Bristol-Myers Squibb Company (BMY) Guggenheim Securities Inaugural Healthcare Innovation Conference summary

Strategic portfolio evolution

• Expanded and diversified the pipeline with acquisitions in oncology and neuropsychiatry, including Mirati, Karuna, and RayzeBio, and broadened modalities to include small molecules, antibodies, ADCs, and radioligand therapies.

• Prioritized programs based on efficacy, safety, and first-in-class potential, removing underperforming molecules and focusing on high-impact assets.

• Enhanced R&D productivity by targeting 10 INDs annually, reducing IND-to-approval timelines, and aiming for a 20% positive outcome rate, above industry average.

• Growth portfolio now contributes over 50% of revenues, with a young, first-in-class pipeline expected to drive accelerated growth by decade's end.

R&D and decision-making principles

• Five guiding principles: causal human biology, matching modality to mechanism, clinical proof of concept, high-quality development, and market access.

• Applied these principles to key programs like Milvexian, ensuring robust target validation, dose selection, and synchronized clinical timelines.

• Emphasized aggressive but high-quality clinical development and risk concentration across multiple indications.

Neuropsychiatry and Cobenfy program

• Cobenfy approved for schizophrenia, with consistent efficacy and tolerability across multiple studies; six additional indications in development, including adjunctive schizophrenia, bipolar mania, and Alzheimer's-related conditions.

• Placebo rates in competitor trials (emraclidine) were higher, and Cobenfy showed more robust and consistent results.

• Twice-daily dosing seen as manageable; ongoing work on formulations for future trials.