Second quarter 2022 results reflect continued in-line product growth, strong momentum across the new product portfolio and continued pipeline progress.
TOTAL NET SALES
YoY 2% increase; or 5% When
YoY 18% increase
Adjusted for Foreign Exchange**
*Includes net impact of ($0.14) per share for GAAP and non-GAAP EPS due to Acquired IPRD charges and licensing income. Acquired IPRD refers to certain in-process research and development ("Acquired IPRD") charges resulting from upfront
or contingent milestone payments in connection with asset acquisitions or licensing of third-party intellectual property rights.
TOTAL NET SALES
$7.44 - $7.742
1The 2022 financial guidance excludes the impact of any potential future strategic acquisitions and divestitures, and any specified items that have not yet been identified and quantified. The financial guidance is subject to risks and uncertainties applicable to all forward- looking statements as described elsewhere in the document and impact of future Acquired IPRD and charges that may result from the acquisition of Turning Point. Both GAAP and non-GAAP guidance assume current exchange rates.
2GAAP and non-GAAP earnings per share include the net impact of ($0.24) from Acquired IPRD and licensing income incurred year-to- date 2022.
I am very pleased with continued strong demand for our in-line products and new product portfolio, resulting in solid top and bottom- line growth. The momentum in our business and the strength of our
pipeline have given us significant opportunities to drive continued growth, starting with anticipated approval for deucravacitinib in moderate to severe plaque psoriasis and the expected transition of milvexian, our next generation anti-thrombotic, to phase 3 development. With our financial strength and dedicated workforce, we are well positioned to help more patients and drive long-term value for our shareholders.
- Giovanni Caforio, M.D.
Board Chair and Chief Executive Officer
Delivering sustained growth and innovation
In-line Products performance:
YoY % Increase of 9%
Excluding Foreign Exchange,
YoY % Increase of 13%
New Product Portfolio performance:
$482M in Q2 2022 vs. $225M in Q2 2021
Achieving key milestones
Received recommendation forapprovalfrom The Committee for Medicinal Products for Human Use of the European Medicines Agency (EMA) for Opdualag for the first- line treatment of advanced (unresectable or metastatic) melanoma in adults and adolescents 12 years of age and older with tumour cell PD-L1 expression <1%.
Received FDAapprovalfor Opdivo in combination with fluoropyrimidine-andplatinum-containing chemotherapy as well as Opdivo plus Yervoy as first-line treatments for adult patients with unresectable advanced or metastatic esophageal squamous cell carcinoma regardless of PD-L1 status.
Received FDAapprovalfor Breyanzi for adult patients with relapsed or refractory large B-cell lymphoma (LBCL) after one prior therapy, including diffuse LBCL not otherwise specified, high-gradeB-cell lymphoma, primary mediastinal LBCL and follicular lymphoma grade 3B, who are not eligible for transplant or who relapse within 12 months of first-line chemoimmunotherapy.
ReceivedEMA validationfor type II variation application for extension of the indication of Breyanzi for the treatment of adults with LBCL who are refractory or have relapsed within 12 months of initial therapy and are candidates for hematopoietic stem cell transplant.
Presented results for deucravacitinib from the Phase 2PAISLEYtrial that showed statistically significant efficacy at the primary endpoint of Systemic Lupus Erythematosus (SLE) Responder Index-4 responses among patients with moderate to severe SLE who were treated with deucravacitinib versus placebo. Data demonstrated favorable risk-benefit profile supportive of progressing into Phase 3.
BMS maintains a consistent, balanced approach to capital allocation, focused on leveraging strong cash flow generation to invest in internal and external innovation, reducing debt and returning cash to shareholders.
Announced a definitive merger agreement to acquireTurning Point Therapeutics(NASDAQ: TPTX) pursuant to a tender offer for $76.00 per share, in an all cash transaction totaling approximately $4.1 billion.‡
Expands the Company's precision oncology and solid tumor portfolio;
Includes repotrectinib, a potential best-in-class, next generation ROS1/NTRK inhibitor in non-small cell lung cancer and other advanced solid tumors;
Anticipated close Q3 2022.
Announced expansion of strategic alliance withImmatics(NASDAQ: IMTX) to pursue the development of multiple allogeneic off-the-shelfTCR-T and/or CAR-T programs.
Strong Financial Foundation
Cash and Marketable
Environmental, social and governance highlights
As a leading biopharma company, we understand our responsibility extends well beyond the discovery, development, and delivery of innovative medicines. Our evolving Environmental, Social, and Governance (ESG) strategy builds on a legacy of comprehensive and global sustainability efforts. To learn more about our priorities and goals, please visit our latest ESG report.
On June 14, 2022, Deepak L. Bhatt, MD, MPH was elected to BMS' Board of Directors where he will serve as a member of the Science & Technology Committee. The size of the Board was increased to eleven in connection with the election of Dr. Bhatt.
In July, the company, in collaboration with Disability Solutions, announcedthe launch of the Disability Diversity in Clinical Trials (DDiCT) initiative to improve clinical trial participation of people with disabilities to ensure all patient groups are reflective of the real-world population and aligned with the epidemiology of the disease studies.
Embracing environmental stewardship
2024 Science-based emissions reduction targets established
2030 100% renewable electricity
2040 Net neutral GHG
100% EV fleet
100% equitable water use
Zero waste to landfill
Promoting product quality & safety
Cultivating diversity, equity & inclusion
Ensuring health equity, patient access & innovation
2021 ≥ 25% new clinical trial sites in diverse metro areas
2022 Gender parity at executive level
2X representation for Black/African American & Hispanic/Latino executives
Board oversight of strategy & key enterprise risks
64% female & ethnically diverse directors
Regular shareholder engagement
Special meeting right (15%)
New Product Portfolio includes Reblozyl® (luspatercept-aamt), Inrebic® (fedratinib), Onureg® (azacitidine tablets), Zeposia® (ozanimod), Breyanzi® (lisocabtagene maraleucel), Abecma® (idecabtagene vicleucel), OpdualagTM (relatlimab plus nivolumab fixed-dose combination) and Camzyos® (mavacamten).
Non-GAAPEPS is not calculated in accordance with U.S. Generally Accepted Accounting Principles. This Non-GAAP measure excludes certain costs, expenses, gains and losses and other specified items. A reconciliation of GAAP to non-GAAP measures can be found on our website at bms.com. See, "Quarterly package of financial information" available on bms.com/investors for additional information on the limitations of non-GAAP financial measures and the list of specified items excluded from Non-GAAP EPS.
Materials on this infographic may contain information about the company's future plans and prospects that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed.
Forward-looking statements contained in this document should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb's business, particularly those identified in the cautionary statement and risk factors discussion in the company's most recent annual report on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K. These documents are available from the Securities and Exchange Commission, the Bristol Myers Squibb website or from Bristol Myers Squibb Investor Relations. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.
On July 19, the Companyannouncedthat the tender offer period for the planned acquisition of Turning Point Therapeutics was extended to August 15.
Bristol-Myers Squibb Company published this content on 27 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2022 11:13:09 UTC.