Bristol-Myers Squibb Company

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

Thanks, Catherine, and good morning, everybody. Thanks for joining us this morning for our second 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 the call today are Chris Burner, our Chief Commercialisation Officer, and Sumit Heroat, our Chief Medical Officer and Head of Global Drug Development. As you'll be aware, we've posted slides to bms.com that you can use to follow along for David and Jeeva and his remarks. But before we get started, I'll read our forward-looking statements. During today's 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 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 were adjusted to exclude certain specified items. Reconciliations of those non-GAAP financial measures to the most comparable GAAP measures are available at bms.com. And with that, I'll hand it over to Giovanni.

Thank you, Tim, and good morning, everyone. I hope you're all staying safe and healthy. Now, turning to slide four, let me start by saying I am very proud of our second quarter results and express my gratitude to our teams across the globe for their dedication and steadfast commitment to our patients. Through their work, we are continuing to make great progress to diversify and renew our portfolio and position Bristol Myers Squibb for an even stronger future. During the second quarter, we delivered excellent results across the board, including strong sales growth due to solid commercial performance, positive clinical results in our mid- and late-stage pipeline, continued BD execution, and strengthened our financial position. The strength of our commercial execution this quarter was underscored by the performance of our key medicines, including the return of Obdivo to growth and the uptake of our new launch portfolio. Over the last 18 months, we launched five new medicines with significant potential, and we are very encouraged by their performance to date. Clinically, we continue to deliver on the potential of our pipeline with significant mid and late stage clinical readouts and important regulatory actions across our therapeutic areas. The recent additions to our portfolio added diversification to our business and an opportunity to generate sustained growth over time. From a financial perspective, we saw double digit growth for both the top and bottom line. and we are reaffirming our full-year revenue and non-GAAP EPS guidance. We continue to maintain a strong balance sheet and generate significant cash flow, allowing us to advance our disciplined capital allocation strategy. We remain focused on external business development opportunities to further strengthen our pipeline over the long term. This quarter, we executed two licensing deals, an antitiget bispecific antibody program with Agenis, and Morab202, a folate receptor alpha-ADC with ASI, both strategically aligned with our oncology franchise. Overall, I am extremely pleased with our progress in the quarter. Turning now to our execution scorecard on slide five, we have made tremendous progress here to date across our therapeutic areas. In oncology, we are strengthening our IO franchise and have returned Opdivo to growth through multiple clinical successes and excellent commercial execution. Earlier this year, we launched Opdivo in three additional indications, including first-line gastric cancer, where we are the first and only IO agent. We anticipate additional launch opportunities and growth drivers for Opdivo to further accelerate the growth of the brand. We also see opportunities to expand our IO portfolio through the fixed-dose combination of our Lactree inhibitor Relatlimab with Optivo. At ASCO last month, we announced impressive results for Relatlimab, potentially the third IO therapy for BMS, building on our leadership in the field and expanding the durability of our franchise. We have a broader development program underway in I.O. to benefit more patients over time. Moving to hematology, we received approval in the U.S. for two cell therapies, Brianzi and Abecma, and demand for these products has been strong. Physicians recognize the value of these treatments and there is significant patient need. Building on existing indications for Brianzi, we announced the first-ever positive Phase III top-line data in second-line transplant-eligible large B-cell lymphoma last month. This is an important result. For the first time, we have shown that our cell therapy treatment is superior to a well-established standard of care. The positive results demonstrate that we can benefit patients early in their treatment journey. We look forward to sharing more details on these results later this year. We also have Iberdomide Phase II data in-house, which we are very pleased with and look forward to discussing with health authorities. The data are potentially the first step towards the establishment of a new backbone of treatment in multiple myeloma, offering a better option to benefit patients. We have made tremendous progress expanding our immunology franchise. Ducravacitinib, a first-in-class selective TIK2 inhibitor, has the potential to be the oral agent of choice. We expect to launch this potential new medicine in psoriasis in the second half of 2022. We have initiated our Phase III program in psoriatic arthritis, And we also look forward to Phase II data in ulcerative colitis later this year and in Crohn's disease and lupus in 2022 to further expand the potential of this molecule. We initiated our Phase III program for Sendakumad in eosinophilic esophagitis. And last month in the U.S., we launched Ziposia in ulcerative colitis. Finally, turning to CB, We are encouraged by the top line results we received this quarter for Milvexian, our factor XIa inhibitor. We look forward to presenting the data at a medical meeting later in the year. Additionally, we are preparing to launch Mavacamptan for symptomatic obstructive HCM in the US early next year. We are encouraged by the potential of these assets to strengthen the durability of our CV franchise. In closing, on slide six, Our steadfast progress gives me great confidence that we are well positioned for growth. We are rapidly advancing a new launch portfolio of first-in-class or best-in-class medicines across therapeutic areas. We remain focused on driving in-light product performance, executing on our launches, advancing early-, mid-, and late-stage pipeline opportunities, and continuing to take a disciplined approach to capital allocation. Our strong clinical performance further de-risks our launch portfolio, and as a result, our confidence in our ability to deliver the 20 to 25 billion in non-risk-adjusted revenue in 2029 continues to increase. Our continued strong financial performance and balance sheet enable us to diversify and strengthen our long-term prospects. As our sales force returns to the field and we welcome our remote teams back to the office, I'm excited by the opportunity to reconnect with our colleagues, stakeholders, and patients. I believe we have the strongest pipeline and launch portfolio in BMS's history, and I'm very excited about our future. With that, I'll turn it over to David to walk you through the financials.