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| 8-K - CURRENT REPORT - BRISTOL MYERS SQUIBB CO | brhc10018812_8k.htm |
J.P. Morgan Healthcare Conference January 11, 2021
Forward Looking Statement and Non-GAAP Financial Information * This presentation contains statements
about the Company’s future plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those
indicated as a result of various important factors, including those discussed in the Company’s most recent annual report on Form 10-K and reports on Form 10-Q and Form 8-K. These documents are available on the SEC’s website, on the
Bristol-Myers Squibb website or from Bristol-Myers Squibb Investor Relations. In addition, any forward-looking statements represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any
subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.This presentation includes certain non-generally accepted
accounting principles (GAAP) financial measures that we use to describe our company’s performance. The non-GAAP information presented provides investors with additional useful information but should not be considered in isolation or as
substitutes 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 GAAP financial measure
are available on our website at bms.com/investors. Also note that a reconciliation of certain forward-looking statements, however, is not provided due to no reasonably accessible or reliable comparable GAAP measures for such statements and the
inherent difficulty in forecasting and quantifying such statements that are necessary for such reconciliation.
A differentiated biopharma company focused on innovative medicines for patients with cancer and other
serious diseases BEST OF BIOTECHBEST OF PHARMA Leading scientific innovationCollaborating at center of the biotech ecosystemLeveraging global scale and agilityDriven by the best people * Our strategic foundation
Strength of execution in 2020 provides foundation for future growth * Successful integration and
synergy capture Strong, high-performance organization Commercial launch execution Reblozyl ● Zeposia MS ● Onureg Superior pipeline execution Foundation in place for portfolio renewal Future growth potential further enabled Cashflow to
invest in future innovation Disciplined business development Early pipeline strengthened & CV franchise renewal accelerated with MyoKardia Zeposia UC ● deucravacitinib PsO ● Multiple positive trials for IO Driving in-line
growth Maintaining leadership position in key disease areas Opdivo 1L lung & LCM expansion opportunitiesContinued growth & favorable IP ruling for Eliquis Strengthened IP position for Revlimid* Not for Product Promotional
Use * Revlimid remains subject to patent litigation
A leading patient-focused biopharmaceutical company * Leading Products across Four Therapeutic
Areas Robust Early-stage Pipeline* Across leading drug discovery platforms:Small moleculesProtein homeostasisBiologicsCell & gene therapy Deep and BroadLate-stage Pipeline 8 *Phase I / II Assets Recent/potential near-term new product
launches Financial strength enabling continued investment for growth Solid Tumor Oncology liso-cel ide-cel Deucravacitinib Mavacamten Additional expansion opportunities across multiple assets >50
assets Hematology Cardiovascular Immunology 2020 Total Revenues guidance $41.5B - $42.0B Free Cash Flow 2021-2023 $45B - $50B Not for Product Promotional Use
Objectives for growth and portfolio renewal Deliver top and bottom line growth through
2025 Diversified, earlier life-cycle growth products Strong operating margins & cash generation Grow the business Renew the portfolio Financial strength & flexibility Maximizing our in-line business and launch portfolioContinuing
to invest in our late-stage pipeline and expansion opportunitiesAdvancing our mid-stage pipelineDisciplined investment in additional growth though BD Execution priorities Continued high performance organization * Not for Product Promotional
Use
Bristol Myers Squibb view broadly aligned Expect low to mid-single digit revenue CAGR,* as inline
growth products and launches more than offset LOEsStronger conviction on launch product potentialLow double-digit revenue CAGRex-Revlimid & Pomalyst* Maintain strong profitability;low to mid 40s operating margin** Cashflow and balance sheet
strength for continued business development Growing our business from 2020-2025 * Analyst consensus revenue estimates LOEs = Revlimid, Pomalyst, Sprycel, Orencia, Abraxane *At constant exchange rates - There is no reliable or
reasonable estimable comparable GAAP metric for this forward-looking information** Non-GAAP - There is no reliable or reasonable estimable comparable GAAP metric for this forward-looking information Primarily IO & Eliquis CAGR of
3.7% Continuing business 2020 LOEs In-line Brands Launches 2025 Not for Product Promotional Use
A strong base for continued portfolio renewal in 2025 * Strong profitability Growth
opportunities for new launches through expansion into new indications New launches & registrational opportunities from mid & late-stage pipeline Continued investment in BD LOE products = Revlimid, Pomalyst, Sprycel,
Abraxane Continuing business = In-line brands + launch portfolio * Non-GAAP - There is no reliable or reasonable estimable comparable GAAP metric for this forward-looking information Continuing business ~90% of companyLaunch portfolio
~30% of continuingbusiness Refreshed projected business mix OtherContinuingBusiness Not for Product Promotional Use
Growth opportunities for the second half of the decade $20B-$25B in NRA revenue potential* in 2029
Additional potential indications launching in 2025+ Launch portfolio growth potential Mid to late-stage pipeline yields new launch opportunities iberdomide CC-92480 FXIa
inhib bempeg Relatlimab Cendakimab CC-93269 Danicamtev Continued innovation Diverse internal pipeline with >20 assets with proof of concept decisions over next 2-3 yearsStrong R&D capabilitiesSignificant capital for Business
Development opportunities e.g. MyoKardia * ** Non-GAAP - There is no reliable or reasonable estimable comparable GAAP metric for this forward-looking information * Peak non-risk adjusted revenue potential; subject to positive registrational
trials and health authority approval 2025 projected mix Not for Product Promotional Use
Deucravacitinib (TYK2i) Psoriasis: 1st Ph3 psoriasis data in-house w/ 2nd Ph3 read-out expected in
Q1’21 Ph3 PsA to initiate this yearPh2s ongoing in IBD and lupus, 1st expected 2H21 Launched in TD beta-thal & post-ESA RS+ MDS Ph3 ESA-naïve MDS (COMMANDS) expected 2022+Ph3 MF to initiate this year Mavacamten U.S. submission
for obstructive HCM planned Q1 2021 Non-obstructive HCM: plans to initiate Ph2/3HFpEF: Ph2 initiating Cell Therapy Franchise Liso-cel: under FDA review for 3L+ LBCLIde-cel: PDUFA March 27, 2021 in 4L+ MM 2L TE & TNE DLBCL expected
2021, 3L+ CLL expected 2022Ph3 KarMMa3 3L-5L MM expected 2022+ Launched in U.S. & EU for RMSPositive Ph3 data in UC Expect FDA approval for UC in 2021Ph3 Crohn’s data expected 2022+ Launched in 1L AML maintenance Launched
in myelofibrosis Launch portfolio with $20B-$25B of non-risk adjusted revenue replacement power At least$4B At least$3B At least$1B Non-risk adjustedRevenue potential* Current status Additional key growth opportunities <$1B *Peak
non-risk adjusted revenue potential through 2029; subject to positive registrational trials and health authority approval * Not for Product Promotional Use
Deucravacitinib (TYK-2i): Potential broad autoimmune therapy * POETYK-2 Q1'21 Beginning Ph3 in
2021 Ph2 PoC 2H’21 Ph2 PoC 2022 Ph2 PoC 2H’21 Ph2 PoC 2022+ Key expansion opportunities Deucravacitinib has the potential to address a broad spectrum of auto-immune diseases 2029 non risk-adjusted sales potential* >$4B SLE Lupus
Nephritis Ulcerative Colitis Crohn's Disease Psoriatic Arthritis P1 P2 P3 Psoriasis Timing # Treated Pts with moderate-severe disease: Patient #s in millions** *Peak non-risk adjusted revenue potential through 2029; subject to
positive registrational trials and health authority approval** Numbers indicate patients on any prescribed treatment (systemic, topical, advanced)Source: Decision Resources Group; BMS Internal Analysis 2.5M 1.0M 0.4M 0.8M 0.8M Not for
Product Promotional Use
Reblozyl: Differentiated medicine for anemia * Patient #s in thousands** 1L MDS
(COMMANDS) P1 Myelofibrosis (INDEPENDENCE) P2 P3 Topline 2022+ Ph3 to begin Q1’21 1 Addt’l MDS with COMMANDS (Incremental to MEDALIST)2 Current MDS indication3 Current Beta thal indication *Peak non-risk adjusted revenue potential
through 2029; subject to positive registrational trials and health authority approval**Represent diagnosed prevalence estimates for Reblozyl Eligible patient population (to current or future expected label)Source: Decision Resources Group; BMS
Internal Analysis 2029 non risk-adjusted sales potential* >$4B Key expansion opportunities 41K 14K 7K 12K (ESA-naïve)1 (ESA-failure,RS+)2 Not for Product Promotional Use
Mavacamten: Expanding our CV franchise Obstructive HCMSignificant unmet need for patients with
symptomatic obstructive HCMCurrent options limited to treatment of symptoms e.g. use of beta blockers or highly invasive proceduresA potential first-in-class medicine to potentially address the underlying disease Obstructive HCM
(completed) P1 Non-obstructive HCM Precision diastolic disease (HFpEF) P2 P3 * Assumes 25% diagnosis rate ** Peak non-risk adjusted revenue potential through 2029; subject to positive registrational trials and health authority
approval * 2029 non risk-adjusted sales potential* >$4B Key expansion opportunities Application to be filed in Q1’21Ph2 Maverick study completed; plans to initiate Ph2/3Ph2 POC EMBARK initiating 433K 160-200K Diagnosed* symptomatic
oHCM: 2/3 obstructive U.S. 80-100 Patient #s (in thousands) EU5 80-100 Not for Product Promotional Use
Factor XIa inhibitor: Potential to expand antithrombotic therapy and further renew our CV
franchise * Key upcoming Ph2 Proof-of-Concept readouts FXIa-i vs enoxaparinExpected 2021 FXIa-i + clopidogrel + aspirin vs. clopidogrel + aspirin Expected 2022 P1 P2 Total knee replacement (VTE) Secondary stroke
prevention P3 Potential opportunity to address unmet needs due to bleeding riskUp to 20% of patients with high stroke risk do not receive treatmentCombining OACs with dual-antiplatelet therapy is limited due to risk of serious bleeding FXIa
has potential to deliver efficacy with less bleedingPotentially supports prevention of thromboembolic events with:reduced risk of serious bleedingability to combine with anti-plateletsEncouraging genetic, epi and preclinical data Not for
Product Promotional Use
CELMoD agents: Unique opportunity to sustain a leadership position in multiple myeloma Potential to
displace IMiD* agents as new foundation Unlock the potential of BCMA targeting Redefine SoC across lines of therapy BCMA Targeting Agents CELMoD agents Combinations Unique potential to create novel combinations with BCMA-targeting
agents ORR 2021 (potentially registrational)Initiating earlier lines in MM in 2021ORR 2022 Two different assets in late-stage development iberdomide + dexamethasone P1 iberdomide triplet CC-92480 P2 P3 * Iberdomide and CC-92480
Potential to improve on IMiD agentsClinical data show promising, durable response rates in highly refractory patientsTrials assessing doublet and triplet treatment options underway * IMiD agents are a subgroup of CELMoD agents with a similar
MOA Not for Product Promotional Use
Well positioned for long-term innovation Protein Homeostasis * Cell Therapy Immuno-oncology Human
Genetics Broad network of external partnerships Opportunity to be industry leaders across key scientific platforms Robust and diverse early pipeline Oncology21 Phase I / II assets Immunology10 Phase I / II assets Cardiovascular6
Phase I / II Hematology16 Phase I / II assets Fibrosis6 Phase I / II assets Neuroscience1 Phase II asset >50 assets across leading drug discovery platforms>20 POC decisionsin the next 2-3 years Not for Product Promotional Use
Significant financial flexibility to support a balanced approach to capital allocation * ~$22B* cash
on-hand as of Q3 2020 *Cash includes cash, cash equivalents and marketable securities; 75% of total cash is in the U.S.**Future dividend payouts illustrated using 2020 dividend rate and requires board authorization Returning capital to
shareholders:Continued dividend growth$2B incremental share repurchase in 2021; $3B - $4B total planned Further strengthen the balance sheet to enable future investment<1.5x debt to EBITDA by 2024Maintain strong investment-grade credit
ratingBring forward up to $4B additional debt reduction in 2021 Future innovation through business development ~$45B - $50BFCF expected 2021-2023 Not for Product Promotional Use
Significant capacity for business development Consistent criteria for sourcing external
innovation:Focused on therapeutic areas of interest Oncology ● Hematology ● Immunology ● Cardiovascular ● Neurology Business Development is a top priority * Further strengthen the company’s growth profile andsupport pipeline & research
sustainability ScientificallySound Strategically Aligned FinanciallyAttractive Not for Product Promotional Use
Opdivo (+/- Yervoy) U.S./EU expected approvals:1L RCC (9ER), 1L GC (649, O+Chemo), adj Eso (577), adj
MIBC (274) 1L Esophageal (CM-648) Opdivo return to annual growth Relatlimab 1L Melanoma w/ Opdivo Ph3 liso-cel 3L+ DLBCL U.S./EU approval 2L TE and TNE DLBCL 3L+ CLL ide-cel 4L+ MM U.S./EU approval iberdomide + dex 4L+
MM Ph 1b/2a Deucravacitinb PsO (2nd study) Ph3 & U.S. filing UC Ph2 (POC) Zeposia UC U.S./EU approval Cendakimab Initiation of Ph3 Factor XIa inh. Total Knee Replacement VTEp Ph2 (POC) Mavacamten oHCM U.S. filing &
approval Opdivo (+/- Yervoy) Metastatic1L HCC (CM-9DW)1L MSI-H CRC (CM-8HW) AdjuvantNeo-adj Lung EFS (CM-816)Peri-adj Lung (CM-77T) Bempeg 1L melanoma*** & 1L renal liso-cel 3L+ Follicular lymphoma ide-cel 3L+ MM (KarMMa-3)
Ph3 2L+ MM (KarMMa-2) POC CC-92480 4L+ MM Ph1/2 CC-93269 (TCE) Initiation of pivotal trial Deucravacitinb PsO U.S./EU approval CD & Lupus Ph2 (POC) Zeposia CD Ph3 Factor XIa inh. Secondary Stroke Prevention Ph2
(POC) Reblozyl 1L MDS (ESA naïve) COMMANDS Ph3 Ph 1/2 Pipeline >20 POC decisions * 2021 Key Milestones Execution Scorecard 2020-2025:Low to mid-single digit CAGR*Low double-digit CAGR for Continuing business*Operating margins low
to mid 40%s**~$3B of synergies by end of 2022$45B - $50B of free-cash flow 2021-2023 Financial Expectations 2022/2023 Key Milestones *at constant exchange rates - There is no reliable or reasonable estimable comparable GAAP metric for this
forward-looking information **Non-GAAP - There is no reliable or reasonable estimable comparable GAAP metric for this forward-looking information ***expected in 2022 To be expanded to include regulatory milestones pending future registrational
successes Not for Product Promotional Use
Established a strong foundation in 2020Leading in-line medicines, significant short term launch
opportunities,and a rich pipeline in each therapeutic area of focusExpect to deliver low to mid-single digit revenue CAGR from 2020 to 2025Strong profitability and financial flexibility enables continued investment in innovationWell positioned
for the second half of the decade * Bristol Myers Squibb is a leading Biopharma company focused on Innovation and well positioned for growth Not for Product Promotional Use
