Bristol-Myers Squibb Company (BMY) TD Cowen 46th Annual Health Care Conference summary

Financial performance and portfolio momentum

• Strong 2025 performance driven by growth portfolio products such as REVLIMID, Breyanzi, and CAMZYOS, with continued momentum expected into 2026.

• Double-digit growth anticipated, with inventory normalization expected by end of Q1 and disciplined operating expenses following last year’s R&D-driven increase.

• Partnerships and acquisitions, including BioNTech and Orbital, contributed to higher R&D spend, expected to normalize this year.

• Full generics for REVLIMID and POMALYST present headwinds, but offset by significant ELIQUIS growth.

• Unprecedented number of phase III readouts expected this year, supporting long-term sustainable growth.

Commercial product updates

• CAMZYOS annualized at over $1 billion, with sustained new patient growth and expanding prescriber base, maintaining leadership despite new competition.

• Opdivo Qvantig (SubQ) is on track for 30%-40% conversion by 2028, with broad adoption across tumor types and improved practice efficiency.

• Cobenfy is seeing steady growth, increasing prescriber depth and breadth, with key phase IV switch study data to be presented and published mid-year.

• Cobenfy’s growth in schizophrenia is expected to be steady, with inflection points anticipated from new indications such as Alzheimer’s disease psychosis and bipolar disorder.

Pipeline and clinical development

• Three Alzheimer’s disease psychosis studies (ADEPT 1, 2, 4) and a BID formulation study (ADEPT 5) for Cobenfy are on track to read out by year-end, with high confidence in results.

• Milvexian data in SSP and AFib expected by year-end; if efficacy matches ELIQUIS with better bleeding profile, it could become new standard of care in atrial fibrillation.

• Payers value a superior bleeding profile for Milvexian, recognizing economic benefits and cost savings.

• Admilprant targets IPF and PPF, with a differentiated mechanism and strong phase II data; market could double to $8–$10 billion with improved diagnosis and treatment rates.

• Multiple phase III and phase I assets in oncology, neuroscience, and autoimmune diseases are advancing, including anti-tau, PRMT5, and Orbusil.