Bristol-Myers Squibb Company (BMY)

BMY 
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Bristol-Myers Squibb Company (BMY)

Q1 2013 Earnings Conference Call

April 25, 2013 10:30 ET

Executives

John Elicker - Senior Vice President, Investor Relations and Public Affairs

Charlie Bancroft - Chief Financial Officer

Elliott Sigal - Chief Scientific Officer

Francis Cuss - Incoming Chief Scientific Officer

Giovanni Caforio - President, U.S. Business

Beatrice Cazala - Executive Vice President, Commercial Operations

Analysts

Jami Rubin - Goldman Sachs

Tim Anderson - Sanford Bernstein

Seamus Fernandez - Leerink

Chris Schott – JPMorgan

Greg Gilbert - Bank of America

Mark Schoenebaum - ISI Group

David Risinger - Morgan Stanley

Marc Goodman - UBS

Alex Arfaei - BMO Capital Markets

Presentation

Operator

Good day and welcome to today’s First Quarter Earnings 2013 Release Conference Call. This call is being recorded. At this time, I would like to turn the call over to Mr. John Elicker, Senior Vice President, Investor Relations and Public Affairs. Please go ahead, Mr. Elicker.

John Elicker

Thank you, Kayla, and good morning everybody. Thanks for joining us to review our first quarter results. Unfortunately, Lamberto Andreotti, our CEO is not able to join us this morning. He is attending to an urgent family health matter. With me this morning are Charlie Bancroft, our Chief Financial Officer. Charlie will have prepared remarks. And then joining him for Q&A are Elliott Sigal, our Chief Scientific Officer; Francis Cuss, our Incoming Chief Scientific Officer; Giovanni Caforio, President of the U.S. Business, and Beatrice Cazala, Executive Vice President, Commercial Operations.

So, before we get started, let me just take care of some of the legal requirements. During the call, we will 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. Charlie?

Charlie Bancroft

Thank you, John and good morning everyone. We have just completed a good start to an important year, one in which our focus is on commercial execution as well as the continued delivery of our diverse and sustainable pipeline. Before going into a deeper dive on our financial performance, I would like to highlight three important areas: ELIQUIS, diabetes, and R&D.

We are off to a very good start with ELIQUIS. ELIQUIS’ differentiated clinical profile is being recognized and valued by physicians, payors, and patients. In the U.S., we are on track with our expectation. Trends are consistent with where we thought they would be. And access is actually a little ahead of expectations. We expect to see continued progress in the second quarter with commercial Medicare Part D and hospital plan. We are expecting impact of this will start to be reflected in the prescription trends over the course of this year.

Outside the U.S., we are in the early stages that we have made progress on the access front in Europe with a positive recommendation from the UK and a positive guidance from Germany. In other markets, the process is ongoing with multiple negotiations taking place. With our partner, Pfizer, we are very focused on executing the global launch of the ELIQUIS with its Afib indication. We continue to believe that ELIQUIS will be the leading new agent over time. With respect to our diabetes portfolio, we continue to make good progress in this area as well. In the U.S. we are fully aligned with AstraZeneca having finalized our sales and marketing teams.

The combined organization is now focused solely on serving the needs of diabetes patients. We completed the international commercial integration of Amlin on April 1st in nearly 90 markets, a complex process that impacted all aspects of our business. This is a significant accomplishment for the BMS-AZ alliance. With the integration work nearly done, we can now redouble our efforts in diabetes to ensure we are focused and able to capitalize on the opportunities we have including plans to fire FORXIGA for regulatory review in U.S. in the middle of the year. With respect to R&D 2013 is another important year for the presentation of key clinical data that will lay the foundation for our company’s future growth. We have planned to present new PD-1 data at ASCO. PD-1 has received fast track status from the FDA for lung, renal cell and melanoma. The top-line results for Sabre are CV outcomes trial for Onglyza should be available in June.

In Hep C you may have seen the important data on our triple regimen presented at Eagle this week and we expect to initiate Phase III and fix those combination by the end of the year. As mentioned in our press release this morning we have received great first status from the FDA for this program.

Also by the end of the year we plan to apply our old tool oral regimen for regulatory review in Japan. Now let me discuss our first quarter financial performance. We deliver net sales of 3.8 billion down 27% compared to the first quarter at last year due to the loss of exclusivity of PLAVIX and AVAPRO. We will continue to see the impact of these exclusivity losses on our financial results for one more quarter. Excluding PLAVIX and AVAPRO global sales grew 10% led by YERVOY, ORENCIA, our diabetes portfolio, Baraclude and SPRYCEL.

Read the rest of this transcript for free on seekingalpha.com