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

Financial performance and portfolio dynamics

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

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

• 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, increased R&D spend in the second half of last year, expected to normalize this year.

• 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 use across tumor types and strong patient and practice preference.

• Cobenfy is seeing steady growth in a competitive market, with increasing prescriber depth and breadth; key phase IV switch study data to be presented and published this year.

• Cobenfy’s growth expected to inflect with new indications, including Alzheimer’s disease psychosis and bipolar disorder, with multiple data readouts anticipated by year-end and early next year.

Pipeline and future growth drivers

• Three Alzheimer’s disease psychosis studies (ADEPT 1, 2, 4) and a BID formulation study (ADEPT 5) for Cobenfy 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, could become new standard of care in atrial fibrillation.

• Payers value a superior bleeding profile for Milvexian, with ongoing discussions to ensure access if approved.

• Admilprant for IPF and PPF targets a market that could double to $8–10 billion, with strong phase II data and differentiated mechanism from failed competitors.