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]

Financial Data and Key Metrics Changes - Total company sales for Q3 2025 were approximately $12.2 billion, reflecting strong demand across the business, with a year-over-year increase of 17% [17][6] - Gross margin was approximately 73%, primarily due to product mix, while operating expenses decreased by approximately $100 million to roughly $4.2 billion compared to the same period last year [22][23] - Overall diluted earnings per share was $1.63, including net charges of approximately $530 million, or $0.20 per share, attributed to acquired in-process R&D and licensing income [22][24] Business Line Data and Key Metrics Changes - The oncology portfolio saw OPDIVO global sales of approximately $2.5 billion, up 6%, driven by demand in various indications [17][18] - REBLOZYL global sales were $615 million, reflecting a 38% increase in the U.S. and a 31% increase outside the U.S. [19] - CAMZYOS global sales increased 88% to $296 million, while Eliquis global sales reached $3.7 billion, growing 23% [20][21] Market Data and Key Metrics Changes - Global sales of the growth portfolio increased 17%, driven by multiple brands including the IO portfolio, REBLOZYL, CAMZYOS, and BREYANZI [6][17] - Sales of COBENFY were $43 million in the quarter, with a year-to-date total of $105 million, indicating steady growth [21][22] Company Strategy and Development Direction - The company is focused on long-term sustainable growth, with plans to introduce 10 new medicines to the market by the end of the decade [14] - Recent acquisitions, such as Orbital Therapeutics, aim to strengthen the cell therapy franchise and enhance the company's capabilities in RNA technology [10][11] - The company is integrating digital technology and AI to drive efficiencies and enhance organizational agility [15] 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 upcoming challenges, emphasizing financial discipline and strategic investments [66][67] - The company anticipates a data-rich period ahead, with multiple pivotal readouts expected in the next 12-24 months [13][14] Other Important Information - The company is maintaining its full-year revenue guidance, increasing it by $750 million at the midpoint to a range of $47.5 billion-$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 ADEPT program, with results expected by the end of the year, and emphasized the importance of execution across the company [31][32] Question: Commercialization of COBENFY and prescriber engagement - The company is pleased with COBENFY's progress, noting positive physician feedback and a significant number of new trialists being added weekly [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 [49][51] Question: Barriers to adoption for COBENFY - Management acknowledged the entrenched market dynamics and emphasized ongoing efforts to educate prescribers and increase adoption [56][58] Question: Cost management and strategic productivity initiatives - The company is on track for $1 billion in cost savings this year and has clear visibility on achieving $2 billion by 2027 [66][67]

Financial Data and Key Metrics Changes - Total company sales for Q3 2025 were approximately $12.2 billion, reflecting strong demand across the business, with a 17% year-over-year increase in the growth portfolio [15][4] - Gross margin was approximately 73%, primarily due to product mix, and operating expenses decreased by approximately $100 million to roughly $4.2 billion compared to the same period last year [19][20] - The company generated cash flow from operations of about $6.3 billion in Q3, with nearly $17 billion in cash, cash equivalents, and marketable securities as of September 30 [20][21] Business Line Data and Key Metrics Changes - The oncology portfolio saw Opdivo global sales of approximately $2.5 billion, up 6%, driven by demand in various indications [15][16] - Reblozyl global sales were $615 million, reflecting a 38% increase in the U.S. and a 31% increase outside the U.S. [17] - Breyanzi sales grew 58% globally to $359 million, with U.S. sales up 45% [17] - Camzyos global sales increased 88% to $296 million, while Eliquis global sales were $3.7 billion, growing 23% [18] Market Data and Key Metrics Changes - The U.S. market saw strong growth in multiple brands, with Opdivo and Qvantig both contributing positively to sales [15][16] - Outside the U.S., sales growth was driven by demand in newly launched markets, particularly for Reblozyl and Breyanzi [17] Company Strategy and Development Direction - The company is focused on long-term sustainable growth, with a strategy to enhance and sustain growth through a robust pipeline and business development activities [4][12] - Recent acquisitions, such as Orbital Therapeutics, aim to strengthen the cell therapy franchise and expand the company's capabilities in RNA technology [9][10] - The company anticipates introducing 10 new medicines to the market by the end of the decade, alongside 30 significant life cycle management opportunities [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate through the current operating environment, emphasizing strong execution and financial discipline [14][22] - The company is optimistic about the potential of its pipeline, particularly in addressing unmet medical needs in various therapeutic areas [8][12] 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, while expecting a decline in the legacy portfolio [22][23] - The effective tax rate for the quarter was 22.3%, and diluted earnings per share were reported at $1.63 [19][20] Q&A Session Summary Question: Updates on clinical site reviews and ADEPT program confidence - Management reiterated confidence in the Cabenfi development program, with ongoing studies and positive external data supporting their outlook [36][37] Question: Commercial characterization of Cabenfi's reimbursement speed - The company is pleased with Cabenfi's progress, noting strong physician feedback and access, while acknowledging the need for continued education and expansion of prescribing [51][52] 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, with ongoing trials across multiple indications [66][67] Question: Barriers to adoption for Cabenfi - Feedback from physicians has been positive, with ongoing efforts to educate on switching from D2 blockers to Cabenfi, and the company is tracking ahead of recently launched D2s in schizophrenia [72][75] Question: Cost management and strategic productivity initiatives - The company is on track for $1 billion in cost savings this year, with a clear line of sight to $2 billion by 2027, while balancing investments in growth and maintaining financial discipline [86][87]