Q2 2024 Bristol-Myers Squibb Co Earnings Call Transcript
Key Points
- Growth portfolio revenues increased 18% year over year, or 21% excluding the impact of foreign exchange.
- US regulatory approvals for Breyanzi, Krazati, and Augtyro, demonstrating the strength of the pipeline.
- Achieved European approval in first-line bladder cancer and presented data in first-line liver cancer.
- Operational excellence initiatives are on track to achieve $1.5 billion in cost savings.
- Raised full-year EPS guidance due to strong Q2 performance and confidence in the remainder of the year.
- Sotyktu's performance in the immunology business has been slower than expected due to competitive environment and access issues.
- Inventory and gross-to-net favorability across several growth brands may impact sales in the second half of the year.
- Continued challenges in the immunology market, particularly with Sotyktu, despite improved commercial access.
- Potential price erosion in the immunology portfolio due to competitive pressures and broader access.
- Concerns about the long-term implications of the Inflation Reduction Act (IRA) on innovation and pricing.
Good day and welcome to the Bristol Myers Squibb second quarter 2024 earnings conference call. (operator instructions) Please note, today's event is being recorded. I would now like to turn the conference over to Tim Power, Vice President, Head of Investor Relations. Please go ahead.
Thank you, and good morning, everyone. Thanks for joining us this morning for our second quarter 2024 earnings call. Joining me this morning with prepared remarks are Chris Boerner are Board Chair and Chief Executive Officer; and David Elkins our Chief Financial Officer. Also participating in today's call, Adam Lenkowsky, our Chief Commercialization Officer, and Samit Hirawat, our Chief Medical Officer and Head of Global developments.
As you'll note, we've posted slides to bms.com that you can use to follow along with Chris and David's remarks.
Before we get started, I'll read our forward looking statements. During this call, we may make statements about the company's future plans and prospects constitute
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