A Major Acquisition and Other News Ahead of the Holiday Weekend Pattanaphong Khuankaew / Getty Images Before U.S. markets opened on Friday, the Bureau of Economic Analysis released its personal income and spending report for November. The core PCE index, excluding food and energy, increased by 0.1% month over month. The overall PCE index fell 0.1% month over month, the first time in more than two and a half years that the index has posted a monthly decline.If you need a bit of relaxation from the holiday ...

Drugmaker Bristol Myers Squibb reached a deal to buy neuroscience-drug developer Karuna Therapeutics for $14 billion. Under the terms, Bristol would pay $330 a share in cash for Karuna and its experimental schizophrenia drug now up for U.S. government approval. Bristol expects the deal, which includes $1.3 billion in cash that Karuna has on hand, would close in the first half of next year.The acquisition, announced on Friday, would raise Bristol’s bet on selling psychiatric and neurological drugs, a large a ...

PRINCETON, N.J.--(BUSINESS WIRE)--Bristol Myers Squibb (NYSE: BMY) today announced that the company will present at J.P. Morgan’s 42nd Annual Healthcare Conference in San Francisco, California, on Monday, January 8, 2024. Christopher Boerner, Ph.D., chief executive officer, will make a formal presentation and answer questions about the company at 7:30 a.m. PST/10:30 a.m. EST.The event will be webcast simultaneously at http://investor.bms.com with materials related to the presentation available at the start ...

Shares of Karuna Therapeutics Inc. KRTX, +1.80% rocketed 47.3% into record territory in premarket trading Friday, after the biopharmaceutical company announced an agreement to be bought by Bristol Myers Squibb Co. BMY, +0.59% in a deal valued at $14 billion. Bristol Myers’ stock slumped 2.2% ahead of the open. Under terms of the deal, Bristol Myers will pay $330 in cash for each Karuna share outstanding, which represents a 53.4% premium to Thursday’s closing price of $215.19. The agreement was reported ear ...

Bristol-Myers Squibb Company (NYSE:BMY) 2023 Jefferies London Healthcare Conference November 16, 2023 4:30 AM ET Company Participants Timothy Power - VP & Head, IR Conference Call Participants Akash Tewari - Jefferies Akash Tewari Good morning, everyone. Last day. Signs up. Let me help your conference. My name is Akash Tewari. Anyway pronounce my name. I am a Pharma and Biotech Analyst here at Jefferies. I have the pleasure of hosting Tim Power, Head of Bristol, IR for a nice, one-on-one fireside chat dis ...

Bristol-Myers Squibb Company (NYSE:BMY) 2023 UBS BioPharma Conference Transcript November 8, 2023 8:00 AM ET Executives Lynelle Hoch - Head, Cell Therapy Analysts Trung Huynh - UBS Trung Huynh Okay. It’s 8 a.m. My name is Trung Huynh. I am one of the Therapeutics Analyst here at UBS. It’s my great pleasure to present to you guys, Bristol-Myers Squibb, for our first fireside session and conference. Today, we are talking about cell therapy for the next 45 minutes and for that we have got Lynelle Hoch, who is ...

Financial Data and Key Metrics Changes - Total company sales in Q3 2023 were $11 billion, driven by growth in in-line and new product portfolios, offset by a decline in Revlimid sales [21] - Non-GAAP EPS guidance for the year has been increased, with the midpoint revised to $7.50 to $7.65 [33] - Gross margin was positively impacted by product mix, with a reduction in the effective tax rate due to changes in R&D expense deductibility [31] Business Line Data and Key Metrics Changes - New product portfolio generated $928 million in revenue during the quarter, with expectations to deliver approximately $3.5 billion for the full year 2023 [22] - Opdivo sales grew 11% globally, with U.S. sales up 9%, driven by demand and a reversal of unfavorable buying patterns [23] - Eliquis generated $2.7 billion in revenue, with U.S. sales growing 4% year-over-year [25] Market Data and Key Metrics Changes - Opdualag revenue nearly doubled, capturing a market share of approximately 25% in first-line melanoma [24] - Zeposia sales were $123 million, up 75% compared to the prior year, driven by demand in multiple sclerosis [30] - Sotyktu sales were $66 million, with a significant clinical supply purchase contributing to the revenue [30] Company Strategy and Development Direction - The company is focused on sustainable long-term growth through commercial execution, R&D leadership, and strategic business development [8] - The planned acquisition of Mirati is expected to strengthen and diversify the oncology portfolio [18] - The company aims to achieve greater than $10 billion in sales from new products by 2026, a year later than previously communicated [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of the new product portfolio, despite some products taking longer to gain traction [39] - The company is focused on executing commercial strategies and advancing its pipeline to drive growth into the back half of the decade [19] - Management acknowledged challenges with certain products but emphasized the importance of maintaining focus on long-term growth [40] Other Important Information - The company has a strong cash flow generation, with approximately $4.8 billion from operations in Q3 and over $8 billion in cash and marketable securities [32] - The company executed $4 billion in accelerated share repurchase (ASR) during the quarter [32] Q&A Session Summary Question: Concerns about lowering 2025 targets and long-term peak sales potential - Management reassured that the long-term potential for the new product portfolio remains strong, with timing changes acknowledged for certain products [39][40] Question: Incremental benefit of sub-cu Optivo and strategic importance - Management highlighted that sub-cu formulations aim to improve patient experience and could extend the franchise into the early 2030s [44] Question: Confirmation of no contribution from Mirati in medium-term outlook - Management confirmed that long-term guidance for the new product portfolio does not include Mirati sales, with expected dilution of about $0.35 next year [46] Question: Clarification on 37% margin guidance - Management indicated that the 37% margin guidance is a floor for 2025, with further guidance for 2024 to be provided in the next earnings call [49] Question: Launch reboot strategy for underperforming drugs - Management discussed strategies for products like Sotyktu and Camzyos, emphasizing strong fundamentals and the need for time to reach peak sales [60][61]

Q3 2023 Results October 26, 2023 ‫(11 Bristol Myers Squibb" Forward Looking Statements and Non-GAAP Financial Information 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________ FORM 10-Q ___________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission File Number 001-01136 ___________________________ BRISTOL-MYERS SQUIBB COMPANY ( ...

Summary of Bristol-Myers Squibb Company Conference Call Company Overview - **Company**: Bristol-Myers Squibb Company (NYSE: BMY) - **Participants**: Giovanni Caforio (Chairman & CEO), Christopher Boerner (EVP & COO) Key Industry Insights - **Impact of IRA**: The Inflation Reduction Act (IRA) is anticipated to affect pricing negotiations for drugs, including Eliquis, which is a significant product for the company. The company is preparing to engage with CMS regarding pricing negotiations starting in Q1 2024 [2][3][4] - **Eliquis Economics**: Eliquis sales are split with Pfizer, meaning for every $100 in sales, $50 goes to Pfizer. Approximately 60% of Eliquis demand comes from Medicare, and the product is already heavily discounted [5][6] - **Concerns with IRA**: The company expresses concerns about the IRA's potential negative impact on innovation, particularly in oncology, due to government price-setting and lack of negotiation flexibility [9][12] Legal Actions - **Lawsuit Against IRA**: The company has filed a lawsuit against the IRA, citing concerns over price-setting criteria and the lack of options for companies to refuse government-set prices [10][11][12] Capital Allocation Strategy - **Business Development Focus**: Business development remains the top priority for capital allocation, with a focus on strategic, scientific, and financial sense in potential deals. The company aims to enhance its growth profile through these deals [14][15][16] - **Share Repurchase**: The recent share repurchase is not indicative of a lack of business development opportunities but rather a strategic decision based on the company's strong financial position [18][19] New Product Cycle - **Sales Growth Expectations**: The company aims to double sales from new product launches this year compared to last year, with a strong focus on products like SOTYKTU, Reblozyl, and Camzyos [20][21][22] - **SOTYKTU Performance**: SOTYKTU has shown strong volume growth, with a significant percentage of new patients being naive to other therapies. The company is focused on establishing it as the standard of care for psoriasis [24][32] - **Camzyos Market Expansion**: The company is expanding Camzyos' market presence beyond specialist centers to community settings, leveraging the Eliquis sales force. Patient retention on Camzyos is strong, indicating positive long-term potential [42][46] Competitive Landscape - **CAR-T Therapy Dynamics**: The company faces competition in the CAR-T space, particularly from bispecific therapies. However, it believes that its product, Abecma, has strong clinical data supporting its use and is focused on addressing competitive dynamics [54][55] - **GPRC5D Targeting**: The company is excited about its GPRC5D-targeting CAR-T therapy, which is entering the next phase of development, indicating a commitment to innovative treatment options [59] Financial Outlook - **Operating Margins**: The company aims for a 40% operating margin by 2025, despite challenges from generic competition affecting gross margins. The transition to high-margin products is expected to support margin recovery [62][64] Additional Notes - **Regulatory and Market Access**: The company is actively working on improving access to its products and is focused on maintaining a strong presence in the market despite regulatory challenges [25][49] - **Future Product Development**: Ongoing development programs for SOTYKTU in other indications like psoriatic arthritis and lupus are in progress, with expectations for significant market impact [40][41]