Bristol-Myers Squibb Company (BMY) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Recent performance and portfolio momentum

• Achieved strong Q2 growth across the portfolio, with the growth segment now over 45% of total revenue and expected to surpass 50% next year.

• Legacy products continue to generate cash for reinvestment, despite some declines.

• Raised EPS guidance and expect to finish the year at the upper end of the previously provided top-line range.

Strategic transformation and operational focus

• Pursuing sustained top-line growth and long-term shareholder value through commercial execution, new launches, and late-stage assets.

• Upcoming launches include KarXT (PDUFA in September) and nivolumab subQ by year-end.

• Streamlining operations, freeing up $1.5B for reinvestment, and focusing on efficiency and productivity.

• Capital allocation prioritizes business development, debt reduction, and shareholder returns via dividends.

IRA impact and guidance approach

• Confident in managing IRA's impact, especially for ELIQUIS, with no material EPS effect expected through 2027.

• IRA's Part D redesign is seen as neutral overall, with mixed effects across products.

• Guidance now focuses on short-term visibility, with annual updates at the start of each year.