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]