Summary of Bristol-Myers Squibb Company (BMY) FY Conference Call Company Overview - **Company**: Bristol-Myers Squibb Company (BMY) - **Date of Conference**: June 11, 2025 - **Speakers**: Chris Boerner (Chairman and CEO), Adam Wenkowski (Chief Commercial Officer) Key Industry Insights - **External Operating Environment**: The pharmaceutical sector is facing policy-related uncertainties, but discussions with the administration are constructive. The company agrees with the administration's focus on fair pricing and the role of middlemen in the U.S. healthcare system [2][3][4][6][7]. - **Investment Commitment**: The company announced a potential investment of $40 billion in U.S. manufacturing and R&D over the next five years, reflecting a commitment to align investments with business needs and government policies [10][11][12]. Strategic Partnerships and Acquisitions - **BioNTech Partnership**: The partnership focuses on a PD-L1 VEGF bispecific asset, with a total deal consideration of up to $11 billion, including $1.5 billion upfront and $2 billion in milestone payments. The partnership aims to address difficult-to-treat tumors, such as lung cancer and triple-negative breast cancer [13][14][18][19]. - **Business Development Focus**: Business development remains a top priority, with a focus on oncology and immuno-oncology, leveraging the company's experience in the field [25][26][27]. Product Launches and Performance - **Cobenfi**: The product is tracking ahead of expectations with over 30,000 TRxs. The launch is seen as critical for the company, with positive feedback from physicians regarding its efficacy and cognitive benefits [38][39][40]. - **Kamsios**: The product has seen strong performance with approximately 15,000 patients prescribed since launch. The company is preparing for emerging competition but remains confident in its market position [58][61][62]. - **BRYANZI**: The product has shown significant growth, surpassing Yescarta as the number one CD19 directed CAR T in the U.S. The company is expanding its use in outpatient settings [63][64][65]. Pipeline and Future Opportunities - **Pipeline Milestones**: The company has over a dozen upcoming pipeline milestones, with a focus on Cobenfi and Movexian as key growth drivers. The expectation is to launch 10 new products and 30 new indications by 2030 [69][70][71][72]. - **Alzheimer's Disease Studies**: The company is conducting multiple studies in Alzheimer's disease psychosis, with significant potential for growth in this area [43][44][45]. Financial Discipline and Cost Management - **Cost-Cutting Initiatives**: The company is on track to achieve $2 billion in operational efficiencies, aiming to become more agile and financially disciplined in a competitive biopharma landscape [30][31][32]. Regulatory and Market Considerations - **Opdivo and Qvantig**: The company is advocating for the exclusion of Opdivo plus Qvantig from IRA negotiations, emphasizing the clinical benefits and innovation these products bring to the market [49][50][51][52][54][55]. Conclusion - **Overall Outlook**: Bristol-Myers Squibb is positioned for growth through strategic partnerships, a robust pipeline, and a commitment to operational efficiency. The company is focused on addressing market needs while navigating regulatory challenges in the pharmaceutical industry [76][75].

Financial Data and Key Metrics Changes - The company has seen a significant increase in membership, with over 100 million members now having access to its services, reflecting a 12% year-over-year growth in members in Q1 [20][23] - The transition from subscription-based models to utilization-based models has created a headwind for top-line growth, although underlying utilization and visits are growing [48][50] Business Line Data and Key Metrics Changes - The integrated care business has over 1 million people enrolled in chronic condition management programs, with a focus on enhancing offerings to drive more value for clients [10][14] - BetterHelp, the direct-to-consumer virtual therapy business, has a significant drop-off rate, with over 80% of users not converting to active users due to high out-of-pocket costs [35][37] Market Data and Key Metrics Changes - The international market represents about 15% of the revenues of integrated care, with expectations to grow upwards of 50% over the next few years [16] - Utilization levels in the U.S. are still in the mid to high single digits, indicating substantial room for growth in engagement and usage [29] Company Strategy and Development Direction - The company is focused on four strategic areas: integrated care, international expansion, operational excellence, and enhancing mental health services [9][19] - There is a strong emphasis on leveraging technology and data to improve engagement and drive better health outcomes, particularly in chronic care and mental health [12][60] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by the shift from subscription to utilization models but remains optimistic about the growth potential in both domestic and international markets [48][50] - The company is committed to creating efficiencies while also investing in technology and capabilities to enhance service delivery [74][75] Other Important Information - The company has made strategic acquisitions, such as Catapult and Uplift, to enhance its capabilities in insurance coverage and chronic care management [61][62] - Adjusted EBITDA margins have remained flat year-over-year, with ongoing efforts to streamline costs and improve productivity [70][71] Q&A Session Summary Question: How does the company plan to grow revenue per integrated care member? - Management indicated that they are focused on a "land and expand" strategy, starting with core telehealth services and expanding into additional products and services [23][24] Question: What is the current mix between subscription and visit-based models? - The majority of the business has shifted to visit-based models post-pandemic, although the exact mix has not been publicly shared [50][51] Question: How does the company plan to maintain its leadership position in chronic disease management? - Management emphasized the importance of innovation and leveraging their extensive data and clinical capabilities to provide greater value than competitors [58][59]

on January 6th with violence against the Constitution, against the Congress, and against the United States Capital, we beg the President of the United States to send in the National Guard. He would not do it. And yet, in an contraon constitutional way, he has sent the National Guard into California.Something is very wrong with this. ...

Core Insights - The FDA has granted Fast Track Designation for RAD101, a novel imaging small molecule developed by Radiopharm Theranostics, aimed at distinguishing between recurrent disease and treatment effects in brain metastases from solid tumors [1][3] - RAD101 targets fatty acid synthase (FASN), which is overexpressed in many solid tumors, including cerebral metastases, potentially improving diagnostic precision for over 300,000 patients diagnosed annually in the U.S. [2][3] Company Overview - Radiopharm Theranostics is a clinical-stage biopharmaceutical company focused on developing innovative oncology radiopharmaceuticals for high unmet medical needs, listed on ASX (RAD) and NASDAQ (RADX) [6] - The company has a pipeline that includes one Phase 2 and three Phase 1 trials targeting various solid tumor cancers, including lung, breast, and brain metastases [6] Clinical Trial Details - The Phase 2b clinical trial of RAD101 is a multicenter, open-label study evaluating the diagnostic performance of 18F-RAD101 in 30 individuals with confirmed recurrent brain metastases [4] - The primary objective is to assess the concordance between 18F-RAD101 positive lesions and those identified through conventional imaging (MRI with gadolinium) [4] - Secondary endpoints include the accuracy, sensitivity, and specificity of RAD101 in differentiating tumor recurrence from radiation necrosis in previously treated brain metastases [4] Product Information - RAD101 is designed to allow for more accurate detection of cancer cells by targeting FASN activity, representing a clinically relevant method for imaging brain metastases [5] - Positive data from a Phase 2a imaging trial indicated significant tumor uptake independent of the tumor's origin, suggesting potential for non-invasive prediction of overall survival [5]

来源： 甘肃省人民政府 近日，甘肃省人民政府办公厅发布关于促进政府投资基金高质量发展的管理办法 。其中明确提 出，需要强化政府引导，各级财政部门负责统一管理本级政府投资基金，严控新设基金，推动优化 整合已设基金，明确直接管理或委托管理的职责划分，强化统一运作管理。《办法》还指出，需要 培育壮大长期资本、耐心资本，合理确定政府投资基金存续期。各地需要严格落实建设全国统一 大市场部署要求， 建立健全激励容错体系， 不以招商引资为目的设立政府投资基金。 以下为办法原文： 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 对接需求请扫码 每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 ...

- I wanna say a few words about the situation in Los Angeles, California. Have you heard of the place where I've deployed thousands of National Guard troops and hundreds of Marines to protect federal law enforcement from the attacks of a vicious and violent mob. And some of the radical left.They say, "Oh, that's not nice." Well, if we didn't do it, there wouldn't be a Los Angeles. It'd be burning today just like their houses were burning a number of months ago. What you're witnessing in California is a full ...

Medical experts are worried about an aggressive move by HHS Secretary Robert F. Kennedy Jr. . that could completely reshape the country's vaccine policy.The secretary, writing in a Wall Street Journal op-ed, announced that he's removing all 17 members of the CDC's advisory committee on immunization practices. That is an independent panel which consists of medical and public health experts who make recommendations to the CDC about who should get certain vaccines and when, including childhood vaccinations. Jo ...

Core Insights - Vaxart, Inc. is set to release topline data from its norovirus Phase I trial on June 11, 2025, before market opening [1] - A live conference call will be held on the same day at 8:30 a.m. Eastern Time to discuss the data and provide updates on the trial [1][2] Company Overview - Vaxart is a clinical-stage biotechnology company focused on developing oral recombinant vaccines using its proprietary delivery platform [3] - The company's vaccines are designed to be administered in pill form, which can be stored and shipped without refrigeration, thus eliminating needle-stick injury risks [3] - Current development programs include vaccines for coronavirus, norovirus, influenza, and a therapeutic vaccine for human papillomavirus (HPV) [3] - Vaxart has filed broad domestic and international patent applications for its oral vaccination technology [3]

HONG KONG, June 10, 2025 /PRNewswire/ -- China Natural Resources, Inc. (NASDAQ: CHNR), a British Virgin Islands ("BVI") company (the "Company") today announced that it will implement the combination (the "Combination") of issued and outstanding common shares, without par value, of the Company. The Company's common shares will begin trading on a post-Combination basis at market open on June 13, 2025.Upon the effectiveness of the share combination, every eight issued and outstanding common shares will automat ...

Department of Education Initiatives - The Department of Education aims to work with Congress to potentially close the department, ensuring educational services and funding continue to flow through the states [2][3] - The department is beginning a process of discussion with both Republicans and Democrats regarding the potential closure, with more initial support from the Republican side [4][5] - The administration has revoked billions of dollars in funding to several private universities, including Harvard, Colombia, Cornell, Brown, and Princeton, due to concerns over compliance with laws and campus activities [7] - The department is considering an all-of-government approach to higher education, coordinating with agencies like the State Department, HHS, and DOJ [30][35][36] - There was a suggestion to dismantle the department, with functions potentially moving to agencies like the SBA or Treasury, though this is still under discussion [41][42] University Funding and Compliance - Universities are expected to abide by US laws to receive taxpayer-funded programs, and negotiations are ongoing to determine if and when funding will be restored [12][13][14] - The administration is looking at universities' practices and programs, encouraging self-evaluation to ensure compliance [15] - The IRS is reviewing Harvard's tax-exempt status, considering the university's $53 billion endowment and whether some of that should return to citizens [21][22] - The department reminded Colombia's accreditor to ensure the university complies with the law, particularly Title VI civil rights [24][25] - The administration may restrict access to federal student aid for universities violating civil rights, as taxpayers expect compliance with the law [28][29] International Students and Foreign Funding - The president has floated imposing a 15% cap on international students, specifically mentioning Harvard, to ensure US students are not penalized [36][37] - Universities are required to report the amount of foreign funding they receive under Section 117 of the Higher Education Act to prevent undue influence [35] - The administration wants to ensure universities know more about the background of international students to address concerns about campus agitation [33][34] Student Aid and Education Value - The reconciliation bill may include changes to federal student aid, potentially capping loan amounts based on the chosen program [43] - The department is restructuring the FAFSA application to include information about potential earnings relative to degree programs and college costs [44][45] - The department aims to provide students with better tools to assess the value of education, considering alternatives like community college or skill-based education [48][49] Workforce Reduction - The department has reduced nearly half of its workforce and is providing support to help employees find new jobs [51][52][53] K12 Simplified Funding Grant - The administration has proposed consolidating 18 grants into a $2 billion K12 simplified funding grant to reduce regulatory burden [57][59][61] - States will determine how the money from the simplified funding program is spent, with less regulation [60][61] - The goal is to offset the net reduction in total funding by eliminating regulatory burden, as teachers spend 47 cents of every dollar on regulatory compliance [62][63] Title IX Compliance - The administration is focused on ensuring compliance with Title IX, particularly regarding men participating in women's sports [65] - The department is addressing violations of Title IX as they occur, rather than putting out a bullseye to find targets [66] Diversity and Ideology - The department raised concerns about the lack of ideological diversity at Harvard, where only 3% of professors are conservative [74] - The department is investigating whether a lack of ideological diversity is leading to unrest at some universities [75]