Bristol-Myers Squibb Company

Good day and welcome to the Bristol Myers Squibb 2021 first quarter results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr Tim Power, Vice President, Investor Relations. Please go ahead, sir.

Thanks, Keith, and good morning, everyone. Thanks for joining us today for our first quarter 2021 earnings call. Joining me this morning with prepared remarks are Giovanni Coforio, our Board Chair and Chief Executive Officer, and David Elkins, our Chief Financial Officer. Also participating in today's call for Q&A are Chris Berner, our Chief Commercialization Officer, and Sumit Hirawat, our Chief Medical Officer and Head of Global Drug Development. As you'll see, we've posted slides to bms.com that you can use to follow along with for today's remarks. But before we get started, let me read our forward-looking statement. During this call, we'll make statements about the company's future plans and prospects that constitute forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including those discussed in the company's SEC filings. These forward-looking statements represent our estimates as of today and should not be relied upon as representing our estimates as of any future date. We specifically disclaim any obligation to update forward-looking statements even if our estimates change. We'll also focus our comments on our non-GAAP financial measures, which are adjusted to exclude certain specified items. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures are available on BMS.com. Giovanni.

Thank you, Tim, and good morning, everyone. Let me start by saying that I'm proud of our continued strong execution during a global pandemic and the significant progress we are making against our strategy. I want to recognize and thank our global employees for their hard work and resilience through this challenging time. Now turning to slide four. At the start of the year, I laid out our strategy to grow our business and renew our portfolio through the end of the decade. During the first quarter, we delivered strong results consistent with this strategy. We successfully grew our revenues, launched new medicines and new indications for IO, and continued to advance our pipeline. Starting with our financial performance, Our revenue grew 3% despite the impact of COVID-19 related buying patterns in Q1 of last year. Our quarter was strong for sales and EPS in the context of COVID related dynamics for some of our products. Based on continued strength in our business, we are affirming our full year non-GAAP guidance for 2021. The accelerated renewal of our portfolio advanced across all four key therapeutic areas. Through regulatory approvals and clinical readouts, we're building a more diversified, younger portfolio that will fuel our growth through the decade and beyond. Although there remains uncertainty with how the COVID recovery will evolve, we are actively planning to return colleagues to the workplace. and are prioritizing plans to fully bring our sales reps back in the field where conditions allow to further support our inline products and launches. Let's turn to our execution scorecard on slide five. I am pleased that we've already made solid progress across the board during Q1. Specifically, in oncology, Obdivo is the first and only IO agent with a first-line approval in gastric cancer. Combined with our opportunities in metastatic and adjuvant esophageal cancer, Obdivo can become the leading IO medicine for patients with early and advanced GI cancers. We have strengthened the growth and long-term sustainability of our IO franchise with a positive Phase III clinical trial for Relaclimab. We're now the only company with three proven IO mechanisms. Building on our leadership position in melanoma with the Opdivo plus Yervoy regimen, we've now demonstrated a clinically meaningful PFS benefit on top of PD-1 monotherapy for a second IO agent, which is a great accomplishment knowing the high efficacy of PD-1 monotherapy in first-line melanoma. This is great news for patients with advanced melanoma, and we look forward to presenting the data at ASCO in June. Beyond IO, six of our eight near-term launches are now successfully underway. In hematology, we made great progress in our cell therapy franchise with U.S. approvals of Brianzi and Abecma. Our other new product launches are also progressing well. A lot is happening in immunology. we presented Phase III data for Ducrava, which we expect to file later this year. We see this as an important medicine for patients and the company with significant revenue potential. As you know, Ducrava is a first-in-class selective TIK2 inhibitor with the potential to become the new oral standard of care in moderate to severe psoriasis. It also has broader potential to treat diseases such as psoriatic arthritis, IBD, and lupus. In our mid-stage pipeline, we initiated the Phase III study for Sendakumab in eosinophilic esophagitis. And in CV, we filed Mavacamten with the FDA and have a PDUFA date of early next year. Given the potential for our early stage pipeline with multiple assets across therapeutic areas and modalities, including protein homeostasis, cell therapy, and next generation biologics, we are planning a more in-depth session with you sometime in the fall to update you on the progress within our pipeline and how that further supports the long-term potential of the company. Now, turning to slide six. Our team's execution as a new company so far has been remarkable and reinforces my confidence in our ability to capitalize on the potential for future growth. We remain focused on growing our business between 2020 and 2025. More importantly, we expect that in 2025, our LOE products will constitute less than 10% of our business. with roughly one third of our continuing business coming from our launch portfolio. We believe our new launch portfolio has significant potential with 20 to 25 billion of non-risk adjusted sales potential in 2029. And this does not include the potential medicines that could come from our mid or early stage pipeline. To close, I'm confident we have established a strong foundation for our future growth. The strength of our execution, promising launch opportunities ahead, the breadth of our pipeline, and strength of our balance sheet positions us very well. I will now turn it over to David to walk you through the financials. David?