Bristol-Myers Squibb Company (BMY) investor relations material

Strategic focus and operational improvements

• Emphasis on de-risking pivotal studies and integrating risk mitigation as standard practice, leveraging AI for trial optimization and regional allocation.

• Portfolio strategy centers on oncology, hematology, cardiovascular, immunology (immune reset), and neuroscience, with a long-term growth perspective.

• Talent acquisition and rebuilding, especially in neuroscience following the COBENFY acquisition, are key priorities.

• Business development remains a significant focus, with ongoing efforts in partnerships and acquisitions.

Oncology and hematology pipeline updates

• Positive ASCO presentations highlighted next-generation assets like pumitamig, ADC iza-bren, and CELMoDs, with robust data in multiple tumor types.

• Pumitamig demonstrated promising efficacy, especially in PD-L1 negative non-small cell lung cancer, and is supported by mechanistic data favoring bispecifics over antibody combinations.

• ADC iza-bren showed strong results in phase III China studies for breast and esophageal cancer, with global phase III trials ongoing in lung, breast, and bladder cancers.

• CELMoDs like iberdomide and mezigdomide are positioned to replace older standards in multiple myeloma, with encouraging data and upcoming regulatory milestones.

• Navlimetostat (PRMT5 inhibitor) is advancing in precision oncology, showing durable responses and strong combinability, especially in lung and pancreatic cancers.

Cardiovascular and neuroscience developments

• Milvexian AF trial is on track for a Q4 readout, aiming for non-inferiority in efficacy and superiority in bleeding reduction versus apixaban, with commercial implications tied to bleeding outcomes.

• COBENFY program in neuroscience is progressing with 12-13 pivotal studies across psychosis, bipolar, agitation, cognition, and autism, with psychosis as the first potential readout.

• ADEPT trials in psychosis are running in parallel, with differentiated designs and expected readouts soon; broader neuroscience pipeline includes anti-tau and KarXT assets.