Bristol-Myers Squibb Company

Good day and welcome to the Bristol Myers Squibb 2021 Third 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, Christina. Good morning, everyone. Thanks for joining us for our Third 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 with me for today's call are Chris Berner, our Chief Commercialization Officer, and Sumit Hirwat, our Chief Medical Officer and Head of Global Drug Development. You'll note that we posted slides to bms.com, and you can use those to follow along with Dave and Giovanni's 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 make different material 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 at BMS.com. With that, I'll hand it over to Giovanni.

Thank you, Tim, and good morning, everyone. I hope that you're all doing well. Now turning to slide four, I'm pleased to report a very good third quarter with solid sales growth driven by strong commercial execution and good progress in our pipelines. I'm proud of the performance of our commercial teams who dropped demand growth for our launch products and delivered solid performance of our inline products, including Red Limit, Obdivo, and Eloquest. In R&D, we are progressing the most promising assets in our pipeline for sustained growth. In the quarter, we advanced our third IO mechanism with the fixed dose of Relatlimab plus NEVO accepted for priority review in the US for the treatment of patients with unresectable or metastatic melanoma. This is an important development for the IO franchise, and we have additional data readouts for NEVO on the horizon. From a financial perspective, we reported sales of $11.6 billion. and non-GAAP EPS of $2, with growth of 10% and 23%, respectively. I'm encouraged by our results and how they position us for the rest of 21 and for the future. As a result, we are reaffirming our revenue guidance and raising the lower end of our non-GAAP EPS guidance range. Our balance sheet is strong, and we continue to pursue a disciplined capital allocation strategy. focused on investing in internal and external innovation opportunities. On the IP front, we are pleased with the decision by the US Court of Appeals for the Federal Circuit upholding the Eliquis IP and providing exclusivity until 2028 under existing settlements. This decision confirms our belief in the value of the science behind Eliquis and the underlying IP protecting its innovation. Overall, I'm extremely pleased with our progress in the quarter. Turning to our execution scorecard on slide five. At the start of the year, I laid out this scorecard with the milestones we thought would be important for us to deliver in order to successfully renew our portfolio. The team has worked hard and I'm proud that they were making progress across the board. A number of accomplishments were included on the prior slide, so I won't go through all the details. But I want to call out a few highlights here. David will provide more details in his remarks. I'll start with Ducrava-Citinib. Ducrava has demonstrated a compelling and differentiated profile in two phase three studies as the oral treatment of choice in psoriasis and is an important asset with significant potential across a number of indications, including psoriatic arthritis, where we have already initiated a phase three program. Although we did not achieve proof of concept in a Phase II study for ulcerative colitis, we are committed to advancing our promising Ducravacidinib clinical program in inflammatory bowel disease, including another study for ulcerative colitis, as well as Crohn's disease in lupus and other immune-mediated diseases. We continue to make great progress in our cell therapy franchise, and we look forward to presenting the transformed data for Brianzi in second-line DLBCL at ASHE. We're excited with the strength of this data, which have the potential to enable our cell therapy franchise to reach a broader set of patients. And we are also looking forward to presenting data from the first phase two study for Melvexian for VTE prevention in patients undergoing total knee replacement at the American Heart Association Conference in a few weeks. Looking at the overall strength of execution so far, I am confident that we are on track to deliver what is required for us to renew our portfolio. Moving to slide six, it has been two years since we formed the new Bristol Myers Squibb. As I reflect on this time, we have already made great progress. We are doing what we set out to do, delivering on the value drivers of the integration, and most importantly, establishing a strong foundation for our company's growth well into the future. Knowing that we face losses of exclusivity in the coming years, I recognize executing well on our multiple launches and continuing to advance our pipeline is particularly important for us. When I reflect on the last two years, I'm pleased on both fronts. We see strong demand for our newly launched products, and we are delivering on the promise of our pipeline, including a broadening data set for our launch products and continuing progress with our next generation of assets, such as Nelvexian and Iberdomide. Our company today is more diversified than ever before with four durable franchises and the financial flexibility to continue to invest in innovation. As we recently announced, we will be hosting an investor event on November 16 in New York City to review our progress over the last two years and further discuss the company's strategy, pipeline, and business opportunities. I look forward to the meeting and I hope you will join us. In closing, We have made significant progress through this period. And I would like to thank our global teams who have maintained the focus on delivering for patients. With that, I'll turn it over to David to walk you through the financials.