BRISTOL MYERS SQUIBB CO Q1 FY2026 earnings call

Strategy grounded in three priorities: focusing R&D on life-threatening diseases, driving execution for growth portfolio, maintaining disciplined capital allocation. In Q1, made progress in pipeline: ibertamide filing accepted by FDA with breakthrough therapy designation and priority review; mesignamide had positive phase 3 interim data; ADC Isobren had positive phase III interim topline results. Also had regulatory and clinical milestones in lifecycle expansion. Focus on driving top-tier R&D productivity by upgrading talent, streamlining decision-making, investing in infrastructure, aiming to accelerate lead molecule identification and reduce cycle times.

Total revenue in Q1 was up 1% y-o-y at approx $11.5 billion. Growth portfolio sales were up 9% y-o-y to $6.2 billion. Oncology: Opdivo revenue decreased 8% to approx $2.1 billion; Kvantik revenues $163 million; Optilag delivered strong double-digit growth. Cardiovascular and immunology: Eloquist's revenue was approx $4.1 billion, up 13%; Kamsayas' revenue nearly doubled to $314 million; CITIC2 global revenue grew 20%. Neuroscience: Cabenfi revenue in Q1 was $56 million.

Reaffirming financial guidance for full year 2026. Based on Q1 results and current projections, financial performance tracking towards upper end of established revenue and EPS guidance ranges. Will continue to provide updates as the year progresses.

Actual results may differ materially from forward-looking statements due to various factors in SEC filings. Clinical readout results may not meet expectations. Market competition could impact product revenues. R&D projects may face failures or delays.

Q: Given how consequential the clinical readouts at the end of this year are for the company, confidence in key programs and BD strategy?

A: Christian talked about confidence in various programs' progress and readouts, Chris mentioned BD remains top capital allocation priority, size agnostic and looking for opportunities to add value.

Q: On Pimitimig data cadence and QVANTIC dynamics?

A: Christian discussed Pimitimig's data at ASCO and strategy, Adam talked about QVANTIC's launch performance and conversion from IV to Cuvantig.

Q: On Milvexian trial design and patient selection?

A: Christian explained trial design, patient selection based on phase 2 study and well-sized study for non-inferiority vs apixaban and superiority for bleedings.

Q: On CABENFI Alzheimer's studies and cell mods?

A: Christian talked about CABENFI study design changes and cell mods' confidence based on SUCCESSOR-2 data.

Q: On Milvaxian AFib trial differential for bleeds and coverage?

A: Christian explained trial design for non-inferiority and superiority on bleeds, Adam talked about commercial opportunity and payer views on bleeding as cost driver.

Q: On Chem's IOS dynamics and cell mods' market role?

A: Adam talked about Chemzio's momentum and cell mods' potential in multiple myeloma market.

Q: On Milvexian study design and event rate impact?

A: Christian said study is event-driven and on track for year-end readout.

Q: On CABENFI additional indications and cell therapy strategy?

A: Christian and Adam talked about CABENFI's additional indications and cell therapy's multimodal strategy in autoimmune disease.

Q: On Milforant key risks and commercial opportunity?

A: Christian and Adam talked about Milforant's target, phase 2 to 3 risks and commercial potential.

Q: On Pumitimig regression from PFS to OS?

A: Christian talked about bispecifics' advantage and confidence in Pumitimig translating PFS gain to OS.