q3 2020 results

Q3 2020 Results

November 5, 2020

Q3 2020 Results Not for Product Promotional Use

Forward Looking Statement and Non-GAAP Financial Information

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This presentation contains statements about the Company’s future plans and prospects that constitute forward-looking

statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual

results may differ materially from those indicated as a result of various important factors, including those discussed in the

Company’s most recent annual report on Form 10-K and reports on Form 10-Q and Form 8-K. These documents are

available on the SEC’s website, on the Bristol-Myers Squibb website or from Bristol-Myers Squibb Investor Relations.

In addition, any forward-looking statements represent our estimates only as of the date hereof and should not be relied

upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements

at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

This presentation includes certain non-generally accepted accounting principles (GAAP) financial measures that we use to describe our company’s performance. The non-GAAP information presented provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measure are available on our website at bms.com/investors.

Also note that a reconciliation of certain forward-looking statements, however, is not provided due to no reasonably accessible or reliable comparable GAAP measures for such statements and the inherent difficulty in forecasting and quantifying such statements that are necessary for such reconciliation.

Not for Product Promotional Use

Q3 2020 Results

Giovanni CaforioBoard Chair and

Chief Executive Officer

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Immuno-Oncology

Metastatic

• CM-9ER in 1L renal

• CM-649 in 1L gastric

Continued strong execution provides foundation for the future

Commercial Advancing the pipeline

• Significant cashflow generation

Key enterprise achievements

Successful integration execution with synergy capture ahead of expectations

Immunology

• Positive Ph3 Zeposia data

in ulcerative colitis

• Cendakimab moving to

registrational Ph3 in EoE

• Deucravacitinib (TYK2i)

− PoC Ph2 in PsA

− First Ph 3 in psoriasis

• Very strong in-line performance

• Multiple new launches

• Disciplined BD, across early and late stage• Strengthened IP for Revlimid & Eliquis

Leading position in adjuvant

• SOC in melanoma

• CM-274 in MIBC

• CM-577 in esophageal

• CM-816 in neo-adj NSCLC (pCR)

8 positive topline read-outs 12 U.S./ EU approvals

4


FXIa inhibitor

MyoKardia transaction accelerates expansion of leading CV franchise

5

*Assuming District Court ruling upheld upon appeal, no other generics overturn current patents; VTEp: Venous Thromboembolism prevention; TKR: Total Knee Replacement; SSP: Secondary Stroke Prevention

Best-in-class medicine with strengthened IP position

• Potential additional exclusivity in the U.S. post 2026*

Fully-owned growth driver with potential 2021 launch

• BMS commercial capabilities are well positioned to realize the full value of the opportunity

Potential next-generation antithrombotic

• Ph2 data in VTEp TKR study and SSP study expected next year and 2022*

Eliquis

mavacamten


Strength across all four therapeutic areas

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Solid tumors Hematology Immunology

InlineBrands

MultipleAdditional indications*

New Launches*

Next Wave

Multiple myeloma

B-cell malignancies

Myeloid diseases

Otherauto-immune

diseases

Next Medicines*

>20 assets with proof of concept decisions over the next three years

liso-cel ide-celDeucravacitinib

(TYK2i)

Relatlimab

Bempeg (NKTR-214)

iberdomide

T-cell engager

Factor XIa inhib

Metastatic disease

Early stage disease

InflammatoryBowel Disease

UC /Crohn’s

PsA / Lupus

1L NSCLC, 1L RCC, 1L GC,

adj. EC, adj. MIBC, neo-adj NSCLC

Cendakimab

* subject to positive registrational trials and health authority approval

**subject to the close of the MyoKardia acquisition

Cardiovascular

Mavacamten**

Danicamtiv**

Non-obstructiveHCM**

HFpEF**

CC-92480


Q3 2020 Performance

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Strong Operating

PerformanceSales of $10.5B in Q3, driven by strong commercial execution

• Increase of 6% on pro forma basis versus Q3 2019*

Launches & Pipeline

Execution

New launches• Onureg launched in 1L AML maintenance

Significant pipeline milestones

• IO: 4 positive trials (including adjuvant) to support future growth

• Presentation of biologic-like efficacy profile for Zeposia in UC

• Positive topline in first Ph3 for deucravacitinib (TYK2i) in Psoriasis

Financial Strength

Strong financial outlook

• Increased EPS guidance for FY 2020; Reaffirming 2021 Non-GAAP EPS guidance

• Balance sheet strength and financial flexibility enable consistent approach to capital allocation

• Strong execution on synergy capture

* The pro forma revenue assumes that Celgene acquisition and Otezla® divestiture occurred on 1/1/2019, does not purport to

represent results of operations of Company if the MyoKardia acquisition occurred on 1/1/2019, and excludes foreign currency

revenue hedge gains and losses.

Not for Product Promotional Use

David ElkinsChief Financial Officer

8

Q3 2020 Results


Net Sales $ in Billions

Vs. Prior Year*

$3.0 ▲ 10%

$2.1 ▲ 9%

$1.8 2%

$0.8 ▲ 8%

Strong Q3 performance in key franchises

9*Includes revenues for products acquired as part of the Celgene acquisition for the current and prior year periods(excludes foreign currency revenue hedge gains and losses)

Net Sales $ in Billions

Vs. Prior Year*

$0.8 ▲ 17%

$0.5 3%

$0.4 ▲ 26%

$0.3 ▲ 8%

Q3 2020 Total Sales: $10.5B, up 6%


US: Continued significant demand growth

• 18% TRx growth in the US

• COVID related inventory build in Q1 largely unwound during Q2; inventory now normalized

• As expected, Q3’20 impacted by increased coverage gap and Medicare mix; expect impact to

continue into Q4’20

Q3 2020 Eliquis Performance

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54% 60%

18% 13%

28% 27%

Q3'19 Q3'20

NBRx Share – US

44% 51%

28% 23%

28% 27%

Q3'19 Q3'20

TRx Share - US

Other NOACs

Warfarin

Eliquis

Rx Source: Symphony Health

Significant future growth opportunity

• Continues to be the best-in-class drug in an expanding category

International sales increased 22%

• Continues to be #1 NOAC in key markets


U.S.

• 1L lung shares in high-single digits, use across histologies and PD-L1 expression

• Return to sequential demand growth, up 2%

International

• Q3 sales up 5% vs prior year, primarily driven by strong demand in EU and Japan

Q3 2020 Opdivo Performance

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20%

25%

31%

25%

Approx.U.S. Sales Mix

Note: percentages approximate based on tumor ranges

30%

25%

22%

23%

Approx.Ex-U.S. Sales Mix

NSCLC

RCC

Melanoma

All others

Near term growth drivers

• Continued growth opportunity in 1L lung

• Potential near-term launches in 1L RCC, 1L GC, adjuvant EC, adjuvant MIBC, & neo-adjuvant NSCLC*

*subject to conversations around pCR in lung cancer with health authorities


Significant growth in key MM portfolio

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$469$548

$193

$229

Q3'19 Q3'20

Global Q3 sales growth of 10%*

• Increased demand from triplet regimens as well as longer duration of therapy

• Modest impact to NRx vs prior year due to COVID, with recovery driving sequential increase

Global Q3 sales growth of 17%*

• Increased demand and duration of therapy

• Continued growth expected from new tripletregimens

Pro Forma Net Sales*

$1,902 $2,080

$856 $947

Q3'19 Q3'20

US Ex-US

* Calculated on pro forma basis, which assumes that Celgene acquisition and Otezla® divestiture occurred on 1/1/2019, does not

purport to represent results of operations of Company if the MyoKardia acquisition occurred on 1/1/2019, and excludes foreign

currency revenue hedge gains and losses.


Encouraging new product launch performance

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• Global revenues of $96M in Q3’20, $159M YTD

• Early adoption in MDS across breadth of physician accounts

• Majority of initiated patients receiving subsequent dosing

• Zeposia increasingly viewed as best-in-class S1P

• ~80% commercial lives covered

• Promising trial and patient initiation

• Good willingness to use, with physicians identifying the right patients for the medicine

• Encouraging initiation in the initial weeks post launch


Balance sheet strength and financial flexibility enable consistent approach to capital allocation

14

Future innovation through business development

Continued commitment to the dividend*

$B Q3 2020

Total Cash** $22B

Total Debt $45B

Net Debt Position $23B

Strategically Aligned Scientifically Sound Financially Attractive

Committed to reducing debt:

<1.5x Debt / EBITDA by end of 2024

*Subject to Board approval**Cash includes cash, cash equivalents and marketable securities


Reaffirming 2021 Non-GAAP EPS of $7.15 - $7.45*

Guidance Details

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Prior Guidance ( Aug 2020) Updated Guidance (Nov 2020)

GAAP Non-GAAP GAAP Non-GAAP

Net Sales $40.5B - $42.0B $40.5B - $42.0B $41.5B - $42.0B $41.5B - $42.0B

Gross Margin % ~74% ~80% ~74% ~80%

MS&A Expense $6.5B - $6.7B $6.5B - $6.7B ~$6.9B ~$6.9B

R&D Expense $9.7B - $9.9B $9.2B - $9.4B ~$10.4B ~$9.2B

Other (Inc) &

Expense$0.9B - $1.1B $0.1B – ($0.1B) ($0.1B) – ($0.3B) $0.1B – ($0.1B)

Tax Rate ~100% ~16 - 17% ~69% ~16%

Diluted EPS ($0.06) - $0.09 $6.10 - $6.25 $0.47 - $0.57 $6.25 - $6.35

Weighted Average

Diluted Shares~2,300M ~2,300M ~2,300M ~2,300M

* There is no reliable or reasonably estimable comparable GAAP measure

2020 l

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Q&A

Giovanni Caforio, M.D.

Board Chair,

Chief Executive Officer

David Elkins

Executive VP,

Chief Financial Officer

Nadim Ahmed

Executive VP,

President, Hematology

16

Chris Boerner, Ph.D.Executive VP,Chief Commercialization Officer

Samit Hirawat, M.D.Executive VP,Chief Medical Officer,Global Drug Development


2H 2020 News Flow

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Asset Timing

Ide-cel4L+ Multiple Myeloma

Submitted √

Onureg (CC-486)1L AML Maintenance

PDUFA Sept 3rd √

Liso-cel3L+ LBCL

PDUFA Nov 16th

Opdivo+Cabovs Sutent1L RCCCM-9ER

Positive Topline √Presentation at ESMO

2020 √

ZeposiaModerate-to-server Ulcerative Colitis TRUENORTH

Positive Topline √Presentation target

year end √

ReblozylNTD beta-thalBEYOND (randomized Ph2)

YE 2020 / 1H 2021

Asset Timing

Opdivo+Chemo, Opdivo+Yervoy1L GastricCM-649

2020 (PFS) √2022 OS

Relatlimab + Opdivo vs Opdivo mono1L MelanomaCA224-047

Early 2021

Opdivo + Yervoy vs OpdivoAdjuvant MelanomaCM-915

2020 ×

Opdivo + Chemo vs ChemoNSCLC (Neo-Adj)CM-816

2020 pCR √

2022+ EFS

Opdivo vs PlaceboMIBCCM-274

Late 2020 / Early 2021√

Deucravicinib (TYK2i) vs PlaceboPsoriasisPh3 POETYK PSO-1 (IM011-046)

2020 √


Hematology

FibrosisLPA1 Antagonist

(BMS-986278)

HSP47 pegbelfermin

JNK Inhibitor

Immunology

OncologyAnti-TIGIT

Anti-TIM3

CD3xPSCA(GEMoaB )**

NLRP3 Agonist

STING Agonist

Anti-CTLA-4 NF

Anti-CTLA-4 NF-Probody

Anti-CTLA-4 Probody

Anti-IL8

CCR2/5 Dual Antagonist

BET Inhibitor*(CC-95775)

Anti-FucosylGM1

Anti-SIRPα*motolimod Anti-NKG2A bempegal-desleukin

linrodostat

marizomib relatlimab*

orva-cel

BCMA TCE BCMA ADC

BCMA CAR T(bb21217)

BET Inhibitor(BMS-986158)

BET Inhibitor*(CC-90010)

LSD1 Inhibitor*

iberdomide liso-celide-cel

*In development for solid tumors and hematology; **BMS has an exclusive option to license and/or option to acquire

branebrutinibTLR 7/8

AntagonistIL2 Mutein

MK2 InhibitorS1PR1

Modulator

TYK2 Inhibitor

iberdomide

cendakimab deucravacitinib(TYK2 Inhibitor)

Cardiovascular FA-Relaxin Factor XIa Inh. (BMS-986209)

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Phase 1 Phase 2 Phase 3 Marketed

A/I CELMoD(CC-92480)

A/I CELMoD(CC-99282)

GSPT1 CELMoD(CC-90009)

*

AR-LDD

BCMA NEX T

CD19 NEX T

NeuroscienceFAAH/MGLL

Dual Inhibitor

AHR Antagonist(I kena)**

TYK2 Inhibitor(Nimbus)**

Imm. Tolerance(Anokion)**

CD3x33 (GEMoaB )**

CD22 ADC (TriPhase)**

NME

Anti-OX40

FPR-2 Agonist

LPA1 Antagonist(BMS-986337)

Active Clinical Development Portfolio

IL-12 Fc TGFβ Inhibitor

Factor XIa Inh. (BMS-986177)

GPRC5D CAR T

Anti-CD73

q3 2020 results

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