Core Insights - Bristol Myers Squibb is launching three medications on TrumpRx.gov with discounts ranging from 40% to 90% off retail prices [1] - The drug Sotyktu, used for treating moderate-to-severe plaque psoriasis, will be available for $743, a 90% discount from its retail price of $7,135.55 [1] - Zeposia, for relapsing forms of multiple sclerosis, will be offered at a discount between 88% and 90% [4] - Orencia SC, a weekly injection for moderate-to-severe rheumatoid arthritis, will see a 40% price reduction [5] - The initiative is part of ongoing efforts by the White House to reduce healthcare costs amid pressure from the Trump administration [5][11] Company and Industry Developments - Bristol Myers Squibb's new offerings follow the addition of Amgen and GSK to the list of companies providing discounts on TrumpRx.gov [7] - Amgen's medications will be available at an 80% discount, with Amjevita priced at $299 from an original price of $1,484 [8] - Other Amgen drugs, Aimovig and Repatha, will have discounts of 62%, while GSK's Incruse will be discounted by 55% [10] - The White House continues to push for more pharmaceutical companies to join the initiative as Americans seek ways to lower medical costs [11] - Data indicates that under the Biden administration, prescription drug costs increased by 10.4% from January 2021 to January 2025, contrasting with a mere 0.2% increase during the Trump administration [12]

Core Insights - Bristol Myers (BMY) has received FDA approval for Sotyktu, expanding its label to include adults with active psoriatic arthritis (PsA), which enhances the drug's commercial profile and lifecycle potential [1][4] - Sotyktu is the first TYK2 inhibitor approved for PsA, offering a differentiated oral therapy in a market traditionally dominated by injectable biologics [2][4] - The label expansion strengthens Bristol Myers' immunology franchise and diversifies its revenue streams beyond oncology, addressing both skin and joint manifestations of psoriatic arthritis [3][10] Market Dynamics - The PsA market is highly competitive, with established biologics and oral agents already present, making commercial execution critical for Sotyktu [4][10] - Sotyktu's sales reached $291 million in 2025, reflecting a 19% increase from 2024, and it is also being evaluated for lupus and Sjogren's Disease [5] Competitive Landscape - Sotyktu faces competition from Amgen's Otezla and Novartis' Cosentyx, both of which have established market presence and multiple indications [7][8][10] - Cosentyx generated $6.7 billion in revenues for Novartis in 2025, marking an 8% growth from 2024, highlighting the competitive pressure in the market [9] Financial Performance - Bristol Myers shares have declined by 4.8% over the past year, contrasting with the industry's growth of 11.2% [13] - The company is trading at a price/earnings ratio of 9.34x forward earnings, which is lower than the large-cap pharma industry's average of 16.92x [14] - The Zacks Consensus Estimate for 2026 EPS has increased to $6.26 from $6.15, indicating positive revisions in earnings expectations [16]

Core Insights - Bristol-Myers Squibb shares are under pressure, with a reported decline of 1.33% to $57.34 as of the latest publication [4]. Group 1: Drug Efficacy and Approval - Nivolumab received accelerated approval for specific indications in 2016 and 2017 [2]. - The efficacy of nivolumab in combination with AVD was evaluated in Study CA209-8UT, which included 994 patients. The study showed a superior progression-free survival (PFS) with a hazard ratio of 0.42 [3]. - After a median follow-up of 36.7 months, mortality rates were 1.8% in the nivolumab plus AVD arm compared to 3.4% in the brentuximab vedotin plus AVD arm [4]. Group 2: Financial Performance - In 2025, Opdivo generated revenues of $5.9 billion [4]. - Earlier in March, the FDA approved Bristol Myers' oral drug Sotyktu for treating adults with active psoriatic arthritis [4].

Core Insights - Bristol Myers Squibb (BMY) has a robust pipeline with several candidates that have multi-billion-dollar potential, including milvexian, admilparant, pumitamig, iberdomide, and mezigdomide [1] Pipeline Developments - BMY anticipates reporting top-line registrational data for six candidates in 2026, including milvexian for atrial fibrillation and secondary stroke prevention, admilparant for idiopathic pulmonary fibrosis, and iberdomide for relapsed or refractory multiple myeloma [2] - Positive interim results from the SUCCESSOR-2 study were announced, showing the efficacy and safety of mezigdomide in combination with carfilzomib and dexamethasone for patients with relapsed or refractory multiple myeloma [3][4] - Milvexian is being developed in partnership with Johnson & Johnson for atrial fibrillation and secondary stroke prevention, potentially redefining anticoagulant therapy [5] - Admilparant is under evaluation for idiopathic pulmonary fibrosis, with data from the ALOFT-IPF study expected later this year [6] - Pumitamig, a bispecific antibody, is being developed with BioNTech for various solid tumor types, with initial data expected later this year [7] Label Expansion and New Indications - BMY is expanding the label of its approved drug Sotyktu (deucravacitinib) to include treatment for adults with active psoriatic arthritis, and it is also being evaluated for lupus and Sjogren's Disease [8] - The schizophrenia drug Cobenfy is being assessed for its efficacy in treating psychosis associated with Alzheimer's disease [9] Competitive Landscape - BMY's growth portfolio includes several key drugs such as Opdivo, Orencia, and Yervoy, but it faces competition from major pharmaceutical companies like Merck and Pfizer in the oncology space [10][12] - Merck's Keytruda dominates the immuno-oncology market, accounting for approximately 50% of its pharmaceutical sales [13] Financial Performance and Valuation - BMY's shares have decreased by 0.5% over the past year, contrasting with the industry's growth of 16.6% [19] - The company is trading at a price/earnings ratio of 9.64x forward earnings, which is lower than the large-cap pharma industry's average of 17.99x [20] - The Zacks Consensus Estimate for BMY's 2026 EPS has increased to $6.26 from $6.15 over the past 30 days, indicating positive revisions [21]

Core Insights - Bristol Myers Squibb (BMY) received FDA approval for a label expansion of its psoriasis drug, Sotyktu (deucravacitinib), making it the first and only TYK2 inhibitor approved for treating adults with active psoriatic arthritis (PsA) [1][6] Drug Approval and Efficacy - The FDA's approval was based on positive results from the POETYK PsA-1 and POETYK PsA-2 studies, where Sotyktu significantly improved disease activity compared to placebo at week 16 [2] - In the PsA-1 study, 54% of patients on Sotyktu achieved an ACR20 response compared to 34% for placebo, while the PsA-2 trial showed a 54% response rate versus 39% for placebo [3] Sales Performance - Sotyktu generated sales of $291 million in 2025, reflecting a 19% increase from 2024, with the new label expansion expected to further enhance sales [7][6] Company Performance and Strategy - Bristol Myers Squibb demonstrated resilient performance in 2025, supported by key growth drivers like Opdivo, Opdualag, and others, which helped stabilize revenue despite generic erosion in its legacy portfolio [8] - The company is focusing on diversifying its portfolio through potential approvals of new drugs and label expansions for existing drugs [8] Pipeline and Future Prospects - Bristol Myers has a pipeline that includes three clinical-stage and two phase I-ready programs targeting key immune pathways, with leading assets like afimetoran and BMS-986322 showing promise [10] - The collaboration with Bain Capital to create a new biopharmaceutical company aims to develop therapies for autoimmune diseases, starting with five immunology assets and a $300 million investment [9] Competitive Landscape - Sotyktu faces competition from Amgen's Otezla, which generated $2.26 billion in sales in 2025 [11]

Core Viewpoint - Bristol Myers Squibb received U.S. approval for its oral drug Sotyktu to treat adults with active psoriatic arthritis, providing a new treatment option for patients suffering from this autoimmune disease [1][7]. Drug Mechanism - Sotyktu works by selectively targeting tyrosine kinase 2, which is involved in immune-driven inflammation [2]. Clinical Trial Results - In two global Phase 3 studies (POETYK PsA-1 and POETYK PsA-2), patients received either a daily 6-milligram tablet of Sotyktu or a placebo. By Week 16, approximately 54% of patients taking Sotyktu achieved an ACR20 response, compared to 34% and 39% of placebo patients [3][4]. - The treatment group demonstrated a statistically significant benefit, with about 25% of treated patients achieving an ACR50 response and meaningful improvements in minimal disease activity scores, indicating broader relief across joints, skin, and pain [4]. Expert Commentary - Company representatives highlighted the approval as a significant milestone, emphasizing Sotyktu's role in managing both skin and joint symptoms of psoriatic disease. Experts noted improved quality-of-life scores for patients on the treatment during trials [5]. Safety Profile - The safety profile of Sotyktu was similar to previous studies, with common side effects including respiratory infections, mouth ulcers, acne, and elevated muscle enzyme levels. Warnings include risks of infections, viral reactivation, and potential malignancies, necessitating tuberculosis screening before treatment [6]. Market Context - The FDA initially approved Sotyktu in 2022 for moderate-to-severe plaque psoriasis, and the recent approval expands its use to adults with psoriatic arthritis, a condition affecting up to 30% of individuals with psoriasis [7]. Stock Performance - Following the announcement, Bristol-Myers shares fell by 0.28% to $60.12 in after-hours trading [8].

Core Insights - Merck & Co. (MRK) and Bristol Myers Squibb (BMY) are significant players in the pharmaceutical industry with diverse product portfolios [1][2] - Merck is recognized for its leadership in oncology, while Bristol Myers focuses on breakthrough therapies across multiple therapeutic areas [1][2] Merck (MRK) Overview - Merck has over six blockbuster drugs, with Keytruda accounting for 54% of total sales in 2025, driving revenue growth [3][4] - Keytruda's sales increased by approximately 7% in 2025, benefiting from its approval for various oncology indications [4] - The FDA approved Keytruda Qlex for subcutaneous administration in September 2025, with peak sales targeted at $35 billion by 2028 [5] - Other oncology drugs like Welireg, Lynparza, and Lenvima are contributing to growth, alongside a strong launch of Winrevair in pulmonary arterial hypertension [6] - Merck is enhancing its vaccine portfolio, particularly with the new 21-valent pneumococcal conjugate vaccine, Capvaxive [7] - The company has around 80 ongoing late-stage studies, expecting over $70 billion in potential commercial opportunities by the mid-2030s [8] Bristol Myers Squibb (BMY) Overview - BMY's growth portfolio includes key brands such as Opdivo, Yervoy, and Reblozyl, with a strong oncology focus [12] - Opdivo's consistent label expansion has maintained its momentum, and the approval of Opdivo Qvantig has strengthened its franchise [13] - BMY's Reblozyl sales exceed $2 billion annually, and strong performance in cardiovascular drug Camzyos has boosted revenues [14] - However, legacy drugs face significant generic competition, with expected sales declines of 12-16% in 2026 [15] - BMY is pursuing strategic acquisitions and collaborations, including a recent agreement with BioNTech to co-develop a bispecific antibody [16][17] - The company aims for $2 billion in annualized cost savings by the end of 2027, having achieved approximately $1 billion in savings in 2025 [18] Financial Performance and Valuation - MRK's 2026 sales are estimated to increase by 2.59%, but EPS is expected to decline by 38.75% [20] - BMY's 2026 sales are projected to decrease by 2.32%, while EPS is expected to increase by 0.33% [20] - MRK shares trade at 21X forward earnings, while BMY trades at 9.74X, with the industry average at 18.74X [24] - BMY offers a higher dividend yield of 4.22% compared to MRK's 2.79% [25] Investment Outlook - BMY is currently viewed as a stronger near-term investment option compared to MRK, which faces multiple headwinds [9][30] - BMY's strategic initiatives and new drug approvals position it favorably against MRK's challenges, including declining sales of Gardasil and competitive pressures on Keytruda [27][30]

Financial Data and Key Metrics Changes - The company reported total revenue in Q4 2025 was approximately $12.5 billion, flat year-over-year, while the growth portfolio revenue increased by 15% to $7.4 billion, representing close to 60% of total revenue in the quarter [14][15] - For the full year, the growth portfolio grew 17%, offsetting a decline of roughly $4 billion in revenue from the legacy portfolio [6][7] - Adjusted diluted earnings per share for Q4 were $1.26, and for the full year, it was $6.15, both figures including a net charge related to in-process R&D and licensing income [20] Business Line Data and Key Metrics Changes - Opdivo revenue grew 7% to nearly $2.7 billion in Q4, driven by new indications and share growth in first-line non-small cell lung cancer [15] - Reblozyl delivered 21% growth, reflecting solid uptake across first- and second-line MDS-associated anemia patients [16] - Breyanzi's revenue increased by 47% in Q4, driven by strong demand across its approved indications [16] - Eliquis revenue was nearly $3.5 billion in Q4, an increase of 6%, driven by demand growth and market share gains [16] Market Data and Key Metrics Changes - The company anticipates 2026 revenue in the range of $46 billion to $47.5 billion, reflecting strong performance from the growth portfolio and a projected revenue decline for the legacy portfolio of 12%-16% [12][21] - Eliquis is expected to grow 10%-15% in 2026, driven by global demand growth and a recent price reduction [12] Company Strategy and Development Direction - The company aims to deliver industry-leading sustainable growth into the 2030s and beyond, focusing on executing its growth strategy and advancing its pipeline [11][23] - The company plans to introduce more than 10 new medicines and over 30 meaningful launch opportunities by 2030, with a data-rich period expected in 2026 [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value for patients and shareholders, emphasizing the importance of executing growth strategies and optimizing cost structures [23] - The company is focused on maintaining a strong say-to-do ratio and embedding this culture into its operations [11] Other Important Information - The company completed its targeted $10 billion debt paydown ahead of schedule and generated strong cash flow from operations of approximately $2 billion in Q4 [20] - The effective tax rate in Q4 was 22.1%, reflecting a one-time non-tax deductible in-process R&D charge related to the Orbital acquisition [19] Q&A Session Summary Question: Insights on pivotal catalysts for 2026 - Management highlighted the potential for over 10 phase III data readouts in 2026, with a focus on products like CELMoDs and Milvexian [25][28] Question: Eliquis dynamics for 2026 - Eliquis is expected to maintain strong performance with a 75% market share in the U.S., supported by recent pricing strategy adjustments [38][39] Question: Update on Milvexian and AFib study - The study is progressing well, with a focus on demonstrating non-inferiority to Eliquis while also aiming for a better bleeding profile [46][66] Question: Cost savings in 2026 - The company achieved over $1 billion in cost savings in 2025 and expects to continue reducing expenses while reinvesting in growth drivers [51][52] Question: Admilparant's hypotension risk - Management indicated that the hypotension risk observed in phase II was well managed in phase III studies, with ongoing monitoring [89]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was approximately $12.5 billion, flat year-over-year, while the growth portfolio revenue increased by 15% to $7.4 billion, representing nearly 60% of total revenue [14][15] - For the full year, the growth portfolio grew 17%, offsetting a decline of roughly $4 billion in revenue from the legacy portfolio [6][7] - Adjusted diluted earnings per share for Q4 were $1.26, and for the full year, it was $6.15, both including a net charge related to in-process R&D and licensing income [20] Business Line Data and Key Metrics Changes - Opdivo revenue grew 7% to nearly $2.7 billion in Q4, driven by new indications and share growth in first-line non-small cell lung cancer [15] - Reblozyl achieved 21% growth, reflecting solid uptake across MDS-associated anemia patients [16] - Breyanzi's revenue increased by 47% in Q4, driven by strong demand across its approved indications [16] - Eliquis revenue was nearly $3.5 billion in Q4, up 6%, supported by demand growth and market share gains [16] Market Data and Key Metrics Changes - The U.S. market for Eliquis saw a 4% revenue increase, contributing to its overall growth [16] - Camzyos revenue grew 57% to $353 million in Q4, benefiting from global demand growth [17] - Sotyktu's global revenue grew 3%, with upcoming PDUFA dates for psoriatic arthritis and phase III readouts for lupus and Sjögren's disease [17] Company Strategy and Development Direction - The company aims to deliver industry-leading sustainable growth into the 2030s, focusing on executing its growth strategy and advancing its pipeline [11][23] - A multi-year plan is in place to rewire the company for long-term growth, with expectations to introduce over 10 new medicines and 30 meaningful launch opportunities by 2030 [9][10] - The company is expanding the use of AI to enhance operational efficiency and reinvest strategically in growth [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth portfolio's ability to drive revenue despite anticipated declines in the legacy portfolio due to ongoing LOE impacts [12] - The company expects 2026 revenue in the range of $46-$47.5 billion, with a projected decline of 12%-16% in the legacy portfolio [12][21] - Management highlighted the importance of maintaining a strong say-to-do ratio and delivering on commitments as part of the company culture [11] Other Important Information - The company completed a targeted $10 billion debt paydown ahead of schedule and generated strong cash flow from operations of approximately $2 billion in Q4 [20] - The effective tax rate for Q4 was 22.1%, reflecting a one-time non-tax deductible in-process R&D charge related to the Orbital acquisition [19] Q&A Session Summary Question: Insights on pivotal catalysts for 2026 - Management highlighted the potential for over 10 phase III data readouts this year, with a focus on products like Milvexian and Admilparant [25][28] Question: Eliquis dynamics for 2026 - Eliquis is expected to grow 10%-15% in 2026, driven by market share gains and pricing strategy adjustments [39] Question: Business development priorities - The company is focused on deepening its presence in existing therapeutic areas while remaining opportunistic for new opportunities [37] Question: Milvexian AFib study updates - The study is progressing well, with a focus on demonstrating non-inferiority to Eliquis and potential benefits in bleeding risks [46] Question: Admilparant's hypotension risk - Management indicated that the hypotension risk is being well managed in the phase three studies, with a focus on higher dosing [89]

Bristol Myers Squibb: Built for Growth 44th Annual J.P. Morgan Healthcare Conference Christopher Boerner, Ph.D., Board Chair & CEO January 12th, 2026 Forward Looking Statements This presentation (as well as the oral statements made with respect to the information contained in 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 f ...