Q3 2025 Bristol Myers Squibb Co Earnings Call

Speaker #1: Welcome to the Bristol Myers third Quarter 2020 earnings conference call . All participants will be in a listen only mode . Should you need assistance , please signal a conference specialist by pressing the star key , followed by zero .

Speaker #1: 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 .

Speaker #1: To withdraw your question , please press star . Then two . Please note this event is being recorded . I would now like to turn the conference over to Chuck Triano Senior Vice President and Head of Investor Relations .

Speaker #1: Please go ahead .

Speaker #2: Thank you and good morning , everyone . We appreciate you joining our third quarter 2020 earnings call . With me this morning with prepared remarks are Chris Boerner , our board chair and chief Executive officer .

Speaker #2: And David Elkins , our chief Financial officer . Also participating in today's call is Adam Linkowski , our chief commercialization Officer . And we welcome Christian , our recently appointed Chief medical officer and head of Global Drug development .

Speaker #2: Earlier this morning , we posted our quarterly slide presentation to Bms.com that you can use to follow along with Chris and David's remarks .

Speaker #2: Before we get started , I'll remind everybody that during this call , we will make statements about the company's future plans and prospects that constitute forward looking statements .

Speaker #2: Actual results may differ materially from those indicated by those forward looking statements . As a result of various important factors , including those discussed in the company's SEC filings .

Speaker #2: 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 , and we specifically disclaim any obligation to update forward looking statements , even if our estimates change .

Speaker #2: 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 #2: Finally , unless otherwise stated , all comparisons are made from the same period in 2020 . Four and sales growth rates will be discussed on an underlying basis , which excludes the impact of foreign exchange .

Speaker #2: All references to our personnel are on a non-GAAP basis. And with that, I'll hand it over to Chris.

Speaker #3: Thanks , Chuck . Welcome . And thank you for joining our third quarter earnings call . Q3 was another strong quarter reflecting focused execution across the business as we continue to make progress on our plan to position Bristol-Myers Squibb for long term sustainable growth .

Speaker #3: Building on the momentum from the first half of the year , we saw continued strong demand across our growth portfolio , achieved positive clinical and regulatory milestones , and further aligned our cost structure with the needs of our business .

Speaker #3: Let me start with a high level review of our quarterly performance on slide four . Our growth portfolio delivered another strong quarter with sales increasing 17% year over year , strengthening the foundation we're building with assets that are early in their life cycle .

Speaker #3: Growth was driven by multiple products , including our I o portfolio , Reblozyl , Camzyos and Breyanzi . And due to our strong performance to date , we are again raising our top line guidance and maintaining the midpoint of our bottom line guidance .

Speaker #3: David will provide more details shortly . Our two recent launches performed well in Q3 is delivering steady growth as we continue to receive positive feedback from physicians on key indicators supporting our expectation that this is a meaningful first indication for Kobin .

Speaker #3: Launch is also tracking well from a clinical and regulatory standpoint . I want to highlight a few recent updates on the clinical data side in our protein degradation platform .

Speaker #3: The phase three Excalibur study for iberdomide in patients with relapsed or refractory multiple myeloma demonstrated a statistically significant improvement in MRD negativity rates .

Speaker #3: Now that we have these results in hand , we will be discussing these compelling data and potential paths forward with health authorities . The trial will continue to evaluate PFS , which is expected in 2026 .

Speaker #3: Selma's have the promise to be a new foundation in the treatment of hematological malignancies . More broadly , our multi-pronged protein degradation platform has the opportunity to also address solid tumors initially with our oral androgen receptor ligand directed degrader , among others .

Speaker #3: At the World Lung Conference last month , we presented phase two data for Puma with our partners at BioNTech . The Clinical development program is advancing and broadening for this important asset .

Speaker #3: Last month , we initiated the pivotal triple negative Breast Cancer study and planned to share early data at the San Antonio Breast Cancer Symposium in December .

Speaker #3: Additionally, pivotal studies for Puma and chemotherapy combinations are now initiating in first-line microsatellite stable colorectal cancer and first-line gastric cancer.

Speaker #3: This week , we announced encouraging data at the American College of Rheumatology Convergence conference , which continued to strengthen our conviction behind Cd19 .

Speaker #3: Next , in autoimmune diseases . And Sotyktu in rheumatology . We presented additional follow up data for Cd19 next in both lupus and scleroderma , and presented the first disclosure of data in myositis for Sotyktu .

Speaker #3: The long term extension data from the phase two Paisley study continues to validate its potential in lupus . As we look forward to phase three results on the regulatory side , we achieved several milestones which include our potential first in class bispecific ADC receiving breakthrough Therapy designation for previously treated advanced EGFR mutated non-small cell lung cancer , and earlier this month , the FDA granted Fast Track designation to our Anti-tau antibody for the treatment of Alzheimer's disease .

Speaker #3: Currently , in a phase two study with data expected to readout in 2027 . Together , these milestones highlight the potential of our pipeline to both enhance and sustain growth in the outer years by addressing critical areas of unmet need and the importance of advancing these programs quickly and efficiently .

Speaker #3: On the business development front , we recently announced we are acquiring orbital Therapeutics to strengthen our cell therapy franchise , where we have industry leading expertise .

Speaker #3: This acquisition will add a potential off the shelf best in class asset . OT 201 , which can be administered in the community setting .

Speaker #3: This in vivo CAR-T represents a novel treatment approach that could redefine how we treat autoimmune diseases. We will also gain access to Orbital's differentiated RNA technology platform, which combines various RNA engineering and advanced delivery methods.

Speaker #3: In addition , we saw progress with our partner system , immune as we announced that the first patient was treated in the global phase two three trial of Isabrin in previously untreated triple negative breast cancer ineligible for Anti-pd-l1 drugs .

Speaker #3: In August , we closed the previously announced licensing agreement with Philochem for exclusive worldwide rights to onco aqp3 potential best in class Radiopharmaceutical therapeutic and diagnostic agent with the opportunity to become a breakthrough treatment for prostate cancer .

Speaker #3: We continue to be excited about the overall opportunity with radiopharmaceuticals and believe biochem added to raise offer a transformational platform for cancer treatment .

Speaker #3: In terms of progress, we opened a U.S. manufacturing hub with the ability to deliver next-generation radiopharmaceutical therapies directly to patients within just three days of production.

Speaker #3: A critical advantage due to the short shelf life of Rdts , the facility is currently manufacturing clinical doses of Ray's 101 , which is in phase three clinical trials for Gep-nets .

Speaker #3: Moving on to key data catalysts on slide five . As we've said before , we are entering a data rich period . We continue to anticipate data readout for adept two by the end of this year , and have two additional studies in Alzheimer's disease , psychosis , both of which are expected to read out next year .

Speaker #3: We anticipate needing two of these three studies to readout positively to support regulatory approval . The pace of pivotal readouts will accelerate in 2026 .

Speaker #3: As a reminder , over the next 12 to 24 months alone , we expect data for seven new molecular entities and seven meaningful life cycle management opportunities , among others .

Speaker #3: We will see data for Admiral parent and IPF , a fatal lung disease with high unmet need . Cell models Iberdomide and Msigdb , which represent a significant step forward in the treatment of multiple myeloma .

Speaker #3: The broad milvexian program , where we are running three large phase three trials to address ongoing unmet needs for patients with cardiovascular disease , including an AFib trial that could potentially open treatment to at least the 40% of AFib patients not suitable for factor Xase .

Speaker #3: Today , and a broad range of Alzheimer's related neuropsychiatric conditions and sotyktu in lupus and Sjogren's . Together , these represent an attractive set of near-term catalysts that can further shape our pipeline and longer term growth trajectory .

Speaker #3: Given the significant commercial potential of these indications and looking out a bit further by the end of this decade , we have the potential to introduce ten new medicines to the market and at least 30 significant life cycle management opportunities .

Speaker #3: This strategy is designed to set BMS on a clear path of strong and sustainable growth, which remains our guiding principle. Beyond the specific commercial and R&D highlights, the company continues to focus on strong financial discipline consistent with prior quarters.

Speaker #3: While we generated significant cash flow in the third quarter , we also continued to be prudent in managing our expenses as we align our cost structure with the projected shape of our business .

Speaker #3: In addition , we progressed our efforts in the quarter to rewire how we operate , including continuing to integrate digital technology and AI across the company .

Speaker #3: We anticipate these efforts will drive additional efficiencies going forward , and significantly enhance the agility of the organization . So what does this mean between our growth portfolio performance , the business development activity ?

Speaker #3: I just referenced , including the BioNTech partnership , and combined with our broad pipeline and strong financial discipline , we feel even better about our longer term growth potential .

Speaker #3: I want to take a moment to thank my colleagues around the globe who are committed to our mission to discover, develop, and deliver innovative and life-changing medicines to patients.

Speaker #3: With that , I'll turn it over to David . Thank you , Chris , and good morning , everyone . I'm pleased to .

Speaker #3: report another strong quarter of execution . The growth .

Speaker #4: The portfolio continues to perform well, and we continue to maintain cost discipline. Now turning to the third quarter sales performance on slide seven.

Speaker #4: Total company sales were approximately $12.2 billion , which reflects strong demand across our business . Global sales of the growth portfolio increased 17% , driven primarily by demand across multiple brands , notably our I o portfolio Reblozyl , Camzyos and Brioni .

Speaker #4: Beginning with our review of the oncology portfolio on slide eight , Opdivo global sales were approximately $2.5 billion , up 6% , driven primarily by continued demand in the US .

Speaker #4: Sales grew 6% to roughly $1.5 billion , largely driven by a strong launch in MSI high colorectal cancer and continued share growth in first line non-small cell lung cancer .

Speaker #4: This growth was achieved even as we saw expanded uptake of cuvinte outside the US . Sales grew 6% , driven by demand with expanded indications across multiple markets .

Speaker #4: We are pleased with the expanded growth of with sales of $67 million in the quarter . Growth was fueled by continued use across all indicated tumor types as well as the permanent j-code received in the quarter due to the strong performance year to date , we now expect global Opdivo sales together with Cavotec to deliver stronger growth than previously guided , with sales expected to increase in the high single digit to low double digit range for the full year .

Speaker #4: Turning to our hematology performance on slide nine , robust global sales were $615 million in the quarter , reflecting continued strength across our MDS associated anemia indications .

Speaker #4: We're annualizing over $2 billion in sales for the brand in the US . Revenue growth continues to be strong , up 38% , primarily due to demand in first line SES positive and Rs negative setting , as well as improved duration of therapy outside the US .

Speaker #4: Rebozo sales grew 31% , driven by demand and newly launched markets . Moving to Breyanzi , sales were $359 million in the quarter and now annualizing over $1 billion .

Speaker #4: Global sales grew 58% , reflecting strong demand across all indications in US sales were $251 million , growing 45% , reflecting growth in large B-cell lymphoma and expansion from new indications approved last year .

Speaker #4: Outside the US , sales were $109 million , more than doubling due to continued strong demand across existing markets . Along with added demand from newly launched markets .

Speaker #4: Transitioning to our cardiovascular performance on slide ten . Starting with Camzyos global sales increased 88% to $296 million , reflecting continued robust demand .

Speaker #4: This is another asset in our growth portfolio . Also , now annualizing over $1 billion in the US . Sales were $238 million , up 76% , driven primarily by increasing new patient starts outside the US sales growth more than doubled , driven by continued launch momentum and multiple markets .

Speaker #4: Eliquis global sales were $3.7 billion , growing 23% , primarily driven by continued strong demand and the expected favorable impact of Medicare Part D redesign .

Speaker #4: US sales grew 29% and US sales grew 11% . Moving to immunology , performance on slide 11 , Tyk2 sales grew 20% globally in the US , sales remained consistent with prior year due to demand being offset by higher rebates associated with our increased commercial access .

Speaker #4: Now turning to discuss on slide 12 . Sales were $43 million in the quarter and $105 million year to date . As previously communicated , sales and weekly total prescriptions continued to grow steadily .

Speaker #4: We remain focused on disrupting the entrenched D2 prescribing behavior by educating physicians on these innovative profile , and we've completed our field force expansion to increase reach and frequency to targeted healthcare professionals .

Speaker #4: Now , let's move to the PNL on slide 13 . Gross margin was approximately 73% , primarily due to product mix . As expected , operating expenses decreased by approximately $100 million to roughly $4.2 billion , compared to the same period last year , primarily reflecting the savings from our ongoing strategic productivity initiatives .

Speaker #4: Our effective tax rate in the quarter was 22.3% , reflecting our earnings mix . Overall , diluted earnings per share was $1.63 due to strong performance in the quarter , and includes net charges of approximately $530 million , or $0.20 per share , attributed to acquired in-process R&D and licensing income primarily related to the asset license and system milestone payment .

Speaker #4: Turning to the balance sheet and capital allocation highlights on slide 14 , our financial position remains strong . We generated cash flow from operations of about $6.3 billion in the third quarter , with nearly $17 billion in cash , cash equivalents and marketable securities .

Speaker #4: As of September 30th , our capital allocation priorities remain unchanged as we continue to take a strategic and balanced approach . As Chris mentioned in recent months , we closed our licensing agreement with Philochem , announced the acquisition of Orbital Therapeutics , and advanced our Cysteamine partnership , strategically investing in our growth portfolio brands , along with business development , are our top priorities .

Speaker #4: We also continue to be on track to further delever our balance sheet . As of the end of the third quarter , we have paid $6.7 billion of the $10 billion debt .

Speaker #4: Paydown we've committed to by the first half of 2026, and we remain committed to returning capital to our shareholders through the dividend.

Speaker #4: Now, turning to our non-GAAP guidance on slide 15. We are increasing our full year revenue guidance by $750 million at the midpoint to a range of $47.5 billion to $48 billion, primarily reflecting continued strong performance of our growth portfolio.

Speaker #4: We continue to expect the legacy portfolio to decline approximately 15 to 17% for the year , and our Revlimid sales expectation remain at approximately $3 billion , along with the continued impacts from generics of populist in Europe , Sprycel and Abraxane , our gross margin guidance for the year remains unchanged at approximately 72% , and our operating expense guidance also remains unchanged at approximately $16.5 billion , reflecting over $1 billion in net savings versus 2024 .

Speaker #4: Regarding Oine , we now expect annual income of approximately $500 million due to higher than anticipated royalties , licensing income , and favorable interest income .

Speaker #4: We are maintaining our full year tax guidance of approximately 18% as a result of our strong performance year to date , the midpoint of our revised 2025 non-GAAP guidance would have increased by approximately $0.20 per share .

Speaker #4: This increase was offset by the net impact of acquired in-process R&D charges and licensing income , primarily related to asset license and a milestone payment .

Speaker #4: As a result , we are narrowing our expected EPs range for 2025 to be between $6.40 and $6.60 , which leaves the midpoint of our range unchanged .

Speaker #4: Taken all together , I'm pleased with the performance of the business year to date , and I'd like to thank our colleagues around the world for their continued focus and execution .

Speaker #4: With that , I'll turn the call back over to Chuck to start Q&A .

Speaker #5: Thanks , David . And before we start our Q&A session , I want to note that questions related to our solid tumor development programs will be answered by Adam , rather than Christian .

Speaker #5: During today's call . And with that , Betsy , could you please poll for questions ?

Speaker #1: We will now begin the question and answer session . To ask a question , you may press star . Then one on your telephone keypad .

Speaker #1: If you are using a speakerphone , please pick up your handset before pressing the keys . To withdraw your question , please press star then two .

Speaker #1: At this time , we will pause momentarily to assemble our roster . The first question today comes from Chris Short with J.P. Morgan .

Speaker #1: Please go ahead .

Speaker #6: Oh , great . Thanks so much for the question . Just wanted to start with the DEP two . Is there any additional updates you can give us in terms of any actions , if any , that you've taken following some of the clinical site reviews you highlighted on the two ?

Speaker #6: Q earnings ? And then maybe just putting the broader adept program into context as we think about adept one . And for next year , can you talk about the relative confidence you have in those studies ?

Speaker #6: Relative to adept ? Two , just given some of the differences in study designs , just just an update of broadly on how you're thinking about that indication .

Speaker #6: Thank you .

Speaker #7: Sure . Thanks for the question , Chris . Maybe I'll start . And then obviously Christian can chime in with any additional context he has .

Speaker #7: So just remember , adept two is obviously an ongoing study , and it's an ongoing study . As I referenced in my prepared remarks , it has a readout in the next two months .

Speaker #7: So, we're not going to be able to provide a lot of specific comments on the product. But what I can say are a few things.

Speaker #7: First , I will reiterate that we expect results by the end of the year . And of course , we'll communicate those results as we normally do .

Speaker #7: The second thing I would say , which really gets to the second part of your question , is , while we remain blinded to the data , our confidence in the development program , including an ADP , continues to be strong .

Speaker #7: And with respect to ADP, I just remind you of the source of that confidence. We obviously have compelling external data going back to the Lilly data in the late '90s.

Speaker #7: We're hearing very interesting real world stories based on our experience , albeit in schizophrenia . And of course , we have internal data with respect to the adept one lead in and the adept three extension data .

Speaker #7: So so that's what I would say about adept two . But if I step back from the specific studies , remember the work that we're doing in development fits with the focus that we have on execution .

Speaker #7: Really across the company . And given the importance of the late stage studies , I think it's prudent that we take whatever learnings we can and pull whatever appropriate levers we can to ensure that we deliver these studies with the highest Pts .

Speaker #7: And on time . We're obviously excited to have Christian on board to bring a fresh perspective to that . So net net , I feel good about where we are in terms of working through the broader development programs and ensuring that we're executing appropriately .

Speaker #7: But Christian , I don't know if you want to add anything .

Speaker #8: Thanks , Chris . Yeah . Let me let me try to first of all , reassure that the development program is progressing really rapid pace .

Speaker #8: We currently have in the in the development plan a 14 studies that are ongoing or in the process to be activated at ten of those studies are pivotal studies .

Speaker #8: We actually posted . Maybe I've seen a pivotal study in bipolar mania balsam for we are also expanding the indications we plan to initiate pivotal studies in autism spectrum irritability in next year .

Speaker #8: So the program is moving at pace . I think , Chris , you answered very well . The reason to believe , I want to add that your part of your question was some differences .

Speaker #8: Just to clarify , adept for is very similar to adept two is the sister of the brother study . So we are we are doing adept four exactly with the in the same patient population with the same primary endpoint , then adept to the readout , as you know , is projected next year .

Speaker #8: Adept one is slightly different because it's a relapse prevention design . This is a trial in which patients are enrolled into for 12 weeks .

Speaker #8: And then at the end of that period , based on the response on the psychosis metrics and CGI , the patient is randomized to and placebo .

Speaker #8: So different, different approach. But same same setting.

Speaker #5: Great . Thank you both . Can we move to our next question please .

Speaker #1: The next question comes from Jeff Meacham with Citi . Please go ahead .

Speaker #9: All right . Hey , guys . Morning . Thanks for the question . Just have a couple also on cabins , but more commercial .

Speaker #9: How would you guys characterize the speed of reimbursement and maybe the depth of prescribers in the US ? I guess I'm just looking for what could be a tipping point of demand , as it sounds like maybe there's more work to do on education .

Speaker #9: And then I also wanted to loop in Christian here . I know obviously , early days , but can you give us a sense of your priorities and maybe approach to development for a diversified portfolio like Bristol ?

Speaker #9: Thank you .

Speaker #7: Adam . Then . Christian .

Speaker #10: Yep . Thanks for the question . So we're pleased with the progress that we've made in the first full year on the market .

Speaker #10: And we're establishing a new treatment paradigm in what we knew was going to be a highly entrenched market . As you have probably seen , we've now surpassed 2400 TRX on a weekly basis , and we expect to see continued steady growth .

Speaker #10: You know , we are adding a significant number of new trialists each week . Physician feedback continues to be positive regarding its profile , and we're very pleased with the the pace of access that we're able to establish early on .

Speaker #10: As you as you know , and as a reminder that this is a heavy Medicare , Medicaid population . And so we have virtually 100% access across both .

Speaker #10: Now , stepping back , there's clearly more work to do in year two . We need to continue to increase both breadth and depth of prescribing , which will drive additional growth for the brand .

Speaker #10: We've onboarded our expanded field force now in the community and in the hospital setting . And so based on the leading indicators that we're seeing is going to deliver continued steady growth in schizophrenia and longer term growth is going to be fueled by additional indications .

Speaker #10: As Christian has stated . And that's what we've also seen with other antipsychotics in the market . But we are confident that we will be a big drug over time .

Speaker #10: Christian .

Speaker #8: Yeah . And Jeff , thanks for the question . Let me tell you why I decided to join BMS beyond the fact that I like Chris , is is the first thing is the science .

Speaker #8: BMS always did a very strong science and continue to do it . And of course the portfolio is an impressive portfolio across therapeutic areas with a lot of potential .

Speaker #8: First in class and or best in class assets . So this is of course the basis . I also like very much the focus the BMS is having in the therapeutic areas where it's playing , because beyond oncology and hematology , the focus on immunology , cardiovascular , neuroscience specifically , you know , those areas where you have the intersection , the best intersection of what is the current or the emerging biology rationale and the medical need .

Speaker #8: Of course , BMS people is always been a very highly reputated . I found a very strong development organization here . What I want to do here , what I'm starting to do and want to continue to do , is evolve .

Speaker #8: These drug development organisation to try to deliver on , on the pipeline , the short and mid and long term pipeline focus on the key strategic priority .

Speaker #8: I have three main areas where I started to work . I will continue to work . The first . The first thing is are we prioritize our our ongoing and future opportunities .

Speaker #8: Usually is a science , strong science , and needs to be the basis that we do execution , flawless execution is incredibly important in development .

Speaker #8: And then the value because what we need , what we do , needs to bring value to the patients and of course to the company .

Speaker #8: The other aspects I'm starting to work with a lot of urgency is integrating new way of working in development . You know , we are a turning point .

Speaker #8: We cannot continue to do things like we are doing in the last decades . We have AI , we have a novel solution and tools , and this needs urgently be integrated in the way we work .

Speaker #8: The last thing is people , I need to continue to build . I want to continue to build the right teams and attract talent in the company .

Speaker #7: Thanks , Christian .

Speaker #5: Thank you . Next question please .

Speaker #1: The next question comes from Evan Seggerman with BMO Capital Markets . Please go ahead .

Speaker #11: Hi , guys . Thank you so much for taking my question . I want to touch on the competitive landscape for the Pd-l1 , VEGF bispecific .

Speaker #11: So we saw some data at SFO with PFS benefit and the Harmony six trial . In squamous non-small cell lung cancer . Can you just help frame how that maybe informs how you're thinking about your partnership with BioNTech .

Speaker #11: Does it make you more incrementally confident or is it really too early to read into kind of your program ? Thank you so much .

Speaker #7: Thanks , Evan . Let me just say one thing about BioNTech , and then I'll turn it over to Adam . That partnership continues to go very well .

Speaker #7: We have a very tight relationship with BioNTech , both on the development side and of course , anticipating the commercial opportunity on the commercial side and so far that that relationship is quite strong .

Speaker #7: But , Adam , do you want to go through the details ?

Speaker #10: Sure , sure . Thanks , Chris and Evan , good to talk to you . So we believe that IVIg has the potential to become a new standard of care .

Speaker #10: The data that we have seen , both from BioNTech as well as from the competitors , adds to our conviction and broad development program that we have for Minimig .

Speaker #10: We have multiple trials that are currently ongoing across several solid tumor indications . As you know , we've got first line non-small cell lung cancer .

Speaker #10: We just presented data in small cell lung cancer . And we also have triple negative breast cancer . First line initiating . We will be presenting TNBC data at San Antonio Breast in December .

Speaker #10: We've also been working with urgency with our BioNTech partners and have made very good progress building a robust clinical development program . In fact , we'll be initiating two new studies that are now posted on ClinicalTrials.gov in first line Mskcc .

Speaker #10: And as you know , that's not a place where first generation PD one Pd-l1s have shown activity as well as in first line gastric cancer .

Speaker #10: So , you know , our focus is on speed to market our opportunity is to be either first or second to market across indications .

Speaker #10: And we feel very good about combining our industry leading commercial and operational capabilities with BioNTech scientific expertise . And we plan to maximize the potential of this asset .

Speaker #7: Thanks .

Speaker #10: Adam .

Speaker #5: Let's take our next question , please .

Speaker #1: The next question comes from David Asylum with Piper Sandler . Please go ahead .

Speaker #12: Thanks . So I wanted to come back to and not trying to read too much into the prescription data over the summer relative to earlier this year .

Speaker #12: But I did want to ask about how you're thinking about a potential or key barriers to adoption thus far . Is it GI tolerability ?

Speaker #12: Is it twice-daily dosing? Is it just prescriber inertia in terms of the dominance of the D2 blockers? I just wanted to get a better sense of what you're hearing and seeing in the field, and what you think you need to do to drive more acceptance of the product.

Speaker #12: Among you .

Speaker #12: psychiatrists . Thank

Speaker #7: Thanks for the question , David . I'll turn it to Adam . But one thing I just was in the field on with sales reps very recently .

Speaker #7: And what

Speaker #7: I would say is that once physicians begin to use this product and patients have access to it , one thing that gives us a lot of confidence about the long term potential of this product in schizophrenia is the feedback that we're getting from both feedback continues to be very strong , but I'll let Adam go through the specifics around your question .

Speaker #10: Yeah , David , I appreciate the question . So , you know , as I said earlier , we're pleased with the progress that we've made .

Speaker #10: We're now , you know , just about a little over one year on the market right now . And , you know , this is an entrenched market as we know , this is the first new mechanism that's been approved in over three decades in the space .

Speaker #10: And so I think what's really important , what what we look for in terms of leading indicators are adding new triallists . And , you know , we're tracking very well on a weekly basis , as well as new prescriptions .

Speaker #10: When we look at the , you know , the feedback in general , the feedback is very positive regarding this profile . As Chris mentioned , I would say that the number one question that we get as a team is around how to switch from a D2 to Co-benefit and , you know , even from physicians who are sitting on the sidelines , that's the question they want to know .

Speaker #10: And so we've got robust peer to peer activities that are ongoing . We've introduced real world data , and we have a phase four switch study that reads out early next year .

Speaker #10: All will help build physician confidence . What I'll say is , if you look historically all . The recently launched D2's we are tracking ahead of all recently launched analogs in schizophrenia .

Speaker #10: So based on everything that we're seeing , we feel good about the performance for we will get a contingency , steady growth and the inflection will come as we continue to add new indications .

Speaker #5: Thanks , Adam . Betsy , can we take our next question , please ?

Speaker #1: The next question comes from Asad Haider with Goldman Sachs . Please go ahead .

Speaker #13: Great . Thanks for taking the question and congrats on the quarter . Just first for Chris or David . On the cost side , as it relates to your strategic productivity initiatives , where another billion dollars in cost savings is expected to drop to the bottom line by 2027 .

Speaker #13: Any updated thoughts on the shape of this over the next couple of years ? In the context of the potential R&D expenses associated with the development of BNT 327 as it starts to move forward into later stage .

Speaker #13: Phase three programs . Recognizing , of course , that you have other phase three programs over the next 2018 to 24 months that are going to come off .

Speaker #13: Just trying to understand the margin trajectory as we go through these pushes and pulls . And then second , for Kristian , maybe just double clicking on your previous response .

Speaker #13: Could you share with us any early thoughts on the pipeline ? And if there are programs that you're particularly encouraged by ? Thank you .

Speaker #7: Maybe I'll start and turn it to David for the first question , and then Kristian , you can pick up the second question just on the cost side , as David goes through some of the specifics , the one thing I would just remind everyone is that the way we think about cost and our investment profile generally is there's a balance that's going to be maintained .

Speaker #7: One is continuing to invest in areas to drive value and growth . That's not only on the pipeline , including being , but the R&D organization .

Speaker #7: More generally . And then , of course , as we did this past few quarters , investing in the growth profile of the company with Adams organization , at the same time , we have committed and I think you've seen it in the numbers over the last number of quarters , is we're going to be disciplined with respect to financial management and that that's going to be our operating approach going forward .

Speaker #7: David .

Speaker #14: Yeah , I know 26 is top of mind for for many folks . And so let me just share with you how I'm thinking about it overall .

Speaker #14: You know , first we're exiting 2025 with really strong performance from our growth portfolio . And a year to date it's up 16% .

Speaker #14: And as I said in the prepared remarks , we now have four products that are annualizing greater than $1 billion in net growth portfolio .

Speaker #14: So we're exiting this year in really good shape as we head into next year . We're also executing well against our efficiency commitments .

Speaker #14: We're on track for $1 billion this year , and we have clear line of sight to the $2 billion that we're targeting by 2027 .

Speaker #14: So feel good about that as well . And also remember , we have numerous phase three programs completing next year and going into 2027 .

Speaker #14: And just as a reference point , our 2024 call space was $17.8 billion . And we're guiding $16.5 billion this year . So we made really good progress .

Speaker #14: And , you know , I'd say overall , we have clear line of sight to the pushes and pulls of 26 . And I feel confident in our ability to manage the cost base .

Speaker #14: And as Chris said , you know what we're doing , we're focused on balancing up investments that we need to do in order to drive growth in the growth portfolio , as well as to create headroom for additional business development .

Speaker #14: And we'll balance that with our savings program . And look , we're getting smarter as we go . And we see additional opportunities .

Speaker #14: So we have a lot of flexibility . And we're going to remain financially disciplined as we go through this transition period . And this financial discipline .

Speaker #14: You know , not only helps us manage our margins , but it also provides a strong basis to deliver cash flows to strengthen the balance sheet .

Speaker #14: As we committed to provide both strategic and financial flexibility and continue to build on the growth portfolio .

Speaker #5: Great . Thank you , David . Let's take our next question . Christian . Oh , Christian . Sorry .

Speaker #7: Yes .

Speaker #8: Okay . Hey , you know , I can speak a lot lengthy on the .

Speaker #15: Question .

Speaker #8: As . Thank you . Thank you for the question . It I mean , you know , I cannot speak about solid tumors and oncology , but are a lot of exciting readouts and assets in that , in that portfolio .

Speaker #8: I think we talked about , you know , invested . We are on on this drug and how excited we are because there are multiple readouts in front of us .

Speaker #8: I want to speak on two short terms , potentially readouts . One is Milvexian , you know , when I dept dig into my vaccine , I think a BMS , first of all has a deep expertise and understanding of this area .

Speaker #8: This market cardiovascular . This is a oral next generation factor . 11 , a anticoagulant there be the first maybe and the only factor 11 A in atrial fibrillation .

Speaker #8: And X is a potentially best in class in SSP . So I'm really eager to see the readouts of these of these studies .

Speaker #8: You know , SSP are planned next year . And we are really pleased that we can complete atrial fibrillation study next year . The other the other drug , I want to point out is Adam Parent .

Speaker #8: Because I'm a parent , is playing in a very difficult disease , a pulmonary fibrosis . That is a huge medical need . And Chris mentioned that I think we have very strong proof of concept in both IPF and PPF because the phase two study that is underneath the Registrational programs show more than 60% improvement in lung function decline .

Speaker #8: I think this is a give us a lot of confidence on the two pivotal studies . I'm very eager to see the IPF one dynamics here , but now let me talk a little bit about the platform , because this is a short term .

Speaker #8: More on the mid-term . I'm really , really excited in what are some of the scientific platforms this company can leverage ? One is the protein degradation .

Speaker #8: You know, BMS is a leader in this space. I think Revlimid, Pomalyst, and I think today targeted protein degradation is one of the priority research platforms across the TOS.

Speaker #8: And in our portfolio . If you if you scrutinize it a bit , every stage , phase three , two and one , we have a more than ten drugs in clinic that are protein degraders .

Speaker #8: And what excites me most is not that we just have a platform . We preliminary data . Now we have phase three data .

Speaker #8: Iberdomide met the primary endpoint in in relapsed refractory multiple myeloma for MRD negativity rate . And of course we release that . And this is the first readout of one drug in this platform .

Speaker #8: They give us confidence. The other one briefly I want to mention, because I think it's very relevant, is the platform that we are putting together in cell therapy for autoimmune diseases.

Speaker #8: We have an autologous d19 cart . We presented the data in CR a few days ago , a preliminary data , spectacular data with , with , with in indication , lupus , scleroderma and and myositis .

Speaker #8: And you know we have also across a cd19 allogenic cart in this space that is in clinic and can present an off the shelf option .

Speaker #8: And we acquire a orbital . Now , that gives us the in vivo platform that can be transformative in this space for multiple reasons .

Speaker #8: So this is great if you think because there is, first of all, a step forward in the concept of immune reset.

Speaker #8: And potentially to cure more patients with autoimmune diseases . And BMS can only space . This is very exciting area .

Speaker #5: Thank you , Christian . Now we can move to our next question .

Speaker #1: The next question comes from Mohit Bansal with Wells Fargo . Please go ahead .

Speaker #16: Great . Thank you very much for taking my question . My question is regarding the PD one and the data . We have seen from summit so far .

Speaker #16: So what is your impression of the data , especially on the OS side of things and the second part of the question is that , I mean , there are two ways to think about it .

Speaker #16: One is like you could actually go after indications where PD one work really well , or you could go after indications where where vegfs work well .

Speaker #16: And PD one could add some value . There . Is there an either or approach here , or could there be a scenario where it works better to improve the efficacy of VEGF with PD ?

Speaker #16: One approach ? How do you think about that ? Thank you .

Speaker #7: Adam .

Speaker #10: Yeah , thanks for the question . So in terms of what we've seen , we're encouraged by the magnitude and consistency of the PFS data that we believe .

Speaker #10: Will ultimately translate into a survival benefit over time . So the data we've seen adds to our conviction of the broad development plan that we're building .

Speaker #10: I do think in terms of the strategy that we have employed , as you can see , our strategy really is twofold . One is to become the new standard of care .

Speaker #10: For example , when you look at the studies we have in first line non-small cell lung cancer versus standard of care , as well as in small cell lung cancer , but also a good example of expanding beyond where PD one Pd-l1 play .

Speaker #10: And that's in Mskcc . And so that's the balance that we are taking as it relates to the strategy for for the other exciting factor that we have across both of our companies is the ability to combine with novel combinations .

Speaker #10: So we've got a host of novel combinations , ADCs targeted treatments , etc. , that both companies will look to , to employ as quickly as possible .

Speaker #10: And we very much look forward to sharing these additional studies as they're ready to be posted online in clinical Trials.gov .

Speaker #5: Thanks , Adam . Let's move to our next question . Please .

Speaker #1: The next question comes from Tim Anderson with Bank of America . Please go ahead .

Speaker #17: Thank you . A couple of questions . The first is on trough earnings . Chris , are you still looking at very late 2020s relative to what you've made in forecasting , say , a year ago , is that trending towards being pulled forward or being pushed back or maybe it staying the same ?

Speaker #17: There's been lots of developments , both at Bristol and then industry wide . And I'm wondering if any of that has changed the timing of reaching trough earnings .

Speaker #17: And then just on Coban , as you undoubtedly know , there's heightened investor nervousness around adept two on the back of comments that were made at Q2 .

Speaker #17: Do you think ? Investors read too much into those comments that Samit had made ? Thank you .

Speaker #7: So first of all , Tim , before I answer the questions , I just want to say congratulations on your next move . We're going to miss you on the calls .

Speaker #7: And we won't take it personally with respect to trough , as you know , and as we've discussed previously , we have not given long term guidance just as a standard .

Speaker #7: Of course . And that applies obviously to how we're thinking about the specifics of the trough . What I will say is that there's a consistency in what our focus has been .

Speaker #7: We continue to be focused on making this trough as shallow and as short as possible . We still anticipate that we're going to be exiting this decade with growth .

Speaker #7: Our North Star continues to be that . We're going to grow as quickly as possible in order to maximize that exit trajectory . And we're doing the things necessary to enable us to do that .

Speaker #7: You see , the performance that we've delivered on the commercial side , obviously , that provides a very good foundation for how we think about our ability to navigate through the trough and exit exit with robust growth .

Speaker #7: Christian has commented on the strength of our late stage pipeline . We've got to continue to deliver that , and clearly it's going to be important that we continue to maintain financial flexibility .

Speaker #7: So that if we find additional substrate that makes sense for us to be the owner of that , we can engage either in partnerships or business development as appropriate .

Speaker #7: And that's that's generally how we're continuing to think about the trough with respect to the comments last quarter and this quarter , look , what I can say is that there's a lot of focus on execution at the company .

Speaker #7: There's a lot of focus on ensuring that we continue to deliver on that pipeline . We obviously understand there's a lot of focus on individual programs , including the ones that are going to be reading out most near-term , and that would include the adept programs .

Speaker #7: So I wouldn't read too much into it other than to say that there's a lot of focus on us being able to deliver on each of the stages of our strategy .

Speaker #7: Commercial execution . I think we feel really good about what we delivered this quarter . The strength of the late stage pipeline and executing that .

Speaker #7: We've talked about that . And then also continuing to deliver strong financials with disciplined cost management . And we've done that too . So we feel good about where we are .

Speaker #5: Thanks , Chris . Let's go to our next question . Please .

Speaker #1: The next question comes from Louisa Hector with Berenberg . Please go ahead .

Speaker #18: Hello . Thanks for taking my questions . Maybe a policy question . I just wondered whether we should be worried about the lack of any subsequent deals with the administration .

Speaker #18: Is there perhaps a bandwidth issue just trying to, you know, you're in the queue waiting your turn to negotiate, and then maybe to sort of expand that a little bit onto potential DTC offerings.

Speaker #18: You already have Eliquis . Anything you can comment in terms of that going live , any impact on on volumes and then perhaps just a mention of that guidance that you have for Eliquis for 26 and 27 , how confident are you ?

Speaker #18: Can you tighten those ranges at all now that we're sort of through 25 , you've seen the part D restructure impact and the DTC .

Speaker #18: So some of those changes there , how they're informing your view of Eliquis as we go forward . Thank you .

Speaker #7: Thanks for the question Louisa . Maybe I'll start and then I'll flip it over to Adam . Look obviously the policy environment remains very dynamic , both from a US and an ex US perspective , for that matter .

Speaker #7: I don't know that I'd read too much into no additional deals over the last week or so . What I would say from a BMS standpoint is we continue to actively engage with the administration .

Speaker #7: I would characterize those discussions as frequent , and while not always fully aligned , they're always constructive and thought provoking on both sides .

Speaker #7: Clearly , MFN and tariffs are front and center , but we continue to monitor a host of other issues , including the shutdown and what potential impact that could have downstream .

Speaker #7: And then there's of course , a lot going on . ex-US framing all of that for us , though , is that we agree with the president on the need for equalization of prices .

Speaker #7: US prices need to come down . We're sharing ideas to do that . ex-US prices need to come up . We've seen some good progress , for example , in the UK , but more needs to be done and accomplishing those objectives while preserving the ecosystem for innovation that we have in the US is what we're focused on .

Speaker #7: So, there's a lot going on. It's manageable. We have a great team in DC, of whom I'm incredibly proud, and we're engaging at the right levels.

Speaker #7: I'll let Adam handle the DTC questions .

Speaker #10: Yeah , Louisa , thanks . So as far as the direct to patient program , as you know , as part of our commitment to increasing patient access , you know , we with our Pfizer partners for Eliquis , we announced that Eliquis would be available via direct to patient at a discounted rate over 40% less than the list price .

Speaker #10: I can say since launching the program , we have received a substantial number of inquiries through Eliquis 360 if you remember , we also subsequently announced the Tyk2 will be available via our own direct to patient platform at a greater than 80% discount , effective January 1st .

Speaker #10: So we're launching this as part of our commitment to patient access and affordability . As Chris mentioned , we're listening . We're coming forward with solutions , and we're doing that with urgency as it relates to part D redesign for Eliquis , we are seeing a more even distribution of sales like we talked about throughout this year .

Speaker #10: We expect to see similar in the in the Q4 timeframe as the coverage gap has been removed . And that is being offset by patients in the catastrophic phase for products like Revlimid and Camzyos .

Speaker #10: For example . So when you look on a on a net basis , we're roughly equal in terms of the positives and the negatives .

Speaker #5: Thank you . Next question please .

Speaker #1: The next question comes from David Risinger with leading partners . Please go ahead .

Speaker #19: Yes . Thanks very much and congrats on the strong third quarter results . So I have two questions please . First , Milvexian is being dosed at 25mg bid and secondary stroke prevention , which is the same daily dose as buyers .

Speaker #19: Asundexian 50mg QD . So could you please discuss milvexian profile , including its potency relative to s and and comment on Syndecan secondary stroke prevention phase three trial readout in coming months and implications for Milvexian secondary stroke prevention readout in the second half of 26 and then my separate question is , are IRA prices for the first ten price controlled drugs in 2026 , including Eliquis , currently being renegotiated ?

Speaker #19: Thank you .

Speaker #7: So I will ask Kristian to start and then Adam , you can briefly comment on the second . On the second question .

Speaker #20: So .

Speaker #8: Let me start with your first part of the question relating to to the dose . We believe that we characterize very well in the , the , the dose , not only the , the scheduling , the dose , and the design of the trial that we are we are running specifically on your question on the dosing , don't forget that we have a bid administration and bid administration can actually ensure a better coverage of .

Speaker #8: Disposal that you need to get what you want to get . So this is we believe is is an important differentiation . So vis a vis what maybe other competitive drugs can can be using .

Speaker #8: So we are very confident this is a work that has been scrutinized very carefully in BMS . And of course with our partner JNJ in this in this setting .

Speaker #8: Let me let me tell about your second part of the question . You know , I don't want to speculate on on future competitive program results , but first of all , a positive competitive SSP trial can , can , can be great for patients and validates the factor 11 a mechanism in this in this space , I am confident that our phase three program that has been developed , as I say , with high scrutiny , can maximize the efficacy of milvexian and potentially can provide even superior profile in SSP .

Speaker #8: And don't forget that Na and ACS Milvexian is the potentially the only factor 11 that can play in this indication . And these are , of course , the very important part of the market .

Speaker #7: Adam .

Speaker #10: Thanks . I'll just add one thing , Christian , thanks for the answer . We were able to , if you've seen ClinicalTrials.gov accelerate now , the readout of atrial fibrillation , for which is the largest opportunity for the product .

Speaker #10: So now we expect all three studies to read out in 2026 . As far as IRA no . There was no plan to revisit Eliquis negotiation .

Speaker #10: And that price will be effective January 1st.

Speaker #5: Thanks , Adam . Christian , let's move to our next question . Please . Betsy .

Speaker #1: The next question comes from Carter Gold with Cantor . Please go ahead .

Speaker #21: Great . Good morning and thanks for taking the question . I asked this question with an appreciation that your timelines have been consistent , but there's been lots of discussions around potential scenarios where you might add patients to sites that I'm talking about at depth two , you might add patients to sites that under enrolled based .

Speaker #21: And can you address those discussions and say definitively , what have you gone back and added more patients since enrollment was completed , based on your own Ct.gov entries ?

Speaker #21: And could that address the variance between what was implied by those timelines and the actual timelines to data ? Thank you .

Speaker #7: Thanks for the question , Carter . And again , I appreciate there's a lot of interest in the study . All I can say is that we continue to expect the results by the end of the year .

Speaker #7: We're obviously going to communicate those results when they're available . And the good news is that it's practically November , so we don't have to wait long for the turning of that card .

Speaker #5: Thanks , Chris . Let's move to our next question , please .

Speaker #1: The next question comes from Terence Flynn with Morgan Stanley . Please go ahead .

Speaker #22: Hi . Thanks for taking the question . Maybe just another policy . One , we've seen some headlines around the globe and guard what I assume are CME pilots for Medicare .

Speaker #22: Can you weigh in at all in terms of those ? If there's any progress or have any details in terms of how those might play out ?

Speaker #22: And then a second question is just on Iberdomide and your upcoming discussions with the FDA on a potential for a filing on MRD .

Speaker #22: What's your confidence level that FDA will actually move in that direction ? Or do you think they're going to want to see more definitive data first before acting on MRD ?

Speaker #22: Thank you .

Speaker #7: I'll hit the first one and then I'll ask Christian to take the second . So on the CME , potential demos , look , we we've obviously seen the same coverage .

Speaker #7: You've seen . I think it's too early to say really anything about what's in them when they might read out and and what the implications of that are .

Speaker #7: We're obviously . Actively monitoring and engaging . But nothing new to report there at the moment . And then , Christian , do you want to take the second piece of that on IBR .

Speaker #8: Yeah , I showed the these this a positive outcome in emerging negativity rate . We announced it . You know , FDA we are very pleased that FDA keeps this very inconsideration .

Speaker #8: There was a lot of discussion . It is an endpoint that of course , with discuss and we agree that with the agency , we we will share the the data and we will discuss not only with FDA and with multiple regulatory agencies to see if these are readout , can grant or not , and accelerate conditional approval .

Speaker #8: And we will keep you posted on the next steps .

Speaker #5: Thanks, Christian. Let's move to our next question, please.

Speaker #1: The next question comes from Courtney Green with Bernstein . Please go ahead . Hi . Thanks for .

Speaker #23: Taking the question today . Just one for me , particularly as we think about the PD one VEGF opportunity and the clinical development plan that development plan that you've alluded to here .

Speaker #23: What learnings are you taking from your first round in the PD one battle ? The development and commercial kind of competition with Merck .

Speaker #23: What would you have done differently in that , and how were you using kind of a look back at that strategy to improve your approach .

Speaker #23: And arguably a more complex and competitive environment ?

Speaker #7: Hey , thanks for the question , Courtney . And I'll turn it over to Adam . But what I would just highlight is the first learning you can get is with the deal itself , the reality is based on the experience that we've seen in the first round of PD one , Pd-l1 competition .

Speaker #7: One of the things that's most clear is that the the first and second players in that particular race have garnered the vast majority of the commercial value and the ability to help the most patients .

Speaker #7: And so our focus coming into this was that we wanted to make sure that if we were going to enter , what could be a much more competitive space , that we were in a in a pole position .

Speaker #7: And and so I think that's what we were able to do with the BioNTech deal . But , Adam , do you want to provide specifics ?

Speaker #10: Yeah . Courtney , thanks for the question . Just a reminder , we're the only company to launch three I-O assets with Yervoy , Opdivo .

Speaker #10: And so we understand what it takes to compete and win in a highly competitive market . We've got the infrastructure in place . We can leverage the capabilities that we've built over the years .

Speaker #10: As Chris mentioned , order of entry . Clearly matters . We've seen that with PD one , Pd-l1s today . I would also say the importance of community oncologists is critically important .

Speaker #10: They are responsible for about 70% of the prescribing here in the United States . And we've got decades long relationships . They're finally , I think the the ability and agility to pivot quickly to support new indications is critical .

Speaker #10: So we've seen this velocity of launches in this first generation of I o with Opdivo now over 30 indications . And the final thing I'd mention in terms of learnings , I do think it's critically important to look at more novel , novel indications .

Speaker #10: We have seen, over the last decade since Attivo was introduced, a host of new mechanisms and modalities that have been introduced to the marketplace that will continue to raise the bar on overall survival.

Speaker #10: So taken together , we're excited about the opportunity we have with and our partnership with BioNTech and our focus is to transform the current standard of care .

Speaker #7: Thanks , Adam .

Speaker #5: Next question please .

Speaker #1: The next question comes from Akash Tewari with Jefferies . Please go ahead .

Speaker #24: Hey , thanks so much . Just on adept two . I think your team has hinted there are no side irregularities that you're seeing right now .

Speaker #24: And drop outs seem to be similar to the schizophrenia studies . So if that's the case , why hasn't the data been locked at this point and why open more sites ?

Speaker #24: And can you also comment specifically on what you learned from the open label period in your relapse prevention studies with cabins and Alzheimer's psychosis ?

Speaker #24: Thanks so much .

Speaker #7: Yeah , again , I'm just going to reiterate what we said previously . The study is going to be reading out in the next couple of months , and we're very close to that .

Speaker #7: So we're not going to provide additional comments on the specifics . I would also just step back , though , and remind you of what I said earlier , which is the confidence that we have in the overall program , which is what Christian spoke to .

Speaker #7: And then with respect to why we have so much confidence in the Alzheimer's disease psychosis program , I would just remind you of three things .

Speaker #7: First , we have compelling external data coming forward from previous studies . We have heard considerable feedback , albeit in the schizophrenia indication on the performance of the product , on psychosis symptoms , which again gives us a lot of confidence , albeit in a separate setting .

Speaker #7: And then of course , we have additional data that we have internally . And so we feel good about where we are with the program writ large .

Speaker #7: And obviously we'll wait to see the adept two data between now and the end of the year . And we'll report that out when we get it .

Speaker #7: Christian , anything you would add ?

Speaker #8: Yeah , I mean , for for adept one , as you as I said before , this is a relapse prevention design . So it's different than point primary point compared two and four .

Speaker #8: And of course the study is ongoing . We don't and we don't want to share data on the leading phase . This is you know we we are putting the patient on for 12 weeks .

Speaker #8: And then we will assess the response with the same , with the same criteria for psychosis . And CGI . And based on that , the patient will be randomized .

Speaker #8: Of course , the patient needs to have a certain degree of of response to be to be randomized . This is this is important because of course , it's a learning that part of the study is open label .

Speaker #8: But of course we don't . We will share the data in a moment , in which we will release the data .

Speaker #7: Thanks , Christian .

Speaker #5: Thanks , Christian . Operator . If we could take our last question and then I'll ask Chris to make some closing comments .

Speaker #1: The last question today comes from Steven Scala with TD Cowen . Please go ahead .

Speaker #25: Thank you so much . I'm curious if you have concluded the IRA negotiations for Pomalyst and how did the results compare to expectations ?

Speaker #25: GSK indicated yesterday that it's negotiations concluded for one of its drugs , and they did not sound troubled in the troubled in the least .

Speaker #25: At the result of those negotiations . And I'll leave it to one question . Given the time is short . So thank you so much .

Speaker #5: Thanks .

Speaker #7: Steve . Adam , why don't you take that ?

Speaker #10: Steve , thanks for the question . Appreciate it . The IRA negotiations officially conclude tomorrow . And so , you know , we are , you know , currently finalizing that there's not much I can say about the negotiation except for the fact that , as you know , the negotiations for Pomalyst .

Speaker #10: And so . Pamelor's , by the time the MSP is effectuated in January 27th , Pamelor will have lost exclusivity in the US .

Speaker #10: So again , we don't feel like this will have any impact on the company and the outlook of the company . And we believe that this the price will be made public at the latest November 30th .

Speaker #10: But we saw last year is that it should come earlier , but taken together , you know , we feel good about the negotiation and where we'll be at the end .

Speaker #7: Thanks , Adam . And thanks . Chuck , also for choreographing today's call . We know it's a busy morning for all of you , given that there are several companies in our sector that are going to be reporting .

Speaker #7: So I want to thank you all for joining the call this morning . In closing , our year to date results , I think , reflect the focus that we have on on execution with strong performance from the growth portfolio .

Speaker #7: Our business development activities that we spoke about during the call , continued progress on our strategic productivity initiatives and solid free cash flow generation .

Speaker #7: what we said we would do . We look forward to the clinical data readouts accelerating into 2026 , which , as discussed , have the potential to , we We're doing believe , shape the potential of our pipeline and provide more certainty on the shape of our growth trajectory .

Speaker #7: So again , thank you all for calling in today . And as always , the team is available for any follow ups . So have a great rest of the day .