Bristol Myers Squibb at TD Cowen: Strategic Growth Amid Challenges

Bristol Myers Squibb (NYSE: BMY) presented a strategic overview at the TD Cowen 45th Annual Healthcare Conference on Tuesday, 04 March 2025. The company highlighted its transformation journey, underscoring robust growth prospects and future challenges. While new product launches and a strong portfolio signal optimism, market headwinds like loss of exclusivity for key drugs pose challenges.

Key Takeaways

• Bristol Myers Squibb plans to launch at least 10 new products and over 30 indications by the end of the decade.
• The company anticipates double-digit growth in its portfolio for 2025, despite challenges from drug exclusivity losses.
• Medicare Part D reform is expected to have a neutral impact across the portfolio.
• Cobenfe’s early launch data shows promising access in Medicaid and Medicare, but physician treatment inertia remains a hurdle.
• Opdivo Qvantig’s subcutaneous version is expected to gain traction following the permanent J-code implementation.

Financial Results

• Revlimid: Projected to experience a step-down of $2 billion to $2.5 billion in 2025.
• Eliquis: Expected to grow at low double digits year-over-year globally, with Q1 2025 growth moderating to mid-single digits.
• Sotyktu: Anticipated decline in net sales from Q4 to Q1 due to rebates, with growth expected later in the year.
• Opdivo: Forecasted to achieve low single-digit growth in 2025.
• Medicare Part D: Anticipated to be roughly neutral across the portfolio.

Operational Updates

• Cobenfe: Weekly prescriptions around 2,000, with over 90% access in Medicaid and over 80% in Medicare.
• Camzyos: Strong uptake, adding over 1,300 patients quarterly. Odysee study results expected in the first half of 2025.
• Opdivo Qvantig (SubQ): Launched in January 2025, with broader growth anticipated post-July 1, 2025, J-code.
• Milvexian: Data readouts expected next year, with potential to extend leadership in antithrombotic therapies.
• Radioligand Therapy: Phase 3 data readout in GEP-NETs expected next year, with additional studies ongoing.

Future Outlook

• Bristol Myers Squibb aims to launch over 10 new products and 30 new indications by 2030.
• Milvexian is expected to bolster the company’s position in antithrombotic therapies.
• Radioligand therapy is projected to be a significant growth driver in the 2030s.

Q&A Highlights

• Medicare Part D Redesign: Anticipated to be neutral across the portfolio.
• Eliquis: Growth expected to moderate in Q1 2025 due to Medicare Part D redesign.
• Cobenfe: Main challenge is overcoming physician treatment inertia.
• Opdivo SubQ: Approval of Keytruda subcutaneous is seen as a market tailwind.
• Milvexian: Studies progressing well, with accelerated recruitment after Bayer’s exit.

For a deeper understanding, readers are encouraged to refer to the full transcript.

Full transcript - TD Cowen 45th Annual Healthcare Conference:

Steve, Host, TD Cowen: Well, good afternoon once again. Welcome to TD Cowen’s forty fifth Annual Healthcare Conference. We’re delighted to have Bristol Myers Squibb with us again this year. Representing the company is Adam Lankowski, who is Executive Vice President and Chief Commercial Officer. So Adam, thank you so much for making the effort to be with us.

Thanks

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: for having me.

Steve, Host, TD Cowen: Let’s start out maybe with, I think you were going to start out with kind of some brief opening remarks and maybe include in that some of the pushes and pulls of the Medicare Part D redesign as part of the answer.

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: Yes, happy to do that, Steve. So it’s great to be here with everyone. 2024 was an important year for our company. It was the first step in our journey to transform the organization. We delivered strong performance and execution across our growth portfolio, so products like, Briansy, products like Camp Zios, Optulag, all of which performed exceptionally well.

I think think some of the signature milestones of last year was the, the approval and then the subsequent launch of CobenFe. I’m sure we’ll talk more about CobenFe, the first new mechanism of action approved in schizophrenia in decades, as well as at the tail end of the year, the approval of Opdivo Qvantig. And so when you look at the growth portfolio coupled with products like CobenFe and Opdivo Qvantig and the number of data readouts that we have as a company, and I’ve been with the company for over two decades, and, you know, over the next several years, we have the opportunity to launch at least 10 new products and over 30 indications from now until the end of the decade. So taken together, you’re starting to see what the company is going to look like by the end of this decade and our vision to to really drive sustainable long term growth for the organization. Now As we move into 2025, it’s another important year and there are pushes and pulls.

Of course, you know, we’re going to continue to to deliver strong double digit growth across our growth portfolio. I failed to mention products like Reblazil, which will also continue to to drive strong growth for the product. We also have, you know, the, you know, the opportunities with data readouts, for example, the ARRISE data readout in adjunctive schizophrenia, the the Odysee readout in the first half of the year, which will expand, potentially the opportunity for CAM XYOS in non obstructive HCM. And then at the end of the year, our r and d organization has been able to accelerate a very important study, which is the ADEPT two study, which is a study of Cobenfe in Alzheimer’s disease psychosis. So these are some of the, you know, I think really significant opportunities that we have this year to drive meaningful growth across our growth portfolio.

That said, as we described in our earnings call, we have a number of, you know, of headwinds, including, you know, the step down in Revlimid, as we, you know, look to guide that around 2 to 2 and a half billion dollars this year. We have coming off the loss of exclusivity of Pomalyst in Europe as well as the LOE of Sprysil in The US, all are headwinds to our business. The last thing I’ll mention around Part d, you know, since you asked, you know, what we have described is Medicare Part d reform is roughly neutral across the portfolio. So there’s an opportunity for a product like Eliquis based on the removal of the coverage gap, but it’s also a headwind for products like Revlimid, Pomalyst, as well as for products like Camzyos and Orencia SubQ, where we’re now responsible for 10% in the initiation phase and 20%, and that’s the case for CAMZYOS and for, you know, for the other products we have in our portfolio in the catastrophic phase. We would expect to see robust growth for CAMZYOS this year, but those are essentially the pushes and pulls for Medicare Part d.

But, again, taken together, it’s gonna be another important year for the company as we look to accelerate our growth portfolio and see a number of important data readouts.

Steve, Host, TD Cowen: And and one more question on this topic, and that is, talk about the phasing in 2025. So how does this redesign impact the sequence of the year?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: Yeah. The way that we’ve described this has been, you know, you take the Medicare Part D redesign coupled with, you know, a significant inventory build that we saw in q four for products, for example, like Opdivo, or Eliquis, and you’ll see that burn coming in q one. You know, we would expect growth quarter over quarter for a product like Eliquis, but that growth is going to moderate, you said in roughly the mid single digit growth for a product like Eliquis, come q four to q one. And what you historically have seen from Eliquis has been really strong quarters in q one and q two and then softer quarters in the second half of the year based on patients entering the coverage gap. Well, with the coverage gap in elimination, you’ll actually see the first quarter being the lowest quarter for Eliquis and that will increase quarter over quarter.

So again, you will see a sequential decline, quarter over quarter due to some of the factors I talked about, but net net, you know, we expect to see robust growth across our our key growth drivers.

Steve, Host, TD Cowen: Just so I can kind of figure this out in my own head. So let’s say Eliquis US does, for sake of argument, $10,000,000,000 this year. Is is a starting point, 2 and a half billion dollars per quarter. Is that is that the way to look at it? Or or how would you how would you alter those numbers?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: The way that we’ve described Eliquis in The US has been, you know, although you’ll see a, you know, a quarter, a slight quarter on quarter increase from Q4 to Q1, overall when you look at the global performance of Eliquis, we would expect to see low double digit growth year over year for Eliquis. Heliquis. This is still a very important growth product for the company.

Steve, Host, TD Cowen: Okay. By the way, if there’s questions anywhere along the line, please just raise your hand and we’ll pose your question. So let’s go to Kobenfe, One of the most exciting rollouts in the industry in 02/2025. Do you think kubenphi can reach blockbuster status in within two to three years post launch?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: So we’re certainly pleased with what we’re seeing. These are still early days. We’re about four months into the launch. Recall this is the first new mechanism of action in schizophrenia in in decades. And so we’re looking at TRXs today, you know, on a weekly basis around 2,000, on a weekly basis.

That’s what we’ve seen just over the last few weeks. When I think about some of those drivers for CoBENFE this year, number one is access. You know, you touched on it where we’re really pleased with how we’ve exceeded our expectations on access. We’re now well over 90% access for Medicaid and over 80% access in Medicare and making good progress commercially. What that’s gonna do is it’s gonna help patients get on treatment earlier.

The second area that I look at or the second important KPI is how are we doing in increasing the number of prescribers? That’s critical. In fact, that’s even more important than the TRXs on a weekly basis because the TRXs are a lagging indicator for what we’re doing. So, you know, very pleased with what we’re seeing in adding number of prescribers week over week and not just increasing the breadth of prescribing. There are about 30,000 psychiatrists in The United States, but also depth.

And so they are repeat prescribers. The final area is really how’s the product performing in the real world. And sometimes with studies in psychiatry, you never really know because the studies that are done in phase three are done, you know, on a patient who’s been washed out of therapy, you know, then rapidly titrated. And the feedback that we’re hearing from both physicians and patients have been phenomenal. The efficacy of the product, both positive symptoms, negative symptoms, but also the cognition that, you know, we’d hope to see with the unique mechanism of Kobenvy is really coming through.

Patients are being engaging with their families again, able to eat at the dinner table or looking for work or thinking about going back to school for the first time, and they’re not seeing the the weight gain, the sedation, the EPS that is associated with the, you know, the older d twos. You know? The last piece I would say regard regarding Cybenphi in the real world is, you know, we’re seeing physicians start slower than we did in the clinical trial. So the doses that we’re seeing being used to start around fifty milligrams for a week or two and then titrating up to a hundred milligrams. In the studies that we conducted, patients were already on the high dose, a hundred twenty five milligrams by day eight.

And so what this is doing, and we’re seeing efficacy early on even at the lowest doses, but we’re not seeing those GI toxicities as significantly as we saw in the studies. The nausea and the vomiting, and that’s being managed by, you know, physicians going slower and titrating slower than we did in the clinical trial trial. So again, very excited about where we are today as well as the number of data readouts that we have for Cobenphi. We have a new data readout potentially every year from now to the end of the decade.

Steve, Host, TD Cowen: You mentioned the better than expected access or access is ahead of expectations. But what what has driven that? Is it the inherent profile of the drug and payers realize they have to cover it? Or is it that Bristol Myers Squibb is giving terms that just make it attractive or some common issue?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: No. I I think there are very two key factors for this. Number one, you know, we had sent our field access teams out early on to reinforce the profile with payers, to help them understand the clinical profile of the product, the the the efficacy of the product with unsurpassed efficacy against positive symptoms, the improvement in cognition and the the negative symptoms as well. We know this is a market where patients switch very rapidly every, you know, six months. You have fifty percent of patients already switching.

That’s number one. So payers are recognizing the value that, you know, they’re seeing. I think the the second piece is, you know, the execution around our field access team has been exceptional. Right after the approve the, approval, they were out there again reinforcing the benefits of the product. But, in terms of economics, although we don’t share what the gross to net, you know, you know the gross to net mandated rebates at 23.1% in Medicaid.

And, you know, we provided very modest rebates across the board. And so we feel great about where we are within from an access standpoint and maintaining very disciplined in gross to net expenses.

Steve, Host, TD Cowen: What is the biggest hurdle for KobenFi in the marketplace? Is it step through of generic antipsychotics or is it competition from branded products or is it something else?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: That’s a great question, Steve. I think the answer really frankly is neither, you know, the step through or, you know, the newer atypicals. I would say number one, you know, we, of course, expected to have our access at one step edit, post to generic, d two, which is exactly where we are today. And number two, when you look at some of the newer, quote, unquote, atypicals that are in the marketplace, they’ve been they also have been out for several years, and and their launch trajectories has long been set in schizophrenia. Their focus is much more on, adjunctive treatment in MDD, for example, or, bipolar depression being another.

The number one barrier that, you know, we face with Cobenphi is really this treatment inertia, which is really how do we break this ingrained prescribing behavior that’s been there for now, you know, over three decades and make sure that Cobenphi is that, you know, number one top of mind product that physicians are gonna prescribe once a patient moves off of an atypical. And that’s a key focus for our teams reinforcing the unique efficacy and safety profile of the product, and, you know, we expect to see continued strong and sustained uptake.

Steve, Host, TD Cowen: Questions from the audience? Maybe we could talk about, CAMSIOS. So we have this April PDUFA day to loosen the REMS program. What what should be our expectation for the trajectory of the product once that is crossed and and successfully the label has changed? So what what what will change relative to the product usage?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: Yeah. CAM’s IOS has performed well. And so when we look at the performance over the last, you know, several years, certainly through 2024, you know, we are seeing strong, steady, consistent growth from CAM’s IOS. The feedback on that product has been incredibly positive from patients and from physicians, and patients are gonna be on CAMZYOS for many, many years. And the PDUFA that’s coming up and we talked about, you know, what we see in the European label that was revised in December time frame.

Similarly, in The US with our PDUFA upcoming, you know, we expect to see, an easing of the echo requirements from after you move from week 12 instead of every three months. The now ECHO requirements would be once every six months. What that would allow physicians to do is treat more patients, particularly in these centers of excellence. So that’s one area. Number two is we are also focused on expanding the use of CAMZYOS in the community cardiology offices.

About forty percent of patients, they present to their community cardiologist. So that’s another key area for us to expand the growth of of CAMS IOS in OHCM.

Steve, Host, TD Cowen: So we should definitely see some sort of an inflection, once the REMS is loosened.

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: You know, way that we describe it, when you look at cardiovascular analogs, you know, there’s not really an inflection. I think think back to the the Eliquis launch, Steve, if you recall that or, you know, we have used analogs like Entresto. And so large blockbuster cardiology products, they grow slow, steady, and consistently. That’s what we saw from Eliquis, now one of the largest products in the world. And we expect to see the same cadence of growth for a product like CAMZIO.

So steady uptake, we’ve been adding over 1,300 patients on a quarter on quarter basis. And we even with the improved capacity, we’d expect to see, you know, us to continue to improve that over time. But I wouldn’t say there would be an inflection in the curve for KhemXios. But this is a product that will continue to grow as we add to the large base of patients who who are on the product today and will continue to move on to the product into the future.

Steve, Host, TD Cowen: Got it. Okay. Let’s stick with Cam’s Eye as one more question, and that is, should it succeed in the non obstructive HCM area. How would you think about, the market opportunity? How does it change?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: Yeah. I mean, we look forward to getting that data readout. It’s the Odysee study, and we should see that in the first half of this year. And so if that study is positive, you know, then CAMZYOS would be the, you know, the first and only product to be approved in both non obstructive and obstructive hypertrophic cardiomyopathy. This there’s very little to treat, non obstructive HCM.

It adds about, you know, third to the HCM market, a third patients who are diagnosed with non obstructive versus obstructive HCM, gives physicians additional confidence to prescribe. We very much look forward to seeing that data readout over the coming months. Okay.

Steve, Host, TD Cowen: Questions on Cam’s house before we go on to another topic? So apologies. You’ve been asked this question, I think, several times in the last three or four weeks, and that is, up to devo sub q. We know it’s early, and you’ve said it’s early. But is it no longer that early that you could give us some characterization of the types of patients, which is what tumors are being prescribed for this and so forth?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: Yeah. It is early. I mean, we received approval at the December. Our teams launched in mid January. So we got about, let’s say a month and a half worth of launch experience thus far.

And what we’ve seen so far, has been positive response from physicians. Early feedback and in terms of early usage, number one, largely in the community setting, as you’d expect. Physicians, play back to us. They they really appreciate the three to five minute in office sub q injection. The reason for that, particularly in the community, being so economically driven, is that they’re able to, you know, treat another patient in an infusion chair, maybe with a thirty to sixty minute infusion while treating a patient, you know, for just three minutes in, you know, in an office injection.

We are seeing that the products being used largely so far in patients who are treated, adjuvantly. So in the monotherapy setting, whether it’s adjuvant melanoma or adjuvant bladder, or patients who have been on concomitant OPDIVO Yervoy then move on to the maintenance phase of OPDIVO, for example, in our first line RCC indication or first line metastatic melanoma indication. So the feedback’s been positive. Feedback from patients so far has also been positive, but it is important to note that we would expect to see, you know, that this the trend line really start to move and inflect after we get a permanent J code July 1, which is very common for any Part B, Part B reimbursed oncolytic. And so once that happens, the reimbursement will become faster, more certain, and we’ll start to see that growth coming in the back end of the year.

Steve, Host, TD Cowen: Okay. Would you expect the approval of Keytruda subcu to have any meaningful impact on Optiva subcu?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: I think the approval of Keytruda’s subcu will be pretty much a good, you know, tailwind for the market, quite frankly. I think that when I think about the market, the market which is now an IV market for PD one, PDL ones, will shift than having multiple, comp you know, competitors, multiple agents, and and, you know, Roche’s in the market as well, moving the market from IV to sub q. And so our focus is really driving that conversion to, subQ to Opdivo, Qvantig. And as we have said, we feel confident about our ability to convert roughly 30% to 40% of our Opdivo ID business to Opdivo, Qvantig by LOE, which is in 2028.

Steve, Host, TD Cowen: Merck thinks they’ll get roughly the same conversion in twelve to eighteen months. Either they’re too optimistic or you’re too conservative. Can you talk about why your conversion might take much longer than there?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: We’re going to work to convert patients as quickly as we possibly can. And so we’ve given a range in terms of what we expect that to happen, you know, thirty percent to forty percent. It’s going to take some time. I think the you know, one of the the differences when you look at our label is, you know, we expect patients to convert who, you know, are monotherapy patients, who are patients who are coming off concom and OPDIVO YERVOY or patients who are on, for example, OPDIVO with TKIs or on it with with chemo. But we’re we are studying right now Opdivo plus Yervoy, so Opdivo sub q or Opdivo QvanteQ with your with Yervoy, and that will add to the label that will likely take place in the ’27, early ’20 ’8, opening up the remainder of our business.

So seventy five percent of our business today is eligible for conversion. And so once that study reads out his label enhancing, we we then receive the the broader, 100% eligibility. I think that’s perhaps some of the difference, but we’ll have to see how quickly we’re able to convert. But for for our oncology organization, it’s all hands on deck to ensure that we’re able to maximize the conversion to OPDIVO subcu based on the benefits it provides to both physicians and patients.

Steve, Host, TD Cowen: Sticking with OPDIVO, how are launch preparations for OPDIVO plus Yervoy and first line HCC going?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: Yeah. First line HCC launch readiness is going very well. The team has been launch ready for some time. We should see the approval of that indication in the first half of this year. It’s a good growth opportunity for Yervoy in particular.

We’ve got another launch that’s coming in the first half of the year with Opdivo Yervoy in MSI High CRC. So those are two good opportunities for Opdivo. That said, when you look at where Opdivo is in its life cycle, the Opdivo business is is starting to slow. So we expect to see low single digit growth this year over last year for Opdivo, which again reinforces the importance that we’re placing on the conversion from IV to sub q.

Steve, Host, TD Cowen: Moving to SOTIQUE, does it still have blockbuster potential in your eyes?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: Well, this is a really important year for SOTIQUE. We come into this year now with parity access to Otezla and to the second generation Biologics. Clearly, Steve, it’s taken us longer than we had hoped to gain that access. But you know, what that’s gonna do, it’s gonna allow us to open up the opportunity to to more patients, make it easier for physicians. However, as you know, you know, this is a very competitive category.

It’s also a category that is highly rebated. And as such, in The United States, it’s going to take time for the rebates that were needed and required to get that early access to get that access this year, to wash out. And so we’d expect to see from Q4 to Q1, you know, a decline in, you know, in net sales. And and also when you look throughout the year, it’s going to take time for for net sales to grow as we grow volumes. So for what I’m looking at this year is how’s the team performing in share?

Are we growing demand? Are we increasing paid prescriptions? We have a PSA, positive readout. We will be presenting those data shortly, which will help both in PSO because about twenty percent to thirty percent of patients have comorbid PSO and PSA. We also have data readouts coming next year in SLE, which is a significant opportunity with high unmet need as well as Sjogren’s the following year.

So taken together, we expect to see the product grow. PSL will remain competitive and we will be as competitive as we can be to drive this product.

Steve, Host, TD Cowen: Okay. Questions from the audience? Maybe zooming out a little bit. Has there been any evidence of bleed through of IRA pricing to the commercial setting as you’ve gone through the contracting cycle?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: So thus far, we haven’t seen any of that spillover that we’re talking about. I mean, there are very few times where, you know, we meet with payers. They’re they’re not asking for incremental rebates, whether it’s on the Part D side or on the commercial side. We know that the MFP price goes into effect, January of twenty twenty six. And so and that date, you know, that that price has been in the public domain now for quite some time.

We’re gonna continue to remain disciplined in gross net with Eliquis. You know, this is a great product, as we said, when you look at the importance of of Eliquis to patients, our market share in The United States is now closing on 75%, new to BrandRx. So Eliquis is the dominant product in the marketplace, and we that’s why we expect continued growth, and we’ll have to manage the, you know, the the potential spillover for Eliquis in the commercial setting.

Steve, Host, TD Cowen: And when we look at or we anticipate the Eliquis LOE, what should be our expectation for the erosion curve? Is it going to be a standard small molecule erosion curve, or might it be more, tempered downward slope for whatever reason?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: Yes. So for Eliquis, you know, our LOE is till April of twenty twenty eight. Upon LOE, we expect to see at least eight, generics coming on day one based on settlement that had been, you know, had had been placed now for a few years. So unlike a typical, like, small molecule, for example, where you see one generic in the market for six months and you start to see that influx of generics coming six months later, you’d expect to see a very rapid erosion for, for Eliquis post LOE in in 2028. And and that’s why we’re excited about not just the growth of CAM’s IOS, but also the data readouts that we have coming for Milvexion, two readouts, coming next year in SSP and ACS as well as the following year in atrial fibrillation.

And so there’s significant unmet need in AFib, as you know, Steve, it’s a it’s a head to head study versus Eliquis non inferiority and bleeding. And so that would extend our franchise, and our leadership position from when I you know, been with the company for twenty eight years from, you know, products like Plavix to Eliquis to Camzyos and now to mil vaccine into the next decade.

Steve, Host, TD Cowen: It is a little bit, impressive that the mil vaccine studies are expected to end on time based on what is now known at least, whereas other major cardiovascular trials get pushed out and they seem to be getting pushed out on an accelerating basis rate. But for some reason, the Bristol studies are right on time. To what do you attribute that?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: Well, first, I I have to give full credit to our r and d organization who’ve done an exceptional job in executing against, you know, this these incredibly important studies, all three of them. I think where we are today in in atrial fibrillation, when you look at, you know, with with Bayer out of the marketplace, you know, certainly allowed us to accelerate the number of patients that are coming into our studies, not patients, obviously, who’ve been tried at Ascendexion, but, you know, patients who are out there, with AFib, you know, we are well past the point where Bayer wasn’t there, you know, period where they stopped the study. So we feel optimistic about where we are with that study. And, you know, our team’s also done an exceptional job in really focusing on, on recruitment in ACS and SSP. We know these customers.

You know, we’ve been with these customers for for quite some time in clinical trials. These are global studies, so the teams prioritize this to ensure that we are able to get these studies read out in time. Now they are event based, as you know. So, you know, that’s our best projection, but we do expect to see data readouts next year in the two of the three of the studies.

Steve, Host, TD Cowen: Okay. I guess I should have been able to conclude that on my own, but I didn’t didn’t. So so when Baer left this field, did your recruitment go up a lot? It did. So so okay.

So there’s a lot more events being accumulated more more quickly.

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: It did. We had very rapid recruitment. I should also mention our J and J partners as well. We’ve been working closely together to recruit the studies. But when you have only one product recruiting in this area, at least having the head start to recruit in this area, then I think that allows us to see really rapid uptake in our enrollment.

Steve, Host, TD Cowen: Okay. I know Bristol tends to be conservative and doesn’t want to get over its skis, but that might also argue that this study could end early, which I know the company won’t speak to. But okay. Let’s talk about your radioligand therapy. What targets, tumors, and molecules are are you exploring with radioligand therapy?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: Yeah. This is an important modality. In fact, when we acquired RAISE, you know, we thought this was and continue to believe this is a best in class technology. It’s actinium based, as you know, which offers very significant advantage, more targeted. And so our first data readout is a phase three study in, GEP NETS postlutathera, and we’ll see the data readout next year and potentially for a ’27 launch.

But beyond that, we have said that this is truly an IND engine for the company. We have studies now that we’re commissioning in multiple tumors such as, small cell lung cancer where the SSTR positive rate is high. It’s around fifty percent. We are you know, have data now in metastatic breast cancer, in HCC, and some earlier assets that we’re we’re also studying in RCC. So and I think the the platform for radiopharmaceuticals is still fairly nascent, say, for for one company, and we expect this to be a a real growth opportunity for the company in the 2030s that allows us to diversify our oncology portfolio.

Steve, Host, TD Cowen: Great. So we’re down to mere seconds. One more question, and that is, what product in Bristol’s early development that you don’t really talk about with investors are you most excited about?

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: Look, that’s a great question. But as you know, it’s like picking your feet for a child. So I might give an answer that Sumit or Robert might give differently. But what I’ll say is, you know, for me, it’s, our next TCD 19. We presented the data last year.

As you know, this is a cell therapy with a Brianca like construct. The data that we presented in lupus, you know, was received extremely well. We’re looking at, you know, resetting the immune system, looking at durable remissions here that just don’t exist in, you know, in immunologic diseases. So what we’ve shown in SLE, hopefully, we’ll be able to show in scleroderma, in myositis. We just presented data about a week ago in multiple sclerosis.

So when you think about the opportunities here, and this is these are in later lines of treatment, and we are, you know, resetting the immune system showing complete, B cell depletion and now the potential for durable responses and potential for cures. I think this is a potential for cures, I think this is a really exciting asset for the company and importantly for patients.

Steve, Host, TD Cowen: Lots of exciting stuff going on at Bristol Myers Squibb. So thank you for the rundown.

Adam Lankowski, Executive Vice President and Chief Commercial Officer, Bristol Myers Squibb: Thank you, Steve. Appreciate it. Great seeing you. Thanks for the questions.

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