Bristol-Myers Squibb Company (BMY) 2024 Wells Fargo Healthcare Conference summary

Commercial performance and portfolio momentum

• Growth portfolio products like Breyanzi, REBLOZYL, Opdualag, and CAMZYOS are showing strong momentum, with expectations for continued growth in the second half of the year consistent with the first half.

• Inventory dynamics impacted Q3, particularly for OPDIVO, CAMZYOS, and ZEPOSIA, but overall portfolio growth remains robust.

• Key data readouts and regulatory milestones are expected in the coming months, including PDUFA dates for KarXT and subcutaneous nivolumab.

• The company is focused on long-term sustainable growth into the back end of the decade and beyond.

Product launches and market access

• KarXT is positioned as a first-in-class mechanism for schizophrenia, with launch readiness and positive feedback from payers and thought leaders.

• The launch is effectively set for 2025, with product availability in October and broad Medicare/Medicaid access expected by mid-2025.

• KarXT is seen as a multibillion-dollar opportunity, with potential for additional indications in adjunctive schizophrenia, Alzheimer’s, bipolar, autism, and cognition.

• Sotyktu access improved from 25% to 65% in 2023, with further gains expected in 2024, though rebates have impacted near-term sales.

Product-specific updates and growth drivers

• Breyanzi overcame supply constraints and added new indications, driving strong growth and expansion into new geographies and community settings.

• CAMZYOS has achieved steady growth after initial REMS and operational challenges, with long-term data supporting efficacy and safety.

• OPDIVO is expected to see mid-single digit growth in 2023, with new indications and a focus on converting IV to subcutaneous formulation to sustain the franchise into the 2030s.