Analyst Conference Summary

biotechnology

conference date: April 24, 2025 @ 5:00 AM Pacific Time
for quarter ending: March 31, 2025 (first quarter 2025, Q1)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $12.3 billion and up % from $ billion year-earlier.

Net income was $ million, down % sequentially from $72 million and down % from $ billion year-earlier.

EPS (earnings per share), diluted, were $, down % sequentially from $0.04, and down % from $ year-earlier.

Guidance:

Conference Highlights:

Chris Boerner, CEO, said ""

In Q1 2025 the EC approved Augtyro for ROS1-positive advanced NSCLC and also for advanced solid tumors expressing NTRK gene fusion.

In Q1 2025 Sotyktu (deucravacitinib) Phase 3 results for psoriatic arthritis were positive.

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. Launch began in October 2024.

The FDA approved subcutaneous nivolomab (Opdivo Qvantig) with hyaluronidase combo for solid tumors post Opdivo+Yervoy combo therapy in December 2024. In first line unresectable hepatocellular carcinoma set PDUFA of April 21, 2025. In Europe in Q4 2024 the CHMP recommended approval of Opdivo + Yervoy for first-line unresectable or advanced hepatocellular carcinoma. The EC approved the combo for microsatellite instability-high metastatic colorectal cancer (mCRC).

Non-GAAP numbers: diluted EPS $, down % sequentially from $1.67 and down % from $ year-earlier. Net income $ billion, down % sequentially from $3.4 billion, and down % from $5 billion year-earlier.

Cash and equivalents ended at $ billion up sequentially from $11.2 billion. Cash flow from operations $ billion. Long-term debt was $ billion, short term $ billion. $0 billion used for stock repurchases, but $5 billion remains authorized. Plans to pay down $4 billion of debt in 2025/2026.

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 of acquired intangible assets $ billion. Acquired IRPD $ million. Other expense $ million. Total expenses $ billion. Operating profit $ million. Tax $ million.

Q&A selective summary:

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