Cardiovascular, Immunology & Fibrosis...2020/06/26 · Deep portfolio for continued innovation across key therapeutic areas of focus 4 Immuno-Oncology Hematology Immunology & CV Inline

Investor SeriesImmunology & CardiovascularJune 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 Day 3 Not for Product Promotional Use

Investor Series

Giovanni Caforio

3

Chairman andChief Executive Officer


Deep portfolio for continued innovation across key therapeutic areas of focus

4

Immuno-Oncology Hematology Immunology & CV

InlineBrands

Multiple LCMs

New Launches

Next Wave

Multiple myeloma

B-cell malignancies

Myeloid diseases

Otherauto-immune

diseases

Next Medicines

>20 assets with proof of concept decisions over the next three years

liso-cel CC-486ide-cel TYK2i

Relatlimab

Bempeg (NKTR-214)

CELMoD agents

T-cell engager (TCE)

Factor XIa inhib

Metastatic disease

Early stage disease

InflammatoryBowel Disease

UC - Crohn’s Lupus - Psoriatic arthritis

1L Lung, CM-9ER

Cendakimab


Immunology & CV Development

Samit Hirawat

5

Executive VPChief Medical OfficerGlobal Drug Development


Cell Therapy

Asset Indication

ide-cel(3)

(BCMA CAR T)MM

liso-cel(CD19 CAR T)

DLBCLFLCLLMCL

orva-cel(BCMA CAR T)

MM

bb21217(3)

(BCMA CAR T) MM

Potential first- and/or best-in-class late stage assets with significant life cycle management opportunities

6

Hematology

Asset Indication

Rebloyzl(2)

(EMA)MDSMF

Iberdomide(CELMoD agent)

MMSLE

CC-486(DNMTi)

AMLAITL

CC-92480(CELMoD agent)

MM

CC-93269(BCMA TCE)

MM

Immunology & Fibrosis

Asset Indication

TYK2Inhibitor

PsoriasisPsAUCCDSLELN

Zeposia(S1P agonist)

UCCD

Cendakimab(anti-IL-13)

EoE

HSP47 Fibrosis

Pegbelfermin(FGF-21) NASH

Cardiovascular

Asset Indication

FXIaInhibitor(4)

ThromboticDisorders

Immuno-Oncology

Asset Tumor Type

Opdivo,Yervoy(anti PD-1, anti CTLA-4)

BladderEsophageal

GastricGlioblastoma

HepatocellularHead & Neck

Melanoma Mesothelioma

NSCLCProstate

Renal

Relatlimab(anti-LAG3)

Melanoma

Bempegaldesleukin(1)

(IL-2)

BladderMelanoma

RenalMF = 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

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

TYK2i PsoriasisPh3 POETYK PSO (IM011-046)

TYK2iPsoriatic ArthritisPh2 (IM011-084)

Registrational

Signal Seeking

2022+20212020

TYK2i PsoriasisPh3 POETYK PSO-2 (IM011-047)

TYK2i PsoriasisPh3 (IM011-065) China-Asia

TYK2i PsoriasisPh3 (IM011-066) Japan

TYK2iSystemic lupus erythematosusPh2 PAISLEY (IM011-021)

TYK2iLupus nephritis Ph2 PAISLEY-LN (IM011-073)

TYK2iCrohn’s DiseasePh2 LATTICE (IM011-023)

ZeposiaCrohn’s DiseasePh3 Yellowstone program

ZeposiaUlcerative Colitis Ph3 TrueNorth Positive Topline

TYK2iUlcerative ColitisPh2 LATTICE (IM011-024)

ZeposiaMultiple Sclerosis FDA and EU Approval

7

Cendakimab Eosinophilic EsophagitisPh3 (target start late 2020/early 2021)


TYK2i has a novel mechanism of action that allows differentiated effects from JAK inhibitors

8

ATP-binding active site

BMS-986165

Cellular IC50 (nM)1

IL-23 IFNa IL-12 EPO

Agent (TYK2/JAK2) (TYK2/JAK1) (JAK1/JAK3) (JAK2)

BMS-986165 8 5 623 >10,000

TYK2 inhibition has downstream effects on IL-12, IL-23, and Type I interferon, key cytokines in immune-mediated disease pathogenesisBMS-986165 targets a novel pseudokinase domain, which offers selective inhibition of IL-23, IFNa and IL-12

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.

TYK2

Activedomain

Regulatory domain (pseudokinase domain)

TYK2


Assay IC50 (nM)1

Inhibitor TYK2 regulatory domain

TYK2 active domain JAK1 JAK2 JAK3

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

TYK2 inhibition: In-Vitro data suggests differentiated profile versus JAKs

9

IC50=half-maximal inhibitory concentration; JAK=Janus kinase; nd=not determined; TYK=tyrosine kinaseWrobleski 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

BMS-986165 binding siteTYK2

TYK2

Active site

Active domain

TYK2

JAK1

Active site

Active domain

TYK2

JAK2

Active site

Active domain

TYK2

JAK3

Active site

Active domain

TYK2

TYK2

Regulatory domain


BMS-986165 has demonstrated proof-of-concept for TYK2 inhibition in Psoriasis

10

Response rate for key products from Ph 3 trials (PASI-75)% patients at week 12 or 16

Note: ^ TYK2i data is from Ph 2, 3mg BIDSource: FDA product labels, TYK2i Phase 2 data, EvaluatePharma

6771

8289 89 91

33

69

0

20

40

60

80

100

Ph2

Small molecule

Biologic

IL-12/23 TNF IL-17 IL-23 PDE4 TYK2iTarget

Stelara Humira Cosentyx Taltz Skyrizi Tremfya Otezla TYK2i^

Robust clinical efficacy• Consistent dose response observed with sustained

efficacy after discontinuation of dosing• Efficacy in both biologic-naïve and -exposed

subjects

Validation of target and MoA• Reduction in expression of genes of the

IL-23/IL-12 and type I IFN pathways• No change in JAK1, JAK2 or JAK3 biomarkers• No dyslipidemia, liver abnormalities,

lymphopenia, or thrombotic events associated with JAK inhibitors

Ph 2 takeaways


Phase 3 Trial designs for POETYK1 and 2

11

*Apremilast is titrated from 10 mg QD to 30 mg BID over the first 5 days of dosing.†Upon relapse (≥50% loss of Week 24 PASI percent improvement from baseline), subjects will be switched to BMS-986165BID=twice daily; PASI=psoriasis area severity index; QD=every day; sPGA=static Physicians Global Assessment.1. Data on file. Princeton, NJ: Bristol-Myers Squibb Company; 2018. 2. ClinicalTrials.gov. NCT03611751. Accessed August 7, 2018.

Adults with moderate to severe psoriasis

No concomitant systemic or biologic therapy

Biologic-inadequate responders <25%

Co-primary endpoints (Week 16):– PASI-75 – sPGA 0/1

IM01

1-04

6IM

011-

047

Ran

dom

ize

Ran

dom

ize

Titrate*

BMS-986165BMS-986165Placebo

BMS-986165Placebo

16 24 52 560 Weeks

Apremilast 30 mg BID

BMS-986165

Placebo†

BMS-986165

BMS-986165

BMS-986165 BMS-986165

BMS-986165

Placebo† BMS-986165

Titrate* Apremilast 30 mg BID<PASI-75

≥PASI-75

<PASI-75

≥PASI-75

<PASI-50

≥PASI-50

Long-termrollover study

Apremilast 30 mg BID


Core Indication Strength of Evidence TYK2 Signaling Pathways Next Data Readout

Clinical Validation

Preclinical Models

Genetic 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+)

TYK2 inhibition has potential to impact a variety of diseases

12

* Not yet validated pathways


Zeposia: Potential to be a differentiated oral medicine in UC

• Ozanimod modulates select S1P receptors reducing reach of autoreactive lymphocytes to the gut

• No black box warning • No first dose cardiac monitoring• No broad based ocular testing• No genetic testing

• Primary endpoints of clinical remission in induction and in maintenance (p<0.0001)

• Key secondary endpoints of clinical response and endoscopic improvement

• Safety consistent with known safety profile for ozanimod and moderate to severe UC

Autoreactive lymphocyte

migration to gut

ozanimod

Favorable safety profile reflected in best-in-class MS label

First oral S1P to demonstrate benefit in moderate to severe UC in a Ph 3 study

13


Zeposia Ph 3 study ongoing in Crohn’s Disease

14

STEPSTONE (Ph 2)1

Primary endpoints:• Induction studies: Week 12 Clinical remission• Maintenance study: Co primary @ Week 52 Clinical remission and endoscopic response

YELLOWSTONE program (Ph 3 Study Design)

Zeposia in CD

23.2%28.1%

18.9%

0

10

20

30

40

50

60

% of

Pat

ient

s (w

k12)

Overall(n=69)

Biologic naïve(n=32)

Endoscopic Response (SES-CD decrease ≥50%) at Week 122

Zeposia

Placebo

Zeposia

Placebo

Zepo

sia

resp

onde

rs o

r re

mit

ters

are

re-

rand

omiz

ed 1

:1 t

o Ze

posi

a or

Pla

cebo

Zeposia

Placebo

52 wk maintenance study

Study 3201

Study 3202

N = 450

N = 225

N = 450

N = 225

12 wkinduction study

Adults with moderately to severely active CD

1. Feagan et al. Lancet Gastroenterol Hepatol 15-Jun 2020 online; 2. ITT-NRI analysis for SES-CDSES-CD=Simple Endoscopic Score for Crohn's Disease

Biologic experienced

(n=37)

Mean CDAI reduction at week 12 was 130 points


Cendakimab: High unmet need in Eosinophilic Esophagitis (EoE)

• ~700K patients WW with EoE

• 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

• 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

— Targets the underlying inflammation and resulting fibrosis that lead to disease progression in EoE

15

White exudates

Fixed rings

Edema

Longitudinal furrows

Strictures

“Crepe paper” esophagus

Normal esophagus


Cendakimab: Targets Key Cytokine in Pathogenesis of EoE

• High affinity IL-13 neutralizing antibody‒ Binds to the IL-13 ligand, thus inhibits

binding to IL-13Rα1 and IL-13Rα2 subunits

• Upregulated IL-13 is the key mediator of the EOE disease process1

‒ Helps eosinophil recruitment and activation‒ Disrupts epithelial barrier function

• By inhibiting both α1 and α2 subunits, cendakimab offers the potential to address both inflammation and fibrosis2

161. Caldwell et al. Curr Opin Immunol 20172. Fichtner-Feigl et al Nature Medicine VOLUME 12 NUMBER 1 ,2006

IL-13Rα1 IL-13Rα2

Cendakimab

Fibrosis & Remodeling

IL13

IL13

Inflammation

X X

Cendakimab inhibits IL-13 binding to

IL-13Rα1 & IL-13Rα2 subunits


92.4

116.7122.6

90.3

24.8 25.5

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

Placebo(n=34)

RPC4046180 mg(n=31)

RPC4046360 mg(n=34)

Mea

n Es

opha

geal

Eos

inop

hil

Coun

t (c

ells

/hpf

)

P<0.0001 P<0.0001

Cendakimab Phase 2 EOE studyMeaningful reduction in eosinophil counts and endoscopic findings at Week 16

Primary Endpoint: Mean Esophageal Eosinophil Count (cells/hpf) at Week 16

Secondary Endpoint: Endoscopic EREFS

(Edema, Rings, Exudate, Furrows score) Total Score at Week 16

9.1 9.09.4

7.9

5.34.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Placebo (N=34) RPC4046 180 mg (N=31) RPC4046 360 mg (N=34)

BL

Wk 16

P=0.0004 P<0.0001

BL WK 16 BL WK 16 BL WK 16 BL WK 16 BL WK 16 BL WK 16

Mea

n ER

EFS

Tota

l Sco

re


Cendakimab: Acceptable Safety Profile in Phase 2 EoE study

18

Placebo(N=34)n (%)

RPC4046 180 mg(N=31)n (%)

RPC4046 360 mg(N=34)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)


Cendakimab: Conclusions

19

• 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


Cell Therapy

Asset Indication

ide-cel(3)

(BCMA CAR T)MM

liso-cel(CD19 CAR T)

DLBCLFLCLLMCL

orva-cel(BCMA CAR T)

MM

bb21217(3)

(BCMA CAR T) MM

Potential first- and/or best-in-class late stage assets with significant life cycle management opportunities

20

Hematology

Asset Indication

Rebloyzl(2)

(EMA)MDSMF

Iberdomide(CELMoD agent)

MMSLE

CC-486(DNMTi)

AMLAITL

CC-92480(CELMoD agent)

MM

CC-93269(BCMA TCE)

MM

Immunology & Fibrosis

Asset Indication

TYK2Inhibitor

PsoriasisPsAUCCDSLELN

Zeposia(S1P agonist)

UCCD

Cendakimab(anti-IL-13)

EoE

HSP47 Fibrosis

Pegbelfermin(FGF-21) NASH

Cardiovascular

Asset Indication

FXIaInhibitor(4)

ThromboticDisorders

Immuno-Oncology

Asset Tumor Type

Opdivo,Yervoy(anti PD-1, anti CTLA-4)

BladderEsophageal

GastricGlioblastoma

HepatocellularHead & Neck

Melanoma Mesothelioma

NSCLCProstate

Renal

Relatlimab(anti-LAG3)

Melanoma

Bempegaldesleukin(1)

(IL-2)

BladderMelanoma

RenalMF = 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

1) In partnership with NEKTAR Therapeutics, 2) in partnership with Acceleron, 3) partnership with bluebird bio, 4) In partnership with J&J


Substantial unmet need persistsin thrombotic diseases

Factor Xa inhibitors significantly improved efficacy and safety from previous SoC, yet further opportunity to reduce bleeding risk exists

Combining Factor Xa inhibitors with anti-plateletagents has been shown to improve outcomes but increased bleeding risk limits usage

21

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

Up to 20% of patients don’t receive anticoagulation, despite being at high stroke risk1

Many patients with AF receive doses lower than recommended, which may result in sub-optimal outcomes2,3

Inability to combine OACs with dual-antiplatelet therapy for neurologic/cardiac conditions


Factor XIa inhibition has the potential to prevent thromboembolic events with a reduced risk of serious bleeding

22

Extrinsic Pathway

Intrinsic Pathway

Tissue Factor

FVIIa FVII

Vesselinjury

Fibrinogen Fibrin

Common Pathway

FXII FXIIa

FIX FIXa

FX FXa

FIIFIIa

FXI FXIa

Thrombin Feedback

ApixabanRivaroxabanEdoxaban

BMS-986177

Warfarin blocks FVII, FIX, FX, and FII synthesis

DabigatranFVIIa also activates FIX (not shown)


Factor XIa is a validated target with demonstrated efficacy and evidence for lower bleeding risk

23

0

2

4

6

8

10

0

20

40

60

80

100

AspirinCOX

ClopidogrelP2Y12

AbciximabGPIIbIIIa

FactorXa Inhibitor

FactorXIa Inhibitor

Fold

Incr

ease

in

Blee

ding

Tim

e

Perc

ent

Thro

mbu

s W

eigh

t Re

duct

ion

Thrombus Weight Reduction Bleeding TimeHemophilia C is an inherited deficiency in FXI• Spontaneous bleeding is rare• Reduced risk of CV events

Retrospective cohort study of 10,193 patients including over 1200 with measured FXI deficiency:1

Antiplatelets AnticoagulantsRisk of CV events lower by

In patients with moderate-to-severe deficiency

HR 0.571

In patients with mild deficiency

HR 0.52

43%48%

Risk of VTE lower by

61%

In patients with mild deficiency

HR 0.39

No VTE eventsIn patients with moderate-to-severe deficiency1

Genetics & Epidemiology Preclinical

1 Preis et al, Blood 2017 / 2 Büller et al, NEJM 2015

Clinical

In a Phase 2 study of patients undergoing total knee arthroplasty, reduction of circulating FXI via antisense oligonucleotide provided superior reduction of VTE vs. enoxaparin and appeared safe with respect to bleeding2


Two Phase 2 trials will inform future development path

24

Total Knee Replacement (TKR) Study

FXIa inhibitor vs enoxaparin in patientsundergoing elective total knee replacementsurgery

(N=1200)

Secondary Stroke Prevention (SSP) Study

FXIa inhibitor + clopidogrel + aspirin vs. clopidogrel + aspirin in patients with acute ischemic stroke or transient ischemic attack

(N=2350)Anticipated Readouts starting in 2021 will inform potential for Ph 3 expansion in several indications


Key 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

25

Important opportunity to renew our CV portfolio with Factor XIa

• Potential to broaden the use of antithrombotic therapy


Immunology & CV Commercial

26

Chris BoernerExecutive VPChief Commercialization Officer


Strong foundation of in-line products with opportunities for continued growth

Opportunity to grow the franchise with new medicines and new indications

In-line Portfolio

TYK2i

Zeposia IBD

Factor XIa

Strong commercial foundation including Zeposia early in its life cycle

Future Growth Opportunities

27

Cendakimab


Immunology market and our near term opportunity

28

Immunology Context

Selective TYK2i

JIAPSARA

MS

PSOUC

Crohn’sPSA

Lupus

Crohn’s

UC

JIAPSARA

MS

2020 (Marketed)

2021-23 (Near Term)

2024+(Long Term)

GvHD

• BMS has created a successful model to compete in the RA market

• BMS built capabilities in targeted patient identification, data generation and access/reimbursement support

• Our success in Rheumatology builds a foundation for a broader set of Immunology opportunities across Derm, MS and GI

28

BMS’ Marketed and Late Stage MedicineLaunches in Immunology

Cendakimab

JIAPSARA

MS

PSOUC

GvHD

EoE


Potential to establish a strong positionin relapsing Multiple Sclerosis (MS)

29

• >1M RRMS diagnosed prevalence WW (~360K US, ~415K EU5)

• In US, 3K HCPs make up 80% TRx

• HCP treatment experience drives treatment choice

• Strong patient involvement

Large concentrated market with significant patient engagement

Market: Multiple Sclerosis

• High efficacy treatment, comfortable with S1P mechanism

• Advantages on safety profile vs other S1Ps and no first-dose CV monitoring

• Fewer tests (no ophthalmic or genetic test required)

• Strong brain preservation data

• Once-daily dosing

Differentiated profile recognized by HCPs

Profile: Best-in-Class S1P

• Approved March, Launched June 1

• Medical field-based presence since 2018

• Live and virtual visits, leveraging remove engagement capabilities

• Patient engagement and best-in-class patient support

• Strong access capability

• EU: July 15 Germany product listing; HA reviews in CA, CH, AUS

US Launch 2020


IBD: Building a Differentiated Portfolio

30

Our Opportunity In IBD

~0.8

Diagnosed Prevalent

~3.1

54%

Moderate-to-SeverePrevalent

On Biologics/ Novel OralsPrevalent

46%~1.9

U.S. EU5 Diagnosed IBD Patients (2020e)

Patients (M)Ulcerative ColitisCrohn’s Disease• Large population, underserved by current

therapy options— Biologics (older TNFs and newer treatments)

are injectables and have limitations— First novel oral (JAK) reserved only

post-TNF for UC (US)

• Zeposia has the potential to be first-in-class S1P and expand oral pre- and post-biologic opportunity

• Potential for a strong GI franchise with:— Zeposia Crohn’s Ph 3: enrolling now— TYK2i and pipeline medicines


Potential to Play an Important Role in Ulcerative Colitis (UC)

31

Relief with current options, but concerns:

• Prolonged steroid use

• Fear of injectable biologics (infections, malignancy)

• Known JAK profile – black box warning

UC Patients

• ~60% female; diagnosed around age 30

• Significant pain, flares, impact on all aspects of life and work

• Facing lifelong treatment, bowel resection

Potential to expand the oral pre- and post-biologic market with first-in-class selective S1P

• Clinically meaningful efficacy competitive with existing novel treatments (biologics)

− Highly statistically significant and consistent across clinical and endoscopic endpoints

• Differentiated safety profile

−Established safety (no black box warning) in MS with no cardiac monitoring required

• Convenient once-daily oral dosing


Opportunity to build a differentiated GI franchise

Establish GI franchise with Zeposia— Positive topline in UC— Enrolling Ph3 program in CD

32

Novel mechanisms across immunologic disorders and strong track record of commercial success

Expand with TYK2i— POC studies underway in UC and CD

Broaden beyond IBD with Cendakimab in EoE— Ph3 to start late 2020/early 2021

TYK2i

Cendakimab


BMS 986165(selective TYK2i)

33

Moderate-Severe Psoriasis (PSO) will serveas a platform for multi-indication LCM program

• >3M diagnosed prevalence (~1.7M US, ~1.5M EU5)

• Derms are largely safety conscious

• Topicals are still widely used

• <30% moderate-to-severe PSO pts receive systemic treatment

Significant opportunity to expand oral market with best-in-class medicine

Market:Moderate-Severe Psoriasis

• Promising efficacy on skin clearance: superior to apremilast, comparable to TNFs

• Opportunity to create new SOC as pre-biologic treatment

• Novel mechanism differentiated from JAKs on safety

HCP enthusiasm for profile (Ph2)

Profile: Best Oral Option

• High medical engagement through Ph 3 enrollment

• Hire field sales and access teams following Ph 3 data

• Expand existing BMS analytics, customer and medical capabilities

Building a Dermatology Franchise

• Ph2 PSA

• Ph2 SLE

• Ph2 UC/CD

Expansion Opportunities


Strong foundation of in-line products with opportunities for continued growth

Opportunity to grow the franchise with new medicines and new indications

In-line Portfolio

TYK2i

Zeposia IBD

Factor XIa

Strong commercial foundation including Zeposia early in its life cycle

Future Growth Opportunities

34

Cendakimab


Ability to Leverage History of Strong Commercial Execution

• Consecutive CV alliances established Plavix & Eliquis as SOC antithrombotic medicines

• Eliquis provides platform for significant growth

• Factor XIa inhibitor (with Janssen) provides opportunity for next-generation antithrombotic therapy for prevention and treatment of major thrombotic conditions

— Monotherapy and/or combination with antiplatelets

35

Eliquis Net Sales

$0.1 $0.8 $1.9

$3.3 $4.9

$6.4 $7.9

201920182016 20172014 20152013

WW Net Sales ($B)

• Established Eliquis as the #1 OAC globally• Continue to grow novel oral anti-coagulant (NOAC)

and OAC shares 7 years post-launch• Focus on market expansion in key markets

US Eliquis share Oral Anti-coagulant (OAC) market• NBRx: 57%, TRx: 47%1#

Factor XIa: Potential to Continue CV Leadership


Key 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

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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


Financial Overview

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David ElkinsExecutive VPChief Financial Officer


Multiple Value Drivers

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Significant financial flexibility

SynergyCapture

Robust LCM program

8 near term launches

Strong in-line business

6+ Next Medicines


Future outlook supported by launches, broad and deep pipeline, and strategic business development

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• Continue to source innovation and assets from outside the company

~$20B* in revenue potential**in 2H of the decade

Significant long-term commercial opportunities

Strategic Business Development

*non-risk adjusted

• Enabled by financial strength & flexibility— Current balance sheet strength— Significant cash flow generation

Inrebic • Reblozyl • ZeposiaCC-486 • Liso-cel • Ide-cel • TYK2i

Relatlimab • CELMoD agents • Bempeg TCE (CC-93269) • Cendakimab • Factor XIa

New Launches

Next Medicines

Next Wave

6+ agents in or close to full development; each with significant commercialpotential**

Maturing early pipeline

**subject to positive registrational trials and health authority approval


Progress on integration: On track to achieve major milestones and synergy goals

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• Aligned company vision, mission & values

• Positive employee engagement indicators

• ~90% of the organization in place globally

• Strong access to talent through presence in key biopharma hubs

•Consolidating sites globally

• Progressing procurement integration

•On track to deliver$2.5B by 2022 – 1/3 expected in 2020

Cultural Integration

Organizational Strength

Synergies


Consistent approach to capital allocation

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Continued commitment to the dividend

Committed to reducing debt:<1.5x Debt / EBITDA by end of 2023

Future innovation through business development


Significant flexibility to invest in innovation

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~$45B expected in free cash flow

~$10Bin debt maturities

~$12Bin dividend** paid out

~$7Bin CVR payment

Increasing strength of the balance sheet and strong excess cash flow

~$19B*Q1 2020 cash balance

over 2020-2022

*Cash includes cash, cash equivalents and marketable securities; 75% of total cash is in the U.S.**Future dividend payouts illustrated using 2020 dividend rate and requires board authorization


Business Development a top priority

• Business development important to source external innovation

• Consistent criteria for sourcing innovation externally:

• Focused on therapeutic areas of interest

Immuno-oncology ● Hematology ● Immunology ● Cardiovascular ● Fibrosis ● Neurology

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Strategically Aligned

ScientificallySound

FinanciallyAttractive


Financial strength of the company

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• Strong in-line business

• 8 near term launches

• Robust LCM program

• Synergy capture

• ~$45B of expected free cash flow over the next 3 years

• De-levering to <1.5x Debt / EBITDA by 2023

• Continued commitment to the dividend

• Sourcing future innovation through Business Development

Multiple ValueDrivers

Consistent Approach to Capital Allocation

Future outlook supported by breadth of new launches, robust pipeline and financial strength


Investor Series

Giovanni Caforio

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Chairman andChief Executive Officer


Deep portfolio for continued innovation across key therapeutic areas of focus

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Immuno-Oncology Hematology Immunology & CV

InlineBrands

Multiple LCMs

New Launches

Next Wave

Multiple myeloma

B-cell malignancies

Myeloid diseases

Otherauto-immune

diseases

Next Medicines

>20 assets with proof of concept decisions over the next three years

liso-cel CC-486ide-cel TYK2i

Relatlimab

Bempeg (NKTR-214)

CELMoD agents

T-cell engager (TCE)

Factor XIa inhib

Metastatic disease

Early stage disease

InflammatoryBowel Disease

UC - Crohn’s Lupus - Psoriatic arthritis

1L Lung, CM-9ER

Cendakimab


“

Well positioned for the near-term and long-term

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CURRENT

NEAR TERM

LONG TERM

Leader with Strong Set of In-line Brands

Sustainability Enabled by Internal Innovationand Business Development

Growth Driven by New Launches and LCM Expansion


Q&A

Giovanni Caforio, M.D.Chairman,Chief Executive Officer

David ElkinsExecutive VP,Chief Financial Officer

Nadim AhmedExecutive VP,President, Hematology

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Chris Boerner, Ph.D.Executive VP,Chief Commercialization Officer

Samit Hirawat, M.D.Executive VP,Chief Medical Officer,Global Drug Development

Rupert Vessey, M.A., FRCP, D.PhilExecutive VP,President, Research & Early Development

Documents

Cardiovascular, Immunology & Fibrosis...2020/06/26 · Deep portfolio for continued innovation across key therapeutic areas of focus 4 Immuno-Oncology Hematology Immunology & CV Inline