ASCO 2021 Investor Presentation June 8, 2021
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Forward Looking Statement This presentation contains statements about the Company’s future plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated as a result of various important factors, including those discussed in the company’s most recent annual report on Form 10-K and reports on Form 10-Q and Form 8-K. These documents are available from the SEC, the Bristol-Myers Squibb website or from Bristol-Myers Squibb Investor Relations. In addition, any forward-looking statements represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change. Not for Product Promotional Use 2
ASCO 2021 Samit Hirawat Executive VP Chief Medical Officer Global Drug Development Not for Product Promotional Use 3
BMS continues to advance its leadership in Oncology • Only company with three I-O agents: Opdivo, Yervoy & Relatlimab* • Broad program across approaches, tumors, and stages of disease What we’ve learned at ASCO 2021: —Neo-adjuvant NSCLC (CM-816): following positive pCR results, favorable surgical outcomes post treatment GI cancer: favorable data with CM-648 complements upper GI program Dual I-O (Opdivo + Yervoy): continued long-term survival Relatlimab: clinically meaningful data in melanoma, for novel fixed- dose combination with Opdivo *Opdivo & Yervoy are approved therapies; Relatlimab is a potential new medicine with positive Phase 3 results Not for Product Promotional Use 4
Expanding Opdivo use in early-stage disease: CM-816 in lung April 2021: Primary endpoint of pCRa met for ASCO 2021: Greater percentage of patients treated with neoadjuvant Nivo + chemo, vs chemo neoadjuvant NIVO + chemo had definitive surgery Primary endpoint: ITT (ypT0N0)b 40 OR = 13.94 (99% CI, 3.49–55.75)c P < 0.0001 30 Differencec 21.6% pCR rate (%) 24.0%d 20 10 2.2%d 0 • Majority of pts had surgery within the protocol-specified time window NIVO + chemo Chemo • Completeness of resection was higher n/N 43/179 4/179 • Fewer patients underwent pneumonectomy a Per BIPR; pCR: 0% residual viable tumor cells in both primary tumor (lung) and sampled lymph nodes; b ITT principle: patients who did not undergo surgery counted as non-responders for primary analysis; • Treatment was tolerable, addition of 5NIVO to chemo did not increase c Calculated by stratified Cochran–Mantel–Haenszel method; d pCR rates 95% CI: NIVO + chemo, 18.0–31.0; chemo, 0.6–5.6 post-surgical complications aPatientswith all baseline stages of disease and definitive surgery; bDenominator based on patients with definitive surgery; cThoracoscopic/robotic; Not for Product Promotional Use 5 dMinimally invasive to thoracotomy
CheckMate -648: Global, randomized, open-label phase 3 studya Key eligibility criteria n = 321 NIVO 240 mg Q2W + Primary endpoints: • Unresectable advanced, recurrent chemo (fluorouracil + cisplatin)d Q4We or metastatic ESCC • OS and PFSf • ECOG PS 0-1 (tumor cell PD-L1 ≥ 1%) R n = 325 NIVO 3 mg/kg Q2W + • No prior systemic treatment for Secondary endpoints: advanced disease 1:1:1 IPI 1 mg/kg Q6We • Measurable disease • OS and PFSf (all randomized) n = 324 Chemo (fluorouracil + cisplatin)d Q4We • ORRf (tumor cell PD-L1 ≥ 1% Stratification factors and all randomized) • Tumor cell PD-L1 expression N = 970 (≥ 1% vs < 1%b) • Region (East Asiac vs rest of Asia vs ROW) • ECOG PS (0 vs 1) • Number of organs with metastases (≤ 1 vs ≥ 2) At data cutoff (January 18, 2021), the minimum follow-up was 12.9 monthsg aClinicalTrials.gov. NCT03143153; b< 1% includes indeterminate tumor cell PD-L1 expression; determined by PD-L1 IHC 28-8 pharmDx assay (Dako); cEast Asia includes patients from Japan, Korea, and Taiwan; dFluorouracil 800 mg/m2 IV daily (days 1-5) and cisplatin 80 mg/m2 IV (day 1); eUntil documented disease progression (unless consented to treatment beyond progression for NIVO + IPI or NIVO + chemo), discontinuation due to toxicity, withdrawal of consent, or study end. NIVO is given alone or in combination with IPI for a maximum of 2 years; fPer blinded independent central review (BICR); Not for Product Promotional Use 6 gTime from last patient randomized to clinical data cutoff.
CheckMate -648 OS: NIVO + chemo vs. chemo Primary endpoint (tumor cell PD-L1 ≥ 1%)a All randomizeda 100 NIVO + chemo Chemo 100 NIVO + chemo Chemo (n = 158) (n = 157) (n = 321) (n = 324) 90 12-mo 90 Median OS, mo 15.4 9.1 Median OS, mo 13.2 10.7 80 rate (95% CI) (11.9–19.5) (7.7–10.0) 80 (95% CI) (11.1–15.7) (9.4–11.9) HR (99.5% CI) 0.54 (0.37–0.80) 12-mo HR (99.1% CI) 0.74 (0.58–0.96) Overall survival (%) 70 70 P value < 0.0001 rate P value 0.0021 60 58% 60 53.5% 50 50 40 37% 40 44% 30 30 NIVO + chemo NIVO + chemo 20 20 10 10 Chemo Chemo 0 0 0 3 6 9 12 15 18 21 24 27 30 33 36 39 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 No. at risk Months Months NIVO + chemo 158 143 129 105 88 70 53 36 22 16 4 2 0 0 321 293 253 203 163 133 92 60 40 26 12 4 1 1 0 Chemo 157 135 105 72 52 36 21 12 8 4 2 1 1 0 324 281 229 171 131 93 56 41 23 9 5 2 1 0 0 • Superior OS was observed for NIVO + chemo versus chemo in both patients with tumor cell PD-L1 ≥ 1% and all randomized patients ― Patients with tumor cell PD-L1 ≥ 1%: 46% reduction in the risk of death and a 6.3-month improvement in median OS ― All randomized patients: 26% reduction in the risk of death and a 2.5-month improvement in median OS aMinimum follow-up 12.9 months. Not for Product Promotional Use 7
CheckMate -648 OS: NIVO + IPI vs. chemo All randomizeda Primary endpoint (tumor cell PD-L1 ≥ 1%)a 100 NIVO + IPI Chemo 100 NIVO + IPI Chemo (n = 158) (n = 157) (n = 325) (n = 324) 90 90 Median OS, mo 13.7 9.2 Median OS, mo 12.8 10.7 80 (95% CI) (11.2–17.0) (7.7–10.0) 80 (95% CI) (11.3–15.5) (9.4–11.9) 12-mo 12-mo Overall survival (%) 70 HR (98.6% CI) 0.64 (0.46–0.90) 70 HR (98.2% CI) 0.78 (0.62–0.98) rate rate P value 0.0010 P value 0.0110 60 57% 60 53.5% 50 50 40 37% 40 30 30 44% NIVO + IPI NIVO + IPI 20 20 10 10 Chemo Chemo 0 0 0 3 6 9 12 15 18 21 24 27 30 33 36 39 0 3 6 9 12 15 18 21 24 27 30 33 36 39 No. at risk Months Months NIVO + IPI 158 136 116 98 89 63 50 40 31 20 11 9 4 0 325 274 232 191 166 129 97 77 55 33 22 12 6 0 Chemo 157 135 105 72 52 36 21 12 8 4 2 1 1 0 324 281 229 171 131 93 56 41 23 9 5 2 1 0 • Superior OS was observed for NIVO + IPI versus chemo in both patients with tumor cell PD-L1 ≥ 1% and all randomized patients ― Patients with tumor cell PD-L1 ≥ 1%: 36% reduction in the risk of death and a 4.6-month improvement in median OS ― All randomized patients: 22% reduction in the risk of death and a 2.1-month improvement in median OS aMinimum follow-up 12.9 months. Not for Product Promotional Use 8
Manageable safety profile for both active arms All treateda NIVO + chemo NIVO + IPI Chemo (n = 310) (n = 322) (n = 304) Patients, n (%) Any grade Grade 3-4 Any grade Grade 3-4 Any grade Grade 3-4 Any TRAEsb 297 (96) 147 (47) 256 (80) 102 (32) 275 (90) 108 (36) Serious TRAEsb 74 (24) 57 (18) 103 (32) 73 (23) 49 (16) 38 (13) TRAEs leading to discontinuationb 106 (34) 29 (9) 57 (18) 41 (13) 59 (19) 14 (5) Treatment-related deathsc 5 (2)d 5 (2)e 4 (1)f • The most common any-grade TRAEs (≥ 15%) were nausea and decreased appetite in the NIVO + chemo and chemo arms and rash in the NIVO+ IPI arm • The incidence of TRAEs in patients with tumor cell PD-L1 ≥ 1% was consistent with all treated patients across all arms aPatients who received ≥ 1 dose of study drug; bAssessed in all treated patients during treatment and for up to 30 days after the last dose of study treatment; cTreatment-related deaths were reported regardless of timeframe; dIncluded 1 event each of pneumonia, pneumatosis intestinalis, acute kidney injury, pneumonitis, and pneumonitis/ respiratory tract infection; eIncluded 2 events of pneumonitis and 1 event each of interstitial lung disease, acute respiratory distress syndrome, and pulmonary embolism; fIncluded 1 event each of septic shock, sepsis, acute kidney injury, and pneumonia. Not for Product Promotional Use 9
Dual I-O continues to demonstrate durable long-term survival for 6+ years in metastatic melanoma Melanoma: CM -067 (6.5 yr update) 100 NIVO + IPI (n = 314) NIVO (n = 316) IPI (n = 315) • Nearly half of patients 90 Median (95% CI), mo 72.1 (38.2–NR) 36.9 (28.2–58.7) 19.9 (16.8–24.6) alive after 6+ years HR (95% CI) vs IPI 0.52 (0.43–0.64) 0.63 (0.52–0.76) – 80 70 HR (95% CI) vs NIVOa 0.84 (0.67–1.04) – – • Represents longest follow- 60 up for a dual I-O trial at 52% 49% 50% 6.5 years OS (%) 50 40 44% 43% 42% • Durability of dual I-O is 30 demonstrated by 20 NIVO + IPI 26% 23% 23% consistent shape of the OS curve NIVO 10 IPI 0 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 63 66 69 72 75 78 81 84 87 Months Not for Product Promotional Use 10
Differentiated profile for dual I-O in 1L lung cancer CM -227 (4 yr update) CM –9LA (2 yr update) PD-L1>1% OS in all randomized patients 40% 36% 33% • Longest follow-up for a dual I-O trial in NSCLC • Earlier data addressed early part of curve • OS curve is flat with a distinct tail • Data continues to mature & show durability • Proven durability demonstrated • At 2 years: OS for CM-9LA was durable vs chemo, with 38% alive vs 26%; CM-227 OS was 40% Not for Product Promotional Use Not for Product Promotional Use 11
Next novel I-O Combination: Relatlimab + Nivo • LAG-3 and PD-1 are distinct NIVO PD-L1/2 APC immune checkpoints, often co- expressed on tumor-infiltrating PD-1 LAG-3 PD-1 MHC I lymphocytes, and contribute to TCR MHC II tumor-mediated T-cell Exhausted + RELA Activated exhaustion1,2 T cell + NIVO T cell LAG-3 RELA • In preclinical models, LAG-3 and PD-1 blockade Tumor cell demonstrated synergistic NIVO death antitumor activity1 Tumor cell APC, antigen-presenting cell; MHC, major histocompatibility complex; TCR, T-cell receptor. 1. Woo S-R, et al. Cancer Res 2012;72:917–927; 2. Anderson AC, et al. Immunity 2016;44:989–1004; Not for Product Promotional Use 12
RELATIVITY-047: Global, randomized, double-blind, Phase 2/3 studya Key eligibility criteria N = 714 • Previously untreated unresectable or RELA 160 mg + NIVO 480 mg Primary endpoint metastatic melanomaa fixed-dose combination (FDC) IV Q4W • PFS by BICRd • ECOG PS 0–1 R 1:1 Stratification factors Secondary endpoints • LAG-3b • OS NIVO 480 mg IV Q4W • PD-L1c • ORR by BICRd • BRAF • AJCC v8 M stage AJCC, American Joint Committee on Cancer; BICR, blinded independent central review; CTLA-4, cytotoxic T lymphocyte antigen-4; ECOG PS, Eastern Cooperative Oncology Group performance status; IHC, immunohistochemistry; IV, intravenous; ORR, overall response rate; Q4W, every 4 weeks; R, randomization. ClinicalTrials.gov: NCT03470922; Lipson E, et al. Poster presentation at ESMO Congress; October 19–23, 2018; Munich, Germany. Abstract 1302TiP. aPrior adjuvant/neoadjuvant treatment permitted (anti-PD-1 or anti-CTLA-4 permitted if at least 6 months between the last dose and recurrence; interferon therapy permitted if the last dose was at least 6 weeks before randomization); bLAG-3 expression on immune cells was determined using an analytically validated IHC assay (LabCorp); cPD-L1 expression on tumor cells was determined using the validated Agilent/Dako PD-L1 IHC 28-8 pharmDx test; dFirst tumor assessment (RECIST v1.1) performed 12 weeks after randomization, every 8 weeks up to 52 weeks, and then every 12 weeks. Database lock date: March 9, 2021. Not for Product Promotional Use 13
Rela + Nivo FDC demonstrated significantly longer PFS RELA + NIVO FDC demonstrated significantly longer PFS by BICR vs NIVO RELA + NIVO NIVO (n = 355) (n = 359) 100 Median PFS, months 10.12 4.63 (95% CI) (6.37–15.74) (3.38–5.62) 80 HR (95% CI) 0.75 (0.62–0.92) P value 0.0055 60 PFS (%) 47.7% (95% CI: 41.8–53.2) 40 RELA + NIVO 36.0% (95% CI: 30.5–41.6) NIVO 20 0 0 3 6 9 12 15 18 21 24 27 30 No. at risk Months RELA + NIVO 355 201 163 132 99 81 75 67 30 6 NIVO 359 174 124 94 72 61 57 49 27 6 CI, confidence interval; HR, hazard ratio. All randomized patients. Statistical model for HR and P value: stratified Cox proportional hazard model and stratified log-rank test. Stratified by LAG-3 (≥ 1% vs < 1%), BRAF Not for Product Promotional Use 14 (mutation positive vs mutation wild-type), AJCC M stage (M0/M1any[0] vs M1any[1]). PD-L1 was removed from stratification because it led to subgroups with < 10 patients.
PFS demonstrated across subgroups & stratification factors RELA + NIVO NIVO Subgroup Events/no. of patients Unstratified HR for progression or death (95% CI) Overall 180 (355) 211 (359) 0.76 (0.62–0.92) Age categorization, years ≥ 18 and < 65 99 (187) 117 (196) 0.83 (0.64–1.09) ≥ 65 and < 75 50 (102) 60 (103) 0.69 (0.47–1.00) ≥ 65 81 (168) 94 (163) 0.69 (0.51–0.93) ≥ 75 31 (66) 34 (60) 0.69 (0.42–1.13) Sex Male 98 (210) 123 (206) 0.68 (0.52–0.89) Female 82 (145) 88 (153) 0.88 (0.65–1.19) LDH ≤ ULN 100 (224) 127 (231) 0.70 (0.54–0.91) > ULN 79 (130) 84 (128) 0.80 (0.59–1.09) ≤ 2 × ULN 158 (322) 186 (328) 0.75 (0.60–0.92) > 2 × ULN 21 (32) 25 (31) 0.75 (0.42–1.35) ECOG PS 0 108 (236) 136 (242) 0.74 (0.57–0.95) 1 72 (119) 75 (117) 0.78 (0.56–1.07) Tumor burden per BICR < Q1 26 (74) 37 (83) 0.62 (0.37-1.03) Q1 to
Favorable profile with no unexpected safety signals RELA + NIVO (n = 355) NIVO (n = 359) AE, n (%) Any grade Grade 3–4 Any grade Grade 3–4 Any AE 345 (97.2) 143 (40.3) 339 (94.4) 120 (33.4) TRAE 288 (81.1) 67 (18.9) 251 (69.9) 35 (9.7) Leading to discontinuation 52 (14.6) 30 (8.5) 24 (6.7) 11 (3.1) TRAE ≥ 10% Pruritus 83 (23.4) 0 57 (15.9) 2 (0.6) Fatigue 82 (23.1) 4 (1.1) 46 (12.8) 1 (0.3) Rash 55 (15.5) 3 (0.8) 43 (12.0) 2 (0.6) Arthralgia 51 (14.4) 3 (0.8) 26 (7.2) 1 (0.3) Hypothyroidism 51 (14.4) 0 43 (12.0) 0 Diarrhea 48 (13.5) 3 (0.8) 33 (9.2) 2 (0.6) Vitiligo 37 (10.4) 0 35 (9.7) 0 Potential to bring I-O combination treatment to more patients TRAE, treatment-related adverse event. aHemophagocytic lymphohistiocytosis, acute odema of the lung, and pneumonitis; bSepsis and Not for Product Promotional Use 16 myocarditis, worsening pneumonia event. Includes events reported between first dose and 30 days after last dose of study therapy.
Future expansion opportunities for relatlimab Early stage Hepatocellular Non-small cell lung melanoma carcinoma (post TKI) cancer (1L NSCLC) • Initiating new Ph3 study in • Initiated Phase 2* • Initiated Phase 2* adjuvant melanoma — Rela+Nivo — Rela+Nivo+Chemo vs • Potential to help additional Nivo+Chemo • Expanding POC in HCC to melanoma patients, earlier inform registrational program • Opportunity to expedite in their disease development into registrational studies *based on data from single arm Ph1 basket/umbrella study Not for Product Promotional Use 17
Broad program with several recent successes, crossing tumors and stages of disease Metastatic Setting Early-Stage Setting Tumor/Trial Status Tumor/Trial Status Tumor/Trial Status Tumor/Trial Status 1L NSCLC Approved √ 1L Gastric Approved √ Esophageal (Adj) Approved √ HCC (Adj) 2023+ CM-9LA CM-649 (O+chemo) CM-577 CM-9DX Read-out Opdivo + Chemo Opdivo + Yervoy, Opdivo vs Placebo Opdivo vs Placebo vs Chemo Opdivo + Chemo, vs Chemo 1L RCC Approved √ 1L Mesothelioma Approved √ MIBC (Adj) PDUFA NSCLC (Adj) 2023+ CM-9ER CM-743 CM-274 Sep 3, 2021 ANVIL Read-out Opdivo + Cabo Opdivo + Yervoy Opdivo vs Placebo Opdivo vs Sutent vs Chemo vs Observation 1L Melanoma ASCO 2021 √ 1L Melanoma 2022 NSCLC (Neo-Adj) 2020 pCR √ NSCLC Stage 3 2023+ CA224-047 CA045-001 Read-out CM-816 (Unresectable) Read-out Relatlimab + Opdivo Opdivo + bempeg Opdivo + Chemo CM-73L vs Opdivo vs Opdivo vs Chemo 2023+ EFS Opdivo mono, Opdivo + Yervoy vs Infinzi 1L Esophageal ASCO 2021 √ 1L HCC 2023+ Renal (Adj) 2022/2023 NSCLC (Peri-Adj) 2023+ CM-648 CM-9DW Read-out CM-914 Read-out CM-77T Read-out Opdivo+Yervoy Opdivo + Yervoy vs Opdivo + Yervoy (Part A) Neo-adj Opdivo + vs Chemo; Sorafenib/lenvatinib vs Placebo Chemo followed by Opdivo + Chemo Adj Opdivo vs Chemo vs Chemo 1L Bladder 2021 Prostate (mCRPC) 2022 MIBC (Peri-Adj) 2023+ CM-901 Read-out CM-7DX Read-out CA017-078 Read-out Opdivo + Yervoy + (PD-L1+) Opdivo + Chemo Opdivo + Chemo, Chemo vs Chemo vs Placebo + Chemo Opdivo + IDO + Chemo, vs Chemo NotNot forfor Product Product Promotional Promotional UseUse 18 “Approved” = obtained first market approval (U.S.) Readout dates are estimates.
ASCO 2021 Chris Boerner Executive Vice President Chief Commercialization Officer Not for Product Promotional Use
Today’s successful Oncology franchise provides foundation for next phase Successful I-O franchise for 10+ years Next phase driven by • $8.7B in global net sales in 2020 (Opdivo & Yervoy) Opdivo & Yervoy • Successfully executed 23 launches across I-O portfolio • Lung (CM-227, CM-9LA) • Opdivo combinations continue to demonstrate • Established as a standard of care in 11 tumors durable overall survival • Maintaining strong position in core tumors despite • Upper GI: Comprehensive offering across 3 new intense competition current & potential indications (CM-649, CM-577, CM-648) • Other expansion opportunities e.g. renal (CM-9ER) and bladder (CM-274) Relatlimab • Next I-O combination; opportunity to expand leadership in 1L melanoma • Additional expansion opportunities Not for Product Promotional Use Not for Product Promotional Use 20
Comprehensive offering across upper GI cancers EARLY DISEASE ADVANCED DISEASE CM-648 Predominantly Opdivo + chemo ATT-3 Establish Opdivo as the upper GI Approved3 Squamous (ESCC) or O+Y vs. chemo treatment backbone across CM-577 in 1L ESCC Approved1 # Patients* Opdivo mono settings & histologies vs. chemo in (US/EU/JP) 2L ESCC Opdivo mono 4k/7.5k/11k in adjuvant • CM-577: First & only adjuvant therapy ESOPHAGEAL EC & GEJC4 for locally advanced EC/GEJC patients after trimodal therapy4 Predominantly Adeno # Patients* (US/EU/JP) CM-649 3k/3k/
Novel fixed dose combination of Rela and Nivo delivering a differentiated option for patients Compelling I-O/I-O efficacy Superior efficacy vs PD-1 mono PFS similar to dual-IO Manageable safety profile Side effect profile similar to, & modestly incremental to, that of PD-1 mono Unique fixed dose combination Rela 160mg/Opdivo 480mg Q4W in single infusion Convenient administration with reduced infusion time Not for Product Promotional Use 22
Opportunity to expand leadership in 1L melanoma with Rela and Nivo FDC 1L metastatic melanoma market landscape Approximately 1/3 Approximately 1/3 Approximately 1/3 Opdivo + Yervoy PD-1 monotherapy BRAF MT Usage driven by deep Patients who are not TKIs used today based responses & potential candidates for on presence of driver long-term survival standard dose Yervoy mutation Potential opportunity Near-term Strong data pending additional data focus to support usage Ability to expand usage over time Not for Product Promotional Use 23
Oncology franchise expansion • Expand presence in key tumors Continue to grow • Establish GI leadership Opdivo / Dual I-O • Novel fixed dose combination Establish Rela + Nivo • Expand leadership in 1L metastatic melanoma; multiple expansion opportunities • Leveraging differentiated platforms, Develop additional agents e.g. protein degradation, cell with novel targets therapy, oral peptides Not for Product Promotional Use 24
Strengthening hematology franchise Leverage first- / best-in class CAR T profiles Further establish & expand new medicines in Myeloid diseases • Advance CELMoD agents: Strengthen/extend leadership Iberdomide & CC-92480 in Multiple Myeloma • Advance BCMA program with T-cell engager and ADC Not for Product Promotional Use 25
Please standby as we transition to the Q&A portion of our presentation Not for Product Promotional Use 26
Q&A Chris Boerner, Ph.D. Executive VP, Chief Commercialization Officer Samit Hirawat, M.D. Executive VP, Chief Medical Officer, Global Drug Development Not for Product Promotional Use 27
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