Q3 2024 Bristol-Myers Squibb Co Earnings Call Transcript
Key Points
- Bristol-Myers Squibb Co (BMY) reported a 20% increase in growth portfolio revenues in Q3, now accounting for approximately half of total revenues.
- The company achieved several clinical and regulatory milestones, including the FDA approval of COBENFY for schizophrenia and an OPDIVO-based treatment for non-small cell lung cancer.
- Bristol-Myers Squibb Co (BMY) is on track to deliver $1.5 billion in savings by the end of 2025, which will be reinvested into high ROI opportunities.
- The company is making progress in its late-stage pipeline, with promising developments in milvexian for atrial fibrillation and other indications.
- Bristol-Myers Squibb Co (BMY) raised its full-year revenue target and EPS guidance due to strong performance year-to-date.
- The third quarter sales were impacted by the reversal of an approximate $150 million inventory build from the second quarter, affecting several brands.
- Bristol-Myers Squibb Co (BMY) faces competition from generics for products like Sprycel, Abraxane, and POMALYST, which could impact future sales.
- The company anticipates a step-up in gross to net discounts for SOTYKTU due to increased rebating, which may affect short-term sales.
- There are concerns about the lower-than-expected event rate in the milvexian trial, which could impact the study's outcome.
- The launch of COBENFY is expected to take about a year to achieve 80% to 85% access, with sales ramping up in the second half of 2025.
Good day, and welcome to the Bristol-Myers Squibb third-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Mr. Chuck Triano, Senior Vice President of Investor Relations. Please go ahead, sir.
Thank you, and good morning, everyone. I'm happy to be here at Bristol-Myers Squibb, and we appreciate you joining our third-quarter 2024 earnings call.
Joining me this morning with prepared remarks are Chris Boerner, our Board Chair and Chief Executive Officer; and David Elkins, our Chief Financial Officer. Also participating in today's call are Adam Lenkowsky, our Chief Commercialization Officer; and Samit Hirawat, our Chief Medical Officer and Head of Global Drug Development.
Earlier this morning, we posted our quarterly slide presentation to bms.com that you can use to follow along with Chris and David's remarks. Before we get started, I'll remind everybody
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
