Bristol Myers Squibb Co. (BMY)
Q4 2012 Earnings Call
January 24, 2013 10:30 am ET
John Elicker – Senior Vice President, Public Affairs and Investor Relations
Lamberto Andreotti – Chief Executive Officer
Charles Bancroft – Executive Vice President and Chief Financial Officer
Giovanni Caforio – President-U.S. Pharmaceuticals
Béatrice Cazala – Executive Vice President-Commercial Operations
Alan J. Lacy – Senior Advisor-Oak Hill Capital Partners, L.P
Elliott Sigal – Executive Vice President, Chief Scientific Officer and President-R&D
Gregory B. Gilbert – Bank of America/Merrill Lynch
Jami Rubin – Goldman Sachs Group Inc.
Mark Schoenebaum – ISI Group
Tim Anderson – Sanford C. Bernstein & Co., LLC.
Alison Yang – Barclays Capital
Catherine Arnold – Credit Suisse
David R. Risinger – Morgan Stanley & Co. LLC
Seamus Fernandez – Leerink Swann
Christopher Schott – JPMorgan
Andrew S. Baum – Citigroup Global Markets Ltd.
Alex Arfaei – BMO Capital Markets
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John E. Elicker
Thank you, Alicia, and good morning everybody. Thanks for joining the call this morning to discuss our Q4 results and 2013 guidance. With me this morning are Lamberto Andreotti, our Chief Executive Officer; and Charlie Bancroft, our Chief Financial Officer. Both Lamberto and Charlie will have prepared remarks. And then joining us for Q&A are Elliott Sigal, our Chief Scientific Officer; Beatrice Cazala, Executive Vice President of Commercial Operations; and Giovanni Caforio, President of U.S. Pharmaceuticals. Again Lamberto and Charlie will have prepared remarks and then Elliot, Beatrice, and Giovanni will be here for Q&A.
Before we get started, I will take care of the legal requirements. During this call, we'll make 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. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Company's SEC filings. These forward-looking statements represent our estimates as of today and should not be relied upon as representing our estimates as of any subsequent date.
We specifically disclaim any obligation to update forward-looking statements even if our estimates change. We will also discuss non-GAAP financial measures adjusted to exclude certain specified items. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures are available on our website.
Thank you, John. Good morning everyone. Well, we had a strong close to a very important year. In just the last quarter, we grew our inline and new brands by 16% with especially stronger performance by Orencia, Yervoy, Sprycel, Onglyza, Kombiglyze, and Baraclude.
We made some important clinical advances; most notably with respect to our immuno-oncology and Hepatitis C abscess. And we had several key regulatory successes to the European approval of Forxiga, and especially important for the company, most people approval of Eliquis including in the U.S. In fact, these regulatory accomplishments underscore the importance of 2012 as a year of significant transition for Bristol Myers Squibb, one that brought our portfolio of the future into sharper perspective, and late the ground work for this year’s focus on our commercial opportunities.
Eliquis was the big story of the quarter by gaining back-to-back approvals in Europe, Canada, Japan, the U.S. and South Korea this differentiated asset has been on top for a strong start to the New Year. Next week along with our partner Pfizer, we will be launching Eliquis in the U.S. Our teams have been working together, planning for this day, preparing for our launch. We're ready to move forward and while we have already launched in few markets such as the UK, Germany, and Denmark, we are making similar preparations in the other markets too.
This is an important development for patients and physicians. For the past 60 years Warfarin has been the gold standard for this patient population, but now that has changed. Elilquis is the only anticoagulant that has demonstrated superior risk reduction versus Warfarin in the three critical outcomes of stroke prevention, major bleeding and of course death in patients with nonvalvular atrial fibrillation.
With respect to diabetes, Forxiga’s European approval during the fourth quarter, a significantly strength with our franchise and kept an important year for Bristol Myers Squibb in this space. Central to our expansion in diabetes was our acquisition of Amylin announced last June and the announcement of our five year old partnership with AstraZeneca. Both of these developments have reinforced our leadership with respect to type 2 diabetes and have better positioned us to address the significant unmet medical need that still exists for these patients.
Regarding Amylin, our integration continues to go well. Our cross-train sales force is already hard at work in the U.S. mark and by the beginning of the second quarter, which should largely assume full commercialization to Amylin assets outside the U.S.
As I said before, we also made significant pipeline progress last year, including during last quarter. With respect to immuno-oncology PD-1 Nivolumab is already multiple Phase III trials for lung, renal, and melanoma. We presented important data at ASCO last year and we are looking forward to their read out of the very broad Phase III program we had initiated. Similarly, elotuzumab for multiple myeloma is also in Phase III trials. We presented some interesting data at ASH in December. We suggested that elotuzumab may be promising for patients with relapsed/refractory multiple myeloma.