Bristol-Myers Squibb Company (BMY)

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Bristol Myers Squibb Co. (BMY)

Cowen and Company 33rd Annual Health Care Conference Call

March 6, 2013 9:20 am ET


Francis Cuss – Senior Vice President-Research, R&D


Steve M. Scala – Cowen & Co. LLC


Steve M. Scala – Cowen & Co. LLC

Good morning and welcome to the Bristol Myers Squibb section of the Cowen Conference. We are very pleased to have the Company with us; once again this year representing the Company is Dr. Francis Cuss, who is Senior Vice President of Research and Charlie Bancroft, who is Chief Financial Officer as well as John Elicker and members of the Investor relations all in. We’ve long felt that Bristol Myers Squibb is a much known name in pharma for basically the reason that rolling out promising new products that we think will have a dramatic impact on the P&L over time. So we feel that this Company offers leverage potential that is not seen in another pharma stocks, and for that reason, we think it’s a name that you should own in our portfolio.

So with that I’ll turn it over to Dr. Cuss.

Francis Cuss

Good morning everyone, thank you very much, Steve that was kind remarks, I hope I can show you where your confidence is invested for the next few minutes. Just the forward-looking statement. This is a slide of the Company strategy, which I think will be familiar to many of you should be. We’d be showing this for the last five years, and I think it’s very important part, corporate strategy is a very important part of our success and the fact that it embedded in R&D, I think reflects what we have been trying to do, we can now show we can deliver. The elements of our strategy are obviously innovation, but essentially looking for innovation both internally and externally, and as well as, having our head in the clouds in terms of the science, we have our fleet firmly planted on the ground in terms of driving our business forward, whether it’s R&D or the rest of the business.

As my mother used to say, when I made a promise to her, the proof of the pudding is in the eating, and I think the proof of any strategies what have you delivered. And this slide here shows the 14 important drugs meeting unmet needs for patients that are being approved in the last 10 years. I think it’s important part of our strategy is the Best of Biotech, Best of Pharma and I think some of the approvals over the last year or two reflect what we’re trying to do.

So Forxiga, Eliquis, small molecules discovered in-house potential for best in first in class biologics like YERVOY high innovative Best of Biotech, Best of Pharma. We’re delivering. This is the broader portfolio from early true to late, don’t have time today to go into all of it, we’ll have to do that. But I’m going to concentrate on a couple of areas, but it covers all our core areas, and it has the balance of small molecules, large molecules.

Let me start our strategy in 2007, we had 6% of the portfolio, that 6% is biologics now it’s 40%. So we’ve made a major shift in terms of that. And we’ve had a slower, but substantial shift in terms of those disease areas, where we believe there is still unmet need. Our North Star is reaching unmet need, so we’re highly aspirational, but it’s also about delivery.

So let me take a couple areas, which we’ve had strategies for sometime, but we have high aspirations, and I’d like to tell you, what we are doing, and what we look to deliver in the near to medium term; one is immuno-oncology, the other is hepatitis C.

So here is our immuno-oncology pipeline; on the right hand side you can see we have our late stage assets YERVOY is approved for metastatic melanoma, but it’s also life cycle management for other indications I’ll talk about that in a moment. Nivolumab, next generation anti-PD-1 antibody, I’ll talk some more about that too, and also in Phase III doesn’t get as much year time, but important for us is elotuzumab in multiple myeloma, can consider as an immuno-oncology mechanism of action, but we also have earlier stage assets the Anti-KIR, Anti-CD137 and Interleukin-21 in Phase I, Phase II; and the LAG3 antibody in preclinical, and as well as being late and early assets we can divide these also into that those the targets the innate system, the innate immune système as well as the adaptive system.

As you recall the innate system is a the more primitive immune system or legacy from the insects and the worms is a non-specific approach and the adaptive sytem which has evolved in vertebrates, and also with backbones that targets very specifically both infections and tumors.

I’ll talk a little bit more about the adaptive system, but I want to give you a sense of the comprehensive and intensive nature of our IO portfolio that we are looking at both of these. Some of these are removing to break that the tumors have put on the immune system others are pressing the acceleration, they are stimulating the immunes directly. So there’s lots of different approaches here, lots of different possible combinations, and I’ll talk about some of those.

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