Bristol Myers Squibb Q4 2025 Bristol Myers Squibb Co Earnings Call | AllMind AI Earnings | AllMind AI
Q4 2025 Bristol Myers Squibb Co Earnings Call
Speaker #1: Welcome to Bristol Myers Squibb, fourth quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal the conference specialist by pressing the star key followed by zero.
Operator: Welcome to Bristol Myers Squibb Q4 2025 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, and 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 Chuck Triano, Senior Vice President and Head of Investor Relations. Please go ahead.
Operator: Welcome to Bristol Myers Squibb Q4 2025 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, and 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 Chuck Triano, Senior Vice President and Head of Investor Relations. Please go ahead.
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, and two withdraw your question.
Speaker #1: Please press star, then two. Please note, today's 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 fourth quarter 2025 earnings call. With me this morning, with prepared remarks, are Chris Boerner, our Board Chair and Chief Executive Officer, and David Elkins, our Chief Financial Officer.
Chuck Triano: Thank you, and good morning, everyone. We appreciate you joining our Q4 2025 earnings call. With 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 is Adam Lenkowsky, our Chief Commercialization Officer, and Samit Hirawat, our Chief Medical Officer and Head of Global Drug Development. 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. 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. 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.
Chuck Triano: Thank you, and good morning, everyone. We appreciate you joining our Q4 2025 earnings call. With 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 is Adam Lenkowsky, our Chief Commercialization Officer, and Samit Hirawat, our Chief Medical Officer and Head of Global Drug Development. 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. 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. 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: Also participating in today's call is Adam Linkowski, our Chief Commercialization Officer, and Christian Masaccesi, our Chief Medical Officer and Head of Global Drug 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 company's SEC filings. These forward-looking statements represent our estimates as of today and should not be relied upon as representing our estimates as of any future date and we specifically disclaim any obligation to update forward-looking statements even if our estimates change.
Chuck Triano: 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. 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. Finally, unless otherwise stated, all comparisons are made from the same period in 2024, and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. All references to our P&L are on a non-GAAP basis. With that, I'll hand it over to Chris.
Chuck Triano: 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. 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. Finally, unless otherwise stated, all comparisons are made from the same period in 2024, and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. All references to our P&L are on a non-GAAP basis. With that, I'll hand it over to Chris.
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 to the same period in 2024, and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange.
Speaker #2: All references to our P&L are on a non-GAAP basis. And with that, I'll hand it over to
Speaker #2: Chris. Thanks,
Chris Boerner: Thanks, Chuck. Welcome, and thank you for joining us this morning. 2025 was a year of focused execution across the business. We believe our results further demonstrate the ongoing strength in our growth portfolio as we advance our multi-year plan to rewire BMS for long-term growth. These efforts enabled us to enter 2026 with good momentum. Let me start by highlighting our recent progress on slide 4.... We closed the year with strong fourth quarter performance. Our growth portfolio grew 15% year over year in Q4, and 17% for the full year. In terms of building out breadth with newer products, Opdualag, Breyanzi, and Camzyos each contributed over $1 billion in sales for the full year, while Reblozyl delivered over $2 billion. These are differentiated, durable products early in their life cycles, with meaningful runway ahead that further strengthen the foundation for long-term growth.
Chris Boerner: Thanks, Chuck. Welcome, and thank you for joining us this morning. 2025 was a year of focused execution across the business. We believe our results further demonstrate the ongoing strength in our growth portfolio as we advance our multi-year plan to rewire BMS for long-term growth. These efforts enabled us to enter 2026 with good momentum. Let me start by highlighting our recent progress on slide 4.... We closed the year with strong fourth quarter performance. Our growth portfolio grew 15% year over year in Q4, and 17% for the full year. In terms of building out breadth with newer products, Opdualag, Breyanzi, and Camzyos each contributed over $1 billion in sales for the full year, while Reblozyl delivered over $2 billion. These are differentiated, durable products early in their life cycles, with meaningful runway ahead that further strengthen the foundation for long-term growth.
Speaker #3: Chuck. Welcome, and thank you for joining us this morning. 2025 was a year of focused execution across the business. We believe our results further demonstrate the ongoing strength and our growth portfolio, as we advance our multi-year plan to rewire BMS for long-term growth.
Speaker #3: These efforts enabled us to enter 2026 with good momentum. Let me start by highlighting our recent progress on slide four. We closed the year with strong fourth-quarter performance.
Speaker #3: Our growth portfolio grew 15% year over year in Q4 and 17% for the full year. In terms of building out breadth with newer products, OPTULAG, BRIONZI, and KEMSIOS each contributed over $1 billion in sales for the full year, while REBLAZIL delivered over $2 billion.
Speaker #3: These are differentiated durable products early in their life cycles with meaningful runway ahead that further strengthen the foundation for long-term growth. And on a full-year basis, it is worth pointing out that despite a decline of roughly $4 billion in revenue from our legacy portfolio, the growth portfolio nearly offset all of that.
Chris Boerner: On a full year basis, it is worth pointing out that despite a decline of roughly $4 billion in revenue from our legacy portfolio, the growth portfolio nearly offset all of that. Cobenfy and Opdivo Qvantig also continued to progress well and in line with our expectations. With Cobenfy, we saw steady growth as we expanded access and deepened adoption across community and hospital settings, and we expect this steady growth to continue throughout the year. Opdivo Qvantig continued to receive positive early feedback from users with improved practice efficiency, and patient preferences as the main drivers. David will provide more detail on our portfolio's performance shortly. Turning to recent clinical and regulatory highlights. In December, Breyanzi received FDA approval as the first and only CAR T cell therapy for adults with relapsed or refractory marginal zone lymphoma.
Chris Boerner: On a full year basis, it is worth pointing out that despite a decline of roughly $4 billion in revenue from our legacy portfolio, the growth portfolio nearly offset all of that. Cobenfy and Opdivo Qvantig also continued to progress well and in line with our expectations. With Cobenfy, we saw steady growth as we expanded access and deepened adoption across community and hospital settings, and we expect this steady growth to continue throughout the year. Opdivo Qvantig continued to receive positive early feedback from users with improved practice efficiency, and patient preferences as the main drivers. David will provide more detail on our portfolio's performance shortly. Turning to recent clinical and regulatory highlights. In December, Breyanzi received FDA approval as the first and only CAR T cell therapy for adults with relapsed or refractory marginal zone lymphoma.
Speaker #3: COBINTHI and QVANTIC also continued to progress well, and in line with our expectations. With COBINTHI, we saw steady growth as we expanded access and deepened adoption across community and hospital settings.
Speaker #3: And we expect this steady growth to continue throughout the year. QVANTIC continued to receive positive early feedback from users, with improved practice efficiency and patient preferences as the main drivers.
Speaker #3: David will provide more detail on our portfolio's performance shortly. Turning to recent clinical and regulatory highlights. In December, BRIONZI received FDA approval as the first and only CAR-T cell therapy for adults with relapsed or refractory marginal zone lymphoma.
Speaker #3: now approved across five cancer types, It is strengthening its leadership position among CD19 directed CAR-Ts. In December, with our partners at BIONTEC, we also shared the first global phase two data for PIMIDIMIG in locally advanced or metastatic showed encouraging anti-tumor response and a manageable safety profile in both the first and second-line treatment settings.
Chris Boerner: It is now approved across 5 cancer types, strengthening its leadership position among CD19-directed CAR T's. In December, with our partners at BioNTech, we also shared the first global Phase 2 data for Pumitamig in locally advanced or metastatic triple-negative breast cancer. These data showed encouraging antitumor response and a manageable safety profile in both the first- and second-line treatment settings. Triple-negative breast cancer remains an aggressive disease, where there is an urgent need for new treatment options. Within the overall Pumitamig development partnership, we recently announced 3 additional planned studies, resulting in 8 registrational studies we expect to have underway by year-end. We are pleased to announce that 2 of these studies in non-small-cell lung cancer are now initiating in unresectable Stage III disease and in first-line high PD-L1 expression.
Chris Boerner: It is now approved across 5 cancer types, strengthening its leadership position among CD19-directed CAR T's. In December, with our partners at BioNTech, we also shared the first global Phase 2 data for Pumitamig in locally advanced or metastatic triple-negative breast cancer. These data showed encouraging antitumor response and a manageable safety profile in both the first- and second-line treatment settings. Triple-negative breast cancer remains an aggressive disease, where there is an urgent need for new treatment options. Within the overall Pumitamig development partnership, we recently announced 3 additional planned studies, resulting in 8 registrational studies we expect to have underway by year-end. We are pleased to announce that 2 of these studies in non-small-cell lung cancer are now initiating in unresectable Stage III disease and in first-line high PD-L1 expression.
Speaker #3: Partnership, we recently resulting in eight registrational studies we expect to have underway by year-end. We are pleased to announce that two of these studies in non-small cell lung cancer are now initiating in unresectable stage 3 disease and in first-line high PD-L1 expression.
Speaker #3: We also just posted study, BREAK3SSC for ZolaCell, our CD19 details regarding our global phase three patients with active systemic sclerosis. Finally, we very much look forward to the first oral data presentation for Navlimetastat, a potential first-in-class PRMT5 inhibitor.
Chris Boerner: We also just posted details regarding our global phase 3 study, Breakfree-SSC for Xolocel, our CD19 CAR T, now initiating in patients with active systemic sclerosis. Finally, we very much look forward to the first oral data presentation for Nablametastat, a potential first-in-class PRMT5 inhibitor. This will be combination data in the pancreatic setting and will be showcased at the ESMO Targeted Anticancer Therapies Conference next month. These milestones reinforce the momentum of our pipeline, with more readouts to come this year, which I'll talk about on slide 5. As we shared last month, this is a data-rich period for BMS, which could drive the introduction of more than 10 new medicines and over 30 meaningful launch opportunities by 2030. The increasing pace of pivotal readouts later this year will serve to better define the potential of our pipeline candidates.
Chris Boerner: We also just posted details regarding our global phase 3 study, Breakfree-SSC for Xolocel, our CD19 CAR T, now initiating in patients with active systemic sclerosis. Finally, we very much look forward to the first oral data presentation for Nablametastat, a potential first-in-class PRMT5 inhibitor. This will be combination data in the pancreatic setting and will be showcased at the ESMO Targeted Anticancer Therapies Conference next month. These milestones reinforce the momentum of our pipeline, with more readouts to come this year, which I'll talk about on slide 5. As we shared last month, this is a data-rich period for BMS, which could drive the introduction of more than 10 new medicines and over 30 meaningful launch opportunities by 2030. The increasing pace of pivotal readouts later this year will serve to better define the potential of our pipeline candidates.
Speaker #3: This will be a combination of data in the pancreatic setting, and will be showcased at the ESMO Targeted Anti-Cancer Therapies Conference next month. These milestones reinforce the momentum of our pipeline, with more readouts to come this year, which I'll talk about on slide five.
Speaker #3: As we shared last month, this is a data-rich period for BMS, which could drive the introduction of more than 10 new medicines and over 30 meaningful launch opportunities by 2030.
Speaker #3: The increasing pace of pivotal readouts later this year will serve to better define the potential of our pipeline candidates. We are confident in our ability to deliver an attractive and durable growth profile heading into the next decade.
Chris Boerner: We are confident in our ability to deliver an attractive and durable growth profile heading into the next decade. The breadth and depth of these opportunities is illustrated on this slide. This year alone, we expect to report top-line registrational data for six potential new products, Milvexian in both atrial fibrillation and secondary stroke prevention, Adelparant in idiopathic pulmonary fibrosis, Iberdomide, where we have already demonstrated a significant improvement in MRD negativity rates, Mezigdomide and Arlocel in relapsed or refractory multiple myeloma, and RYZ101 in second-line plus GEP-NETs. We also anticipate meaningful pivotal line extension readouts for Sotyktu in lupus and Cobenfy in Alzheimer's disease psychosis. Most of these readouts will occur in the second half of the year, and we have more data readouts coming beyond 2026.
Chris Boerner: We are confident in our ability to deliver an attractive and durable growth profile heading into the next decade. The breadth and depth of these opportunities is illustrated on this slide. This year alone, we expect to report top-line registrational data for six potential new products, Milvexian in both atrial fibrillation and secondary stroke prevention, Adelparant in idiopathic pulmonary fibrosis, Iberdomide, where we have already demonstrated a significant improvement in MRD negativity rates, Mezigdomide and Arlocel in relapsed or refractory multiple myeloma, and RYZ101 in second-line plus GEP-NETs. We also anticipate meaningful pivotal line extension readouts for Sotyktu in lupus and Cobenfy in Alzheimer's disease psychosis. Most of these readouts will occur in the second half of the year, and we have more data readouts coming beyond 2026.
Speaker #3: The breadth and depth of these opportunities is illustrated on this slide. This year alone, we expect to report top-line registrational data for six potential new products.
Speaker #3: NOVEXIN in both atrial prevention, ADMILPARINT in idiopathic pulmonary fibrosis, IBERTAMIDE, where we have already fibrillation and secondary stroke demonstrated a significant improvement in MRD negativity rates, MEZIGDAMIDE, and ARLOCEL in relapsed or refractory multiple myeloma, and raise 101 in second-line plus GAAP nets.
Speaker #3: We also anticipate meaningful pivotal line extension readouts for SOTIK2 in lupus and COBINTHI in Alzheimer's disease psychosis. Most of these readouts will occur in the second half of the year.
Speaker #3: And we have more data readouts coming beyond 2026. Together, these represent an attractive set of near-term catalysts that can meaningfully enhance the long-term growth profile of our current growth portfolio.
Chris Boerner: Together, these represent an attractive set of near-term catalysts that can meaningfully enhance the long-term growth profile of our current growth portfolio. We communicated at the start of last year that getting the long-term right means executing well in the near and medium terms. As you can see from our results, we continue to deliver across the organization in 2025. Maintaining this strong say-to-do ratio by consistently delivering on our commitments has now been embedded in our culture and will continue to be core to how we operate. As you have seen in our financials, we delivered on our cost savings initiative in 2025 and will continue to expand the use of AI to help us move faster, operate leaner, and reinvest strategically in growth.
Chris Boerner: Together, these represent an attractive set of near-term catalysts that can meaningfully enhance the long-term growth profile of our current growth portfolio. We communicated at the start of last year that getting the long-term right means executing well in the near and medium terms. As you can see from our results, we continue to deliver across the organization in 2025. Maintaining this strong say-to-do ratio by consistently delivering on our commitments has now been embedded in our culture and will continue to be core to how we operate. As you have seen in our financials, we delivered on our cost savings initiative in 2025 and will continue to expand the use of AI to help us move faster, operate leaner, and reinvest strategically in growth.
Speaker #3: We communicated at the start of last year that getting the long term right means executing well in the near and medium terms. As you can see from our results, we continue to deliver across the organization in 2025.
Speaker #3: Maintaining this strong say-to-do ratio by consistently delivering on our commitments has now been embedded in our culture, and we'll continue to be core to how we operate.
Speaker #3: As you have seen in our financials, we delivered on our cost savings initiative in 2025, and we'll continue to expand the use of AI to help us move faster, operate leaner, and reinvest strategically in growth.
Speaker #3: Our financial strength continues to allow us to invest in our business and bring exciting science into the company through the pursuit of high-return business development.
Chris Boerner: Our financial strength continues to allow us to invest in our business and bring exciting science into the company through the pursuit of high return business development. Our North Star remains to deliver industry-leading, sustainable growth into the 2030s and beyond. Now, let me give you a high-level overview of our 2026 guidance on slide 6, and David will speak to it in more detail shortly. We currently anticipate 2026 revenue in the range of $46 to 47.5 billion. This range reflects continued strong performance from our growth portfolio and a projected revenue decline for our legacy portfolio of between 12% and 16%, given the ongoing LOE impacts. Within the legacy portfolio, we project Eliquis growth this year to be in the range of 10% to 15%.
Chris Boerner: Our financial strength continues to allow us to invest in our business and bring exciting science into the company through the pursuit of high return business development. Our North Star remains to deliver industry-leading, sustainable growth into the 2030s and beyond. Now, let me give you a high-level overview of our 2026 guidance on slide 6, and David will speak to it in more detail shortly. We currently anticipate 2026 revenue in the range of $46 to 47.5 billion. This range reflects continued strong performance from our growth portfolio and a projected revenue decline for our legacy portfolio of between 12% and 16%, given the ongoing LOE impacts. Within the legacy portfolio, we project Eliquis growth this year to be in the range of 10% to 15%.
Speaker #3: Our North Star remains to deliver industry-leading sustainable growth into the 2030s and beyond. Now let me give you a high-level overview of our 2026 guidance on slide six, and David will speak to it in more detail shortly.
Speaker #3: We currently anticipate 2026 revenue in the range of $46 to $47.5 billion. This range reflects continued strong performance from our growth portfolio and a projected revenue decline for our legacy portfolio of between 12 and 16 percent, given the ongoing LOE impacts.
Speaker #3: Within the legacy portfolio, we project Eliquis growth this year to be in the range of 10% to 15%. This is driven by continued global demand growth and the recent price reduction, which expands patient access and eliminates the associated inflation penalty.
Chris Boerner: This is driven by continued global demand growth and the recent price reduction, which expands patient access and eliminates the associated inflation penalty. We expect lower operating expenses compared to last year due to our ongoing cost savings program, and we expect adjusted diluted earnings per share of between $6.05 and $6.35. With that, I'll turn it over to David.
Chris Boerner: This is driven by continued global demand growth and the recent price reduction, which expands patient access and eliminates the associated inflation penalty. We expect lower operating expenses compared to last year due to our ongoing cost savings program, and we expect adjusted diluted earnings per share of between $6.05 and $6.35. With that, I'll turn it over to David.
Speaker #3: We expect lower operating expenses compared to last year due to our ongoing cost savings program. And we expect adjusted diluted earnings per share of between $6 and $0.05 and $6.35.
Speaker #3: With that, I'll turn it over to David.
Speaker #2: Thank you, Chris, and good morning, everyone. I will begin my review of our 2025 financial results, focusing on our fourth quarter performance. I will follow up with the introduction of our non-GAAP financial guidance for 2026 and some considerations to help you better understand our financial outlook for this year.
David Elkins: ... Thank you, Chris, and good morning, everyone. I will begin my review of our 2025 financial results, focusing on our Q4 performance. I will follow up with the introduction of our non-GAAP financial guidance for 2026, and some considerations to help you better understand our financial outlook for this year. We had very strong commercial and financial performance in 2025, marked by focused execution on driving top-line growth and generating strong cash flow, while strengthening our balance sheet and continuing to manage our cost structure. We've entered 2026 in a position of strength with a solid foundation, which we can continue to build upon to deliver on our long-term growth strategy. Starting with slide 8, total revenue in the Q4 was flat year-over-year at approximately $12.5 billion.
David Elkins: ... Thank you, Chris, and good morning, everyone. I will begin my review of our 2025 financial results, focusing on our Q4 performance. I will follow up with the introduction of our non-GAAP financial guidance for 2026, and some considerations to help you better understand our financial outlook for this year. We had very strong commercial and financial performance in 2025, marked by focused execution on driving top-line growth and generating strong cash flow, while strengthening our balance sheet and continuing to manage our cost structure. We've entered 2026 in a position of strength with a solid foundation, which we can continue to build upon to deliver on our long-term growth strategy. Starting with slide 8, total revenue in the Q4 was flat year-over-year at approximately $12.5 billion.
Speaker #2: We had very strong commercial and financial performance in 2025, marked by focused execution on driving top-line growth and generating strong cash flow while strengthening our balance structure.
Speaker #2: We had very strong commercial and financial performance in 2025, marked by focused execution on driving top-line growth and generating strong cash flow while strengthening our balance sheet and continuing to manage our cost. We've entered 2026 in a position of strength with a solid foundation to deliver on our long-term growth strategy, which we can continue to build upon.
Speaker #2: Starting with slide eight, total revenue in the fourth quarter was flat year over year at approximately $12.5 billion. Our growth portfolio continued its positive momentum with revenue increasing 15 percent to $7.4 billion and representing close to 60 percent of our total revenue in the quarter.
David Elkins: Our growth portfolio continued its positive momentum, with revenue increasing 15% to $7.4 billion, and representing close to 60% of our total revenue in the quarter. Key brands, including Reblozyl, Breyanzi, Camzyos, and our IO portfolio, all achieved significant growth and were further supported by our early launches of Cobenfy and Opdivo Qvantig. Within the legacy portfolio, higher revenue from Eliquis was offset by continued impact of increased generic volumes across several other brands. All in, we are very pleased with the results in the Q4 and the full year, as our growth portfolio performance continues to reshape and redefine BMS, as we strive to be one of the fastest growing pharmaceutical companies into the next decade. Turning to product performance on slide nine, starting with oncology.
David Elkins: Our growth portfolio continued its positive momentum, with revenue increasing 15% to $7.4 billion, and representing close to 60% of our total revenue in the quarter. Key brands, including Reblozyl, Breyanzi, Camzyos, and our IO portfolio, all achieved significant growth and were further supported by our early launches of Cobenfy and Opdivo Qvantig. Within the legacy portfolio, higher revenue from Eliquis was offset by continued impact of increased generic volumes across several other brands. All in, we are very pleased with the results in the Q4 and the full year, as our growth portfolio performance continues to reshape and redefine BMS, as we strive to be one of the fastest growing pharmaceutical companies into the next decade. Turning to product performance on slide nine, starting with oncology.
Speaker #2: Key brands, including REBLIZOL and the IO portfolio, all achieved, as did RIONZI and KEMZIOS, and by our early launches of COBINTHI and COVANTIC. Within the legacy portfolio, higher revenue from significant growth—further supported by Eliquis—was offset by the continued impact of increased generic volumes across several other brands.
Speaker #2: All in, we are very pleased with the results in the fourth quarter and the full year, as our growth portfolio performance continues to reshape and redefine BMS as we strive to be one of the fastest growing companies this decade.
Speaker #2: Turning to product performance on slide nine, starting with oncology. Opdivo again delivered solid growth in the fourth quarter, with revenue up 7 percent to nearly $2.7 billion.
David Elkins: Opdivo again delivered solid growth in the fourth quarter, with revenue up 7% to nearly $2.7 billion. This was driven by new indications and continued share growth within the first-line non-small-cell lung cancer setting. Qvantig's launch continued to progress well, with revenue of $133 million in the quarter. With Opdivo, we delivered another quarter of strong double-digit growth, driven by demand in the US, where it remains a standard of care in first-line melanoma. Turning to slide 10, Reblozyl delivered 21% growth, with performance reflecting solid uptake across first- and second-line MDS-associated anemia patients. Over the past 2 years, we've delivered a very strong launch for Reblozyl. In cell therapy, Breyanzi's fourth quarter revenue continued to show impressive growth, with revenue up 47%, driven by its desirable profile and continued strong demand across its approved indications.
David Elkins: Opdivo again delivered solid growth in the fourth quarter, with revenue up 7% to nearly $2.7 billion. This was driven by new indications and continued share growth within the first-line non-small-cell lung cancer setting. Qvantig's launch continued to progress well, with revenue of $133 million in the quarter. With Opdivo, we delivered another quarter of strong double-digit growth, driven by demand in the US, where it remains a standard of care in first-line melanoma. Turning to slide 10, Reblozyl delivered 21% growth, with performance reflecting solid uptake across first- and second-line MDS-associated anemia patients. Over the past 2 years, we've delivered a very strong launch for Reblozyl. In cell therapy, Breyanzi's fourth quarter revenue continued to show impressive growth, with revenue up 47%, driven by its desirable profile and continued strong demand across its approved indications.
Speaker #2: This was driven by new indications, and continued share growth within the first line non-small cell lung cancer setting. COVANTIC's revenue of $133 million in the quarter.
Speaker #2: With OPDILAG, we delivered another quarter of strong double-digit growth, driven by demand in the US, where it remains a standard of care and first-line melanoma.
Speaker #2: Turning to slide 10, REBLIZOL delivered 21 percent growth, with performance reflecting solid uptake across first and second-line MDS-associated anemia patients. Over the past two years, we've delivered a very strong launch for REBLIZOL.
Speaker #2: In cell therapy, RIONZI's fourth-quarter revenue continued to show impressive growth, with revenue up 47 percent, driven by its desirable profile and continued strong demand across its approved indications.
David Elkins: We continue to be encouraged by Breyanzi's growth prospects into 2026. Moving to cardiovascular on slide 11, Eliquis delivered nearly $3.5 billion in Q4 revenue, an increase of 6%. This was driven by demand growth and market share gains, with the US revenue increasing 4%. Turning to Camzyos, revenue in Q4 grew 57% to $353 million, benefiting from continued demand growth globally. In the US, we expanded the number of physicians who are prescribing the drug, and outside of the US, we have now launched in over 50 countries. Now moving to immunology. Global revenue of Sotyktu grew 3%. We look forward to our upcoming PDUFA date for psoriatic arthritis and our phase 3 readouts for lupus and Sjögren's disease.
David Elkins: We continue to be encouraged by Breyanzi's growth prospects into 2026. Moving to cardiovascular on slide 11, Eliquis delivered nearly $3.5 billion in Q4 revenue, an increase of 6%. This was driven by demand growth and market share gains, with the US revenue increasing 4%. Turning to Camzyos, revenue in Q4 grew 57% to $353 million, benefiting from continued demand growth globally. In the US, we expanded the number of physicians who are prescribing the drug, and outside of the US, we have now launched in over 50 countries. Now moving to immunology. Global revenue of Sotyktu grew 3%. We look forward to our upcoming PDUFA date for psoriatic arthritis and our phase 3 readouts for lupus and Sjögren's disease.
Speaker #2: by RIONZI's growth prospects into We continue to be encouraged 2026. Moving to cardiovascular on slide 11, Eliquis delivered nearly $3.5 billion in the fourth quarter revenue.
Speaker #2: An increase of 6 percent. This was driven by demand growth and market share gains, with the US revenue increasing 4 percent. Turning to KEMZIOS, revenue in the fourth quarter grew 57 percent to $353 million.
Speaker #2: Benefiting from continued demand growth globally, in the US, we expanded the number of physicians who have prescribed the drug, and outside of the US, we have now launched in over 50 countries.
Speaker #2: Now, moving to Immunology. Global revenue of SURTICTO grew 3 percent. We look forward to our upcoming PDUFA date for cirrhotic arthritis, and our Phase 3 readouts for lupus and Sjogren's disease.
Speaker #2: I will wrap up by reviewing our product performance for the quarter on slide 12, with neuroscience. COBANTIC revenue in the fourth quarter was $51 million.
David Elkins: I will wrap up by reviewing our product performance for the quarter on slide 12 with neuroscience. Cobenfy revenue in Q4 was $51 million, with continued steady uptake among prescribers and patients. Cobenfy's uptake has surpassed all schizophrenia comparators and relevant analogues in the first year of launch, and we continue to expect steady growth throughout the year. Let's move to the P&L on slide 13. As expected, gross margin declined 210 basis points in Q4 to 71.9%, driven primarily by product mix, notably Eliquis and Revlimid. Regarding our operating expenses, we made significant progress during 2025 against our $2 billion strategic productivity initiative.
David Elkins: I will wrap up by reviewing our product performance for the quarter on slide 12 with neuroscience. Cobenfy revenue in Q4 was $51 million, with continued steady uptake among prescribers and patients. Cobenfy's uptake has surpassed all schizophrenia comparators and relevant analogues in the first year of launch, and we continue to expect steady growth throughout the year. Let's move to the P&L on slide 13. As expected, gross margin declined 210 basis points in Q4 to 71.9%, driven primarily by product mix, notably Eliquis and Revlimid. Regarding our operating expenses, we made significant progress during 2025 against our $2 billion strategic productivity initiative.
Speaker #2: With continued steady uptake among prescribers and patients, COBANTIC's uptake has surpassed all schizophrenia comparators and relevant analogs in the first year of launch. And we continue to expect steady growth throughout the year.
Speaker #2: Let's move to the P&L on slide 13. As expected, gross margin declined 210 basis points in the fourth quarter to 71.9 percent, driven primarily by product mix, notably Eliquis and Revlimid.
Speaker #2: Regarding our operating expenses, we made significant progress during 2025 against our $2 billion strategic productivity initiative. As of the end of the fourth quarter, we delivered on our target of approximately $1 billion in savings in 2025, and are on track to realize the remaining billion dollars over 2026 and 2027.
David Elkins: As of the end of the fourth quarter, we delivered on a target of approximately $1 billion in savings in 2025, and are on track to realize the remaining $1 billion over 2026 and 2027. Excluding in-process R&D, operating expenses for the full year were $16.6 billion, a decrease of $1.2 billion from 2024. This reflects our ongoing cost savings program, partially offset by a continued investment behind growth initiatives. Our effective tax rate in the quarter was 22.1%, compared to 19.9% in the prior year, with the effective tax rate in 2025 reflecting the one-time, non-tax deductible, in-process R&D charge related to the Orbital Therapeutics acquisition.
David Elkins: As of the end of the fourth quarter, we delivered on a target of approximately $1 billion in savings in 2025, and are on track to realize the remaining $1 billion over 2026 and 2027. Excluding in-process R&D, operating expenses for the full year were $16.6 billion, a decrease of $1.2 billion from 2024. This reflects our ongoing cost savings program, partially offset by a continued investment behind growth initiatives. Our effective tax rate in the quarter was 22.1%, compared to 19.9% in the prior year, with the effective tax rate in 2025 reflecting the one-time, non-tax deductible, in-process R&D charge related to the Orbital Therapeutics acquisition.
Speaker #2: Excluding in-process R&D, operating expenses for the full year were $16.6 billion, a decrease of $1.2 billion from 2024. This reflects our ongoing cost savings program, partially offset by continued investment behind growth initiatives.
Speaker #2: Our effective tax rate in the quarter was 22.1 percent, compared to 19.9 percent in the prior year, with the effective tax rate in 2025 reflecting the one-time non-tax deductible in-process R&D charge related to the orbital acquisition.
Speaker #2: Overall, diluted earnings per share were $1.26 for the quarter. For the full year, diluted earnings per share came in at $6.15. Both include a net charge related to in-process R&D and licensing income, which totaled $0.60 per share in the quarter, and $1.40 for the full year.
David Elkins: Overall, diluted earnings per share were $1.26 for the quarter, and full-year diluted earnings per share came in at $6.15. Both include a net charge related to in-process R&D and licensing income, which totaled $0.60 per share in the quarter and $1.40 for the full year. Now, turning to the balance sheet and capital allocation highlights on slide 14. Our financial position remains strong, with approximately $11 billion in cash equivalents and marketable securities as of December 31, 2025. We completed our targeted $10 billion of debt paydown ahead of schedule and generated strong cash flow from operations of approximately $2 billion in the fourth quarter. In terms of capital allocation, we continue to ensure we employ a strategic and balanced approach.
David Elkins: Overall, diluted earnings per share were $1.26 for the quarter, and full-year diluted earnings per share came in at $6.15. Both include a net charge related to in-process R&D and licensing income, which totaled $0.60 per share in the quarter and $1.40 for the full year. Now, turning to the balance sheet and capital allocation highlights on slide 14. Our financial position remains strong, with approximately $11 billion in cash equivalents and marketable securities as of December 31, 2025. We completed our targeted $10 billion of debt paydown ahead of schedule and generated strong cash flow from operations of approximately $2 billion in the fourth quarter. In terms of capital allocation, we continue to ensure we employ a strategic and balanced approach.
Speaker #2: Now turning to the balance sheet and capital allocation highlights on slide 14. Our financial position remained strong, with approximately $11 billion in cash equivalents and marketable securities as of December 31, 2025.
Speaker #2: We completed our targeted $10 billion of debt paydown ahead of schedule, and generated strong cash flow from operations of approximately $2 billion in the fourth quarter.
Speaker #2: of capital allocation, we In terms continue to ensure we employ a strategic and balanced approach. Business development remains a top priority, while also returning cash to shareholders through our commitment to the dividend.
David Elkins: Business development remains a top priority while also returning cash to shareholders through our commitment to the dividend. Now, let me walk you through our non-GAAP 2026 guidance on slide 15, starting with revenue. As Chris mentioned earlier, we estimate revenue to be between $46 and $47.5 billion in 2026. We expect our gross margin to be between 69% and 70%. This reflects the impact of product mix, notably the combination of higher Eliquis and lower Revlimid and Pomalyst revenue. We expect total operating expenses to decline from 2025 levels to approximately $16.3 billion. Our cost savings program has provided us with the flexibility to increase commercial investment where appropriate and to support newer development programs, such as our partnership on iberdomide and our Orbital Therapeutics program. Even with these investments, we expect to reduce costs year-over-year.
David Elkins: Business development remains a top priority while also returning cash to shareholders through our commitment to the dividend. Now, let me walk you through our non-GAAP 2026 guidance on slide 15, starting with revenue. As Chris mentioned earlier, we estimate revenue to be between $46 and $47.5 billion in 2026. We expect our gross margin to be between 69% and 70%. This reflects the impact of product mix, notably the combination of higher Eliquis and lower Revlimid and Pomalyst revenue. We expect total operating expenses to decline from 2025 levels to approximately $16.3 billion. Our cost savings program has provided us with the flexibility to increase commercial investment where appropriate and to support newer development programs, such as our partnership on iberdomide and our Orbital Therapeutics program. Even with these investments, we expect to reduce costs year-over-year.
Speaker #2: Now, let me walk you through our non-GAAP 2026 guidance on slide 15, starting with revenue. As Chris mentioned earlier, we estimate revenue to be between $46 billion and $47.5 billion in 2026.
Speaker #2: We expect our gross margin to be between 69% and 70%. This reflects the impact of product mix, notably the combination of higher Eliquis and lower Revlimid and Pomalyst revenue.
Speaker #2: We expect total operating expenses to decline from 2025 levels to approximately $16.3 billion. Our cost savings program has provided us with the flexibility to increase commercial investment where appropriate, and to support newer development programs, such as our orbital therapeutics program.
Speaker #2: Even with partnership on famotidine and these investments, we expect to reduce costs year over year. We're expecting our OI&E expense of approximately $700 million, which reflects the expiry of our royalty-bearing license of diabetes products at the end of the year. Our tax rate is expected to be approximately 18 percent. Considering these factors, we expect to deliver non-GAAP earnings per share in the range of $6.05 to $6.35.
David Elkins: We are expecting our O/IE expense of approximately $700 million, which reflects the expiry of our royalty-bearing license of diabetes products at the end of 2025. We expect to maintain our tax rate of approximately 18%. Considering these factors, we expect to deliver non-GAAP earnings per share in the range of $6.05 to $6.35. Before closing, let me provide some insight regarding our expected quarterly progression of revenue for 2026. As it relates to quarterly phasing, we expect our typical sequential revenue decrease in Q1 due to the seasonal inventory destocking we see each year following the build in Q4. Two points on Eliquis. First, we anticipate that the second half revenue will trend higher than the first half of the year.
David Elkins: We are expecting our O/IE expense of approximately $700 million, which reflects the expiry of our royalty-bearing license of diabetes products at the end of 2025. We expect to maintain our tax rate of approximately 18%. Considering these factors, we expect to deliver non-GAAP earnings per share in the range of $6.05 to $6.35. Before closing, let me provide some insight regarding our expected quarterly progression of revenue for 2026. As it relates to quarterly phasing, we expect our typical sequential revenue decrease in Q1 due to the seasonal inventory destocking we see each year following the build in Q4. Two points on Eliquis. First, we anticipate that the second half revenue will trend higher than the first half of the year.
Speaker #2: Before closing, let me provide some insight regarding our expected quarterly progression of revenue for 2026. As it relates to quarterly phasing, we expect our typical sequential revenue decrease in the first quarter, due to the year following the build in the fourth seasonal inventory destocking we see each quarter.
Speaker #2: And two points on Eliquis. First, we anticipate that second half revenue will trend higher than the first half of the year. And second, in terms of Eliquis-specific updated guidance, we currently expect 2027 Eliquis sales compared to 2026 to show a step down in the range of $1.5 to $2 billion.
David Elkins: And second, in terms of Eliquis-specific updated guidance, we currently expect 2027 Eliquis sales compared to 2026 to show a step down in the range of $1.5 to 2 billion, which is broadly consistent with analysts' existing estimates. In closing, our strong performance in 2025 demonstrated our confidence in our ability to deliver long-term value for our patients and shareholders. We remain focused on executing our growth strategy, advancing our pipeline, and optimizing our cost structure. We look forward to updating you on multiple data readouts this year. And with that, I'll now turn the call back over to Chuck for Q&A.
David Elkins: And second, in terms of Eliquis-specific updated guidance, we currently expect 2027 Eliquis sales compared to 2026 to show a step down in the range of $1.5 to 2 billion, which is broadly consistent with analysts' existing estimates. In closing, our strong performance in 2025 demonstrated our confidence in our ability to deliver long-term value for our patients and shareholders. We remain focused on executing our growth strategy, advancing our pipeline, and optimizing our cost structure. We look forward to updating you on multiple data readouts this year. And with that, I'll now turn the call back over to Chuck for Q&A.
Speaker #2: Which is broadly consistent with analysts' existing estimates. In closing, our strong performance in 2025 demonstrated our confidence in our ability to deliver long-term value for our patients and shareholders.
Speaker #2: We remain focused on executing our growth strategy, advancing our pipeline, and optimizing our cost structure. We look forward to updating you on multiple data readouts this year, and with that, I'll now turn the call back over to Chuck for Q&A.
Speaker #2: Thank you. Well, now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, we ask that you please pick up your handset before pressing the keys.
Operator: Thank you. We'll now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, we ask that you please pick up your handset before pressing the keys. To withdraw your question, please press star then two. We'll pause for just a moment to assemble our roster. Today's first question comes from Seamus Fernandez with Guggenheim Securities. Please go ahead.
Operator: Thank you. We'll now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, we ask that you please pick up your handset before pressing the keys. To withdraw your question, please press star then two. We'll pause for just a moment to assemble our roster. Today's first question comes from Seamus Fernandez with Guggenheim Securities. Please go ahead.
Speaker #2: To withdraw your question, please press star, then two. We'll pause for just a moment to assemble our roster. And today's first question comes from Seamus Fernandez with Guggenheim Securities.
Speaker #2: Please go ahead.
[Analyst] (Guggenheim Securities): Great. Thanks for the questions, and congrats on the good quarter, and the guide. You know, now that we're past the guidance, you know, this is a question for the overall team, but, you know, it's been a long time since we've seen, as, you know, an overall analyst community, a series of phase 3 pivotal catalysts that Bristol has ahead of it in 2026. Chris, I know you counted six. There may be, in addition to that, potential benefits from royalty agreements around sotatercept and Cadence. Just wondering, you know, if you could help us position the areas that you see the most kind of relative upside. The Cell mods are obviously something that Bristol has been working on for a very long time, and we're just on the cusp of seeing some material data.
Speaker #3: Great. Thanks for the questions and congrats on the good guide, you know, now that we're past the quarter. And the guidance, you know, this is question for the overall team, but, you know, it's been a long time since we've seen as, you know, an overall analyst community a series of phase three pivotal catalysts that BRISTOL has ahead of it in 2026.
Seamus Fernandez: Great. Thanks for the questions, and congrats on the good quarter, and the guide. You know, now that we're past the guidance, you know, this is a question for the overall team, but, you know, it's been a long time since we've seen, as, you know, an overall analyst community, a series of phase 3 pivotal catalysts that Bristol has ahead of it in 2026. Chris, I know you counted six. There may be, in addition to that, potential benefits from royalty agreements around sotatercept and Cadence. Just wondering, you know, if you could help us position the areas that you see the most kind of relative upside. The Cell mods are obviously something that Bristol has been working on for a very long time, and we're just on the cusp of seeing some material data.
Speaker #3: Chris, I know you counted six. There may be an addition to that—potential benefits from royalty agreements around Sotatercept and Cadence. Just wondering, you know, if you could help us position the areas that you see the most kind of relative upside: the CELMoDs are obviously something that Bristol has been working on for a very long time, and we're just on the cusp of seeing the material data.
Speaker #3: We've got Milvexian and a very different approach that BRISTOL took to dosing in a recent publication that plays along those lines. To sort of explain that, Ed Milperant, I think, is an underappreciated story that was maybe negatively impacted by comparisons to a competitor asset.
[Analyst] (Guggenheim Securities): We've got Milvexian, and a very different approach that Bristol took to dosing in a recent publication that plays along those lines, to sort of explain that. Adelparant, I think, is an underappreciated story that was maybe negatively impacted by comparisons to a competitor asset. There's just a whole host of opportunities here that we see in the overall story this year. Hoping you might be able to help position some of those for us as we move through the balance of the year. Thanks so much.
Seamus Fernandez: We've got Milvexian, and a very different approach that Bristol took to dosing in a recent publication that plays along those lines, to sort of explain that. Adelparant, I think, is an underappreciated story that was maybe negatively impacted by comparisons to a competitor asset. There's just a whole host of opportunities here that we see in the overall story this year. Hoping you might be able to help position some of those for us as we move through the balance of the year. Thanks so much.
Speaker #3: There's just a whole host of opportunities here that we see in the overall story this year. Hoping you might be able to help position some of those for us as we move through the balance of
Speaker #3: much. the year.
David Elkins: Thanks for the question, Seamus, and I agree with the overall sentiment, and maybe I will start, and then I'll turn it over to Samit and Adam, and they can provide their perspectives. I, I think that when we look at what's particularly exciting for this year, I would highlight a few things. First of all, we've got good growth just in the products that we have on the market today, and I think that growth is going to continue into this year. As you know, we have a slew of data readouts coming this year, now just a few months away, for six products.
David Elkins: Thanks for the question, Seamus, and I agree with the overall sentiment, and maybe I will start, and then I'll turn it over to Samit and Adam, and they can provide their perspectives. I, I think that when we look at what's particularly exciting for this year, I would highlight a few things. First of all, we've got good growth just in the products that we have on the market today, and I think that growth is going to continue into this year. As you know, we have a slew of data readouts coming this year, now just a few months away, for six products.
Speaker #4: Seamus, and I agree with the Thanks so overall sentiment and maybe I will start and then I'll turn it over to Christian and Adam and they can provide their perspectives.
Speaker #4: I think that when we look at what's particularly exciting for this year, I would highlight a few things. Just in the products that we have on the market today, and I think that growth is going to continue into this year.
Speaker #4: As you know, we have a slew of data readouts coming this year, now just a few months away. First of all, we've got good growth—over 10 phase three data—number of phase threes we could have readouts for this year alone, with more coming in 2027 and then another big slew of them coming in 2028.
David Elkins: And when you look at the actual number of phase 3s, we could have over 10 phase 3 data readouts this year alone, with more coming in 2027 and then another big slew of them coming in 2028. The things that I think stand out for me, you've already mentioned them, actually. The CELMoD program is beginning to bear fruit. We've already demonstrated PFS data for iberdomide. We'll see follow-up data on that with PFS this year. We've got Adelparant data coming. We've got the Milvexian data, and I agree also with your assessment of that, where you know, I think we'll see the SSP data from a competitor today. But as I look at our profile, I think we have the potential to be best in class there.
David Elkins: And when you look at the actual number of phase 3s, we could have over 10 phase 3 data readouts this year alone, with more coming in 2027 and then another big slew of them coming in 2028. The things that I think stand out for me, you've already mentioned them, actually. The CELMoD program is beginning to bear fruit. We've already demonstrated PFS data for iberdomide. We'll see follow-up data on that with PFS this year. We've got Adelparant data coming. We've got the Milvexian data, and I agree also with your assessment of that, where you know, I think we'll see the SSP data from a competitor today. But as I look at our profile, I think we have the potential to be best in class there.
Speaker #4: The things that I think stand out for me—you've already mentioned them, actually—the CELMoD program is beginning to bear fruit. We've already demonstrated PFS data for iberdomide.
Speaker #4: We'll see follow-up data on that with PFS this year. We've got Ed Milperant data coming; we've got the Milvexian data, and I agree also with your assessment of that. I think we'll see the SSP data from a competitor today, but as I look at our profile, I think we have the potential to be best in class there.
Speaker #4: And of course, in AFib, we have the potential to be the only Factor XI oral therapy there, which is obviously a big opportunity. But maybe I'll ask Christian and Adam to quickly add anything to that.
David Elkins: Of course, in AFib, we have the potential to be the only factor eleven oral therapy there, which is obviously a big opportunity. Maybe I'll ask Samit and Adam to quickly add anything to that.
David Elkins: Of course, in AFib, we have the potential to be the only factor eleven oral therapy there, which is obviously a big opportunity. Maybe I'll ask Samit and Adam to quickly add anything to that.
Speaker #5: So, thank you, Chris. Thank you, Seamus, for the question. And let me go a little bit more on the technical side, because, as you said, we have a very data-rich year.
Samit Hirawat: Thank you, Chris. Thank you, Seamus, for the question. Let me go a little bit more on the technical side, because as you said, we have a very data-rich year with at least 10 pivotal readouts. I like to cluster them also in terms of area, therapeutic area. In hematology, I think you mentioned EXCALIBUR, iberdomide. We will have the PFS. MRD is already read out positive. We didn't share the data because, of course, the PFS was coming. We wanted to preserve the integrity of the study. But we are very confident that what we have seen in MRD can translate also in benefit in PFS. We will have the second CELMoD readout, mezigdomide.
Samit Hirawat: Thank you, Chris. Thank you, Seamus, for the question. Let me go a little bit more on the technical side, because as you said, we have a very data-rich year with at least 10 pivotal readouts. I like to cluster them also in terms of area, therapeutic area. In hematology, I think you mentioned EXCALIBUR, iberdomide. We will have the PFS. MRD is already read out positive. We didn't share the data because, of course, the PFS was coming. We wanted to preserve the integrity of the study. But we are very confident that what we have seen in MRD can translate also in benefit in PFS. We will have the second CELMoD readout, mezigdomide.
Speaker #5: With 10, at least 10 pivotal readouts. I like to cluster them also in terms of therapeutic areas. In hematology, I think you mentioned Excalibur, Ivertamide.
Speaker #5: We will have the PFS, MRD is already readout positive with shared data because, of course, the PFS was coming. We wanted to preserve the integrity of the study.
Speaker #5: But we are very confident that what we have seen in MRD can translate also in benefit in PFS. We will have the second Celmod readout, MESI, and you know, this is an add-on study we had MESI on KD.
Samit Hirawat: And, you know, this is an add-on study. We had Mezigdomide on top of KD versus KD. So considering the level of activity we have seen with this, with this drug, I am confident on this, on the first readout with the second CELMoD, a very potent drug. And then we have also Arlocel. Arlocel is a phase 2 registrational study, the phase 3 is ongoing in myeloma in patients post-BCMA, GPRC5D CAR T. You know, this is an entry with another CAR that is very, very relevant for us. So myeloma, very rich year. I am very, very confident in what we have seen so far and what I'm expecting. Then we go into, we go into, as you said, Adelparant.
Samit Hirawat: And, you know, this is an add-on study. We had Mezigdomide on top of KD versus KD. So considering the level of activity we have seen with this, with this drug, I am confident on this, on the first readout with the second CELMoD, a very potent drug. And then we have also Arlocel. Arlocel is a phase 2 registrational study, the phase 3 is ongoing in myeloma in patients post-BCMA, GPRC5D CAR T. You know, this is an entry with another CAR that is very, very relevant for us. So myeloma, very rich year. I am very, very confident in what we have seen so far and what I'm expecting. Then we go into, we go into, as you said, Adelparant.
Speaker #5: So considering the level of activity we have seen with this drug, I am confident on the first readout with the second Celmod, a very potent drug.
Speaker #5: And then we have also Arlosel. is a Arlosel phase two registration study, the phase three is ongoing. In myeloma, in patient post-BCMAs, GPRC 5D, CART.
Speaker #5: You know, this is an entry with another CART that is very, very relevant for us. So, myeloma—very rich here. I am very, very confident in what we have seen so far and what I'm expecting.
Speaker #5: Then we go into, as you said, Milperant. And Milperant, I'm very happy because what I have seen is a phase three conducting and enrolling patients that are very similar to what we have seen in phase two.
Samit Hirawat: Adelparant, I'm, I'm very happy because what I have seen is a phase 3 conducting and enrolling patients that are very similar to what we have seen in phase 2. And you remember, in phase 2, we had a very good reduction of the risk of decline of FVC, 60% in IPF and more than 70% in PPF. So, IPF is coming this year. PPF is closer, actually will be very, very closer compared what we guided before. So this is very exciting, very high medical need. Milvexian, I think Chris already spoke about. Stroke has already been the risk, in my view, from the data we will see in a few hours. There is no reason to believe that we will have a different, if no better, outcome. And the AFib, the confidence is all there.
Samit Hirawat: Adelparant, I'm, I'm very happy because what I have seen is a phase 3 conducting and enrolling patients that are very similar to what we have seen in phase 2. And you remember, in phase 2, we had a very good reduction of the risk of decline of FVC, 60% in IPF and more than 70% in PPF. So, IPF is coming this year. PPF is closer, actually will be very, very closer compared what we guided before. So this is very exciting, very high medical need. Milvexian, I think Chris already spoke about. Stroke has already been the risk, in my view, from the data we will see in a few hours. There is no reason to believe that we will have a different, if no better, outcome. And the AFib, the confidence is all there.
Speaker #5: And you remember, in phase two we had a very good reduction of the risk of decline of FVC—60% in IPF, more than 70% in PPF.
Speaker #5: So, IPF is coming this year. PPF is closer. Actually, we'll be very, very close compared to what we guided before. So, this is very exciting.
Speaker #5: Very, I think, medical need. Milvexian—I think Chris already spoke about. Stroke has already been the risk, in my view, from the data we will see in a few hours.
Speaker #5: There is no reason to believe that we will have a different, if not better, outcome. And the AFib, the confidence is all there. Then I would not underestimate the Adept program.
Samit Hirawat: Then, I would not underestimate Adept program. The Adept program is coming by the end of the year, as we guided. We are on track. All of this is moving at pace. So as you said, four different therapeutic areas where we'll have a measure readout, and these are very transformative regimen. Adam, you want to?
Samit Hirawat: Then, I would not underestimate Adept program. The Adept program is coming by the end of the year, as we guided. We are on track. All of this is moving at pace. So as you said, four different therapeutic areas where we'll have a measure readout, and these are very transformative regimen. Adam, you want to?
Speaker #5: The Adept program is coming by the end of the year, as we guided. We are on track. All of this is moving at pace.
Speaker #5: So, as you said, four different therapeutic areas where we'll have a major readout, and these are very transformative regimens.
Speaker #5: Adam, do you want to—? No, I—
Adam Lenkowsky: No, I think, Chris, and you covered it extremely well, so why don't we go to the next question?
Adam Lenkowsky: No, I think, Chris, and you covered it extremely well, so why don't we go to the next question?
Speaker #2: I think Chris and you covered it extremely well. So, why don't we go to the next question?
Speaker #4: Next question. Thank you.
Chris Boerner: Yes, the next question. Thank you.
Chris Boerner: Yes, the next question. Thank you.
Speaker #6: Thank you. And our next question today comes from Chris Shutt at J.P. Morgan.
Operator: Thank you. And our next question today comes from Chris Schott at J.P. Morgan. Please go ahead.
Operator: Thank you. And our next question today comes from Chris Schott at J.P. Morgan. Please go ahead.
Speaker #6: Please go ahead. Great.
[Analyst] (J.P. Morgan): Great. Thanks very much. Just two for me. First, just elaborate on Eliquis dynamics for 2026 contributing to, to growth this year. And then maybe just a bigger picture, one on, on business development priorities. Just elaborate a little bit more in terms of your focus right now. Is this more on deepening presence in existing therapeutic areas or maybe pursuing more Karuna-like kind of expansions into new spaces? And maybe as part of that, I know, as you just highlighted, you've got a lot of important readouts coming this year. Should we think about Bristol waiting to see how these pro- programs pan out, and that, that might help guide where you want to go with, with BD, or is, is that not a rate limiter for the company? Thank you.
Speaker #4: Thanks very much, just two for me. First, could you elaborate on Eliquis dynamics for 2026 and how they're contributing to growth this year? And then maybe just a bigger picture one on business development priorities.
Chris Schott: Great. Thanks very much. Just two for me. First, just elaborate on Eliquis dynamics for 2026 contributing to, to growth this year. And then maybe just a bigger picture, one on, on business development priorities. Just elaborate a little bit more in terms of your focus right now. Is this more on deepening presence in existing therapeutic areas or maybe pursuing more Karuna-like kind of expansions into new spaces? And maybe as part of that, I know, as you just highlighted, you've got a lot of important readouts coming this year. Should we think about Bristol waiting to see how these pro- programs pan out, and that, that might help guide where you want to go with, with BD, or is, is that not a rate limiter for the company? Thank you.
Speaker #4: Just elaborate a little bit more in terms of your deepening presence in existing therapeutic areas or maybe pursuing more Caruna-like kind of expansions into new spaces?
Speaker #4: And maybe as part of that, I know, as you just highlighted, you've got a lot of important readouts coming this year. Should we think about Bristol waiting to see how these programs pan out, and that might help guide where you want to go with BD, or is that not a rate limiter for the company?
Speaker #4: Thank you.
Speaker #3: Thanks for the question, Chris. I will start on the BD question and I'll turn it over to Adam. So as was said earlier, BD continues to be a top priority.
Chris Boerner: Thanks for the question, Chris. I will start on the BD question, I'll turn it over to Adam. So, as was said earlier, BD continues to be a top priority. As you well know, we have always sourced innovation, both internally and externally. And the good news here is that, we're in a very strong position, as you allude to, with the late-stage pipeline. We don't need to chase deals. That said, we're going to continue to be looking out for opportunities to add strength and depth to our portfolio. In terms of the opportunities we're looking for, we've got a lot of opportunity to continue to build depth across each of our therapeutic areas.
Chris Boerner: Thanks for the question, Chris. I will start on the BD question, I'll turn it over to Adam. So, as was said earlier, BD continues to be a top priority. As you well know, we have always sourced innovation, both internally and externally. And the good news here is that, we're in a very strong position, as you allude to, with the late-stage pipeline. We don't need to chase deals. That said, we're going to continue to be looking out for opportunities to add strength and depth to our portfolio. In terms of the opportunities we're looking for, we've got a lot of opportunity to continue to build depth across each of our therapeutic areas.
Speaker #3: As you well know, we have always sourced innovation both internally and externally. And the good news here is that we're in a very strong position, as you alluded to, with the late-stage pipeline.
Speaker #3: We don't need to chase deals. That said, we're going to continue to be looking out for opportunities to add strength and depth to our portfolio.
Speaker #3: In terms of the opportunities we're looking for, we've got a lot of opportunity to continue to build depth across each of our therapeutic areas.
Speaker #3: So if an opportunity is in an area that we know well scientifically where we can add clinical or commercial value and ultimately deliver that value to patients the company and shareholders, we obviously have the financial ability and the muscle to execute.
Chris Boerner: So if an opportunity is in an area that we know well scientifically, where we can add clinical or commercial value and ultimately deliver that value to patients, the company and shareholders, we obviously have the financial ability and the muscle to execute. And so that's, that's generally how we'll be approaching BD this year. And timing-wise, I think that, obviously, we're going to be opportunistic. Adam?
Chris Boerner: So if an opportunity is in an area that we know well scientifically, where we can add clinical or commercial value and ultimately deliver that value to patients, the company and shareholders, we obviously have the financial ability and the muscle to execute. And so that's, that's generally how we'll be approaching BD this year. And timing-wise, I think that, obviously, we're going to be opportunistic. Adam?
Speaker #3: And so that's generally how we'll be approaching BD this year. And timing-wise, I think that obviously we're going to be
Speaker #3: opportunistic. Adam?
Speaker #4: Yeah, Chris,
Adam Lenkowsky: Yeah, Chris, thanks for the question. Let me start by saying that we continue to see strong performance with Eliquis, and this performance will continue throughout 2026. We have approximately 75% NRx share in the US, and we will continue to grow that. Now, the broader pricing dynamics starting this year for Eliquis was the impetus for us to reevaluate our pricing strategy, and of course, there's some pushes and pulls. Recall, the IRA price was effectuated 1 January, and this includes the removal of the Medicare Part D liability, both in the initiation and in the catastrophic phase. We also finalized our zero dollar Medicaid agreement with the administration, and we took a step back and were able to reassess our commercial contracting strategy as well.
Adam Lenkowsky: Yeah, Chris, thanks for the question. Let me start by saying that we continue to see strong performance with Eliquis, and this performance will continue throughout 2026. We have approximately 75% NRx share in the US, and we will continue to grow that. Now, the broader pricing dynamics starting this year for Eliquis was the impetus for us to reevaluate our pricing strategy, and of course, there's some pushes and pulls. Recall, the IRA price was effectuated 1 January, and this includes the removal of the Medicare Part D liability, both in the initiation and in the catastrophic phase. We also finalized our zero dollar Medicaid agreement with the administration, and we took a step back and were able to reassess our commercial contracting strategy as well.
Speaker #4: Thanks for the question. Let me start by saying that we continue to see strong performance with Eliquis, and this performance will continue throughout 2026.
Speaker #4: We have approximately a 75% Anoro share in the US, and we will continue to grow that. Now, the broader pricing dynamics starting this year for Eliquis was the impetus for us to reevaluate our pricing strategy and, of course, there's some pushes and pulls.
Speaker #4: Recall the IRA price was effectuated January 1st, and this includes the removal of the Medicare Part D liability, both in the initiation and in the catastrophic phase.
Speaker #4: We also finalized our $0 Medicaid agreement with the administration, and we took a step back and were able to reassess our commercial contracting strategy as well.
Speaker #4: The roughly 40% WAC reduction eliminates the inflationary penalties or CPI penalties of statutory rebates that had been accumulating over many years for the brand.
Adam Lenkowsky: The roughly 40% WAC reduction eliminates the inflationary penalties, or CPI penalties, of statutory rebates that have been accumulating over many years for the brand. And taken together, the continued increase in Eliquis market share in the United States, coupled with these net pricing changes, they're going to enable Eliquis to be an important driver of growth this year.
Adam Lenkowsky: The roughly 40% WAC reduction eliminates the inflationary penalties, or CPI penalties, of statutory rebates that have been accumulating over many years for the brand. And taken together, the continued increase in Eliquis market share in the United States, coupled with these net pricing changes, they're going to enable Eliquis to be an important driver of growth this year.
Speaker #4: And taken together, the continued increase in Eliquis market share in the United States coupled with these net pricing changes going to enable Eliquis to be an important driver of growth this
Speaker #4: year. Great.
Chris Boerner: Great. Thank you, Adam. Rocco, let's go to the next question.
Chris Boerner: Great. Thank you, Adam. Rocco, let's go to the next question.
Speaker #3: Thank you, Adam. Rocka, let's go to the next
Speaker #3: question. No, of course.
Operator: Yeah, of course. Absolutely. And our next question today comes from Michael Yee at UBS. Please go ahead.
Operator: Yeah, of course. Absolutely. And our next question today comes from Michael Yee at UBS. Please go ahead.
Speaker #6: Absolutely. And our next question today comes from Michael Yee at UBS. Please go ahead.
Samit Hirawat: Great, thank you. Two questions, one on Milvexian and AFib. Previously, you've suggested that there are lower blinded safety event rates, bleeding, particularly. Can you just remind us how often that study is looked at, and whether that generally continues with DSMB safety looks across the blinded rates into 2026 here, and how you feel about that? And then second, just following up on the BD question, I know that you obviously want to focus on key strength areas. Is metabolic obesity a fair question or a fair area that investors should be understanding of, and is that still an area that actually you would engage in? Thank you.
Speaker #7: Great. Thank you. Two questions. One on Milvexian and AFib. Previously, you've suggested that there are lower blinded safety event rates bleeding, particularly. Can you just remind us how often that study is looked at and whether that generally continues with DSMB safety looks across the blinded rates into 2026 here?
Samit Hirawat: Great, thank you. Two questions, one on Milvexian and AFib. Previously, you've suggested that there are lower blinded safety event rates, bleeding, particularly. Can you just remind us how often that study is looked at, and whether that generally continues with DSMB safety looks across the blinded rates into 2026 here, and how you feel about that? And then second, just following up on the BD question, I know that you obviously want to focus on key strength areas. Is metabolic obesity a fair question or a fair area that investors should be understanding of, and is that still an area that actually you would engage in? Thank you.
Speaker #7: And how do you feel about that? And then, second, just following up on the BD question, I know that you obviously want to focus on key strength areas.
Speaker #7: Is metabolic obesity a fair question or a fair area that investors should be understanding of? And is that still an area that actually you would engage in?
Speaker #7: Thank
Speaker #3: Thanks for the questions. Let me start with metabolics and I'll turn it over to
Chris Boerner: Thanks for the questions. Let me start with metabolics, then I'll turn it over to Samit. Look, metabolics is obviously an exciting area. You've seen it this week. We continue to pay attention to the evolution of that market and, of course, the science. That said, we're really looking at opportunities to build breadth and depth in our existing therapeutic area. These are areas we obviously know well. We can assess the science and commercial opportunities, which is significantly important, particularly as we think more broadly. And it's also an area... the areas that we can best add value from a patient, company, and shareholder standpoint. So that's our primary focus. Samit?
Chris Boerner: Thanks for the questions. Let me start with metabolics, then I'll turn it over to Samit. Look, metabolics is obviously an exciting area. You've seen it this week. We continue to pay attention to the evolution of that market and, of course, the science. That said, we're really looking at opportunities to build breadth and depth in our existing therapeutic area. These are areas we obviously know well. We can assess the science and commercial opportunities, which is significantly important, particularly as we think more broadly. And it's also an area... the areas that we can best add value from a patient, company, and shareholder standpoint. So that's our primary focus. Samit?
Speaker #3: Christian. Look, metabolics is you. obviously an exciting area. You've seen it this week. We continue to pay attention to the evolution of that market and, of course, the science.
Speaker #3: That said, we're really looking at opportunities to build breadth and depth in our existing therapeutic area. These
Speaker #1: or Is areas we obviously know well , we can assess the science and commercial opportunities , is which significantly important , think more particularly as we broadly .
Speaker #1: And it's also, particularly as we think more broadly, it's also— and an area— that we can best identify areas that add value from a patient, company, and shareholder standpoint.
Samit Hirawat: ... So thank you. Thank you, Michael, for the question. As you know, we completed the enrollment in Milvexian atrial fibrillation study. We have more than 20,000 patients, and you know, we well passed the point, for instance, in which OCEANIC atrial fibrillation study was terminated by the DMC because of lack of efficacy. And as you said, the DMC regularly continued to endorse the trial progression, and this happened also very recently. They check efficacy and safety. We remain blinded to the study. What I can tell you is that recently, and there is a lot of data that tell us what is the bleeding rates with Eliquis. And, you know, in an AFib study is a, is a net add, Milvexian, Eliquis.
Samit Hirawat: ... So thank you. Thank you, Michael, for the question. As you know, we completed the enrollment in Milvexian atrial fibrillation study. We have more than 20,000 patients, and you know, we well passed the point, for instance, in which OCEANIC atrial fibrillation study was terminated by the DMC because of lack of efficacy. And as you said, the DMC regularly continued to endorse the trial progression, and this happened also very recently. They check efficacy and safety. We remain blinded to the study. What I can tell you is that recently, and there is a lot of data that tell us what is the bleeding rates with Eliquis. And, you know, in an AFib study is a, is a net add, Milvexian, Eliquis.
Speaker #1: So that's the focus, Christian.
Speaker #1: primary So
Speaker #2: you . Thank you , Michael , for the question thank . As you know , we completed in enrollment atrial study . We fibrillation have more 20,000 patients than .
Speaker #2: And you know we are well past the instance, point for which an oceanic atrial fibrillation study was terminated by the DMC because of lack of efficacy.
Speaker #2: And as you the DMC regularly continue to endorse the tile this progression . happened also very And recently . check They efficacy and safety .
Speaker #2: remain study We blinded to the . What I can recently is tell you that and there is a lot of that tell data us what is the bleeding rates Eliquis with .
Speaker #2: And , you know , in in AFib study is is a net milvexian Eliquis . And we , we remain blinded , but what the DMC is telling us and what we see blinded fashion in terms of bleeding give us we are still very much on in a target to achieve .
Samit Hirawat: We remain blinded, but what the DMC is telling us and what we see in a blinded fashion in terms of bleeding rates give us confidence that we are still very much on target to achieve the benefit that we hope, showing that Eliquis and Milvexian are similar in terms of efficacy, but that Milvexian can bring a benefit in reducing importantly the bleeding risks, measured bleeding risks, and also no measured clinically relevant bleeding risks. We are fully on track on this, and the study is coming this year.
Samit Hirawat: We remain blinded, but what the DMC is telling us and what we see in a blinded fashion in terms of bleeding rates give us confidence that we are still very much on target to achieve the benefit that we hope, showing that Eliquis and Milvexian are similar in terms of efficacy, but that Milvexian can bring a benefit in reducing importantly the bleeding risks, measured bleeding risks, and also no measured clinically relevant bleeding risks. We are fully on track on this, and the study is coming this year.
Speaker #2: The benefit that we hope , showing that and Eliquis and Milvexian are similar in terms of efficacy , but that Milvexian can bring benefit in reducing importantly , the bleeding risks .
Speaker #2: Major bleeding risks and clinically known measured bleeding risks—these are, these are, we are fully on track with this. On the study, it's year.
Operator: Absolutely. Our next question today comes from Courtney Breen with Bernstein. Please go ahead.
Operator: Absolutely. Our next question today comes from Courtney Breen with Bernstein. Please go ahead.
Speaker #3: Kristian . Thank you Next question please .
Speaker #4: question today next comes from Courtney Breen Absolutely . with Bernstein . Please go Our ahead .
[Analyst] (Bernstein): Hi, guys. Thanks so much for taking the question today. I just wanted to double-click on Eliquis question as well as on cost savings in 2026. I know your intention is to take more cost savings in the, in the 2026 period. And so it would be great if you can kind of perhaps characterize those relative to what you're able to achieve through the year in 2025. And then on Eliquis, thanks for giving the details around kind of some of those 2026 dynamics. I think you made some additional comments on that 2026 to 2027 transition of a $1.5 to 2 billion dollar further step down.
Courtney Breen: Hi, guys. Thanks so much for taking the question today. I just wanted to double-click on Eliquis question as well as on cost savings in 2026. I know your intention is to take more cost savings in the, in the 2026 period. And so it would be great if you can kind of perhaps characterize those relative to what you're able to achieve through the year in 2025. And then on Eliquis, thanks for giving the details around kind of some of those 2026 dynamics. I think you made some additional comments on that 2026 to 2027 transition of a $1.5 to 2 billion dollar further step down.
Speaker #5: guys . Thanks so much for taking the question I just wanted to double on click Eliquis question as well as today . on cost in 26 .
Speaker #5: savings I know intention is to more cost take in savings the 26 period , and so it would be can kind great if you characterize those what you're able to achieve relative to through the year in 2025 .
Speaker #5: And then on Eliquis . Thanks for giving the details around your kind of those some of 2026 dynamics . I think you made some additional comments on that .
Speaker #5: 26 to 27 transition of a 1.5 to $2 billion further step Can you understand kind of what is driving that primary that change at in moment to baseline ?
[Analyst] (Bernstein): Can you just help us understand kind of what is driving that primary change at that moment in time, relative to this new baseline on pricing, that we've just spoken through now? Thanks so much.
Courtney Breen: Can you just help us understand kind of what is driving that primary change at that moment in time, relative to this new baseline on pricing, that we've just spoken through now? Thanks so much.
Speaker #5: time this new On pricing down . that we've just spoken through now ? Thanks so relative .
Chris Boerner: Thanks for the question, Courtney. I'll ask David to take both and go from there.
Chris Boerner: Thanks for the question, Courtney. I'll ask David to take both and go from there.
Speaker #1: Thanks for Courtney . the question , I'll ask to take both David and go from there .
[Company Representative] (Bristol Myers Squibb): Yeah. So on the cost savings program, as you saw this year, we made really great progress against the $2 billion strategic productivity initiative, achieving over $1 billion of that. And, you know, sitting here today, we've got really solid line of sight into, you know, the additional $1 billion, which will be spread over 2026 and 2027. So you'll continue to see a step down in our expense base. What I'd also say is it's also enabled us to reinvest in growth drivers.
[Company Representative] (Bristol Myers Squibb): Yeah. So on the cost savings program, as you saw this year, we made really great progress against the $2 billion strategic productivity initiative, achieving over $1 billion of that. And, you know, sitting here today, we've got really solid line of sight into, you know, the additional $1 billion, which will be spread over 2026 and 2027. So you'll continue to see a step down in our expense base. What I'd also say is it's also enabled us to reinvest in growth drivers.
Speaker #6: So on the program , savings as you Yeah . saw this year , really great progress we made the $2 billion strategic Productivity Initiative over , achieving $1 billion of that .
Speaker #6: And , you here know , sitting got today , we solid line sight of in to , you know , the additional billion dollars which will be spread over and 26 27 .
Speaker #6: So, continuing to see, you'll step our expense base. What I'd also say is, it also enabled us to reinvest in growth of drivers.
[Company Representative] (Bristol Myers Squibb): Some of investments we did last year with Gabenzy as well as Kymzios, but also with a couple of the deals that we did with Orbital Therapeutics, as well as Feminome, you know, we'll be annualizing those costs here in 2026, and we're still reducing our cost basis as a result of that.
[Company Representative] (Bristol Myers Squibb): Some of investments we did last year with Gabenzy as well as Kymzios, but also with a couple of the deals that we did with Orbital Therapeutics, as well as Feminome, you know, we'll be annualizing those costs here in 2026, and we're still reducing our cost basis as a result of that.
Speaker #6: Some us investments we did with carbon last year fee , as well as But Camzyos . also with a it's couple of the deals that we did with orbital Therapeutics .
Speaker #6: As well as some know , you know , we'll be annualizing those costs here in 26 . And we're still reducing our cost a result basis as of that .
Chris Boerner: Adam, do you want to just hit on Eliquis dynamics this year, and then you and David can speak to 2026 to 2027?
Chris Boerner: Adam, do you want to just hit on Eliquis dynamics this year, and then you and David can speak to 2026 to 2027?
Speaker #1: Do you want Adam, you on Eliquis this year, and then you and David dynamics? Can speak.
Adam Lenkowsky: Yeah. So I spoke about the Eliquis dynamics, and as Courtney said, around the pricing changes that took place effective January 1, including the removal of the Medicare Part D liability and the 40% whack reduction. So we wanted to guide against 2026. You know, David will talk about, you know, our decision not to guide for 2027, which, you know, had started, you know, when Chris initially became CEO in a decision not to provide longer-term guidance. But David, do you want to expound on that?
Adam Lenkowsky: Yeah. So I spoke about the Eliquis dynamics, and as Courtney said, around the pricing changes that took place effective January 1, including the removal of the Medicare Part D liability and the 40% whack reduction. So we wanted to guide against 2026. You know, David will talk about, you know, our decision not to guide for 2027, which, you know, had started, you know, when Chris initially became CEO in a decision not to provide longer-term guidance. But David, do you want to expound on that?
Speaker #7: Yeah .
Speaker #7: spoke about the to 26 to 27 ? Eliquis dynamics . And as stated Courtney around the the pricing place took that effective January 1st , including the removal of the Medicare Part D liability the and 40% risk reduction .
Speaker #7: And so wanted to guide we against the 2026 , you know , David will talk about , you know , decision our guide 2027 , which had started , not to you know , Chris initially when became CEO in a decision not to provide longer term guidance .
[Company Representative] (Bristol Myers Squibb): Yeah, Courtney, and thanks for your question. If you remember back in August 2024, when the IRA came out, there was a lot of question about what that impact was. So we provided guidance at that point in time. We thought it was important just to update you on that 2027. So what we said this year is that, you know, we expect Eliquis to grow 10% to 15%. And as you think about next year, in my prepared remarks, I said that you should expect a similar step down, about $1.5 to 2 billion from 2026 to 2027, which is consistent with the step down consensus has now. So hopefully that's helpful. And Courtney, just a reminder, Chuck here.
[Company Representative] (Bristol Myers Squibb): Yeah, Courtney, and thanks for your question. If you remember back in August 2024, when the IRA came out, there was a lot of question about what that impact was. So we provided guidance at that point in time. We thought it was important just to update you on that 2027. So what we said this year is that, you know, we expect Eliquis to grow 10% to 15%. And as you think about next year, in my prepared remarks, I said that you should expect a similar step down, about $1.5 to 2 billion from 2026 to 2027, which is consistent with the step down consensus has now. So hopefully that's helpful. And Courtney, just a reminder, Chuck here.
Speaker #7: want to But , David , do you
Speaker #6: Yeah, Courtney, and for your question, remember if you go back to August of 2024 when the IRA came out, there were a lot of questions about the impact of what that was.
Speaker #6: So we provided guidance . At that point in time , we thought it was update you on that . to 27 . So what we this year that , you know , we said important just is Eliquis to expect grow 10 to 15% .
Speaker #6: And as you about next year , in my prepared remarks , I said think that you should expect a similar step down about one and a to half $2 billion from 26 to 27 , with the step down which is consensus consistent So has now .
Speaker #6: hopefully that's helpful
Speaker #1: Okay
[Company Representative] (Bristol Myers Squibb): Remember, the EU patents largely expire late in 2026, so that's gonna be a factor in 2027 that we'll see, as well, in terms of driving the step down. Operator, can we take the next question? Oh, David-
[Company Representative] (Bristol Myers Squibb): Remember, the EU patents largely expire late in 2026, so that's gonna be a factor in 2027 that we'll see, as well, in terms of driving the step down. Operator, can we take the next question? Oh, David-
Speaker #1: .
Speaker #3: Yep . And Courtney , just just a
Speaker #3: reminder Chuck here . Remember the EU patents .
Speaker #3: largely late in that's going to 26 . So be a in see expire as well . In terms of driving down . Operator can we take the next the question ?
Operator: Absolutely. Our next question comes from Mohit Bansal with Wells Fargo. Please go ahead.
Operator: Absolutely. Our next question comes from Mohit Bansal with Wells Fargo. Please go ahead.
Speaker #3: Oh .
Speaker #4: question Our next comes Absolutely . from Mohit with Wells Fargo . Bansal go ahead Please .
Samit Hirawat: Great. Thank you very much for taking my question. I have a question on LPA1. So, from the feedback we have received from some KOs is that the toxicity burden that is associated with the existing standard of care, combo therapy may be reserved for more severe patients, and for the widespread use of LPA1 monotherapy, physicians may still want to see some kind of efficacy benefit over existing therapies here. I don't know how we are thinking about it, but would love to get your thoughts on, like, what it takes for a new therapy like, like LPA1, to become a new standard care, either as a monotherapy or a combo therapy in this space. Thank you.
Samit Hirawat: Great. Thank you very much for taking my question. I have a question on LPA1. So, from the feedback we have received from some KOs is that the toxicity burden that is associated with the existing standard of care, combo therapy may be reserved for more severe patients, and for the widespread use of LPA1 monotherapy, physicians may still want to see some kind of efficacy benefit over existing therapies here. I don't know how we are thinking about it, but would love to get your thoughts on, like, what it takes for a new therapy like, like LPA1, to become a new standard care, either as a monotherapy or a combo therapy in this space. Thank you.
Speaker #8: Great . very much Thank you for taking my question . And I have question a on Lpa1 . So from the feedback we have received from some colleagues that the toxicity burden that is associated with the existing care combo may be reserved for more therapy patients severe and for use of the LPA .
Speaker #8: One monotherapy . Physicians may still want to see some kind of efficacy existing over therapies here . I don't know how thinking you are about it , but would love to get on it takes your thoughts what for for for therapy like for for LPA one to become a new either as , like a monotherapy or a therapy in this space .
Speaker #8: new standard of care , .
Chris Boerner: Thanks for the question, Mohit. Adam?
Chris Boerner: Thanks for the question, Mohit. Adam?
Adam Lenkowsky: Mohit, thanks for the question. So IPF and PPF are progressive pulmonary diseases, and prognosis for these diseases is not dissimilar to what we see with some metastatic cancer diagnoses. In fact, there's less than 50% 5-year overall survival rate, so there's a significant need for newer therapies that provide greater efficacy and tolerability. What we're excited about with Adelparant, which is LPA1, is that this is a potential first-in-class product that we believe could redefine the standard of care in pulmonary fibrosis, offering improved efficacy and improved tolerability profile. Remember, Adelparant works by slowing the progression and could actually potentially halt the progression of disease.
Adam Lenkowsky: Mohit, thanks for the question. So IPF and PPF are progressive pulmonary diseases, and prognosis for these diseases is not dissimilar to what we see with some metastatic cancer diagnoses. In fact, there's less than 50% 5-year overall survival rate, so there's a significant need for newer therapies that provide greater efficacy and tolerability. What we're excited about with Adelparant, which is LPA1, is that this is a potential first-in-class product that we believe could redefine the standard of care in pulmonary fibrosis, offering improved efficacy and improved tolerability profile. Remember, Adelparant works by slowing the progression and could actually potentially halt the progression of disease.
Speaker #1: Thanks for the question
Speaker #7: the , Adam question .
Speaker #7: So, IPF—thanks for your question—PPF are progressive pulmonary diseases, and for these diseases, the prognosis is not dissimilar to what we see with some metastatic cancer diagnoses.
Speaker #7: In fact , than there's less 50% five year survival rate . So there's a significant need for for newer overall provide therapies that efficacy and tolerability .
Speaker #7: we're What excited about with parent , which is our lpa1 , is that this is a potential first in product class that we believe could redefine the standard of care in pulmonary fibrosis , offering efficacy and improved tolerability improved profile .
Speaker #7: works Remember that by slowing the progression and could actually potentially the disease progression of halt . And we look at the event profile we're seeing adverse low rates of GI tolerability , which has been real challenge a some of the older as some of the therapies as well newer therapies that have been recently introduced to the market to manage their disease .
Adam Lenkowsky: When we look at the adverse event profile, you know, we're seeing, you know, low rates of GI tolerability, which has been a real challenge for some of the older therapies, as well as some of the newer therapies that have been recently introduced to the market to help manage their disease. In fact, about 50% of patients abandon treatment by 12 months. We've also seen some newer agents, you know, have some formulations that may limit uptake. So we would expect to see Adelparant used in combination, and as a monotherapy, similar to how we're studying the drug, and we really look forward to the data readout in the second half of this year.
Adam Lenkowsky: When we look at the adverse event profile, you know, we're seeing, you know, low rates of GI tolerability, which has been a real challenge for some of the older therapies, as well as some of the newer therapies that have been recently introduced to the market to help manage their disease. In fact, about 50% of patients abandon treatment by 12 months. We've also seen some newer agents, you know, have some formulations that may limit uptake. So we would expect to see Adelparant used in combination, and as a monotherapy, similar to how we're studying the drug, and we really look forward to the data readout in the second half of this year.
Speaker #7: help fact , In about 50% of patients abandon by 12 months . We've also seen treatment some newer agents have some formulations that may limit So we would expect to uptake .
Speaker #7: see at used in combination . And as a Milbrandt similar monotherapy how we're to studying the we really drug . And look forward to the data readout in the second half of this year .
[Company Representative] (Bristol Myers Squibb): Thanks, Adam. Let's move to our next question, please.
[Company Representative] (Bristol Myers Squibb): Thanks, Adam. Let's move to our next question, please.
Operator: Thank you. And our next question today comes from Terence Flynn at Morgan Stanley. Please go ahead.
Operator: Thank you. And our next question today comes from Terence Flynn at Morgan Stanley. Please go ahead.
Speaker #3: Thanks , Adam . Let's move to our next question , please .
Speaker #4: Thank you . And our next question . Today comes from Terence Flynn at Morgan Stanley . Please go ahead .
[Analyst] (Morgan Stanley): Hi, thanks so much for taking the question. I just had two. One is just on the Milvexian AFib study. Samit, wondering if you can speak to what you view as a clinically meaningful delta, versus Eliquis that would be enough to support broader payer coverage there? And then just, David, on the guidance, the math that we're doing suggests kind of mid-single digit growth year-over-year on the growth portfolio, which includes Opdivo. So just wanna know that, that we're in the right ballpark there. Thank you.
Terence Flynn: Hi, thanks so much for taking the question. I just had two. One is just on the Milvexian AFib study. Samit, wondering if you can speak to what you view as a clinically meaningful delta, versus Eliquis that would be enough to support broader payer coverage there? And then just, David, on the guidance, the math that we're doing suggests kind of mid-single digit growth year-over-year on the growth portfolio, which includes Opdivo. So just wanna know that, that we're in the right ballpark there. Thank you.
Speaker #9: I . Thanks so taking the question . I much for had two . just One is just on the Milvexian AFib study . Christian , wondering if you can speak to you view as what a clinically meaningful delta versus Eliquis .
Speaker #9: support enough to That coverage . broader payer . And then There just David on the would be guidance . The math that we're doing suggests kind of mid-single digit growth year On the growth portfolio , which over year .
Speaker #9: includes Opdivo . want to know that So just that we're in the right ballpark . There . Thank you .
[Company Representative] (Bristol Myers Squibb): Thanks for the question, Terence. Maybe Samit and Adam combine on Milvexian and then David.
[Company Representative] (Bristol Myers Squibb): Thanks for the question, Terence. Maybe Samit and Adam combine on Milvexian and then David.
Speaker #1: Thanks for the question , Terrance . Maybe Christian and Adam combined on Milvexian and then David .
Samit Hirawat: Thank you, Terence, for the question. The study's primary endpoint is showing non-inferiority versus Eliquis, versus apixaban, on efficacy. And, you know, Terence, we selected a dose that was very scrutinized to balance activity, potential activity, and of course, the bleeding risks. This is why we are using 100 mg BID. It is a dose much higher, for instance, than we use in stroke prevention. So I would say there is a possibility that, of course, Milvexian show a better outcome, but the real endpoint is showing non-inferiority. Let's not forget that Oceanic AFib actually was able to show that level of similar activity versus apixaban.
Samit Hirawat: Thank you, Terence, for the question. The study's primary endpoint is showing non-inferiority versus Eliquis, versus apixaban, on efficacy. And, you know, Terence, we selected a dose that was very scrutinized to balance activity, potential activity, and of course, the bleeding risks. This is why we are using 100 mg BID. It is a dose much higher, for instance, than we use in stroke prevention. So I would say there is a possibility that, of course, Milvexian show a better outcome, but the real endpoint is showing non-inferiority. Let's not forget that Oceanic AFib actually was able to show that level of similar activity versus apixaban.
Speaker #2: Thank you for the question . The study primary endpoint is Non-inferiority versus versus Eliquis apixaban versus on efficacy you . And , know , we selected those that is was scrutinized .
Speaker #2: And to balance activity , potential activity . And of bleeding course This is risks . why we are using 100mg bid . It is a higher than use in stroke dose much prevention .
Speaker #2: instance we for So would say there is a that possibility I of course better But show a real end point is showing non-inferiority .
Speaker #2: Let's not forget that the OCEANIC-AF trial did not able to show that that level of similar activity versus apixaban. Then, after the non-inferiority will be met, going to test we're superiority for bleeding.
Samit Hirawat: Then, after the non-inferiority will be met, we're gonna test the superiority for bleedings. So this is also where we want to show a clinically meaningful differentiation on the bleeding rates. I don't give you the deltas and everything. Of course, we believe that if the study will be a target, it will be clinically seen as clinically meaningful. Adam, you wanna?
Samit Hirawat: Then, after the non-inferiority will be met, we're gonna test the superiority for bleedings. So this is also where we want to show a clinically meaningful differentiation on the bleeding rates. I don't give you the deltas and everything. Of course, we believe that if the study will be a target, it will be clinically seen as clinically meaningful. Adam, you wanna?
Speaker #2: So this is also where we to wanted show a clinically differentiation on on , on on meaningful the bleeding rates . I don't give you the on the , the deltas and everything .
Speaker #2: Of course , we believe that if the study will be a target , it will be seen clinically as a meaningful . Adam , you want to .
Adam Lenkowsky: Yes, Terence, thanks for the question. So Milvexian represents a significant commercial opportunity, particularly in AFib. AFib is a very large market, and, you know, we believe that Milvexian has the potential to replace first-generation DOACs, and this is a market that we know very well. Fear of bleeding continues to be the main reason why clinicians hold back from using factor XIa in more patients. Roughly 40% of patients remain either untreated or undertreated, leaving them at risk for a stroke. And, you know, they have significant concerns around bleeding, and so we know safety is important. We believe a differentiated bleeding profile will drive demand versus standard of care.
Adam Lenkowsky: Yes, Terence, thanks for the question. So Milvexian represents a significant commercial opportunity, particularly in AFib. AFib is a very large market, and, you know, we believe that Milvexian has the potential to replace first-generation DOACs, and this is a market that we know very well. Fear of bleeding continues to be the main reason why clinicians hold back from using factor XIa in more patients. Roughly 40% of patients remain either untreated or undertreated, leaving them at risk for a stroke. And, you know, they have significant concerns around bleeding, and so we know safety is important. We believe a differentiated bleeding profile will drive demand versus standard of care.
Speaker #7: Yes . question . So a represents commercial significant opportunity Thanks for the , particularly in AFib AFib . large a very market is .
Speaker #7: And that Milvexian has the potential to replace we believe Doacs . And this is a market that we know very well . Fear of bleeding continues to be the main reason why clinicians hold back from using factor in more patients , roughly 40% of tens patients remain or untreated undertreated , leaving them at risk for a stroke either .
Speaker #7: And you know , they have significant around concerns bleeding . And so we know safety is important . And we believe a differentiated bleeding profile will drive demand versus standard of care .
Adam Lenkowsky: We've had a number of payer discussions already that suggest that the potential of improved benefit risk profile will be a strong value proposition, and we would also expect there to be an economic benefit of using Milvexian over Eliquis in terms of bleeding events that are avoided. So we look forward to the data readout at the end of 2026, and, you know, we're confident this product has multi-billion dollar potential.
Adam Lenkowsky: We've had a number of payer discussions already that suggest that the potential of improved benefit risk profile will be a strong value proposition, and we would also expect there to be an economic benefit of using Milvexian over Eliquis in terms of bleeding events that are avoided. So we look forward to the data readout at the end of 2026, and, you know, we're confident this product has multi-billion dollar potential.
Speaker #7: We've had a payer discussions number of already that the suggest that potential of improved benefit risk profile will be value proposition , and we would also be an economic benefit to of using Eliquis in terms bleeding of events that So we look forward to data readout the the end at And of 2026 .
[Company Representative] (Bristol Myers Squibb): Yes, Terence, you're absolutely right, in your math and thinking about the growth portfolio. We feel really good about the growth portfolio, mid-single digit growth, but also we have the risk of our Orencia generics, coming this year, which would impact that growth portfolio. But, you know, we feel really good about where we exited 2025 and about the prospects for heading into 2026 now.
[Company Representative] (Bristol Myers Squibb): Yes, Terence, you're absolutely right, in your math and thinking about the growth portfolio. We feel really good about the growth portfolio, mid-single digit growth, but also we have the risk of our Orencia generics, coming this year, which would impact that growth portfolio. But, you know, we feel really good about where we exited 2025 and about the prospects for heading into 2026 now.
Speaker #7: Confident that are avoided. Multibillion-dollar potential.
Speaker #6: Yes . product has And
Speaker #6: Terence , you're right in your math and thinking about absolutely portfolio , this about the growth really good portfolio we feel digit , mid-single growth .
Speaker #6: But the growth risk generics coming this year , which would impact have the , you know , we feel really good about where we exited 25 and about the prospects heading into Now .
[Company Representative] (Bristol Myers Squibb): Great. Thanks, David. Let's take our next question, please.
[Company Representative] (Bristol Myers Squibb): Great. Thanks, David. Let's take our next question, please.
Speaker #6: 26 .
Speaker #3: Thanks , Right . David . Let's take our next question , please .
Operator: Thank you. Our next question today comes from Jeff Meacham of Citi. Please go ahead.
Operator: Thank you. Our next question today comes from Jeff Meacham of Citi. Please go ahead.
Speaker #4: Thank you. And our next question today comes from Geoff Meacham at Citi. Go ahead, please.
[Analyst] (Morgan Stanley): Oh, great. Morning, everyone. Thanks so much for the question. I have a couple. So one for Adam, I guess, on Cobenfy. You know, there's a lot of excitement earlier last year, you just give its mechanism and lack of innovation in the category, but we really haven't seen an inflection point in sales. I guess, is there a bottleneck in access that you really have to still work through? I'm just trying to figure out the steps to see, you know, sequential acceleration. And then on pumitamig, I guess for, maybe for Chris or Christian, is there a data set, a tipping point, maybe a data that you wanna see before you really scale up the Phase 3 investment?
Terence Flynn: Oh, great. Morning, everyone. Thanks so much for the question. I have a couple. So one for Adam, I guess, on Cobenfy. You know, there's a lot of excitement earlier last year, you just give its mechanism and lack of innovation in the category, but we really haven't seen an inflection point in sales. I guess, is there a bottleneck in access that you really have to still work through? I'm just trying to figure out the steps to see, you know, sequential acceleration. And then on pumitamig, I guess for, maybe for Chris or Christian, is there a data set, a tipping point, maybe a data that you wanna see before you really scale up the Phase 3 investment?
Speaker #10: morning everyone . Thanks so much for
Speaker #10: the question . I have a great couple . So one for . for Oh Adam , I guess on since there's a lot of excitement earlier year , last you just given its mechanism and lack of category .
Speaker #10: But we seen a haven't point inflection in sales . guess . Is bottleneck in innovation in the really have to still work there a through ?
Speaker #10: just trying to figure really out the to see I'm a sequential then on , I guess for maybe for Chris or Christian , is access that you there a steps set , data a maybe of data that you tipping point , want to before see you really scale up the phase three investment and just given its foundational mechanism , what's the upper end of either or types that you .
[Analyst] (Morgan Stanley): Just given its foundational mechanism, you know, what's the upper end of either phase 3 studies or tumor types that you ultimately have a capacity for, for the drug? Thank you.
Terence Flynn: Just given its foundational mechanism, you know, what's the upper end of either phase 3 studies or tumor types that you ultimately have a capacity for, for the drug? Thank you.
Speaker #10: phase three studies We'll
Speaker #10: tumor Ultimately have a capacity for for the drug ? Thank you .
[Company Representative] (Bristol Myers Squibb): We'll start with Adam, and then, Samit can handle the pumitamig question.
[Company Representative] (Bristol Myers Squibb): We'll start with Adam, and then, Samit can handle the pumitamig question.
Speaker #1: start with Adam . And then Christian can handle the question .
Adam Lenkowsky: Great. Thank you, Jeff. So we're pleased with the progress that we made in Cobenfy's first full year on the market. In fact, Cobenfy delivered over 100,000 NRxs since launch, and that surpassed all relevant schizophrenia analogs. We have very strong access, virtually 100% access across Medicaid and Medicare, and now we're approaching 70% commercial access. So that is certainly not a bottleneck. You know, we made good progress in Q4, as you were able to see, with an acceleration of NRxs, as well as increases in both new and repeat trialists after our full field force expansion was in place in both the community and in the hospitals. So we see continued opportunity for growth in schizophrenia. As we've stated, we're confident in our ability to deliver continued steady growth, and new indications are going to be the driver of inflections there.
Adam Lenkowsky: Great. Thank you, Jeff. So we're pleased with the progress that we made in Cobenfy's first full year on the market. In fact, Cobenfy delivered over 100,000 NRxs since launch, and that surpassed all relevant schizophrenia analogs. We have very strong access, virtually 100% access across Medicaid and Medicare, and now we're approaching 70% commercial access. So that is certainly not a bottleneck. You know, we made good progress in Q4, as you were able to see, with an acceleration of NRxs, as well as increases in both new and repeat trialists after our full field force expansion was in place in both the community and in the hospitals. So we see continued opportunity for growth in schizophrenia. As we've stated, we're confident in our ability to deliver continued steady growth, and new indications are going to be the driver of inflections there.
Speaker #7: Great. Thank you, Jeff. So we're pleased with the progress that we made in these markets in the first full year. In fact, we delivered.
Speaker #7: over 100,000 Trx's And that surpassed all relevant since launch . schizophrenia analogs have very strong access , . virtually We 100% access across and Medicare .
Speaker #7: Medicaid now we're approaching 70% commercial access . So that is certainly a bottleneck . You know , we made good progress in Q4 as you were able to see with an not acceleration of NRC's as well as increases in both new and repeat trialists .
Speaker #7: After full field force expansion was in place in both the community and in the hospitals, we see continued opportunity for growth in schizophrenia.
Speaker #7: in As we confident stated , we're in our ability to deliver continued steady growth and new indications are going to be the driver of there .
Adam Lenkowsky: But we hear from physicians, the feedback continues to remain positive. We are making very good progress with adding the number of trialists, which continue to grow steadily. And importantly, what we have seen is that those physicians who've had a positive experience with Cobenfy have shown an increased propensity to repeat prescribing. So this year, we'll present several new phase four studies, including a switch study later on in the quarter, which is the top question that we get from physicians on how to switch from a D2 over to Cobenfy. We'll have real-world data as well to support that, and we're increasing investment in peer-to-peer activities.
Adam Lenkowsky: But we hear from physicians, the feedback continues to remain positive. We are making very good progress with adding the number of trialists, which continue to grow steadily. And importantly, what we have seen is that those physicians who've had a positive experience with Cobenfy have shown an increased propensity to repeat prescribing. So this year, we'll present several new phase four studies, including a switch study later on in the quarter, which is the top question that we get from physicians on how to switch from a D2 over to Cobenfy. We'll have real-world data as well to support that, and we're increasing investment in peer-to-peer activities.
Speaker #7: inflections But we hear what from the physicians , feedback continues to remain positive . We are making very good progress with adding the number of trialists which continue to grow steadily , and importantly , what we have seen is that those physicians who've had a positive experience with shown an increased to repeat propensity prescribing .
Speaker #7: So this year we'll present Coventry have phase several four studies , switch study . Later on in the including quarter , which is the question that from physicians on how top to we get switch from a D2 over to Co-benefit .
Speaker #7: We'll real world data as well have support to we're increasing that . investment And in peer to peer activity . So taken together , we are making good progress .
Adam Lenkowsky: So taken together, we are making good progress, and based on all the leading indicators we're seeing, we believe Cobenfy has the potential to become a leading treatment in schizophrenia over time, and we're confident this could be a big drug for the company.
Adam Lenkowsky: So taken together, we are making good progress, and based on all the leading indicators we're seeing, we believe Cobenfy has the potential to become a leading treatment in schizophrenia over time, and we're confident this could be a big drug for the company.
Speaker #7: And based on all the leading indicators we're has the we believe seeing , to a leading become potential treatment in time . confident And we're over schizophrenia this could be a big drug for the
Speaker #7: And based on all the leading indicators we're has the we believe seeing , to a leading become potential treatment in time . confident And we're over schizophrenia this could be a big drug for the company .
Samit Hirawat: Thanks. Thanks for the question, Jeff. Let me break down your question. The first thing is the confidence. First of all, we have datasets in triple-negative and in small cell lung cancer, showing that the drug is active. And there are also very large datasets from competitive assets that reinforce the message. The second thing is more on these are two very well clinically validated targets, PD-1, PD-L1, and the VEGF. You know, and you know that when you deliver mechanism through bispecific, sometimes you increase the selectivity, and this can be even more powerful than just delivering the two mechanism to two different drugs. Then when you look at, we are actually already scaled up the development of this drug. The confidence is very high.
Samit Hirawat: Thanks. Thanks for the question, Jeff. Let me break down your question. The first thing is the confidence. First of all, we have datasets in triple-negative and in small cell lung cancer, showing that the drug is active. And there are also very large datasets from competitive assets that reinforce the message. The second thing is more on these are two very well clinically validated targets, PD-1, PD-L1, and the VEGF. You know, and you know that when you deliver mechanism through bispecific, sometimes you increase the selectivity, and this can be even more powerful than just delivering the two mechanism to two different drugs. Then when you look at, we are actually already scaled up the development of this drug. The confidence is very high.
Speaker #1: Christian .
Speaker #2: the Thanks for Jeff . The the let me break down your question in . The third thing is the confidence , first of all , we have data sets in triple negative and in small cell lung cancer showing that the drug is .
Speaker #2: And there also active very are large data sets from competitive assets that reinforce the message . The second thing is more on these are two very well clinically validated targets PD one , PD L1 , and the Vgf .
Speaker #2: you know You know , and that deliver when you mechanism through bispecific , sometimes you increase the selectivity . And this can be even more powerful than just delivering the two mechanism two different .
Speaker #2: through Then look we are actually already scaled up . The development of this drug , the confidence is very high . We believe the strategy is very simple .
Samit Hirawat: We believe the strategy is very simple: we wanna replace, and then we wanna expand. We wanna replace where PD-1, PD-L1 inhibitors are playing today in those indications through this bispecific, and then we wanna expand, because we believe that bringing VEGF on top of PD-L1 inhibitors, we can also, we can also tackle some of the indications where PD-1, PD-L1 inhibitors are not working well enough or not at all. So this is the reason why we already have started or are in flight to start 7 pivotal studies across multiple indications, and there is an 8th one that we announced in head and neck. When you look at the indications, we have, of course, there is a concentration in non-small cell lung cancer, very important indication, but this goes beyond gastric, colon, head and neck, breast.
Samit Hirawat: We believe the strategy is very simple: we wanna replace, and then we wanna expand. We wanna replace where PD-1, PD-L1 inhibitors are playing today in those indications through this bispecific, and then we wanna expand, because we believe that bringing VEGF on top of PD-L1 inhibitors, we can also, we can also tackle some of the indications where PD-1, PD-L1 inhibitors are not working well enough or not at all. So this is the reason why we already have started or are in flight to start 7 pivotal studies across multiple indications, and there is an 8th one that we announced in head and neck. When you look at the indications, we have, of course, there is a concentration in non-small cell lung cancer, very important indication, but this goes beyond gastric, colon, head and neck, breast.
Speaker #2: We want to and then we replace want to want to replace expand . We L1 where PD one , PD inhibitors are playing today in those indications through this bispecific .
Speaker #2: And then we want to expand because we believe that bringing VEGF on top of PD , L1 inhibition , we can also also we can tackle some of the indications where PD one , PD L1 inhibitors are not working well enough or not at all .
Speaker #2: So the reason why this is we already have started or are in to flight start . Seven pivotal across indications studies , and there is an eight one that we announced in head and neck .
Speaker #2: And when you look at the indication , of course , there is a concentration non-small cell cancer , very important indication . But this goes beyond gastric colon , head and neck breast .
Samit Hirawat: So this is a program that as a top priority in oncology, and we represent the backbone of our portfolio. The next wave will be to novel, and that will be the next wave of studies where we will continue to improve on regimens that we are creating today.
Samit Hirawat: So this is a program that as a top priority in oncology, and we represent the backbone of our portfolio. The next wave will be to novel, and that will be the next wave of studies where we will continue to improve on regimens that we are creating today.
Speaker #2: So this is a that program lung priority in And we oncology . represent the backbone of multiple our portfolio . The next wave will be to novel wave novel .
Speaker #2: that will be the next And of where we will continue to on improve are regimens creating today .
[Company Representative] (Bristol Myers Squibb): Excellent. Thanks, Samit. Let's move to the next question, please.
[Company Representative] (Bristol Myers Squibb): Excellent. Thanks, Samit. Let's move to the next question, please.
Speaker #3: Excellent . Thanks , Christian . Let's move to the next question , please .
Operator: Thank you. And our next question today comes from Asad Haider with Goldman Sachs. Please go ahead.
Operator: Thank you. And our next question today comes from Asad Haider with Goldman Sachs. Please go ahead.
Speaker #4: Thank you . And our next question . Today Asad from Goldman comes go ahead
Adam Lenkowsky: Great. Thanks for taking the question, and congrats on the quarter. Most of my questions have been answered, but maybe one for Adam. Just any update on how the Opdivo subQ formulation launch is progressing? We've had four quarters on the market now, two with the J code. Do you believe you're still on track for the 30% to 40% patient conversion by 2028? And any color on the types of patients who are utilizing it would be helpful. Thank you.
Adam Lenkowsky: Great. Thanks for taking the question, and congrats on the quarter. Most of my questions have been answered, but maybe one for Adam. Just any update on how the Opdivo subQ formulation launch is progressing? We've had four quarters on the market now, two with the J code. Do you believe you're still on track for the 30% to 40% patient conversion by 2028? And any color on the types of patients who are utilizing it would be helpful. Thank you.
Speaker #11: Great .
Speaker #11: Great .
Speaker #11: Thanks for taking the question . And . on the congrats Most of my quarter . questions answered , have been but maybe one for Adam .
Speaker #11: Just any how the update on vivo Subcu formulation launch is progressing ? Progressing ? We've had four quarters on the market now , two with the J code .
Speaker #11: Do you still on believe you're track for Sachs . the 30 to 40% patient
Speaker #11: conversion by by 2028 ? And any color on the types of patients who are utilizing it would be would helpful . Thank be you Please .
Adam Lenkowsky: Great, thanks, Asad. So we're very pleased with the Cubantic launch performance in its first full year on the market. We're encouraged, as we're seeing use across multiple tumor types. We're seeing uptake across monotherapy indications, as well as in the combination setting, so patients who are treated for RCC, GI, metastatic melanoma. As you said, we did receive our permanent J code last July, which eased the reimbursement process for physicians. And post that, we've seen a nice acceleration of new accounts adopting. You know, we're focused on continuing to drive depth and breadth of account conversion and reinforcing the benefits that we know are there for both practices and for patients. And we're tracking well against our expectations and remain very confident in our expectation that physicians will convert 30 to 40% of the IV business ahead of the LOE.
Adam Lenkowsky: Great, thanks, Asad. So we're very pleased with the Cubantic launch performance in its first full year on the market. We're encouraged, as we're seeing use across multiple tumor types. We're seeing uptake across monotherapy indications, as well as in the combination setting, so patients who are treated for RCC, GI, metastatic melanoma. As you said, we did receive our permanent J code last July, which eased the reimbursement process for physicians. And post that, we've seen a nice acceleration of new accounts adopting. You know, we're focused on continuing to drive depth and breadth of account conversion and reinforcing the benefits that we know are there for both practices and for patients. And we're tracking well against our expectations and remain very confident in our expectation that physicians will convert 30 to 40% of the IV business ahead of the LOE.
Speaker #1: Adam .
Speaker #7: Great . Assad . Thanks . So we're very with the launch performance . In its first full year on the market . We're encouraged as we're seeing use across multiple tumor types .
Speaker #7: across seeing monotherapy the indications as combination So patients We're setting . are well as in who for treated RCC , GI , melanoma metastatic , as you said , did receive our permanent J code we last July , eased the reimbursement process for physicians and post that we've seen a which acceleration of new accounts adopting .
Speaker #7: You know , we're focused on continuing to drive depth and breadth of account and reinforcing the that benefits we are there conversion for both practices and for patients .
Speaker #7: And we're tracking well against know our expectations and remain very expectation our that physicians will convert 30 to 40% of the IV confident in business ahead of the low .
Adam Lenkowsky: We're pleased with the performance and what this means for patients and for physicians.
Adam Lenkowsky: We're pleased with the performance and what this means for patients and for physicians.
Speaker #7: So pleased with the we're performance and means for patients what this and for physicians .
[Company Representative] (Bristol Myers Squibb): Great. Thanks, Adam. Let's go to the next question, please.
[Company Representative] (Bristol Myers Squibb): Great. Thanks, Adam. Let's go to the next question, please.
Speaker #3: Great . Thanks , Adam . go to the next question , Let's please .
Operator: Our next question today comes from David Risinger with Leerink Partners. Please go ahead.
Operator: Our next question today comes from David Risinger with Leerink Partners. Please go ahead.
Speaker #4: Next, our question today comes from David with Leerink Risinger Partners. Please go ahead.
Adam Lenkowsky: Yes, thanks very much. So, I have two questions, please. First, with respect to Adelparant, could you just talk about the hypotension risk, and how you would contextualize that for us? And then second, it would be helpful to just better understand what is in the guidance and what you're assuming for generic competition. So for Eliquis, could you just talk us through when you're expecting generic entry in major markets ex-US in 2026 and 2027? And then, for Orencia-
Adam Lenkowsky: Yes, thanks very much. So, I have two questions, please. First, with respect to Adelparant, could you just talk about the hypotension risk, and how you would contextualize that for us? And then second, it would be helpful to just better understand what is in the guidance and what you're assuming for generic competition. So for Eliquis, could you just talk us through when you're expecting generic entry in major markets ex-US in 2026 and 2027? And then, for Orencia-
Speaker #12: Yes . Thanks very much . So I have two questions . Please . respect First with to Admiral Parent , could you just about the talk hypertension risk and how you how you contextualize that for us ?
Speaker #12: And second , would it would be then helpful to just better understand what is in the and what you're assuming guidance for generic competition .
Speaker #12: So for Eliquis could you just talk through when you're expecting generic entry in major markets , ex-US in 26 and 27 . And then for a referencia , how many other players do you launching and anticipate when ?
[Company Representative] (Bristol Myers Squibb): ... how many players do you anticipate launching, and when? Thanks so much.
[Company Representative] (Bristol Myers Squibb): ... how many players do you anticipate launching, and when? Thanks so much.
Chris Boerner: Thanks for the question. I'll ask Samit to start and then David.
Chris Boerner: Thanks for the question. I'll ask Samit to start and then David.
Speaker #12: so Thanks much .
Speaker #1: Thanks for the Christian to start and I'll ask question . David .
Samit Hirawat: Thanks, David, for the question. The hypotension and syncopal episodes was one of the tolerability risks that we had with Adelparant in the phase 2. But what I can tell you that actually in the context of the phase 3, this is going very well. Let me give you a little bit of more context. When we ran the phase 2, we tested two doses, 30 and 60 mg, and of course, there was a dose relation outcome in terms of efficacy, but also safety. But then, when we completed the study, we have seen that the risk of syncope was well managed. And actually, we decided to, because there was a dose relation on efficacy, we decided to introduce in the phase 3, 120 mg.
Samit Hirawat: Thanks, David, for the question. The hypotension and syncopal episodes was one of the tolerability risks that we had with Adelparant in the phase 2. But what I can tell you that actually in the context of the phase 3, this is going very well. Let me give you a little bit of more context. When we ran the phase 2, we tested two doses, 30 and 60 mg, and of course, there was a dose relation outcome in terms of efficacy, but also safety. But then, when we completed the study, we have seen that the risk of syncope was well managed. And actually, we decided to, because there was a dose relation on efficacy, we decided to introduce in the phase 3, 120 mg.
Speaker #2: Thanks , question . for the and syncope hypotension episodes is the was one of
Speaker #2: The risk tolerability had with that we in the, what I, Phase Two. But then, I can tell you that actually, in the context of Phase Three, this is going well.
Speaker #2: Let me let me give bit more very you a When we phase two . run the We tested two doses 30 and 60mg .
Speaker #2: And of course there was a dose relation outcome in terms of efficacy . safety . But Also , completed the study , we then when we have seen that risk of syncope the was , well , was well managed .
Speaker #2: And actually we to decided because there was a dose relation efficacy , we decided to on introduce phase in the three 120mg . actually we are And we are running the phase three studies , IPF PPF with 120 and 60 .
Samit Hirawat: And actually, we are running the phase 3 studies, IPF and PPF, with 120 and 60. And the 120, there was a run-in just to assess the safety and the risk of hypotension. The DMC allowed us to go in phase 3, and in a blinded fashion, we didn't see any rates that raised any concerns. So this is definitely associated to the profile of the drug. It's very well managed, even when you go with a higher dose, that of course can translate it to a better efficacy.
Samit Hirawat: And actually, we are running the phase 3 studies, IPF and PPF, with 120 and 60. And the 120, there was a run-in just to assess the safety and the risk of hypotension. The DMC allowed us to go in phase 3, and in a blinded fashion, we didn't see any rates that raised any concerns. So this is definitely associated to the profile of the drug. It's very well managed, even when you go with a higher dose, that of course can translate it to a better efficacy.
Speaker #2: rates any didn't raised that any concern . So is definitely associated to the to the profile of the drug . Is very well managed .
Speaker #2: When you go even higher dose of that course, it can translate to efficacy.
Speaker #2: when you go Even higher dose . of That course can translate to efficacy a better
Adam Lenkowsky: Yes, just to add, Samit, what we're hearing from physicians is that this is a very manageable side effect. And when you look at the totality of the drug, not only have we seen exciting results around FVC, but, you know, I talked about earlier, when you look at the rates of GI toxicity that have really plagued some of the assets that are out there today, as well as some of the newer products that are coming to the market that have significant cough issues or dyspnea issues that can lead to, you know, significant exacerbations. I think, you know, we have an opportunity to truly be a best-in-class product, both from an efficacy and a safety standpoint.
Adam Lenkowsky: Yes, just to add, Samit, what we're hearing from physicians is that this is a very manageable side effect. And when you look at the totality of the drug, not only have we seen exciting results around FVC, but, you know, I talked about earlier, when you look at the rates of GI toxicity that have really plagued some of the assets that are out there today, as well as some of the newer products that are coming to the market that have significant cough issues or dyspnea issues that can lead to, you know, significant exacerbations. I think, you know, we have an opportunity to truly be a best-in-class product, both from an efficacy and a safety standpoint.
Speaker #7: Just to add what we're hearing from physicians is that this is a very manageable side look And when you at the question totality of effect .
Speaker #7: only have we seen drug , not exciting results around FVC , but , you know , I talked about earlier , when at the you look the rates of GI that toxicity have really plagued some of the assets that are out there today .
Speaker #7: As well as some of the newer products that are coming to the market that have significant cost, cough issues, or dyspnea issues that can lead to, you know, significant exacerbations.
Speaker #7: I think , you know , we have an truly opportunity be a best in to class product , both from an efficacy and safety standpoint .
Chris Boerner: David?
Chris Boerner: David?
[Company Representative] (Bristol Myers Squibb): Yeah, and the question on Eliquis, you know, I talked about it in total, that $1.5 to 2 billion step down as we go into 2026, and that is driven by, generic entries that we're assuming are going to happen. It's really spread throughout, it's a country-by-country basis on how that goes in. We're in litigation, we're in appeals in several of those markets, so, we have to see how that plays out. But we've made broad-based assumptions about, generic entry.
[Company Representative] (Bristol Myers Squibb): Yeah, and the question on Eliquis, you know, I talked about it in total, that $1.5 to 2 billion step down as we go into 2026, and that is driven by, generic entries that we're assuming are going to happen. It's really spread throughout, it's a country-by-country basis on how that goes in. We're in litigation, we're in appeals in several of those markets, so, we have to see how that plays out. But we've made broad-based assumptions about, generic entry.
Speaker #7: David .
Speaker #6: Yeah , question on Eliquis , you know , and the it in That total . talked about one and a half to $2 billion step down as we And that is into 26 .
Speaker #6: go driven by generic entries that we're assuming are going to happen . It's really throughout . It's a country by country how that goes .
Speaker #6: basis on And we're in litigation . We're in appeals . And several of those So we have to see how markets . that plays out .
Speaker #6: But we made broad based assumptions about generic entry .
Adam Lenkowsky: Yeah, and I think the last part of the question, David, was around Orencia. So Orencia continues to perform well, with great cash flow for the organization. As far as a biosimilar for Orencia, you know, we do know that Dr. Reddy's Labs has, you know, posted a, you know, opportunity to file. Their manufacturing facility is out of India, and, you know, we've had this product now since 2006, and we recognize the challenges that it takes to manufacture a product like Orencia. And so, you know, we do expect to see continued cash flow from this important product for patients.
Adam Lenkowsky: Yeah, and I think the last part of the question, David, was around Orencia. So Orencia continues to perform well, with great cash flow for the organization. As far as a biosimilar for Orencia, you know, we do know that Dr. Reddy's Labs has, you know, posted a, you know, opportunity to file. Their manufacturing facility is out of India, and, you know, we've had this product now since 2006, and we recognize the challenges that it takes to manufacture a product like Orencia. And so, you know, we do expect to see continued cash flow from this important product for patients.
Speaker #7: And I guess the last part of the question , David , was orencia . So Orencia to perform well around continues with great cash flow organization as far a as biosimilar for Orencia , for the you know , we do know that Doctor Reddy Labs has posted a , you know , opportunity to to their file manufacturing facility is out of India and we've had this product now since 2006 , and we recognize the challenges that it takes to manufacture a product like Orencia .
Speaker #7: And so , you know , we do expect to see continued cash flow from from product important this for patients .
[Company Representative] (Bristol Myers Squibb): Yeah, and Dave, I would just underscore in the EU, it's country by country for sure. The bigger countries are clustered around late in the year, in the November timeframe, late in the year. And with that, can we go to our next question, please?
[Company Representative] (Bristol Myers Squibb): Yeah, and Dave, I would just underscore in the EU, it's country by country for sure. The bigger countries are clustered around late in the year, in the November timeframe, late in the year. And with that, can we go to our next question, please?
Speaker #3: Dave , I would Yeah . And in the underscore EU , it's country by country for sure just . The countries are clustered around late in the in the year November late in the year .
Speaker #3: And with that, in terms of time frame, we can go to our next question?
Operator: Absolutely. Our next question today comes from David Amsellem with Piper Sandler. Please go ahead.
Operator: Absolutely. Our next question today comes from David Amsellem with Piper Sandler. Please go ahead.
Speaker #4: Absolutely . Our today comes next David Amsellem with Piper Sandler . Please go ahead .
[Analyst] (Piper Sandler): Hey, thanks. So wanted to ask about Cobenfy and a bigger picture question. There are a number of companies developing their own, M1/M4s, and in some cases without, a peripherally acting, anticholinergic. So I wonder, how you think, those agents down the road could impact, Cobenfy growth, if at all? That's number one. And then number two is, can you just talk more to how big of a priority is it to, add a late stage or commercial-ready psychiatry-focused asset or assets where you could leverage the commercial infrastructure that you've built, to support Cobenfy? Again, how big of a priority, how aggressive do you want to be here? Thank you.
David Amsellem: Hey, thanks. So wanted to ask about Cobenfy and a bigger picture question. There are a number of companies developing their own, M1/M4s, and in some cases without, a peripherally acting, anticholinergic. So I wonder, how you think, those agents down the road could impact, Cobenfy growth, if at all? That's number one. And then number two is, can you just talk more to how big of a priority is it to, add a late stage or commercial-ready psychiatry-focused asset or assets where you could leverage the commercial infrastructure that you've built, to support Cobenfy? Again, how big of a priority, how aggressive do you want to be here? Thank you.
Speaker #13: Hey , thanks . I So wanted to ask about Cobham and a bigger picture question . There are a number companies of developing own their , and in some M1-m4 without acting anticholinergic .
Speaker #13: So I you think how wonder those agents down the road could impact growth , if at all . That's one . And number then number two is can more to how big of a you just talk is it to late a stage or commercial ready focused asset or assets where you could leverage the commercial infrastructure that you've built to psychiatry support ?
Speaker #13: how Again , big of a priority , how aggressive do you be here ? want to Thank you .
Chris Boerner: Well, let me start on the business development question, then I'll ask Adam and Christian to address the specifics of the Cobenfy pipeline question or competitive question. So from a business development standpoint, as I said earlier, our focus is on continuing to build out breadth and depth in each of our therapeutic areas. Obviously, we've shown a willingness to do business development to build out our presence in neuroscience, and I think you can expect that if there are attractive opportunities where the science is compelling and where the financials allow us to add value to the company and ultimately to shareholders in the neuroscience space, we would certainly be looking at it. Adam?
Chris Boerner: Well, let me start on the business development question, then I'll ask Adam and Christian to address the specifics of the Cobenfy pipeline question or competitive question. So from a business development standpoint, as I said earlier, our focus is on continuing to build out breadth and depth in each of our therapeutic areas. Obviously, we've shown a willingness to do business development to build out our presence in neuroscience, and I think you can expect that if there are attractive opportunities where the science is compelling and where the financials allow us to add value to the company and ultimately to shareholders in the neuroscience space, we would certainly be looking at it. Adam?
Speaker #1: me start on Well , let question . development Then I'll ask Adam and Christian to the address specifics of the . Pipeline question or competitive question .
Speaker #1: So from a business development standpoint, as I said earlier, our focus is on continuing to build breadth and depth in each of our therapeutic out areas.
Speaker #1: shown a Obviously , we've business development build out our presence in neuroscience . And I think you can if there expect that are attractive opportunities science where the compelling where the financials allow us to add value to the company and ultimately and to the in space , we would be certainly Adam looking at it .
Adam Lenkowsky: Yeah, Dave, thanks for the question. When we were doing the work for Karuna, we were really excited by the novel mechanism of action. Not just the fact that it was, you know, working on muscarinic, but the fact that the M1, M4 component of that, which, you know, we saw brings an opportunity for increased and improved cognitive benefit and schizophrenia as well as negative symptoms, and we're seeing that in the market today. Additionally, when you look at the incredible lifecycle management program that we have in place with significant number of studies that are ongoing in Alzheimer's disease psychosis, Alzheimer's disease cognition, as well as agitation, coupled with bipolar disorder, this has the opportunity to be a very significant drug in the neuropsychiatric space. And we also have a very significant head start on other competitors coming.
Adam Lenkowsky: Yeah, Dave, thanks for the question. When we were doing the work for Karuna, we were really excited by the novel mechanism of action. Not just the fact that it was, you know, working on muscarinic, but the fact that the M1, M4 component of that, which, you know, we saw brings an opportunity for increased and improved cognitive benefit and schizophrenia as well as negative symptoms, and we're seeing that in the market today. Additionally, when you look at the incredible lifecycle management program that we have in place with significant number of studies that are ongoing in Alzheimer's disease psychosis, Alzheimer's disease cognition, as well as agitation, coupled with bipolar disorder, this has the opportunity to be a very significant drug in the neuropsychiatric space. And we also have a very significant head start on other competitors coming.
Speaker #1: .
Speaker #7: the Yeah , thanks for When we were doing the work Karuna , we were really for excited question . the mechanism of action , not just the fact that it was , you know , working on muscarinic , but the fact that the M1 , M4 component of that which , you know , we brings an saw opportunity for increased and improved cognitive benefit and schizophrenia as well as negative symptoms .
Speaker #7: And we're that in the market seeing today . Additionally , when you look at the incredible lifecycle management program that we have in place significant with number of studies that are ongoing in Alzheimer's disease , in disease , Alzheimer's psychosis , Alzheimer's disease , cognition , as well as agitation coupled with bipolar disorder .
Speaker #7: This has the opportunity to be a very significant in the neuropsychiatric drug And we space . also have a very significant head start on other competitors coming .
Adam Lenkowsky: I'll turn it to Samit Hirawat to talk about, you know, Cobenfy and also the pipeline as well, that we have from the Karuna acquisition.
Adam Lenkowsky: I'll turn it to Samit Hirawat to talk about, you know, Cobenfy and also the pipeline as well, that we have from the Karuna acquisition.
Speaker #7: And I'll turn it to Christian to talk you know , about , and also the as well , that we have pipeline from the acquisition .
Samit Hirawat: So, David, you raised an important point. There are M4 agonists, there are M4 PAMs, positive allosteric modulators. You have other M1, M4 that are emerging. First of all, we are ahead of everybody else; this is the first point. The second is, we still don't know how M4 agonists or M4 PAMs can play out versus an M1, M4 inhibitor like Cobenfy is. And we still don't know if you change your peripheral anticholinergic drug, how this can impact the brain penetration and additional the control of some of the cholinergic symptoms. We believe that Cobenfy, with xanomeline and trospium, has the right approach.
Samit Hirawat: So, David, you raised an important point. There are M4 agonists, there are M4 PAMs, positive allosteric modulators. You have other M1, M4 that are emerging. First of all, we are ahead of everybody else; this is the first point. The second is, we still don't know how M4 agonists or M4 PAMs can play out versus an M1, M4 inhibitor like Cobenfy is. And we still don't know if you change your peripheral anticholinergic drug, how this can impact the brain penetration and additional the control of some of the cholinergic symptoms. We believe that Cobenfy, with xanomeline and trospium, has the right approach.
Speaker #2: So , David , you you raise an important point . There are many there is there are . agonists that are M4 M4 positive Pam modulators allosteric .
Speaker #2: Other, you have M1, M4 that are emerging. First of all, we are ahead of everyone else. This is the first point.
Speaker #2: The second is we still don't know how M4 agonists or M4 can can play out versus an M1 , M4 inhibitor . Like like like a comment is and we still don't know if you change your peripheral anticholinergic drug how this can impact the the brain penetration additional the control of the cholinergic some of symptoms .
Speaker #2: We that xanomeline and trospium with as the right , the the right right , approach , as Adam said , very rich we have a pipeline coming from from our internal Karuna , research that of course , investigating this mechanisms keep we will disclose the right time .
Samit Hirawat: As Adam said, we have a very rich pipeline coming from Karuna, from our internal research, that of course keep investigating these mechanisms. And we will disclose the right time how these programs are progressing, and we are focusing very much on these receptors. And of course, we have assets to go beyond that, because some of them are as to control symptoms in Alzheimer's, other, others are disease-modified assets. So our Alzheimer pipeline is very rich, and we are very excited about it, actually.
Samit Hirawat: As Adam said, we have a very rich pipeline coming from Karuna, from our internal research, that of course keep investigating these mechanisms. And we will disclose the right time how these programs are progressing, and we are focusing very much on these receptors. And of course, we have assets to go beyond that, because some of them are as to control symptoms in Alzheimer's, other, others are disease-modified assets. So our Alzheimer pipeline is very rich, and we are very excited about it, actually.
Speaker #2: How programs are progressing . And we these focusing very much on these And of course , that go beyond assets that because some of them are .
Speaker #2: receptors . control symptoms in Alzheimer's . Other others are disease modifying assets . So our pipeline is very rich and we are very excited about it actually .
Speaker #3: Thank you, Christian. Next question, please.
Operator: Thank you. Our next question today comes from Jason Gerberry with Bank of America. Please, please go ahead.
Operator: Thank you. Our next question today comes from Jason Gerberry with Bank of America. Please, please go ahead.
Speaker #4: Thank you . question . Today comes from Jason Gerberry Bank of with And our next America . Please ahead .
[Analyst] (Bank of America): Hey, guys. Thanks for squeezing me in. So, just for me on Milvexian, can you remind us why you opted not to enrich in the SSP trial for atherosclerosis? And do you think that in any way poses a risk in terms of reading across from the positive efficacy result from the Bayer data later today in SSP? And then my second question is just, you know, as we look at the CELMoDs and the second-line plus refractory multiple myeloma space, it's obviously getting increasingly complicated with recent data from the bispecifics. And so, I'm just kind of curious how you guys are thinking about, you know, the relative positioning here, if data are confirmatory on Phase 3.
Jason Gerberry: Hey, guys. Thanks for squeezing me in. So, just for me on Milvexian, can you remind us why you opted not to enrich in the SSP trial for atherosclerosis? And do you think that in any way poses a risk in terms of reading across from the positive efficacy result from the Bayer data later today in SSP? And then my second question is just, you know, as we look at the CELMoDs and the second-line plus refractory multiple myeloma space, it's obviously getting increasingly complicated with recent data from the bispecifics. And so, I'm just kind of curious how you guys are thinking about, you know, the relative positioning here, if data are confirmatory on Phase 3.
Speaker #14: Hey guys . Thanks for
Speaker #14: squeezing me in . go So just for me on on Milvexian , can you remind us why you opted not to enrich in the SSP trial for atherosclerosis ?
Speaker #14: do you And think any way that in terms of in reading a risk across from the poses positive efficacy result from the Bayer data ?
Speaker #14: Later today in ? And then my second question is , just SSP as we look at the cell model and the second line plus refractory multiple myeloma space , it's obviously increasingly getting complicated with recent data from the Biospecifics .
Speaker #14: And so I'm just kind of curious how you guys are thinking about the relative positioning here . If data are confirmatory on phase three , obviously there's a lot to to be kind of sussed out with your But data .
[Analyst] (Bank of America): Obviously, there's a lot to be kind of sussed out with your data, but do you see these as agents that maybe, you know, appeal more to community providers, more as, like, third, fourth line drugs, or do you think they get used earlier? Just any color on how you see it kind of positioning within an increasingly complicated space.
Jason Gerberry: Obviously, there's a lot to be kind of sussed out with your data, but do you see these as agents that maybe, you know, appeal more to community providers, more as, like, third, fourth line drugs, or do you think they get used earlier? Just any color on how you see it kind of positioning within an increasingly complicated space.
Speaker #14: do you see these as agents that maybe appeal more community to like more as third or fourth line drugs ? Or do you think used earlier ?
Speaker #14: Just any they get color on how you see of it kind positioning within an increasingly complicated space ?
Adam Lenkowsky: Well, let me, let me start, and I'm gonna ask Adam, and then Christian can chime in on your Milvexian question. As we look at the Cell Mod program, generally, we're very excited about the data that we've already seen and about the commercial potential, particularly in light of some of the changes taking place in that landscape. But Adam, do you wanna elaborate?
Adam Lenkowsky: Well, let me, let me start, and I'm gonna ask Adam, and then Christian can chime in on your Milvexian question. As we look at the Cell Mod program, generally, we're very excited about the data that we've already seen and about the commercial potential, particularly in light of some of the changes taking place in that landscape. But Adam, do you wanna elaborate?
Speaker #1: Well , let me let me start . And I'm going to ask Adam and then chime in on the on Christian can your question milvexian as we look at generally , settlement the we're program , very excited data that we've about the seen and about the commercial , particularly in light of some of the changes potential place in taking that landscape .
Samit Hirawat: Yeah, Jason, thanks for the question. Just building on Chris's comment. We've got good momentum coming off the ASH meeting last year, and we see excitement building around our overall CELMoD portfolio, iberdomide, mezigdomide, and golcadomide in hematology. And, you know, this is a market, Jason, that we know very well. This is a competitive market, it's a fragmented market, but there remains a need for more effective and safe treatment options that can address the majority of patients, particularly those that are treated in the community setting. And roughly 70 to 80% of patients are treated in the community. Now, while REV and POM-based combinations are the backbone of treatment across early lines of multiple myeloma, there's an opportunity to improve upon their depth and durability.
Samit Hirawat: Yeah, Jason, thanks for the question. Just building on Chris's comment. We've got good momentum coming off the ASH meeting last year, and we see excitement building around our overall CELMoD portfolio, iberdomide, mezigdomide, and golcadomide in hematology. And, you know, this is a market, Jason, that we know very well. This is a competitive market, it's a fragmented market, but there remains a need for more effective and safe treatment options that can address the majority of patients, particularly those that are treated in the community setting. And roughly 70 to 80% of patients are treated in the community. Now, while REV and POM-based combinations are the backbone of treatment across early lines of multiple myeloma, there's an opportunity to improve upon their depth and durability.
Speaker #1: But, Adam, do you want to elaborate?
Speaker #7: Jason , thanks Yeah . question . Just building on for the comment . We've Chris's momentum coming off the Ash year , and meeting last we see building excitement around our mod overall cell portfolio .
Speaker #7: I've heard amide and amide , amide in hematology . And you know , this is a market , Jason , very that we know well .
Speaker #7: competitive a This is It's a market . market . But fragmented there remains a need for more effective and safe treatment options that can majority of address the patients , particularly those that are treated in the community setting .
Speaker #7: And roughly 70 to 80% of patients treated in the are community . Rev Now , and while Pom based combinations are the backbone of treatment early across lines of multiple myeloma , there's an opportunity to improve upon their depth and their ability .
Samit Hirawat: There's an opportunity to improve on their tolerability, and we expect Iberdomide will provide that balance of high potency, manageable toxicity profile, combinability with anti-CD38, with the convenience of an oral treatment. And we continue to hear positive feedback from physicians. So our goal is to make both iber and mezi foundational in multiple myeloma, replacing IMiD in earlier lines of treatment. So this is going to be, for Iberdomide, a second-line product, largely used in the community in combination with daratumumab. Ultimately, longer term, we believe that these can serve as partners for TCEs and cell therapy, so we'll be studying that there. We presented data with Pfizer's TCE at ASH. So once approved, you know, we expect good adoption over time in the community in second line, as most patients just don't have access to cell therapies or bispecifics due to safety and accessibility challenges.
Samit Hirawat: There's an opportunity to improve on their tolerability, and we expect Iberdomide will provide that balance of high potency, manageable toxicity profile, combinability with anti-CD38, with the convenience of an oral treatment. And we continue to hear positive feedback from physicians. So our goal is to make both iber and mezi foundational in multiple myeloma, replacing IMiD in earlier lines of treatment. So this is going to be, for Iberdomide, a second-line product, largely used in the community in combination with daratumumab. Ultimately, longer term, we believe that these can serve as partners for TCEs and cell therapy, so we'll be studying that there. We presented data with Pfizer's TCE at ASH. So once approved, you know, we expect good adoption over time in the community in second line, as most patients just don't have access to cell therapies or bispecifics due to safety and accessibility challenges.
Speaker #7: There's an opportunity to improve on their tolerability , and we expect iberdomide balance of will provide high potency profile , , manageable combinability with anti-cd38 with the convenience of an toxicity treatment .
Speaker #7: And we continue to hear positive feedback from physicians. So our goal is to make both IBR and Foundational in myeloma, replacing IMiDs in multiple earlier treatments.
Speaker #7: lines of So this is be for iberdomide . A second line product largely used in the community in with combination Daratumumab . Ultimately , longer term , we these can serve as partners for believe that going to Tkis and cell therapy .
Speaker #7: So we'll be studying that there . We presented with data Pfizer's Ash at TCE . So once approved , we good expect adoption over time in the community .
Speaker #7: In second line , as most patients just don't have access to cell therapies or bispecifics due to safety and accessibility challenges . So our teams are readying for the launch of Iberdomide .
Samit Hirawat: Our teams are ready for the launch of Iberdomide. We know the work that we need to do to establish both Iber and Mezi in this competitive market, and we're excited to bring them to patients.
Samit Hirawat: Our teams are ready for the launch of Iberdomide. We know the work that we need to do to establish both Iber and Mezi in this competitive market, and we're excited to bring them to patients.
Speaker #7: We know the work that we need to do to establish both IBR and messy in this competitive market , and we're excited to bring them to patients .
Adam Lenkowsky: Christian?
Adam Lenkowsky: Christian?
Samit Hirawat: So, Jason, thank you. It's a very good technical question you're asking, but let me help you to clarify. Some of the eligibility criteria from the stroke study that Bayer is running and our Milvexian stroke studies can be different. But when you look... We didn't disclose our baseline patient and disease characteristics like they did. And in a few hours, we will see the outcome also. But I can tell you that the 2 studies are very similar in the patient population. When you look at the events that are causing the stroke, you have 3 categories. Large artery atherosclerosis, these are events that are coming faster. You have events coming from lacunar strokes.
Samit Hirawat: So, Jason, thank you. It's a very good technical question you're asking, but let me help you to clarify. Some of the eligibility criteria from the stroke study that Bayer is running and our Milvexian stroke studies can be different. But when you look... We didn't disclose our baseline patient and disease characteristics like they did. And in a few hours, we will see the outcome also. But I can tell you that the 2 studies are very similar in the patient population. When you look at the events that are causing the stroke, you have 3 categories. Large artery atherosclerosis, these are events that are coming faster. You have events coming from lacunar strokes.
Speaker #1: Christian .
Speaker #2: So , Jason , thank you . It's a very technical good you're asking . question Let me let me let me help you to clarify the some of the eligibility criteria the from stroke study that that Bayer is running and the our studies can be different .
Speaker #2: But when you look , we didn't disclose our baseline patient and disease characteristics like like they did . And in a few hours we will see outcome .
Speaker #2: also the But I you can tell that the very the in the in two studies are similar patient When you population . look events that at the are causing the stroke , you three categories have a large artery , atherosclerosis .
Speaker #2: These are events that are faster . coming have You that are coming events from lacunar strokes . These are when you have occlusion of small in the in arteries the .
Samit Hirawat: These are when we have the occlusion of small arteries in the brain. And then you have strokes that are coming from embolic events that you don't know the source, unknown source... So this will not be very different between the two studies. And we believe that there is nothing, and by the way, we control the number of events coming from lacunar, so we will not have a disproportionate of that, because it's capped in terms of event. So this give us confidence that the two studies and the way we run our study, at least, is the right way.
Samit Hirawat: These are when we have the occlusion of small arteries in the brain. And then you have strokes that are coming from embolic events that you don't know the source, unknown source... So this will not be very different between the two studies. And we believe that there is nothing, and by the way, we control the number of events coming from lacunar, so we will not have a disproportionate of that, because it's capped in terms of event. So this give us confidence that the two studies and the way we run our study, at least, is the right way.
Speaker #2: brain have that are coming from And then you events embolic that you don't know source source . the strokes unknown this is will not be very different between the two studies .
Speaker #2: That believe there is, and nothing. And by the way, we have the number of coming events from Lacunar. So we will not have a disproportionate—that it's capped in terms of events.
Speaker #2: So this gives us because confidence the two that and the way we studies our study , at run least , is the right way .
Speaker #3: Thank you , Christian . Next question please .
Operator: Thank you. Our next question today comes from Evan Seigerman at BMO Capital Markets. Please go ahead.
Operator: Thank you. Our next question today comes from Evan Seigerman at BMO Capital Markets. Please go ahead.
Speaker #4: you . And our next Thank question . Today comes from Evan Sugerman at BMO Capital Please go ahead Markets . .
[Analyst] (BMO Capital Markets): Hi, Michael Moffman on for Evan. Thanks for taking our question. Wanted to ask 2 commercial questions real quick. So first on Opdualag, in Q4, we saw in the US a particularly strong growth, even relative to maybe prior years in 2024. Can you talk about some of the dynamics that may be contributing here? Obviously, the standard of care on melanoma, but are there particular physician engagement efforts that are contributing in the US? And then secondarily, on Reblozyl, I know highly penetrated in MDS anemia. Can you just help contextualize how much more room there is for growth in this indication? Thanks.
Evan Seigerman: Hi, Michael Moffman on for Evan. Thanks for taking our question. Wanted to ask 2 commercial questions real quick. So first on Opdualag, in Q4, we saw in the US a particularly strong growth, even relative to maybe prior years in 2024. Can you talk about some of the dynamics that may be contributing here? Obviously, the standard of care on melanoma, but are there particular physician engagement efforts that are contributing in the US? And then secondarily, on Reblozyl, I know highly penetrated in MDS anemia. Can you just help contextualize how much more room there is for growth in this indication? Thanks.
Speaker #15: Hi , Michael Hoffman Evan . Thanks for taking our question . I wanted to two commercial questions real So first , on Abdullah in the fourth quick .
Speaker #15: saw quarter , we in the US a particularly strong growth , maybe prior relative to years in Can you 2024 . talk about some that may be dynamics contributing of the ?
Speaker #15: Obviously , the here standard of care in melanoma , but are there particular physician engagement efforts that are US ? And then secondarily on Reblozyl , I know highly penetrated in MDS anemia .
Speaker #15: you just Can help contextualize how much room there this is for growth in more indication ? Thanks , Adam .
Adam Lenkowsky: Yeah, thanks for the question. So Opdualag has become a standard of care in first-line metastatic melanoma in the United States. Opdualag is now approaching 4 years post-launch and has over a 30% market share. In fact, when you look at the totality of BMS market share in metastatic melanoma, we're now over 65%. So our objective is to continue to expand our share. There's still roughly 15% of patients that continue on PD-1 monotherapy, and so there's an opportunity there to source that business this year. Additionally, you know, we started to launch internationally in markets like Australia, UK, and France. That will contribute to growth in 2026. We also expect an all-comers indication in Europe in Q2, which will drive significant growth internationally.
Adam Lenkowsky: Yeah, thanks for the question. So Opdualag has become a standard of care in first-line metastatic melanoma in the United States. Opdualag is now approaching 4 years post-launch and has over a 30% market share. In fact, when you look at the totality of BMS market share in metastatic melanoma, we're now over 65%. So our objective is to continue to expand our share. There's still roughly 15% of patients that continue on PD-1 monotherapy, and so there's an opportunity there to source that business this year. Additionally, you know, we started to launch internationally in markets like Australia, UK, and France. That will contribute to growth in 2026. We also expect an all-comers indication in Europe in Q2, which will drive significant growth internationally.
Speaker #7: Yeah , thanks for the question . So it has become a standard of care in first line metastatic in the United States melanoma is now approaching post-launch .
Speaker #7: four years has And over 30% market In fact , when you look at the share . totality of BMS market share in metastatic now melanoma , we're over 65% .
Speaker #7: So our objective is to continue our expand to share . There's still 15% of continue patients roughly on PD one monotherapy . there's an opportunity there And so source that business .
Speaker #7: year . This Additionally , we launch internationally in started to Australia , UK markets like That and France . will contribute to growth in 2026 .
Speaker #7: also We in all comers expect indication in Europe in Q2 , drive will which significant So see internationally . growth opportunities to increase sales of in the US and as well as broader label .
Adam Lenkowsky: So we see opportunities to increase sales of Opdualag in the US and as well as ex-US with a broader label. As far as Reblazyl, you know, as you mentioned, Reblazyl delivered continued strong growth, as you heard from both David and Chris. Reblazyl is now annualizing over $2 billion of sales worldwide. We're continuing to drive demand across first-line RS-positive and first-line RS-negative patients. We expect to see continued strong growth, particularly in the RS-negative patients, you know, where there's an opportunity for growth. We saw a very rapid uptake initially post-command in RS-positive, and RS-negative provides the greatest opportunity for growth in the United States. And outside of the US, you know, in many markets, we're just starting to launch and get reimbursed in first line.
Adam Lenkowsky: So we see opportunities to increase sales of Opdualag in the US and as well as ex-US with a broader label. As far as Reblazyl, you know, as you mentioned, Reblazyl delivered continued strong growth, as you heard from both David and Chris. Reblazyl is now annualizing over $2 billion of sales worldwide. We're continuing to drive demand across first-line RS-positive and first-line RS-negative patients. We expect to see continued strong growth, particularly in the RS-negative patients, you know, where there's an opportunity for growth. We saw a very rapid uptake initially post-command in RS-positive, and RS-negative provides the greatest opportunity for growth in the United States. And outside of the US, you know, in many markets, we're just starting to launch and get reimbursed in first line.
Speaker #7: AG As far Reblozyl , as you mentioned , Reblozyl delivered continued growth as you heard from both David and Chris . Reblozyl is now Annualizing over $2 billion of sales strong worldwide .
Speaker #7: We're continuing to drive demand across first line , says positive and patients . We expect to see continued strong growth , particularly in the Rs negative patients where there's an first line SSRIs for growth .
Speaker #7: We saw rapid initial uptake post-launch, and positive uptake in the U.S. and outside of the U.S. This provides the greatest growth opportunity for us in the United States as well as internationally.
Speaker #7: In many markets , just we're get launch to reimbursed in first line . So overall , we see solid continued Reblozyl first line this in growth for year , and we expect strong performance .
Adam Lenkowsky: So overall, we see continued solid growth for Reblozyl in first line this year, and we expect strong performance.
Adam Lenkowsky: So overall, we see continued solid growth for Reblozyl in first line this year, and we expect strong performance.
[Company Representative] (Bristol Myers Squibb): Thanks, Adam. Operator, we'll have one more question, then Chris will make a brief closing. Thank you.
[Company Representative] (Bristol Myers Squibb): Thanks, Adam. Operator, we'll have one more question, then Chris will make a brief closing. Thank you.
Speaker #3: Thanks , Adam . operator . And We'll have one more question then Chris will make a brief closing . Thank you .
Operator: Thank you. Our final question today comes from Steve Scala with TD Cowen. Please go ahead.
Operator: Thank you. Our final question today comes from Steve Scala with TD Cowen. Please go ahead.
Speaker #4: you . And Thank question today comes from Scala Steven with TD Please Cohen . ahead .
[Analyst] (TD Cowen): Oh, thank you so much, and apologies. This is an Eliquis question, but I don't think this product has grown double-digit in several years, but then will in 2026. And it's still not absolutely clear why there will be a step down in 2027. If the 2026 is boosted by a higher commercial price, why won't that also boost 2027? I understand about OUS patent expirations, but OUS in its totality is only $4 billion, and I think some patents have been off for years. I think it's striking for a product to go from double-digit in one year to billion-dollar declines in the following. So it seems like what you're really saying is US price is coming down in 2027, and it's not clear why.
Steve Scala: Oh, thank you so much, and apologies. This is an Eliquis question, but I don't think this product has grown double-digit in several years, but then will in 2026. And it's still not absolutely clear why there will be a step down in 2027. If the 2026 is boosted by a higher commercial price, why won't that also boost 2027? I understand about OUS patent expirations, but OUS in its totality is only $4 billion, and I think some patents have been off for years. I think it's striking for a product to go from double-digit in one year to billion-dollar declines in the following. So it seems like what you're really saying is US price is coming down in 2027, and it's not clear why.
Speaker #16: you so Oh thank much . And apologies . This is an Eliquis But I question . don't product has grown double digit in several years .
Speaker #16: But then will in 2026 . And it's still absolutely clear why there will be a step down in 27 if think this 2026 is higher boosted by a commercial price , why won't that also boost 2027 ?
Speaker #16: I about understand US patent expirations , but US in its totality is only for And I billion . some have been off for patents years I think .
Speaker #16: striking go from product to for a it's would I double I digit billion in one year to declines in the So it seems you're like what is following .
Speaker #16: in And it's not 27 two . clear why . And related to this did the , how contributing coming down 7 billion of Eliquis API to the government US impact the PNL ?
[Analyst] (TD Cowen): Related to this, how did the contributing $7 billion of Eliquis apixaban to the US government impact the P&L? Thank you.
Steve Scala: Related to this, how did the contributing $7 billion of Eliquis apixaban to the US government impact the P&L? Thank you.
[Company Representative] (Bristol Myers Squibb): Adam.
[Company Representative] (Bristol Myers Squibb): Adam.
Adam Lenkowsky: Great, Steve. Thanks for the question. Just, you know, just at a higher level, number one, you know, we continue to see strong demand performance with Eliquis, and that's gonna continue in 2026. When you look at the price reduction that took place in the United States, that will eliminate the inflationary penalties, CPI penalties of the rebates, this year and, you know, into next year. When we look in totality, you're right, roughly 70% of the Eliquis business is in the US. This is a very large brand, and so, you know, we expect in November of this year that we will lose exclusivity in Europe, and we would expect rapid and steep decline like we have seen with other small molecules outside of the US.
Adam Lenkowsky: Great, Steve. Thanks for the question. Just, you know, just at a higher level, number one, you know, we continue to see strong demand performance with Eliquis, and that's gonna continue in 2026. When you look at the price reduction that took place in the United States, that will eliminate the inflationary penalties, CPI penalties of the rebates, this year and, you know, into next year. When we look in totality, you're right, roughly 70% of the Eliquis business is in the US. This is a very large brand, and so, you know, we expect in November of this year that we will lose exclusivity in Europe, and we would expect rapid and steep decline like we have seen with other small molecules outside of the US.
Speaker #16: Thank you
Speaker #1: .
Speaker #7: Great ,
Speaker #7: for the question . Just , you know , just at a higher . level .
Speaker #7: Number one , we continue to see strong demand Adam performance with Eliquis . And that's continue going to in 2026 . look at the price When you that took reduction United States place in the will , that the inflationary penalties , CPI penalties of the rebates this year and year .
Speaker #7: eliminate next at When we in totality , right , you're roughly 70% of Eliquis is a business is US . This in the very large And so we brand .
Speaker #7: expect in November of that year this lose exclusivity in Europe . And we would expect and steep decline like we with other have seen small molecules rapid US .
Adam Lenkowsky: So that's why, you know, we would expect to see that step down in 2027.
Adam Lenkowsky: So that's why, you know, we would expect to see that step down in 2027.
Speaker #7: why . And so that's the You know , we would expect to see that step in 2027 .
Chris Boerner: And just on your question on the strategic reserve, that's not a material impact on the overall business, just given the magnitude of the business, as well as just the amount of product that will be provided in that reserve. So no impact there. So thanks for the questions, and maybe just in conclusion, we have spent, as we've discussed on these calls, for the last number of quarters, significant time on execution as a company across functions. And I think what you see in the numbers we've put up today is that we're doing what we said we would do. We've become much more focused. We've strengthened execution across all of the relevant functions in the organization. We've built a growth portfolio that has very strong momentum coming into the year.
Chris Boerner: And just on your question on the strategic reserve, that's not a material impact on the overall business, just given the magnitude of the business, as well as just the amount of product that will be provided in that reserve. So no impact there. So thanks for the questions, and maybe just in conclusion, we have spent, as we've discussed on these calls, for the last number of quarters, significant time on execution as a company across functions. And I think what you see in the numbers we've put up today is that we're doing what we said we would do. We've become much more focused. We've strengthened execution across all of the relevant functions in the organization. We've built a growth portfolio that has very strong momentum coming into the year.
Speaker #1: And your question on the strategic just on material the reserve , that's not a business , impact on just given the of the as well business just the of product that will provided in that be So reserve .
Speaker #1: no impact there thanks for . the So questions . And maybe just in conclusion , we spent , as we've on these calls for the last number of quarters , significant time have on a as discussed company , as functions .
Speaker #1: And I think what you see in the numbers we put up today is that we're doing what we said we would do . We've become much more focused .
Speaker #1: We've execution across strengthened all of the relevant functions in the organization . We've built a growth portfolio that has strong momentum very coming into the year .
Chris Boerner: We have a pipeline, as has been discussed on this call, of differentiated assets that is now within months of meaningful data readouts. And finally, we've continued to strengthen the company financially, and that, of course, gives us strategic flexibility to not only return capital to shareholders, but continue to add substrate for growth. I'm incredibly proud of the strong foundation we have coming into this year, which we couldn't have contributed to without the commitment and dedication of my colleagues at BMS. So thank you all for joining us today. As always, the team is gonna be available for any follow-ups, and have a great rest of the day.
Chris Boerner: We have a pipeline, as has been discussed on this call, of differentiated assets that is now within months of meaningful data readouts. And finally, we've continued to strengthen the company financially, and that, of course, gives us strategic flexibility to not only return capital to shareholders, but continue to add substrate for growth. I'm incredibly proud of the strong foundation we have coming into this year, which we couldn't have contributed to without the commitment and dedication of my colleagues at BMS. So thank you all for joining us today. As always, the team is gonna be available for any follow-ups, and have a great rest of the day.
Speaker #1: a We have as has been this discussed on of differentiated assets that is now within months of data meaningful readouts finally , . And we've to strengthen the company financially .
Speaker #1: And that, of course, gives us strategic return of capital not only to shareholders, but flexibility to continue to substrate for growth.
Speaker #1: I'm proud of the strong incredibly we have into this foundation coming year , which we couldn't to without the commitment dedication of my have colleagues at BMS .
Speaker #1: thank you joining So us all for today . As always , contributed going to the team is be available for any and and have follow a great ups rest of the day .
Operator: Thank you. That concludes today's conference call, and we thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.
Operator: Thank you. That concludes today's conference call, and we thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.
Speaker #4: That concludes Thank you . today's call . We conference for thank you all today's presentation attending . You may notice that your lines and have a wonderful day .
