparisons are made from the same period in 2023, and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. Building on our momentum coming out of last year, we are executing against our plan to drive our growth portfolio, which delivered approximately an 11 percent sales increase in the first quarter compared to the prior year and now represents approximately 40 percent of our total revenue.

David V. Elkins: Last year, we are executing against our plan to drive our growth portfolio, which delivered approximately 11% sales increase in the first quarter compared to the prior year and now represents approximately 40% of our total revenue. This growth was broad based with most growth brands recording significant increases in the quarter our legacy.

David V. Elkins: This growth was broad-based, with most growth brands recording significant increases in the quarter. Our legacy portfolio also contributed to overall sales growth in the quarter, with strong sales of ELIQUIS, which remains an important cash flow generator for the company. Now, turning to the first quarter performance of our key brands and starting with oncology on slide 11. On this slide shows the impact of our strategy in broadening our I.O. franchise and expanding new targeted solid tumor therapies.

This growth was broad-based, with most growth brands recording significant increases in the quarter. Our legacy portfolio also contributed to overall sales growth in the quarter, with strong sales of ELIQUIS, which remains an important cash flow generator for the company.

David V. Elkins: Portfolio also contributed to overall sales growth in the quarter with strong sales of eloquence, which remains an important cash flow generator for the company.

David Elkins: Now turning to the Q1 performance of our key brands and starting with oncology on slide 11. On this slide you can see the impact of our strategy in broadening our IO franchise and expanding in new targeted solid tumor therapies. Global sales of Opdivo were impacted by inventory drawdown and timing of orders in the US, partially offset by demand growth. As we said in the past, we expect to see growth at a more modest pace in 2024. Opdualag, a standard of care treatment and first line melanoma generated strong quarterly sales with the US sales growth primarily driven by strong market share. We are very encouraged by the future expansion potential of Opdualag not only in adjuvant melanoma, but also in our plans to develop it in first line lung cancer.

Now turning to the Q1 performance of our key brands and starting with oncology on slide 11. On this slide you can see the impact of our strategy in broadening our IO franchise and expanding in new targeted solid tumor therapies. Global sales of Opdivo were impacted by inventory drawdown and timing of orders in the US, partially offset by demand growth. As we said in the past, we expect to see growth at a more modest pace in 2024. Opdualag, a standard of care treatment and first line melanoma generated strong quarterly sales with the US sales growth primarily driven by strong market share. We are very encouraged by the future expansion potential of Opdualag not only in adjuvant melanoma, but also in our plans to develop it in first line lung cancer.

Now, turning to the first quarter performance of our key brands and starting with oncology on slide 11. On this slide shows the impact of our strategy in broadening our I.O. franchise and expanding new targeted solid tumor therapies. Global sales of OPDIVO were impacted by inventory work-down and timing of orders in the U.S. Partially offset by demand growth, As we said in the past, we expect to see growth at a more modest pace than 2024. OPDUALAG, a standard of care treatment for first-line melanoma, generated strong quarterly sales with U.S. sales growth primarily driven by strong market share. We are very encouraged by the future expansion potential of ODUALAG, not only in adjuvant melanoma but also in our plans to develop it in first-line lung cancer.

David V. Elkins: Now turning to the first quarter performance of our key brands and starting with oncology on slide 11 on this slide you can see the impact of our strategy and broadening our I O franchise and expanding in new targeted solid tumor therapies.

David V. Elkins: Global sales of Optivo were impacted by inventory work-down and timing of orders in the U.S. Partially offset by demand growth, As we said in the past, we expect to see growth at a more modest pace than 2024. OptiLag, a standard of care treatment for first-line melanoma, generated strong quarterly sales with U.S. sales growth primarily driven by strong market share. We are very encouraged by the future expansion potential of OptiLag, not only in adjuvant melanoma but also in our plans to develop it in first-line lung cancer.

David V. Elkins: Global sales of Opdivo were impacted by inventory work down in timing of orders in the U S, partially offset by demand growth as.

David V. Elkins: As we said in the past, we expect to see growth at a more modest pace in 2024 after lag standard of care treatment in first line melanoma generated strong quarterly sales with U S sales growth, primarily driven by strong market share. We are very encouraged by the future expansion potential of Abdulla <unk> not only in adjuvant melanoma, but also.

David V. Elkins: And our plans to develop it in first line lung cancer. This along with the anticipated launch of our Opdivo subcutaneous formulation next year, we will extend our I O franchise well into the next decade are targeting solid tumor therapies expanded with the addition of Crisafi. After the completion of Marathi acquisition in late January.

David Elkins: This, along with the anticipated launch of our Opdivo subcutaneous formulation next year, will extend our IO franchise well into the next decade. Our targeted solid tumor therapies expanded with the addition of Krazati after the completion of Mirati acquisition in late January. Our reported sales represent a partial quarter, and on a pro forma basis Krazati global sales in Q1 were approximately $27 million primarily in the US. With the recent conditional marketing approval by the European Commission, we look forward to bringing Krazati to more patients toward the end of the year. Augtyro's first quarter performance reflects positive early sales trends. We remain focused on driving awareness and penetration based upon its potential best-in-class profile. Now moving to slide 12 and our cardiovascular franchise. Eliquis remains the market-leading oral anticoagulant worldwide.

This, along with the anticipated launch of our Opdivo subcutaneous formulation next year, will extend our IO franchise well into the next decade. Our targeted solid tumor therapies expanded with the addition of Krazati after the completion of Mirati acquisition in late January. Our reported sales represent a partial quarter, and on a pro forma basis Krazati global sales in Q1 were approximately $27 million primarily in the US. With the recent conditional marketing approval by the European Commission, we look forward to bringing Krazati to more patients toward the end of the year. Augtyro's Q1 performance reflects positive early sales trends. We remain focused on driving awareness and penetration based upon its potential best-in-class profile. Now moving to slide 12 and our cardiovascular franchise. Eliquis remains the market-leading oral anticoagulant worldwide.

David V. Elkins: This, along with the anticipated launch of our OPDIVO subcutaneous formulation next year, will extend our IO franchise well into the next decade. Our targeted solid tumor therapies expanded with the addition of KRAZATI after the completion of the Mirati acquisition in late January. Our reported sales represent a partial quarter, and on a pro-forma basis, KRAZATI global sales in Q1 were approximately $27 million, primarily in the U.S. With the recent conditional marketing approval by the European Commission, we look forward to bringing KRAZATI to more patients toward the end of the year.

This, along with the anticipated launch of our OPDIVO subcutaneous formulation next year, will extend our IO franchise well into the next decade. Our targeted solid tumor therapies expanded with the addition of KRAZATI after the completion of the Mirati acquisition in late January. Our reported sales represent a partial quarter, and on a pro-forma basis, KRAZATI global sales in Q1 were approximately $27 million, primarily in the U.S. With the recent conditional marketing approval by the European Commission, we look forward to bringing KRAZATI to more patients toward the end of the year. AUGTYRO's first quarter performance reflects positive early sales trends. We remain focused on driving awareness and penetration based upon its potential best-in-class profile.

Our reported sales represent a partial quarter, and on a pro-forma basis, KRAZATI global sales in Q1 were approximately $27 million, primarily in the U.S. With the recent conditional marketing approval by the European Commission, we look forward to bringing KRAZATI to more patients toward the end of the year.

David V. Elkins: Our reported sales represent a partial quarter and on a pro forma basis Crisafi global sales in Q1 were approximately $27 million primarily in the U S. With the recent conditional marketing approval by the European Commission, we look forward to bringing croissants, even more patients towards the end of the year on Tyrus first quarter performance reflects pause.

David V. Elkins: AUGTYRO's first quarter performance reflects positive early sales trends. We remain focused on driving awareness and penetration based upon its potential best-in-class profile. Now moving to slide 12, and our cardiovascular franchise. Eloquus remains the market-leading oral anticoagulant worldwide.

AUGTYRO's first quarter performance reflects positive early sales trends. We remain focused on driving awareness and penetration based upon its potential best-in-class profile.

David V. Elkins: Ziv early sales trends, we remain focused on driving awareness and penetration based upon its potential best in class profile now moving to slide 12, and our cardiovascular franchise Alagoas remains the market, leading oral anticoagulants worldwide.

Now moving to slide 12, and our cardiovascular franchise ELIQUIS remains the market-leading oral anticoagulant worldwide. Q1 sales in the U.S. grew 12% primarily due to strong demand, including increased market share. Internationally, sales were roughly in line with prior years. CAMZYOS generated strong sales in the quarter, nearly tripling its performance versus Q1 of last year. In the U.S., sales were driven by demand growth, including an almost 25% increase in commercial dispenses since Q4 of 2023. Sequentially, U.S. sales of Kansas were impacted by the inventory dynamics of approximately $20 million and gross to net impacts from the typical copay reset at the start of the new year.

David Elkins: Q1 sales in the US grew 12% primarily due to strong demand including increased market share. Internationally, sales were roughly in line with prior year. Camzyos generated strong sales in the quarter, nearly tripling its performance versus Q1 of last year. In the US sales were driven by demand growth including an almost 25% increase in commercial dispenses since Q4 of 2023. Sequentially, US sales of Camzyos were impacted by the inventory dynamics of approximately $20 million and gross to net impacts from the typical copay reset at the start of the new year. We expect the momentum of Camzyos to continue, supported by the compelling real world evidence in over 1,500 patients presented earlier this month at ACC. Let's now turn to slide 13 and discuss our hematology business. Our legacy brand Revlimid saw sales decline in the first quarter.

Q1 sales in the US grew 12% primarily due to strong demand including increased market share. Internationally, sales were roughly in line with prior year. Camzyos generated strong sales in the quarter, nearly tripling its performance versus Q1 of last year. In the US sales were driven by demand growth including an almost 25% increase in commercial dispenses since Q4 of 2023. Sequentially, US sales of Camzyos were impacted by the inventory dynamics of approximately $20 million and gross to net impacts from the typical copay reset at the start of the new year. We expect the momentum of Camzyos to continue, supported by the compelling real world evidence in over 1,500 patients presented earlier this month at ACC. Let's now turn to slide 13 and discuss our hematology business. Our legacy brand Revlimid saw sales decline in the Q1.

David V. Elkins: Q1 sales in the U.S. grew 12% primarily due to strong demand, including increased market share. Internationally, sales were roughly in line with prior years. Kamzaio's generated strong sales in the quarter, nearly tripling its performance versus Q1 of last year. In the US, sales were driven by demand growth, including an almost 25% increase in commercial dispenses since Q4 of 2023. Additionally, sequentially, U.S. sales of Kansas were impacted by the inventory dynamics of approximately $20 million and gross net impacts from the typical copay reset at the start of the new year.

David V. Elkins: Q1 sales in the U S grew 12%, primarily due to strong demand including increased market share.

David V. Elkins: Internationally sales were roughly in line with prior year.

David V. Elkins: Kim's iOS generated strong sales in the quarter nearly tripling its performance versus Q1 of last year in the U S sales were driven by demand growth, including an almost 25% increase in commercial dispenses since Q4 of 2023.

In the U.S., sales were driven by demand growth, including an almost 25% increase in commercial dispenses since Q4 of 2023. Sequentially, U.S. sales of Kansas were impacted by the inventory dynamics of approximately $20 million and gross to net impacts from the typical copay reset at the start of the new year. We expect the momentum of CAMZYOS to continue, supported by the compelling real-world evidence in over 1,500 patients presented earlier this month at ACC. Let's now turn to slide 13 and discuss our hematology bit. Our legacy brand, Revlimid, saw sales decline in the first quarter.

David V. Elkins: Sequentially U S sales of <unk> were impacted by the inventory dynamics of approximately $20 million and gross to net impacts from the typical co pay reset at the start of the new year.

David V. Elkins: We expect the momentum of CHEMS-IOS to continue, supported by the compelling real-world evidence in over 1,500 patients presented earlier this month at ACC. Let's now turn to slide 13 and discuss our hematology bit. Our legacy brand, Revlimid, saw sales decline in the first quarter.

David V. Elkins: We expect the momentum of Kim's eyes to continue supported by the compelling real world evidence and over 1500 patients presented earlier this month at ACC, Let's now turn to slide 13, and discuss our hematology business. Our legacy brand Revlimid saw sales decline in the first quarter utilization of free drug program normalized in the.

David Elkins: Utilization of free drug program normalized in the quarter. We continue to anticipate variability in Revlimid sales quarter to quarter based upon historic dispensing patterns in specialty pharmacies. As anticipated, there is increased volumes of US generics starting in March. Turning to Reblozyl, growth in the quarter was driven primarily by the strong US launch of the broader COMMANDS label and first line MDS. International sales growth benefited from the new market launches, and we look forward to bringing Reblozyl to more patients with the recent first line approvals in the EU and Japan in cell therapy portfolio. Global Breyanzi sales growth reflected the strength of the clinical profile and improved manufacturing capacity consistent with what we previously communicated. Starting in Q2, we expect Breyanzi to benefit from the recent new indications and expanded manufacturing capacity with Abecma.

Utilization of free drug program normalized in the quarter. We continue to anticipate variability in Revlimid sales quarter to quarter based upon historic dispensing patterns in specialty pharmacies. As anticipated, there is increased volumes of US generics starting in March. Turning to Reblozyl, growth in the quarter was driven primarily by the strong US launch of the broader COMMANDS label and first line MDS. International sales growth benefited from the new market launches, and we look forward to bringing Reblozyl to more patients with the recent first line approvals in the EU and Japan in cell therapy portfolio. Global Breyanzi sales growth reflected the strength of the clinical profile and improved manufacturing capacity consistent with what we previously communicated. Starting in Q2, we expect Breyanzi to benefit from the recent new indications and expanded manufacturing capacity with Abecma.

David V. Elkins: Let's now turn to slide 13, and discuss our hematology business. Our legacy brand, REVLIMID saw sales decline in the first quarter. Utilization of the free drug program normalized in the quarter. We continue to anticipate variability in REVLIMID sales quarter-to-quarter based upon historic dispensing patterns in specialty pharmacies. As anticipated, there is increased volumes of U.S. generics starting in March. Turning to REBLOZYL, growth in the quarter was driven primarily by the strong U.S. launch of the broader commands label and first-line MDS. International sales growth benefited from the new market launches, and we look forward to bringing REBLOZYL to more patients with the recent first-line approvals in the EU and Japan.

Quarter.

David V. Elkins: We continue to anticipate variability in revlimid sales quarter to quarter based upon historic dispensing patterns and specialty pharmacies as anticipated. There is an increased volumes of U S generic starting in March turning rebels sale growth in the quarter was driven primarily by the strong U S launch of the broader commands label and <unk>.

David V. Elkins: First line M D S International.

International sales growth benefited from the new market launches and we look forward to bringing <unk> to more patients with the recent first line approvals in the EU and Japan and cell therapy portfolio Global Brianti sales growth reflected the strength of the clinical profile and improved manufacturing capacity consistent what we previously communicated.

David V. Elkins: In Cell Therapy Portfolio, global BREYANZI sales growth reflected the strength of the clinical profile and improved manufacturing capacity. Consistent with what we previously communicated, starting in Q2, we expect BREYANZI to benefit from the recent new indications and expanded manufacturing capacity. With ABECMA, U.S., performance in the quarter was impacted by ongoing competitive pressures, but future demand will benefit from the recent KarMMa-3 approval, which expands the addressable patient population. Internationally, ABECMA demand growth was offset by unfavorable pricing pressures to secure access.

Starting in Q2, we expect beyond Z to benefit from the recent new indications and expanded manufacturing capacity with our Beckmann U S performance in the quarter was impacted by ongoing competitive pressures future demand will benefit from the recent karma three approval, which expands the addressable patient population internationally of Beckman demand grow.

David Elkins: US performance in the quarter was impacted by ongoing competitive pressures. Future demand will benefit from the recent KarMMa-3 approval, which expands the addressable patient population. Internationally, Abecma demand growth was offset by unfavorable pricing pressures to secure access. Now moving to immunology on Slide 14, Zeposia sales in the quarter were primarily due to demand of new patient starts and multiple sclerosis. Sotyktu sales performed in line with our expectation during the quarter. We delivered on our goal of achieving roughly 10,000 commercially paid prescriptions. Sales in the quarter reflected increased demand and expanded commercial access. In addition, we expect to add another large PBM later this year that will expand access coverage by approximately 30 million lives. Now turning to Slide 15, I will walk you through the remainder of our P and L, and my comments will be on a non-GAAP basis.

US performance in the quarter was impacted by ongoing competitive pressures. Future demand will benefit from the recent KarMMa-3 approval, which expands the addressable patient population. Internationally, Abecma demand growth was offset by unfavorable pricing pressures to secure access. Now moving to immunology on Slide 14, Zeposia sales in the quarter were primarily due to demand of new patient starts and multiple sclerosis. Sotyktu sales performed in line with our expectation during the quarter. We delivered on our goal of achieving roughly 10,000 commercially paid prescriptions. Sales in the quarter reflected increased demand and expanded commercial access. In addition, we expect to add another large PBM later this year that will expand access coverage by approximately 30 million lives. Now turning to Slide 15, I will walk you through the remainder of our P&L, and my comments will be on a non-GAAP basis.

David V. Elkins: With was offset by unfavorable pricing pressures to secure access now moving to immunology on slide 14, suppose your sales in the quarter were primarily due to demand of new patient starts in multiple sclerosis. So tick to sales performed in line with our expectation during the quarter, we delivered on our goal of achieving roughly 10000 commercially paid prescriptions.

David V. Elkins: Now moving to immunology on slide 14, ZEPOSIA sales in the quarter were primarily due to demand for new patient starts and multiple sclerosis. SOTYKTU sales performed in line with our expectation. During the quarter, we delivered on our goal of achieving roughly 10,000 commercially paid prescriptions. Sales during the quarter reflected increased demand and expanded commercial access. In addition, we expect to add another large PBM later this year that will expand access coverage by approximately 30 million lives.

David V. Elkins: Sales in the quarter, reflecting increased demand and expanded commercial access in.

David V. Elkins: In addition, we expect to add another large P. B M. Later this year that will expand access coverage by approximately 30 million lives.

David V. Elkins: Now turning to slide 15, I will walk you through the remainder of our P&L, and my comments will be on a non-GAAP basis. As expected, gross margin decreased compared to the prior year, primarily due to product mix. Excluding acquired in-process R&D, first quarter operating expenses increased, mainly due to the impact of the recent acquisitions and higher costs to support the overall portfolio. We expect this growth to be mitigated later in the year through savings and productivity initiatives I will speak to shortly.

Now turning to slide 15, I'll walk you through the remainder of our P&L and my comments will be on a non-GAAP basis.

David Elkins: As expected, gross margin decreased compared to the prior year, primarily due to product mix excluding acquired in-process R&D. First quarter operating expenses increased mainly due to the impact of the recent acquisitions and higher costs to support the overall portfolio. We expect this growth to be mitigated later in the year through savings and productivity initiatives. I will speak to shortly. Other income and expense declined as expected in the first quarter, primarily due to lower PD-1 royalty rate and the financing costs associated with the recent transactions. Acquired in-process R&D in the quarter was $12.9 billion, primarily due to the previously disclosed one-time charge of $12.1 billion for the Karuna transaction and $800 million for SystImmune. Our tax rate in the quarter was impacted by the one-time nondeductible in-process R&D charge for Karuna.

As expected, gross margin decreased compared to the prior year, primarily due to product mix excluding acquired in-process R&D. Q1 operating expenses increased mainly due to the impact of the recent acquisitions and higher costs to support the overall portfolio. We expect this growth to be mitigated later in the year through savings and productivity initiatives. I will speak to shortly. Other income and expense declined as expected in the Q1, primarily due to lower PD-1 royalty rate and the financing costs associated with the recent transactions. Acquired in-process R&D in the quarter was $12.9 billion, primarily due to the previously disclosed one-time charge of $12.1 billion for the Karuna transaction and $800 million for SystImmune. Our tax rate in the quarter was impacted by the one-time nondeductible in-process R&D charge for Karuna.

David V. Elkins: As expected gross margin decrease compared to the prior year, primarily due to product mix excluding acquired in process R&D first quarter operating expenses increased mainly due to the impact of the recent acquisitions and higher costs to support the overall portfolio. We expect this growth to be mitigated later in the year through savings and productivity initiatives I will speak.

David V. Elkins: Two shortly other income and expense decline as expected in the first quarter, primarily due to lower PD, one royalty rate and the financing costs associated with the recent transactions.

David V. Elkins: Other income and expense declined, as expected, in the first quarter, primarily due to the lower PD-1 royalty rate and the financing costs associated with the recent transactions. Acquired in-process R&D in the quarter was $12.9 billion, primarily due to the previously disclosed one-time charge of 12.1 billion for the Karuna transaction and $800 million for SystImmune. Our tax rate in the quarter was impacted by the one-time non-deductible in-process R&D charge for Karuna.

David V. Elkins: Acquired in process R&D in the quarter was $12.9 billion, primarily due to the previously disclosed one time charge of $12 1 billion for the krona transaction, an $800 million for system in our tax rate in the quarter was impacted by the onetime nondeductible in process R&D charge for Corona.

David Elkins: Before the impact of acquired in-process R&D, our first quarter earnings would have been $1.89. Taking into account the impact from the recent transactions including acquired in-process R&D, we reported an earnings per share loss of $4.40. Now moving to the balance sheet and capital allocation on Slide 16, cash flow from operations remains strong with approximately $2.8 billion generated in the quarter, resulting in approximately $10 billion in cash and cash equivalents and marketable debt securities on hand. As of March 31, our strategic approach to capital allocation remains unchanged. We are committed to the dividend, and as we said previously, we plan to utilize our cash flow to repay approximately $10 billion of debt over the next two years, and we remain financially disciplined around business development to further strengthen the company's long-term growth profile.

Before the impact of acquired in-process R&D, our Q1 earnings would have been $1.89. Taking into account the impact from the recent transactions including acquired in-process R&D, we reported an earnings per share loss of $4.40. Now moving to the balance sheet and capital allocation on Slide 16, cash flow from operations remains strong with approximately $2.8 billion generated in the quarter, resulting in approximately $10 billion in cash and cash equivalents and marketable debt securities on hand. As of March 31, our strategic approach to capital allocation remains unchanged. We are committed to the dividend, and as we said previously, we plan to utilize our cash flow to repay approximately $10 billion of debt over the next two years, and we remain financially disciplined around business development to further strengthen the company's long-term growth profile.

David V. Elkins: Before the impact of acquired in process R&D, our first quarter earnings would have been $1.89. Taking into account the impact of recent transactions, including acquired in-process R&D, we reported an earnings per share loss of $4.40. Now, moving to the balance sheet and capital allocation on slide 16. Cash flow from operations remained strong, with approximately $2.8 billion generated in the quarter, resulting in approximately $10 billion in cash and cash equivalents and marketable debt securities on hand as of March 31. Our strategic approach to capital allocation remains unchanged.

Before the impact of acquired in process R&D, our first quarter earnings would have been $1.89. Taking into account the impact of recent transactions, including acquired in-process R&D, we reported an earnings per share loss of $4.40.

David V. Elkins: Before the impact of acquired in process R&D, our first quarter earnings would've been a dollar and 89 taking into account the impact from the recent transactions, including acquired in process R&D, We reported an earnings per share loss of $4 40.

Now, moving to the balance sheet and capital allocation on slide 16. Cash flow from operations remained strong, with approximately $2.8 billion generated in the quarter, resulting in approximately $10 billion in cash and cash equivalents and marketable debt securities on hand as of March 31st. Our strategic approach to capital allocation remains unchanged.

David V. Elkins: Now moving to the balance sheet and capital allocation on slide 16 cash.

David V. Elkins: Cash flow from operation remains strong with approximately $2.8 billion generated in the quarter, resulting in approximately $10 billion in cash and cash equivalents in marketable debt securities on hand as of March 31, our strategic approach to capital allocation remains unchanged, we are committed to the dividend and as we.

Our strategic approach to capital allocation remains unchanged. We are committed to the dividends, and as we've said previously, we plan to utilize our cash flow to repay approximately $10 billion of debt over the next 2 years. And we remain financially disciplined around business development to further strengthen the company's long-term growth profile. Next, let's turn to slide 17, to discuss our productivity initiative. As Chris described earlier, we have taken action to increase productivity and efficiency and focus our efforts on the assets and opportunities with the highest potential ROI and those most likely to drive our long-term growth.

David V. Elkins: We are committed to the dividends, and as we've said previously, we plan to utilize our cash flow to repay approximately $10 billion of debt over the next two years. And we remain financially disciplined around business development to further strengthen the company's long-term growth profile. Next, let's turn to slide 17 to discuss our productivity initiative. As Chris described earlier, we have taken action to increase productivity and efficiency and focus our efforts on the assets and opportunities with the highest potential ROI and those most likely to drive our long-term growth.

As said previously we plan to utilize our cash flow to repay approximately $10 billion of debt over the next two years and we remain financially disciplined around business development to further strengthen the companys long term growth profile next let's turn to slide 17 to discuss our productivity initiatives.

David Elkins: Next, let's turn to slide 17 to discuss our productivity initiative. As Chris described earlier, we have taken action to increase productivity, efficiency, and focus our efforts on the assets and opportunities with the highest potential ROI and those most likely to drive our long term growth. As part of this process, we are making deliberate choices to prioritize the assets that will have the greatest clinical benefit to impact areas of high unmet need and where we can deliver the most value for patients. We will disproportionately invest in higher return opportunities which improves our portfolio ROI and strengthens our growth profile in the second half of the decade. After a thoughtful process, we have made the decision to discontinue and externalize several clinical assets.

Next, let's turn to slide 17 to discuss our productivity initiative. As Chris described earlier, we have taken action to increase productivity, efficiency, and focus our efforts on the assets and opportunities with the highest potential ROI and those most likely to drive our long term growth. As part of this process, we are making deliberate choices to prioritize the assets that will have the greatest clinical benefit to impact areas of high unmet need and where we can deliver the most value for patients. We will disproportionately invest in higher return opportunities which improves our portfolio ROI and strengthens our growth profile in the second half of the decade. After a thoughtful process, we have made the decision to discontinue and externalize several clinical assets.

Next, let's turn to slide 17, to discuss our productivity initiative. As Chris described earlier, we have taken action to increase productivity and efficiency and focus our efforts on the assets and opportunities with the highest potential ROI and those most likely to drive our long-term growth. As part of this process, we are making deliberate choices to prioritize the assets that will have the greatest clinical benefit to impact areas of high unmet need and where we can deliver the most value for patients.

David V. Elkins: Chris described earlier, we have taken action to increase productivity and efficiency and focus our efforts on the assets and opportunities with the highest potential ROI and those most likely to drive our long term growth.

David V. Elkins: As part of this process, we are making deliberate choices to prioritize the assets that will have the greatest clinical benefit to impact areas of high unmet need and where we can deliver the most value for patients. We will disproportionately invest in higher return opportunities, which improves our portfolio ROI and strengthens our growth profile in the second half of the decade. After a thoughtful process, we have made the decision to discontinue and externalize several. We anticipate cost savings from these actions of approximately $1.5 billion by the end of 2025. Therefore, absorbing the incremental OPEX expense from the recent deals, these cost savings will come from across the organization and include reductions in direct clinical expenses, Site Rationalization and Elimination of Open Roles, and Reduction in Headcount. As we realize these savings, we will reinvest in the highest potential opportunities.

As part of this process, we are making deliberate choices to prioritize the assets that will have the greatest clinical benefit to impact areas of high unmet need and where we can deliver the most value for patients.

We will disproportionately invest in higher return opportunities, which improves our portfolio ROI and strengthens our growth profile in the second half of the decade. After a thoughtful process, we have made the decision to discontinue and externalize several clinical assets. We anticipate cost savings from these actions of approximately $1.5 billion by the end of 2025, thereby absorbing the incremental OPEX expense from the recent deals. These cost savings will come from across the organization and include reductions in direct clinical expense, site rationalization and elimination of open roles, and reduction in headcount. As we realize these savings, we will reinvest in the highest potential opportunities.

David V. Elkins: <unk>.

David V. Elkins: After a thoughtful process, we've made the decision to discontinue an externalized several clinical assets, we anticipate cost savings from these actions of approximately $1.5 billion by the end of 2025, thereby.

David V. Elkins: We will disproportionately invest in higher return opportunities, which improves our portfolio ROI and strengthens our growth profile in the second half of the decade. After a thoughtful process, we have made the decision to discontinue and externalize several. We anticipate cost savings from these actions of approximately $1.5 billion by the end of 2025. Therefore, absorbing the incremental OPEX expense from the recent deals, these cost savings will come from across the organization and include reductions in direct clinical expenses, Site Rationalization and Elimination of Open Roles, and Reduction in Headcount. As we realize these savings, we will reinvest in the highest potential opportunities.

David Elkins: We anticipate cost savings from these actions of approximately $1.5 billion by the end of 2025, thereby absorbing the incremental OpEx expense from the recent deals. These cost savings will come from across the organization, include reductions in direct clinical expense, site rationalization, and elimination of open roles, and reduction in headcount. As we realize these savings, we will reinvest in the highest potential opportunities. Now turning to slide 18, I'll walk through the impact of our recently closed acquisition on our EPS guidance. As you can see on this slide, if you take our previously stated non-GAAP EPS guidance range of $7.10 to $7.40 from February and include the previously stated impact of deal dilution and the one-time impact of Acquired In-Process R&D, our revised range continues to reflect the strong outlook of the business as we told you in February.

We anticipate cost savings from these actions of approximately $1.5 billion by the end of 2025, thereby absorbing the incremental OpEx expense from the recent deals. These cost savings will come from across the organization, include reductions in direct clinical expense, site rationalization, and elimination of open roles, and reduction in headcount. As we realize these savings, we will reinvest in the highest potential opportunities. Now turning to slide 18, I'll walk through the impact of our recently closed acquisition on our EPS guidance. As you can see on this slide, if you take our previously stated non-GAAP EPS guidance range of $7.10 to $7.40 from February and include the previously stated impact of deal dilution and the one-time impact of Acquired In-Process R&D, our revised range continues to reflect the strong outlook of the business as we told you in February.

David V. Elkins: The incremental Opex expense from the recent deals these cost savings will come from across the organization include reductions in direct clinical expense site rationalization and elimination of open roles and reduction in head count.

David V. Elkins: As we realize these savings we will reinvest in the highest potential opportunities now turning to slide 18, I'll walk through the impact of our recently closed acquisition on our EPS guidance.

David V. Elkins: As you can see on this slide if you take our previously stated non-GAAP EPS guidance range of $7 10 to $7 40.

David V. Elkins: Now turning to slide 18. I'll walk through the impact of a recently closed acquisition on our EPS guidance. As you can see on this slide, if you take our previously stated non-GAAP EPS guidance range of $7.10 to $7.40 from February and include the previously stated impact of deal dilution and the one-time impact of acquired in-process R&D, our revised range continues to reflect the strong outlook of the business, as we told you in February.

David V. Elkins: From February and include the previously stated impact of deal dilution and the one time impact of acquired in process R&D. A revised range continues to reflect the strong outlook of the business as we told you in February.

David Elkins: Now let's walk through the details of our guidance on Slide 19 starting with revenue. As is our practice, we provide revenue guidance on a reported basis as well as on an underlying basis which assumes currency remains consistent with prior year. We continue to expect 2024 total revenues to increase in the low single digit range at reported rates as well as excluding foreign exchange. This reflects our confidence in the growing momentum of our growth portfolio including products such as Opdivo, Reblozyl, Breyanzi, Camzyos, and Sotyktu. As a reminder, the Sotatercept royalty will be included in the other growth revenue line. We continue to expect gross margin to be approximately 74% and as we saw last year, we should see a sequential dip in Q2 related to our sales mix excluding Acquired IPR&D.

Now let's walk through the details of our guidance on Slide 19 starting with revenue. As is our practice, we provide revenue guidance on a reported basis as well as on an underlying basis which assumes currency remains consistent with prior year. We continue to expect 2024 total revenues to increase in the low single digit range at reported rates as well as excluding foreign exchange. This reflects our confidence in the growing momentum of our growth portfolio including products such as Opdivo, Reblozyl, Breyanzi, Camzyos, and Sotyktu. As a reminder, the Sotatercept royalty will be included in the other growth revenue line. We continue to expect gross margin to be approximately 74% and as we saw last year, we should see a sequential dip in Q2 related to our sales mix excluding Acquired IPR&D.

Now, let's walk through the details of our guidance on slide 19, starting with revenue.

As is our practice, we provide revenue guidance on a reported basis as well as on an underlying basis, which assumes currency remains consistent with prior year. We continue to expect 2024 total revenues to increase in the low single digit range at reported rates as well as excluding foreign exchange.

David V. Elkins: Now, let's walk through the details of our guidance on slide 19, starting with revenue. As is our practice, we provide revenue guidance on a reported basis, as well as on an underlying basis, which assumes currency remains consistent with the prior year. We continue to expect 2024 total revenues to increase in the low single-digit range, at reported rates, as well as excluding foreign exchange. This reflects our confidence and the growing momentum of our growth portfolio, including products such as OPDIVO, REBLOZYL, BREYANZI, CAMZYOS, and SOTYKTU.

David V. Elkins: This reflects our confidence in the growing momentum of our growth portfolio, including products, such as Opdivo rebels, Zelle, Briana Z Kim's iOS and Citic too and as a reminder, this tighter sept royalty will be included in the other growth revenue line.

David V. Elkins: We continue to expect gross margin to be approximately 74% and as we saw last year, we should see a sequential dip in Q2 related to our sales mix excluding acquired in process R&D. We continue to expect our total operating expenses to increase in the low single digit range, reflecting incremental costs associated with the recent acquisition.

David V. Elkins: And as a reminder, SOTATERCEPT royalty will be included in the other growth revenue line. We continue to expect gross margin to be approximately 74%. And as we saw last year, we should see a sequential dip in Q2 related to our sales mix. Excluding required in-process R&D, we continue to expect our total operating expenses to increase in the low single-digit range, reflecting incremental costs associated with the recent acquisitions, partially offset by the realization of internal savings through the productivity initiative I mentioned earlier.

David Elkins: We continue to expect our total operating expenses to increase in the low single digit range, reflecting incremental costs associated with the recent acquisitions, partially offset by the realization of internal savings through the productivity initiative I mentioned earlier. Given the timing of the deal closures, we expect to come in at the upper end of our guidance range with an expected step up in Q2 and the remaining OPEX to be more evenly spread across the back half of the year. We remain aligned with our previous operating margin to target at least 37% through next year. For OIE, we now expect approximately $250 million of expense, primarily reflecting the debt financing costs from Karuna and RayzeBio. The tax rate was affected by one-time nondeductible expense of the Karuna acquired in-process R&D charge, which impacted our non-GAAP net income.

We continue to expect our total operating expenses to increase in the low single digit range, reflecting incremental costs associated with the recent acquisitions, partially offset by the realization of internal savings through the productivity initiative I mentioned earlier. Given the timing of the deal closures, we expect to come in at the upper end of our guidance range with an expected step up in Q2 and the remaining OpEx to be more evenly spread across the back half of the year. We remain aligned with our previous operating margin to target at least 37% through next year. For OIE, we now expect approximately $250 million of expense, primarily reflecting the debt financing costs from Karuna and RayzeBio. The tax rate was affected by one-time nondeductible expense of the Karuna acquired in-process R&D charge, which impacted our non-GAAP net income.

David V. Elkins: <unk>, partially offset by the realization of internal savings through the productivity initiative I mentioned earlier.

David V. Elkins: Given the timing of the deal closures, we expect to come in at the upper end of our guidance range with an expected step up in Q2, and the remaining opex to be more evenly spread across the back half of the year, we remain aligned with our previous operating margin to target at least 37% through next year.

David V. Elkins: Given the timing of the deal closures, we expect to come in at the upper end of our guidance range with an expected step-up in Q2 and the remaining OPEX to be more evenly spread across the back half of the year. We remain aligned with our previous operating margin target of at least 37% through next year. For OI&E, we now expect approximately $250 million in expense, primarily reflecting the debt financing costs from Karuna and RayzeBio.

Given the timing of the deal closures, we expect to come in at the upper end of our guidance range with an expected step-up in Q2 and the remaining OPEX to be more evenly spread across the back half of the year. We remain aligned with our previous operating margin target of at least 37% through next year.

David V. Elkins: For <unk>, we now expect approximately $250 million of expense, primarily reflecting the debt financing costs from Corona and raise bio the tax rate was affected by one time non deductible expense of the Corona acquired in process, R&D charge, which impacted our non-GAAP net income excluding this.

David Elkins: Excluding this impact, the estimated underlying tax rate in the quarter was about 19.5%, and as a result we now see full-year underlying tax rate of about 18%. Before we move to Q&A, let me take a minute to review some of the key highlights on our call today. We grew the top line, we advanced the pipeline, and we are executing our productivity initiative, and our expectations for the underlying strength of the business remain unchanged from the beginning of the year. Finally, I'd like to recognize our BMS employees around the world for their unwavering hard work and commitment as we continue to make progress in strengthening the company's long-term growth profile and bringing truly transformational medicines to patients. With that, I'll now turn the call over to Tim for Q&A.

Excluding this impact, the estimated underlying tax rate in the quarter was about 19.5%, and as a result we now see full-year underlying tax rate of about 18%. Before we move to Q&A, let me take a minute to review some of the key highlights on our call today. We grew the top line, we advanced the pipeline, and we are executing our productivity initiative, and our expectations for the underlying strength of the business remain unchanged from the beginning of the year. Finally, I'd like to recognize our BMS employees around the world for their unwavering hard work and commitment as we continue to make progress in strengthening the company's long-term growth profile and bringing truly transformational medicines to patients. With that, I'll now turn the call over to Tim for Q&A.

David V. Elkins: Impact the estimated underlying tax rate in the quarter was about 19, 5% and as a result, we now see full year underlying tax rate of about 18% before we move to Q&A, Let me take a minute to read some of the key highlights on our call. Today. We grew the topline we advanced the pipeline and we are executing our productivity.

For OI&E, we now expect approximately $250 million in expense, primarily reflecting the debt financing costs from Karuna and RayzeBio. The tax rate was affected by the one-time, non-deductible expense of the Karuna-acquired and process R&D charge, which impacted our non-GAAP net income. Excluding this impact, the estimated underlying tax rate in the quarter was about 19.5%. And as a result, we now see a full-year underlying tax rate of about 18%. Before we move to Q&A, let me take a minute to review some of the key highlights of our call today. We grew the top line, we advanced the pipeline, and we are executing our productivity initiative. And our expectations for the underlying strength of the business remain unchanged from the beginning of the year.

David V. Elkins: The tax rate was affected by the one-time, non-deductible expense of the corona-acquired and process R&D charge, which impacted our non-GAAP net income. Excluding this impact, the estimated underlying tax rate in the quarter was about 19.5%, and as a result, we now see a full-year underlying tax rate of about 18%. Before we move to Q&A, let me take a minute to review some of the key highlights of our business. We grew the top line, we advanced the pipeline, and we are executing our productivity initiative. And our expectations for the underlying strength of the business remain unchanged from the beginning of the year.

David V. Elkins: Activity initiative, and our expectations for the underlying strength of the business remain unchanged from the beginning of the year finally, I'd like to recognize our P. M. S employees around the world for their unwavering hard work and commitment as we continue to make progress in strengthening our company's long term growth profile and bringing truly transformational medicines to pay.

Before we move to Q&A, let me take a minute to review some of the key highlights of our call today. We grew the top line, we advanced the pipeline, and we are executing our productivity initiative. And our expectations for the underlying strength of the business remain unchanged from the beginning of the year.

<unk> with that I'll now turn the call over to Tim for Q&A.

Adam Lenkowsky: Thanks David. Could we go to the first question, please.

Tim Power: Thanks David. Could we go to the first question, please.

Tim: Thanks, David could we go to the first question. Please.

Operator: Absolutely. As a reminder to ask a question, please press star then one on your telephone keypad to remove yourself from queue. Please press star then two. Our first question comes from Geoff Meacham with Bank of America. Please go ahead.

David V. Elkins: Finally, I'd like to recognize our BMS employees around the world for their unwavering hard work and commitment as we continue to make progress in strengthening the company's long-term growth profile and bringing truly transformational medicines to patients. With that, I'll now turn the call over to Tim for Q&A.

Finally, I'd like to recognize our BMS employees around the world for their unwavering hard work and commitment as we continue to make progress in strengthening the company's long-term growth profile and bringing truly transformational medicines to patients.

Tim: Absolutely and as a reminder to ask a question. Please press Star then one on your telephone keypad.

To remove yourself from Hugh Please press Star then two.

Tim: Our first question comes from Geoff Meacham with Bank of America. Please go ahead.

Adam Lenkowsky: Morning everyone. Thanks for the question. Just had one for Chris or maybe for David on the cost savings. How much would you say was legacy Bristol, either workforce or facilities versus optimizing integration of all your recent deals? I guess I'm trying to get a sense for whether you think there's further optimization to come as you guys focus.

Geoff Meacham: Morning everyone. Thanks for the question. Just had one for Chris or maybe for David on the cost savings. How much would you say was legacy Bristol, either workforce or facilities versus optimizing integration of all your recent deals? I guess I'm trying to get a sense for whether you think there's further optimization to come as you guys focus on the new launch portfolio. Thank you

Geoff Meacham: Morning, everyone. Thanks for the question.

With that, I'll now turn the call over to Tim for Q&A.

Geoff Meacham: Just had one for Chris or maybe for David on the cost savings how much would you say was legacy Bristol other workforce or sort facilities.

Tim Power: Thanks, David. could we go to the first question, please? Absolutely. And as a reminder, to ask a question, please press star, then one on your telephone keypad. To remove yourself from the queue, please press star, then two.

Timothy Power: Thanks, David. Could we go to the first question, please?

Operator: [Operator Instructions] Our first question comes from Geoff Meacham with Bank of America. Please go ahead.

Geoff Meacham: Optimizing the integration of all your recent deals and I guess I'm trying to get a sense for what do you think there's further optimization to comment as you guys focus on.

Chris Boerner: On the new launch portfolio.

Operator: Absolutely. And as a reminder, to ask a question, please press star then 1 on your telethon keypad. To remove yourself from the queue, please press star then 2. Our first question comes from Geoff Meacham with Bank of America. Please go ahead.

Adam Lenkowsky: Thank you.

Geoff Meacham: The new launch portfolio. Thank you.

Chris Boerner: Good morning, Jeff. I'll let David answer that.

Chris Boerner: Good morning, Geoff. I'll let David answer that.

Speaker Change: Good morning, Jeff I'll, let David answer that yes, thanks, Geoff for the question.

David Elkins: Yeah, thanks Jeff, for the question. The majority of the savings come from the historical BMS. As we talked about, the main drivers of the $1.5 billion savings really came into three buckets. First was really looking at the portfolio. Obviously with Mirati, Karuna, and with RayzeBio, we have really important portfolios that we're bringing into the overall portfolio. That gave us the opportunity to look at that and maximize the ROI in totality of the portfolio as well as adjusting for some updates, new data, and the competitiveness. The second thing that we really looked at for legacy BMS is how do we become more agile, quicker decision making, and streamline the organization by removing layers of management so decisions can be made more quickly. And there we talked about the roughly 2,200 impacted employees as a result of those changes.

David Elkins: Yeah, thanks Geoff, for the question. The majority of the savings come from the historical BMS. As we talked about, the main drivers of the $1.5 billion savings really came into three buckets. First was really looking at the portfolio. Obviously with Mirati, Karuna, and with RayzeBio, we have really important portfolios that we're bringing into the overall portfolio. That gave us the opportunity to look at that and maximize the ROI in totality of the portfolio as well as adjusting for some updates, new data, and the competitiveness. The second thing that we really looked at for legacy BMS is how do we become more agile, quicker decision making, and streamline the organization by removing layers of management so decisions can be made more quickly. And there we talked about the roughly 2,200 impacted employees as a result of those changes.

David V. Elkins: Majority of the savings come from the historical BMS as we talked about the main drivers of the $1 billion savings really came into three buckets first was really looking at the portfolio, obviously with the Marathi koruna and with raised via we've really important portfolios that we're bringing into the overall portfolio that gave us the opportunity to look at.

Unknown Executive: Good morning, Jeff. I'll let David answer that. Yeah, thanks, Jeff, for the question. The majority of the savings come from the historical BMS. As we talked about, the main drivers of the $1.5 billion savings really came into three buckets. First, we really looked at the portfolio, obviously, with Mirati, Karuna, and Raise.io. We have really important portfolios that we're bringing into the overall portfolio. That gave us the opportunity to look at that and maximize the ROI for the totality of the portfolio, as well as adjusting for some updates in new data and competitiveness.

Geoff Meacham: Good morning, everyone. Just had one for Chris or maybe for David. On the cost savings, how much would you say was legacy Bristol, either workforce or facilities versus optimizing integration of all your recent deals? I guess I'm trying to get a sense for whether you think there's further optimization to come as you guys focus on the new launch portfolio.

Jeff. I'll let David answer that. Yeah, thanks, Jeff, for the question. The majority of the savings come from the historical BMS. As we talked about, the main drivers of the $1.5 billion savings really came into three buckets. First, we really looked at the portfolio, obviously, with Mirati, Karuna, and Raise.io. We have really important portfolios that we're bringing into the overall portfolio. That gave us the opportunity to look at that and maximize the ROI for the totality of the portfolio, as well as adjusting for some updates in new data and competitiveness.

Christopher Boerner: Good morning, Jeff. I'll let David answer that.

David V. Elkins: Yes. Thanks, Jeff, for the question. The majority of the savings come from the historical BMS. As we talked about, the main drivers of the $1.5 billion savings really came into 3 buckets. First, we really looked at the portfolio, obviously, with Mirati, Karuna, and with RayzeBio, we have really important portfolios that we're bringing into the overall portfolio. That gave us the opportunity to look at that and maximize the ROI of--in totality of the portfolio, as well as adjusting for some updates in new data and competitiveness.

David V. Elkins: The majority of the savings come from the historical BMS. As we talked about, the main drivers of the $1.5 billion savings really came into three buckets. First, we really looked at the portfolio, obviously, with Mirati, Karuna, and Raise.io. We have really important portfolios that we're bringing into the overall portfolio. That gave us the opportunity to look at that and maximize the ROI for the totality of the portfolio, as well as adjusting for some updates in new data and competitiveness.

David V. Elkins: And maximize the ROI of in totality of the portfolio as well as adjusting for some updates and new data and the competitiveness and the second thing that we really looked at for legacy BMS is how do we become more agile quicker decision, making and streamline the organization by removing layers of management so decisions can be more quickly.

David V. Elkins: The second thing that we really looked at for legacy BMS is how we could become more agile, quicker decision-making, and streamline the organization by removing layers of management so decisions could be made more quickly. And there, we talked about the roughly 2,200 impacted employees as a result of those changes. And then lastly, we went through all of our third-party relationships, continuing to look for efficiencies in third-party service providers. That was the last category. A lot of those activities are also legacy BMS. So the vast majority of the savings are coming from our in-house existing operations.

David V. Elkins: And there we talked about the roughly 2200 impacted employees as a result of those changes and then lastly, you know we went through all of our third party relationships continuing to look for efficiencies and third party service providers and that was the last category in a lot of those activities are also legacy BMS. So the vast majority of the <unk>.

David Elkins: Then lastly, we went through all of our third-party relationships, continuing to look for efficiencies and third-party service providers. That was the last category. A lot of those activities are also legacy BMS. So the vast majority of the savings are coming from our in-house existing operations.

Then lastly, we went through all of our third-party relationships, continuing to look for efficiencies and third-party service providers. That was the last category. A lot of those activities are also legacy BMS. So the vast majority of the savings are coming from our in-house existing operations.

David V. Elkins: Things are coming from our.

David V. Elkins: In house existing operations.

Adam Lenkowsky: Thanks, David. Can we go to the next question please?

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

Speaker Change: Thanks, David can we go to the next question. Please.

Operator: Our next question comes from Chris Shibutani with Goldman Sachs. Please go ahead.

Speaker Change: Our next question Vishal Shaw Christian Tom here with Goldman Sachs. Please go ahead.

Adam Lenkowsky: Thank you. Good morning. Obviously a lot of moving parts. Operationally, strategically, I think investors have been keen to get a sense for how you're thinking about potentially a trough level of earnings. I think the notion that there might be some visibility into where you could begin to see some growth. And I know in your vocabulary you use about exiting the decade and into the next. Help us with where you are with that thinking since we haven't had that clarity with all the moving parts. But, but how are you thinking about the potential to communicate that kind of timeline and model?

Chris Shibutani: Thank you. Good morning. Obviously a lot of moving parts. Operationally, strategically, I think investors have been keen to get a sense for how you're thinking about potentially a trough level of earnings. I think the notion that there might be some visibility into where you could begin to see some growth. And I know in your vocabulary you use about exiting the decade and into the next. Help us with where you are with that thinking since we haven't had that clarity with all the moving parts. But, but how are you thinking about the potential to communicate that kind of timeline and model?

Vishal Shaw: Thank you and good morning, obviously, a lot of moving parts operationally strategically I think investors have been.

Operator: Thanks, David. Can we go to the next question, please? Our next question comes from Chris Shibutani with Goldman Sachs.

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

Operator: Our next question comes from Chris Shibutani with Goldman Sachs. Please go ahead.

Vishal Shaw: Seem to get a sense for how you're thinking about potentially at trough level of earnings I think the notion that there might be some.

Chris Shibutani: Thank you. Good morning. Obviously, a lot of moving parts operationally and strategically. I think investors have been keen to get a sense for how you're thinking about potentially a trough level of earnings. I think the notion that there might be some visibility into where you could begin to see some growth, and I know in your vocabulary you used about exiting the decade and into the next. Help us with where you are with that thinking since we haven't had that clarity with all the moving parts. But how are you thinking about the potential to communicate that kind of timeline and model?

Vishal Shaw: Visibility in June where you can begin to see some growth and I know in your vocabulary you use about exiting this decade and into the next.

Speaker Change: Help us with where you are with that thinking since we haven't had that clarity with all the moving parts, but how are you thinking about potential to communicate.

Unknown Executive: Our next question comes from Chris Shibutani with Goldman Sachs. Please go ahead.

Chris Boerner: Okay, thanks, Chris. I'll take that one. And I think there, embedded in that question, maybe 2 things. First, how we're thinking we're going to guide around this though. And then there's maybe a second question in there, which is when we think we'll see that trough and what its timing of it. With respect to the first question, look, we've been engaging with investors on this topic over the last number of months. So, a bit of context here. Given industry dynamics, we--certainly I believe companies in this industry need to be judicious with respect to providing long-term guidance. But we get why you are asking the question here, because it's something that we're going to need to continue to engage with investors on to strike the right balance in terms of how we think about providing guidance on this topic. One uncertainty that we know that's related to this question, though, is the impact of IRA on ELIQUIS.

Christopher Boerner: Okay, thanks, Chris. I'll take that one. And I think there, embedded in that question, maybe 2 things. First, how we're thinking we're going to guide around this though. And then there's maybe a second question in there, which is when we think we'll see that trough and what its timing of it. With respect to the first question, look, we've been engaging with investors on this topic over the last number of months. So, a bit of context here. Given industry dynamics, we--certainly I believe companies in this industry need to be judicious with respect to providing long-term guidance. But we get why you are asking the question here, because it's something that we're going to need to continue to engage with investors on to strike the right balance in terms of how we think about providing guidance on this topic.

Speaker Change: Timeline.

Chris Boerner: Okay, thanks Chris. I'll take that one. I think they're embedded in that question. Maybe two things. First is how we're thinking about how we're going to guide around this trough and then there's maybe a second question in there which is when we think we'll see that trough and what's the timing of it with respect to the first question? Look, we've been engaging with investors on this topic over the last number of months. Bit of context here. Given industry dynamics, we certainly, I believe companies in this industry need to be judicious with respect to providing long-term guidance. But we get why you are asking the question here because it's something that we're going to need to continue to engage with investors on to strike the right balance in terms of how we think about providing guidance on this topic.

Speaker Change: Okay. Thanks, Chris I'll take that one and I think they are embedded in that question. Maybe two things first is how we're thinking about how we're going to guide around this drop in and then there's maybe a second question in there which is <unk>.

Chris Boerner: And I think they're embedded in that question, maybe two things. First, how we think we're going to guide around this trough. And then there's maybe a second question in there, which is when we think we'll see that trough and what its timing will be. With respect to the first question, look, we've been engaging with investors on this topic over the last number of months. So, a bit of context here.

When we think we'll see that drop and what are the what's the timing of it with respect to the first question look we've been engaging with investors on this topic over the last number of months a bit of context here given industry dynamics, we certainly I believe companies in this industry you need to be judicious with respect to providing long.

Chris Boerner: Given industry dynamics, we certainly believe companies in this industry need to be judicious with respect to providing long-term guidance. But we get why you are asking the question here, because it's something that we're going to need to continue to engage with investors on to strike the right balance in terms of how we think about providing guidance on this topic. One uncertainty that we know that's related to this question, though, is the impact of IRA on Eloquus.

Speaker Change: Term guidance, but we get why you are asking the question here because it's something that we're going to need to continue to engage with investors on to strike the right balance in terms of how we think we have.

Speaker Change: How we think about providing guidance on this topic one uncertainty that we know that's related to this question, though is the impact of I R. A anello quest and once that price is public and remember that's going to happen in the September time frame, we'll provide the impact developed was both on the top line as well as on EPS.

Chris Boerner: One uncertainty that we know that's related to this question though is the impact of IRA on Eliquis. And once that price is public and remember that's going to happen in the September timeframe, we'll provide the impact of Eliquis both on the top line as well as on EPS in terms of how we think about the timing of the trough. Based on our current plans, we start to see an impact in 2026 and then as we said earlier in the year, we anticipate to be returning to growth before the end of the decade. And then obviously we're clearly focused on accelerating both the timing and the pace of growth in the back half of the decade. And that's going to influence timing as well. But thanks for the question, Chris.

One uncertainty that we know that's related to this question though is the impact of IRA on Eliquis. And once that price is public and remember that's going to happen in the September timeframe, we'll provide the impact of Eliquis both on the top line as well as on EPS in terms of how we think about the timing of the trough. Based on our current plans, we start to see an impact in 2026 and then as we said earlier in the year, we anticipate to be returning to growth before the end of the decade. And then obviously we're clearly focused on accelerating both the timing and the pace of growth in the back half of the decade. And that's going to influence timing as well. But thanks for the question, Chris.

One uncertainty that we know that's related to this question, though, is the impact of IRA on ELIQUIS. And once that price is public, and remember, that's going to happen in the September timeframe, we will provide the impact of ELIQUIS, both on the top line as well as on EPS. In terms of how we think about the timing of the trough, based on our current plans, we start to see an impact in 2026. And then, as we said earlier in the year, we anticipate being returning to growth before the end of the decade. And then, obviously, we're clearly focused on accelerating both the timing and the pace of growth in the back half of the decade. And that's going to influence timing as well. But thanks for the question, Chris. Can we go to the next question, please, Rocco?

Chris Boerner: And once that price is public, and remember, that's going to happen in the September timeframe, we will see the impact of Eloquus, both on the top line as well as on EPS. In terms of how we think about the timing of the trough, based on our current plans, we start to see an impact in 2026. And then, as we said earlier in the year, we anticipate being returning to growth before the end of the decade. And then, obviously, we're clearly focused on accelerating both the timing and the pace of growth in the second half of the decade. And that's going to influence timing as well. But thanks for the question, Chris.

Speaker Change: In terms of how we think about the timing of the trial based on our current plans, we start to see an impact in 2026 and.

And then as we said earlier in the year, we anticipate to be returning to growth before the end of the decade and then obviously, we're clearly focused on accelerating both the timing and the pace of growth in the back half of the decade, that's going to influence timing as well. Thanks for the question Chris.

Adam Lenkowsky: Can we go to the next question please?

Tim Power: Can we go to the next question please Rocco?

Operator: Can we go to the next question, please, Rocco?

Operator: Rocco, our next question comes from Chris Schott with JPMorgan. Please go ahead.

Operator: Our next question comes from Chris Schott with JPMorgan. Please go ahead.

Speaker Change: We go to the next question. Thanks Rocco.

Operator: Our next question comes from Chris Schott with J.P. Morgan. Please go ahead.

Speaker Change: Our next question comes from Chris Schott with J P. Morgan. Please go ahead.

David Elkins: Great. Thanks so much. Just a two-parter. Coming back to the restructuring, I guess the first part is the redeployment of savings going to be mostly focused on the R&D side or on SG&A. And just related to that, in terms of investment in the growth drivers, it seems like elements such as payer dynamics and competitive launches are impacting uptake of some of the new launch assets. I'm just interested in which products you see having the greatest potential for improvement with further investment and how you, I guess, balanced SG&A vs either further R&D or just dropping some of those savings to the bottom line as you're considering kind of how to redeploy that $1.5 billion. Thank you.

Chris Schott: Great. Thanks so much. Just a two-parter. Coming back to the restructuring, I guess the first part is the redeployment of savings going to be mostly focu sed on the R&D side or on SG&A. And just related to that, in terms of investment in the growth drivers, it seems like elements such as payer dynamics and competitive launches are impacting uptake of some of the new launch assets. I'm just interested in which products you see having the greatest potential for improvement with further investment and how you, I guess, balanced SG&A vs either further R&D or just dropping some of those savings to the bottom line as you're considering kind of how to redeploy that $1.5 billion. Thank you.

Chris Schott: Great. Thanks so much. Just a two-parter coming back to the restructuring. I guess the first part is, is the redeployment of savings going to be mostly focused on the R&D side or on SG&A? And just related to that, in terms of investment in growth drivers, it seems like elements such as payer dynamics and competitive launches are impacting uptake of some of the new launch assets. So I'm just interested in which products you see having the greatest potential for improvement with further investment and how you, I guess, balance SG&A versus either further R&D or just dropping some of those savings to the bottom line as you're considering kind of how to redeploy that 1.5 billion. Thank you.

Chris Schott: Great. Thanks, so much just a two parter I'm coming back to the restructuring I guess the first part is the redeployment of savings going to be mostly focused on the R&D side or on SG&A.

Chris Boerner: Just a two-parter coming back to the restructuring. I guess the first part is, is the redeployment of savings going to be mostly focused on the R&D side or on SG&A? And just related to that, in terms of investment in growth drivers, it seems like elements such as payer dynamics and competitive launches are impacting uptake of some of the new launch assets. So I'm just interested in which products you see having the greatest potential for improvement with further investment and how you, I guess, balance SG&A versus either further R&D or just dropping some of those savings to the bottom line as you're considering kind of how to redeplo Thank you.

Chris Schott: And just related to that in terms of investment in the growth drivers. It seems like elements such as payer dynamics in competitive launches.

Chris Schott: Are impacting uptake of some of the new launch assets I'm, just interested in which products do you see having the greatest potential for improvement with further investment and how you I guess balanced SG&A versus either further R&D or just dropping some of those savings to the bottom line is you're considering kind of how to redeploy that that 155 billion. Thank you.

Chris Boerner: Thanks, Chris. Let me just say a couple words, and I'll turn it over to David for the first part of your question, and Adam can come in on the back end first. As David mentioned, when we thought about these efficiencies, we were really thinking along three lines. The need to invest in the pipeline, ensuring that we had adequate investment for our growth products, and then needing to be more agile and focused as an organization in terms of how we think about allocating those redeployment opportunities. I would say generally speaking they're in that order with the majority going back into R and D. But David, do you want to start?

Thanks, Chris Let me just say a couple of words, and then I'll turn it over to David for the first part of your question and then Adam can come in on the backend.

Chris Boerner: Thanks, Chris. Let me just say a couple of words, and I'll turn it over to David for the first part of your question, then Adam can come in on the back end. First, as David mentioned, when we thought about these efficiencies, we were really thinking along 3 lines. The need to invest in the pipeline, ensuring that we had adequate investment for our growth products, and then needing to be more agile and focused as an organization. In terms of how we think about allocating those redeployment opportunities, I would say, generally speaking, they're in that order with the majority going back into R&D. But, David, do you want to start?

Christopher Boerner: Thanks, Chris. Let me just say a couple of words, and I'll turn it over to David for the first part of your question, then Adam can come in on the back end. First, as David mentioned, when we thought about these efficiencies, we were really thinking along 3 lines. The need to invest in the pipeline, ensuring that we had adequate investment for our growth products, and then needing to be more agile and focused as an organization. In terms of how we think about allocating those redeployment opportunities, I would say, generally speaking, they're in that order with the majority going back into R&D.

Chris Schott: First as David mentioned, when we thought about these efficiencies we were really thinking along three lines they need to invest in the pipeline ensuring that we had adequate investment for our growth products and then needing to be more agile and focused as an organization in terms of how we think about allocating those redeployment opportunities I would say generally speaking there.

Chris Schott: In that order with the majority going back into R&D, but David do you want to start.

David Elkins: Yeah. And Chris, thanks for the question. The way to think about it, about 2/3 of the savings associated in the R&D area and about 1/3 is in M&A. But importantly, if you really think about the acquisitions that we've just done, if you think about Mirati and Krazati in particular, you know, really important development programs in first-line lung, both the doublet as well as the triplet, then if you think about Karuna and Adam can talk further about this. We see multiple indications, billion-dollar indications in this space. We talked about schizophrenia, excuse me, the adjuvant schizophrenia as well is moving into Alzheimer's with agitation and psychosis. So there's significant investments that we have to make there. And then if you think about radioligand and RayzeBio, you know we see multiple INDs being able to come out of this.

David V. Elkins: Thanks for the question the way to figure out about two thirds of the savings associate it in the R&D area and about a third as an MSA, but importantly, if you really think about the acquisitions that we've just done if you think about Marathi.

But, David, do you want to start?

David V. Elkins: And yes, Chris, thanks for the question. The way to think about it is that about 2/3 of the savings associated in the R&D area, and about 1/3 is in MS&A. But, importantly, if you really think about the acquisitions that we've just done, if you think about Mirati and KRAZATI, in particular, really important development programs for first line lung, both the doublet as well as the triplet. Then, if you think about Karuna, and Adam can talk further about this, we see multiple indications-- billion-dollar indications in this space.

David V. Elkins: And <unk> in particular, you know really important development programs in first line lung both the doublet as well as the triplet then if you think about Corona and Adam can talk further about this we see multiple indications billion indications in this space, we talked about schizophrenia.

David V. Elkins: Excuse me the adjuvant schizophrenia, as well as moving into all timers with agitation and psychosis, so they're significant.

And then, if you think about Karuna, and Adam can talk further about this, we see multiple indications-- billion-dollar indications in this space. We talked about schizophrenia, excuse me, the adjuvant schizophrenia as well as moving into Alzheimer's with agitation and psychosis. So, there are significant investments that we have to make there. And then, if you think about radioligand and RayzeBio, we see multiple INDs being able to come out of this. We're also--we just finished the manufacturing facility in Indianapolis. We're going to be able to supply our clinical studies out of that. So, significant investments in those 3 areas, which, through all of that, as well as re-prioritizing our existing BMS portfolio, we've been able to increase the ROI of the portfolio, but just as importantly, we have increased the growth profile of the company in the second half of the decade. So, there's a lot of work that's going on under the surface in order to continue to maximize the value of the portfolio and strengthen the growth profile of the company. Adam?

David V. Elkins: So you have to make there and then if you think about radio ligand and raised bio.

David V. Elkins: We talked about schizophrenia, excuse me, the adjuvant schizophrenia as well as moving into Alzheimer's with agitation and psychosis. So, there are significant investments that we have to make there. And then, if you think about Radioligand and Ray's Bio, you know, we see multiple INDs being able to come out of this. We're also, we just finished a manufacturing facility in Indianapolis. We're going to be able to supply our clinical studies out of that. So, significant investments in those three areas, which, through all of that, as well as reprioritizing our existing BMS portfolio, we've been able to increase the ROI of the portfolio, but just as importantly, we have increased the growth profile of the company in the second half of the decade. So, there's a lot of work that's going on under the surface in order to continue to maximize the value of the portfolio and strengthen the growth profile of the company.

David V. Elkins: See multiple ind's being able to come out of this we're also we finished a manufacturing facility in Indianapolis, where we're gonna be able to supply our clinical studies out of that so significant investments in those three areas, which through all of that as well as re prioritizing our existing BMS portfolio. What we've been able to do is increase the ROI of the portfolio.

David Elkins: We're also finished the manufacturing facility in Indianapolis. We're going to be able to supply our clinical studies out of that. So, significant investments in those three areas, which, through all of that as well as reprioritizing our existing BMS portfolio, what we've been able to do is increase the ROI of the portfolio, but just as importantly, we increase the growth profile of the company in the second half of the decade. So, there's a lot of work that's going under the surface in order to continue to maximize the value of the portfolio and strengthen the growth profile of the company. Adam?

We're also finished the manufacturing facility in Indianapolis. We're going to be able to supply our clinical studies out of that. So, significant investments in those three areas, which, through all of that as well as reprioritizing our existing BMS portfolio, what we've been able to do is increase the ROI of the portfolio, but just as importantly, we increase the growth profile of the company in the second half of the decade. So, there's a lot of work that's going under the surface in order to continue to maximize the value of the portfolio and strengthen the growth profile of the company. Adam?

And then, if you think about radioligand and RayzeBio, we see multiple INDs being able to come out of this. We're also--we just finished the manufacturing facility in Indianapolis. We're going to be able to supply our clinical studies out of that. So, significant investments in those 3 areas, which, through all of that, as well as re-prioritizing our existing BMS portfolio, we've been able to increase the ROI of the portfolio, but just as importantly, we have increased the growth profile of the company in the second half of the decade. So, there's a lot of work that's going on under the surface in order to continue to maximize the value of the portfolio and strengthen the growth profile of the company. Adam?

David V. Elkins: But just as importantly, we increase the growth profile of the company in the second half of the decade. So.

David V. Elkins: There's a lot of work that's going under the surface in order to continue to maximize the value of the portfolio and strengthen the growth profile of the company.

Adam Lenkowsky: Yes, Chris, thanks for the question. So we're making good progress across the totality of our growth portfolio. As David shared, we saw strong year-on-year demand growth across the majority of our growth products, and we continue to be focused on accelerating our key brands, and we're doing what we said we would do as we continue to drive our growth portfolio. So just a few of the products that, you know, I think is important to mention. Opdualag has become a new standard of care in first-line metastatic melanoma, grew 76%. Reblozyl continued to deliver strong performance post first-line COMMANDS approval, grew over 70% as well. We have increased investment at the end of last year behind products like Sotyktu, Breyanzi, and Camzyos. Camzyos continues to demonstrate strong growth. We had 25% growth of new patients added onto commercial drug quarter over quarter. Breyanzi.

Speaker Change: Yeah, great. Thanks for the question. So we're making good progress across the totality of our growth portfolio as David shared we saw strong year on year demand growth across the majority of our growth products and we continue to be focused on accelerating our key brands and we're doing what we said we would do as we continue to drive our growth.

So, there's a lot of work that's going on under the surface in order to continue to maximize the value of the portfolio and strengthen the growth profile of the company. Adam?

Speaker Change: So just a few of the products that.

Adam Lenkowsky: Yes, Chris, thanks for the question. So we're making good progress across the totality of our growth portfolio. As David shared, we saw strong year-on-year demand growth across the majority of our growth products, and we continue to be focused on accelerating our key brands. And we're doing what we said we would do as we continue to drive our growth portfolio. So just a few of the products that I think it is important to mention. OPDUALAG has become a new standard of care in first-line metastatic melanoma, it grew 76%. REBLOZYL continues to deliver strong performance post first-line COMMANDS approval grew over 70% as well. We increased investment at the end of last year behind products like Cetictu, Brianzi, and Kamzaios. Kamzaios continues to demonstrate strong growth. We had 25% growth of new patients added onto the commercial drug quarter over quarter. Brianzi, we also increased our investment. We're in a much stronger supply position today than we were last year and increasingly being recognized as a best-in-class CAR-T. And, as David mentioned, we're readying for the launch of CAR-XT in September, which is a very significant, multibillion-dollar opportunity.

Speaker Change: I think it's important dimension opt to lag had to become a new standard of care in first line metastatic melanoma grew 76% rebel Hill continued to deliver strong performance post first line commands approval grew over 70% as well.

Speaker Change: We have increased investment at the end of last year behind products like Citic to beyond <unk> and <unk> continue to demonstrate strong growth, we had 25% growth of new patients added onto commercial job quarter over quarter beyond XE. We also increased our investment we're a much stronger supply.

Adam Lenkowsky: We also increased our investment. We're a much stronger supply position today than we were last year and increasingly being recognized as a best-in-class CAR T. As David mentioned, we're readying for the launch of Breyanzi in September, which is a very significant multibillion-dollar opportunity. You know, I would say that, you know, product like Abecma has been, you know, more challenging for, you know, for us. But we have an opportunity now with KarMMa-3 approval to work to return Abecma to growth over time as we move into a larger patient population. But adding it all up, we continue to make good progress in delivering strong commercial execution and performance.

We also increased our investment. We're a much stronger supply position today than we were last year and increasingly being recognized as a best-in-class CAR T. As David mentioned, we're readying for the launch of Breyanzi in September, which is a very significant multibillion-dollar opportunity. You know, I would say that, you know, product like Abecma has been, you know, more challenging for, you know, for us. But we have an opportunity now with KarMMa-3 approval to work to return Abecma to growth over time as we move into a larger patient population. But adding it all up, we continue to make good progress in delivering strong commercial execution and performance.

Speaker Change: <unk> positioned today than we were last year and increasingly being recognized as a best in class car T and.

Adam Lenkowsky: It grew 76% Reblozil continues to deliver strong performance post first-line commands, and approval grew over 70% as well. We increased investment at the end of last year behind products like Cetictu, Brianzi, and Kamzaios. Kamzaios continues to demonstrate strong growth. We had 25% growth of new patients added onto the commercial drug quarter over quarter. Brianzi, we also increased our investment. We're in a much stronger supply position today than we were last year and increasingly being recognized as a best-in-class CAR-T. And, as David mentioned, we're readying for the launch of CAR-XT in September, which is a very significant, multibillion-dollar opportunity.

Speaker Change: And as David mentioned, we're ready for the launch of <unk> in September which is a very significant multibillion dollar opportunity you know I would say that you know product like Beckman has been more challenging for you know for us, but we have an opportunity now with the comment three approval to work to return it back much growth over time.

We have increased investment at the end of last year behind products like SOTYKTU, BREYANZY and CAMZYOS. CAMZYOS continues to demonstrate strong growth. We had 25% growth of new patients added onto the commercial drug quarter-over-quarter. BREYANZY, we also increased our investment. We're in a much stronger supply position today than we were last year and increasingly being recognized as a best-in-class CAR-T. And, as David mentioned, we're readying for the launch of KarXT in September, which is a very significant, multibillion-dollar opportunity.

Speaker Change: As we move into a larger patient population, but adding it all up we continue to make good progress in delivering strong commercial execution and performance.

Adam Lenkowsky: Thanks, Adam. Rocco, could we go to the next question, please?

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

Speaker Change: Thanks, Adam I'll quickly go to the next question. Please.

Operator: Absolutely. Our next question comes from Evan Seigerman with BMO. Please go ahead.

Speaker Change: Absolutely. Our next question comes from Evan Sugar Amendment with BMO. Please go ahead.

Adam Lenkowsky: Hi guys.

Evan Seigerman: Hi guys. Thank you so much for taking the question. Kind of a follow up to what we've been talking about. So when you talk about the cost savings being reinvested, do you mean that you're going to manage your margins by titrating the reinvestment of the cost savings? Are you going to deploy the $1.5 billion, kind of informed by the science or potential for growth? Then a follow up, as you mentioned, you're going to discontinue and externalize several clinical assets. Any commentary as to which ones you're thinking about? That would be great. Thank you.

Samit Hirawat: Thank you so much for taking the question.

Evan Sugarman: Guys. Thank you so much for taking the question kind of a volatile we've been talking about so when you talk about the cost savings being reinvested do you do you mean that you're going to manage your margins by titrate them to invest another cost savings or are you going to deploy the $1.5 billion kind of informed by science or potential for growth and a follow up as you mentioned you're going to discontinue it.

Adam Lenkowsky: Kind of a follow up to what we've been talking about. So when you talk about the cost savings being reinvested, do you mean that you're going to manage your margins by titrating the reinvestment of the cost savings? Are you going to deploy the $1.5 billion, kind of informed by the science or potential for growth? Then a follow up, as you mentioned, you're going to discontinue and externalize several clinical assets. Any commentary as to which ones you're thinking about? That would be great. Thank you.

Adam Lenkowsky: I would say that a product like ABECMA has been more challenging for us. But we have an opportunity now with KarMMa-3 approval to work to return ABECMA to growth over time as we move into a larger patient population. But adding it all up, we continue to make good progress in delivering strong commercial execution and performance.

Evan Sugarman: Journalize several clinical assets any commentary as to which ones youre thinking about that would be great. Thank you.

Chris Boerner: Thanks, Evan. We'll have David start and end.

Chris Boerner: Thanks, Evan. We'll have David start and then Samit.

Evan Sugarman: Kevin will have David starting in summit, yeah. Thanks, Kevin.

David Elkins: Yeah, thank you, Evan. As I said in my prepared remarks, we're looking at our operating margins as we previously communicated, in that 37% range. So that $1.5 billion of savings that we'll achieve by the end of next year, that's being reinvested both in the portfolio, as I described earlier, particularly with the acquisitions that we did. But we've also had good progress like Opdualag lung where we're going to continue those clinical studies as well. And all of that put together, as I was saying, really strengthens not only the ROI, but the growth profile of the business in the second half of the decade. And I'll turn it over to Samit on the assets that we're looking at to externalize.

David V. Elkins: As I said in my prepared remarks, we're looking at our operating margins as we've previously communicated in that 37% range. So that one $5 billion of savings that we'll achieve by the end of next year, that's being reinvested both in the portfolio as I described earlier, particularly with the acquisitions that we did but we've also had good progress like off July lung.

Operator: Thanks, Adam. Rococo, go to the next question, please. Absolutely. Our next question comes from Evan Seigerman with BMO. Please go ahead. Hi, guys. Thank you so much for taking the question and as a follow-up to what we've been talking about. So when you talk about the cost savings being reinvested,

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

Absolutely. Our next question comes from Evan Seigerman with BMO. Please go ahead. Hi, guys. Thank you so much for taking the question and as a follow-up to what we've been talking about. So when you talk about the cost savings being reinvested,

Operator: Absolutely. Our next question comes from Evan Seigerman with BMO. Please go ahead.

Evan Seigerman: Hi, guys. Thank you so much for taking the question. Kind of a follow-up to what we've been talking about. So when you talk about the cost savings being reinvested, do you mean you are going to manage your margins by titrating the reinvestment of the cost savings? Are you going to deploy the $1.5 billion kind of informed by the science or the potential for growth? And then a follow-up, as you mention you're going to discontinue and externalize several clinical assets. Any commentary as to which ones you're thinking about? That would be great.

David V. Elkins: We're going to continue those clinical studies as well.

Operator: Absolutely. Our next question comes from Evan Seigerman with BMO. Please go ahead.

David V. Elkins: And all.

David V. Elkins: All of that put together as I was saying you know really strength things not only the ROI, but the growth profile of the business in the second half of the decade, and I'll turn it over to summit on the assets that we're looking at to externalize. Yeah. Thank you David and just to to just build on what David said from a pipeline perspective.

David V. Elkins: Thanks Evan. We'll have David start and then Samit. Yeah, thanks Evan. You know, as I said in my prepared remarks, we're looking at our operating margins, as we've previously communicated, in that 37% range. So that one and a half billion dollars of savings that we'll achieve by the end of next year, that's being reinvested both in the portfolios I described earlier, particularly with the acquisitions that we did, but we've also had good progress with OptiLag Lung, where we're going to continue those clinical studies as well.

Christopher Boerner: Thanks Evan. We'll have David start and then Samit.

Yes. Thanks Evan. As I said in my prepared remarks, we're looking at our operating margins, as we've previously communicated, in that 37% range. So that one and a half billion dollars of savings that we'll achieve by the end of next year, that's being reinvested both in the portfolios I described earlier, particularly with the acquisitions that we did. But we've also had good progress like OPDUALAG lung, where we're going to continue those clinical studies as well. And all of that put together, as I was saying, really strengthens not only the ROI but the growth profile of the business in the second half of the decade. And I'll turn it over to Samit on the assets that we're looking at to externalize. Yeah, thank you.

David V. Elkins: Yes. Thanks Evan. As I said in my prepared remarks, we're looking at our operating margins, as we've previously communicated, in that 37% range. So that one and a half billion dollars of savings that we'll achieve by the end of next year, that's being reinvested both in the portfolios I described earlier, particularly with the acquisitions that we did. But we've also had good progress like OPDUALAG lung, where we're going to continue those clinical studies as well. And all of that put together, as I was saying, really strengthens not only the ROI but the growth profile of the business in the second half of the decade. And I'll turn it over to Samit on the assets that we're looking at to externalize.

David V. Elkins: You know, as I said in my prepared remarks, we're looking at our operating margins, as we've previously communicated, in that 37% range. So that one and a half billion dollars of savings that we'll achieve by the end of next year, that's being reinvested both in the portfolios I described earlier, particularly with the acquisitions that we did, but we've also had good progress with OptiLag Lung, where we're going to continue those clinical studies as well.

Samit Hirawat: Thank you, David. Just to build on what David said from a pipeline perspective, we took a very thoughtful approach to see from our rich pipeline, what are the assets that we are not going to be continuing on our own. So first thing that we looked at is the evolving science from the ongoing exploration of our clinical assets. An example over there where we look at CTLA-4 in our pipeline that we were developing, we had set the bar with Ipilimumab, which is already a high bar, to then look at the data. Then we decided that if the data are not going to be better than Ipilimumab, we shouldn't be continuing that program. So we decided not to continue with that.

Summit Here: Respective it took a very thoughtful approach to see from a rich pipeline what are the assets that we are not going to be continuing on our own. So first thing that we looked at is the evolving science from the ongoing exploration of our clinical assets.

Summit Here: An example over there where we look at our cdna for in our pipeline that we're developing we have set the bar with a political map, which is already a high bar to then look at the data and then we decided that if the data are not going to be better than it did a map.

David V. Elkins: And, you know, all of that put together, as I was saying, really strengthens not only the ROI but the growth profile of the business in the second half of the decade. And I'll turn it over to Samit on the assets that we're looking at to externalize. Yeah, thank you.

We shouldn't be continuing that program. So we decided not to continue with that similarly, when we looked at external and internal data for the surf one Alpha program that did not meet the muster and we wanted to look at the reality of a return on that investment as well.

Samit Hirawat: Yes. Thank you, David. And just to build on what David said, from a pipeline perspective, we took a very thoughtful approach to see-- from our rich pipeline, what are the assets that we are not going to be continuing on our own. So the first thing that we looked at is the evolving science from the ongoing exploration of our clinical assets. An example over there where we look at CTLA-4 in our pipeline that we were developing, we had set the bar with IPILIMUMAB, which is already a high bar, to then look at the data, and then we decided that if the data are not going to be better than IPILIMUMAB, we shouldn't be continuing that program, so we decided not to continue with that.

Samit Hirawat: Similarly, when we looked at external and internal data for the SIRP-alpha program that did not meet muster and we wanted to look at the real return on that investment as well for patients. So we are not going to continue that program. The second way we looked at it is that the science may be really good. Data evolution is really good. But does it really make sense for a company our size to continue a program if it's not going to be ultimately a growth driver? So from that perspective, if you think about BMS-986158 where the data are pretty good and myelofibrosis, but really from our perspective does not meet the threshold to be driver for our growth potential. So that program we are not going to be continuing.

Similarly, when we looked at external and internal data for the SIRP-alpha program that did not meet muster and we wanted to look at the real return on that investment as well for patients. So we are not going to continue that program. The second way we looked at it is that the science may be really good. Data evolution is really good. But does it really make sense for a company our size to continue a program if it's not going to be ultimately a growth driver? So from that perspective, if you think about BMS-986158 where the data are pretty good and myelofibrosis, but really from our perspective does not meet the threshold to be driver for our growth potential. So that program we are not going to be continuing.

Samit Hirawat: Thank you, David. And just to build on what David said, from a pipeline perspective, we took a very thoughtful approach to see, from our rich pipeline, what are the assets that we are not going to be continuing on with on our own. So the first thing that we looked at was the evolving science from the ongoing exploration of our clinical assets. An example of this, where we look at CTLA-4 in our pipeline that we were developing, we had set the bar with epilimumab, which is already a high bar, to then look at the data, and then we decided that if the data were not going to be better than epilimumab, we shouldn't be continuing that program, so we decided not to continue with that.

And so we're not going to continue that program. The second way we looked at it is that the science, maybe maybe really good data evolution is very good but does it really makes sense from a for a company our size to continue a program if it's not going to be ultimately a growth driver. So from that perspective. If you think about bet one five age where the data is pretty good in myelofibrosis.

Summit Here: But really from our perspective does not meet the thresholds to be driver for our growth potential. So that program, we're not going to be continuing and then of course, we continue to look at.

Samit Hirawat: Similarly, when we looked at external and internal data for the SIRP-alpha program, that did not meet the muster, and we wanted to look at the real return on that investment as well for patients, and so we are not going to continue that program. The second way we looked at it, is that the science may be really good, data evolution is really good, but does it really make sense for a company our size to continue a program if it's not going to be ultimately a growth driver. So from that perspective, if you think about BET-158, where the data are pretty good in myelofibrosis, but really, from our perspective, does not meet the threshold to be a driver for our growth potential. So that program, we are not going to be continuing.

Samit Hirawat: And then, of course, we continue to look at our desire to be either first in class or best in class product profile. So, from that perspective, we continue to focus on what we will continue versus not. Overall, I would say, Evan, that we have discontinued about 12 programs at this time, but it's a continuum. And so, throughout the year, we'll continue to look at these same principles and see what else we need to take out from our pipeline and either externalize it or not be able to develop it further.

And then, of course, we continue to look at our desire to be either first in class or best in class product profile. So, from that perspective, we continue to focus on what we will continue versus not. Overall, I would say, Evan, that we have discontinued about 12 programs at this time, but it's a continuum. And so, throughout the year, we'll continue to look at these same principles and see what else we need to take out from our pipeline and either externalize it or not be able to develop it further.

Summit Here: Our desire to be either first in class or best in class product profile. So from that perspective, we continue to focus on what we will continue versus not overall I would say are in that do you have about this concern about 12 programs at this time, but it's a continued momentum throughout the year. We'll continue to look at these same principles and see what else we need to take out from.

Summit Here: Pipeline and either external or is it or not be able to develop it further.

Adam Lenkowsky: Thanks, Samit. Can we go to the next question, please?

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

Speaker Change: Thanks, So much can we go to the next question. Please.

Operator: Rocco, our next question comes from Seamus Fernandez with Guggenheim Securities. Please go ahead.

Operator: Our next question comes from Seamus Fernandez with Guggenheim Securities. Please go ahead.

Speaker Change: Our next question comes from Seamus Fernandez with Guggenheim Securities. Please go ahead.

Samit Hirawat: So that program, we are not going to be continuing. And then, of course, we continue to look at our desire to be either a first-in-class or a best-in-class product profile. So from that perspective, we continue to focus on what we will continue versus not. Overall, I would say, Evans, that we have discontinued about 12 programs at this time, but it's a continuum. And so throughout the year, we'll continue to look at these same principles and see what else we need to take out of our pipeline and either externalize or not be able to develop further.

So that program, we are not going to be continuing.

Adam Lenkowsky: Oh great. Thanks for the question. So just wanted to check in on your thoughts around IRA and the impacts associated with that as we approach 2026 in particular. And if you might be able to provide us any color on progress or process in the quote unquote negotiations or price fixing that?

Seamus Fernandez: Great. Thanks for the question. Just wanted to check in on your thoughts around IRA and the impacts associated with that as we approach 2026 in particular. And if you might be able to provide us any color on progress or process in the quote unquote negotiations or price fixing that may come from the US government

Seamus Christopher Fernandez: Oh, great. Thanks for the question so just.

And then, of course, we continue to look at our desire to be either first-in-class or best-in-class product profile. So from that perspective, we continue to focus on what we will continue versus not. Overall, I would say, Evan, that we have discontinued about 12 programs at this time, but it's a continuum. And so throughout the year, we'll continue to look at these same principles and see what else we need to take out of our pipeline and either externalize it or not be able to develop it further.

Seamus Christopher Fernandez: Just wanted to check in on your thoughts around.

Seamus Christopher Fernandez: And the impacts associated with that as we approach 2026 in particular, and if you might be able to provide us any color on progress or process in the quote unquote negotiations or price fixing.

Seamus Christopher Fernandez: That.

Adam Lenkowsky: That may come from the US government. Then just the second question. Hoping you might help frame for us the Opdualag opportunity in lung cancer and when we might gain some incremental visibility on that. Is it going to be more from clinical trials hitting ClinicalTrials.gov and we'll get some information in that regard first or will we actually see the data in this potential subset? Thanks.

Seamus Christopher Fernandez: That may come from the U S government.

Then just the second question. Hoping you might help frame for us the Opdualag opportunity in lung cancer and when we might gain some incremental visibility on that. Is it going to be more from clinical trials hitting ClinicalTrials.gov and we'll get some information in that regard first or will we actually see the data in this potential subset? Thanks.

Seamus Christopher Fernandez: And then just the second question, hoping you might comment.

Operator: Thanks so much. Can we go to the next question, please, Rocco?

Seamus Christopher Fernandez: Comment help frame for us the up to the appeal of lag opportunity in lung cancer and when we might gain some incremental visibility on that is it going to be more from clinical trial hitting.

Operator: Our next question comes from Seamus Fernandez with Guggenheim Securities. Please go ahead.

Seamus Fernandez: Great. Thanks for the question. So just wanted to check in on your thoughts around IRA and the impacts associated with that as we approach 2026, in particular, and if you might be able to provide us any color on progress or process in the quote-unquote negotiations or price fixing that may come from the U.S. government. And then, just the second question, hoping you might comment, help frame for us the OPDUALAG opportunity in lung cancer and when we might gain some incremental visibility on that. Is it going to be more from clinical trials hitting clinicaltrials.gov, and will we get some information in that regard first? Or will we actually see the data in this potential subset? Thanks.

Seamus Christopher Fernandez: Hitting.

Seamus Christopher Fernandez: The trials Dot Gov, and we'll get some information in that regard first or what we actually see the data and the potential.

Seamus Christopher Fernandez: Thanks.

Chris Boerner: Thanks for the question, Seamus. Maybe I'll start, have Adam weigh in a little bit more on IRA.

Chris Boerner: Thanks for the question, Seamus. Maybe I'll start, have Adam weigh in a little bit more on IRA. With respect to the ongoing discussions with CMS. We're not going to be commenting. As I said earlier, we will have the outcome of that public in September, and we'll be able to provide more insight at that point. But Adam, you can speak to some of the other aspects of IRA and then Samit.

Speaker Change: Thanks for the question Seamus, So maybe I'll start have Adam weigh in a little bit more on Iranian.

Chris Boerner: With respect to the ongoing discussions with CMS. We're not going to be commenting. As I said earlier, we will have the outcome of that public in September, and we'll be able to provide more insight at that point. But Adam, you can speak to some of the other aspects of IRA and then Samit.

Speaker Change: With respect to the ongoing discussions with CMS, we're not gonna be commenting as I said earlier, we will have the outcome of that public in September and we'll be able to provide more insight at that point, but Adam you can speak to some of the other aspects of Iranian summit.

Adam Lenkowsky: Yeah, thank you, Chris and Jamie. Thanks for the question. As it relates to IRA, there are obviously multiple components to it. There's the negotiation. There's also the change in the Part D benefit design. So in 2024, we don't anticipate significant impact across our portfolio across, you know, Eliquis, Revlimid, or other brands. We do expect, though, more substantial changes to the Part D benefit next year since the products are impacted by the redesign. We are carefully evaluating each product individual dynamics now, and we'll see into the future. And we're monitoring very closely to understand the impact of, for example, out-of-pocket caps and other shifts that are happening in the system.

Adam Lenkowsky: Yeah, thank you, Chris and Seamus. Thanks for the question. As it relates to IRA, there are obviously multiple components to it. There's the negotiation. There's also the change in the Part D benefit design. So in 2024, we don't anticipate significant impact across our portfolio across, you know, Eliquis, Revlimid, or other brands. We do expect, though, more substantial changes to the Part D benefit next year since the products are impacted by the redesign. We are carefully evaluating each product individual dynamics now, and we'll see into the future. And we're monitoring very closely to understand the impact of, for example, out-of-pocket caps and other shifts that are happening in the system.

Christopher Boerner: Thanks for the question, Seamus. Maybe I'll start, have Adam weigh in a little bit more on IRA. With respect to the ongoing discussions with CMS, we're not going to be commenting, as I said earlier, we will have the outcome of that public in September, and we'll be able to provide more insight at that point, but Adam, you can speak to some of the other aspects of IRA and then Samit.

Adam: Thank you, Chris and Jamie Thanks for the question as it relates to IRA either obviously multiple components to it. The negotiation is also the change in the part D benefit design. So in 2024, we don't anticipate significant impact across our portfolio.

Adam: Across <unk> revlimid or other brands, we do expect though more substantial changes to the part D benefit next year and the products are impacted by the redesign we are carefully evaluating each product individually dynamics.

Adam Lenkowsky: Yes. Thank you, Chris and Seamus. Thanks for the question. As it relates to IRA, there are obviously multiple components to it. There's the negotiation. There's also the change in the Part D benefit design. So in 2024, we don't anticipate a significant impact across our portfolio across, you know, ELIQUIS, REVLIMID, or other brands. We do expect, though, more substantial changes to the Part D benefit next year since the products are impacted by the redesign.

Adam: Now and well into the future and we are monitoring very closely to understand the impact of for example out of pocket caps and other shifts that are happening in the system. So as we move from a 35 100 dollar cap to a $2000 cap, we would expect to see more patients.

Adam Lenkowsky: So as we move from a $3,500 cap to a $2,000 cap, we would expect to see more patients' ability to fill their medicines and improve as the cost becomes lower at the pharmacy counter. But obviously we'll need to do more, see more data before we can provide additional details.

So as we move from a $3,500 cap to a $2,000 cap, we would expect to see more patients' ability to fill their medicines and improve as the cost becomes lower at the pharmacy counter. But obviously we'll need to do more, see more data before we can provide additional details.

Adam: Billy to fill their medicines and improve as the cost comes lower at the pharmacy counter but obviously, we'll need to do more see more data before we can provide additional detail.

Adam Lenkowsky: We are carefully evaluating each product's individual dynamics now and we'll into the future, and we're monitoring very closely to understand the impact of, for example, out-of-pocket caps and other shifts that are happening in the system. So as we move from a $3,500 cap to a $2,000 cap, we would expect to see more patients' ability to fill their medicines improve as the cost becomes lower at the pharmacy counter. But obviously, we'll need to do more-- see more data before we can provide additional details.

Samit Hirawat: Thank you, Adam, and then thanks, Seamus, for the question. For Opdualag. Let's just take a step back and understand what we were planning to do and try to do so for Opdualag. We conducted a study of Opdualag plus chemotherapy in first-line non-small cell lung cancer. At first we wanted to define the dose, so we tested a couple of doses in the first part of the study and in the second part of the study. Then we randomized the patient to receive Opdualag plus chemotherapy versus Nivolumab plus chemotherapy. And as we have said before, what we wanted to understand is the drug applicable for all patients or are we going to find a differential activity in a subset of patients?

Speaker Change: Thank you Adam and then thanks Seamus for the question Arthur Abdulla like let's just take a step back and understand what we were planning to do and tried to do self Rob do lag we conducted a study of <unk> plus.

Arthur Abdulla: Chemotherapy in first line non small cell lung cancer at first we wanted to define the dose. So we tested a couple of doses in the first part of the study and then the second part of the study then we randomize the patient to receive <unk> plus chemotherapy versus the volume plus chemotherapy and as we've said before what we wanted to understand is the drug applicable for all patients or are we going to find.

Adam Lenkowsky: Thank you, Adam. And then thanks, Seamus, for the question. For OPDUALAG, let's just take a step back and understand what we were planning to do and try to do. So for OPDUALAG, we conducted a study of OPDUALAG plus chemotherapy in first-line non-small cell lung cancer. At first, we wanted to define the dose, so we tested a couple of doses in the first part of the study. And in the second part of the study, we randomized the patient to receive OPDUALAG plus chemotherapy versus NIVOLUMAB plus chemotherapy.

Arthur Abdulla: A differential activity in a subset of patients and what we have said is we have found the subgroup of patients where the drugs activity is good and encourages us to now go into a phase III trial and so we're looking forward to presenting the data in the second half of this year as well as initiating the trials versus standard of care in the second half of this year and we're planning that will be execute.

Samit Hirawat: For OBDULAG, let's just take a step back and understand what we were planning to do and try to do. So for OBDULAG, we conducted a study of OBDULAG plus chemotherapy in first-line non-small cell lung cancer. At first, we wanted to define the dose, so we tested a couple of doses in the first part of the study. And in the second part of the study, we randomized the patient to receive OBDULAG plus chemotherapy versus nivolumab plus chemotherapy.

Samit Hirawat: What we have said is we have found a subgroup of patients where the drug's activity is good and encourages us to now go into a phase 3 trial. And so we are looking forward to presenting the data in the second half of this year as well as initiating the trial versus standard of care in the second half of this year. And we are planning that we'll be executing that as soon as we have that ready, you will be hearing about it. In addition to that, Opdualag has, of course, other opportunities. As you know, we are already waiting for the data for the adjuvant melanoma trial, and we are looking forward to the data evolution towards the back end of this year in first line hepatocellular carcinoma as well.

What we have said is we have found a subgroup of patients where the drug's activity is good and encourages us to now go into a III trial. And so we are looking forward to presenting the data in the second half of this year as well as initiating the trial versus standard of care in the second half of this year. And we are planning that we'll be executing that as soon as we have that ready, you will be hearing about it. In addition to that, Opdualag has, of course, other opportunities. As you know, we are already waiting for the data for the adjuvant melanoma trial, and we are looking forward to the data evolution towards the back end of this year in first line hepatocellular carcinoma as well.

Arthur Abdulla: That as soon as we have that ready you will be hearing about it in addition to that I'll do like it at all because of course other opportunities as you know we're already are waiting for the data for the adjuvant melanoma trial and we're looking forward to the data evolution towards the backend of this year and first line metastatic <unk> carcinoma as well.

Samit Hirawat: And as we have said before, what we wanted to understand is the drug applicable for all patients? Or are we going to find a differential activity in a subset of patients? And what we have said is that we have found a subgroup of patients where the drug's activity is good, and encourages us to now go into a Phase III trial. And so we are looking forward to presenting the data in the second half of this year, as well as initiating the trial versus standard of care in the second half of this year. And we are planning that, we'll be executing that as soon as we have that ready, you will be hearing about it. In addition to that, OPDUALAG is of course, other opportunities because, as you know, we are already waiting for data for the adjuvant melanoma trial. And we are looking forward to data evolution towards the back end of this year in first-line hepatocellular carcinoma, as well. Thanks very much, Samit. Rocco, could we go to the next question, please?

And as we have said before, what we wanted to understand is the drug applicable for all patients? Or are we going to find a differential activity in a subset of patients? And what we have said is that we have found a subgroup of patients where the drug's activity is good, and encourages us to now go into a Phase III trial. And so we are looking forward to presenting the data in the second half of this year, as well as initiating the trial versus standard of care in the second half of this year. And we are planning that, we'll be executing that as soon as we have that ready, you will be hearing about it. In addition to that, OPDUALAG is of course, other opportunities because, as you know, we are already waiting for data for the adjuvant melanoma trial. And we are looking forward to data evolution towards the back end of this year in first-line hepatocellular carcinoma, as well.

Adam Lenkowsky: Thanks very much. So much, Rocco. Could we go to the next question, please?

Tim Power: Thanks very much. Rocco. Could we go to the next question, please?

Speaker Change: Thanks, very much summit Rocco because we go to the next question. Please.

Operator: Our next question comes from Terence Flynn with Morgan Stanley. Please go ahead.

Arthur Abdulla: Our next question comes from Terence Flynn with Morgan Stanley. Please go ahead.

Adam Lenkowsky: Great.

Terence Flynn: Great. Thanks for taking the question. Maybe a two-part for me on the CAR T franchise. David, I think you mentioned something about Abecma ex-US pricing dynamics, some change there to help boost access. Can you just provide a little bit more detail if that was a one-off in a specific country or what's going on there? And then on Breyanzi, Gilead has talked more recently about moving in the US out to some of these secondary community hospitals as they think about expanding, particularly on the second-line label indication. And so is that something that you guys are considering as well or do you feel pretty good about your current footprint for Breyanzi at the primary academic hospitals? Thank you.

Samit Hirawat: Thanks for taking the question. Maybe a two-part for me on the CAR T franchise. David, I think you mentioned something about Abecma ex-US pricing dynamics, some change there to help boost access. Can you just provide a little bit more detail if that was a one-off in a specific country or what's going on there? And then on Breyanzi, Gilead has talked more recently about moving in the US out to some of these secondary community hospitals as they think about expanding, particularly on the second-line label indication. And so is that something that you guys are considering as well or do you feel pretty good about your current footprint for Breyanzi at the primary academic hospitals? Thank you.

Terence C. Flynn: Great. Thanks for taking the question maybe a two part for me on the car T franchise.

Terence C. Flynn: David I think you mentioned something about a back on my <expletive> ex U S pricing dynamics. Some change there to help boost access could you just provide a little bit more detail if that was a one off in a specific country or or what's going on there and then on brioche Z Gilead has talked more recently about moving in the U S out to some of these are secondary.

Samit Hirawat: And we are planning that. We'll be executing that. As soon as we have that ready, you will be hearing about it. In addition to that, OBDULAG has, of course, other opportunities because, as you know, we are already waiting for data for the adjuvant melanoma trial. And we are looking forward to data evolution towards the back end of this year in first-line hypercellular carcinoma, as well.

Terence C. Flynn: Community hospitals as they think about expanding particularly on a second line label indication and so is that something that you guys are considering as well or do you feel pretty good about your current footprint for Briana Z at the the primary academic hospitals. Thank you.

Operator: Thanks very much, Samit. Rocco, could we go to the next question, please?

Timothy Power: Thanks very much, Samit. Rocco, could we go to the next question, please?

Chris Boerner: Thanks, Terence. I'll let Adam take both of those.

Operator: Our next question comes from Terence Flynn with Morgan Stanley. Please go ahead.

Terence C. Flynn: Thanks, Terence I'll, let Adam take both of them, Yeah, Hi, Darren Thanks, So as it relates to brand Z and what we saw in the quarter was we were able to stabilize the decline in the U S sales were roughly flat versus last quarter. What are you referring to internationally as we did see strong demand growth.

Adam Lenkowsky: Yeah. Hi Terence. Thanks. So as it relates to Breyanzi, what we saw in the quarter was we were able to stabilize the decline; the US sales were roughly flat versus last quarter. What you're referring to internationally is we did see strong demand growth, which we expect to continue. But that demand growth was offset by negative pricing and securing reimbursement mainly in Germany. So that's where that took place. And now with KarMMa-3, it gives us the opportunity to have a different conversation with our customers about our data in a larger patient population. And you know, our objective is to return Abecma to growth over time as we move into this larger patient population. Now for Breyanzi, we're very excited about this product. In Q1, we increased sales over 50% versus the prior year.

Terence Flynn: Great. Thanks for taking the question. Maybe a two-part for me on the CAR-T franchise. David, I think you mentioned something about ABECMA ex-U.S pricing dynamics, some change there to help boost access. Can you just provide a little bit more detail if that was a one-off in a specific country or what's going on there? And then on BREYANZI, Gilead has talked more recently about moving in the U.S. out to some of these secondary community hospitals as they think about expanding, particularly on the second line label indication. And so is that something that you guys are considering as well? Or do you feel pretty good about your current footprint for BREYANZI at the primary academic hospitals? Thank you.

Adam Lenkowsky: David, I think you mentioned something about Becma XUS pricing dynamics, some change there to help boost access. Can you just provide a little bit more detail about whether that was a one-off in a specific country or what's going on there? And then on Brionzi, Gillette has talked more recently about moving Brionzi in the US out to some of these secondary community hospitals as they think about expanding, particularly on the second line label indication. And so is that something that you guys are considering as well, or do you feel pretty good about your current footprint for Brionzi at the primary academic hospitals? Thank you.

Adam: Which we expect to continue but that demand growth was offset by negative price and secure reimbursement mainly in Germany. So that's where that that took place and now with Karma three gives us the opportunity to have a different conversation with our customers about our data in a larger patient population.

Adam: And our objective is to return at Beckman to growth over time as we move into this larger patient population now for beyond the we're very excited about this product in.

Adam: In Q1, we increased sales over 50% versus the prior year, we anticipate robust growth this year because not only just in accelerated growth in <unk> Bcl Brianti is increasingly recognized as the best in class eight in 19.

Adam Lenkowsky: Thanks, Terence. I'll let Adam take both of those. Yeah, hi Terence.

Christopher Boerner: Thanks, Terence. I'll let Adam take both of those.

Adam Lenkowsky: We anticipate robust growth this year because not only just in accelerated growth in LBCL as Breyanzi is increasingly recognized as the best-in-class CD19, we also expect to see expanded indications. We just received approval in the US for CLL, and with additional approvals anticipated next month in follicular lymphoma and mantle cell lymphoma. This is going to roughly double the addressable market for Breyanzi. We're also very encouraged by our expanded manufacturing capacity, and now in a much stronger position to meet demand. We're seeing about 20% outpatient use today for Breyanzi, and we expect that to continue based on the differentiated safety profile. So taken together, we're very excited about the growth profile of Breyanzi.

We anticipate robust growth this year because not only just in accelerated growth in LBCL as Breyanzi is increasingly recognized as the best-in-class CD19, we also expect to see expanded indications. We just received approval in the US for CLL, and with additional approvals anticipated next month in follicular lymphoma and mantle cell lymphoma. This is going to roughly double the addressable market for Breyanzi. We're also very encouraged by our expanded manufacturing capacity, and now in a much stronger position to meet demand. We're seeing about 20% outpatient use today for Breyanzi, and we expect that to continue based on the differentiated safety profile. So taken together, we're very excited about the growth profile of Breyanzi.

Adam Lenkowsky: Yes. Hi Terence. Thanks. So as it relates to BREYANZI, what we saw in the quarter was we were able to stabilize the decline in the U.S.; sales were roughly flat versus last quarter. What you're referring to internationally is we did see strong demand growth, which we expect to continue, but that demand growth was offset by negative price and secure reimbursement, mainly in Germany. So that's where that took place.

Adam Lenkowsky: Yeah, hi, Terence, thanks. So as it relates to Brionzi, what we saw in the quarter was that we were able to stabilize the decline in the US; sales were roughly flat versus last quarter. What you're referring to internationally is that we did see strong demand growth, which we expect to continue, but that demand growth was offset by negative price and secure reimbursement, mainly in Germany. So that's where that took place.

Adam: We also expect to see expanded indications. We just received approval in the U S for T. L L and with additional approvals anticipated next month in Follicular lymphoma mantle cell lymphoma, and this is going to roughly double the addressable market for beyond <unk>. We're also very encouraged by our expanded manufacturing capacity and now in a much stronger position to meet.

Adam Lenkowsky: And now, with KarMMa-3, it gives us the opportunity to have a different conversation with our customers about our data in a larger patient population. And our objective is to return ABECMA to growth over time as we move into this larger patient population. Now, for BREYANZI, we're very excited about this product. In Q1, we increased sales over 50% versus the prior year. We anticipate robust growth this year because not only just in accelerated growth in DLBCL, as BREYANZI is increasingly recognized as the best-in-class CD19, we also expect to see expanded indications.

Adam: Demand, we're seeing about 20% percent outpatient use today for Brianti and we expect that to continue based on the differentiated safety profile. So taken together, we're very excited about the growth profile of Brianti.

Adam Lenkowsky: Can we go to the next question, please?

Operator: Can we go to the next question, please?

Speaker Change: Can we go to the next question please.

Operator: Absolutely. Our next question comes from Tim Anderson at Wolfe Research. Please go ahead.

Speaker Change: Absolutely. Our next question comes from Tim Anderson at Wolfe Research. Please go ahead.

Adam Lenkowsky: Hi, thanks. This is Adam on for Tim at Wolfe Research. So just on Sotyktu, can you give us some updated market share metrics? Things like new to brand share or versus Otezla in the oral category, percent use in first line versus later lines, that sort of thing. And also any details on when the free drug program might begin to wind down. Thanks.

Adam Jolly: Hi, thanks. This is Adam on for Tim at Wolfe Research. So just on Sotyktu, can you give us some updated market share metrics? Things like new to brand share or versus Otezla in the oral category, percent use in first line versus later lines, that sort of thing. And also any details on when the free drug program might begin to wind down. Thanks.

Tim Anderson: Hi, Thanks.

Tim Anderson: I'm on for Tim that Wolf research.

Tim Anderson: So take two can you give us some updated market share metrics things like new to brand share or versus a tesla and the oral category.

Adam Lenkowsky: We just received approval in the U.S. for CLL, and with additional approvals anticipated next month in follicular lymphoma and mantle cell lymphoma. And this is going to roughly double the addressable market for BREYANZI. We're also very encouraged by our expanded manufacturing capacity, and now in a much stronger position to meet demand. We're seeing about 20% outpatient use today for BREYANZI and we expect that to continue based on the differentiated safety profile. So, taken together, we're very excited about the growth profile of BREYANZI.

Tim Anderson: Percent use in first line versus later lines that sort of thing and also any details on when the free drug program.

Speaker Change: Wind down thanks.

Adam Lenkowsky: Sure, I'll take that. Adam, thanks for the question. So we're continuing to make progress with Sotyktu and we're executing our plan. We delivered in the quarter what we said we would do and that's reaching approximately 10,000 paid prescriptions. That's what we shared in January and we expect to roughly double that to 20,000 paid prescriptions in Q4. So that's what we're focused on driving today. Remember, we also said there would be an increase in gross-to-net due to broader rebating needed to secure improved access and this impacted sales in Q1. But the volume that we'll see will more than offset that throughout the year. So we talked about improving our access position and aside from the wins that we announced last year in CVS and Cigna ESI, we saw access improvement with Sotyktu which was added to Optum.

Speaker Change: Sure I'll take that and thanks for the question. So we're continuing to make progress with Citic too and we are executing our plan we delivered in the quarter. What we said, we would do and Thats, reaching approximately 10000 paid prescriptions and Thats, what we shared in January and we expect to roughly double that to 20000 paid.

Operator: Can we go to the next question, please? Absolutely. Our next question comes from Tim Anderson at Wolf Research. Please go ahead. Hi, thanks. This is Adam.

Can we go to the next question, please? Absolutely.

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

Speaker Change: <unk> in Q4, so that's what we're focused on on driving today.

Absolutely. Our next question comes from Tim Anderson at Wolfe Research. Please go ahead. Hi, thanks. This is Adam.

Operator: Absolutely. Our next question comes from Tim Anderson at Wolfe Research. Please go ahead.

Our next question comes from Tim Anderson at Wolf Research. Please go ahead. Hi, thanks. This is Adam.

Speaker Change: Remember, we also said there'd be an increase in gross to net due to broader rebating needed to secure improved access and impacted sales.

Please go ahead. Hi, thanks. This is Adam.

Please go ahead.

Adam Jolly: Hi, thanks. This is Adam on for Tim at Wolfe Research. So just on SOTYKTU, can you give us some updated market share metrics, things like new-to-brand share or versus OTEZLA in the oral category percent use in first-line versus later lines, that sort of thing? And also, any details on when the free drug program might begin to wind down?

Operator: Absolutely. Our next question comes from Tim Anderson at Wolf Research. Please go ahead.

Speaker Change: Sales in Q1, but the volume that we'll see will more than offset that throughout the year. So we talked about improving our access position and aside from the wins that we announced last year and Cvs and Cigna ESI, we saw access improvement with Citic to which was added to Optum and as David mentioned.

Christopher Boerner: Sure. I'll take that, Adam. Thanks for the question. So we're continuing to make progress with SOTYKTU, and we're executing our plan. We delivered in the quarter what we said we would do, and that was reaching approximately 10,000 paid prescriptions. That's what we shared in January, and we expect to roughly double that to 20,000 paid prescriptions in Q4. So that's where we're focused on driving today.

Adam Lenkowsky: Thanks for the question. So we're continuing to make progress with CITIC-2, and we're executing our plan. We delivered in the quarter what we said we would do, and that was reaching approximately 10,000 paid prescriptions. That's what we shared in January, and we expect to roughly double that to 20,000 paid prescriptions in Q4. So that's what we're focused on driving today.

Adam Lenkowsky: As David mentioned, we do expect to announce additional improved formulary access, including a large PBM with approximately 30 million lives. We remain focused on securing zero steps by 2025. When you have that better access position, the need for a bridge becomes less and less important. Basically when you look at, you know, when you have better access, patients move faster into commercial product because they go directly to the specialty pharmacy. As far as market share, look, this is a highly competitive market. We look at launch analogs at the top of the funnel or written prescriptions. TYK2 performance is ahead of products like Trimfya and Cosentyx.

As David mentioned, we do expect to announce additional improved formulary access, including a large PBM with approximately 30 million lives. We remain focused on securing zero steps by 2025. When you have that better access position, the need for a bridge becomes less and less important. Basically when you look at, you know, when you have better access, patients move faster into commercial product because they go directly to the specialty pharmacy. As far as market share, look, this is a highly competitive market. We look at launch analogs at the top of the funnel or written prescriptions. TYK2 performance is ahead of products like Trimfya and Cosentyx.

Speaker Change: And we do expect to announce additional improved formulary access including a large.

Speaker Change: <unk> M with approximately 30 million lives. So we remain focused on securing zero steps by 2025.

Adam Lenkowsky: Remember, we also said there'd be an increase in growth to net due to broader rebates needed to secure improved access, and this impacted sales in Q1, but the volume that we'll see will more than offset that throughout the year. So we talked about improving our access position, and aside from the wins that we announced last year in CVS and Cigna ESI, we saw access improvement with SOTYKTU, which was added to Optum. And as David mentioned, we do expect to announce additional improved formulary access, including a large PBM with approximately 30 million lives. So we remain focused on securing zero steps by 2025. And when you have that better access position, the need for a bridge becomes less and less important.

Speaker Change: And when you have that better access position the need for a bridge becomes less and less important and so basically when you look at when you had better access patients are moved.

Speaker Change: Move faster into commercial product because they go directly to the specialty pharmacy.

Speaker Change: As far as market share in the highly competitive market.

Speaker Change: We look at launch analogs that are top of the funnel or written prescriptions and protect your performance is ahead of products like <unk> percentage at the same time at the launch we are laser focused on share growth versus a Tesla, which is a critical area of focus and becoming the oral standard of care in the market over time.

Adam Lenkowsky: And as David mentioned, we do expect to announce additional improved formulary access, including a large PBM with approximately 30 million lives. So we remain focused on securing zero steps by 2025. And when you have that better access position, the need for a bridge becomes less and less important.

Adam Lenkowsky: At the same time of the launch, we are laser focused on share growth versus Otezla, which is a critical area of focus and becoming the oral standard of care in the market over time. Thanks, Adam. Rocco, could we go to the next question please?

At the same time of the launch, we are laser focused on share growth versus Otezla, which is a critical area of focus and becoming the oral standard of care in the market over time.

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

Adam Lenkowsky: And basically, when you look at-- when you have better access, patients are moved faster into commercial products because they go directly to the specialty pharmacy. As far as market share, look, this is a highly competitive market. We look at launch analogs at the top of the funnel, or written prescriptions, and SOTYKTU performance is ahead of products like TREMFYA, COSENTYX at the same time of their launch. We are laser focused on share growth versus OTEZLA, which is a critical area of focus and is becoming the oral standard of care in the market over time.

Speaker Change: Thanks, Adam Rocco could we go to the next question. Please.

Operator: Yes, sir. Our next question comes from David Risinger with Leerink Partners. Please go ahead.

Speaker Change: Yes, Sir our next question comes from Dave Risinger with Leerink Partners. Please go ahead.

Speaker Change: Yeah.

David Elkins: Thanks very much and thanks for all of the detailed perspectives that you're sharing. So I'm hoping that you can help with other income prospects in the future, including the outlook for AstraZeneca other incomes.

David Risinger: Thanks very much and thanks for all of the detailed perspectives that you're sharing. So I'm hoping that you can help with other income prospects in the future, including the outlook for AstraZeneca other incomes. Run rate and then the anticipated step down in coming years. Thanks very much.

David R. Risinger: Thanks, very much and thanks for all of the detailed perspectives sharing so I'm, hoping that you can help with other income prospects in the future, including our the outlook for Astrazeneca other incomes a run rate and then the anticipated step down in comes.

Samit Hirawat: Run rate and then the anticipated step.

David Elkins: Down in coming years.

Samit Hirawat: Thanks very much.

David R. Risinger: Yes, thanks very much.

Chris Boerner: Thanks, Dave.

David Elkins: Thanks, Dave. David. Yeah. So you know, this year was the big step down in the PD-1 rate, and then the other thing impacting that is the diabetes that will step down next year as well. The other thing to keep in mind, as I said in the prepared remarks, is, you know, on the interest for the additional debt that we just did. That was the big change in the guidance that we just provided for this year, going from $250 million of OIE income down to $250 million of expenses, and the bulk of that is related to the additional interest cost, which is around $13 billion with 5.3% interest rate, and that's slightly offset by the royalty income.

Speaker Change: Thanks, Dave David Yeah. So.

Adam Lenkowsky: David.

David Elkins: Yeah. So you know, this year was the big step down in the PD-1 rate, and then the other thing impacting that is the diabetes that will step down next year as well. The other thing to keep in mind, as I said in the prepared remarks, is, you know, on the interest for the additional debt that we just did. That was the big change in the guidance that we just provided for this year, going from $250 million of OIE income down to $250 million of expenses, and the bulk of that is related to the additional interest cost, which is around $13 billion with 5.3% interest rate, and that's slightly offset by the royalty income.

Speaker Change: This year was the big step down in the PD, one right and then the other thing impacting that is the diabetes that that'll step down next year as well.

Adam Lenkowsky: Thanks, Adam. Rocco, could we go to the next question, please? Yes, sir. Our next question comes from Dave Risinger with Learning Partners. Please go ahead. Thank you very much. And thanks for all of the detailed perspectives that you have provided.

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

Yes, sir. Our next question comes from Dave Risinger with Leerink Partners. Please go ahead. Thank you very much. And thanks for all of the detailed perspectives that you have provided.

Operator: Yes, sir. Our next question comes from Dave Risinger with Leerink Partners. Please go ahead.

Speaker Change: The other thing to keep in mind as I said in the prepared remarks is you know on the interest for the additional debt that we just did that was the big change in the guidance that we just provided for this year going from 250, <unk> income down to $250 million of expense and the bulk of that is related to the additional interest cost.

David Risinger: Thank you very much. And thanks for all of the detailed perspectives that you are sharing. So I'm hoping that you can help with other income prospects in the future, including the outlook for AstraZeneca, other incomes, run rate and the anticipated step down in coming years. Thanks very much.

Operator: Yes, sir. Our next question comes from Dave Risinger with Learning Partners. Please go ahead.

David V. Elkins: Thanks, Dave. David? Yeah, so, you know, this year was a big step down in the PD-1 rate. And then the other thing impacting that is the diabetes that will step down next year as well. The other thing to keep in mind is what I said in the prepared remarks. On the interest for the additional debt that we just did, that was the big change in the guidance that we just provided for this year going from 250 million of OI&E income down to 250 million of expense. And the bulk of that is related to the additional interest cost, which is around $13 billion with a 5.3% interest rate. And that's slightly offset by the royalty income.

Christopher Boerner: Thanks, Dave. David?

David V. Elkins: Yes. So this year was a big step down in the PD-1 rate. And then the other thing impacting that is the diabetes that will step down next year as well. The other thing to keep in mind is what I said in the prepared remarks. On the interest for the additional debt that we just did, that was the big change in the guidance that we just provided for this year going from 250 million of OI&E income down to 250 million of expense. And the bulk of that is related to the additional interest cost, which is around $13 billion with a 5.3% interest rate. And that's slightly offset by the royalty income.

Speaker Change: Which is around $13 billion with a five 3% interest rate and thats slightly offset.

Speaker Change: By the royalty income.

Adam Lenkowsky: Thanks, David. Could we go to the next question, please?

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

Speaker Change: Thanks, David we'll go to the next question. Please.

Operator: Our next question comes from Mohit Bansal with Wells Fargo. Please go ahead.

Speaker Change: And our next question comes from Mohit Bansal with Wells Fargo. Please go ahead.

Adam Lenkowsky: Thank you very much for my question. I actually want to probe the trough guidance comment a little bit further. It does seem like that you are considering it, but if that is the case, can you talk a little bit about the puts and takes there regarding the timing of such guidance? I'm asking because it depends on when you think the trough is, if it is 26 or if it's 28, because you might not want to provide if it is 28 just now because it is still a little bit uncertain regarding the timing of it. So what are the puts and takes regarding the timing of it when you eventually decide to provide it? Thank you.

Mohit Bansal: Thank you very much for my question. I actually want to probe the trough guidance comment a little bit further. It does seem like that you are considering it, but if that is the case, can you talk a little bit about the puts and takes there regarding the timing of such guidance? I'm asking because it depends on when you think the trough is, if it is 26 or if it's 28, because you might not want to provide if it is 28 just now because it is still a little bit uncertain regarding the timing of it. So what are the puts and takes regarding the timing of it when you eventually decide to provide it? Thank you.

Mohit Bansal: Thank you very much.

Speaker Change: And.

Mohit Bansal: I actually wanted to probe the draft guidance comment a little bit.

Mohit Bansal: It does seem like that you are considering it.

Mohit Bansal: But if that is the case can you talk a little bit about the puts and takes there regarding the timing of such guidance Im asking because it depends on when you think the trough.

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

Operator: And our next question comes from Mohit Bansal with Wells Fargo. Please go ahead.

Speaker Change: 26 or 28.

Mohit Bansal: Thank you very much. I actually want to probe the through guidance comment a little bit further. It does seem like you are considering it. But if that is the case, can you talk a little bit about the puts and takes there regarding the timing of such guidance? I'm asking because it depends on when you think the trough is, if it is '26 or if it's '28, because I mean, you might not want to provide if it is '28 just now, because it is still a little bit uncertain regarding the timing of it. So what are the puts and takes regarding the timing of it when you eventually decide to provide it? Thank you.

Speaker Change: Because you might not want to provide if it is 28, just now because it is still a little bit uncertain regarding the timing of it. So what are the puts and takes regarding the timing of it when you eventually decide to provide thank you.

Chris Boerner: Yeah, so maybe I'll start and then David can chime in if he has any additional, anything else that he would like to provide. I think the way we're thinking about the trough guidance and again, it's something that we have been engaged with, with investors for the last number of months. I think the way I would think about it is first and foremost, probably the underlying question on guidance right now is what is the impact of IRA on Eliquis? We will, as I said earlier, be in a position in September when the price for Eliquis coming out of the IRA process is known and public at that point to talk about what that price is and the impact on Eliquis on both the top line and as well as on EPS.

Speaker Change: Yeah, So maybe I'll start and then David can chime in if he has any additional.

David V. Elkins: Anything else that he would like to provide.

Speaker Change: The way we're thinking about.

Speaker Change: The trough guidance and again, it's something that we have been engaged with them.

Speaker Change: With investors for the last number of months I think the way I would think about it is first and foremost.

Speaker Change: Robbie the underlying question on guidance right now is what is the impact of IRI on Ela close we will as I said earlier being in a position in September when the price for <unk> was coming out of the I R. A process is known in public at that point to talk about what that prices and the impact of about <unk> <unk>.

Chris Boerner: Yes. So maybe I'll start and then David can chime in if he has any additional--anything else that he would like to provide. I think the way we're thinking about the trough guidance, and again, it's something that we have been engaged with investors for the last number of months. I think the way I would think about it is, first and foremost, probably the underlying question on guidance right now is, what is the impact of IRA on ELIQUIS. We will, as I said earlier, be in a position in September when the price for ELIQUIS coming out of the IRA process is known in public, at that point, we can talk about what that price is and the impact on ELIQUIS of both the top line as well as on EPS. And then in terms of how we're thinking about the timing of the trough again, and we said this back at the beginning of the year, we see the impact starting in 2026, and our plan is to be growing by the end of this decade. David, anything else you would you add? I think you've covered it, Chris.

Christopher Boerner: Yes. So maybe I'll start and then David can chime in if he has any additional--anything else that he would like to provide. I think the way we're thinking about the trough guidance, and again, it's something that we have been engaged with investors for the last number of months. I think the way I would think about it is, first and foremost, probably the underlying question on guidance right now is, what is the impact of IRA on ELIQUIS. We will, as I said earlier, be in a position in September when the price for ELIQUIS coming out of the IRA process is known in public, at that point, we can talk about what that price is and the impact on ELIQUIS of both the top line as well as on EPS. And then in terms of how we're thinking about the timing of the trough again, and we said this back at the beginning of the year, we see the impact starting in 2026, and our plan is to be growing by the end of this decade. David, anything else you would you add?

Speaker Change: Both the top line as well as on EPS.

Chris Boerner: Then in terms of how we're thinking about the timing of the trough again, and we said this back at the beginning of the year, we see the impact starting in 2026 and our plan is to be growing by the end of this decade. David, anything else you would add?

Then in terms of how we're thinking about the timing of the trough again, and we said this back at the beginning of the year, we see the impact starting in 2026 and our plan is to be growing by the end of this decade. David, anything else you would add?

Speaker Change: And then in terms of how we're thinking about the timing of the trough again.

Speaker Change: And we said this back at the beginning of the year, we see the impact starting in 2026 and our plan is to be growing by the end of this decade, David anything else you would you would add and I think you covered it Chris Okay. Thanks.

Chris Boerner: We will, as I said earlier, be in a position in September when the price for Eloquist coming out of the IRA process is known in public, and at that point, we can talk about what that price is and the impact on Eloquist of both the top line as well as on EPS. And then in terms of how we're thinking about the timing of the trough again, and we said this back at the beginning of the year, we see the impact starting in 2026, and our plan is to be growing by the end of this decade. David, anything else you would you add? I think you've covered it, Chris.

David Elkins: I think you covered it, Chris.

Chris Boerner: Okay, thanks.

Adam Lenkowsky: Thanks. Thanks, Chris. Can we go to the next question, please, Rocco?

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

Speaker Change: Thanks, Thanks, Chris can we go to the next question. Please Rocco.

Operator: Absolutely. Our next question is from Carter Gould with Barclays. Please go ahead.

Rocco: Absolutely. Our next question is from Carter Gould with Barclays. Please go ahead.

Adam Lenkowsky: Good morning. Thanks for taking the questions and for all the callers today, I wanted to dig into Camzyos for a second. You did update ACC and sort of the curtain raiser that went with that seemed very positive. And just when you think about that REMS registry data and the potential to potentially get the REMS modified down the road, should we be reading into that data any level of confidence or anything on that front you want to message? And I guess along those lines as well. Just, I believe, housekeeping on: Did I hear a $20 million inventory impact in the quarter? I know there was something that was called out on the slides, but I'm not sure that was quantified. Any help there would be great too. Thank you.

Carter Gould: Good morning. Thanks for taking the questions and for all the callers today, I wanted to dig into Camzyos for a second. You did update ACC and sort of the curtain raiser that went with that seemed very positive. And just when you think about that REMS registry data and the potential to potentially get the REMS modified down the road, should we be reading into that data any level of confidence or anything on that front you want to message? And I guess along those lines as well. Just, I believe, housekeeping on: Did I hear a $20 million inventory impact in the quarter? I know there was something that was called out on the slides, but I'm not sure that was quantified. Any help there would be great too. Thank you.

Carter Lewis Gould: Good morning, Thanks for taking the questions and for all the color today I wanted to dig into <unk> for a second you did have data at ACC and sort of like.

Carter Lewis Gould: Currently one would that seemed.

Carter Lewis Gould: A very positive and just you know when you think about that that Rems registry data and the potential to potentially get the model.

David V. Elkins: I think you covered it, Chris.

Carter Lewis Gould: The Rems modified down the road should we be reading into that data.

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

Operator: Absolutely. Our next question is from Carter Gould with Barclays. Please go ahead.

Carter Lewis Gould: Level of confidence or anything on that front, you want a message and I guess, along those lines as well just I believe.

Speaker Change: Housekeeping on <unk>.

Carter Gould: Good morning, thanks for taking my question and for all the calor today. I wanted to dig into CAMZYOS for a second. You did have data at ACC and sort of the current rate or the one with that seemed very positive. And just when you think about that REMS registry data and the potential to potentially get the REMS modified down the road, should we be reading into that data? Any level of confidence or anything on that front you want to message? And I guess along those lines as well, just, I believe housekeeping on--did I hear a $20 million inventory impact in the quarter? I know something was called on the slides, but not sure that was quantified. Any help there would be great too. Thank you.

Carter Lewis Gould: Did I hear a $20 million inventory impact in the quarter I know, there's something let's call. It in the slides, but I'm not sure that was quantified any help there would be great. Thank you.

Christopher Boerner: Yes, thanks Carter. Maybe Samit can start and then Adam.

Chris Boerner: Yeah, thanks, Carter. Maybe Samit can start and then Adam.

Speaker Change: Yeah. Thanks, Carter, maybe someone can start and then Adam yes. Thank you Carter for the question. So for Kansas, We remain obviously very confident in the overall profile of <unk>. It has been a very transformational therapy for patients and as you mentioned the data at ACC clearly showed from the patients that have been treated in the real world that other transformational outcome and from.

Samit Hirawat: Yeah, thank you, Carter, for the question. So for Camzyos, we remain obviously very confident in the overall profile of Camzyos. It has been a very transformational therapy for patients. And as you mentioned, the data at ACC clearly showed from the patients that have been treated in the real world that there is transformational outcome. And from a safety perspective, with 80% of the patients being treated at the 2.5mg and the 5mg dose, the overall outcomes remain really, really positive as well as the impact on the ejection fraction is minimal at best. So certainly it gives us an opportunity to collate that data and inform the conversations continuing with the FDA at appropriate times. Remember, we also got the non-obstructive hypertrophic cardiomyopathy study that we'll be reading out early next year.

Samit Hirawat: Yes. Thank you, Carter, for the question. So for CAMZYOS, we remain obviously very confident in the overall profile of CAMZYOS. It has been a very transformational therapy for patients, and as you mentioned, the data at ACC clearly showed from the patients that have been treated in the real world that there is a transformational outcome. And from a safety perspective, with 80% of the patients being treated with the 2.5- and the 5-milligram dose, the overall outcomes remain really, really positive, as well as the impact on the ejection fraction is minimal. So certainly, it gives us an opportunity to collate that data and find the conversations continuing with the FDA at appropriate times.

Adam Lenkowsky: It has been a very transformational therapy for patients, and as you mentioned, the data at ACC clearly showed from the patients that have been treated in the real world that there is a transformational outcome. And from a safety perspective, with 80% of the patients being treated with the 2.5 and the five milligram dose, the overall outcomes remain really, really positive, as well as the impact on the ejection fraction is minimal. So certainly, it gives us an opportunity to collate that data and continue the conversations with the FDA at appropriate times.

Speaker Change: Our safety perspective, with 80% of the patients being treated at the 2.5 and the five milligram dose.

Adam Rocco: Overall outcomes remain really really positive as well as the backed on the ejection fraction is minimal at best So certainly it gives us an opportunity to collate that data and find the conversations continuing with our with the FTA at appropriate times remember we've also got the non obstructive hypertrophic cardiomyopathy study that will be.

So certainly, it gives us an opportunity to collate that data and find the conversations continuing with the FDA at appropriate times. Remember, we've also got the non-obstructive hypertrophic cardiomyopathy study that we'll be leading out early next year. So that will provide another opportunity for us to also engage deeper into conversations about the REMS program as a whole and how we can bring this therapy to more patients as well as decrease the burden on the patients. With that, let me pass it on to Adam to comment more. Yeah, Carter, thanks for the question.

Adam Lenkowsky: Remember, we've also got the non-obstructive hypertrophic cardiomyopathy study that we'll be leading out early next year. So that will provide another opportunity for us to also engage deeper into conversations about the REMS program as a whole and how we can bring this therapy to more patients as well as decrease the burden on the patients. With that, let me pass it on to Adam to comment more. Yeah, Carter, thanks for the question.

Adam Rocco: [noise] out early next year, so that will provide another opportunity for us to also engage a deeper into conversations with the Rems program as a whole and how we can bring this therapy to more patients as well as a decrease the burden on the patients with that let me pass it on for Adam to comment Yeah got it. Thanks for the question. We're pleased with <unk> performance in the quarter we saw.

Samit Hirawat: So that will provide another opportunity for us to also engage deeper into conversations for the REMS program as a whole and how we can bring this therapy to more patients, as well as decrease the burden on the patients. With that, let me pass it on to Adam to comment more.

So that will provide another opportunity for us to also engage deeper into conversations for the REMS program as a whole and how we can bring this therapy to more patients, as well as decrease the burden on the patients. With that, let me pass it on to Adam to comment more.

With that, let me pass it on to Adam to comment more.

Adam Lenkowsky: Yeah, Carter, thanks for the question. We're pleased with Camzyos' performance in the quarter. We saw a nice acceleration of new patient starts. We saw about a 25% increase in patients added to commercial dispense, but that was offset, as you mentioned, by approximately $25 million inventory drawdown from Q4 to Q1. And, you know, we saw a slight gross-to-net impact as well from copay restart that happened at the beginning of the year. What we see from Camzyos is consistent positive feedback from physicians and patients. It's very positive. We also are making very good progress in the launch internationally as we work to secure reimbursements. So we're seeing good momentum for Camzyos and we feel good about the performance of this important product from now until the end of the year for sure.

Adam Lenkowsky: Yes, Carter, thanks for the question. We're pleased with CAMZYOS performance in the quarter. And we saw a nice acceleration of new patient starts. We saw about a 25% increase in patients added to commercial dispense, but that was offset, as you mentioned, by approximately $25 million in inventory work down from Q4 to Q1. And we saw a slight growth in net impact as well from copay restart that happened at the beginning of the year. What we see from CAMZYOS is consistent positive feedback from physicians and patients.

Adam Lenkowsky: We're pleased with CAMS-IOS' performance in the quarter. We saw a nice acceleration of new patient starts. We saw about a 25% increase in patients added to commercial dispense, but that was offset, as you mentioned, by approximately $25 million in inventory work down from Q4 to Q1. And we saw a slight growth in net impact as well from the COPE restart that happened at the beginning of the year. What we see from CAMS-IOS is consistent positive feedback from physicians and patients.

Adam Rocco: A nice acceleration of new patient starts.

Adam Rocco: About 25% increase in patients added to commercial dispense, but that was offset as you mentioned by approximately $25 million inventory work down from Q4 to Q1 and <unk>.

Adam Rocco: We saw a slight gross to net impact as well from copay restart that happened at the beginning of the year.

Adam Rocco: What we see from <unk> is consistent positive feedback from physicians and patients is very positive.

Adam Lenkowsky: What we see from CAMZYOS is consistent positive feedback from physicians and patients. It's very positive. We also are making very good progress with the launch internationally as we work to secure reimbursement. So we're seeing good momentum for CAMZYOS, and we feel good about the performance of this important product from now until the end of the year for sure.

Adam Lenkowsky: It's very positive. We also are making very good progress with the launch internationally as we work to secure reimbursement. So we're seeing good momentum for CAMS-IOS, and we feel good about the performance of this important product from now until the end of the year for sure.

Adam Rocco: We also are making very good progress in the launch internationally as we work to secure reimbursement. So we're seeing good momentum for <unk> and we feel good about the performance of this important product.

Adam Rocco: Now until the end of the year for sure.

Operator: Great.

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

Adam Lenkowsky: Let's go to the next question.

Timothy Power: Great, let's go to the next question.

Speaker Change: Alright, let's go to the next question.

Operator: Our next question comes from Steve Scala with TD Cowen. Please go ahead.

Speaker Change: And our next question comes from Steve Scala with Cowen. Please go ahead.

Operator: And our next question comes from Steve Scala with TD Cowen. Please go ahead.

Adam Lenkowsky: Thank you so much. This is a different version of earlier questions, but there are a number of potential obstacles in Bristol's future: Eliquis, IRA price and patent expiration, Opdivo, patent expiration, other patent expirations, et cetera. But based on your replies to those earlier questions, it sounds like that Bristol views the IRA price of Eliquis as the single biggest obstacle to profits in the next decade. Is that the conclusion that you'd like us to draw? And then the second question is that it was noted Revlimid free drug was lower in Q1. Just to confirm, is that consistent with prior Revlimid guidance, and what is the reason it is lower? Was there just fewer patients requesting free drug or did Bristol change the terms? Thank you.

Steve Scala: Thank you so much. This is a different version of earlier questions, but there are a number of potential obstacles in Bristol's future: Eliquis, IRA price and patent expiration, Opdivo, patent expiration, other patent expirations, et cetera. But based on your replies to those earlier questions, it sounds like that Bristol views the IRA price of Eliquis as the single biggest obstacle to profits in the next decade. Is that the conclusion that you'd like us to draw? And then the second question is that it was noted Revlimid free drug was lower in Q1. Just to confirm, is that consistent with prior Revlimid guidance, and what is the reason it is lower? Was there just fewer patients requesting free drug or did Bristol change the terms? Thank you.

Steve Scala: Thank you. So much this is a different version of earlier questions, but there are a number of potential obstacles in Bristol future Aliquots, I or a price and patent exploration update of our patent exploration other patent expirations et cetera, but based on your applies to those earlier questions. It sounds like that Bristol's view I.

Steve Scala: Thank you so much. This is a different version of earlier questions, but there are a number of potential obstacles in Bristol's future, ELIQUIS IRA price and patent expiration, OPDIVO patent expiration, other patent expirations, etc. But based on your replies to those earlier questions, it sounds that Bristol views the IRA price of ELIQUIS as the single biggest obstacle to profits in the next decade. Is that the conclusion that you'd like us to draw?

Steve Scala: Or a price have deliquesce as the single biggest obstacle to profits in the next decade is that the conclusion that you'd like us to draw.

Unknown Executive: And then the second question is that it was noted REVLIMID-free drug was lower in Q1. Just to confirm, is that consistent with prior REVLIMID guidance? And what is the reason it is lower? Was there just fewer patients requesting free drug, or did Bristol change the terms? Thank you.

Speaker Change: And then the second question is that it was noted revlimid free drug with lower in Q1, just to confirm is that consistent with prior revenue guidance.

Speaker Change: And what is the reason it is lower was there just fewer patients requesting free drug or did Bristol or change the terms. Thank you.

Christopher Boerner: So Steve, I'll start and then I'll take the last part of your question. We've highlighted the the issue around the ELIQUIS price and the negotiations because that is an important consideration in the midterm as we think about this sort of transition period that going through that we've talked about in the middle of the decade. And so we'll have greater insight into what that impact is later this year and we'll be able to provide more of an estimate for the impact both on top line and on EPS as we get into the back half of the decade at that time.

Chris Boerner: So Steve, I'll start and then I'll ask. Take the last part of your question. We've highlighted the issue around the Eliquis price and the negotiations because that is an important consideration in the midterm as we think about this sort of transition period that going through that we've talked about in the middle of the decade. So we'll have greater insight into what that impact is later this year, and we'll be able to provide more of an estimate for the impact both on top line and on EPS as we get into the back half of the decade at that time. What I would say though, as I step back, I mean clearly you've articulated that the importance of Eliquis, and as we've discussed in the past, we have a number of LOEs that we face during the course of the decade.

Chris Boerner: So Steve, I'll start and then I'll ask Dave to take the last part of your question. We've highlighted the issue around the Eliquis price and the negotiations because that is an important consideration in the midterm as we think about this sort of transition period that going through that we've talked about in the middle of the decade. So we'll have greater insight into what that impact is later this year, and we'll be able to provide more of an estimate for the impact both on top line and on EPS as we get into the back half of the decade at that time. What I would say though, as I step back, I mean clearly you've articulated that the importance of Eliquis, and as we've discussed in the past, we have a number of LOEs that we face during the course of the decade.

Speaker Change: So Steve I'll start and then I'll ask <unk>.

Steve Scala: The last part of your question we've highlighted the.

Speaker Change: The issue around the <unk> price and the negotiations because that is an important consideration in the midterm as we think about this sort of transition period going through that we've talked about in the middle of the decade, and so we will have greater insight into what that impact is.

Speaker Change: Later, this year and we'll be able to provide more of an estimate for the impact both on top line and on EPS as we get into the back half of the decade at that time, what I would say, though as I step back I mean, clearly you've articulated that the importance of Ela question as we've discussed in the past we.

Chris Boerner: What I would say though, as I step back. I mean clearly you've articulated that the importance of ELIQUIS and as we've discussed in the past we have a number of LOEs that we face during the course of the decade. But I think it's important to note as well that we've talked a lot about the importance of the growth portfolio that we had. We saw nice double-digit growth with that portfolio in the quarter. We actually are now about 40% of the overall business is comprised by that portfolio of products. And remember this is a diversified portfolio of assets across each of our therapeutic areas. And we feel good about the potential of that portfolio going not only through the end of this year but to be a catalyst for growth in the back half of the decade. And then we saw very nice product progress with the pipeline over the course of the quarter. So I think it's important to recognize that while IRA has an impact in the middle of the decade we feel very good about being able to more than compensate for that with a very young and attractive growth profile coming from our growth portfolio and the pipeline. David?

What I would say though, as I step back. I mean clearly you've articulated that the importance of ELIQUIS and as we've discussed in the past we have a number of LOEs that we face during the course of the decade. But I think it's important to note as well that we've talked a lot about the importance of the growth portfolio that we had. We saw nice double-digit growth with that portfolio in the quarter. We actually are now about 40% of the overall business is comprised by that portfolio of products. And remember this is a diversified portfolio of assets across each of our therapeutic areas. And we feel good about the potential of that portfolio going not only through the end of this year but to be a catalyst for growth in the back half of the decade. And then we saw very nice product progress with the pipeline over the course of the quarter.

Speaker Change: Have a number of law, we use that we that we faced during the course of the decade, but I think it's important to note as well that we've talked a lot about the importance of the growth portfolio that we had we saw a nice double digit growth with that portfolio in the quarter. We actually are now about 40% of the overall business is comprised by that pipe, but that that portfolio.

Chris Boerner: I think it's important to note as well that we've talked a lot about the importance of the growth portfolio that we had. We saw nice double-digit growth with that portfolio in the quarter. We actually are now about 40% of the overall business is comprised by that portfolio of products. Remember, this is a diversified portfolio of assets across each of our therapeutic areas. We feel good about the potential of that portfolio going not only through the end of this year, but to be a catalyst for growth in the back half of the decade. Then we saw very nice progress with the pipeline over the course of the quarter.

I think it's important to note as well that we've talked a lot about the importance of the growth portfolio that we had. We saw nice double-digit growth with that portfolio in the quarter. We actually are now about 40% of the overall business is comprised by that portfolio of products. Remember, this is a diversified portfolio of assets across each of our therapeutic areas. We feel good about the potential of that portfolio going not only through the end of this year, but to be a catalyst for growth in the back half of the decade. Then we saw very nice progress with the pipeline over the course of the quarter.

We actually are now about 40% of the overall business is comprised by that portfolio of products. And remember this is a diversified portfolio of assets across each of our therapeutic areas. And we feel good about the potential of that portfolio going not only through the end of this year but to be a catalyst for growth in the back half of the decade. And then we saw very nice product progress with the pipeline over the course of the quarter.

Speaker Change: <unk> products and remember this is a diversified portfolio of assets across each of our therapeutic areas.

Speaker Change: We feel good about the potential of that portfolio going not only through the end of this year, but to be a catalyst for growth in the back half of the decade, and then we saw very nice progress.

Speaker Change: Progress with the pipeline over the course of the quarter. So I think it's important to recognize that while <unk> has an impact in the middle of the decade, we feel very good about being able to more than compensate for that with a very young and attractive growth profile, it's coming from our growth portfolio and the pipeline David Yes.

Chris Boerner: So I think it's important to recognize that while IRA has an impact in the middle of the decade, we feel very good about being able to more than compensate for that with a very young and attractive growth profile coming from our growth portfolio and the pipeline.

So I think it's important to recognize that while IRA has an impact in the middle of the decade, we feel very good about being able to more than compensate for that with a very young and attractive growth profile coming from our growth portfolio and the pipeline. David.

So I think it's important to recognize that while IRA has an impact in the middle of the decade we feel very good about being able to more than compensate for that with a very young and attractive growth profile coming from our growth portfolio and the pipeline. David?

David Elkins: David, yeah, and Steve, on your question around Revlimid, just a couple comments I'll make on that. One is what I said is that, you know, the free drug programs come down to normal levels, so no change in, you know, the program there. Just throughout last year, you know, those levels came down in the start of this year. Remember, every calendar year it starts again back at traditional levels. So that was in relation to that comment. The other thing as it relates to Revlimid is as we said, there's no change to our guidance this year. As previously said, it was a $1.5 to $2 billion step down this year and the same next year. So for this year, if you remember, we exited last year at $6 billion.

David Elkins: Yeah, and Steve, on your question around Revlimid, just a couple comments I'll make on that. One is what I said is that, you know, the free drug programs come down to normal levels, so no change in, you know, the program there. Just throughout last year, you know, those levels came down in the start of this year. Remember, every calendar year it starts again back at traditional levels. So that was in relation to that comment. The other thing as it relates to Revlimid is as we said, there's no change to our guidance this year. As previously said, it was a $1.5 to $2 billion step down this year and the same next year. So for this year, if you remember, we exited last year at $6 billion.

David V. Elkins: Steve, on your question about REVLIMID, just a couple of comments I'll make on that. One is, what I said is that the free drug programs have come down to normal levels. So no change in the program there. Just throughout last year, those levels came down at the start of this year. Remember, every calendar year, it starts again back at traditional levels. So that was in relation to that comment.

Speaker Change: Steve on your question around Revlimid, just a couple of comments I'll make on that one is what I said is that the free drug programs come down to normal levels. So no change in that.

David V. Elkins: The program there just throughout last year.

David V. Elkins: Those levels came down and the start of this year remember every calendar year. It starts again, the fact that you know traditional.

Speaker Change: Traditional levels, so that was in relation to that comment the other thing as it relates to revlimid.

David V. Elkins: The other thing as it relates to REVLIMID is, as we said, there's no change to our guidance this year. As previously said, it was $1.5 billion to $2 billion step down this year and the same next year. So for this year, if you remember, we exited it last year at $6 billion, so we'll be in that $4 billion to $4.5 billion is our best estimate this year, and then a further step down next year.

Speaker Change: As we said there is no change to our guidance. This year as previously said was the one and half to $2 billion stepped down this year and the same next year. So for this year. If you remember we exited last year at 6 billion. So it will be in that four to $4 5 billion. It's our best view. This year and then a further step down next year. So we will be through the yellow of revlimid.

David Elkins: So we'll be in that $4 to 4.5 billion is our best view this year, and then further step down next year. So we'll be through the LOE of Revlimid, you know, basically at the end of next year. And then as Chris talked about, you know, we'll get insight to what's happening with Eliquis from an IRA perspective when that price becomes public here in September. And recall that the LOE for Eliquis is in 2028. And then lastly the thing I'd say about from an LOE perspective as it relates to Opdivo is, you know, that LOE is in December of 2028, so 29 is when that LOE would start. And then three things I'd say about that as we think about that franchise. One is we're looking forward to launching the subcutaneous formulation of that early next year.

So we'll be in that $4 to 4.5 billion is our best view this year, and then further step down next year. So we'll be through the LOE of Revlimid, you know, basically at the end of next year. And then as Chris talked about, you know, we'll get insight to what's happening with Eliquis from an IRA perspective when that price becomes public here in September. And recall that the LOE for Eliquis is in 2028. And then lastly the thing I'd say about from an LOE perspective as it relates to Opdivo is, you know, that LOE is in December of 2028, so 29 is when that LOE would start. And then three things I'd say about that as we think about that franchise. One is we're looking forward to launching the subcutaneous formulation of that early next year.

David V. Elkins: So we'll be through the LOE of REVLIMID, basically at the end of next year. And then as Chris talked about, we'll get insight into what's happening with ELIQUIS from an IRA perspective when that price becomes public here in September. And recall that the LOE for ELIQUIS is in 2008. And then lastly, the thing I'd say about from an LOE perspective as it relates to OPDIVO is that LOE is in December of 2028. So '29 is when that LOE would start.

So we'll be through the LOE of REVLIMID, basically at the end of next year. And then as Chris talked about, we'll get insight into what's happening with ELIQUIS from an IRA perspective when that price becomes public here in September. And recall that the LOE for ELIQUIS is in 2008.

Speaker Change: You know basically at the end of next year, and then as Chris talked about.

Speaker Change: We'll get insight to what's happening with <unk> from an IRR perspective, when that price becomes public here in September and recall that the yellow for Ela close. This in 2008, and then lastly, the thing I'd say about from an <unk> perspective as it relates to Opdivo is that L O.

And then lastly, the thing I'd say about from an LOE perspective as it relates to OPDIVO is that LOE is in December of 2028. So '29 is when that LOE would start. And then 3 things I'd say about that, as we think about that franchise. One is we're looking forward to launching the subcutaneous formulation of that early next year. And we believe that will help that franchise continue into the next decade. I think you've heard Samit talk about OPDUALAG and that combination. We're really excited, number one, about its performance and standard of care for first-line melanoma, but also with the data that we're seeing in lung, we're really excited about continuing that program into Phase III and bringing that. And also, there are other tumor types that OPDUALAG will come in. So as we think about that franchise, there's multiple avenues for that franchise to continue into the next decade.

Speaker Change: In December of 2028 to $29, one that we would start and then three things I'd say about that as we think about that franchise. One is we're looking forward to launching the subcutaneous formulation of that.

David V. Elkins: And then 3 things I'd say about that, as we think about that franchise. One is we're looking forward to launching the subcutaneous formulation of that early next year. And we believe that will help that franchise continue into the next decade. I think you've heard Samit talk about OPDUALAG and that combination. We're really excited. Number one, about its performance and standard of care for first-line melanoma, but also with the data that we're seeing in lung, we're really excited about continuing that program into Phase III and bringing that. And also, there are other tumor types that OPDUALAG will come in. So as we think about that franchise, there's multiple avenues for that franchise to continue into the next decade.

Speaker Change: Early next year.

David Elkins: We believe that will help that franchise continue into the next decade. I think you've heard Samit talk about Opdualag and that combination. We're really excited, number one, with its performance and standard of care and first-line melanoma. But also with the data that we're seeing in lung, we're really excited about continuing that program into phase three and bringing that. And also there's other tumor types that Opdivo will come in. So as we think about that franchise, there's multiple avenues for that franchise to continue into the next decade.

We believe that will help that franchise continue into the next decade. I think you've heard Samit talk about Opdualag and that combination. We're really excited, number one, with its performance and standard of care and first-line melanoma. But also with the data that we're seeing in lung, we're really excited about continuing that program into phase III and bringing that. And also there's other tumor types that Opdivo will come in. So as we think about that franchise, there's multiple avenues for that franchise to continue into the next decade.

Speaker Change: And we believe that our hope that that franchise continue into the next decade, I think <unk> heard some talk about op do lag in that combination. We're really excited number one with its performance and standard of care in first line melanoma, but also with the data that we're seeing in lung. We're really excited about continuing that program into phase three in <unk>.

I think you've heard Samit talk about OPDUALAG and that combination. We're really excited, number one, about its performance and standard of care for first-line melanoma, but also with the data that we're seeing in lung, we're really excited about continuing that program into Phase III and bringing that. And also, there are other tumor types that OPDUALAG will come in. So as we think about that franchise, there's multiple avenues for that franchise to continue into the next decade.

Speaker Change: That and also there's other tumor types that optimize will come in so as we as we think about that franchise.

Speaker Change: There is multiple avenues for that franchise to continue into the next decade, just adding one thing Steve around Revlimid, we had seen some volatility in generic dispensing in the quarter, including some generic supply shortages and so revlimid end, our legacy portfolio continues to be strong source of cash flow.

Adam Lenkowsky: Just adding one thing, Steve, around Revlimid, we had seen some volatility in generic dispensing in the quarter, including some generic supply shortages. So Reblozyl and our legacy portfolio continues to be strong source of cash flow for the organization. Great. Let's go to the next question please.

Christopher Boerner: Just adding one thing, Steve. Around REVLIMID, we had seen some volatility in generic dispensing in the quarter, including some generic supply shortages. And so REVLIMID and our legacy portfolio continue to be a strong source of cash flow for the organization.

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

Speaker Change: For the organization.

Great: Great. Let's go to the next question please.

Operator: Our next question today comes from Trung Huynh with UBS. Please go ahead.

Operator: Our next question today comes from Trung Nguyen with UBS. Please go ahead.

Great: And our next question sorry, Samsung.

Speaker Change: UBS. Please go ahead.

Unknown Executive: Great. Let's go to the next question, please. And our next question today comes from Trung Huynh with UBS. Please go ahead. Hi guys, Trung Huynh from UBS. Two questions, two from me if that's okay. Just one on the cost saving program. How is that 1.5 billion split between this year?

Great. Let's go to the next question, please. And our next question today comes from Trung Huynh with UBS. Please go ahead.

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

Adam Lenkowsky: Hi guys. Trung Huynh from UBS. Thanks for the question. Two from me if that's okay. Just one on the cost saving program. How is that $1.5 billion split between this year and 2025? There's no change to your OpEx guide, but I think you noted savings were absorbed by the deals. Is 2024 the main year? You'll see most of these costs realized, and then just on Abecma, you have KarMMa-3 on the label now. You noted it's going to be important for growth. How quickly can we start to see that helping? Is it realistic to see an inflection immediately? Thanks very much.

Trung Nguyen: Hi guys. Trung Nguyen from UBS. Thanks for the question. Two from me if that's okay. Just one on the cost saving program. How is that $1.5 billion split between this year and 2025? There's no change to your OpEx guide, but I think you noted savings were absorbed by the deals. Is 2024 the main year? You'll see most of these costs realized, and then just on Abecma, you have KarMMa-3 on the label now. You noted it's going to be important for growth. How quickly can we start to see that helping? Is it realistic to see an inflection immediately? Thanks very much.

Speaker Change: Bye guys Trung Nguyen from UBS. Thanks for the question two from me if that's okay.

Operator: And our next question today comes from Trung Huynh with UBS. Please go ahead.

Trung Chuong Huynh: One on the cost saving program, how is that $1 5 billion split between this year and 2025, there's no change to your Opex Guide I think United savings were absorbed by the deals is 2024, the main year Youll see mice in these cost with life.

Trung Huynh: Hi guys, Trung Huynh from UBS. Thanks for the question. Two from me, if that's okay. Just one on the cost saving program. How is that 1.5 billion split between this year and 2025? There's no change to your OPEX guide, but I think you noted savings were absorbed by the deals. Is 2024 the main year you'll see most of these costs realized? And then just on ABECMA, you have KarMMa-3 on the label now. You noted it's going to be important for growth. How quickly can we start to see that helping? Is it realistic to see an inflection immediately? Thanks for the question, Trung. David, then Adam.

Speaker Change: And then just on the back come out you have called the three on the label now United is going to be important for greif. How quickly can we start to see that helping is it realistic to see an inflection of immediately thanks very much.

Christopher Boerner: Thanks for the question, Trung. David, then Adam.

Operator: And our next question today comes from Trung Huynh with UBS. Please go ahead.

Operator: Thanks for the question, Trung. David, then Adam.

Chris Boerner: Thanks for the question. Trung, David, then Adam.

Speaker Change: Thanks for the question Trung, David then Adam Yeah. The vast majority of the savings comes through this year, because if you think through the actions that we're taking whether it's positions. The portfolio actions. We've made those actions immediately in the third party spend will receive that and then you have it annualized fully next year so that.

David Elkins: Yeah, the vast majority of the savings comes through this year because if you think through the actions that we're taking, whether it's positions, the portfolio actions, we made those actions immediately and the third party spend will receive that, and then you have it annualized fully next year. So that's really the difference between 2024 and 2025. But it's safe to say that most of all the actions we're taking, 90% of those are being done this quarter.

David V. Elkins: Yes, the vast majority of the savings comes through this year because if you think through the actions that we're taking, whether it's positions, the portfolio actions, we made those actions immediately, and the third-party spend, we'll receive that. And then you have it annualized fully next year. So that's really the difference between '24 and '25. But it's safe to say that most of all the actions we're taking, 90% of those are being done this quarter.

Speaker Change: Really the difference between 2425, but it's safe to say that most of all the actions, we're taking 90% of those are being done this quarter.

Adam Lenkowsky: Yes, Trung, as it relates to ABECMA, we're certainly pleased with the regulatory approvals of KarMMa-3 in a triple-class exposed setting in the U.S., in Europe, and in Japan. This will remain a very competitive space with multiple products and modalities available. Our focus educating physicians on the KarMMa-3 data, ABECMA's differentiated predictable safety profile, as well as the manufacturing reliability we had with ABECMA. We're also focused on expanding our site footprint in the US and around the globe, making a Beckman available to more patients. So we believe that there is a place for multiple assets in this market. And our objective is to return Beckman to growth over time as we move into a larger patient population.

Adam Lenkowsky: Yeah. Turning to Abecma, we're certainly pleased with the regulatory approvals of KarMMa-3 in a triple-class exposed setting in the US, in Europe, and in Japan. This will remain a very competitive space with multiple products and modalities available. Our focus is on educating physicians on the KarMMa-3 data, Abecma's differentiated predictable safety profile, as well as the manufacturing reliability that we've had with Abecma. We're also focused on expanding our site footprint in the US and around the globe, making Abecma available to more patients. So we believe that there is a place for multiple assets in this market and our objective is to return back into growth over time as we move into a larger patient population. Let's go to the next question please.

Speaker Change: Yes, it relates to our back and we're certainly pleased with the regulatory approvals of <unk> III and the Triple class exposed setting in the U S in Europe and in Japan.

Speaker Change: This will remain a very competitive space with multiple products and modalities available our focus.

Speaker Change: He is on educating physicians on the common III data beckman differentiate and predictable safety profile as well as the manufacturing reliability that we've had with <unk>.

We're also focused on expanding our site footprint in the U.S. and around the globe, making ABECMA available to more patients. So we believe that there is a place for multiple assets in this market. And our objective is to return ABECMA to growth over time as we move into a larger patient population.

Speaker Change: We're also focused on expanding our site footprint in the U S and around the globe, making it back most available to more patients. So we believe that there is a place for multiple assets in this market and our objective is to return it back to growth over time as we move into a larger patient population.

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

Operator: Let's go to the next question, please. Our next question comes from Matthew Phipps with William Blair. Please go ahead. Alright, thanks for taking my questions. Adam, I was wondering if you could comment on whether there is any path to grow up to lag in melanoma?

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

Speaker Change: Let's go to the next question please.

Operator: Our next question comes from Matt Phipps with William Blair. Please go ahead.

Operator: Our next question comes from Matthew Phipps with William Blair. Please go ahead.

Speaker Change: Our next question comes from Matthew Phipps with William Blair. Please go ahead.

Our next question comes from Matthew Phipps with William Blair. Please go ahead. Alright, thanks for taking my questions. Adam, I was wondering if you could comment on whether there is any path to grow up to lag in melanoma?

Operator: Our next question comes from Matthew Phipps with William Blair. Please go ahead.

Adam Lenkowsky: Hi.

Matthew Phipps: Hi. Thanks for taking my questions, Adam. I was wondering if you can comment on: is there any path to grow Opdualag in melanoma outside the United States or will additional data be needed? And then maybe for Samit on KRYSTAL-12, I don't suppose you can give us any tidbits on trends and overall survival at this point. I know the study's ongoing there, but maybe if not just confidence in that data set as it stands today, being able to support full approval.

David Elkins: Thanks for taking my questions, Adam. I was wondering if you can comment on: is there any path to grow Opdualag in melanoma outside the United States or will additional data be needed? And then maybe for Samit on KRYSTAL-12, I don't suppose you can give us any tidbits on trends and overall survival at this point. I know the study's ongoing there, but maybe if not just confidence in that data set as it stands today, being able to support full approval.

Matthew Christopher Phipps: Alright, Thanks for taking my questions. Adam I was wondering if you can comment on is there any path to grow up to a lag in melanoma outside the United States or will additional data would be needed and then maybe for summit on Crystal 12, I don't suppose you can give us any tidbits on trends in overall survival at this point I know the studies ongoing there, but maybe.

Matthew Phipps: Alright, thanks for taking my questions. Adam, I was wondering if you could comment on-- is there any path to grow OPDUALAG in melanoma outside the United States? Or will additional data be needed? And then maybe for Samit. On KRYSTAL-12, I don't suppose you can give us any tidbits on trends and overall survival at this point. I know the study is ongoing there, but maybe, if not just confidence in that data set as it stands today being able to support full approval

Operator: Our next question comes from Matthew Phipps with William Blair. Please go ahead.

Speaker Change: It's not just confidence in that dataset.

Speaker Change: And so they are being able to support full approval.

Adam Lenkowsky: Yes, I'll start. Thanks for the question. First, I'd say we're pleased with our continued progress as OPDUALAG has become the standard of care in the United States for first-line metastatic melanoma. We saw over 70% growth versus the prior year, and our market share is now above 25% in the U.S. And we still have further room to grow, penetrating what's still around 15% monotherapy use. It's exciting because we're also starting to launch internationally in markets like Australia, Canada, Brazil, as well as several European markets.

Adam Lenkowsky: Yeah, I'll start. Thanks for the question. First, I'd say we're pleased with our continued progress as Opdualag has become the standard of care in the United States. In first line metastatic melanoma we saw over 70% growth versus prior year and our market share now is above 25% in the US and we still have further room to grow, penetrating what's still around 15% monotherapy use. It's exciting because we're also starting to launch internationally in markets like Australia, Canada, Brazil, as well as several European markets. We still have not had an opportunity to launch in Germany, but we are working on that negotiation and we're hopeful we have an opportunity to launch there sometime in the back end of this year and into next year.

Adam Rocco: Yeah I'll start thanks for the question first I'd say, we're pleased with our continued progress as <unk> has become the standard of care in the United States in first line metastatic melanoma.

Speaker Change: We saw over 70% growth versus prior year and our market share now is above 25% in the U S and we still have further room to grow penetrating whats still around 15% mono therapy use <unk>.

Speaker Change: Exciting because we're also starting to launch internationally in markets, like Australia, and Canada, and Brazil, as well as several European markets. We still have not had an opportunity to launch in Germany, but we are working on.

Adam Lenkowsky: We still have not had an opportunity to launch in Germany, but we are working on that negotiation. And we're hopeful we will have an opportunity to launch there sometime in the back end of this year and into next year. Additionally, as spoken earlier, we're very pleased to have the proof-of-concept study with LAG-3 on top of PD-L1s and chemo and first-line lung cancer. And when you add that up, coupled with opportunities with lung and adjuvant melanoma, OPDUALAG truly has the potential to meaningfully extend our I-O franchise well into the next decade.

Speaker Change: That negotiation and we're hopeful that we have an opportunity to launch there sometime in the back end of this year and into next year. Additionally, as spoken earlier, we're very pleased to have the proof of concept study with lag three.

Adam Lenkowsky: Additionally, as spoken earlier, we're very pleased to have the proof of concept study with LAG-3 on top of PD-L1s and chemo in first-line lung cancer. And you know, when you add that up, coupled with opportunities with lung and adjuvant melanoma, Opdualag truly has the potential to meaningfully extend our IO franchise well into the next decade.

Additionally, as spoken earlier, we're very pleased to have the proof of concept study with LAG-3 on top of PD-L1s and chemo in first-line lung cancer. And you know, when you add that up, coupled with opportunities with lung and adjuvant melanoma, Opdualag truly has the potential to meaningfully extend our IO franchise well into the next decade.

Speaker Change: On top of PDL, one and chemo in first line lung cancer and when you add that up.

Speaker Change: With opportunities with lung and melanoma opt to lag truly has the potential to meaningfully extend our I O franchise well into the next decade.

Samit Hirawat: Thank you for the question. If I think about KRYSTAL-12, remember, this is a study with a primary endpoint of progression-free survival, and you will see the data being presented at ASCO. Overall survival data remains immature at this time, so I will not be able to comment on the specifics of that, but I am really excited for the confirmation of the single-arm study previously done now with the randomized study here.

Samit Hirawat: Thank you for the question. If I think about KRYSTAL-12, remember this is a study with a primary endpoint of progression-free survival, and you will see the data being presented at ASCO. Overall survival data remains immature at this time, so I will not be able to comment on the specifics of that. But really excited for the confirmation of the single arm study previously done now with the randomized study.

Speaker Change: And thank you for the question if I think about Crystal trial remember this is a study with a primary endpoint of progression free survival and you will see the data being presented at Astro overall survival data remains immature at this time, so I would not be able to comment on the specifics of that but really excited for the.

Speaker Change: Confirmation of the single arm study previously done now with it under my study.

Operator: Thanks, Samit. Let's go to the next question, please. Our next question comes from Olivia Brayer with Cantor Fitzgerald. Please go ahead. Hey, good morning, guys. This is my channel, https://www.youtube.com

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

Adam Lenkowsky: Thanks Hamlet. Let's go to the next question please.

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

Speaker Change: Thanks, a lot must go to the next question. Please.

Operator: Our next question comes from Olivia Brayer with Cantor Fitzgerald. Please go ahead.

Speaker Change: Our next question comes from Olivia Embraer with Cantor Fitzgerald. Please go ahead.

Our next question comes from Olivia Brayer with Cantor Fitzgerald. Please go ahead. Hey, good morning, guys. This is my channel, https://www.youtube.com

Operator: Our next question comes from Olivia Brayer with Cantor Fitzgerald. Please go ahead.

[Analyst]: Hey, good morning, guys, and thank you for the question. What does the commercial rollout strategy look like for KarXT as we look past that September PDUFA and any thoughts around Medicaid negotiations? And then when do you think we start to see some meaningful growth from that franchise? Whether that's next year or more so in 2026.

Olivia Brayer: Hey, good morning, guys, and thank you for the question. What does the commercial rollout strategy look like for KarXT as we look past that September PDUFA and any thoughts around Medicaid negotiations? And then when do you think we start to see some meaningful growth from that franchise? Whether that's next year or more so in 2026. Thank you.

Olivia Brayer: Hey, good morning. Thanks for the question what is the commercial rollout strategy look like for <unk>.

Olivia Brayer: Hey, good morning, guys. Thanks for the question. What does the commercial side rollout strategy look like for KarXT as we look past that September PDUFA? And any thoughts around Medicaid negotiations? And then when do you think we start to see some meaningful growth from that franchise, whether that's next year or more so in 2026?

Olivia Brayer: Like past that September could you size and any thoughts around Medicaid negotiations and then.

Operator: Our next question comes from Olivia Brayer with Cantor Fitzgerald. Please go ahead.

Olivia Brayer: When do you think we start to see some meaningful growth from that franchise, whether that's next year or more so in 2026. Thank you.

Adam Lenkowsky: Thank you, Adam. Yeah, thanks for the question. So we're very excited about the opportunity to launch KarXT later this year. This is a very important drug with significant commercial potential. As we talked about, KarXT will be the first innovative therapy in schizophrenia approved for decades. And what we've shared is KarXT offers Zyprexa-like efficacy without the significant adverse events that's plagued the D2 such as weight gain, hyperlipidemia, EPS. And we know how compelling this is for physicians. We are rapidly preparing for the launch, and the plans are going well, and we will be ready to launch by the summer, well in advance of our PDUFA date. We've been focused on prelaunch efforts and made very good progress preparing for the launch. So Karuna had made good progress in sourcing a very experienced commercial organization.

Adam Lenkowsky: Adam. Yeah, thanks for the question. So we're very excited about the opportunity to launch KarXT later this year. This is a very important drug with significant commercial potential. As we talked about, KarXT will be the first innovative therapy in schizophrenia approved for decades. And what we've shared is KarXT offers Zyprexa-like efficacy without the significant adverse events that's plagued the D2 such as weight gain, hyperlipidemia, EPS. And we know how compelling this is for physicians. We are rapidly preparing for the launch, and the plans are going well, and we will be ready to launch by the summer, well in advance of our PDUFA date. We've been focused on prelaunch efforts and made very good progress preparing for the launch. So Karuna had made good progress in sourcing a very experienced commercial organization.

Adam Lenkowsky: Adam? Yeah, thanks for the question. So we're very excited about the opportunity to launch CoreXP later this year. This is a very important drug with significant commercial potential. As we talked about, COREX-T will be the first innovative therapy in schizophrenia to be approved for decades. And what we've shared is COREX-T offers diapraxia-like efficacy without the significant adverse events that plague the D2s, such as weight

Christopher Boerner: Adam?

Yes. Thanks for the question. So we're very excited about the opportunity to launch KarXT later this year. This is a very important drug with significant commercial potential. As we talked about KarXT will be the first innovative therapy in schizophrenia to be approved for decades. And what we've shared is KarXT offers Zyprexa-like efficacy without the significant adverse events that plague the D2s, such as weight gain lipidemia, EPS. And we know how compelling this is for physicians. We are rapidly preparing for the launch, and the plans are going well, and we will be ready to launch by the summer, well in advance of our PDUFA date. We've been focused on pre-launch efforts and made very good progress preparing for the launch. So Karuna has made good progress in sourcing a very experienced commercial organization, and our field medical and our access teams have already begun meaningful conversations with thought leaders and payers.

Adam Lenkowsky: Yes. Thanks for the question. So we're very excited about the opportunity to launch KarXT later this year. This is a very important drug with significant commercial potential. As we talked about KarXT will be the first innovative therapy in schizophrenia to be approved for decades. And what we've shared is KarXT offers Zyprexa-like efficacy without the significant adverse events that plague the D2s, such as weight gain lipidemia, EPS. And we know how compelling this is for physicians. We are rapidly preparing for the launch, and the plans are going well, and we will be ready to launch by the summer, well in advance of our PDUFA date.

Speaker Change: Yes. Thanks for the question. So we're very excited about the opportunity to launch <unk>. Later. This year. This is a very important drug with significant commercial potential as we talked about car T will be the first innovative therapy in schizophrenia proof for decades, and what we've shared is correct <unk> offers zyprexa efficacy without the significant adverse events.

Speaker Change: It's plagued the D two such as weight gain Dyslipidemia EPS.

Adam Lenkowsky: And we know how compelling this is for physicians. We are rapidly preparing for the launch, and the plans are going well, and we will be ready to launch by the summer, well in advance of our PDUFA date. We've been focused on pre-launch efforts and made very good progress preparing for the launch. So Karuna has made good progress in sourcing a very experienced commercial organization, and our field medical and our access teams have already begun meaningful conversations with thought leaders and payers.

Speaker Change: And we know how compelling this is for physicians, we are rapidly preparing for the launch and the plans are going well and we will be ready to launch by the summer well in advance of our <unk> date.

Speaker Change: We've been focused on our prelaunch efforts and made very good progress preparing for the launch so.

We've been focused on pre-launch efforts and made very good progress preparing for the launch. So Karuna has made good progress in sourcing a very experienced commercial organization, and our field medical and our access teams have already begun meaningful conversations with thought leaders and payers. Our pre-launch efforts today are focused on driving awareness of this new mechanism. We're currently building out a large neuroscience field sales organization. In fact, we've increased the investment across multiple fronts to maximize the opportunity that we have.

Speaker Change: Corona had made good progress in sourcing are very experienced commercial organization and our field medical and our access teams have already begun meaningful conversations with thought leaders and payers. Our prelaunch efforts today are focused on driving awareness of this new mechanism for <unk>.

Adam Lenkowsky: Our field medical and our access teams have already begun meaningful conversations with thought leaders and payers. Our prelaunch efforts today are focused on driving awareness of this new mechanism. We're currently building out a large neuroscience field sales organization. In fact, we've increased the investment across multiple fronts to maximize the opportunity that we have. So we also need to ensure that physicians have a positive first experience. So we're focused on building our customer model to make sure that we have the optimal physician, caregiver, and patient support. And as you alluded to, we know that achieving rapid access is important. And so this is a largely Medicaid and Medicare opportunity around 70%. And our access teams are ready today. You know, we will leverage our large access organization to ensure rapid access for patients.

Our field medical and our access teams have already begun meaningful conversations with thought leaders and payers. Our prelaunch efforts today are focused on driving awareness of this new mechanism. We're currently building out a large neuroscience field sales organization. In fact, we've increased the investment across multiple fronts to maximize the opportunity that we have. So we also need to ensure that physicians have a positive first experience. So we're focused on building our customer model to make sure that we have the optimal physician, caregiver, and patient support. And as you alluded to, we know that achieving rapid access is important. And so this is a largely Medicaid and Medicare opportunity around 70%. And our access teams are ready today. You know, we will leverage our large access organization to ensure rapid access for patients.

Adam Lenkowsky: Our pre-launch efforts today are focused on driving awareness of this new mechanism. We're currently building out a large neuroscience field sales organization. In fact, we've increased the investment across multiple fronts to maximize the opportunity that we have.

Olivia Brayer: Currently building out a large neuroscience field sales organization in fact, we've increased the investment across multiple fronts to maximize the opportunity that we have.

Adam Lenkowsky: So we also need to ensure that physicians have a positive first experience. So we're focused on building our customer model to make sure that we have the optimal physician, caregiver, and patient support. And as you alluded to, we know that achieving rapid access is important. And so this is largely a Medicaid and Medicare opportunity, around 70%. And our access teams are ready today. We will leverage our large access organization to ensure rapid access for patients.

Olivia Brayer: So we also need to ensure that physicians have a positive first experience. So we're focused on building our customer model to make sure that we have the optimal physician caregiver and patient support as you alluded to we know that achieving rapid access is important and so this is a largely Medicaid Medicare opportunity around seven.

Olivia Brayer: Percent and our active teams already today, we will leverage our large access organization to ensure rapid access for patients. Our teams have already been out meeting with state Medicaid directors and the feedback on the product profile has been very very positive.

Adam Lenkowsky: Our teams have already been out meeting with state Medicaid directors, and the feedback on the product profile has been very, very positive. So over half of state Medicaid programs either have no step edits or a single step edit. So our goal is to improve the quality of access to only one step edit, which we know is going to take some time, but we're very confident in our ability to achieve quality access for this product. So given a 26 September 2024 PDUFA and some of the timelines to attain broad Medicaid coverage, we effectively see this as a 2025 launch. But we're very excited about the potential of KarXT, and we plan to make this a very big product for Bristol Myers Squibb. Thanks, Adam. We're starting to run a little short in time. Maybe take two or three more. Can we go to the next one?

Our teams have already been out meeting with state Medicaid directors, and the feedback on the product profile has been very, very positive. So over half of state Medicaid programs either have no step edits or a single step edit. So our goal is to improve the quality of access to only one step edit, which we know is going to take some time, but we're very confident in our ability to achieve quality access for this product. So given a 26 September 2024 PDUFA and some of the timelines to attain broad Medicaid coverage, we effectively see this as a 2025 launch. But we're very excited about the potential of KarXT, and we plan to make this a very big product for Bristol Myers Squibb.

Adam Lenkowsky: Our teams have already been out and meeting with state Medicaid directors, and the feedback on the product profile has been very, very positive. So, over half of the state Medicaid programs either have no step edits or a single step edit. So our goal is to improve the quality of access to only one step edit, which we know is going to take some time. But we're very confident in our ability to achieve quality access for this product.

Olivia Brayer: So over half of state Medicaid programs, either have no step edits or a single step at it. So our goal is to improve the quality of access to only one step at it which you know is going to take some time, but we're very confident in our ability to achieve quality access for this product. So given our September 26th, but do follow up and some of the timelines.

Adam Lenkowsky: So given the September 26th PDUFA and some of the timelines to attain broad Medicaid coverage, we effectively see this as a 2025 launch. But we're very excited about the potential of KarXT, and we plan to make this a very big product for Bristol-Myers Squibb.

Olivia Brayer: To attain broad Medicaid coverage, we effectively see this as a 2025 launch, but we're very excited about the potential of car T and we plan to make this a very big product for Bristol Myers Squibb.

Tim Power: Thanks, Adam. We're starting to run a little short in time. Maybe take two or three more. Can we go to the next one?

Operator: Thanks, Adam. We're starting to run a little short on time. Maybe take 2 or 3 more. Can we go to the next one? Our next question comes from James Shin with Deutsche Bank. Please go ahead. Hey, good morning, guys. Thanks for taking my question.

Timothy Power: Thanks, Adam. We're starting to run a little short on time. Maybe take 2 or 3 more. Can we go to the next one?

Speaker Change: Thanks, Adam we're starting to run a little shortened time, maybe take two or three more can we go to the next one.

Operator: Our next question comes from James Shin with Deutsche Bank. Please go ahead.

Speaker Change: Our next question comes from James Sheehan with Deutsche Bank. Please go ahead.

Our next question comes from James Shin with Deutsche Bank. Please go ahead. Hey, good morning, guys. Thanks for taking my question.

Operator: Our next question comes from James Shin with Deutsche Bank. Please go ahead.

Adam Lenkowsky: Hey, good morning, guys. Thanks for taking my question. I had a question on Opdualag phase.

James Shin: Hey, good morning, guys. Thanks for taking my question. I had a question on Opdualag phase II for frontline small cell lung. I know full dataset is set for readout in the second half, but can you share if what you've seen is any different or comparable to the other LAG-3 non-small cell data sets such as TACTI?

James Sheehan: Hey, good morning, guys. Thanks for taking my question.

James Sheehan: I had a question on <unk> phase III for front line small cell lung.

Samit Hirawat: Two for frontline small cell lung.

James Shin: Hey, good morning, guys. Thanks for taking my question. I had a question on OPDUALAG Phase II for frontline multiple cell lung. I know the full data set is for read out in the second half, but can you share if what you've seen is any different or comparable to the other LAG-3 non-small cell data sets as [TACD]?

Adam Lenkowsky: I know full dataset is set for readout in the second half, but can.

James Sheehan: Dataset is that for readout in the second half, but can you share what you've seen in any different or comparable to the other lagged in the non small cell datasets such as Turkey.

Chris Boerner: You share if what you've seen is any different or comparable to the other LAG-3 non-small cell data sets such as TACTI?

Operator: Our next question comes from James Shin with Deutsche Bank. Please go ahead.

Samit Hirawat: Certainly, I can take that question. Look, obviously, I can't comment on what others have seen. All we know is that they've seen 6 patients' worth of data. It's hard to compare 6 patients' worth of data with more than 200 patients treated with OPDUALAG chemotherapy in the first-line setting. What we have seen is an overall review of our own data set, looking at the various endpoints that we looked at, as well as the biomarkers that we looked at in our trial, and we remain confident in the profile of the drug to take it forward into Phase III.

Samit Hirawat: Certainly, I can take that question. Look, obviously can't comment on what others have seen. All we know is they've seen six patients' worth of data. Hard to compare six patients' worth of data with more than 200 patients treated with Opdualag plus chemotherapy in the first-line setting. What we have seen is overall review of our own data set, looking at the various endpoints that we looked at as well as the biomarkers we looked at in our trial. And we remain confident in the profile of the drug to take it forward into phase 3.

Speaker Change: Certainly I can take that question.

Speaker Change: Obviously can't comment on what others have seen well all we know is they've seen.

Speaker Change: Six patients worth of data hard to compare six patients worth of data with more than 200 patients treated with <unk> plus chemotherapy in the first line setting.

Speaker Change: What we have seen is overall.

Speaker Change: Overall, a review of our own data set looking at the various endpoints that we looked at as well as the Biomarkers, we looked at it and Oh and we remain confident in the profile of the drug to take it forward into the phase III.

Operator: Our next question comes from Kirpa Devarakonda with Truist Securities. Please go ahead. Guys, thank you so much for taking my question and for all the color on the call. I had a question about your acquisition of Ray's bio,

Operator: Our next question comes from Kripa Devarakonda with Truist Securities. Please go ahead.

Adam Lenkowsky: Let's go to the next one, please.

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

Speaker Change: Okay, Let's go to the next one please.

Operator: Our next question comes from Kirpa Devarakonda with Truist Securities. Please go ahead.

Speaker Change: Our next question comes from cover the Roca Honda Wiltshire Securities. Please go ahead.

Kripa Devarakonda: Hey, guys, thank you so much for taking my question, and for all the color on the call. I had a question about your acquisition of RayzeBio and now that you've got enablement and we're seeing--it's getting to be very competitive. Just wanted to see what the urgency and what the strategy is to build out the radiopharma pipeline. And also, when can we see more detail on what the priorities are and also regarding actinium production going live?

Operator: Guys.

Kripa Devarakonda: Guys. Thank you so much for taking my question and for all the color on the call. I had a question about your acquisition of RayzeBio and now that you've got enablement and we're seeing it's getting to be very competitive, just wanted to see what the urgency and what Bristol strategy is to build out the radiopharma pipeline and also when, you know, when can we see more details on what the priorities are and also regarding actinium production going live. Thank you.

[Analyst]: Thank you so much for taking my question and for all the color on the call. I had a question about your acquisition of RayzeBio and now that you've got enablement and we're seeing it's getting to be very competitive, just wanted to see what the urgency and what Bristol strategy is to build out the radiopharma pipeline and also when, you know, when can we see more details on what the priorities are and also regarding actinium production going live. Thank you.

Speaker Change: Yeah. Thank you so much for taking my question and for all the color on the call.

Speaker Change: Had a question about your acquisition.

Speaker Change: Wave bile and now that you've bought enabled.

Speaker Change: We're seeing well its getting to be very competitive.

Operator: Our next question comes from Kirpa Devarakonda with Truist Securities. Please go ahead.

Speaker Change: Just wanted to see what the origin.

Speaker Change: Our strategy is to build out.

Speaker Change: Yes.

Speaker Change: I'm a pipeline and also when you know when can we see more detail on what the priorities are and also regarding opinion production life. Thank you.

Christopher Boerner: Well, let me start and then I'll ask Samit and Adam to speak. Let me just, at a high level, though, say that we continue to be incredibly excited about radiopharmaceuticals as a platform. It's one of the fastest growing platforms in solid tumor oncology. We believe we have a best-in-class asset that we've acquired with RAISE. The integration of that team has gone very well. We continue to be very excited and happy of the facility in Indianapolis. So in terms of us getting that asset, incredible enthusiasm, and the integration, it has gone well. But Samit, maybe you and Adam can speak to details.

Chris Boerner: Well, let me start and then I'll ask Samit and Adam to speak. Let me just at a high level though say that we continue to be incredibly excited about radiopharmaceuticals as a platform. It's one of the fastest growing platforms in solid tumor oncology. We believe we have a best in class asset that we've acquired with Rayze. The integration of that team has gone very well. We continue to be very excited and happy with the bringing online of the facility in Indianapolis. So in terms of us getting that asset, incredible enthusiasm and the integration has gone well with Samit. Maybe you and Adam can speak to details.

Speaker Change: Well, let me start and then I'll ask summit and add them to speak let me just at a high level, though say that we continue to be incredibly excited about radiopharmaceuticals as a platform. It's one of the fastest growing platform in solid tumor oncology. We believe we have a best in class asset that we've acquired with Reyes.

Speaker Change: The integration of that team has gone very well we continue to.

Summit Here: Be very excited and happy with the bringing online of the facility in Indianapolis. So in terms of us getting that asset incredible enthusiasm and the integration has gone well, but summit, maybe you and Adam can speak to details yeah. Thank you for the question for arrays as Chris just mentioned the platform is.

Samit Hirawat: Yeah, thank you for the question for Rayze. As Chris just mentioned, the platform is absolutely exciting and very encouraging data that we have seen emerging from the first program that is already in phase 3 for the SSTR-directed radioligand therapy. And that phase 3 program is right now enrolling in the GEP-NET indication as well as the small cell lung cancer phase 1 studies ongoing. And we are looking to see a couple of other indications added over there and we're designing those trials as we speak and conduct those. So it holds a huge amount of promise because of the specificity of the directed radiation to the tumor itself. Thereafter we're looking forward to additional IND filing later this year and that might then be able to start our very specific tumor-directed indication within HCC at the back half of this year.

Samit Hirawat: Yeah, thank you for the question for Rayze. As Chris just mentioned, the platform is absolutely exciting and very encouraging data that we have seen emerging from the first program that is already in III for the SSTR-directed radioligand therapy. And that III program is right now enrolling in the GEP-NET indication as well as the small cell lung cancer I studies ongoing. And we are looking to see a couple of other indications added over there and we're designing those trials as we speak and conduct those. So it holds a huge amount of promise because of the specificity of the directed radiation to the tumor itself. Thereafter we're looking forward to additional IND filing later this year and that might then be able to start our very specific tumor-directed indication within HCC at the back half of this year.

Samit Hirawat: Yes, thank you for the question. For Rayze, as Chris just mentioned, the platform is absolutely exciting, and very encouraging data that we have seen emerging from the first program that is already in Phase II for SSTR-directed radiological therapy. And that Phase III program is right now enrolling in the GEP-NET indication, as well as the small cell lung cancer Phase I studies ongoing. And we are looking to see a couple of other indications added over there.

Summit Here: Absolutely exciting and very encouraging data that we have seen emerging from the first program that is already in phase III for the S. T. R director figure that I can therapy and that phase III program is right now enrolling into GAAP net indication as well as the small cell lung cancer phase one studies ongoing and we are looking to see a couple of other indications added over there and redesigning those trials.

Samit Hirawat: And we're designing those trials as we speak, and conducting those. So it holds a huge amount of promise because of the specificity of the directed radiation to the tumor itself. Thereafter, we're looking forward to additional IND filings later this year, and that might then be able to start our actually very specific tumor-directed indication within HCC in the back half of this year. And then thereafter, we are looking to see an INDD generation coming from this platform as we go forward. With the Indianapolis manufacturing facility now up and running, we're looking forward to supplying the actinium part of it as well as the drug product towards the back half-- or back end to early part of next year, and that will certainly help in terms of continuing to supply and taking it forward. We are learning lessons from the front runners and those lessons will be very helpful as we go into the commercial stages in a couple of years.

And we're designing those trials as we speak, and conducting those. So it holds a huge amount of promise because of the specificity of the directed radiation to the tumor itself. Thereafter, we're looking forward to additional IND filings later this year, and that might then be able to start our actually very specific tumor-directed indication within HCC in the back half of this year. And then thereafter, we are looking to see an INDD generation coming from this platform as we go forward.

Summit Here: As we speak and conduct dose. So it was a huge amount of promise because of the specificity of the directed radiation to the tumor itself. Thereafter, we're looking forward to additional IND filing later this year and that might then be able to start off I was actually very specific tumor directed that indication within HCC.

With the Indianapolis manufacturing facility now up and running, we're looking forward to supplying the actinium part of it as well as the drug product towards the back half-- or back end to early part of next year, and that will certainly help in terms of continuing to supply and taking it forward. We are learning lessons from the front runners and those lessons will be very helpful as we go into the commercial stages in a couple of years.

Speaker Change: At the back half of this year and then thereafter, we're looking to see and I N D generation coming from this platform as we go forward, but then Indianapolis manufacturing facility now up and running we're looking forward to supplying the actinium part of it I suppose that that product towards the back half or are backend to early part of next year and that was certainly.

Samit Hirawat: Then thereafter we're looking to see an IND generation coming from this platform as we go forward within Indianapolis manufacturing facility now up and running. We're looking forward to supplying the actinium part of it as well as the drug product towards the back half or back end to early part of next year, and that will certainly help in terms of continuing the supply and taking it forward. We are learning lessons from the frontrunners, and those lessons will be very helpful as we go into the commercial stages in a couple of years.

Then thereafter we're looking to see an IND generation coming from this platform as we go forward within Indianapolis manufacturing facility now up and running. We're looking forward to supplying the actinium part of it as well as the drug product towards the back half or back end to early part of next year, and that will certainly help in terms of continuing the supply and taking it forward. We are learning lessons from the frontrunners, and those lessons will be very helpful as we go into the commercial stages in a couple of years.

Adam Lenkowsky: Adam, anything to add? Yeah, I'll just add just a few things.

Christopher Boerner: Adam, anything to add?

Adam Lenkowsky: Yes, I'll just add just a few things. RayzeBio was an important strategic acquisition that we believe continues to diversify our oncology portfolio. As Chris mentioned, we see this as a modality that's going to continue to grow over time. It'll be a competitive space, but what we liked about RayzeBio is that this is going to be an IND engine, and the lead program, RYZ101, is already in Phase III development, as you heard earlier for GEP-NEP, but we have opportunities in small cell lung cancer, for breast cancer, and potentially many other tumor types. So this is tremendously complementary to our existing portfolio.

Adam Lenkowsky: You know, RAISEbio is an important strategic acquisition that we believe continues to diversify our oncology portfolio. As Chris mentioned, we see this as a modality that's going to continue to grow over time. It'll be a competitive space, but what we liked about RAISEbio is that this is going to be an IND engine, and, you know, the lead program, RAISE 101, is already in phase three development, as you heard earlier for GEP-Net, but we have opportunities for small cell lung cancer, for breast cancer, and potentially many other tumor types. So this is tremendously complementary to our existing portfolio.

Speaker Change: Help in terms of continuing to supply and taking it forward. We're learning lessons from the front runners and those those lessons would be very helpful. As we go into the commercial stages in a couple of years, Adam anything to add yes, I'll just add just a few things.

Chris Boerner: Adam, anything to add?

Adam Lenkowsky: Yeah, I'll just add just a few things. RayzeBio was an important strategic acquisition that we believe continues to diversify our oncology portfolio. As Chris mentioned, we see this as a modality that's going to continue to grow over time. It'll be a competitive space. But what we liked about RayzeBio, this is going to be an IND engine and the lead program, RYZ101, is already in phase 3 development as you heard earlier for GEP-NETs. But we have opportunities in small cell lung cancer, in breast cancer, and potentially many other tumor types. So this is tremendously complementary to our existing portfolio. Let me go to our last question if you don't mind, Rocco.

Adam Lenkowsky: Yeah, I'll just add just a few things. RayzeBio was an important strategic acquisition that we believe continues to diversify our oncology portfolio. As Chris mentioned, we see this as a modality that's going to continue to grow over time. It'll be a competitive space. But what we liked about RayzeBio, this is going to be an IND engine and the lead program, RYZ101, is already in phase III development as you heard earlier for GEP-NETs. But we have opportunities in small cell lung cancer, in breast cancer, and potentially many other tumor types. So this is tremendously complementary to our existing portfolio.

Speaker Change: <unk>.

Adam Rocco: Important strategic acquisition that we believe continue to diversify our oncology portfolio.

Adam Rocco: As Chris mentioned, we see this as a modality that's going to continue to grow over time, it'll be a competitive space, but what we liked about raised buyout and this is gonna be in Indy engine and the lead program. We raised 101 is already in phase III development.

Adam Rocco: You heard earlier for a gap, but we have opportunities in small cell lung cancer and breast cancer and potentially many other tumor types. So this is tremendously complementary to our existing portfolio.

Chris Boerner: Let me go to our last question, if you don't mind, Rocco. Absolutely.

Timothy Power: Let me go to our last question, if you don't mind, Rocco.

Tim Power: Let's go to our last question if you don't mind, Rocco.

Operator: Absolutely. Our final question comes from Akash Tewari with Jeffreys. Please go ahead.

Operator: Our final question comes from Akash Tewari with Jeffreys. Please go ahead. Morning, thanks for taking our questions. This is Ivy on behalf of Akash. We just have two quick questions. The first one is a follow-up question for Akash.

Our final question comes from Akash Tewari with Jeffreys. Please go ahead.

Speaker Change: Please go to our last question, if you don't mind Rocco.

Operator: Absolutely. Our final question comes from Akash Tewari with Jefferies. Please go ahead.

Rocco: Absolutely. Our final question comes from Josh Sorry, with Jefferies. Please go ahead.

Unknown Analyst: Morning, thanks for taking our questions. This is Ivy on for Akash. We just have 2 quick questions. The first one is a follow-up question for KarXT. So do you think patients on the drug will develop tardive dyskinesia? If not, how will that help position KarXT in the schizophrenia market? And then our second question is on CAR-T. So why do you think CAR-T for autoimmune is more attractive with CD19 bispecifics? And also, would you consider approaches that don't require lymphodepletion? Samit?

[Analyst]: Morning. Thanks for taking our questions. This is Evie on for Akash. We just have two quick questions. The first one is a follow-up for KarXT. So do you think patients on the drug will develop tardive dyskinesia? If not, how will that help position KarXT in the schizophrenia market? Our second question is for CAR T. So why do you think CAR T for autoimmune is more attractive than CD19 bispecific? And also would you consider approaches that don't require leukapheresis?

Akash Tewari: Morning. Thanks for taking our questions. This is Evie on for Akash. We just have two quick questions. The first one is a follow-up for KarXT. So do you think patients on the drug will develop tardive dyskinesia? If not, how will that help position KarXT in the schizophrenia market? Our second question is for CAR T. So why do you think CAR T for autoimmune is more attractive than CD19 bispecific? And also would you consider approaches that don't require leukapheresis? Thanks.

Josh Sorry: Thanks for taking our questions. This is.

Josh Sorry: Gosh, we just have two quick questions. The first one is a follow up for I call XT. So do you think patients on the trial.

Christopher Boerner: Samit?

Operator: Absolutely. Our final question comes from Akash Tewari with Jeffreys. Please go ahead.

Josh Sorry: Carney dyskinesia, if not Hagen dazs compensation costs, and that's giving us plenty of market and then our second question is for car T. So why do you think car team for all of EMEA, It's more attractive for the 19 vice versa by specialty.

Samit Hirawat: Sure. Thank you. First of all, a great profile for KarXT, which I think Adam has spoken about earlier. From a safety profile perspective, and the data has recently been presented also at the SIRS conference, where we do not see the same toxicities that are seen with the atypical, such as tardive dyskinesia, the movement disorders, as well as many of the other elements that have been spoken about, so I won't repeat. So that's why we are very confident in the profile and looking forward to bringing it to patients with schizophrenia.

Josh Sorry: And also would you consider approaches that don't require the equation. Thanks.

Adam Lenkowsky: Thanks Sanet.

Chris Boerner: Samit.

Samit Hirawat: Sure, thank you. First of all, great profile for KarXT that I think Adam has spoken about earlier from a safety profile perspective, and the data has recently been presented also at the CERS conference, where we do not see the same toxicities that are seen with the atypical, such as the tardive dyskinesia, the movement disorders, and many of the other elements that have been spoken about. So I won't repeat. So that's why we are very confident on the profile and looking forward to bring it to the patients with schizophrenia.

Speaker Change: Sure. Thank you first of all a great profile for Galaxy that I think Adam has spoken about earlier from a safety profile perspective, and the data have recently been presented also at the <unk> Conference, where we do not see the same toxicities that I've seen with the difficult such as the tardive dyskinesia the movement disorders as well as many of the other.

Speaker Change: Elements that have been spoken about so I won't repeat so that's why we are very confident in the profile and looking forward to bring it to the patients with schizophrenia, and then as David said earlier with other indications as well for 80 psychosis agitation bipolar disorders and others that we're exploring.

Samit Hirawat: And then, as David said earlier, with other indications as well for AD psychosis, agitation, bipolar disorders, and others that we are exploring on the CAR T side, certainly an advantage for a single infusion leading to good outcomes for patients, especially starting with SLE in the refractory setting where patients have had multiple other treatments, ongoing, and organ dysfunction that occurs in these patients. That is the advantage. A single infusion, if that can cause tremendous transformational outcomes for these patients. As you know, our program is quite large, so we are also looking at multiple sclerosis, as well as systemic sclerosis, as well as idiopathic myositis. So those programs, as they enroll patients, will generate the data, and we are hoping to be able to present some data from SLE later this year.

And then, as David said earlier, with other indications as well for AD psychosis, agitation, bipolar disorders, and others that we are exploring on the CAR T side, certainly an advantage for a single infusion leading to good outcomes for patients, especially starting with SLE in the refractory setting where patients have had multiple other treatments, ongoing, and organ dysfunction that occurs in these patients. That is the advantage. A single infusion, if that can cause tremendous transformational outcomes for these patients. As you know, our program is quite large, so we are also looking at multiple sclerosis, as well as systemic sclerosis, as well as idiopathic myositis. So those programs, as they enroll patients, will generate the data, and we are hoping to be able to present some data from SLE later this year. Certainly future approaches might include non-lymphodepletion therapies, but we're not ready for that right now. Thank you.

Samit Hirawat: And then, as David said earlier, with other indications as well, for AD psychosis, agitation, bipolar disorders, and others that we are exploring. On the CAR-T side, certainly an advantage for a single infusion leading to good outcomes for patients, especially starting with SLE in the refractory setting, where patients have had multiple other treatments ongoing and organ dysfunction that occurs in these patients. That is the advantage; a single infusion if that can cause tremendous transformational outcomes for these patients.

Speaker Change: On the car T side, certainly an advantage for a single infusion leading to good outcomes for patients, especially starting with SLE in the refractory setting where patients have had multiple other treatments ongoing and organ dysfunction that occurs in these patients.

Speaker Change: That is the advantage a single infusion if that can cause a tremendous add a transformational outcomes for these patients as you know our program is quite large. So we're also looking at multiple sclerosis, systemic sclerosis as well as.

Samit Hirawat: As you know, our program is quite large, so we are also looking at multiple sclerosis, as well as systemic sclerosis, as well as idiopathic myositis. So those programs, as they enroll patients, will generate the data, and we are hoping to be able to present some data from SLE later this year. And certainly, future approaches might include non-lymphoid depletion therapies, but we are not ready for that right now. Thank you. Thanks.

As you know, our program is quite large, so we are also looking at multiple sclerosis, as well as systemic sclerosis, as well as idiopathic myositis. So those programs, as they enroll patients, will generate the data, and we are hoping to be able to present some data from SLE later this year. And certainly, future approaches might include non-lymphoid depletion therapies, but we are not ready for that right now. Thank you.

Speaker Change: Idiopathic myositis. So those programs are then enrolled patients I will generate the data and we are hoping to be able to present some data from S. N. E. Later this year and certainly a future approaches might include non lymphoid depletion therapies, but we're not ready for that right now.

Samit Hirawat: Certainly future approaches might include non-lymphodepletion therapies, but we're not ready for that right now. Thank you.

Chris Boerner: Thanks, Samit, and maybe I'll just close by saying first, thank you all for joining the call today. I know it is a very busy day for all of you, so maybe I'll just leave you with a few things first. We're off to a very good start in 2024. Our performance this quarter reflects execution and actions that we've taken to strengthen the company's long-term growth profile. Our business outlook remains unchanged from the beginning of the year, and of course, we look forward to sharing our continued progress on future calls. And with that, we'll close the call. And as always, the team is available to answer any questions you have following today's discussion. And I hope all of you have a very good day.

Christopher Boerner: Thanks, Samit. And maybe I'll just close by saying, first, thank you all for joining the call today. I know it is a very busy day for all of you, so maybe I'll just leave you with a few things. First, we're off to a very good start in 2024. Our performance this quarter reflects execution and actions that we've taken to strengthen the company's long-term growth profile. Our business outlook remains unchanged from the beginning of the year. And, of course, we look forward to sharing our continued progress on future calls. And with that, we'll close the call. And, as always, the team is available to answer any questions you have following today's discussion. And I hope all of you have a very good day.

Chris Boerner: Thank you. Thanks, Samit. And maybe I'll just close by saying, first, thank you all for joining the call today. I know it is a very busy day for all of you, so maybe I'll just leave you with a few things.

Speaker Change: Thanks, Amit and maybe I'll just close by saying first thank you all for joining the call today I know it is a very busy day for all of you. So maybe I'll just leave you with a few things first we're off to a very good start in 2024.

Chris Boerner: First, we're off to a very good start in 2024. Our performance this quarter reflects execution and actions that we've taken to strengthen the company's long-term growth profile. Our business outlook remains unchanged from the beginning of the year.

Speaker Change: Our performance this quarter reflects execution and actions that we've taken to strengthen the company's long term growth profile, our business outlook remains unchanged from the beginning of the year and of course, we look forward to sharing our continued progress on future calls and with that we'll close the call and as always the team is available.

Chris Boerner: And, of course, we look forward to sharing our continued progress on future calls. And with that, we'll close the call. And, as always, the team is available to answer any questions you have following today's discussion. And I hope all of you have a very good day.

Speaker Change: Answer any questions you have following today's discussion and I hope all of you have a very good day.

Operator: Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

Operator: Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

Speaker Change: Yeah.

Speaker Change: Thank you. This concludes today's conference call. We thank you all for attending today's presentation you may.

Speaker Change: Now disconnect your lines and have a wonderful day.

Speaker Change: Yeah.

[Analyst]: Sam.

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