Bristol-Myers Squibb Company (BMY) Goldman Sachs 45th Annual Global Healthcare Conference summary

Leadership vision and organizational focus

• CEO emphasized reshaping the organization for long-term, sustainable growth, with a focus on accountability and execution since taking the role seven months ago.

• Three strategic priorities: organizational focus on key launches and data readouts, operational simplification with $1.5B in resource reallocation, and disciplined capital allocation.

• Plans to pay down debt over the next two years while maintaining shareholder returns through dividends.

• Business development remains a priority, especially in core therapeutic areas like immunology, neurosciences, and cardiovascular.

• Integration of recent acquisitions (RayzeBio, Karuna) is progressing, with a focus on executing launches and leveraging new assets.

Pipeline and product updates

• Twelve drugs launched in the past three years, with seven NMEs targeted for launch in the next three years.

• SOTYKTU is seeing increased investment to address competitive market access, with upcoming data readouts in psoriatic arthritis and alopecia areata.

• CAMZYOS launch trajectory is strong, with potential acceleration expected from a non-obstructive indication next year and EMBARK study data anticipated soon.

• Milvexian Phase III data expected in 2026 across three indications; confidence in trial design and opportunity remains high.

• REBLOZYL is performing well, especially in first-line settings, with further growth expected in the U.S. and ex-U.S. markets.

Business development and innovation

• Focused on transformational opportunities in immunology, such as CD19 NEX-T, with early proof-of-concept data in SLE expected later this year.

• RayzeBio acquisition brings a late-stage solid tumor platform with robust supply chain and manufacturing capabilities; integration as a separate unit to retain talent.

• Oncology strategy includes ADCs (SystImmune partnership) and PRMT5, with key data readouts expected later this year.

• SubQ formulation of OPDIVO expected to convert 30-40% of IV business, extending the IO franchise into the 2030s.

• Royalty revenue from WINREVAIR provides additional financial upside.