Full Press Release Details
43rd Annual J.P. Morgan Healthcare Conference January 13th, 2025 Christopher
Boerner, Ph.D., Board Chair and Chief Executive Officer
Forward Looking Statements and Non-GAAP Financial Information 2 This
presentation (as well as the oral statements made with respect to the information contained in this presentation) contains statements about Bristol-Myers Squibb Company's (the "Company") future financial results, plans, business development
strategy, anticipated clinical trials, results and regulatory approvals that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All statements that
are not statements of historical facts are, or may be deemed to be, forward-looking statements. Actual results may differ materially from those expressed in, or implied by, these statements as a result of various factors, including, but not
limited to: (i) New laws and regulations, (ii) Our ability to obtain, protect and maintain market exclusivity rights and enforce patents and other intellectual property rights, (iii) Our ability to achieve expected clinical, regulatory and
contractual milestones on expected timelines or at all, (iv) Difficulties or delays in the development and commercialization of new products, (v) Difficulties or delays in our clinical trials and the manufacturing, distribution and sale of
our products, (vi) Adverse outcomes in legal or regulatory proceedings, (vii) Risks relating to acquisitions, divestitures, alliances, joint ventures and other portfolio actions and (viii) Political and financial instability, including
changes in general economic conditions. These and other important factors are discussed in the Company's most recent annual report on Form 10-K and reports on Forms 10-Q and 8-K. These documents are available on the U.S. Securities and
Exchange Commission's website, on the Company's website or from Bristol-Myers Squibb Investor Relations. No forward-looking statements can be guaranteed. In addition, any forward-looking statements and clinical data included herein are
presented only as of the date hereof. Except as otherwise required by applicable law, the Company undertakes no obligation to publicly update any of the provided information, whether as a result of new information, future events, changed
circumstances or otherwise. This presentation includes certain non-Generally Accepted Accounting Principles ("GAAP") financial measures that we use to describe the Company's performance. The non-GAAP financial measures are provided as
supplemental information and are presented because management has evaluated the Company's financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the
non-GAAP financial measures presented portray the results of the Company's baseline performance, supplement or enhance management's, analysts' and investors' overall understanding of the Company's underlying financial performance and trends
and facilitate comparisons among current, past and future periods. This presentation also provides certain revenues and expenses or other financial measures excluding the impact of foreign exchange ("Ex-FX"). We calculate foreign exchange
impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-FX financial measures are not accounted for
according to GAAP because they remove the effects of currency movements from GAAP results. The non-GAAP information presented herein provides investors with additional useful information but should not be considered in isolation or as a
substitute for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our
financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable financial measure
are available on our website at www.bms.com/investors. Also note that a reconciliation of forward-looking non-GAAP measures, including non-GAAP Earnings per share (EPS), to the most directly comparable GAAP measures is not provided because
comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without
unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the Company believes such
a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results.
The next chapter for BMS comes into focus 3 January 2024 Outlined journey
to deliver sustained top-tier growth by end of the decade Highlighted enablers: Performance of key growth brands Delivery of mid-late-stage pipeline assets Focused on importance of execution Today Key first and/or best in class
medicines driving Growth Portfolio* Entering data-rich period, with multiple registrational readouts to define pipeline potential Focusing on disciplined execution *See Appendix Slide for composition of Growth Portfolio
Advanced growth portfolio with double-digit sales growth Expanded presence in
key TAs Re-established presence in neuroscience with Cobenfy Extended immuno-oncology portfolio durability with Opdivo Qvantig Advanced late-stage assets with significant potential Bolstered financial position Successful integration of
strategic acquisitions Achieved majority of ~$1.5 billion productivity program and reinvested savings into high-ROI opportunities Progress towards $10 billion debt pay down commitment1 2024 execution has strengthened our
foundation 4 Stronger portfolio, pipeline & financial flexibility entering 2025 1. Relative to the total debt level as of March 31, 2024
Delivering breakthrough medicines to even more patients even faster and
compelling returns to our shareholders Overarching strategic focus: Achieve sustained top-tier growth by end of the decade 5 Focusing on transformational medicines in areas where we have a competitive advantage Driving operational
excellence throughout the organization Strategically allocating capital for long-term growth and returns
Focusing on transformational medicines where we have competitive
advantages 6 Key marketed products Key Ph 2/3 programs Investment priorities Oncology/Hematology Protein degradation Cell therapy Complex biologics Radiopharmaceuticals Cardiovascular Thrombosis Cardiomyopathies Heart
failure Neuroscience Neuropsychiatry Neurodegeneration Immunology Controlling inflammation Resetting immune memory Promoting homeostasis 21 5 6 8 40 Total
Five products key to Growth Portfolio performance 7 Growth Portfolio
expected to exceed 50% of revenues in 2025 *See "Forward-Looking Statements and Non-GAAP Financial Information."; MDS: myelodysplastic syndrome; MF: myelofibrosis; oHCM: obstructive hypertrophic cardiomyopathy; nHCM: non-obstructive
hypertrophic cardiomyopathy; SoC: standard of care; NSCLC: non-small cell lung cancer First-in-class treatment in 1L MDS anemia with broad label Potential MF anemia expansion with Phase 3 data expected in 2025* First-in-class treatment
in oHCM nHCM expansion opportunity with Phase 3 data expected in 2025* Best-in-class CD19 CAR-T across the broadest array of B-cell malignancies Expanded manufacturing capabilities to unlock full potential Novel first-in-class
schizophrenia treatment with multiple high potential expansion opportunities Launched late October 2024 First-in-class treatment, now a SoC in 1L melanoma Exploring indication expansions (e.g., 1L NSCLC)
Cobenfy launch off to a strong start with the first indication for
schizophrenia 8 IQVIA Weekly NPA (Rapid) & APLD; Cobenfy's TRx is overall indications without normalization; TRx are projected at national level Cobenfy TRx "I had lots of hope for this medication, but no expectations. But now, I
can't wait to try it on more patients. These results are phenomenal. This medicine makes you a hero and doctors want to be heroes " - Dr. Parks in Cary, IL Thanksgiving Christmas & New Years 01 Consistent customer feedback
highlights benefits of unique MoA across the three domains of schizophrenia 02 Cobenfy TRx performance is aligned to our expectations and ahead of branded schizophrenia launch benchmarks 03 Medicare & Medicaid coverage currently
tracking ahead of expectations 04 Broader Commercial coverage expected in 2H25
with several potential indications with multi-billion-dollar peak sales over
the decade 9 Expected clinical data readout every year through the end of the decade Ongoing registrational study readout Planned registrational study readout Alzheimer's Disease Cognition >6M1 people living with AD in
U.S. 2025 2026 2027 2028 2029 2030+ Alzheimer's Disease Agitation >6M1 people living with AD in U.S. Bipolar I Disorder Impacts ~1.4M3 patients in U.S. Alzheimer's Disease Psychosis(ADEPT-1 & 4) >6M1,2 people living
with AD in U.S. Adjunctive Schizophrenia (ARISE) Expansion within schizophrenia Alzheimer's Disease Psychosis (ADEPT-2) >6M1,2 people living with AD in U.S. Autism Spectrum Disorder (Irritability) ~1.6M3 patients in
U.S. Long-Acting Injectable *See "Forward-Looking Statements and Non-GAAP Financial Information."1. "Alzheimer's Disease Association Facts and Figures," 2023. 2. Represents 40% of Alzheimer's disease 3. DRG - Clarivate, as of July 2023
2025 2025 Entering data rich period with multiple catalysts 10 2025-2027
key milestones* Reblozyl TD MF Associated Anemia (INDEPENDENCE) Opdualag Adjuvant Melanoma (RELATIVITY-098) CAMZYOS nHCM (ODYSSEY) Cobenfy Adjunctive Schizophrenia (ARISE) Cobenfy Alzheimer's Disease Psychosis (ADEPT-2) CD19 NEX-T
Autoimmune Diseases (Breakfree-1 & 2) Krazati 1L NSCLC (TPS <50%) (KRYSTAL-17) EGFR x HER3 ADC Advanced Solid Tumors1 RYZ101 1L ES-SCLC LCM pivotal data 2026 Milvexian ACS & SSP (LIBREXIA) Admilparant IPF
(ALOFT-IPF) Iberdomide RRMM (EXCALIBER-RRMM) Mezigdomide RRMM (SUCCESSOR-1 & 2) Arlo-cel RRMM (QUINTESSENTIAL) RYZ101 2L+ GEP-NETs (ACTION-1) NME registrational data Key next wave early-stage data 2026 Sotyktu SLE (POETYK SLE-1
& 2) Cobenfy Alzheimer's Disease Psychosis (ADEPT-4 & 1) 2026 Golcadomide 1L FL (GOLSEEK-2) MYK-224 HFpEF (AURORA) 2027 AR LDD mCRPC (rechARge) 2027 Anti-MTBR-tau Alzheimer's Disease (TargetTau-1) 2027 Milvexian AF
(LIBREXIA) REBLOZYL 1L NTD MDS Associated Anemia (ELEMENT) Sotyktu Sjogren's Syndrome (POETYK SjS-1) *See "Forward-Looking Statements and Non-GAAP Financial Information" NME: New Molecular Entity, LCM: Life Cycle Management 1: Trial
conducted by SystImmune
CELMoDs: Potential to raise efficacy bar with highly potent protein degraders
across hematologic malignacies 11 Potential new oral options with compelling anti-tumor effects and immune stimulation CELMoDs offer a tailored approach of combinable regimens across patient segments2 Multiple Myeloma Iberdomide &
Mezigdomide Potential new foundations in the multiple myeloma treatment landscape with four ongoing pivotal trials Iberdomide has the potential to be a new SoC in NDMM as post-transplant maintenance CELMoDs offer potential combinable
novel regimens in RRMM including iberdomide with anti-CD38 antibodies & mezigdomide with proteosome inhibitors >30K transplant eligible NDMM patients in U.S./EU1 Phase 3 data expected: 2029 >70K RRMM patients in
U.S./EU1 Phase 3 data expected: 2026* Lymphoma Golcadomide Evaluating novel golcadomide combination regimens across aggressive & indolent lymphomas Ongoing pivotal trial evaluating golcadomide + R-CHOP in 1L high-risk LBCL >60K
1L LBCL patients in U.S./EU1 Phase 3 data expected: 2028* *See "Forward-Looking Statements and Non-GAAP Financial Information" 1. Decision Resource Group, BMS Internal Analysis - Treated Population; 2. Please refer to ct.gov details:
NCT04975997; NCT05827016; NCT05519085; NCT05552976; NCT06356129
Milvexian: Potential to redefine anticoagulant therapy for thrombotic
diseases 12 *See "Forward-Looking Statements and Non-GAAP Financial Information" 1. Developed in partnership with Johnson & Johnson 2. Please refer to ct.gov details: NCT05702034; NCT05754957; NCT05757869 3. Decision Resource Group,
BMS Internal Analysis; EU represents EU5 - Incidence 4. Decision Resource Group, BMS Internal Analysis - Diagnosed Prevalence Focused on addressing unmet medical need across three large indications1,2 LIBREXIA-STROKE Secondary Stroke
Prevention (25mg BID) Combining with dual antiplatelet therapy FXa's not used due to excess bleeding risk Potential for improved efficacy (e.g., stroke) without increasing bleeding risk ~1.3 million patients in U.S./EU3 Phase 3 data
expected: 2026* LIBREXIA-ACS Acute Coronary Syndrome (25mg BID) Similar underlying pathophysiology and treatment as stroke FXa's not used due to excess bleeding risk Potential for improved efficacy (e.g., CV death, MI) without
increasing bleeding risk ~2 million patients in U.S./EU3 Phase 3 data expected: 2026* LIBREXIA-AF Atrial Fibrillation (100mg BID) Monotherapy agent vs. apixaban; only oral FXIa potential in AF Potential for comparable efficacy with
lower bleeding risk ~40% of patients untreated or undertreated due to bleeding risk ~14 million patients in U.S./EU4 Phase 3 data expected: 2027* FXla inhibition offers promising next-generation anticoagulant paradigm to improve patient
Admilparant (LPA1 antagonist): Potential to transform the treatment of
pulmonary fibrosis 13 ALOFT-IPF & ALOFT-PPF2: Phase 3 registrational studies following a robust Phase 2 program Significant unmet need IPF & PPF are fatal lung diseases with 3-5 years median survival1 Patients continue to
experience progressive decline in lung function on approved therapies with limited treatment adherence due to tolerability U.S./EU prevalence3: IPF: 233K, PPF: 485K Pulmonary Fibrosis market: >$4 billion in sales in 20234 Clinical
rationale Deliver a new product with potentially improved efficacy and tolerability profile over current treatment options >60% improvement in lung-function decline vs. placebo with 60 mg dose in phase 2 in IPF; ~70% improvement in
PPF5,6 Phase 3 ALOFT-IPF & ALOFT-PPF ongoing Phase 3 data expected: 2026*/2028* *See "Forward-Looking Statements and Non-GAAP Financial Information" 1. Raghu. Am J Respir Crit Care Med. 2011 Mar 15;183(6):788-824; 2. Please refer to
ct.gov details: NCT06003426; NCT06025578; 3. Decision Resource Group; 4. Evaluate Pharma (Respiratory Disorders, Pulmonary Fibrosis); 5. Corte TJ, et al. Am J Respir Crit Care Med. 2023;207:A2785; 6. Corte TJ, et al. ERS 2023 [Presentation
#RCT800]; IPF = Idiopathic pulmonary fibrosis; PPF = Progressive Pulmonary Fibrosis Potential to be first and best-in-class, redefining the standard of care in pulmonary fibrosis
Upcoming launch catalysts build upon existing portfolio andwill further
strengthen our growth profile 14 2028-2030 2026 Breyanzi MZL 3L+ Camzyos nHCM Cobenfy Adjunctive Schizophrenia Opdivo HCC Adjuvant Opdivo+chemo Peri-adjuvant MIUC Reblozyl MF anemia 1L+ Sotyktu PsA 2027 Cobenfy
Alzheimer's Disease Psychosis Krazati CRC 2L Opdualag Adjuvant Stage 3-4 Melanoma Reblozyl Alpha Thalassemia2 iberdomide RRMM mezigdomide RRMM obexelimab IgG4-Related Diseases2 RYZ101 GEP-NETs (SSTR+) Cobenfy
Alzheimer's Disease Agitation Cobenfy Alzheimer's Disease Cognition Cobenfy Autism Irritability Cobenfy Bipolar I Disorder admilparant PPF arlo-cel MM 2L+ CD19 NEX-T Auto-Immune Indications admilparant
IPF anti-CCR8 Solid Tumors AR LDD Prostate Cancer arlo-cel MM 4L+ Sotyktu SLE Reblozyl MDS 1L NTD anemia Sotyktu Sjogren's Syndrome milvexian Atrial Fibrillation milvexian SSP RYZ101 Breast Cancer 3L+ E+H2-
SSTR+ RYZ101 SCLC 1L ES (SSTR+) golcadomide LBCL (high-risk) 1L HELIOS CELMoD Solid Tumors milvexian ACS MYK-224 HFpEF Krazati NSCLC 1L KRAS (TPS <50%) Nivo+Rela HD+Chemo NSCLC 1L Krazati NSCLC 1L KRAS (TPS
50%) EGFR x HER3 ADC Additional Solid Tumors golcadomide FL 3L+ iberdomide NDMM post-HSCT maintenance atigotatug SCLC 1L ES BCMA x GPRC5D dual CAR-T RRMM CD19 NEX-T SLE Severe Refractory EGFR x HER3 ADC Solid
Tumors PRMT5i Solid Tumors 2025 Opdivo + Yervoy CRC 1L+ MSI High Opdivo + Yervoy HCC 1L *See "Forward-Looking Statements and Non-GAAP Financial Information"; Not an exhaustive list of assets, programs, or indications; subject to
positive registrational trials and regulatory approval; planned launches as of December 31st, 2024; 1. Opdivo Qvantig January 2025 SC formulation launch, extending immuno-oncology franchise into early 2030s; 2. Ex-US study Currently
marketed Growth Portfolio Growth Portfolio LCM NME NME LCM 1
Continuing to drive operational excellence 15 Note: See "Forward-Looking
Statements and Non-GAAP Financial Information" Leveraging technology and AI across the organization to accelerate pace of innovation, drive operational excellence and reduce cost base Annualized ~$1.5B in cost savings to be realized by
the end of 2025 Reinvesting savings in high return growth initiatives Continuing to review cost structure Evolving our organization Prioritizing the highest value programs Raising the probability of success from first-in-human to
approval Reducing cycle times to bring medicines to patients faster Improving R&D productivity Increasing efficiency Maintaining a highly patient-centric approach Greater focus on accountability and acting with sense of
urgency Streamlining the organization and simplifying ways of working
Investments in innovation Investing in our Growth Portfolio and R&D
Pursuing business development and partnerships R&D investment of ~$28B over the past 3 years1,2,3 Business development investment of ~$27B over the past 3 years1,4 Balance sheet strength Maintaining a strong balance sheet that
provides strategic flexibility Planned debt repayment of $10B by 1H'265 Strong long-term investment grade credit ratings Returning capital to shareholders Solid track record of returning capital to shareholders through ~$14B in
dividends and ~$16B in share repurchases over the past 3 years1 93 consecutive years of dividend payments6 Strategically allocating capital for long-term growth 16 1. For the three years ended 9/30/2024 2. See "Forward-Looking
Statements and Non-GAAP Financial Information" 3. Refer to GAAP to Non-GAAP Reconciliation in Appendix 4. Represents Acquisition and other payments, net of cash acquired 5. Relative to the total debt level as of March 31, 2024 6. Latest