Bristol-Myers Squibb Company (BMY) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Strategic objectives and progress

• Aims for sustained top-tier growth by decade's end, focusing on transformational medicines, operational excellence, and disciplined capital allocation.

• Achieved double-digit revenue growth in 2024, expanded presence in key therapeutic areas, and advanced late-stage assets.

• Strengthened positions in oncology and immunology through targeted investments and acquisitions, notably RayzeBio.

• Enhanced R&D productivity, streamlined operations, and achieved significant cost savings to reinvest in growth drivers.

• Maintains commitment to a strong balance sheet, debt reduction, and attractive dividends.

Key product and pipeline highlights

• Five key growth products—Reblozyl, Camzyos, Breyanzi, Opdualag, and Cobenfy—are central to long-term growth, with the growth portfolio expected to exceed 50% of revenues in 2025.

• Cobenfy, approved for schizophrenia, is seeing strong early uptake and positive feedback, with broadening coverage expected in 2025.

• Cobenfy's pipeline includes annual new indication or data readouts through the decade, including phase 3 data in adjunctive schizophrenia and Alzheimer's disease psychosis.

• CELMoD platform (Iberdomide, Mezigdomide, Golcadomide) and Milvexian in cardiovascular disease are highlighted as next-wave assets, with pivotal data expected 2026–2029.

• Admilparant in pulmonary fibrosis is in Phase 3, aiming to set a new standard of care with data expected 2026/2028.

Execution, financials, and business development

• Focus on execution and accountability is a top investor priority, with ongoing efforts to deliver on stated goals.

• Integrated strategic acquisitions, realized most of $1.5B productivity program, and progressed toward $10B debt paydown by 1H 2026.

• R&D investment of ~$28B and business development investment of ~$27B over the past three years.

• Returned ~$14B in dividends and ~$16B in share repurchases over three years, with 93 consecutive years of dividend payments.

• Maintains financial flexibility to pursue innovation through partnerships and acquisitions.