Bristol-Myers Squibb Company

Welcome to the Bristol-Myers Squibb first quarter 2026 earnings conference call. All participants will be in a listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Chuck Triano, Senior Vice President and Head of Investor Relations. Please go ahead.

Thank you and good morning, everyone. We appreciate you joining our first quarter 2026 earnings call. With me this morning with prepared remarks are Chris Berner, our board chair and chief executive officer, and David Elkins, our chief financial officer. Also participating in today's call is Adam Lemkowski, our chief commercialization officer, and Christian Massachese, our chief medical officer and head of global drug development. Earlier this morning, we posted our quarterly slide presentation to bms.com that you can use to follow along with Chris and David's remarks. Before we get started, I'll remind everybody that during this call, we will make statements about the company's future plans and prospects that constitute forward-looking statements. Actual results may differ materially from those indicated by those 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, and 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. Reconciliation of certain non-GAAP financial measures to the most comparable GAAP measures are available at bms.com. Finally, unless otherwise stated, all comparisons are made from the same period in 2025 and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. All references to our P&L are on a non-GAAP basis. And with that, I'll hand it over to Chris. Thanks, Chuck.

Welcome and thank you for joining our first quarter earnings call. We delivered a solid Q1 and continue to improve our say-to-do ratio with disciplined execution across the business as we continue to best position the company for long-term sustainable growth. Our strategy remains grounded in three priorities, focusing R&D on life-threatening diseases, driving strong execution across the organization to build momentum in our growth portfolio, and maintaining disciplined, shareholder-friendly capital allocation. We saw progress across all three in the quarter. Let me start by highlighting our performance on slide four. We started off the year with solid results across our key marketed products. In the quarter, growth portfolio sales were up 9% year-over-year with contributions from a broad range of assets including Reblazil, Brianzi, ChemZios, Opdulag, Qvantik, and CoBENV. These are differentiated, durable assets that treat serious diseases and remain early in their life cycles, and they continue to strengthen our foundation for long-term growth. Overall, Our growth portfolio performed in line with our expectations for this quarter. Outside of the growth portfolio, Eloquus performed well and grew in line with the range we provided on our Q4 call. David will provide more details on the financials shortly. Turning to our recent regulatory and clinical milestones, in Q1, we made progress advancing our broad and diversified pipeline. Regarding our cell mods, ibertamide and mesignamide, our ibertamide filing for relapsed or refractory multiple myeloma was accepted by the FDA with breakthrough therapy designation and priority review. with a PDUFA date of August 17th. This is an important step for our protein degradation platform, potentially enabling us to bring the first cell mod to market. For mesigdemide, we reported positive phase 3 interim data from the SUCCESSOR-2 study, demonstrating a meaningful improvement in progression-free survival in patients with relapsed or refractory multiple myeloma. This marks the second positive pivotal readout from our oral cell mod program and further strengthens our conviction in the platform. We will also present the full data at ASCO and are actively planning regulatory submissions based upon the data. For our ADC isobren, we shared positive Phase III interim topline results in patients with previously treated triple negative breast cancer based on a study conducted in China. We will present these exciting data along with the positive Phase III China study results for Isobran in previously treated esophageal squamous cell carcinoma at ASCO. At the same time, we continue to broaden the reach of our in-market portfolio through lifecycle expansion. We received approvals for SOTIC2 in psoriatic arthritis and Obdivo for two new classical Hodgkin lymphoma indications. We also reported positive Phase IV switch data for Cobenfi, positive Phase III data for Chemxios in adolescents with obstructive HCM, and positive Phase II data for Revlozil and alpha-thalassemia. Stepping back, these updates reflect the diversity and breadth of our pipeline, both in terms of therapeutic areas and modalities, as well as continued execution across the business. Moving to slide 5, as we've said, the latter part of 2026 is shaping up to include an increasing cadence of pivotal readouts that are expected to further define and de-risk our long-term growth profile. Among the phase 3 readouts expected late in the year are milvexian and atrial fibrillation and secondary stroke prevention, cobenfi and Alzheimer's psychosis, admilpirant and IPF, and ibertamide PFS data. We anticipate these readouts will help us further diversify and broaden our portfolio and are part of our efforts to deliver more than 10 new medicines and 30 meaningful lifecycle management opportunities by the end of the decade. Turning to slide six, central to delivering on these opportunities and enabling sustained long-term growth are our efforts to drive top-tier R&D productivity. In our development organization, we continue to improve execution across drug development by upgrading talent, streamlining decision-making, and instituting tighter management of core clinical activities. We are also focused on enhancing the quality and depth of our early to mid-stage pipeline. Underpinning these efforts are investments we are making in core R&D infrastructure, including broadening the use of AI tools together with laboratory automation and people trained in the right ways of working. In research and early development, target selection and molecule design can have an outsized impact on long-term value. We've set a target to reach lead molecule identification approximately 50% faster, while applying greater rigor so that only the most differentiated molecules advance. In late development, we're using AI to streamline clinical operations, compress development timelines, and enhance quality oversight. Over time, we expect these efforts to deliver a 30% reduction in cycle times versus just a few years ago. Among others, we have ongoing partnerships with FARO, enabling us to design trials more efficiently, and Ebenova's cost optimizer tool. These ongoing efforts across R&D are top priorities for 2026. The organization's continued focus on financial discipline enables us to make these and other important investments. We remain on track to deliver the remainder of our $2 billion in cost savings from our Strategic Productivity Initiative by the end of 2027. With respect to capital allocation, business development remains an important focus. As always, we will continue to index on opportunities where we add strategic value and where we can deliver attractive returns. As our post-LOE growth profile becomes clearer, we'll naturally place greater emphasis on expanding our early and mid-stage portfolio, to support growth into the 2030s. In summary, based on our performance, we see the business currently tracking towards the upper end of our guidance ranges. Looking forward, we have continued momentum in our growth portfolio, broad potential in our pipeline, and the ability to invest in our business while becoming more focused and efficient in how we operate. With that, I'll turn it over to David.