Bristol-Myers Squibb Company

Excuse me, ladies and gentlemen. This is the operator. Today's conference call is scheduled to begin momentarily. Until that time, your lines will again be placed on music hold. Thank you for your patience. Good day and welcome to the Bristol-Myers Squibb 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, Dennis, and good morning, everyone. Thanks for joining us this morning for our Third Quarter 2022 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 are Chris Berner, our Chief Commercialization Officer, and Sumit Heroat, our Chief Medical Officer and Head of Global Drug Development. As you'll note, we've posted slides to bms.com that you can follow along with for Giovanni and David's remarks. But before we get going, I'll 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 certain non-GAAP financial measures to the most comparable GAAP measures are available on bms.com. With that, I'll hand it over to Giovanni.

Thank you, Tim, and good morning, everyone. Starting on slide four, I'm pleased to share that we delivered another good quarter, and we continue to advance our strategy to position Bristol-Myers Squibb for sustainable growth. In the third quarter, our in-line and new product portfolio grew by 13%, adjusting for foreign exchange, and we delivered non-gap EPS growth of 3%. while also making substantial progress advancing our promising pipeline. Highlights for the quarter included the approval of SOTIC2, our first-in-class TIK2 inhibitor for psoriasis, and closing of our turning point acquisition, which brings another product to our portfolio with Repotrectinib expected to launch in the second half of next year. Overall, I am very pleased that we have significantly advanced the renewal of our portfolio. We have now launched nine new medicines with three first-in-class products approved this year alone. Let me take a minute to discuss our new products on slide five. Our strategy is to accelerate a diversified portfolio of innovative medicines to market, to renew our business and grow the company during the period of revenue exclusivity loss and beyond. Supporting this strategy, we delivered three key new products this year, Obdualag, Camsios, and Soticto. Each is a first-in-class asset, and these products have the potential to contribute meaningfully to our growth. Obdualag marks the second approved IO combination that we delivered. Its strong launch continued during the quarter, furthering our leadership in delivering innovative cancer treatments to patients well into the next decade. We are also encouraged with the progress we have made towards building our foundation for CAMSIOs as a specialty cardiovascular medicine. We are seeing increasing numbers of patients initiating therapy, and their feedback has been very positive. David will provide more details on the launch in a moment. SOTIC2 has been approved with a label that reflects its profile. and as an oral of choice medicine for moderate to severe plaque psoriasis. We are very encouraged by the early days of this launch and see significant benefit to these patients with this important new option. Combined with our other launch products, these approvals represent a significant milestone in the renewal of our portfolio, allowing multiple avenues for growth in the second half of the decade and beyond. Turning to our scorecard on slide 6, during the quarter, we made great progress on our pipeline milestones. ABECMA is now the first BCMA CAR-T to have demonstrated superiority to standard regimens in relapsed and refractory multiple myeloma based on the positive top-line results of CARMA-3. We also presented exciting data for Milvexian, which has exhibited an approximate 30% relative risk reduction in recurrent symptomatic ischemic strokes on top of dual antiplatelet therapy. It has also shown a safety profile that is differentiated to existing anticoagulants. We believe this asset has great potential as a next-generation antithrombotic treatment, and we look forward to initiating Phase III trials soon. Summit can provide you with the scientific details during our Q&A. Turning to slide 7, you can see several important pipeline catalysts ahead. These include key approvals as well as important registrational data readouts, including the commands study for Rebozo. As you will recall, we've said that our early pipeline would generate multiple proof-of-concept datasets over time. Importantly, we are expecting proof-of-concept data for some exciting assets from our early pipeline in the near term. This data could support transitions of early-stage assets over to full development, thereby strengthening our mid- to late-stage pipeline. Some examples include our BCMA T-cell engager for multiple myeloma. We believe this could be a differentiated asset, and we expect to present data at ASH in December. Our second generation LPA1 agent for pulmonary fibrosis. The unmet need in this disease is very high, and should Phase II data be supported, this asset could move into Phase III trials next year. Our androgen receptor degrader is generating some early promising data. and we hope to transition the asset to full development next year. This highlights the breadth of our protein homeostasis platform beyond cell modes, including in solid tumors. These examples demonstrate the power of our R&D engine, with a new wave of innovative and differentiated medicines emerging, which have the potential to treat patients with high unmet medical needs. We look forward to updating you on our portfolio of mid-stage assets going forward. With this in mind, let me move to slide eight to give you a perspective on how we are thinking about our business moving forward. With continuous strong performance of our in-line business and our nine launches now in full commercial execution, our priorities have not changed. Delivering the full commercial value of the nine launch products expanding the opportunity for these assets through new indications, and advancing our mid-stage pipeline. Additionally, we will continue to leverage our financial strength and flexibility to prioritize business development opportunities. As we deliver on renewing our portfolio and transforming our company with a younger and more diversified business, I am confident in the future of Bristol Myers Squibb. We now have critical mass across all four of our therapeutic areas. Each has foundational inline brands, exciting new products, and a broadening mid to late stage pipeline. This is important because we believe that this more diversified business of younger products supported by constant innovation and focus in therapeutic areas where we have real expertise best position us to navigate the changing US environment. Before I turn it over to David, I want to thank our employees for their relentless focus on delivering for the patients we serve. I am confident we will continue to deliver for patients and our shareholders. I will now turn it over to David to walk you through the financials. David.