Financial Data and Key Metrics Changes - Total company sales for Q3 2025 were approximately $12.2 billion, reflecting strong demand across the business [17] - The growth portfolio saw a 17% year-over-year increase in sales, driven by multiple products including the IO portfolio, Reblozyl, Camzyos, and Breyanzi [6][17] - Gross margin was approximately 73%, primarily due to product mix, with operating expenses decreasing by approximately $100 million to roughly $4.2 billion compared to the same period last year [22] Business Line Data and Key Metrics Changes - Opdivo global sales were approximately $2.5 billion, up 6%, driven by demand in the U.S. and expanded indications [17] - Reblozyl global sales were $615 million, reflecting a 38% increase in the U.S. and a 31% increase outside the U.S. [18][19] - Breyanzi sales were $359 million, growing 58% globally, with U.S. sales up 45% [19] - Camzyos global sales increased 88% to $296 million, with U.S. sales up 76% [20] - Eliquis global sales were $3.7 billion, growing 23%, with U.S. sales up 29% [21] Market Data and Key Metrics Changes - The U.S. market showed strong growth across multiple brands, with significant contributions from the oncology and hematology segments [17][18] - Outside the U.S., sales growth was driven by demand in newly launched markets, particularly for Reblozyl and Breyanzi [19] Company Strategy and Development Direction - The company is focused on long-term sustainable growth, with a strategy to enhance its growth portfolio and align its cost structure with business needs [6][15] - Recent acquisitions, such as Orbital Therapeutics, aim to strengthen the cell therapy franchise and expand the company's capabilities in RNA technology [10][11] - The company anticipates introducing 10 new medicines to the market by the end of the decade, alongside 30 significant life cycle management opportunities [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth portfolio's performance and the ability to navigate through the operating environment, emphasizing financial discipline and strategic investments [15][24] - The company is optimistic about the upcoming data readouts and the potential for new product launches to drive future growth [14][24] Other Important Information - The company is maintaining its full-year revenue guidance, increasing it by $750 million to a range of $47.5 billion to $48 billion [24] - The effective tax rate for the quarter was 22.3%, reflecting the earnings mix [22] Q&A Session Summary Question: Updates on ADEPT program and confidence in studies - Management reiterated confidence in the Cabenfi development program, with ongoing studies and expected results by the end of the year [31][32] Question: Commercialization of Cabenfi and prescriber engagement - The company is pleased with Cabenfi's progress, noting positive physician feedback and a growing number of new trialists [40][41] Question: Competitive landscape for PD-1/VEGF bispecifics - Management expressed confidence in the partnership with BioNTech and the potential of pomitomig to become a new standard of care [50][51] Question: Barriers to adoption for Cabenfi - Management acknowledged the entrenched market dynamics but highlighted positive feedback from physicians and ongoing efforts to educate prescribers [58][59] Question: Cost management and strategic productivity initiatives - The company is on track for $1 billion in cost savings this year and is focused on balancing investments for growth while maintaining financial discipline [66][69]