Analyst Conference Summary

biotechnology

conference date: July 26, 2024 @ 5:00 AM Pacific Time
for quarter ending: June 30, 2024 (second quarter 2024, Q2)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, down % sequentially from $11.9 billion and up % from $ billion year-earlier.

Net income was $ billion, down % sequentially from $1.21 billion and down % from $ billion year-earlier.

EPS (earnings per share), diluted were $, down % sequentially from $0.60, and down % from $ year-earlier.

Guidance:

Conference Highlights:

Chris Boerner, CEO, said ""

Cobenfy (KarXT), a first-in-classs M1/M4 agonist for schizophrenia was approved by the FDA in September 2024. First new drug for schizophrenia in decades. Prepping trials in other indications. With this Bristol is re-establishing its presence in neuroscience.

The FDA has assigned a PDUFA of December 29, 2024 for subcutaneous nivolomab (Opdivo) with hyaluronidase combo for solid tumors post Opdivo+Yervoy combo therapy. But Opdivo+Yervoy phase 3 study did not meet enpoints for advanced NSCLC. In first line unresectable hepatocellular carcinoma set PDUFA of April 21, 2025.

Non-GAAP numbers: diluted EPS $, down % sequentially from $ and down % from $ year-earlier. Net income $ billion, down % sequentially from $3.7 billion, and down % from $ billion year-earlier.

Cash and equivalents ended at $ billion up sequentially from $8.42 billion. Cash flow from operations $ billion. Long-term debt was $ billion. $0 billion used for stock repurchases, but $5 billion remains authorized. Plans to pay down $7 billion of debt in next two years.

US revenue increased % to $ billion; international up % to $ billion.

The mid to late stage pipeline includes repotrectinib, farletuzumab exteribulin, AR-LDD, iberomide, mezigdomide, alnuctamab BCMA TCE, CC-99282, cendakimab, LPA1, and milvexian.

Cost of products sold was $ billion. SG&A $ billion. R&D $ billion. Amortization $ billion. Acquired IRPD $ million. Other expense $ million. Total expenses $ billion. Operating profit $ billion. Tax $ million.

Q&A selective summary:

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