Financial Data and Key Metrics Changes - Total company revenues for Q2 2025 were approximately $12.3 billion, reflecting strong demand across the business [20] - The growth portfolio saw a 17% year-over-year increase in sales, primarily driven by demand for key brands [7][21] - Diluted earnings per share was reported at $1.46, which includes a charge of approximately $1.5 billion related to the BioNTech partnership [30] Business Line Data and Key Metrics Changes - Opdivo global sales were approximately $2.6 billion, up 7%, driven by demand in the U.S. and international markets [21] - REBLOZYL global sales reached $568 million in the quarter, with a 30% growth in the U.S. and a 46% increase outside the U.S. [24] - BRYANZI revenues grew 122% globally, reflecting strong demand across all indications [25] - Kamsiyos global sales were $260 million, growing 86% due to robust demand [26] - Eliquis global sales were $3.7 billion, growing 6% [27] Market Data and Key Metrics Changes - The U.S. market saw strong launches for both Opdivo and KEVANTIC, with the latter receiving a permanent J code to support reimbursement [22][23] - The company expects the legacy portfolio to decline approximately 15% to 17% for the year, a more moderate rate than previously anticipated [32] Company Strategy and Development Direction - The company is focused on reshaping for long-term sustainable growth, with strategic partnerships announced with BioNTech and PhiloChem to enhance its oncology and radiopharmaceutical capabilities [8][12] - The company is entering a data-rich period with seven registration assets and seven lifecycle management opportunities expected in the next 12 to 24 months [14] - The company aims to drive improved growth in the outer years and attractive returns for shareholders through strategic business development initiatives [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential despite some studies not meeting expectations, emphasizing the importance of upcoming data readouts [39] - The company is optimistic about the performance of its growth portfolio and has raised its full-year revenue guidance by $700 million [32] - Management highlighted the importance of maintaining a strong pipeline and the potential for new therapies to address unmet medical needs [100] Other Important Information - The company is committed to returning capital to shareholders through dividends while also focusing on debt reduction, aiming to pay down $10 billion by 2026 [31] - A new Executive Vice President, Chief Medical Officer, and Head of Development will join the company, indicating a focus on advancing the pipeline [19] Q&A Session Summary Question: Insights on Phase III results and potential for line extensions - Management noted that while some studies did not yield expected results, they do not foresee significant long-term impacts on growth and are optimistic about future opportunities [39][40] Question: Context on direct-to-consumer offering with Pfizer - The partnership aims to increase patient access and affordability, cutting out middlemen in the healthcare system [48][51] Question: Launch dynamics and hurdles for COBENFI - The launch is tracking as expected, with positive physician feedback and plans to expand into hospital settings [59][60] Question: Rationale for partnering with BioNTech - The partnership is seen as a strategic move to enhance the growth profile and leverage both companies' strengths in immuno-oncology [68][71] Question: Competitive dynamics for KAMZIOS - The company remains confident in KAMZIOS's growth potential despite upcoming competition, emphasizing its established efficacy and safety profile [89] Question: Insights on MILVEXIAN's potential - Management believes there is an underappreciation of MILVEXIAN's differentiated dosing and its potential to address significant unmet needs in various indications [99][100]

Financial Data and Key Metrics Changes - Total company revenues for Q2 2025 were approximately $12.3 billion, reflecting strong demand across the business [19] - The growth portfolio saw a 17% year-over-year increase in sales, primarily driven by demand for key brands [5][19] - Gross margin was approximately 73%, primarily due to product mix, with operating expenses down by approximately $260 million compared to the same period last year [29][30] - Diluted earnings per share was $1.46, which includes a $1.5 billion charge related to the BioNTech strategic partnership [30][34] Business Line Data and Key Metrics Changes - Opdivo global sales were approximately $2.6 billion, up 7%, driven by demand in the U.S. and international markets [20] - REBLOZYL global sales were $568 million in the quarter, with U.S. revenue growth up 30% year-over-year [22] - BRYANZI revenues were $344 million, reflecting a 122% increase due to strong demand across all indications [25] - Kamsiyos global sales were $260 million, growing 86% due to robust demand [26] - Eliquis global sales were $3.7 billion, growing 6% primarily due to strong demand [27] Market Data and Key Metrics Changes - In the U.S., Opdivo revenues were approximately $1.5 billion, largely driven by a strong launch in MSI high colorectal cancer [20] - Outside the U.S., Opdivo revenues grew 7%, driven by volume growth and one-time favorable adjustments [20] - REBLOZYL sales outside the U.S. grew 46%, reflecting continued demand across newly launched markets [23] Company Strategy and Development Direction - The company is focused on reshaping for long-term sustainable growth, optimizing its cost structure, and enhancing its growth portfolio [5][19] - Strategic partnerships with BioNTech and Philochem aim to strengthen immuno-oncology and radiopharmaceutical capabilities [6][11] - The company is prioritizing investments in areas with the strongest potential for high-value assets [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential despite some studies not meeting expectations, emphasizing the importance of upcoming data readouts [39] - The company is entering a data-rich period with seven registration assets and seven lifecycle management opportunities expected in the next 12 to 24 months [13] - Management raised full-year revenue guidance by $700 million, reflecting strong performance and better-than-expected legacy sales [32][34] Other Important Information - The company announced a direct-to-consumer offering for Eliquis in partnership with Pfizer, aimed at increasing patient access and affordability [45][49] - A new Executive Vice President, Chief Medical Officer, and Head of Development will join the company, indicating a focus on pipeline advancements [17] Q&A Session Summary Question: Upcoming data-heavy period and Phase III results - Management acknowledged the importance of upcoming studies and their limited impact on long-term growth, emphasizing confidence in future opportunities [39] Question: Macro pressures and direct-to-consumer offering - The direct-to-consumer offering was implemented to cut out middlemen and provide patients with lower costs and increased transparency [46][49] Question: Launch dynamics for COBENFI - COBENFI is performing in line with expectations, with steady growth anticipated as the company expands its prescriber base [56] Question: Competitive dynamics for Kamsiyos - Management remains confident in Kamsiyos' growth despite upcoming competition, citing strong real-world data and positive feedback on label changes [86] Question: Differentiation of MILVEXIAN - Management believes there is an underappreciation of MILVEXIAN's differentiated dosing and its potential in multiple indications [90][92]

Q2 2025 Performance - Global net sales reached approximately $12.3 billion, showing a 1% year-over-year increase, but 0% excluding foreign exchange impacts[11] - The Growth Portfolio net sales increased by 18%, or 17% excluding foreign exchange impacts[11] - GAAP earnings per share (EPS) were $0.64, while non-GAAP EPS reached $1.46, including a negative impact of $0.57 per share from acquired IPR&D charges[13] Financial Guidance - The company is adjusting its non-GAAP EPS guidance to $6.35 - $6.65[14] - Total revenues are expected to be approximately $46.5 billion - $47.5 billion[14] - The company is on track to pay down approximately $10 billion of debt by the end of Q2 2026, with approximately $6.5 billion already achieved as of Q2 2025[56] Strategic Business Development - The company executed strategic business development initiatives, including the formation of Immunology NewCo with Bain Capital[14,17] - A global alliance was formed to co-develop and co-commercialize BNT327 (PD-L1/VEGF bispecific)[18] - A license agreement was secured for exclusive worldwide rights to OncoACP3, strengthening the company's position in radiopharmaceuticals[18] Product Performance - Eliquis global net sales reached $3.68 billion, showing an 8% increase year-over-year, or 6% excluding foreign exchange impacts[46] - Reblozyl sales increased 34% to $568 million[41] - Opdivo sales increased 7% to $2.56 billion[36]

Exhibit 99.1 Bristol Myers Squibb Reports Second Quarter Financial Results for 2025 Performance Underscores Continued Execution Against Long-Term Growth Strategy (PRINCETON, N.J., July 31, 2025) – Bristol Myers Squibb (NYSE: BMY) today reports results for the second quarter of 2025. "We are making good progress rewiring the company for long-term growth. In the second quarter, we delivered strong results across our Growth Portfolio, continued to optimize our cost structure, and added to our innovative pipeli ...

百时美施贵宝预计全年调整后每股收益6.35美元至6.65美元。 百时美施贵宝预计全年营收465亿美元至475亿美元。 第二季度调整后每股收益1.46美元。 百时美施贵宝第二季度营收122.7亿美元，预估113.8亿美元。 ...

CHONGQING, CHINA - JULY 29: In this photo illustration, a person holds a smartphone displaying the ... More logo of Bristol Myers Squibb Company (NYSE: BMY), a global biopharmaceutical firm focused on oncology, immunology, and cardiovascular diseases, with the company's purple hand-shaped branding visible in the background, on July 29, 2025 in Chongqing, China. (Photo illustration by Cheng Xin/Getty Images) Getty Images Bristol Myers Squibb (NYSE:BMY) is scheduled to release its earnings report on Thursday, ...

Core Insights - Bristol Myers (BMY) has partnered with Bain Capital to establish a new independent biopharmaceutical company focused on developing therapies for autoimmune diseases, addressing significant unmet patient needs [1][9] - Bain Capital will invest $300 million in the new company, while BMY will out-license five immunology candidates and retain a nearly 20% equity stake [1][3][9] Summary by Categories Company Developments - The new company will focus on autoimmune disease therapies, with BMY out-licensing five immunology candidates, including three clinical stage candidates and two phase I-ready candidates [2][3] - The most advanced assets include afimetoran, an oral TLR7/8 inhibitor in phase II for systemic lupus erythematosus (SLE), and BMS-986322, an oral TYK2 inhibitor with positive phase II results for plaque psoriasis [2] Financial Aspects - BMY will earn royalties and milestones based on the success of each asset in the new company [3][9] - BMY's shares have decreased by 17.2% year-to-date, contrasting with the industry growth of 0.6% [7][8] - BMY is trading at a price/earnings ratio of 7.59x forward earnings, lower than its historical mean of 8.51x and the large-cap pharma industry's 15.11x [10] Market Competition - BMY faces competition in the immunology space, particularly with its drug Sotyktu competing against Amgen's Otezla in psoriasis [5] - In oncology, BMY competes with major players like Merck, whose Keytruda dominates the immuno-oncology market [6] Future Estimates - The bottom-line estimate for 2025 has been revised down to $6.33 from $6.76 over the past month, with a slight decline in the 2026 estimate as well [11]

Core Investment Insights - Great investing often involves holding onto exceptional companies known as blue-chip stocks, which can be challenging to identify in a competitive corporate landscape [1] - Focusing on evergreen industries, such as healthcare, can help in finding reliable investment opportunities [2] Company Summaries AbbVie - AbbVie is a leading biopharmaceutical company with a diverse portfolio addressing over 75 medical conditions, focusing on immunology, neuroscience, oncology, aesthetics, and eye care [4] - The company has successfully replaced its former blockbuster drug, Humira, with new products like Rinvoq and Skyrizi, demonstrating its capacity for innovation [5] - AbbVie is recognized as a Dividend King, having raised its dividend for 53 consecutive years, indicating sustained business growth and strong total investment returns [6] Bristol Myers Squibb - Bristol Myers Squibb is a global biopharmaceutical company with a long history, specializing in oncology, cardiovascular, immunology, neuroscience, and hematology [7] - The company has invested approximately $100 billion in acquisitions to prepare for the loss of patent protection on several top-selling drugs [8] - Analysts project low-single-digit earnings growth in the short to medium term, but the company offers a safe dividend yield of 5.1%, which has been increased for 18 consecutive years [9] Danaher - Danaher is a global leader in life sciences, operating across biotechnology, diagnostics, and life sciences, with over 80% of its revenue coming from recurring sales [10] - The company employs a continuous improvement model known as the Danaher Business System, which has enhanced profit margins and cash flow over time [11] - Danaher has raised its dividend for 10 consecutive years, with analysts estimating annual earnings growth of 9% to 10%, positioning it for solid capital gains and rising dividends [12]

Summary of Key Points from the Conference Call Industry Overview - The Chinese innovative pharmaceutical industry is experiencing a significant enhancement in strength, with its share of global first-in-class drugs increasing to 19% [7] - Multinational corporations (MNCs) are facing a severe patent cliff, with major companies like Merck, AbbVie, and BMS having over 60%, 58%, and 69% of their 2024 revenues coming from drugs facing patent expiration within the next five years [8][9] - MNCs are actively seeking business development (BD) transactions to address these challenges, with strong cash reserves available for such activities [10] Business Development Trends - The trend of Chinese innovative drugs going global is robust, driven by the strengthening capabilities of Chinese companies and the impending patent cliffs faced by MNCs [2] - MNCs are expected to engage in more BD transactions, particularly in the second half of 2025 and into 2026, as they seek to replenish their pipelines [2] Oncology Sector Insights - The oncology field is shifting from PD-1 combined with chemotherapy to next-generation immuno-oncology (IO) and antibody-drug conjugates (ADC) [3] - Potential MNC buyers in this space include AstraZeneca, Pfizer, and Merck, all of which are looking to enhance their portfolios with next-generation IO and ADC assets [3] Metabolic Disease Developments - The metabolic field is evolving from merely focusing on weight loss to comprehensive metabolic management, including fat reduction and muscle preservation [4][5] - Companies like Novo Nordisk and AstraZeneca are exploring oral medications and multi-target approaches in this area [4] Immune and Inflammatory Disease Innovations - New directions in the immune and inflammation sector include novel targets and engineering innovations, with significant investments from companies like AbbVie and Sanofi [6] - Emerging targets such as TL1a are attracting substantial investments, indicating a strong interest in this area [20] Market Position of Chinese Innovative Drugs - Chinese innovative drug companies have made significant strides in global markets, with improved clinical data quality and increased academic recognition [7] - The presence of Chinese companies in the oncology sector is growing, with several projects in advanced stages of development [14] MNC Strategies for BD Transactions - MNCs are focusing on four main strategies for BD transactions: consolidating core areas, entering new fields, exploring opportunities, and investigating new technologies [11] - The willingness of MNCs to invest in promising assets at the preclinical stage is evident, particularly in high-potential areas like TL1a [20] ADC and TCE Technology Developments - The ADC field is characterized by a tiered approach, with MNCs diversifying their portfolios across various targets [15] - T-cell engagers (TCE) are being developed for blood cancers and autoimmune diseases, with ongoing clinical trials showing promising results [16] Conclusion - The ongoing trends in the Chinese pharmaceutical industry, coupled with the challenges faced by MNCs, are creating a fertile ground for increased collaboration and investment opportunities in the global market [29]

Group 1 - Bristol-Myers Squibb (BMY) and Bain Capital announced the formation of a new independent biopharmaceutical company focused on developing therapies for autoimmune diseases [1] - The new company will initially possess five immunology assets acquired from Bristol-Myers Squibb and has secured a $300 million financing commitment primarily from Bain Capital [1] - The research pipeline includes three drugs in clinical trials and two drugs entering early research stages, all targeting mechanisms related to autoimmune diseases [1] Group 2 - Core assets include afimetoran, an oral drug currently in mid-stage clinical trials for systemic lupus erythematosus, and BMS-986322, which has shown positive results in mid-stage trials for plaque psoriasis [1] - According to the collaboration agreement, Bristol-Myers Squibb will retain nearly 20% equity in the new company and will receive royalties and milestone payments based on the development and commercialization success of these assets [1] - The Canadian Pension Plan Investment Board is also participating in this investment [1] Group 3 - Bristol-Myers Squibb is betting on a series of new drugs to compensate for the declining sales of its legacy blockbuster drugs [2] - The company's best-selling cancer immunotherapy drug Opdivo is expected to face pricing pressure before 2030, while its blood thinner Eliquis will face generic competition by 2028 [2] Group 4 - As of the latest update, the company's stock rose by 0.29% in after-hours trading [3]