Bristol-Myers Squibb Company (NYSE:BMY) FY Conference Transcript

Summary of Bristol-Myers Squibb Company (NYSE:BMY) FY Conference Call - September 23, 2025 Company Overview - Company: Bristol-Myers Squibb Company (BMY) - Focus: Cell therapy, particularly in hematology and autoimmune diseases Key Points and Arguments Cell Therapy Potential - Bristol-Myers Squibb has been involved in cell therapy for four years, launching the first CAR T in multiple myeloma and the third CD19 CAR T [2][3] - The company has treated 13,000 patients, gaining significant clinical and translational data, which has accelerated its pipeline [3] - Current assets include Orva-cel (GPRC5D) and Breyanzi (CD19), both showing promise for durable remissions with a one-time infusion [4][5] Market Dynamics and Challenges - The healthcare system has limited the uptake of CAR T therapies compared to expectations from a decade ago, with only 2 out of 10 eligible patients currently receiving CAR T [16][17] - Community practices treat 70% of patients, and there is a need for better integration of CAR T therapies into these settings [10][11] - Recent reductions in patient burden and REMS (Risk Evaluation and Mitigation Strategy) requirements are expected to improve access and referrals [10][11] Competitive Landscape - Breyanzi has become the number one CD19 CAR T in the U.S., Germany, Japan, and France, attributed to its best-in-class profile and broad indications for B-cell malignancies [14][15] - The company anticipates growth in outpatient settings due to Breyanzi's safety profile, allowing for home monitoring post-infusion [15][16] Innovation and Future Directions - Bristol-Myers Squibb is exploring both autologous and allogeneic CAR T therapies, with a focus on off-the-shelf solutions for broader patient access [22][23] - The company is excited about the potential of GPRC5D in multiple myeloma, especially for patients who are quad-class exposed [27][28] - The dual-targeting approach aims to address the high unmet need in newly diagnosed multiple myeloma patients [37][38] Regulatory Environment - The FDA's current stance has not changed significantly, and the company expects to replicate promising efficacy and safety profiles in upcoming trials [33][35] Long-term Vision - Bristol-Myers Squibb aims to deliver CAR T therapies to over 100,000 patients, expanding into diseases previously thought untreatable [60][61] - The company is committed to creating an ecosystem that facilitates access to CAR T therapies, particularly in rheumatology [55][58] Additional Important Insights - The potential market for CAR T in autoimmune diseases is significantly larger than in hematology, with a three to five times larger patient population [43][44] - The company is actively working to educate and create partnerships among rheumatologists and hematologists to improve patient access to CAR T therapies [55][56] - The excitement around CAR T therapies is palpable, with patients expressing regret for not receiving treatment sooner [19][46] This summary encapsulates the key discussions and insights from the Bristol-Myers Squibb conference call, highlighting the company's strategic focus on cell therapy and its commitment to addressing patient needs in hematology and autoimmune diseases.