J.P. Morgan Healthcare Conference Giovanni Caforio Chairman & - - PowerPoint PPT Presentation

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J.P. Morgan Healthcare Conference Giovanni Caforio Chairman & - - PowerPoint PPT Presentation

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J.P. Morgan Healthcare Conference Giovanni Caforio Chairman & Chief Executive Officer January 13, 2020 NOT FOR PRODUCT PROMOTIONAL USE 1 Forward Looking Statement This presentation contains statements about the Companys future plans

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J.P. Morgan Healthcare Conference

January 13, 2020

Giovanni Caforio

Chairman & Chief Executive Officer

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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.

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Our MISSION To discover, develop and deliver innovative medicines

that help patients prevail over serious diseases

Our VISION

To be the world’s leading biopharma company that transforms patients’ lives through science

Our STRATEGIC FOUNDATION

A differentiated company that combines the Best of Biotech and Best of Pharma – focused on innovative medicines for patients with cancer and other serious diseases

Leading Scientific Innovation Collaborating at Center

  • f the Biotech Ecosystem

Leveraging Global Scale and Agility Driven by the Best People

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One Year Ago: Combination with Compelling Opportunities

ONCOLOGY: IO / SOLID TUMORS & HEMATOLOGY CARDIOVASCULAR

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PHASE III ASSETS

Led by Opdivo and Yervoy as well as Revlimid and Pomalyst

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ONCOLOGY: IO / Solid Tumors

SIGNIFICANT LIFE CYCLE MANAGEMENT OPPORTUNITIES

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NEAR-TERM POTENTIAL NEW PRODUCT LAUNCHES

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ONCOLOGY: Hematology

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IMMUNOLOGY & INFLAMMATION

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CARDIOVASCULAR/ FIBROSIS

Led by Eliquis

#1

Led by Orencia and Otezla

Top 5

IMMUNOLOGY & INFLAMMATION

#1

LEADING FRANCHISES ROBUST EARLY-STAGE PIPELINE

(PHASE I / II ASSETS)

DEEP AND BROAD LATE-STAGE PIPELINE

CHEMISTRY BIOLOGICS CELL THERAPY

Underpinned by cutting edge technologies and discovery platforms

With access to additional modality platforms through strong external partnerships

P A T I E N T - C E N T R I C I N N O V A T I O N

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Strategic Rationale Strongly Supported by 2019 Performance

 Strong business performance across in-line portfolio  Progress on Revlimid IP  Positive clinical and regulatory achievements

  • Two recent approvals: Inrebic, Reblozyl beta-thal
  • Three FDA submissions: ozanimod, Reblozyl MDS, liso-cel
  • Two positive 1L lung trials: Checkmate 227 and Checkmate 9LA
  • CC-486 met primary endpoint of OS, enabling additional near-term launch
  • pportunity

Execution of ASR and recent dividend increase Successful divestiture of Otezla Integration activities and synergies on track

Company well positioned for near-term and long-term

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Well Positioned for the Near-Term and Long-Term

Strong Business Execution

New Launches

LCM Opportunities Pipeline & Business Development

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  • Top 3 layers of

management, >700 leaders

Important Progress on Integration

  • Major sites announced

and in place at close

  • Includes key biopharma/

research hubs

  • Activities on track

to drive $2.5B run-rate synergies by 2022 Key leadership in place at close Site Footprint Synergies

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$5.9B $1.6 B $2.2B 25% 7% 10% 10% $5.1 B $1.1 B 17% $8.1 B 13% 25% $1.8 B 16% $0.9 B Strong Business Momentum in Key Franchises

$ Net Sales YTD Q3’19, with % variances vs. YTD Q3’18

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Leading Brand in Expanding Market

AFib and VTE Volumes (in Millions)

5 10 15 20 25 30 35 2013 2014 2015 2016 2017 2018 2019 Est.*

OAC Total Volume NOAC Volume

1% 44% 79% 28% 20% 28% 0% 20% 40% 60% 80% 100% 2013 2014 2015 2016 2017 2018 Q3 2019

TRx Share - All Physicians

4% 54% 58% 17% 38% 29% 0% 20% 40% 60% 80% 100% 2013 2014 2015 2016 2017 2018 Q3 2019

NBRx Share - All Physicians

*2019 annualized. Reflects Eliquis US

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Strong commercial execution

  • Strong shares across key

indications Important growth

  • pportunity
  • 1L Lung
  • Metastatic LCM program
  • Early stage / adjuvant

pipeline

Important Franchise with Growth Opportunities Ahead

Breadth of Approvals

  • 19 indications in the US
  • 11 tumor types
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Commercial execution delivering strong in-line performance Encouraging IP progress for Revlimid in 2019 Pipeline Opportunities Coming to Fruition

Opportunity for Sustainable Leadership Position in Multiple Myeloma

ide-cel T-cell Engager CELMoDs Other BCMA

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Broadening Portfolio with 8 Near Term Launch Opportunities

liso-cel ide-cel CC-486

  • zanimod

TYK-2

  • Multiple Hematology launch
  • pportunities with the potential

to be first-in-class and/or best- in-class

  • Expanding Immunology

portfolio with ozanimod and TYK-2

  • Important Dual-IO
  • pportunity in 1L lung
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  • Two Phase 3 trials demonstrating Overall Survival with Dual-IO:

– CM-227: Deep and durable responses, flattening of the OS curve – CM-9LA: Potential to stabilize rapidly progressing disease with 2 cycles of chemo

  • Differentiated survival benefit recognized by physicians
  • Broad experience base with Dual-IO therapy among US physicians treating

lung cancer

  • Strong commercial capability to maximize market opportunity

Important Launch Opportunity in 1L Lung

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Near-term Hematology Launches

  • First-in-class EMA, with important near-term opportunity in ESA refractory/

ineligible RS+ MDS and the potential to expand to ESA naïve MDS and

  • ther anemias

liso-cel CC-486

  • Potential first-in-class BCMA CAR T with deep and durable responses in a

highly refractory MM population

  • Potential best-in-class CD19 CAR T for B-cell malignancies
  • OS benefit in 1L AML maintenance, with convenience of oral administration

ide-cel

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Immunology Launch & Late-Stage Opportunities

Potential Best-in-Class Oral

  • Potential for biologic-like efficacy

with convenient administration

  • Safety potentially differentiated from

JAKs: Selective MOA and molecule

  • Psoriasis: Initial Ph3 results later

this year

  • LCM program underway:

PsA, Lupus, IBD

Selective S1P with potential to be Best-in-Class in relapsing MS

  • Convenient once-daily oral dosing
  • PDUFA March 2020

Potential to be First-in-Class agent in Inflammatory Bowel Disease

  • Ph3 data in UC expected later

this year

  • zanimod

TYK-2

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Asset Disease Trial Timing*

  • zanimod

UC TRUE NORTH Mid-Yr TYK-2 Psoriatic Arthritis IM011-084 (Ph2/POC) 2H

Significant LCM Opportunities in 2020

Asset Disease Trial Timing* Reblozyl 2L RS+ MDS MEDALIST PDUFA Apr 4

Hematology Immunology

Asset Tumor Trial Timing* Opdivo + Cabo RCC CM-9ER 1H Opdivo + Yervoy Esophageal CM-648 2H Relatlimab + Opdivo Melanoma CA224-047 2H

Opdivo/Yervoy Metastatic Setting Opdivo/Yervoy Early Stage Setting

Asset Tumor Trial Timing* Opdivo + Yervoy Melanoma CM-915 2H Opdivo MIBC CM-274 2H Opdivo + Chemo NSCLC (Neo-Adj) CM-816 2H (pCR)

* Represents expected timing

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Opportunities 2021+

Asset Disease Trial Reblozyl 1L ESA-naïve MDS COMMANDS MF-associated anemia INDEPENDENCE liso-cel (JCAR017) 2L TNE DLBCL PILOT 2L TE DLBCL TRANSFORM 3L+ CLL TRANSCEND-CLL-004 ide-cel (bb2121) 2L MM KarMMa-2 3L+ MM KarMMa-3 Asset Disease Trial Ozanimod Crohn’s Disease YELLOWSTONE TYK-2 Ulcerative Colitis LATTICE-UC (Ph2) SLE PAISLEY (Ph2)

Hematology Immunology

Asset Disease Trial FactorXIa Stroke Prevention (Ph2) VTE Prevention (Ph2) AXIOMATIC-SSP AXIOMATIC-TKR

Cardiovascular

Tumor Trial Head & Neck CM-651 Bladder CM-901 Gastric CM-649 Mesothelioma CM-743 Tumor Trial NSCLC (Neo-Adj) CM-816 Esophageal CM-577 Renal CM-914 NMIBC CM-9UT HCC CM-9DX Adjuvant Mel (stage 2B/C) CM-76K

Opdivo/Yervoy Metastatic Setting Opdivo/Yervoy Early Stage Setting

Tumor Trial GBM CM-548 Melanoma, Renal, Bladder Opdivo + NKTR-214* HCC CM-9DW Prostate CM-7DX Tumor Trial NSCLC (Adj) ANVIL Stage 3 NSCLC (Unresectable) CM-73L NSCLC (Peri-Adj) CM-77T MIBC (Peri-Adj) CA017-078 Breast (ER+, HER2-) CM-7FL

* Full program with NKTR-214 includes additional studies in Adjuvant Melanoma, Muscle Invasive Bladder cancer (MIBC), and NSCLC

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Company Positioned to Deliver Sustained Innovation

Focus on delivering transformational medicine for patients

Broad and diverse platforms Leverage leading science in exciting therapeutic areas R&D footprint spanning key research hubs Strong internal pipeline, Expertise in sourcing external innovation

Hematology • Oncology Cell Therapy • Cardiovascular Immunology • Fibrosis Focused on targets independent of modality Protein Homeostasis • Cell Therapy Biologics • Chemistry Cambridge • San Francisco • Seattle

  • San Diego • Central NJ • Europe
  • Japan
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R&D Organized to Maximize Pipeline Value

Complement internal development with external innovation Leverage capabilities Strengthen and sustain leadership in

  • ur therapeutic areas

Maximize value of internal portfolio

GLOBAL DRUG DEVELOPMENT

Maximize innovation and productivity for late stage and LCM opportunities

  • Translational medicine,

including broad disease profiling

  • Industry-leading

analytics

  • Clinical operations
  • Computational

Science and AI

  • Data sciences
  • Project

management

  • Regulatory

INTEGRATED CAPABILITIES TO DRIVE INNOVATION RESEARCH & EARLY DEVELOPMENT

Drive innovation and bring forward next generation assets

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Broad Early Pipeline Across Key Franchises

As of December 2019

*In development for solid tumors and hematology **Being developed by Juno Therapeutics, Inc.

PEG-FGF21

Solid Tumor Hematology Immunology Fibrosis Cardiovascular

CCR2/5 Dual Antagonist Cabiralizumab (anti-CSF1R) anti-IL-13 BTK Inhibitor Iberdomide IL-2 Agonist anti-PD1 (CC-90006) S1P1 Agonist TLR 7/8 Antagonist TYK-2 Inhibitor (2) Branebrutinib BET Inhibitor (CC-90010) Anti-SIRPα* BET Inhibitor (CC-95775) CD3xCD33 Bispecific Antibody BCMA ADC JNK inhibitor HSP47 MGAT2 Inhibitor LPA1 Antagonist Nitroxyl Donor Relaxin FPR-2 Agonist

Phase II Phase I

Motolimod LSD1 Inhibitor* BET Inhibitor (BMS-986158) GEMoaB CD3xPSCA anti-ICOS anti-TIGIT anti-IL8 NLRP3 Agonist anti-CD73 anti-TIM3 anti-CTLA-4 Probody anti-CTLA-4 NF anti-CTLA-4 NF- Probody STING Agonist EP4+ Antagonist bb21217 (BCMA CAR T) Factor XIa Inhibitor

JCARH125 Orva-cel (BCMA CAR T)**

CELMoDs CC-93269 (BCMA TCE) CELMoDs

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  • Business development important to source external innovation
  • Consistent criteria for sourcing innovation externally:
  • Capacity for business development will expand over time

Business Development a Top Priority

Strategically Aligned Scientifically Sound Financially Attractive

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  • Investing in future innovation through business development
  • Deliver on commitments to reduce debt and achieve

<1.5x Debt / EBITDA by 2023

  • Continued dividend growth

» 10% increase announced in December 2019

  • Opportunistic share repurchase

» $7B ASR executed in Q4’19

Balanced Approach to Capital Allocation

Significant free cash flow potential underpins increasing financial flexibility

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Well Positioned for the Near-Term and Long-Term

TODAY NEAR-TERM LONG-TERM

Leader with Strong Set of In-line Brands Sustainability Enabled by Internal Innovation and Business Development

Fueled by Significant Financial Strength & Flexibility

Growth Driven by One of the Broadest Late-stage Pipelines in the Industry