8-K
BRISTOL MYERS SQUIBB CO (BMY)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 10, 2022
BRISTOL-MYERS SQUIBB COMPANY
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 1-1136 | 22-0790350 |
|---|---|---|
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
430 East 29th Street, 14th Floor
New York, NY, 10016
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (212) 546-4000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of
the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.10 Par Value | BMY | New York Stock Exchange |
| 1.000% Notes due 2025 | BMY25 | New York Stock Exchange |
| 1.750% Notes due 2035 | BMY35 | New York Stock Exchange |
| Celgene Contingent Value Rights | CELG RT | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 7.01 | Regulation FD Disclosure. |
|---|
On January 10, 2022, Bristol-Myers Squibb Company (the “Company”) posted an investor presentation to its website at: www.bms.com/investors/events-and-presentations.html. A copy of the investor presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information set forth in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities thereof, nor shall it be incorporated by reference into any filing by the Company under the Exchange Act or under the Securities Act of 1933, as amended, whether made before or after the date hereof regardless of any general incorporation language in such filing. The furnishing of this information hereby shall not be deemed an admission as to the materiality of any such information.
| Item 9.01. | Financial Statements and Exhibits. |
|---|
(d) Exhibits
The following exhibit is included as part of this Current Report on Form 8-K:
| Exhibit<br><br> <br>No. | Description |
|---|---|
| 99.1 | Investor presentation of Bristol-Myers Squibb Company dated January 10, 2022. |
| 104 | The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101). |
EXHIBIT INDEX
| Exhibit<br><br> <br>No. | Description |
|---|---|
| 99.1 | Investor presentation of Bristol-Myers Squibb Company dated January 10, 2022. |
| 104 | The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BRISTOL-MYERS SQUIBB COMPANY | ||
|---|---|---|
| Dated: January 10, 2022 | By: | /s/Kimberly W. Jablonski |
| Name: | Kimberly M. Jablonski | |
| Title: | Corporate Secretary |
Exhibit 99.1
January 10, 2022 JP Morgan Presentation
Forward Looking Statements and Non-GAAP Financial Information 2 This presentation contains statements about the Company’s future plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated as a result of various important factors, including those discussed in the Company’s most recent annual report on Form 10-K and reports on Form 10-Q and Form 8-K. These documents are available on the SEC’s website, on the Bristol-Myers Squibb website or from Bristol-Myers Squibb Investor Relations. In addition, any forward-looking statements represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.This presentation includes certain non-generally accepted accounting principles (GAAP) financial measures that we use to describe our company’s performance. The non-GAAP information presented provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Also note that a reconciliation of forward-looking non-GAAP financial measures, however, is not provided due to no reasonably accessible or reliable comparable GAAP measures for such statements and the inherent difficulty in forecasting and quantifying such measures that are necessary for such reconciliation. Namely, we are not able to reliably predict the impact of certain specified items or currency exchange rates beyond the next twelve months. As a result, the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is not available without unreasonable effort. In addition, the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on our future GAAP results.
Strong Replacement Power Drives Growth Through the Decade 3 The Bristol Myers Squibb Story Continuing strong execution Expect growth through the decade Powerful drivers underpin our growth
Our Strategic Foundation 4 A differentiated biopharma company focused on innovative medicines for patients with cancer and other serious diseases BEST OF BIOTECHBEST OF PHARMA Leading scientific innovationCollaborating at center of the biotech ecosystemLeveraging global scale and agilityDriven by the best people
2007 — 2013 2014 — 2018 Today Our Journey of Transformation 5 Selective acquisitions and divestituresFocused exclusively on innovative medicines BioPharma Strategy Introduced Focus on Specialty Medicines Renewing the Portfolio Pioneering Immuno-OncologyDivested diabetes business Deepening innovation engineNew product portfolio launches
Driving Growth Through the Decade — A Closer Look 6 ($12B – $14B) +$8B – $10B +$10B – $13B 2020 Revenues Key LOE Brands In-LineBrandsPrimarilyI-O & Eliquis 2025 Revenues New Product Portfolio Growth 2020 - 2025 Growth 2025 - 2029 2025 Revenues 2029Revenues LOE BrandsPrimarilyEliquis &Opdivo Additional growth from New ProductPortfolio AdvancingRobust Pipeline Additional Optionality from Disciplined Business Development Maintain low to mid 40s operating margin** Key LOE Brands = Revlimid, Abraxane, Sprycel, and Pomalyst Financial projections may contain non promoted sales, BMS promotes only according to label *At constant exchange rates on a risk-adjusted basis; **Non-GAAP: There is no reliable or reasonable estimable comparable GAAP metric for this forward-looking information Continuing Business Growth Low to mid-single digit revenue CAGR*
Strong Replacement Power Drives Growth Through the Decade 7 The Bristol Myers Squibb Story Continuing strong execution Expect growth through the decade Powerful drivers underpin our growth
Multiple Growth Drivers — More than Offset LOEs 8 NRA: Non-Risk Adjusted sales subject to positive registrational trials and health authority approval.Financial projections may contain non promoted sales, BMS promotes only according to label.*Non-GAAP: There is no reliable or reasonable estimable comparable GAAP metric for this non-GAAP forward-looking information 1. Drive Growth of New Product Portfolio $25B+ NRA revenuepotential in 2029 3. Advance Early-Stage Pipeline 50+assets 4. Leverage FinancialStrength $45B - $50B free cash flow*2022-2024 2. Launch Mid toLate-Stage Pipeline milvexian BCMA TCE cendakimab bempeg iberdomide FRa ADC CC-92480 Foundation of key in-line brands ~$8B - $10B of growth from 2020 - 2025
Enabled bystrong cardiovascularinfrastructure Foundation of Key In-line Brands Contribute $8B - $10B Growth from 2020-2025 9 Maintain leadership in Melanoma & RCC Expand in metastatic disease incl. Lung & GI Lead evolution in early-stage disease A standard of careacross 11 tumors Drive leadership in NOAC class Expand NOAC class Increase treated population Combined Sales $8.7B $9.2B +$8B -$10B FOUNDATION Continued Growth Opportunities 2020 Sales Additional Sales by 2025 Key In-line Growth Drivers
10 Multiple Growth Drivers — More than Offset LOEs 1. Drive Growth of New Product Portfolio $25B+ NRA revenuepotential in 2029 3. Advance Early-Stage Pipeline 50+assets 4. Leverage FinancialStrength $45B - $50B free cash flow*2022-2024 2. Launch Mid toLate-Stage Pipeline milvexian BCMA TCE cendakimab bempeg iberdomide FRa ADC CC-92480 Foundation of key in-line brands ~$8B - $10B of growth from 2020 - 2025 NRA: Non-Risk Adjusted sales subject to positive registrational trials and health authority approval.Financial projections may contain non promoted sales, BMS promotes only according to label.*Non-GAAP: There is no reliable or reasonable estimable comparable GAAP metric for this non-GAAP forward-looking information
New Product Portfolio To Deliver $10B - $13B of Risk Adjusted Revenue in 2025 11 Growth driver #1 *Other includes: Abecma, Onureg, Inrebic, and rela+nivo FDC 2020 2025 Significantly de-risked portfolio: 9 new products: 6 approved, 3 filedIncreased confidence in expansion opportunitiesZeposia launch in UCBreyanzi 2L+ LBCL deucravacitinib PsA Ph3 underway 2021 2022 2023 2024 Onureg AMLZeposia MSReblozyl 2L MDS Breyanzi 3L+ LBCLAbecma 5L+Zeposia UC mavacamten oHCMdeucravacitinib PsOrela+nivo 1L Mel FDCBreyanzi 2L LBCL Breyanzi 3L+CLL Reblozyl 1L MDSAbecma 3-5LBreyanzi 3L+ iNHL Zeposia CD $10B - $13BRisk-adjusted sales Other* Zeposia Reblozyl deucravacitinib mavacamten Breyanzi 2025
Significant Growth By 2029 — $25B+ NRA Revenue Potential Growth driver #1 rela+nivo FDC deucravacitinib mavacamten $25B+ Non-Risk Adjusted** 2029 $4B+ $4B+ $4B+ $4B+ $3B+ $3B+ $1B+ $1B+ 2020 2025 2021 2022 2023 2024 2025 $10B - $13BRisk-adjusted sales Other* mavacamten Reblozyl Breyanzi Zeposia deucravacitinib Other* Onureg AMLZeposia MSReblozyl 2L MDS Breyanzi 3L+ LBCLAbecma 5L+Zeposia UC mavacamten oHCMdeucravacitinib PsOrela+nivo 1L Mel FDCBreyanzi 2L LBCL Breyanzi 3L+CLL Reblozyl 1L MDSAbecma 3-5LBreyanzi 3L+ iNHL Zeposia CD New Product Portfolio To Deliver $10B - $13B of Risk Adjusted Revenue in 2025 12 * Other includes: Abecma, Onureg, Inrebic, and rela+nivo FDC ** Non-risk adjusted revenue potential, subject to positive registrational trials and health authority approval
Reblozyl: Differentiated Medicine for Anemia — $4B+ Opportunity 13 Notes regarding patient #s: MF & MDS represent combined U.S./EU5 estimates; beta-thal represents U.S. only; noted for each indication in launch year for lead market (e.g. U.S.); patient #s do not include growth of epidemiology over time. NRA = Non-Risk Adjusted Sales, subject to positive registrational trials and health authority approval1 Lower risk MDS patients Deucravacitinib Mavacamten Rela+Nivo FDC Growth driver #1 Opportunity to Drive Growth in Current Indications:Increase share in ESA refractory populationIncrease adherenceMore frequent monitoring & earlier switching from ESA failures (NCCN update) 1L MDS1 2L RS+ MDS ~8K Pts Beta-thal ~6K Pts Myelofibrosis ~14k patients +19k patients +9k patients Expansioninto 1L MDS Establishment of novel MoA Entry intoadjacent disease areas >$4BNRA salesin 2029
Mavacamten: First-in-Class Medicine Treating Underlying Disease in Hypertrophic Cardiomyopathy — $4B+ Opportunity 14 1U.S./EU5 market prevalenceNRA: Non-Risk Adjusted sales subject to positive registrational trials and health authority approval Deucravacitinib Rela+Nivo FDC Growth driver #1 Mavacamten Unmet Need:Physicians recognize need for options that address underlying disease vs. treat symptomsDesire by patients & physicians to improve cardiac function and quality of life HCM patient population 1.3M patients1 Significant HCM pts with obstructive disease (requiring chronic treatment) 60-70% >$4BNRA salesin 2029 Opportunity to drive significant penetration with a strong profile based on EXPLORER-HCM + nHCM & additional expansion indications No current treatment that treats underlying conditionNo differentiated competitors on horizonConcentrated prescriber base at launch Favorable landscape Opportunity to increase diagnosis rate over time 20-25% Roughly double Future % Pts Symptomatic 60-80% Today Filed in the U.S. & EU; U.S. PDUFA April 28, 2022
Deucravacitinib: Selective Inhibitor of TYK2 with Potential Across Multiple Immune-Mediated Diseases — $4B+ Opportunity 15 NRA: Non-Risk Adjusted sales subject to positive registrational trials and health authority approvalEpidemiology represents combined U.S./EU5 patient prevalence numbers Rela+Nivo FDC Growth driver #1 Mavacamten Deucravacitinib Opportunity to Establish Deucravacitinib as Oral of Choice Therapy in PsO:Novel TYK2 inh. with biologic-like efficacy superior to existing oral standard of care (SoC)Favorable safety and tolerability profile >$4B NRA salesin 2029 +2M Pts IBD Mod-Severe (UC/CD) +1M Pts +2M Pts Psoriatic Arthritis ~3M Pts Psoriasis (Moderate-to-Severe) Lupus Opportunity to become oral of choice in mod-to-severe PsO Broaden into Rheumatology, GI & beyond Filed in the U.S., EU & Japan; U.S. PDUFA September 10, 2022
Relatlimab+nivolumab: First in Class LAG-3 + PD-1 Inhibitor — $4B+ Opportunity 16 Growth driver #1 Mavacamten Deucravacitinib Opportunity for relatlimab + Opdivo to be 1st Fixed-dose Combination (FDC) Therapy of Novel LAG-3-blocking Antibody + Anti-PD1Near-term launch opportunity in 1L metastatic melanomaDemonstrated statistically significant & clinically meaningful benefit over Opdivo monotherapyBroad expansion program has potential to extend durability of I-O franchise Rela+Nivo FDC Melanoma NSCLC 1L – Relativity -047 Adjuvant (Stage 3/4): CA 224-098 rela+nivo vs nivo 1L: CA224 -095 rela+nivo+chemo vs pembro+chemo HCC 1L: CA224 -106 rela+nivo+bev vs nivo+bev 2L IO naïve: CA224 -073rela+nivo vs nivo 1L: CA224 -104 rela+nivo+chemo vs nivo+chemo Registrational study POC to trigger registrational study Planned; not yet enrolling Ability to leverage ongoing data generation toinform future expansion opportunities CRC 2L+: CA224 -123rela+nivo vsregorafenib >$4B NRA salesin 2029 Filed in U.S. & EU; U.S. PDUFA March 19, 2022 NRA: Non-Risk Adjusted Sales subject to positive registrational trials and health authority approval
17 Multiple Growth Drivers — More than Offset LOEs 1. Drive Growth of New Product Portfolio $25B+ NRA revenuepotential in 2029 3. Advance Early-Stage Pipeline 50+assets 4. Leverage FinancialStrength $45B - $50B free cash flow*2022-2024 2. Launch Mid toLate-Stage Pipeline milvexian BCMA TCE cendakimab bempeg iberdomide FRa ADC CC-92480 Foundation of key in-line brands ~$8B - $10B of growth from 2020 - 2025 NRA: Non-Risk Adjusted sales subject to positive registrational trials and health authority approval.Financial projections may contain non promoted sales, BMS promotes only according to label.*Non-GAAP: There is no reliable or reasonable estimable comparable GAAP metric for this non-GAAP forward-looking information
Focused on Disease Areas with Large Commercial Potential 18 milvexian cendakimab iberdomide CC-92480 BCMA TCE bempeg FRa ADC 7 Mid to Late-Stage Pipeline Assets $20B+ $80B+ Growth driver #2 $40B+ $75B+ SignificantCommercial Potential 50+Early-Stage Assets Thrombosis$19B+ HF $3B+ Renal $7B+ Liver $1B+ Melanoma $7B+ Ovarian $2B+ CRC $7B+ GI $1B+ Prostate $10B+ H&N $2B+ Breast $21B+ Lung $25B+ MM $20B+ NHL $11B+ MDS $1B+ CLL $6B+ AML $1B+ RA $28B+ Psoriasis$20B+ PsA $4B+ Ank. Spond. $1B+ Lupus $1B+ Atopic Derm $4B+ UC $6B+ Crohn’s $13B+ Cardiovascular Solid Tumor Oncology Immunology Hematology Source: EvaluatePharma 2020 estimates
19 Milvexian: Significant Opportunity for Next Generation Anti-Thrombotic – $5B+ Opportunity Growth driver #2 Optionality for Ph3 program pending SSP Ph2 results Anti-platelets1SSPACSCAD/PAD Factor Xa1VTEAFIB Milvexian$5B+NRA sales 1Represents indications with majority of usage Potential Universe of Indications Capitalizing on the Opportunity Opportunity to improve outcomes for patients on existing treatments TKR Phase 2 data demonstrate differentiated anti-thrombotic profile SSP data expected 1H 2022 Registrational program planning in progress Substantial unmet need persists in thrombotic diseases SSP = secondary stroke prevention; ACS = acute coronary syndrome; CAD = coronary artery disease; PAD = peripheral artery disease; VTE = venous thromboembolism (prevention and/or treatment-related indications); AFIB = atrial fibrillationNRA = Non-risk adjusted revenue potential, subject to positive registrational trials and health authority approval
CELMoD Agents Have the Potential to Replace the Current Foundation of Care 20 1L 2L 3L 4L Revlimid today Pomalyst today Replace Revlimid as foundation of frontline multiple myeloma treatment iberdomide vision Replace Pomalyst as foundation of treatment in relapsed refractory multiple myeloma (RRMM) CC-92480 vision Vision supported by 4L+ data most recently presented at ASH 2021 iberdomide CC-92480 Continue to improve oral backbone treatment and leadership in multiple myeloma CELMoD agents: more potent degraders of cereblon Growth driver #2
MORAb-202: A Novel Folate Receptor Alpha ADC 21 In partnership with EisaiTumors of interest include ovarian, NSQ NSCLC, breast, endometrialHigh addressable population based on range of FR expression Differentiated payload (eribulin) Demonstrated single agent clinical activity across multiple tumor types Development plan Interim analysis of Phase I study ongoing in Japan ORR*3: 46%DCR*4: 82%(RECIST v1.1*5) Expansion cohort is ongoing in FRα positive platinum-resistant ovarian cancer and non-small cell lung cancer (NSCLC) Percentage of change from baseline (%) Breast Endometrial NSCLC Ovarian Fallopian tube Next stepsEvaluating dose range to optimize therapeutic index Potential to further diversify solid tumor portfolio & extend leading position in Oncology Growth driver #2
22 Multiple Growth Drivers — More than Offset LOEs 1. Drive Growth of New Product Portfolio $25B+ NRA revenuepotential in 2029 3. Advance Early-Stage Pipeline 50+assets 4. Leverage FinancialStrength $45B - $50B free cash flow*2022-2024 2. Launch Mid toLate-Stage Pipeline milvexian BCMA TCE cendakimab bempeg iberdomide FRa ADC CC-92480 Foundation of key in-line brands ~$8B - $10B of growth from 2020 - 2025 NRA: Non-Risk Adjusted sales subject to positive registrational trials and health authority approval.Financial projections may contain non promoted sales, BMS promotes only according to label.*Non-GAAP: There is no reliable or reasonable estimable comparable GAAP metric for this non-GAAP forward-looking information
Leading Drug Discovery Platforms Drive Our Deep Ph1 / Ph2 Pipeline 1 In development for solid tumors and hematology2 BMS has an exclusive option to license and/or option to acquire3 IND/CTA approved BCMA TCE GSPT1 CELMoD(CC-90009) Anti-SIRPα1(CC-95251) BET Inhibitor1(CC-90010) BET Inhibitor (CC-95775) FXIa Inhibitor S1PR1 Modulator TYK2 Inhibitor Anti-TIGIT Anti-TIM3 CD3xPSCA2(GEM3PSCA) STING Agonist Anti-Fucosyl GM1 Anti-NKG2A3 motolimod BCMA ADC milvexian(FXIa Inhibitor) CD19 NEX T3 BCMA NEX T3 Anti-CTLA-4 NF PB FAAH/MGLLDual Inhibitor AR LDD3 FPR-2 Agonist CD47xCD203 GPRC5D CAR T3 CD33 NKE3 Anti-CD403 IL2-CD253 LSD1 Inhibitor1 TGFβ Inhibitor MK2 Inhibitor HSP47 branebrutinib Imm. Tolerance (Anokion)2 A/I CELMoD (BCM)(CC-99282) Anti-CTLA-4 NF BET Inhibitor(BMS-986158) Anti-IL-8(BMS-986253) Anti-CTLA-4 PB LPA1 Antagonist FA-Relaxin afimetoran(TLR7/8 Inhibitor) danicamtiv Cardiac Myosin Inh.(MYK-224) IL-12 Fc(BMS-986415) Anti-CCR83 TIGIT Bispecific CK1α CELMoD3 BCMA NKE3 ROR1 CAR-T3 Anti-Tau2,3(PRX005) BTK Inhibitor3 eIF2B Activator3 AHR Antagonist2(IK-175) NME ROMK Inhibitor iberdomide A/I CELMoD (MM)(CC-92480) farletuzumab - eribulin ADC Phase 1: 32 Assets Phase 1b/2: 27 Assets POC / Initiation of Registrational Development Opportunity for>20 POC decisionsnextthree years Hematology Oncology Immunology CV Fibrosis Neuroscience Legend Leading Drug Discovery Platforms CellTherapy ProteinHomeostasis Complex Biotherapeutics Small MoleculeDrug Discovery Growth driver #3 23
Internal R&D Strengths are Amplified Through Extensive Network ofExternal Partnerships 24 >85Active Collaborations 4INDs Filed 2021 12Licenses Optioned 2021 EXEMPLAR MMPACT Mechanisms of Cancer Resistance TumorMicro- Environment Immuno-Oncology & Cell Therapy Oncogenesis Discovery Biothera-peutics Small Molecule Drug Discovery Neuroscience Inflammation, CV & Fibrosis Informatics & Predictive Sciences Cross-Therapeutic Growth driver #3
25 Multiple Growth Drivers — More than Offset LOEs 1. Drive Growth of New Product Portfolio $25B+ NRA revenuepotential in 2029 3. Advance Early-Stage Pipeline 50+assets 4. Leverage FinancialStrength $45B - $50B free cash flow*2022-2024 2. Launch Mid toLate-Stage Pipeline milvexian BCMA TCE cendakimab bempeg iberdomide FRa ADC CC-92480 Foundation of key in-line brands ~$8B - $10B of growth from 2020 - 2025 NRA: Non-Risk Adjusted sales subject to positive registrational trials and health authority approval.Financial projections may contain non promoted sales, BMS promotes only according to label.*Non-GAAP: There is no reliable or reasonable estimable comparable GAAP metric for this non-GAAP forward-looking information
Strong Cash Flow Provides for Significant Financial Flexibility 26 * Non-GAAP: There is no reliable or reasonable estimable comparable GAAP metric for this non-GAAP forward-looking information** Future dividend payouts subject to board authorization Prioritizing Business Development Strengthening theBalance Sheet Returning Cash to Shareholders Continue to execute small & mid-sized bolt-on opportunitiesReplenish and diversify portfolio Continued debt reduction; ~$12B in maturities from 2022-2024Maintain strong investment-grade credit rating Continued dividend growth**13th consecutive dividend increase announced Dec ’21Opportunistic share repurchase$15B authorized share repurchase program$5B ASR agreement to be executed Q1’22 Growth driver #4 $45B - $50Bin free cash flow* 2022-2024 Disciplined Capital Allocation
Deals over the last 18 months A further diversified pipeline Business Development Remains a Top Priority to Complement the Portfolio for Long-Term Growth 27 Oncology Hematology Immunology Cardiovascular Neurology Will continue to execute BD in leading scientific areas of high unmet medical need with financial discipline
Strong Replacement Power Drives Growth Through the Decade 28 The Bristol Myers Squibb Story Continuing strong execution Expect growth through the decade Powerful drivers underpin our growth
2021 Key Milestones Opdivo (+/- Yervoy) U.S./EU expected approvals:1L RCC (9ER)1L GC (649, O+Chemo)adj Eso (577)adj MIBC (274) 1L Esophageal (CM-648) Opdivo return to annual growth Relatlimab 1L Melanoma w/Opdivo Ph3 Breyanzi 3L+ LBCL U.S.3L+ LBCL EU approval1 2L TE LBCL2L TNE LBCL 3L+ CLL2 Delivered on Our 2021 Commitments 29 1 Expected in 20222 Expected in 20233 Approved after 4 prior lines of therapy4 PDUFA April 28, 2022 Abecma 4L+ MM U.S. 34L+ MM EU approval Iberdomide + dex 4L+ MM Ph 1b/2a Deucravacitinib PsO (2nd study) Ph3U.S. filing UC Ph2 (POC) Zeposia UC U.S.EU approval Cendakimab Initiation of Ph3 Factor XIa inh. Total Knee Replacement VTEp Ph2 (POC) Mavacamten oHCM U.S. filingoHCM approval4 Milestones represent data read-outs unless otherwise specifiedTo be expanded to include regulatory milestones pending future registrational successes
2022 Key Milestones Opdivo (+/- Yervoy) U.S./EU expected approvals:1L ESCC (CM-648)Neo-adj lung EFS (CM-816) (U.S.) relatlimab + Opdivo FDC 1L melanoma U.S. approvalInitiation 2L+ CRC Ph3 bempeg 1L melanoma1L renal1L bladder Breyanzi 2L LBCL U.S. approval3L+ LBCL EU approval Abecma 2L+ MM (KarMMa-2) Ph2 (POC) Iberdomide Initiation 2L+ MM Ph3 (EXCALIBER) CC-92480 4L+ MM Ph1/2 Portfolio Depth Provides Significant Near-term Catalysts 30 Milestones represent data read-outs unless otherwise specifiedTo be expanded to include regulatory milestones pending future registrational successes deucravacitinib PsO U.S. approvalSLE Ph2 (POC) cendakimab AD Ph2 (POC) mavacamten oHCM U.S. approvalSRT (VALOR) Ph3Initiation nHCM Ph3 milvexian SSP Ph2 (POC) 2023/2024 Key Milestones Opdivo (+/- Yervoy) Metastatic:1L CRPC (CM-7DX)1L HCC (CM-9DW) Early Stage:Adj. HCC (CM-9DX)Adj. RCC (CM-914)Peri-adj Lung (CM-77T)Peri-adj MIBC (CM-078)Adj. NSCLC (ANVIL, co-op group) relatlimab + Opdivo FDC 1L melanoma EU approvalInitiation of 1L Lung 2L HCC (POC) bempeg Neo-adj. cis-ineligible MIBC Breyanzi 3L+ FL 3L+ CLL Abecma 3L+ MM (KarMMa-3) Ph3 CC-93269BCMA TCE Initiation of pivotal trial iberdomide Initiation of Post transplant maintenance Ph3 H2H vs RevInitiation of NDMM Ph3 H2H vs. Rev CC-92480 Initiation triplet 2L+ MM Ph3 Reblozyl 1L MDS (ESA naïve) COMMANDS Ph3MF INDEPENDENCE Ph3 deucravacitinib PsO EU approval PsA Ph3CD & DLE Ph2 (POC)UC (IM011-127) Ph2 (POC) cendakimab EoE Ph3 Zeposia CD Ph3 mavacamten HFpEF Ph2 EMBARK (POC)
Critical 2022 & 2023 Deliverables to Unlock Value of New Product Portfolio 31 Enable expansion forReblozyl through successful1L MDS COMMANDS trial deucravacitinib mavacamten Deliver successful launch of mavacamtenover the next year Establish deucravacitinib as oral of choice in moderate to severe Psoriasis Establish broad access for Zeposia in UC Build industry-leading cell therapy franchise, anchored on Breyanzi
\2022 Net Sales Guidance 2022 Net Sales Guidance Total Company Sales ~$47.0B or low single-digit growth Key LOE Brands ~$10.5B or double-digit decline Continuing Business ~$36.5B or low double-digit growth 2022 Revenue Growth of Continuing Business Offsets Decline of Key LOE Brands, Coupled with Strong Earnings Growth 32 2022 Key LOE Brands = Revlimid & Abraxane; Revlimid sales are expected to be $9.5B - $10B* Non-GAAP EPS guidance assumes constant exchange rates. The Company intends to provide additional 2022 financial guidance during its 2021 fourth quarter earnings conference call on February 4, 2022 Continued growth of in-line business 2022 Diluted Non-GAAP EPS of ~$7.65 - $7.95* New Product portfolio growth Operational Execution & Disciplined OpEx Management
Significant growth potential of Continuing Business through Key LOEs Rapidly advancing pipeline with 7 mid-stage programs and over 20 POC decisions in the next 3 years 9 new product launches – 4 medicines with $4B+ non-risk adjusted sales potential* Financial strength for continued investment in Business Development Strong Replacement Power Drives Growth Through the Decade 33 IN SUMMARY Continuing Business Growth Launches Advancing pipeline Optionality *Non-risk adjusted revenue potential, subject to positive registrational trials and health authority approval
January 10, 2022 JP Morgan Presentation