Investor Series Immunology & Cardiovascular June 26, 2020
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Investor Series Immunology & Cardiovascular June 26, 2020
Forward Looking Statement and Non-GAAP Financial Information 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 on the SEC’s website, on 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. This presentation may include certain non-generally accepted accounting principles (“GAAP”) financial measures that we use to describe our company’s performance. The non-GAAP information presented provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measure are available on our website at bms.com/investors. Note that pro forma revenues in this presentation assume that the Company’s acquisition of Celgene Corporation and the Otezla® divestiture occurred on January 1, 2019. Also note that a reconciliation of certain pro forma measures, however, is not provided due to no reasonably accessible or reliable comparable GAAP measures for such pro forma measures and the inherent difficulty in forecasting and quantifying such pro forma measures that are necessary for such reconciliation.
Investor Series
Giovanni Caforio
Chairman and
Chief Executive Officer
Investor Series Day 3 Not for Product Promotional Use 3
Deep portfolio for continued innovation across key therapeutic
areas of focus
Immuno-Oncology Hematology Immunology & CV
Inline
Brands
New
Launches liso-cel ide-cel CC-486 TYK2i
1L Lung, CM-9ER
Metastatic disease Multiple myeloma Inflammatory Other
Multiple Bowel auto-immune
B-cell malignancies Disease diseases
LCMs Early stage disease
Myeloid diseases UC - Crohn’s Lupus - Psoriatic arthritis
Next Relatlimab CELMoD agents Factor XIa inhib
Medicines
Bempeg (NKTR-214) T-cell engager (TCE) Cendakimab
Next Wave >20 assets with proof of concept decisions over the next three years
Investor Series Day 3 Not for Product Promotional Use 4
Immunology & CV Development
Samit Hirawat
Executive VP
Chief Medical Officer
Global Drug Development
Investor Series Day 3 Not for Product Promotional Use 5
Potential first- and/or best-in-class late stage assets with
significant life cycle management opportunities
Immuno-Oncology Hematology Cell Therapy Immunology & Fibrosis Cardiovascular
Asset Tumor Type Asset Indication Asset Indication Asset Indication Asset Indication
Bladder Rebloyzl(2) MDS ide-cel(3) MM Psoriasis FXIa Thrombotic
Esophageal (EMA) MF (BCMA CAR T) PsA Inhibitor(4) Disorders
Gastric TYK2 UC
Glioblastoma MM DLBCL
Iberdomide Inhibitor CD
Opdivo, Hepatocellular (CELMoD agent) SLE liso-cel FL
SLE
Yervoy Head & Neck (CD19 CAR T) CLL
LN
(anti PD-1, Melanoma
CC-486 AML MCL
anti CTLA-4) Mesothelioma (DNMTi) AITL Zeposia UC
NSCLC orva-cel MM
Prostate (BCMA CAR T) (S1P agonist) CD
CC-92480 MM
Renal (CELMoD agent)
bb21217(3) Cendakimab EoE
(BCMA CAR T) MM (anti-IL-13)
CC-93269 MM
Relatlimab Melanoma (BCMA TCE)
(anti-LAG3) HSP47 Fibrosis
Bladder Pegbelfermin
Bempegaldesleukin(1) NASH
(IL-2)
Melanoma (FGF-21)
Renal
MF = myelofibrosis; MM = multiple myeloma; AML = acute myeloid leukemia; AITL = angioimmunoblastic T-cell lymphoma; PsA = Psoriatic arthritis;
UC = ulcerative colitis; CD = Crohn’s disease; SLE = systemic lupus erythematosus; LN = lupus nephritis
Investor Series Day 3 Not for Product Promotional Use 6
1) In partnership with NEKTAR Therapeutics, 2) in partnership with Acceleron, 3) partnership with bluebird bio, 4) In partnership with J&J
Substantial evolution of our immunology portfolio over the
next 3 years
2020 2021 2022+
Zeposia TYK2i TYK2i
Multiple Sclerosis Psoriasis Lupus nephritis
FDA and EU Approval Ph3 POETYK PSO-2 (IM011-047) Ph2 PAISLEY-LN (IM011-073)
Zeposia TYK2i TYK2i
Ulcerative Colitis Psoriasis Crohn’s Disease
Ph3 TrueNorth Ph3 (IM011-066) Japan Ph2 LATTICE (IM011-023)
Positive Topline
TYK2i Zeposia
TYK2i Systemic lupus erythematosus Crohn’s Disease
Psoriatic Arthritis Ph2 PAISLEY (IM011-021) Ph3 Yellowstone program
Ph2 (IM011-084)
TYK2i TYK2i
TYK2i Ulcerative Colitis Psoriasis
Psoriasis Ph2 LATTICE (IM011-024) Ph3 (IM011-065) China-Asia
Ph3 POETYK PSO (IM011-046)
Cendakimab
Eosinophilic Esophagitis
Ph3 (target start late 2020/early 2021)
Registrational
Signal Seeking
Investor Series Day 3 Not for Product Promotional Use 7
TYK2i has a novel mechanism of action that allows
differentiated effects from JAK inhibitors
BMS-986165 TYK2 inhibition has downstream effects on IL-12,
ATP-binding IL-23, and Type I interferon, key cytokines in
active site immune-mediated disease pathogenesis
BMS-986165 targets a novel pseudokinase domain,
which offers selective inhibition of
IL-23, IFNa and IL-12
TYK2
TYK2
Cellular IC50 (nM)1
Active
domain IL-23 IFNa IL-12 EPO
Regulatory domain
Agent (TYK2/JAK2) (TYK2/JAK1) (JAK1/JAK3) (JAK2)
(pseudokinase domain)
BMS-986165 8 5 623 >10,000
IC50=half-maximal inhibitory concentration; IFN=interferon; IL=interleukin; JAK=Janus kinase; TYK=tyrosine kinase.
1. Gillooly K et al. Poster presentation at ACR/ARHP 2016. Abstract 11L.
Investor Series Day 3 Not for Product Promotional Use 8
TYK2 inhibition: In-Vitro data suggests differentiated
profile versus JAKs
Assay IC50 (nM)1
Active site Active site Active site Active site
BMS-986165 binding site TYK2 TYK2 JAK1 JAK2 JAK3
TY TY TY TY TY
K2 K2 K2 K2 K2
Regulatory domain Active domain Active domain Active domain Active domain
TYK2 regulatory TYK2 active
Inhibitor JAK1 JAK2 JAK3
domain domain
1 Tofacitinib nd 489 15 77 55
2 Baricitinib nd 61 4 7 787
3 Filgotinib nd 2600 363 2400 >10000
4 Upadacitinib nd 4690 47 120 2304
5 PF-06700841 nd 23 17 77 6494
6 PF-06826647 nd 17 383 74 >10000
7 BMS-986165 0.2 >10000 >10000 >10000 >10000
IC50=half-maximal inhibitory concentration; JAK=Janus kinase; nd=not determined; TYK=tyrosine kinase
Wrobleski ST et al. J Med Chem. 2019;62(20):8973-8995; Burke JR et al. Sci Transl Med. 2019;11(502); Winthrop KL. Nat Rev Rheumatol. 2017;13:234-243
Investor Series Day 3 Not for Product Promotional Use 9
BMS-986165 has demonstrated proof-of-concept for TYK2
inhibition in Psoriasis
Ph 2 takeaways
Response rate for key products from Ph 3 trials (PASI-75)
% patients at week 12 or 16 Robust clinical efficacy
100 • Consistent dose response observed with sustained
Biologic 91
Small molecule 82
89 89 efficacy after discontinuation of dosing
80
67
71 69 • Efficacy in both biologic-naïve and -exposed
60
subjects
40
33
Ph2 Validation of target and MoA
20
• Reduction in expression of genes of the
IL-23/IL-12 and type I IFN pathways
0
Stelara Humira Cosentyx Taltz Skyrizi Tremfya Otezla TYK2i^ • No change in JAK1, JAK2 or JAK3 biomarkers
Target IL-12/23 TNF IL-17 IL-23 PDE4 TYK2i • No dyslipidemia, liver abnormalities,
lymphopenia, or thrombotic events associated
Note: ^ TYK2i data is from Ph 2, 3mg BID with JAK inhibitors
Source: FDA product labels, TYK2i Phase 2 data, EvaluatePharma
Investor Series Day 3 Not for Product Promotional Use 10Phase 3 Trial designs for POETYK1 and 2
BMS-986165 Long-term
Adults with
IM011-046
Placebo BMS-986165 rollover
moderate to Randomize study
severe psoriasis ≥PASI-50 Apremilast 30 mg BID
Titrate* Apremilast 30 mg BID
No concomitant
systemic orTYK2 inhibition has potential to impact a variety of diseases
Core Indication Strength of Evidence TYK2 Signaling Pathways Next Data Readout
Clinical Preclinical Genetic
Validation Models Validation
Psoriatic Arthritis IL-23 Ph2 study (2H 2020)
Systemic Lupus Erythematosus IL-12 IL-23 Type I IFN Ph2 study (2021)
Lupus Nephritis IL-12* IL-23* Type I IFN Ph2 study (2022+)
Ulcerative Colitis IL-12* IL-23 Ph 2 Mod to severe UC (2021)
Crohn’s Disease IL-12* IL-23 Ph 2 Mod to severe CD (2022+)
* Not yet validated pathways
Investor Series Day 3 Not for Product Promotional Use 12Zeposia: Potential to be a differentiated oral medicine in UC
Autoreactive
lymphocyte
migration to gut • Ozanimod modulates select S1P
receptors reducing reach of
autoreactive lymphocytes to the gut
ozanimod
First oral S1P to demonstrate benefit in Favorable safety profile reflected in best-in-
moderate to severe UC in a Ph 3 study class MS label
• Primary endpoints of clinical remission in • No black box warning
induction and in maintenance (pZeposia Ph 3 study ongoing in Crohn’s Disease
Zeposia in CD
STEPSTONE (Ph 2)1 YELLOWSTONE program (Ph 3 Study Design)
Adults with moderately to severely active CD
Endoscopic Response (SES-CD decrease ≥50%) N = 450
Zeposia responders or remitters are re-
randomized 1:1 to Zeposia or Placebo
at Week 122 Zeposia
60
Study
N = 225
50 3201 Zeposia
% of Patients (wk12)
Placebo
40
N = 450
30
28.1%
23.2% Zeposia Placebo
18.9% Study
20
N = 225
3202
10 Placebo
0 12 wk
Overall Biologic naïve Biologic induction study 52 wk maintenance study
(n=69) (n=32) experienced
(n=37) Primary endpoints:
• Induction studies: Week 12 Clinical remission
• Maintenance study: Co primary @ Week 52 Clinical remission and endoscopic response
Mean CDAI reduction at week 12 was 130 points
1. Feagan et al. Lancet Gastroenterol Hepatol 15-Jun 2020 online; 2. ITT-NRI analysis for SES-CD
Investor Series Day 3 SES-CD=Simple Endoscopic Score for Crohn's Disease
Not for Product Promotional Use 14Cendakimab: High unmet need in Eosinophilic
Esophagitis (EoE)
Normal
White exudates Longitudinal
• ~700K patients WW with EoE esophagus furrows
• Life-altering GI disease with significant patient burden
— Inflammation progressing to fibrosis and narrowing of the esophagus
— Patients experience reflux and nausea/vomiting
— Risk of need for mechanical dilations to widen esophagus Fixed rings Strictures
• No FDA-approved therapies in the US today
— Limited treatments options include diet, PPIs, and steroid formulations
• Cendakimab has the potential to be a differentiated new
treatment option Edema “Crepe paper”
esophagus
— Targets the underlying inflammation and resulting fibrosis that lead to
disease progression in EoE
Investor Series Day 3 Not for Product Promotional Use 15Cendakimab: Targets Key Cytokine in Pathogenesis of EoE
• High affinity IL-13 neutralizing antibody
Cendakimab
‒ Binds to the IL-13 ligand, thus inhibits
binding to IL-13Rα1 and IL-13Rα2 subunits
IL IL • Upregulated IL-13 is the key mediator of the
13 Cendakimab inhibits 13 EOE disease process1
IL-13 binding to
IL-13Rα1 & IL-13Rα2 ‒ Helps eosinophil recruitment and activation
X subunits X
‒ Disrupts epithelial barrier function
IL-13Rα1 IL-13Rα2 • By inhibiting both α1 and α2 subunits,
cendakimab offers the potential to address both
inflammation and fibrosis2
Inflammation Fibrosis &
Remodeling
1. Caldwell et al. Curr Opin Immunol 2017
Investor Series Day 3 2. Fichtner-Feigl et al Nature Medicine VOLUME 12 NUMBER 1 ,2006
Not for Product Promotional Use 16Cendakimab Phase 2 EOE study
Meaningful reduction in eosinophil counts and endoscopic findings at Week 16
Primary Endpoint: Secondary Endpoint:
Mean Esophageal Eosinophil Endoscopic EREFS
Count (cells/hpf) at Week 16 (Edema, Rings, Exudate, Furrows score)
Total Score at Week 16
140.0 10.0 9.4
122.6
9.1 9.0
116.7 9.0
120.0
7.9
Mean Esophageal Eosinophil
8.0
100.0 92.4 90.3
Mean EREFS Total Score
7.0
Count (cells/hpf)
P=0.0004 PCendakimab: Acceptable Safety Profile in Phase 2 EoE study
Placebo RPC4046 180 mg RPC4046 360 mg
(N=34) (N=31) (N=34)
n (%) n (%) n (%)
Number of Subjects Experiencing >1 TEAE 22 (65) 20 (65) 29 (85)
Headache 5 (15) 5 (16) 7 (21)
Upper respiratory tract infection 3 (9) 5 (16) 5 (15)
Arthralgia 0 4 (13) 2 (6)
Nasopharyngitis 0 3 (10) 3 (9)
Diarrhea 2 (6) 3 (10) 2 (6)
Nausea 4 (12) 2 (7) 3 (9)
Dizziness 2 (6) 3 (10) 1 (3)
Sinusitis 0 3 (10) 1 (3)
Number of Subjects Experiencing >1 Injection Site TEAE 6 (18) 4 (13) 9 (27)
Investor Series Day 3 Not for Product Promotional Use 18Cendakimab: Conclusions
• New targeted therapy with potentially differentiated efficacy and safety
for treatment of EoE
• Proof of Concept established, with work ongoing to support initiation of
Phase 3 program in EoE
• Evaluating multiple LCM opportunities based on mechanism centrally-
involved in broad span of type 2 inflammatory fibrotic diseases
Investor Series Day 3 Not for Product Promotional Use 19Potential first- and/or best-in-class late stage assets with
significant life cycle management opportunities
Immuno-Oncology Hematology Cell Therapy Immunology & Fibrosis Cardiovascular
Asset Tumor Type Asset Indication Asset Indication Asset Indication Asset Indication
Bladder Rebloyzl(2) MDS ide-cel(3) MM Psoriasis FXIa Thrombotic
Esophageal (EMA) MF (BCMA CAR T) PsA Inhibitor(4) Disorders
Gastric TYK2 UC
Glioblastoma MM DLBCL
Iberdomide Inhibitor CD
Opdivo, Hepatocellular (CELMoD agent) SLE liso-cel FL
SLE
Yervoy Head & Neck (CD19 CAR T) CLL
LN
(anti PD-1, Melanoma
CC-486 AML MCL
anti CTLA-4) Mesothelioma (DNMTi) AITL Zeposia UC
NSCLC orva-cel MM
Prostate (BCMA CAR T) (S1P agonist) CD
CC-92480 MM
Renal (CELMoD agent)
bb21217(3) Cendakimab EoE
(BCMA CAR T) MM (anti-IL-13)
CC-93269 MM
Relatlimab Melanoma (BCMA TCE)
(anti-LAG3) HSP47 Fibrosis
Bladder Pegbelfermin
Bempegaldesleukin(1) NASH
(IL-2)
Melanoma (FGF-21)
Renal
MF = myelofibrosis; MM = multiple myeloma; AML = acute myeloid leukemia; AITL = angioimmunoblastic T-cell lymphoma; PsA = Psoriatic arthritis;
UC = ulcerative colitis; CD = Crohn’s disease; SLE = systemic lupus erythematosus; LN = lupus nephritis
Investor Series Day 3 Not for Product Promotional Use 20
1) In partnership with NEKTAR Therapeutics, 2) in partnership with Acceleron, 3) partnership with bluebird bio, 4) In partnership with J&JSubstantial unmet need persists
in thrombotic diseases
Factor Xa inhibitors significantly improved efficacy Combining Factor Xa inhibitors with anti-platelet
and safety from previous SoC, yet further agents has been shown to improve outcomes but
opportunity to reduce bleeding risk exists increased bleeding risk limits usage
Up to 20% of patients don’t receive Inability to combine OACs with dual-antiplatelet
anticoagulation, despite being at high stroke risk1 therapy for neurologic/cardiac conditions
Many patients with AF receive doses lower than
recommended, which may result in sub-optimal
outcomes2,3
Significant opportunity for an agent with comparable efficacy and reduced bleeding risk over
Factor Xa inhibitors
1. McIntyre et al, Clin Card 2018; 2. Camm et al, EHJ suppl 2018; 3. Steinberg et al, JAHA 2018
Investor Series Day 3 Not for Product Promotional Use 21Factor XIa inhibition has the potential to prevent
thromboembolic events with a reduced risk of serious bleeding
Intrinsic Pathway
FXII FXIIa
Extrinsic Pathway
Vessel
FXI FXIa BMS-986177 Tissue Factor injury
FIX FIXa FVIIa FVII
Apixaban Warfarin
Rivaroxaban blocks FVII,
Common Pathway FX FXa FIX, FX, and
Edoxaban
FII synthesis
Thrombin Feedback FIIa FII
Dabigatran
FVIIa also
Fibrinogen Fibrin activates FIX
(not shown)
Investor Series Day 3 Not for Product Promotional Use 22Factor XIa is a validated target with demonstrated efficacy
and evidence for lower bleeding risk
Genetics & Epidemiology Preclinical
Thrombus Weight Reduction Bleeding Time
Hemophilia C is an inherited deficiency in FXI
100 10
• Spontaneous bleeding is rare
Fold Increase in
Percent Thrombus
Weight Reduction
Bleeding Time
80 8
• Reduced risk of CV events 60 6
40 4
20 2
Retrospective cohort study of 10,193 patients 0 0
including over 1200 with measured FXI deficiency:1 Aspirin
COX
Clopidogrel
P2Y12
Abciximab
GPIIbIIIa
Factor Factor
Xa Inhibitor XIa Inhibitor
Risk of CV events lower by Risk of VTE lower by Antiplatelets Anticoagulants
48% 43% 61% No VTE
events Clinical
In patients In patients with In patients In patients with
with mild moderate-to- with mild moderate-to-
In a Phase 2 study of patients undergoing total
deficiency severe deficiency deficiency severe deficiency1 knee arthroplasty, reduction of circulating FXI via
HR 0.52 HR 0.571 HR 0.39 antisense oligonucleotide provided superior
reduction of VTE vs. enoxaparin and appeared
1 Preis et al, Blood 2017 / 2 Büller et al, NEJM 2015
safe with respect to bleeding2
Investor Series Day 3 Not for Product Promotional Use 23Two Phase 2 trials will inform future development path
Secondary Stroke Prevention (SSP) Study
FXIa inhibitor + clopidogrel + aspirin vs.
clopidogrel + aspirin in patients with acute
ischemic stroke or transient ischemic attack
Anticipated Readouts
(N=2350) starting in 2021
will inform potential
for Ph 3 expansion in
Total Knee Replacement (TKR) Study
several indications
FXIa inhibitor vs enoxaparin in patients
undergoing elective total knee replacement
surgery
(N=1200)
Investor Series Day 3 Not for Product Promotional Use 24Key takeaways
Ongoing Opportunity to Broaden Immunology Portfolio
• Differentiated TYK2i as best in class therapy for Psoriasis with broad potential
in autoimmune diseases
• Expansion opportunities for Zeposia with LCM program
— UC – positive Ph3 topline results
— CD – ongoing Ph3 trial
• Cendakimab is a potentially differentiated new treatment for EoE
— Starting Ph3 late 2020 / early 2021
Important opportunity to renew our CV portfolio with Factor XIa
• Potential to broaden the use of antithrombotic therapy
Investor Series Day 3 Not for Product Promotional Use 25Immunology & CV Commercial
Chris Boerner
Executive VP
Chief Commercialization Officer
Investor Series Day 3 Not for Product Promotional Use 26Strong foundation of in-line products with opportunities
for continued growth
In-line Portfolio Future Growth Opportunities
Strong commercial foundation including Opportunity to grow the franchise with
Zeposia early in its life cycle new medicines and new indications
Zeposia IBD
Cendakimab
TYK2i
Factor XIa
Investor Series Day 3 Not for Product Promotional Use 27Immunology market and our near term opportunity
BMS’ Marketed and Late Stage Medicine
Immunology Context Launches in Immunology
• BMS has created a successful model to EoE
compete in the RA market UC
Selective TYK2i Crohn’s
• BMS built capabilities in targeted Cendakimab Lupus
patient identification, data generation PSA
and access/reimbursement support Crohn’s
PSO PSO
• Our success in Rheumatology builds a UC UC
foundation for a broader set of GvHD GvHD
Immunology opportunities across Derm, MS MS MS
MS and GI JIA JIA JIA
PSA PSA PSA
RA RA RA
2020 2021-23 2024+
(Marketed) (Near Term) (Long Term)
Investor Series Day 3 Not for Product Promotional Use 28Potential to establish a strong position
in relapsing Multiple Sclerosis (MS)
Market: Multiple Sclerosis Profile: Best-in-Class S1P US Launch 2020
Large concentrated market with Differentiated profile • Approved March, Launched June 1
significant patient engagement recognized by HCPs • Medical field-based presence
• >1M RRMS diagnosed prevalence WW • High efficacy treatment, since 2018
(~360K US, ~415K EU5) comfortable with S1P mechanism • Live and virtual visits, leveraging
• In US, 3K HCPs make up 80% TRx • Advantages on safety profile vs remove engagement capabilities
other S1Ps and no first-dose CV • Patient engagement and best-in-
• HCP treatment experience monitoring
drives treatment choice class patient support
• Fewer tests (no ophthalmic or • Strong access capability
• Strong patient involvement genetic test required)
• EU: July 15 Germany product
• Strong brain preservation data listing; HA reviews in CA, CH,
• Once-daily dosing AUS
Investor Series Day 3 Not for Product Promotional Use 29IBD: Building a Differentiated Portfolio
Our Opportunity In IBD U.S. EU5 Diagnosed IBD Patients (2020e)
• Large population, underserved by current Patients (M) Crohn’s Disease
therapy options Ulcerative Colitis
— Biologics (older TNFs and newer treatments) ~3.1
are injectables and have limitations
— First novel oral (JAK) reserved only
post-TNF for UC (US) 46%
~1.9
• Zeposia has the potential to be first-in-class
S1P and expand oral pre- and post-biologic
opportunity
~0.8
54%
• Potential for a strong GI franchise with:
— Zeposia Crohn’s Ph 3: enrolling now
— TYK2i and pipeline medicines Diagnosed Moderate- On Biologics/
Prevalent to-Severe Novel Orals
Prevalent Prevalent
Investor Series Day 3 Not for Product Promotional Use 30Potential to Play an Important Role in
Ulcerative Colitis (UC)
UC Patients Potential to expand the oral pre- and post-
• ~60% female; diagnosed around age 30 biologic market with first-in-class
selective S1P
• Significant pain, flares, impact on all
aspects of life and work • Clinically meaningful efficacy competitive
with existing novel treatments (biologics)
• Facing lifelong treatment, bowel resection
− Highly statistically significant and
consistent across clinical and
Relief with current options, but concerns: endoscopic endpoints
• Prolonged steroid use • Differentiated safety profile
• Fear of injectable biologics (infections, −Established safety (no black box
malignancy) warning) in MS with no cardiac
• Known JAK profile – black box warning monitoring required
• Convenient once-daily oral dosing
Investor Series Day 3 Not for Product Promotional Use 31Opportunity to build a differentiated GI franchise
Novel mechanisms across immunologic disorders and strong track record of commercial success
Establish GI franchise with Zeposia
— Positive topline in UC
— Enrolling Ph3 program in CD
Broaden beyond IBD with Cendakimab in EoE
Cendakimab
— Ph3 to start late 2020/early 2021
TYK2i Expand with TYK2i
— POC studies underway in UC and CD
Investor Series Day 3 Not for Product Promotional Use
32BMS 986165 Moderate-Severe Psoriasis (PSO) will serve
(selective TYK2i) as a platform for multi-indication LCM program
Market: Building a Dermatology
Profile: Best Oral Option
Moderate-Severe Psoriasis Franchise
Significant opportunity to HCP enthusiasm for profile (Ph2) • High medical engagement
expand oral market with • Promising efficacy on skin
through Ph 3 enrollment
best-in-class medicine clearance: superior to apremilast, • Hire field sales and access
• >3M diagnosed prevalence comparable to TNFs teams following Ph 3 data
(~1.7M US, ~1.5M EU5)
• Opportunity to create new SOC as • Expand existing BMS analytics,
• Derms are largely safety conscious pre-biologic treatment customer and medical
capabilities
• Topicals are still widely used • Novel mechanism differentiated
from JAKs on safety
•Strong foundation of in-line products with opportunities
for continued growth
In-line Portfolio Future Growth Opportunities
Strong commercial foundation including Opportunity to grow the franchise with
Zeposia early in its life cycle new medicines and new indications
Zeposia IBD
Cendakimab
TYK2i
Factor XIa
Investor Series Day 3 Not for Product Promotional Use 34Ability to Leverage History of Strong Commercial Execution
Eliquis Net Sales Factor XIa: Potential to Continue CV Leadership
WW Net Sales ($B) • Consecutive CV alliances established Plavix &
$7.9
$6.4 Eliquis as SOC antithrombotic medicines
$4.9
$3.3 • Eliquis provides platform for significant growth
$1.9
$0.8
$0.1 • Factor XIa inhibitor (with Janssen) provides
2013 2014 2015 2016 2017 2018 2019 opportunity for next-generation antithrombotic
therapy for prevention and treatment of major
#1 US Eliquis share Oral Anti-coagulant (OAC) market
• NBRx: 57%, TRx: 47%
thrombotic conditions
— Monotherapy and/or combination with
• Established Eliquis as the #1 OAC globally
• Continue to grow novel oral anti-coagulant (NOAC) antiplatelets
and OAC shares 7 years post-launch
• Focus on market expansion in key markets
Investor Series Day 3 Not for Product Promotional Use 35Key takeaways
Near-term opportunities
• Strong foundation with in-line portfolio
• Zeposia launched in MS with best-in-class profile (S1Ps) also enabling expansion
into IBD with UC
• First-in-class TYK2i has potential to transform psoriasis treatment
• Opportunity to establish GI franchise with Zeposia, TYK2i, Cendakimab
Future opportunities
• LCM for Zeposia and TYK2i provide expansion into areas of larger unmet need
• Substantial unmet need remains in thrombotic diseases
— Phase 2 trials (Secondary Stroke Prevention & Total Knee Replacement) will
inform a range of Phase 3 development paths
Investor Series Day 3 Not for Product Promotional Use 36Financial Overview
David Elkins
Executive VP
Chief Financial Officer
Investor Series Day 3 Not for Product Promotional Use 37Multiple Value Drivers
Strong in-line 8 near term Robust LCM 6+ Next Synergy
business launches program Medicines Capture
Significant financial flexibility
Investor Series Day 3 Not for Product Promotional Use 38Future outlook supported by launches, broad and deep
pipeline, and strategic business development
Significant long-term commercial opportunities
New Launches ~$20B* in revenue potential** Inrebic • Reblozyl • Zeposia
in 2H of the decade CC-486 • Liso-cel • Ide-cel • TYK2i
Next Medicines 6+ agents in or close to full Relatlimab • CELMoD agents • Bempeg
development; each with TCE (CC-93269) • Cendakimab • Factor XIa
significant commercial
potential**
Next Wave Maturing early pipeline
Strategic Business Development
• Continue to source innovation and • Enabled by financial strength & flexibility
assets from outside the company — Current balance sheet strength
*non-risk adjusted
— Significant cash flow generation
**subject to positive registrational trials and health authority approval
Investor Series Day 3 Not for Product Promotional Use
39Progress on integration: On track to achieve major
milestones and synergy goals
Cultural Organizational Synergies
Integration Strength
• Aligned company vision, • ~90% of the organization • Consolidating sites
mission & values in place globally globally
• Positive employee • Strong access to talent • Progressing procurement
engagement indicators through presence in key integration
biopharma hubs
• On track to deliver
$2.5B by 2022 – 1/3
expected in 2020
Investor Series Day 3 Not for Product Promotional Use 40Consistent approach to capital allocation
Committed to reducing debt:Significant flexibility to invest in innovation
~$19B *
Q1 2020 cash balance
~$45B expected in free cash flow
over 2020-2022
~$10B ~$12B ~$7B
in debt in dividend** in CVR
maturities paid out payment
Increasing strength of the balance sheet and strong excess cash flow
*Cash includes cash, cash equivalents and marketable securities; 75% of total cash is in the U.S.
Investor Series Day 3 **Future dividend payouts illustrated using 2020 dividend rate and requires board authorization
Not for Product Promotional Use 42Business Development a top priority
• Business development important to source external innovation
• Consistent criteria for sourcing innovation externally:
Strategically Scientifically Financially
Aligned Sound Attractive
• Focused on therapeutic areas of interest
Immuno-oncology ● Hematology ● Immunology ● Cardiovascular ● Fibrosis ● Neurology
Investor Series Day 3 Not for Product Promotional Use 43Financial strength of the company
Multiple Value Consistent Approach
Drivers to Capital Allocation
• Strong in-line business • ~$45B of expected free cash flow over
the next 3 years
• 8 near term launches • De-levering toInvestor Series
Giovanni Caforio
Chairman and
Chief Executive Officer
Investor Series Day 3 Not for Product Promotional Use 45Deep portfolio for continued innovation across key therapeutic
areas of focus
Immuno-Oncology Hematology Immunology & CV
Inline
Brands
New
Launches liso-cel ide-cel CC-486 TYK2i
1L Lung, CM-9ER
Metastatic disease Multiple myeloma Inflammatory Other
Multiple Bowel auto-immune
B-cell malignancies Disease diseases
LCMs Early stage disease
Myeloid diseases UC - Crohn’s Lupus - Psoriatic arthritis
Next Relatlimab CELMoD agents Factor XIa inhib
Medicines
Bempeg (NKTR-214) T-cell engager (TCE) Cendakimab
Next Wave >20 assets with proof of concept decisions over the next three years
Investor Series Day 3 Not for Product Promotional Use 46Well positioned for the near-term and long-term
“
CURRENT Leader with Strong Set of In-line Brands
NEAR TERM Growth Driven by New Launches and LCM
Expansion
Sustainability Enabled by Internal Innovation
LONG TERM
and Business Development
Investor Series Day 3 Not for Product Promotional Use 47Q&A
Giovanni Caforio, M.D. Chris Boerner, Ph.D.
Chairman, Executive VP,
Chief Executive Officer Chief Commercialization Officer
David Elkins Samit Hirawat, M.D.
Executive VP,
Executive VP,
Chief Medical Officer,
Chief Financial Officer Global Drug Development
Nadim Ahmed Rupert Vessey, M.A., FRCP, D.Phil
Executive VP, Executive VP,
President, Hematology President, Research & Early Development
Investor Series Day 3 Not for Product Promotional Use 48You can also read
