On Thursday, Bristol-Myers Squibb (NYSE: BMY) discussed first-quarter financial results during its earnings call. The full transcript is provided below.

在周四，百时美施贵宝（NYSE: BMY）在其财报电话会议中讨论了 2026 年第一季度的财务结果。完整的会议记录如下。

This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/.

此内容由 Benzinga API 提供。有关全面的财务数据和会议记录，请访问 https://www.benzinga.com/apis/。

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Summary

摘要

Bristol-Myers Squibb Company reported a 1% year-over-year increase in total revenue to approximately $11.5 billion for Q1 2026, with solid growth in their Growth Portfolio, which saw a 9% increase to $6.2 billion.

百时美施贵宝公司报告称，2026 年第一季度总收入同比增长 1%，达到约 115 亿美元，增长组合实现了 9% 的增长，达到了 62 亿美元。

The company highlighted regulatory and clinical milestones, including the FDA's acceptance of the Iberdomide filing for relapsed or refractory multiple myeloma and positive phase 3 interim data for mosigdamide.

公司强调了监管和临床里程碑，包括 FDA 接受 Iberdomide 用于复发或难治性多发性骨髓瘤的申请，以及 mosigdamide 的积极第三阶段中期数据。

Bristol-Myers Squibb reaffirmed its full-year financial guidance, expecting performance towards the upper end of their established revenue and EPS ranges, supported by strong execution and financial discipline.

百时美施贵宝重申了其全年财务指引，预计业绩将接近其既定收入和每股收益范围的上限，得益于强有力的执行和财务纪律。

Management emphasized their commitment to R&D productivity, leveraging AI to streamline clinical operations, and their focus on delivering over 10 new medicines and expanding their mid-stage pipeline.

管理层强调了他们对研发生产力的承诺，利用人工智能简化临床操作，并专注于推出超过 10 种新药物和扩展其中期管道。

The company continues to prioritize business development, focusing on strategic areas where they can add clinical and commercial value while maintaining financial flexibility for potential deals.

公司继续优先考虑业务发展，专注于能够增加临床和商业价值的战略领域，同时保持财务灵活性以应对潜在交易。

Full Transcript

完整会议记录

OPERATOR

主持人

Welcome to the Bristol-Myers Squibb Co First Quarter 2026 Earnings Conference Call. All participants will be in a listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press Star then two. Please note this event is being recorded. I would now like to turn the conference over to Chuck Triano, Senior Vice President and Head of Investor Relations. Please go ahead.

欢迎参加百时美施贵宝公司 2026 年第一季度财报电话会议。所有参与者将处于仅听模式。如需帮助，请按星号键后跟零。今天的演示结束后将有机会提问。如需提问，请在电话键盘上按星号键再按 1。如需撤回问题，请按星号键再按 2。请注意，此事件正在录音。现在我将会议交给 Chuck Triano，投资者关系高级副总裁。请继续。

Chuck Triano (Senior Vice President and Head of Investor Relations)

Chuck Triano（投资者关系高级副总裁）

Thank you and good morning everyone. We appreciate you joining our first quarter 2026 earnings call. With me this morning with prepared remarks are Chris Berner, Board Chair and Chief Executive Officer, our Board Chair and Chief Executive Officer and David Elkins, our Chief Financial Officer. Also participating in today's call is Adam Lenkowsky, Chief Commercialization Officer, our Chief Commercialization Officer and Cristian Massacesi, Chief Medical Officer and Head of Development, our Chief Medical Officer and Head of Global Drug Development. Earlier this morning we posted our quarterly slide presentation to BMS.com that you can use to follow along with Chris and David's remarks. Before we get started, I'll remind everybody that during this call we will make statements about the company's future plans and prospects that constitute forward looking statements. Actual results may differ materially from those indicated by those 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 future date and we specifically disclaim any obligation to update forward looking statements even if our estimates change. We'll also focus our comments on our non GAAP financial measures which are adjusted to exclude certain specified items. Reconciliation of certain non GAAP financial measures to the most comparable GAAP measures are available@bms.com finally, unless otherwise stated, all comparisons are made from the same period in 2025 and sales growth rates will be discussed on an underlying basis which excludes the impact of foreign exchange. All references to our P and L are on a non GAAP basis and with that I'll hand it over to Chris.

谢谢大家，早上好。感谢您参加我们的 2026 年第一季度财报电话会议。今天早上与我一起准备发言的有 Chris Berner，董事会主席兼首席执行官，以及我们的首席财务官 David Elkins。今天的电话会议中还参与了我们的首席商业化官 Adam Lenkowsky，以及我们的首席医学官兼全球药物开发负责人 Cristian Massacesi。今天早上，我们在 BMS.com 上发布了我们的季度幻灯片演示，您可以用来跟随 Chris 和 David 的发言。在开始之前，我想提醒大家，在本次电话会议中，我们将对公司的未来计划和前景做出陈述，这些陈述构成了前瞻性声明。实际结果可能因各种重要因素而与这些前瞻性声明所指示的结果有实质性差异，包括公司在 SEC 文件中讨论的因素。这些前瞻性声明代表了我们截至今天的估计，不应被视为我们在任何未来日期的估计，我们特别声明不承担更新前瞻性声明的义务，即使我们的估计发生变化。我们还将重点讨论我们的非 GAAP 财务指标，这些指标经过调整以排除某些特定项目。某些非 GAAP 财务指标与最可比的 GAAP 指标的调节可在 bms.com 上获得。最后，除非另有说明，所有比较均基于 2025 年的同一时期，销售增长率将以排除外汇影响的基础进行讨论。所有提及的损益表均为非 GAAP 基础，接下来我将把时间交给 Chris。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事会主席兼首席执行官）

Thanks Chuck, welcome and thank you for joining our first quarter earnings call. We delivered a solid Q1 and continue to improve our say to do ratio with disciplined execution across the business as we continue to best position the company for long term sustainable growth. Our strategy remains grounded in three focusing R& D on life threatening diseases, driving strong execution across the organization to build momentum in our growth portfolio and maintaining disciplined shareholder friendly capital allocation. We saw progress across all three in the quarter. Let me start by highlighting our performance on slide 4. We started off the year with solid results across our key marketed products. In the quarter, Growth Portfolio sales were up 9% year over year with contributions from a broad range of assets including Reblozyl, Breyanzi, Camzyos, Opdualag, Qvantel and Cabenuva. These are differentiated, durable assets that treat serious diseases and remain early in their life cycles and they continue to strengthen our foundation for long term growth. Overall, our Growth Portfolio performed in line with our expectations for this quarter. Outside of the Growth Portfolio, Eliquis performed well and grew in line with the range we provided on our Q4 call. David will provide more details on the financials shortly. Turning to our recent regulatory and clinical milestones in Q1, we made progress advancing our broad and diversified pipeline regarding our celmods Iberdomide and Mosigdamide. Our Iberdamide filing for relapse or refractory multiple myeloma was accepted by the FDA with Breakthrough Therapy designation and priority review with a PDUFA date of August 17th. This is an important step for our protein degradation platform, potentially enabling us to bring the first Celmod to market for mosigdamide. We reported positive phase 3 interim data from the successor 2 study demonstrating a meaningful improvement in progression free survival in patients with relapsed or refractory multiple myeloma. This marks the second positive pivotal readout from our Oral Cell MOD program and further strengthens our conviction in the platform. We will also present the full data at ASCO and are actively planning regulatory submissions based upon the data for our ADC Isobran. We shared positive phase 3 interim top line results in patients with previously treated triple negative breast cancer based on a study conducted in China. We will present these exciting data along with the positive phase 3 China Study results for Zeposia in previously treated esophageal squamous cell carcinoma at asco. At the same time, we continue to broaden the reach of our in market portfolio through lifecycle expansion. We received approvals for SOTIC2 and psoriatic arthritis and Opdivo for two new classical Hodgkin lymphoma indications. We also reported positive phase 4 switch data for Cobinfi, positive phase 3 data for ChemXios in adolescents with obstructive HCM and positive phase 2 data for reblazilin alpha thalassemia. Stepping back, these updates reflect the diversity and breadth of our pipeline both in terms of therapeutic areas and modalities as well as continued execution across the business. Moving to Slide 5 as we've said, the latter part of 2026 is shaping up to include an increasing cadence of pivotal readouts that are expected to further define and de risk our long term growth profile. Among the phase three readouts expected late in the year are Milvexian and atrial fibrillation and secondary stroke prevention, Cobenthy and Alzheimer's, psychosis, admilparent and IPF and Iberdamide PFS data. We anticipate these readouts will help us further diversify and broaden our portfolio and are part of our efforts to deliver more than 10 new medicines and 30 meaningful life cycle management opportunities by the end of the decade. Turning to slide 6 central to delivering on these opportunities and enabling sustained long term growth are our efforts to drive top tier R and D productivity in our development organization. We continue to improve execution across drug development by upgrading talent, streamlining decision making and instituting tighter management of core clinical activities. We are also focused on enhancing the quality and depth of our early to mid stage pipeline. Underpinning these efforts are investments we are making in core R and D infrastructure, including broadening the use of AI tools together with laboratory automation and people trained in the right ways of working in research and early development. Target selection and molecule design can have an outsized impact on long term value. We have set a target to reach lead molecule identification approximately 50% faster while applying greater rigor so that only the most differentiated molecules advance in late development. We're using AI to streamline clinical operations, compress development timelines and enhance quality oversight over time. We expect these efforts to deliver a 30% reduction in cycle times versus just a few years ago. Among others, we have ongoing partnerships with Faro enabling us to design trials more efficiently and EviNova's cost optimizer tool. These ongoing efforts across R and D are top priorities for 2026. The organization's continued focus on financial discipline enables us to make these and other important investments. We remain on track to deliver the remainder of our $2 billion in cost savings from our Strategic Productivity Initiative by the end of 2027. With respect to capital allocation, business development remains an important focus. As always, we will continue to index on opportunities where we add strategic value and where we can deliver attractive returns. As our post loe growth profile becomes clearer, we'll naturally place greater emphasis on expanding our early and mid stage portfolio to support growth into the2030s. In summary, based on our performance, we see the business currently tracking towards the upper end of the of our guidance ranges. Looking forward, we have continued momentum in our growth portfolio, broad potential in our pipeline and the ability to invest in our business while becoming more focused and efficient in how we operate. With that, I'll turn it over to

谢谢 Chuck，欢迎您参加我们的第一季度财报电话会议。我们在第一季度取得了稳健的业绩，并继续通过在业务中的严格执行来改善我们的行动与承诺比，以便更好地为公司的长期可持续增长奠定基础。我们的战略仍然基于三个重点：研发针对危及生命的疾病，推动组织内的强有力执行，以在我们的增长组合中建立势头，以及保持对股东友好的资本配置的纪律性。我们在本季度的三个方面都取得了进展。让我首先强调一下我们在第 4 页上的表现。我们以关键市场产品的稳健业绩开始了这一年。在本季度，增长组合的销售同比增长了 9%，得益于包括 Reblozyl、Breyanzi、Camzyos、Opdualag、Qvantel 和 Cabenuva 在内的广泛资产的贡献。这些是治疗严重疾病的差异化、持久性资产，仍处于生命周期的早期阶段，并继续巩固我们长期增长的基础。总体而言，我们的增长组合在本季度的表现符合我们的预期。在增长组合之外，Eliquis 表现良好，增长符合我们在第四季度电话会议上提供的范围。David 将很快提供更多财务细节。转向我们在第一季度的近期监管和临床里程碑，我们在推进我们广泛多样化的管道方面取得了进展，涉及我们的 celmods Iberdomide 和 Mosigdamide。我们的 Iberdamide 针对复发或难治性多发性骨髓瘤的申请已获得 FDA 的突破性疗法认定和优先审查，PDUFA 日期为 8 月 17 日。这是我们蛋白降解平台的重要一步，可能使我们能够将首个 Celmod 推向市场。我们报告了来自继任者 2 研究的积极的三期中期数据，显示复发或难治性多发性骨髓瘤患者的无进展生存期有显著改善。这标志着我们口服 Celmod 项目的第二个积极关键读数，进一步增强了我们对该平台的信心。我们还将在 ASCO 上展示完整数据，并积极计划基于我们 ADC Isobran 的数据进行监管提交。我们分享了针对先前治疗过的三阴性乳腺癌患者的积极三期中期顶线结果，这项研究是在中国进行的。我们将在 ASCO 上展示这些令人振奋的数据，以及针对先前治疗过的食管鳞状细胞癌的 Zeposia 的积极三期中国研究结果。同时，我们继续通过生命周期扩展来扩大我们在市场组合的覆盖范围。我们获得了 SOTIC2 和银屑病关节炎的批准，以及 Opdivo 针对两种新的经典霍奇金淋巴瘤适应症的批准。我们还报告了 Cobinfi 的积极四期转换数据，ChemXios 在患有阻塞性 HCM 的青少年中的积极三期数据，以及 Reblazilin 在α地中海贫血中的积极二期数据。回顾这些更新，反映了我们管道的多样性和广度，无论是在治疗领域还是在治疗方式上，以及在业务中的持续执行。转到第 5 页，正如我们所说，2026 年后期的关键读数预计将越来越频繁，这些读数将进一步定义和降低我们长期增长的风险。在预计年末的三期读数中，包括 Milvexian 和房颤及二级中风预防、Cobenthy 和阿尔茨海默病、精神病、admilparent 和 IPF 以及 Iberdamide 的 PFS 数据。我们预计这些读数将帮助我们进一步多样化和扩展我们的组合，并且是我们努力在本十年末之前推出超过 10 种新药和 30 个重要生命周期管理机会的一部分。转到第 6 页，推动这些机会并实现可持续长期增长的核心是我们在研发组织中推动顶级研发生产力的努力。我们继续通过提升人才、简化决策过程和加强核心临床活动的管理来改善药物开发的执行。我们还专注于提高我们早期到中期管道的质量和深度。这些努力的基础是我们在核心研发基础设施上的投资，包括扩大 AI 工具的使用，以及实验室自动化和受过正确工作方式培训的人员。靶点选择和分子设计对长期价值有着超出预期的影响。我们设定了目标，以大约 50% 的速度更快地实现领先分子的识别，同时应用更严格的标准，以确保只有最具差异化的分子进入后期开发。我们正在利用 AI 来简化临床运营、压缩开发时间表并随着时间的推移增强质量监督。我们预计这些努力将使周期时间比几年前减少 30%。此外，我们与 Faro 的持续合作使我们能够更高效地设计试验，以及 EviNova 的成本优化工具。这些在研发中的持续努力是 2026 年的首要任务。组织对财务纪律的持续关注使我们能够进行这些和其他重要投资。我们仍然按计划在 2027 年底之前实现我们 20 亿美元战略生产力计划的剩余成本节约。关于资本配置，业务发展仍然是一个重要的关注点。和往常一样，我们将继续关注能够增加战略价值并提供吸引回报的机会。随着我们的后 LOE 增长轮廓变得更加清晰，我们自然会更加重视扩展我们的早期和中期组合，以支持 2030 年代的增长。总之，基于我们的表现，我们认为业务目前正朝着我们指导范围的上限发展。展望未来，我们在增长组合中保持持续的势头，管道中潜力广泛，并能够在投资业务的同时变得更加专注和高效。至此，我将时间交给

David Elkins (Chief Financial Officer)

大卫·埃尔金斯（首席财务官）

David thank you Chris and good morning everyone. Our performance in 2026 is off to a strong start as highlighted by our first quarter results. We delivered solid R and D, commercial and financial performance while continuing to manage our cost structure. Our persistent focus on execution has further strengthened our foundation as we position the company for long term sustainable growth. I will begin with a review of our first quarter results and then discuss our financial outlook for the remainder of the year. Starting with Slide 8, total revenue in the first quarter was up 1% year over year at approximately $11.5 billion. Our growth portfolio continued to perform well with Global revenue increasing 9% to $6.2 billion. As Chris mentioned, several products that are still early in their life cycles are driving growth as we intentionally expand our business across a wider range of key assets. Within the legacy portfolio, we saw solid growth from Eliquis, which was offset by the continued impact of increased generic entry across several other brands. All in we are very pleased with our results in the quarter as we build upon our objective to reshape and redefine BMS as one of the fastest growing pharmaceutical companies into the next decade. Turning to Product Performance on slide 9, starting with Oncology, Opdivo revenue decreased 8% to approximately $2.1 billion, with most of this decline coming from the US. This was primarily driven by an Opdivo inventory drawdown at the wholesaler level where inventories are at the low end of the typical range. We continue to monitor whether these levels will normalize over the balance of the year. In addition, we saw continued conversion to qvantic where the launch continues to progress well with revenues of $163 million. With Optilag we delivered another quarter of strong double digit growth driven by demand globally where it remains a standard of care and first line melanoma. Turning to slide 10, Reblozyl delivered 15% growth with performance continuing to reflect solid uptake across first and second line MDs associated anemia in cell therapy. Breyanzi's first quarter growth of 53% reflects its best in class profile and continued strong demand across its approved indications in both the US and international markets. We remain encouraged by Breyanzi's continued momentum and growth prospects. Moving to cardiovascular and immunology on slide 11, Eliquis revenue was approximately $4.1 billion in the quarter an increase of 13%. We continued to see strong demand and given our U.S. price reduction that took effect at the beginning of the year, we also saw some wholesaler inventory build in the first quarter. We anticipate this build to reverse in the second quarter. Turning to Camzyos, revenue in the first quarter nearly doubled to $314 million, benefiting from continued demand growth globally. Now moving to Immunology, Global revenue of Satik 2 grew 20%. The recent approval on psoriatic arthritis represents a continued presence in rheumatology. While we await our phase three readouts in Lupus and Sjogren's disease, I will wrap up our product performance on slide 12 with neuroscience where Cabenuva revenue in the first quarter was $56 million representing continued steady growth. Now let's move to the P and L on Slide 13. As expected, gross margin declined 280 basis points in the first quarter to 70.3% which was primarily driven by product mix excluding in process R and D. Operating expenses for the first quarter were $3.9 billion, slightly above the same period last year as compared to a year ago. The incremental investment related to Pamicogam, Qvantel and Kobenphi was largely offset by savings from our Strategic Productivity Initiative. This continues to provide additional flexibility to invest behind these growth oriented opportunities. Our effective tax rate in the quarter was 18.3% reflecting jurisdictional earnings mix. Overall diluted earnings per share was $1.58 for the quarter, which includes a net charge of $0.03 a share related to in process R and D and licensing income. Turning to the balance sheet and capital allocation highlights on slide 14, our financial position remains strong with approximately $11 billion in cash equivalents and marketable securities. As of March 31 in the first quarter we generated approximately $1.1 billion in operating cash flow. This quarter's cash flow reflects roughly $1.2 billion and lower net cash collections due to Eliquis list price reductions. We expect this to be more than offset later in the year through lower rebate payments. In terms of capital allocation, we continue to take strategic and a balanced approach to deploying our strong cash flows. Business development remains a priority and we are regularly evaluating opportunities in the therapeutic areas we know best while continuing to return cash to shareholders through our commitment to the dividend. Now moving to guidance on Slide 15, we are reaffirming our financial guidance for the full year of 2026 based upon the first quarter results and our current projections. We see our financial performance tracking towards the upper end of our established revenue and EPS guidance ranges. We will continue to provide updates as the year progresses. In closing, our strong performance in the quarter reinforces our confidence in our ability to deliver long term value for our patients and shareholders. And to reiterate Chris's comment, our strategy remains grounded in three focusing R& D on life threatening diseases, driving strong execution across the organization to build momentum in our growth portfolio and maintaining disciplined shareholder friendly capital allocation. And with that I'll now turn the call back over to Chuck for Q and A.

谢谢你，克里斯，大家早上好。我们的 2026 年表现开局强劲，正如我们第一季度的业绩所强调的那样。我们在研发、商业和财务方面都取得了稳健的表现，同时继续管理我们的成本结构。我们对执行的持续关注进一步巩固了我们的基础，为公司长期可持续增长做好准备。我将首先回顾我们的第一季度业绩，然后讨论我们对今年剩余时间的财务展望。从第 8 页开始，第一季度的总收入同比增长 1%，约为 115 亿美元。我们的增长组合继续表现良好，全球收入增长 9%，达到 62 亿美元。正如克里斯提到的，几个仍处于生命周期早期的产品正在推动增长，因为我们有意在更广泛的关键资产范围内扩展我们的业务。在传统产品组合中，我们看到 Eliquis 的稳健增长，但由于其他几个品牌的仿制药进入增加，导致了部分抵消。总体而言，我们对本季度的业绩非常满意，因为我们在重塑和重新定义 BMS 为下一个十年最快增长的制药公司这一目标上不断前进。转到第 9 页的产品表现，首先是肿瘤学，Opdivo 的收入下降了 8%，约为 21 亿美元，这一下降主要来自美国。这主要是由于批发商层面的 Opdivo 库存减少，库存处于典型范围的低端。我们将继续监测这些水平在今年剩余时间是否会恢复正常。此外，我们看到对 qvantic 的持续转换，推出进展顺利，收入为 1.63 亿美元。通过 Optilag，我们又实现了强劲的两位数增长，全球需求推动了其在黑色素瘤的标准治疗和一线治疗中的地位。转到第 10 页，Reblozyl 实现了 15% 的增长，表现持续反映出在细胞治疗中与一线和二线 MD 相关的贫血的稳健吸收。Breyanzi 第一季度的增长为 53%，反映出其最佳的产品特性和在美国及国际市场上各项批准适应症的持续强劲需求。我们对 Breyanzi 的持续势头和增长前景感到鼓舞。转到第 11 页的心血管和免疫学，Eliquis 在本季度的收入约为 41 亿美元，增长了 13%。我们继续看到强劲的需求，考虑到我们在年初生效的美国价格降低，我们还看到第一季度批发商库存有所增加。我们预计这种库存将在第二季度逆转。转到 Camzyos，第一季度的收入几乎翻倍，达到 3.14 亿美元，受益于全球需求的持续增长。现在转到免疫学，Satik 2 的全球收入增长了 20%。最近对银屑病关节炎的批准代表了我们在风湿病学中的持续存在。虽然我们在狼疮和干燥综合症的三期结果尚待公布，我将在第 12 页总结我们的产品表现，神经科学方面，Cabenuva 在第一季度的收入为 5600 万美元，代表着持续稳定的增长。现在让我们转到第 13 页的损益表。正如预期的那样，第一季度的毛利率下降了 280 个基点，降至 70.3%，这主要是由于产品组合的变化（不包括在研研发）。第一季度的运营费用为 39 亿美元，略高于去年同期。与去年相比，Pamicogam、Qvantel 和 Kobenphi 相关的增量投资在很大程度上被我们的战略生产力计划带来的节省所抵消。这继续为我们在这些以增长为导向的机会中提供额外的投资灵活性。本季度的有效税率为 18.3%，反映了各个司法管辖区的收益组合。整体稀释每股收益为 1.58 美元，其中包括与在研研发和许可收入相关的每股净费用 0.03 美元。转到第 14 页的资产负债表和资本配置亮点，我们的财务状况依然强劲，现金及现金等价物和可交易证券约为 110 亿美元。截至 3 月 31 日，第一季度我们产生了约 11 亿美元的运营现金流。本季度的现金流反映出由于 Eliquis 的挂牌价格降低，净现金收款减少了约 12 亿美元。我们预计这将在年内通过降低回扣支付得到弥补。在资本配置方面，我们继续采取战略性和均衡的方法来部署我们的强劲现金流。业务发展仍然是优先事项，我们定期评估我们最熟悉的治疗领域的机会，同时继续通过对股息的承诺向股东返还现金。现在转到第 15 页的指导，我们基于第一季度的结果和当前的预测，重申 2026 年全年的财务指导。我们看到我们的财务表现朝着既定收入和每股收益指导范围的上限发展。随着年度的推进，我们将继续提供更新。最后，我们在本季度的强劲表现增强了我们为患者和股东提供长期价值的信心。重申克里斯的评论，我们的战略仍然基于三个重点：研发针对危及生命的疾病，在组织内推动强有力的执行，以在我们的增长组合中建立势头，以及保持对股东友好的资本配置的纪律性。至此，我将把电话交回给查克进行问答。

OPERATOR

操作员

We will now begin we will now begin the question and answer session. To ask a question you may press Star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed or you would like to withdraw your question, please press Star then two we ask that you limit yourself to one question at this time. We will pause momentarily to assemble our roster. The first question today comes from Asad Haider with Goldman Sachs. Please go ahead.

现在我们将开始问答环节。要提问，请在您的触摸电话上按星号，然后按 1。如果您使用的是免提电话，请在按键之前拿起听筒。如果在任何时候您的问题已经被解答，或者您想撤回您的问题，请按星号，然后按 2。我们要求您在此时限制自己只提一个问题。我们将稍作停顿以整理提问名单。今天的第一个问题来自高盛的 Asad Haider。请继续。

Asad Haider

Great, thanks. Thanks for taking the question. Just maybe just to open just given how consequential the clinical readouts at the end of this year are going to be for the company. Christian, just starting with you, can you just level set us on your confidence in the key programs specifically for Milvex and the Benfi, Adept trials? Just any quantitative bars for success and then related for Chris, you know, how do the timing of these readouts impact the company's BD strategy as you think about the different outcomes that could unfold with the results of each of these readouts? And where do you see opportunity as you scan the landscape ahead of these readouts and any framing on potential size of the BD aperture would be helpful. Thank you.

好的，谢谢。感谢您回答这个问题。也许我想先问一下，考虑到今年年底的临床结果对公司将产生的重要影响，Christian，您能否告诉我们您对 Milvex 和 Benfi、Adept 试验的关键项目的信心如何？能否提供一些成功的量化标准？然后与 Chris 相关，您认为这些结果的时间安排如何影响公司的 BD 战略，因为您考虑到每个结果可能带来的不同结果？在您展望这些结果之前，您看到哪些机会，以及对 BD 机会的潜在规模的任何框架都将是有帮助的。谢谢。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事会主席兼首席执行官）

Thanks for the question Azad. Christian, you want to start and then I'll take the VD question.

谢谢你的问题，Azad。Christian，你想先开始，然后我来回答 BD 的问题。

Cristian Massacesi

Thank you. Thank you Azad for the question. Let me start with the fact that we have a very data rich 20, 26 and even probably more 27 and let me start with what we already achieved because in him I think we had a positive MRD with Iberdomide in Excalibur in 25 and we are expecting the PFS later this year. You know as Chris mentioned in his opening remarks, the PDUFA date for this filing is August 17th. We got a breakthrough designation Priority Review so it's progressing at pace. We achieved the mesigdomide this year with assessor to oral presentation at asco. Really looking forward to show you guys the data in IM we will have a readout also with our arlocel that is a GPRC 5D car T that is happening later this year. Moving cardiovascular Malbecin as you were mentioning are important in both Afib and SSP are continue to be expected by the end of the year. We are recruiting the events as an event driven and of course we remain blinded. We are recruiting the events as planned and we have the DMC that regularly is reviewing the data and even in the most recent meeting they recommending to continue the studies as so BMS will be the only factor 11 company with factor 11 inhibitor in afib of course with the presence also in SSP this can allow us to continue to lead in the thrombotic space. Confidence remains absolutely unchanged for Maldexion in this space. In neuroscience we continue to expect the ADP studies adapt 1, 2 and 4 by redoubts by the end of the year. This is based on very. We are managing the studies and moving the studies more or less at the same with the same timelines. So they are lining up quite nicely. We need two studies probably for an approval. This is the base case but for a finding. But we will see how the evolution in this space is happening. The confidence remains unchanged also for Cobenphy study designs. Trial conduction is now completely under control and of course the reason to believe in Covenfi in this space are very clear prior data. The data that we have seen in schizophrenia and of course the open label in adept one where patient before being randomized received cobenfi for for 12 weeks. Give us confidence in potentially bringing this drug in patients with Alzheimer's disease and psychosis. Last but not least to me critical readout this year is Amiparanta in immunology in IPF and PPF. You know this is a novel mechanism LPA1. This is an inhibitor that can bring a novel mechanism to patients with this very very difficult to treat disease is a first in class asset with a very differentiated profile not only on efficacy side but also on the safety side. IPF is guided by the end of the year. PPF will be just a few months later, probably beginning 27 very solid phase two data. I'm very pleased on the execution of the phase three programs. So this is another important therapeutic option. As Chris mentioned, there is much more this year, next year. I have to say it's an exciting time to be a bms.

谢谢你，Azad，感谢你的提问。让我先说一下，我们在 2026 年有非常丰富的数据，甚至可能在 2027 年会更多。让我先说一下我们已经取得的成就，因为在他身上，我认为我们在 Excalibur 中与 Iberdomide 的 MRD 结果是积极的，我们预计今年晚些时候会有 PFS 结果。正如 Chris 在开场白中提到的，这一申请的 PDUFA 日期是 8 月 17 日。我们获得了突破性认定和优先审查，因此进展迅速。今年我们在 asco 上取得了 mesigdomide 的评估者口头报告。我们非常期待向大家展示 IM 中的数据，我们还将与我们的 GPRC 5D CAR T 的 arlocel 进行结果发布，这将在今年晚些时候进行。关于心血管方面，您提到的 Malbecin 在 Afib 和 SSP 中的重要性预计将在年底前继续。我们正在按计划招募事件，当然我们仍然保持盲态。我们按计划招募事件，并且有 DMC 定期审查数据，甚至在最近的会议上，他们建议继续研究，因此 BMS 将是唯一一家在 Afib 中拥有因子 11 抑制剂的公司，当然在 SSP 中也有存在，这将使我们能够继续在血栓领域保持领先。我们对 Maldexion 在这一领域的信心绝对没有改变。在神经科学方面，我们继续预计 ADP 研究的适应症 1、2 和 4 将在年底前发布结果。这是基于非常好的数据。我们正在管理这些研究，并且大致按照相同的时间表推进。因此，它们的进展非常顺利。我们可能需要两项研究才能获得批准。这是基本情况，但我们将看到这一领域的演变。对 Cobenphy 研究设计的信心也没有改变。试验的进行现在完全在控制之中，当然我们对 Covenfi 在这一领域的信心非常明确，之前的数据在精神分裂症中，以及在适应症 1 中开放标签的患者在随机分组前接受了 Cobenfi 12 周，这让我们对将这款药物引入阿尔茨海默病和精神病患者充满信心。最后但同样重要的是，今年的关键结果是 Amiparanta 在免疫学中的 IPF 和 PPF。您知道，这是一个新机制 LPA1。这是一种抑制剂，可以为这种非常难以治疗的疾病的患者带来新的机制，这是一个首创资产，具有非常差异化的特征，不仅在疗效方面，而且在安全性方面。IPF 预计将在年底前完成，PPF 将在几个月后，可能在 2027 年初，数据非常扎实。我对三期项目的执行感到非常满意。因此，这是另一个重要的治疗选择。正如 Chris 提到的，今年和明年还有更多。我必须说，现在是 BMS 一个令人兴奋的时刻。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事会主席兼首席执行官）

Thanks Christian. And then asad just on your BD question. Look, BD continues to be a top capital allocation priority for us. It's not impacted by the end of year readouts. We have a very strong late stage pipeline. We certainly don't need to chase deals. But as we've said consistently, if there are opportunities that make sense for us to enhance near term growth, we have the financial flexibility to be in the mix. At the same time, we're building for the long term and we're going to continue to add to our early and mid stage pipeline as well. And of course, given the size of those deals, we can certainly do both. Irrespective of phase of development, though the opportunities we're looking for are in areas we know well scientifically where we can add clinical and commercial value and ultimately we can deliver value to patients and to our shareholders. We're size agnostic as we've been and we certainly have the financial horsepower to go after multiple size deals. Thanks, Chris. Let's take our next question please.

谢谢你，Christian。然后，关于你的 BD 问题，Asad。BD 仍然是我们资本配置的首要优先事项。它不受年底结果的影响。我们有一个非常强大的晚期管道。我们当然不需要追逐交易。但正如我们一贯所说，如果有机会对我们增强短期增长有意义，我们有财务灵活性可以参与其中。同时，我们也在为长期发展而努力，我们将继续增加我们的早期和中期管道。当然，考虑到这些交易的规模，我们可以同时做到这两点。无论开发阶段如何，我们正在寻找的机会都是我们在科学上非常了解的领域，在这些领域我们可以增加临床和商业价值，最终我们可以为患者和股东创造价值。我们对规模没有偏见，正如我们一直所说的，我们当然有财务实力去追求多个规模的交易。谢谢，Chris。请继续提问。

OPERATOR

操作员

Operator the next question comes from Jeff Meacham with Citi. Please go ahead.

操作员，接下来的问题来自花旗的 Jeff Meacham。请继续。

Jeff Meacham

Great morning everyone. Thanks for the question. Christian on Pemitameg I wanted to check on the cadence of data in say the next six to 12 months and would you wait for more mature data on PSS before you really expand the number of trials or are you ready to go right now? And then real quick for Adam just to talk through the qvantic Dynamics versus Opdivo and where you're seeing the biggest demand. Thanks. Thanks Jeff.

大家早上好。感谢提问。Christian 关于 Pemitameg，我想了解一下未来六到十二个月的数据节奏，你们会等到 PSS 的数据更加成熟后再真正扩大试验数量，还是现在就准备好开始？然后 Adam，能否快速谈一下 qvantic Dynamics 与 Opdivo 的比较，以及你们看到的最大需求在哪里？谢谢。谢谢 Jeff。

Cristian Massacesi

Christian and Adam, thank you Jeff for the question on Pamitinib, let me start with ASCO. ASCO will be an important meeting this year for PD1BGF inhibitors. You know there are some competitor data in plenary that of course increase the confidence in the class and we are presenting as an oral our phase two data in Nosemart Cancer in Frontline as a global data set after the China data we presented previously in other indications. In few days the abstract will be released. Our strategy with Pamicogam is replace and expand. We want to replace PD1 PD L1 inhibitors and we want to expand beyond them. We announce and we deliver seven pivotal studies across indications. All of them are ongoing and all of them are recruiting actively. What is very important in my view is also what we are doing beyond the first wave of trials. The confidence in my view is becoming more and more tangible and in terms of level of activity, a combinability that you have with PD1VGF, PD L1VGF inhibitors by specifics and in my view this is potentially translatable across indications. Now the next step at least in our strategy is Novel novel combinations. And you know, BMS has a very rich oncology portfolio. BioNTech has also an important portfolio of oncology assets. And what we are doing, we are combining now we started the combination of pomitamig with these other drugs that represent an enabler for novel regimens. Also using some combination with external partners. On our internal side, we started the combination with our Zeposia ADC that is an EGFR ERR3 ADC. You will see data as Chris was mentioning at Asco in esophageal in triple negative is a very active adc. And I think with Palmitamig can represent a very powerful regimen. We started a combination with our PIRA MNT5 inhibitor, our Navlimetostat, a very dutile drug. So in summary, I have to say that the partnership with BioNTech is moving very well because we are progressing the development of this drug with speed. We think we are very well positioned to make this drug as a potential new backbone in immuno oncology and generating the next regimens very powerful cancer patients across indications.

Christian 和 Adam，感谢 Jeff 关于 Pamitinib 的提问，让我先谈谈 ASCO。今年的 ASCO 会议对 PD1BGF 抑制剂来说将是一个重要的会议。你知道，有一些竞争对手的数据将在全体会议上发布，这当然会增强对这一类别的信心，我们将以口头报告的形式展示我们在鼻咽癌一线的二期数据，这是在之前在其他适应症中展示的中国数据之后的全球数据集。几天后，摘要将会发布。我们对 Pamicogam 的战略是替代和扩展。我们希望替代 PD1 和 PD L1 抑制剂，并希望在此基础上进一步扩展。我们宣布并交付了七项关键研究，涵盖多个适应症。所有研究都在进行中，并且都在积极招募。对我来说，重要的是我们在第一波试验之外所做的工作。我的观点是，信心变得越来越具体，在活动水平和与 PD1VGF、PD L1VGF 抑制剂的可组合性方面，这在我看来是可以跨适应症转化的。现在，至少在我们的战略中，下一步是新颖的组合。你知道，BMS 拥有非常丰富的肿瘤学产品组合。BioNTech 也有重要的肿瘤资产组合。我们正在进行组合，现在开始将 pomitamig 与这些其他药物结合，这些药物代表了新方案的推动者。还与一些外部合作伙伴进行组合。在我们内部，我们开始与我们的 Zeposia ADC 进行组合，这是一种 EGFR ERR3 ADC。正如 Chris 所提到的，你将在 ASCO 上看到食道和三阴性癌症的数据，这是一个非常活跃的 ADC。我认为与 Palmitamig 结合可以代表一个非常强大的方案。我们开始与我们的 PIRA MNT5 抑制剂 Navlimetostat 进行组合，这是一种非常灵活的药物。因此，总的来说，我必须说与 BioNTech 的合作进展非常顺利，因为我们正在快速推进该药物的开发。我们认为我们在将该药物作为免疫肿瘤学潜在新支柱方面处于非常有利的位置，并为不同适应症的癌症患者生成下一代非常强大的方案。

Adam Lenkowsky

Yep. Jeff, thanks for the question. As it relates to qvanti, we're pleased with the qvanti launch performance our teams are executing. We're seeing use across multiple tumor types. We're seeing uptake in our monotherapy indications as well as in combination treatment. So in rcc, in gastric cancer and in melanoma, we're continuing to hear positive feedback from community oncologists that Qvantig improves practice efficiency with a three minute in office injection and that patients prefer Qvantig when offered the opportunity versus the IV formulations. So we've now delivered over 10% conversion from IV to Qvantig in the US in just over a year on the market. And we're tracking well against our expectations and we remain confident in our expectation that physicians will convert approximately 30 to 40% of IV business in the next two years.

是的，Jeff，感谢提问。关于 qvanti，我们对 qvanti 的推出表现感到满意，我们的团队正在执行。我们在多个肿瘤类型中看到使用情况。我们在单药适应症以及联合治疗中都看到增长。因此，在 RCC、胃癌和黑色素瘤中，我们继续听到来自社区肿瘤学家的积极反馈，Qvantig 提高了实践效率，办公室注射只需三分钟，患者在有机会选择时更喜欢 Qvantig 而不是静脉注射制剂。因此，在美国市场上，我们在刚上市一年多的时间里，已经实现了超过 10% 的静脉注射转化为 Qvantig。我们在跟踪我们的预期，并对医生在未来两年内将大约 30% 到 40% 的静脉业务转化的预期保持信心。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner (董事会主席兼首席执行官)

Thanks, Adam. Great. Can we move to our next question please? Operator?

谢谢，Adam。很好。我们可以进入下一个问题吗？操作员？

OPERATOR

操作员

The next question comes from Alexandra Hammond with Wolf Research. Please go ahead.

下一个问题来自 Wolf Research 的 Alexandra Hammond。请继续。

Alexandra Hammond

Hey guys, thanks for taking the question on Nalvexian. Given the size and breadth of the Librexia program, seems like there's probably a rich set of outcomes between a clean win and miss. Can you help us think through how you'd approach a subgroup analysis, particularly for patients where the risk reward calculus might be more favorable for Factor XI? And to the extent that the top line doesn't meet that primary endpoint, is there a path where a specific patient population still supports a meaningful commercial opportunity. Thank you.

嘿，大家，谢谢你们接受关于 Nalvexian 的提问。考虑到 Librexia 项目的规模和广度，似乎在干净的胜利和失利之间可能有丰富的结果集。你能帮我们思考一下如何进行亚组分析，特别是对于那些风险回报计算可能对 Factor XI 更有利的患者？如果顶线没有达到主要终点，是否有路径可以让特定患者群体仍然支持有意义的商业机会？谢谢。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner (董事会主席兼首席执行官)

I'll have Christian take that and then Adam, you can add any color commentary as you need to.

我让 Christian 来回答，然后 Adam 你可以根据需要补充任何评论。

Cristian Massacesi

I mean, Alex, let me start to tell that we continue to be on track by the end of the year with both AFIB and ssp. You know, these trials are event driven. We remain blinded, as said that the DMC continues the oversight to both studies. We are at a point in which this gives us confidence that we are progressing on the right way with both efficacy and safety. Everything is continuous plan, you know, in afib the study will test non inferiority testosteropixaban and then we will have superiority testing for bleedings based on what we have seen in other trials recently and based on the expectation and how we size and power the study, I think we are very much on track with both the endpoints to show non inferiority and superiority in bleedings.

我的意思是，Alex，让我开始说我们在 AFIB 和 SSP 的研究上仍然按计划进行到年底。你知道，这些试验是事件驱动的。我们仍然保持盲态，正如所说，DMC 继续监督这两项研究。我们正处于一个阶段，这让我们对在疗效和安全性方面的进展充满信心。所有的计划都是持续的，你知道，在 AFIB 研究中将测试非劣效性与特斯特罗匹克斯班，然后我们将基于我们最近在其他试验中看到的结果进行出血的优越性测试，基于预期以及我们如何设计和赋能研究，我认为我们在展示非劣效性和出血优越性这两个终点方面非常有希望。

Adam Lenkowsky

Yeah, Alex. As it relates to commercial opportunity, no vaccine represents a significant opportunity commercially. There is a need for a medicine with low bleeding risk both in AFIB and in ssp. And we think there's a significant advantage to having both indications. We would expect broad adoption. As we talked about previously, fear of bleeding continues to be the main reason why physicians hold back from utilizing factor X in more patients. And despite the highly effective DOACs like Eliquis, roughly 40% of patients who should be anticoagulated are either untreated, underdosed or they discontinue treatment. And that's driven largely by concerns around bleeding risk. So this leaves a meaningful unmet need across a substantial number of patients. And as a reminder, this study in AFIB was designed to demonstrate a superior bleeding profile compared to eliquis with comparable efficacy. So we believe this profile is going to drive significant demand and will be important for both patients and providers. And as Christian said, we're looking forward to the data readout at the end of this year and we think this has true blockbuster potential.

是的，亚历克斯。关于商业机会，没有任何疫苗在商业上代表了显著的机会。在房颤和 SSP 中都需要一种低出血风险的药物。我们认为同时拥有这两种适应症将具有显著优势。我们预计会有广泛的采用。正如我们之前所讨论的，出血的恐惧仍然是医生不愿意在更多患者中使用因子 X 的主要原因。尽管像 Eliquis 这样的高效 DOACs，约 40% 的应该接受抗凝治疗的患者要么未接受治疗，要么剂量不足，或者中断治疗。这主要是由于对出血风险的担忧。因此，这在相当数量的患者中留下了一个重要的未满足需求。值得提醒的是，这项关于房颤的研究旨在证明与 Eliquis 相比具有更优的出血特征，同时保持相当的疗效。因此，我们相信这一特征将推动显著的需求，并对患者和提供者都很重要。正如克里斯蒂安所说，我们期待在今年年底的数据发布，我们认为这具有真正的重磅潜力。

Chris Berner (Board Chair and Chief Executive Officer)

克里斯·伯纳（董事会主席兼首席执行官）

Thanks, Ann. Let's move to the next question please.

谢谢，安。请继续下一个问题。

OPERATOR

操作员

The next question comes from Chris Schott with JP Morgan. Please go ahead.

下一个问题来自摩根大通的克里斯·肖特。请继续。

Chris Schott

克里斯·肖特

Great. Thanks so much for the question. Just two for me maybe. First, can you just talk about Chem Zios dynamics, post your competitor approval, just what are you seeing in the market and just how you're thinking about that evolving. And the second one for me was coming back to the cell mods. That was the. Some of this initial clinical data is read out. Can you just elaborate a little bit more? The role in the market you see for those Products based on these initial data sets. And how much of your excitement here is based more on the future readouts versus what we're seeing initially here. Thanks so much. Thanks for the question, Chris. Adam, I think you can take both.

非常好。非常感谢你的提问。我有两个问题。首先，你能谈谈 Chem Zios 在竞争对手获批后的动态吗？你在市场上看到什么，以及你对其发展的看法。第二个问题是关于细胞调节剂的。关于一些初步临床数据的发布，你能详细说明一下吗？根据这些初步数据集，你对这些产品在市场中的角色的看法，以及你在这里的兴奋感有多少是基于未来的数据发布，而不是我们目前看到的内容。非常感谢。谢谢你的提问，克里斯。亚当，我想你可以回答这两个问题。

Adam Lenkowsky

亚当·伦科斯基

Yeah, thanks, Chris. So Camzidis continues to have very good momentum. Again, our commercial teams are executing very well in the field. We are seeing continued strong new patient starts coupled with high persistency rates. Physician and patient feedback are very favorable and physicians consistently cite the significant and rapid improvement in symptoms. And we're seeing very low drop off rates. In fact, you know, we are approaching 25,000 patients now prescribed Camdios in the US with thousands more prescribed internationally. As far as, you know, what we're seeing in the field, we've been planning for competition for some time. HCP has continued to reinforce that they see little differentiation. It's still early. Some physicians have started one or two patients on the competition and they are still operationalizing their own REMS program. But we also hear consistently that the camzios REMS process is very clear and the infrastructure and workflow that have been established now for four years are very clear. And thus TLS have shared. They'll use the camzios dosing and echo regimen at four weeks. So we see this as a positive. And why is that? Because roughly 90% of patients on Camzios are on the 5 milligram starting dose and it's simply one dose titration to 10 milligrams. So it's 5 or 10, representing 90% of our business, which is effective for the majority of patients. Kim Xios patients feel better in a matter of weeks. Where we see from the competition requires multiple titration steps to reach an effective dose. And so, you know, our teams were well prepared for the launch of at the campten and we remain confident that we'll be the leader in the space longer term. So as it relates to, you know, to Iberdamide, you know, we're really excited about the launch of iber and I know that Chris and Christian have talked about this. And so I think there are a few areas that, you know, I could point to. Number one, you know, with iberdomide, this is an area that we know very, very well in multiple myeloma. We see that, you know, for multiple myeloma it's a highly competitive, it's a fragmented market. But there remains a need for more effective and safe, safe options that can address the majority of patients, particularly those patients who are treated in the community setting. And that's 70 to 80% of patients. When we hear from physicians they're excited about oral low burdensome regimens that can provide a better experience for their patients. And we're confident that iberdomide will provide a balance of high potency manageable toxicity combinability with Daratumumab with the convenience of an ordinary treatment that amplifies the efficacy of IMID based regimen. So our goal is to make both IBER and MEZI foundational in multiple myeloma replacing Revlimid and Pomalis in second line over time in the community longer term serving as partners for T cell redirecting therapies and cell therapy. So we know the work that we need to do to establish both IBER and MESI in the market and we are very excited to bring both of these important medicines patients because we believe this is a real attractive commercial opportunity.

是的，谢谢，克里斯。Camzidis 继续保持良好的势头。我们的商业团队在现场执行得非常好。我们看到新患者的启动持续强劲，同时保持高的持续率。医生和患者的反馈非常积极，医生们一致提到症状的显著和快速改善。我们看到非常低的流失率。事实上，现在在美国开处方 Camdios 的患者接近 25,000 人，国际上还有成千上万的患者开处方。至于我们在现场看到的情况，我们已经为竞争做好了准备。医疗保健专业人士继续强调他们看到的差异很小。现在还为时尚早，一些医生已经开始给一两个患者使用竞争产品，他们仍在实施自己的 REMS 计划。但我们也听到一致的反馈，Camzios 的 REMS 流程非常清晰，过去四年建立的基础设施和工作流程也非常明确。因此，TLS 已经表示，他们将在四周时使用 Camzios 的剂量和回声方案。我们认为这是一个积极的信号。为什么呢？因为大约 90% 的 Camzios 患者使用的是 5 毫克的起始剂量，只需一次剂量调整到 10 毫克。因此，5 或 10 毫克代表了我们业务的 90%，对大多数患者有效。Cam Xios 患者在几周内感觉更好。而我们看到竞争对手的产品需要多个剂量调整步骤才能达到有效剂量。因此，我们的团队为 Campten 的推出做好了充分准备，我们仍然相信我们将在这个领域长期保持领先地位。至于 Iberdamide，我们对 Iber 的推出感到非常兴奋，我知道克里斯和克里斯蒂安已经谈过这个问题。我认为有几个方面可以指出。首先，Iberdomide 是我们在多发性骨髓瘤领域非常了解的一个领域。我们看到，对于多发性骨髓瘤，这是一个竞争激烈且分散的市场。但仍然需要更有效和安全的选择，以满足大多数患者的需求，特别是那些在社区环境中接受治疗的患者，这占 70% 到 80% 的患者。当我们听到医生的反馈时，他们对口服低负担的治疗方案感到兴奋，这可以为他们的患者提供更好的体验。我们相信 Iberdomide 将提供高效能、可管理的毒性、与 Daratumumab 的组合能力，以及普通治疗的便利性，从而增强 IMID 基础方案的疗效。因此，我们的目标是使 IBER 和 MEZI 在多发性骨髓瘤中成为基础治疗，逐步取代 Revlimid 和 Pomalis，长期在社区中作为 T 细胞重定向疗法和细胞疗法的合作伙伴。因此，我们知道我们需要做的工作，以在市场上建立 IBER 和 MESI，我们非常期待将这两种重要药物带给患者，因为我们相信这是一个真正有吸引力的商业机会。

Cristian Massacesi

克里斯蒂安·马萨切西

Adam, allow me to step in. Chris, I want to use the opportunity. You mentioned the question on Camzayos because we received often the question about the non obstructive HCM plans. I think first of all, let me start that the level of benefit expected in non obstruction is different than an obstructive because the heterogeneity of patients and diseases is much higher. That said, we have learned a lot from Odyssey Study. We know better who are the patients which diseases they are affected by that can benefit most from a myosin inhibitor like enzymes. So I want to announce that we are planning now to run a new more focused study in non obstructive SEM. And then of course the detail of it will be highlighted in clinical red where we are progressing this work.

亚当，请允许我插话。克里斯，我想借此机会。你提到了关于 Camzayos 的问题，因为我们经常收到关于非阻塞性 HCM 计划的问题。我想首先说明，非阻塞性 HCM 的预期收益水平与阻塞性 HCM 是不同的，因为患者和疾病的异质性要高得多。也就是说，我们从 Odyssey 研究中学到了很多。我们更清楚哪些患者以及他们受到哪些疾病的影响，能够从像酶这样的肌球蛋白抑制剂中获益最大。因此，我想宣布我们现在计划进行一项新的更专注的非阻塞性 SEM 研究。当然，研究的细节将在临床红皮书中突出，我们正在推进这项工作。

Chris Berner (Board Chair and Chief Executive Officer)

克里斯·伯纳（董事会主席兼首席执行官）

Thank you Christian, Next question please.

谢谢你，克里斯蒂安，下一个问题请。

OPERATOR

操作员

Operator, next question comes from Evan Siebersbergen with BMO Capital Markets. Please go ahead.

操作员，下一个问题来自 BMO 资本市场的埃文·西贝斯伯根。请继续。

Evan Siebersbergen

埃文·西贝斯伯根

Hi guys, thank you so much for taking my question. And another one for Christian. So you really inherited the design and kind of the milvexine trials. And can you walk me through the aspects of the trial design, patient selection that increased your confidence in a potentially successful readout later this year?

大家好，非常感谢你们回答我的问题。还有一个问题想问克里斯蒂安。你真的继承了 milvexine 试验的设计。你能给我讲讲试验设计和患者选择的哪些方面增加了你对今年晚些时候可能成功结果的信心吗？

Cristian Massacesi

克里斯蒂安·马萨切西

Christian thank you Ivan for the question In I think your question is referring to AFIB specifically imagine because SAP. So in afib let me tell you that first of all the data are solidly based on phase two studies that we run in total knee replacement. That is a very good surrogate for antithrobotic drugs. We learned a lot from Eliquis in that space and we know the predictivity value of that kind of population for antithrobotic agents. I think the very elegant and refined work that has been done with Milvexian was in selecting the dose for afib. That was in that trial. We tested multiple dose levels and ultimately we landed with 100 milligrams twice a day. That is a much higher dose for instance that we are using in ssp, but is a dose that gave us the confidence based on all the work that has been done, the modeling and the work and then that we were able to bring in the phase two part give us confidence to have at least a same level of efficacy than what we expected with apixaban, preserving of course the bleeding value. Going specifically to your question, the design of the study is to be able to show a non inferiority versus a Pixaban in head to head comparison. In a very well sized study we recruited 20,500 patients. So very well powered for an inferiority margin. So we disclose these margins, of course they go from 0.8 to 1.3 and we will then when an inferiority will be met, test the superiority for bleedings. We test with split alpha for measured bleeding and non measured clinical. Relevant because I want to link what Adam was telling. This is a major problem in the clinical setting and being able to show that the drug provide benefit in terms of decreasing the bleedings will be very important in the marketplace. So as said, the study is fully powered, well designed and pick in my view the right dose to being able to show what the study predefined criteria should.

克里斯蒂安，谢谢你，伊万，感谢你的提问。我想你的问题是特别指向 AFIB，因为 SAP。所以在 AFIB 方面，我想告诉你，首先数据是基于我们在全膝关节置换中进行的二期研究，这些数据非常扎实。这是抗血栓药物的一个很好的替代指标。我们在这个领域从 Eliquis 中学到了很多，我们知道这种人群对抗血栓药物的预测价值。我认为，Milvexian 在选择 AFIB 剂量方面所做的非常优雅和精细的工作。在那项试验中，我们测试了多个剂量水平，最终我们选择了每天两次 100 毫克的剂量。这是一个比我们在 SSP 中使用的剂量要高得多的剂量，但这是一个基于我们所做的所有工作、建模和研究所给予我们的信心的剂量，然后我们能够在二期部分中引入这个剂量，使我们有信心至少达到与我们预期的 apixaban 相同的疗效，同时当然保持出血值。具体来说，研究的设计是能够在头对头比较中显示出与 apixaban 的非劣效性。在一项规模非常合适的研究中，我们招募了 20500 名患者。因此，对于非劣效性边际来说，功效非常好。我们披露了这些边际，当然它们从 0.8 到 1.3，当非劣效性达到时，我们将测试出血的优越性。我们使用分裂的 alpha 来测试测量出血和非测量临床出血。相关性很重要，因为我想联系亚当所说的。这在临床环境中是一个主要问题，能够显示该药物在减少出血方面提供益处在市场上将非常重要。因此，正如所说，研究是完全有能力的，设计良好，并且在我看来选择了正确的剂量，以能够展示研究预先定义的标准。

Chris Berner (Board Chair and Chief Executive Officer)

克里斯·伯纳（董事会主席兼首席执行官）

Thanks Christian. Thanks Evan, for the question. Let's move to our next question please. Operator.

谢谢克里斯蒂安。谢谢埃文，感谢你的提问。让我们继续下一个问题。操作员。

OPERATOR

操作员

The next question comes from Michael Yee with ubs. Please go ahead.

下一个问题来自瑞银的迈克尔·易。请继续。

Michael Yee

迈克尔·易

Thank you. Following up on the design of the Malvexian study, if you take a look at the recent AFIB results, you can see that the stroke rates are quite historically a lot lower than they were back in the original days of Eliquis. So just thinking about whether you've taken that into consideration and to what extent you think that impacts the study design and whether you think that there's any chance that the study results will ultimately end up in 2027, which could end up being more positive for you than in 2026. Thank you Christian.

谢谢。关于 Malvexian 研究的设计，如果你看看最近的 AFIB 结果，你会发现中风发生率历史上比 Eliquis 最初的日子要低得多。所以我在想你是否考虑到了这一点，以及你认为这在多大程度上会影响研究设计，是否认为研究结果最终可能会在 2027 年出来，这可能对你来说比 2026 年更积极。谢谢克里斯蒂安。

Cristian Massacesi

克里斯蒂安·马萨切西

Okay, thank you Michael, for the question. we cannot disclose baseline characteristics and which kind of events we are recruiting. By the way, where am I blinded? Of course to the study. What I can tell you again is that the AFIB study, Librexia study has the right sample size and of course has a predefined number of events. We are recruiting the Events as expected and the events predefined number is for efficacy and of course for safety. So we are on track by year end is event driven. We are in April. We will see later in the year if this event rate will change or not. For the moment we are on track for a near end result. Thanks Christian. Great.

好的，谢谢迈克尔，感谢你的提问。我们不能披露基线特征以及我们招募的事件类型。顺便说一下，我当然对研究是盲目的。我可以再次告诉你，AFIB 研究，Librexia 研究具有合适的样本量，并且当然有预定义的事件数量。我们正在按预期招募事件，预定义的事件数量是针对疗效和安全性。因此，我们按计划进行，年底是事件驱动的。我们现在是四月。我们将在年内稍后看看这个事件率是否会改变。目前我们按计划进行，接近年末结果。谢谢克里斯蒂安，太好了。

Chris Berner (Board Chair and Chief Executive Officer)

克里斯·伯纳（董事会主席兼首席执行官）

Thank you Christian. Next question please. Operator.

谢谢克里斯蒂安。下一个问题请。操作员。

OPERATOR

操作员

The next question comes from Akesh Tiwari with Jeffries. Please go ahead.

下一个问题来自杰富瑞的阿凯什·蒂瓦里。请继续。

Akesh Tiwari

阿凯什·蒂瓦里

Hey, thanks so much. So for your Kabenfi Alzheimer's psychosis studies you have several trials that I know Adept 4 requires patients to have a confirmed Alzheimer's diagnosis using both imaging and blood based biomarkers. Can you talk about why you added that criteria for the study and was it based on any issues you saw with the ADEPT two trial conduct and then just on cell mods. Can you talk about your confidence on the successor one study which goes head to head against Pomalyn showing a clinically meaningful effect size based on the results you saw in successor two?

嘿，非常感谢你们。关于你们的 Kabenfi 阿尔茨海默病精神病研究，我知道 ADEPT 4 要求患者使用成像和血液生物标志物确认阿尔茨海默病诊断。你能谈谈为什么你为研究添加了这个标准吗？这是基于你在 ADEPT 2 试验过程中看到的任何问题吗？然后关于细胞调节剂，你能谈谈你对与 Pomalyn 进行头对头比较的 successor one 研究的信心吗？基于你在 successor two 中看到的结果，是否显示出临床上有意义的效应大小？

Cristian Massacesi

克里斯蒂安·马萨切西

Thank you Christian. Yeah, so the. Thank you Akash. The Cobenphy ADEPT four decision to go into a biomarker selected population was based in trying to decrease heterogeneity in the patient population. As you know, Adept 2 was a study that was already ongoing in the moment we acquired Cobenfi and we wanted to have a more predefined patient population to be recruited into an Alzheimer's disease psychosis setting. This is why we took this approach of biomarker positivity that can be done through plasma or radiologically. And I think of course this is increase the confidence that the right patients are treated in the trial, even if increase a little bit the operational challenges. Because of course we need a predefined number of patients biomarker positive to run so the screening failures are a little bit higher. This doesn't take out any confidence of the potential benefit that you can see. Also more maybe in a trial like ADEP 2 where we do not have a biomarker positive study because ultimately you treat symptoms but give more confidence that you have Alzheimer patients. This is the main reason we are not the only one doing this taking this approach in this space. Going back to your second question on cell month, I think a successor to was a very good news not only because it and as you mentioned successor 2 is an add on study on top KD, but because came earlier than expected. We eat an interim pfs. You will see the Tarasco. But you already know that when you eat an interim PFS it means that you eat a bar that is higher according to what the study was designed for. This is answering your question on successor one. We believe mesigdomide is a very potent celmods is more potent than iberdomide for instance is a drug that can be very well combined with the standard care regimens that we see a little bit less with anti CD38. This is why Aberdomide is doing that job. But I believe that the level of efficacy we have seen and the design of the study let us believe that this drug can be better than revlimid and pomalidomide. So the confidence of success of one is high and of course is higher bar because it is not an add on, it's a replacement strategy. But I think the PTS is high.

谢谢你，Christian。是的，感谢你，Akash。Cobenphy ADEPT 4 决定进入生物标志物选择的人群是基于试图减少患者人群的异质性。正如你所知，Adept 2 是一项在我们收购 Cobenfi 时已经进行中的研究，我们希望招募一个更明确的患者人群进入阿尔茨海默病精神病的环境。这就是我们采取生物标志物阳性的方法的原因，这可以通过血浆或放射学来完成。我认为，这当然增加了在试验中治疗合适患者的信心，即使这稍微增加了操作上的挑战。因为我们需要预定义数量的生物标志物阳性患者来进行研究，所以筛查失败的比例稍微高一些。这并不影响你所能看到的潜在益处的信心。尤其是在像 ADEP 2 这样的试验中，我们没有生物标志物阳性的研究，因为最终你治疗的是症状，但这更能让你有信心你在治疗阿尔茨海默病患者。这是我们采取这种方法的主要原因，我们并不是唯一一个在这个领域采取这种方法的。回到你第二个关于 successor 的问题，我认为 successor 2 是一个非常好的消息，不仅因为它是 KD 的附加研究，正如你提到的，而且因为它比预期更早出现。我们有一个中期 PFS。你将看到 Tarasco。但你已经知道，当你有一个中期 PFS 时，这意味着你达到了一个比研究设计时更高的标准。这回答了你关于 successor 1 的问题。我们相信 mesigdomide 是一种非常有效的 celmod，效果比 iberdomide 更强，这是一种可以与我们看到的标准护理方案很好结合的药物，而与抗 CD38 的结合则稍微少一些。这就是为什么 Aberdomide 在做这个工作。但我相信我们所看到的疗效水平和研究设计让我们相信这药物可能比 revlimid 和 pomalidomide 更好。因此，successor 1 的成功信心很高，当然标准也更高，因为这不是附加治疗，而是一种替代策略。但我认为 PTS 是高的。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事会主席兼首席执行官）

Thanks Christian. And let me just also say that I'm glad to hear so many questions on cell mods. The Celmod program we're quite excited about. You're going to see exciting data at ASCO on IBER and mesi, we shouldn't forget. You'll also see data on glucotamide which continues in my view to be a sleeper in the program just because of the high quality data that we've seen thus far. You'll see more of that data at ASCO. Of course behind this we've got additional degraders, BCL6, LDD, ARLD and this program and this platform is quite deep and it's nice to see these data maturing as they are across each and every one of these programs. So it's exciting to see. So stay tuned for that at ASCO and beyond. Thanks Chris. Let's take our next question please.

谢谢你，Christian。我也很高兴听到这么多关于 cel mods 的问题。我们对 Celmod 项目非常兴奋。你将在 ASCO 上看到关于 IBER 和 mesi 的令人兴奋的数据，我们不应该忘记。你还将看到关于 glucotamide 的数据，在我看来，这在项目中仍然是一个潜在的黑马，因为我们迄今为止看到的数据质量很高。你将在 ASCO 上看到更多这些数据。当然，在这背后，我们还有其他降解剂，BCL6、LDD、ARLD，这个项目和平台非常深入，看到这些数据在每一个项目中成熟是很不错的。所以看到这些是令人兴奋的。请继续关注 ASCO 及其后续内容。谢谢你，Chris。请问下一个问题。

OPERATOR

操作员

The next question comes from Louise Chen with Scotiabank. Please go ahead.

下一个问题来自于 Scotiabank 的 Louise Chen。请继续。

Louise Chen

Hi. Thanks for taking my questions. I wanted to ask you, in addition to your ADP study for Cobenphy, I know you have several additional potential indications for Covent fee and which of those additional indications are you most excited by? And then secondly, you have a lot of different modalities in yourself therapy franchise and pipeline. And how do you see these all coming together to give Bristol a more comprehensive hold on the market?

你好。谢谢你回答我的问题。我想问一下，除了你们的 Cobenphy ADP 研究外，我知道你们还有几个其他潜在的适应症，你对哪些额外的适应症最感兴趣？其次，你们在细胞治疗领域有很多不同的模式和管道。你如何看待这些模式的结合，以便让 Bristol 在市场上占据更全面的地位？

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事会主席兼首席执行官）

Thank you, Christian. And then Adam, you can provide color commentary.

谢谢你，Christian。然后 Adam，你可以提供一些补充评论。

Cristian Massacesi

So adp, because we believe this is a huge medical need and we believe Cobentin can bring benefit based on what we have seen in schizophrenia. You know, we are focusing our strategy in psychosis, specifically assessing hallucination, delusions. And this is something that we have seen a patient really having an improvement in schizophrenia. We wanted to have multiple shots and goals. This is why we have Adept 2 and Adapt 4 that are similar studies with a difference. One is biomarker selected population, the other one not. And we have Adapt one that is more a study that will assess how Cobenti will avoid relapses. But we also design ADEPT functions. So we are now four shots on goal in this program because the base case I was mentioning before is having at least two positive things are changing maybe and we believe this is an important setting. CO benefit can bring benefit to patients. We want to really have a multiple shots on goal when talking, when thinking. The other indication, bipolar disorder is the next one in line because we expecting results into 2027. We are testing Cobenfi specifically in mania in the context of bipolar disorders. And you know, if you think this is very similar in terms of the productive symptoms that we see in AD psychosis and then we have AD agitation. AD agitation is very related to psychosis because this is one symptom that we. We have seen Cobenphy already providing benefit. So the confidence is high also for this agitation is coming in 2028. Like cognition. AD Cognition and cognition is probably different mechanism. Psychosis is probably mediated by muscarinic receptor 4, conditioned probably by muscarinic receptor 1. McObenfin is working on both. So this is where the confidence stay. So I would say the Cobenfib we believe can bring a benefit in controlling these kind of symptoms in Alzheimer in bipolar patients and is an anchor asset for our portfolio in neuroscience. We are building. I really would like you to start to see how we are building our portfolio in Alzheimer with a phase two assets and multiple phase one assets that show the commitment that VMS has for this disease. Because we want to play in this disease.

所以 ADP，因为我们相信这是一个巨大的医疗需求，我们相信 Cobentin 可以带来益处，基于我们在精神分裂症中看到的结果。你知道，我们专注于精神病的策略，特别是评估幻觉和妄想。这是我们看到患者在精神分裂症中真正改善的地方。我们希望有多个目标。这就是为什么我们有 Adept 2 和 Adapt 4，这两项研究相似但有所不同。一项是生物标志物选择的人群，另一项则不是。我们还有 Adapt 1，这是一项将评估 Cobenti 如何避免复发的研究。但我们也设计了 ADEPT 功能。因此，我们现在在这个项目中有四个目标，因为我之前提到的基本情况是至少有两个积极的变化，我们相信这是一个重要的环境。CO 益处可以为患者带来益处。我们希望在谈论时真正有多个目标。另一个适应症，双相情感障碍是下一个，因为我们预计在 2027 年会有结果。我们正在特定于双相情感障碍的狂躁症中测试 Cobenfi。你知道，如果你认为这在阿尔茨海默病精神病中看到的生产性症状非常相似，那么我们还有阿尔茨海默病的激动。阿尔茨海默病的激动与精神病非常相关，因为这是我们看到的一个症状。我们已经看到 Cobenphy 提供了益处。因此，对这种激动的信心也很高，预计在 2028 年会有结果。像认知一样，阿尔茨海默病的认知可能是不同的机制。精神病可能是由毒蕈碱受体 4 介导的，可能由毒蕈碱受体 1 条件化。McObenfin 在这两者上都有作用。这就是信心所在。因此，我会说我们相信 Cobenfib 可以在控制阿尔茨海默病和双相患者的这些症状方面带来益处，并且是我们神经科学投资组合的一个核心资产。我们正在构建。我真的希望你能开始看到我们如何在阿尔茨海默病中构建我们的投资组合，拥有多个二期资产和多个一期资产，显示出 VMS 对这一疾病的承诺。因为我们希望在这个疾病中发挥作用。

Adam Lenkowsky

Yeah, Just to add, Christian did a great job covering, you know, much of our life cycle management program. But from a commercialization standpoint, I would say, you know, stepping back. There are approximately 7 million patients diagnosed with Alzheimer's disease and roughly 30 or 50% have psychosis and that's hallucination delusions. And the vast majority have cognitive impairment. So this presents a real significant unmet need where there are no approved treatments today. And you know, we know that antipsychotics have significant safety limitations. They have movement disorders, they carry box warnings that are specific to elderly patients with dementia and they often treated and used inappropriately rather than treating the underlying psychiatric diseases. You know, they leave patients with cognitive impairment, falls and fractures. And these are all really serious issues in long term care facilities. We believe that Covenpi has potential to play A very important role in treating a number of Alzheimer's diseases. Safety becomes increasingly important in an elderly population where Coventi is not associated with eps. Sedation doesn't carry a box warning. And in those two areas, ADP and Alzheimer's disease cognition covempi would be the first and only positive group in those states.

是的，补充一下，Christian 在我们生命周期管理项目的覆盖方面做得很好。但从商业化的角度来看，我想说，退后一步来看，大约有 700 万患者被诊断为阿尔茨海默病，其中大约 30% 到 50% 有精神病症状，包括幻觉和妄想。绝大多数患者都有认知障碍。因此，这呈现出一个真正显著的未满足需求，目前没有批准的治疗方法。而且我们知道，抗精神病药物有显著的安全性限制。它们会导致运动障碍，并且对老年痴呆症患者有特定的黑框警告，通常被不当使用，而不是治疗潜在的精神疾病。你知道，它们让患者面临认知障碍、跌倒和骨折。这些都是长期护理机构中非常严重的问题。我们相信 Covenpi 有潜力在治疗多种阿尔茨海默病方面发挥非常重要的作用。在老年人群体中，安全性变得越来越重要，而 Coventi 与运动障碍无关，镇静也没有黑框警告。在这两个领域，ADP 和阿尔茨海默病认知方面，Covenpi 将是这些状态下第一个也是唯一的积极选择。

Cristian Massacesi

Let me thank you Adam. Let me go back to your second question on cell therapy. You know, I could discuss about cell therapy strategy in hematology or in autoimmune disease. I want to focus on autoimmune disease because probably is newer and I think is more is important that we explain the strategy that we want to put in place on the development maybe in the context commercial side. You know, I believe that BMS has a very powerful platform in this space. And with one aim, reset the immune system. And to reset the immune system. This is the strategy that we want to take. We decided to add a multimodal approach. This is why we have an autologous, an allogenic and an in vivo platform. And I have to say this set us apart completely compare many other players in this space. If you think of these products, this can be transformative for patients with autoimmune disease. Because if you can eradicate B cells, you can provide benefit to patients with a severe or moderate state of the disease. But the vision can be to use these one time treatments before the patient start to have the organs damaged by the autoimmune diseases. The most advanced program is Xolacel, our autologous CAR T. We have two ongoing pivotal studies, one in lupus and one in scleroderma. We have a multipolateral indication ongoing and we see a level of activity that is unprecedented. And then we have in clinic now an allogenic CAR T that of course can represent a more accessible scalable approach. Because from one donor you can manufacturing hundred cells. And so these can broaden up the access. But the real transformative thing can be in vivo. We acquire Orbital, an MRNA in vivo platform where you have the patients that are producing manufacturing the cells himself or self. So this is really can be transformative because it can really broaden up and give scalability in such a broad space like autoimmune disease. So I hope I address the strategic. We want to be a player, we want to lead in this space. I think we are very well set to do that.

感谢你，Adam。让我回到你关于细胞治疗的第二个问题。你知道，我可以讨论血液学或自身免疫疾病中的细胞治疗策略。我想专注于自身免疫疾病，因为这可能是较新的，我认为我们需要更重要地解释我们希望在开发中实施的策略，也许是在商业方面。你知道，我相信 BMS 在这个领域有一个非常强大的平台，目标是重置免疫系统。为了重置免疫系统，这是我们想采取的策略。我们决定采用多模式的方法。这就是为什么我们有自体、异体和体内平台。我必须说，这使我们与该领域的许多其他参与者完全不同。如果你考虑这些产品，这可能会对自身免疫疾病患者产生变革性的影响。因为如果你能消灭 B 细胞，你可以为处于严重或中度疾病状态的患者提供益处。但愿景是，在患者开始受到自身免疫疾病损害之前，使用这些一次性治疗。最先进的项目是 Xolacel，我们的自体 CAR T。我们有两个正在进行的关键研究，一个在狼疮中，一个在硬皮病中。我们有一个多重适应症正在进行中，我们看到的活动水平是前所未有的。然后我们现在在临床上有一个异体 CAR T，当然可以代表一种更可及、可扩展的方法。因为从一个供体可以制造出数百个细胞。因此，这可以扩大获取的机会。但真正的变革性在于体内。我们收购了 Orbital，一个 mRNA 体内平台，患者自己生产和制造细胞。这真的可以变革，因为它可以真正扩大并在像自身免疫疾病这样广泛的领域中提供可扩展性。所以我希望我能解决战略问题。我们希望成为这个领域的参与者，我们希望在这个领域领先。我认为我们非常有能力做到这一点。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事会主席兼首席执行官）

Thanks Christian and Adam. Let's move to our next question please.

谢谢你，Christian 和 Adam。让我们进入下一个问题。

OPERATOR

操作员

The next question comes from Terrence Flynn with Morgan Stanley. Please go ahead.

下一个问题来自摩根士丹利的 Terrence Flynn。请继续。

Terrence Flynn

Great. Thanks so much for taking the Question. I'll keep it to one. You know Christian, appreciate the details on the MIL vaccine AFIB trial in terms of non inferiority on the efficacy endpoint, but just was wondering if you could elaborate in terms of what differential it's powered for on bleeds for superiority or what if you don't want to answer that question, what you think is a clinically relevant delta versus Eliquis that would drive reimbursement coverage. Thank you.

非常好。非常感谢你们回答这个问题。我只问一个。你知道，Christian，感谢你提供关于 MIL 疫苗 AFIB 试验在疗效终点上的非劣性细节，但我只是想知道你能否详细说明在出血方面的差异性是如何设计的，或者如果你不想回答这个问题，你认为与 Eliquis 相比，什么是临床相关的差异，能够推动报销覆盖。谢谢。

Cristian Massacesi

Maybe I start and then Adam, you can step in as you want. So Terence, again the study is designed to show non inferiority. Non inferiority has margins that goes as I was mentioned, we disclosed margin. Why I can speak about it. They go from 0.8384 to 1.3 something. So we believe in the study and the preclinical and clinical work done in phase two is set to show that the non inferiority is met to have a similar activity on efficacy. That's right. It is possible that Maldexion can have another ratio less than 1, but it's not needed because clinically and maybe commercially the success required to be similar and having a better bleeding profile in measured bleedings and clinically meaningful bleedings. And this is where the study I think is extremely well structured set and power to show the non inferiority and superiority on the bleeding rates just from a coverage standpoint.

也许我先开始，然后 Adam，你可以根据需要插入。所以，Terrence，再次强调，这项研究的设计是为了显示非劣性。非劣性有边际，如我所提到的，我们披露了边际。我可以谈论它。它们的范围从 0.8384 到 1.3 多一点。因此，我们相信这项研究以及在二期中进行的前临床和临床工作旨在表明非劣性是满足的，以便在疗效上具有相似的活动。这是正确的。Maldexion 可能会有一个小于 1 的比率，但这并不是必需的，因为在临床上，也许在商业上，成功要求相似，并且在测量出血和临床上重要的出血中具有更好的出血特征。这就是我认为这项研究在结构上非常良好，设置并具备展示非劣性和出血率优越性的能力，仅从覆盖的角度来看。

Adam Lenkowsky

Terrence, what payers consistently tell us is that bleeding, particularly major bleeding, is the single largest cost driver associated with oral anticoagulation therapy today. It's why Eliquis has significant share in the market and payer discussions are suggesting that the potential of an improved benefit risk profile will be a strong value proposition, particularly around economic benefits. And payers aren't necessarily anchored to a specific percentage threshold. What they're looking for is clinically meaningful and statistically credible reduction in major bleeds that translates into fewer hospitalizations and fewer events that are clinically and economically important.

Terrence，付款方始终告诉我们，出血，特别是重大出血，是与口服抗凝治疗相关的最大成本驱动因素。这就是为什么 Eliquis 在市场上占有显著份额，付款方讨论表明，改善的益处风险特征的潜力将是一个强有力的价值主张，特别是在经济利益方面。付款方并不一定依赖于特定的百分比阈值。他们所寻找的是临床上有意义且统计上可信的重大出血减少，这转化为更少的住院和更少的临床和经济上重要的事件。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事会主席兼首席执行官）

Thanks, Adam. Thanks, Christian. Great. Let's take our next question please.

谢谢你，Adam。谢谢你，Christian。很好。让我们进入下一个问题。

OPERATOR

操作员

The next question comes from Seamus Fernandez with Guggenheim Securities. Please go ahead.

下一个问题来自 Guggenheim Securities 的 Seamus Fernandez。请继续。

Seamus Fernandez

Great. Thanks for the question. So if I may just wanted to drill in a little bit on Milparant and the opportunity there. Just from a commercial perspective, you know, we're seeing a very robust potential combination market poised to emerge here. But obviously the key is success in clinical programs. So just wanted to get maybe Christian, a little bit more of your sense of what are the key risks as we evaluate phase two to phase three and how do you see the opportunity beyond that? When we look back at the phase two and incorporated a Bayesian analysis from a statistical perspective. There weren't that many patients on background therapy. So just trying to get a better understanding of how you see, you know, the risk reward heading into the IPF results and the PPF results. And then just for Adam, you know, as you look at the evolution of this market, how are you looking at the impact of the current antifibrotic standard of care and the dropout rate that patients experience and suffer from versus some of the emerging data sets for other combinations in this setting like the trepostinil data. Thanks so much Christian and Adam.

很好。谢谢你的提问。如果可以的话，我想深入探讨一下 Milparant 及其机会。从商业角度来看，我们看到一个非常强劲的潜在组合市场即将出现。但显然，关键在于临床项目的成功。因此，我想请 Christian 分享一下你对评估从二期到三期的关键风险的看法，以及你如何看待此后的机会？当我们回顾二期并结合统计学的贝叶斯分析时，背景治疗的患者并不多。所以我想更好地理解一下你对进入 IPF 结果和 PPF 结果时风险与收益的看法。然后对于 Adam 来说，当你观察这个市场的发展时，你如何看待当前抗纤维化标准治疗的影响，以及患者经历和遭受的退出率与在这种情况下其他组合的最新数据集（如 trepostinil 数据）之间的对比。非常感谢你，Christian 和 Adam。

Cristian Massacesi

Seamus did the. Let me start with the target. LPA1 inhibition is important because it's working in three dimension in the fibrotic process. In IPF and PPF, fibrosis inflammation also repair. So this is the novelty of the target and I think Armipanata is the first in class in this space for both IPS and bps. The goal here is to improve upon efficacy but also to have a differentiated tolerability. You know, there are drugs the patient can use today that have some GI issues, some calf issues. So amiparanta profile is very different, very differentiated. The conviction on this program is, is sitting on the phase two results. In both IPF and PPF we have more than 60% improvement versus placebo in the lung function decline with 60mg BLD. And you know, we tested different doses and the dose relationship is very clear. This is another nuance, very important that we put in the phase three that give me confidence in what we are doing because we are running both studies IPF and PPF with two doses, 60 and 120. The dose relationship and the benefit of having higher dose was very clear. Deeper efficacy while the dose is increasing. PMC also for these trials are continuous to monitor and reviewing the condition, introduction of the study safety and efficacy and tell us to continue as planned. So we do not see any flag especially on safety side in terms of hypotension, syncopal events, even overall in the trial. So two shots on goal with 16, 30, 120 in a very well designed power studies. The phase two and the phase three population are very similar. We tried and the teams did a very good job in ensuring consistency and in trying to have as much as possible in phase three. What we did in phase two, your question on the specifically on the design of the trial. In both trials in IPS we stratify based on prior treatment pefenidone or nothing. So we can use add on or in patients that don't receive any treatment and in PPF there is stratification based on usage or not of anti fibrotics. So the studies will answer that question and the drug can be used on top of standard care or as a single agent. Very high confidence on how this program has been delivered on the target execution and looking really forward to the results.

Seamus 做了。让我先从目标开始。LPA1 抑制很重要，因为它在纤维化过程中以三维方式发挥作用。在 IPF 和 PPF 中，纤维化、炎症和修复也是如此。这就是目标的新颖性，我认为 Armipanata 是这个领域中首个针对 IPS 和 BPS 的药物。我们的目标是提高疗效，同时也要有差异化的耐受性。你知道，患者今天可以使用的一些药物存在一些胃肠道问题和小腿问题。因此，amiparanta 的特征非常不同，差异化明显。我们对这个项目的信心来自于二期结果。在 IPF 和 PPF 中，我们在 60mg BLD 下的肺功能下降方面与安慰剂相比有超过 60% 的改善。我们测试了不同的剂量，剂量关系非常明确。这是另一个细微之处，非常重要，我们在三期中加入了这一点，这让我对我们所做的事情充满信心，因为我们正在进行 IPF 和 PPF 的两项研究，使用 60 和 120 两种剂量。剂量关系和高剂量的益处非常明显。PMC 也在持续监测这些试验，并审查研究的安全性和有效性，并告诉我们继续按计划进行。因此，我们在安全性方面没有看到任何特别的警示，尤其是在低血压、晕厥事件方面，甚至在整个试验中也是如此。因此，在设计良好的强度研究中，我们有两个目标，16、30、120。二期和三期人群非常相似。我们尝试并且团队在确保一致性方面做得很好，尽量在三期中做到与二期相同。关于试验设计的具体问题，在 IPS 的两个试验中，我们根据之前的治疗（pefenidone 或无治疗）进行分层。因此，我们可以在未接受任何治疗的患者中使用附加治疗，而在 PPF 中则根据是否使用抗纤维化药物进行分层。因此，这些研究将回答这个问题，药物可以在标准治疗的基础上使用，也可以作为单一药物使用。我们对这个项目在目标执行方面的交付充满信心，并期待结果。

Adam Lenkowsky

Adam, just quickly, Seamus. You know, we're excited about this program as well. We believe that Admiral Peron has the potential to play a meaningful role in both IPF and ppf. With an improved efficacy and tolerability profile. As Christian described, there remains a significant need for improved therapies that slow disease progression that are well tolerated and ultimately help patients manage their disease. As you were alluding to, GI tolerability remains a significant barrier. Where approximately 50 to 60% of patients on treatment today or discontinuing therapy by 12 months with current standard of care. And even what we're seeing with the newest approved products, the diarrhea rate is roughly 40%. What we're hearing from our thought leaders is that Admilparent has the potential to be foundational as a first line option and has a versatility of being used in combination given the expected efficacy and tolerability profile and and on the needs in the marketplace. So we've got important prelaunch activities that are underway now and we are very much looking forward to the data readout in the second half of the year.

Adam，快速说一下，Seamus。我们对这个项目也感到兴奋。我们相信 Admiral Peron 在 IPF 和 PPF 中有潜力发挥重要作用，具有改善的疗效和耐受性特征。正如 Christian 所描述的，仍然存在对改善疗法的重大需求，这些疗法能够减缓疾病进展，耐受性良好，并最终帮助患者管理他们的疾病。正如你所提到的，胃肠道耐受性仍然是一个重大障碍，目前约有 50% 到 60% 的患者在接受标准治疗 12 个月后停止治疗。即使是我们看到的最新批准产品，腹泻率也大约为 40%。我们从我们的思想领袖那里听到，Admilparent 有潜力作为一线选择，具有基础性作用，并且由于预期的疗效和耐受性特征，具有组合使用的多样性，满足市场需求。因此，我们目前正在进行重要的预发布活动，我们非常期待下半年数据的发布。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner (董事会主席兼首席执行官)

Great. Thanks Adam and operator. Can we please take our last question?

很好。谢谢 Adam 和操作员。我们能否请您提出最后一个问题？

OPERATOR

操作员

The last question today will come from Mohit Bansal with Wells Fargo. Please go ahead.

今天的最后一个问题来自 Wells Fargo 的 Mohit Bansal。请继续。

Mohit Bansal

Great. Thank you very much for squeezing me in. So I have a question on Premetameg. So your competitor has signaled that a VEGF PD1 compared to an IO or a PD1 may be able to show a minimal regression in hazard ratio when you go from PFS to os. We saw regression when we compared to chemo, but with the IO combo it may not be the same situation. How are you thinking about that given that Bristol is probably the only company with two I O combos on the market and you have seen data for both, both lag 3 as well as CTLA 4 account on top of PD1? So how are you thinking about this sort of regression from PD1 2 or for PFS to OS given in the context of VEGF PD1? It's kind of an important investor debate right now.

很好。非常感谢你让我参与进来。我有一个关于 Premetameg 的问题。你的竞争对手表示，与 IO 或 PD1 相比，VEGF PD1 可能在从 PFS 到 OS 时显示出最小的风险比回归。我们在与化疗比较时看到了回归，但与 IO 组合可能不是同样的情况。考虑到 Bristol 可能是市场上唯一拥有两个 IO 组合的公司，而你们已经看到了这两者的数据，都是在 PD1 之上进行的 lag 3 和 CTLA 4。那么，考虑到 VEGF PD1 的背景，你如何看待从 PD1 到 PFS 到 OS 的这种回归？这在目前是一个重要的投资者辩论。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner (董事会主席兼首席执行官)

Thank you, Christian.

谢谢你，Christian。

Cristian Massacesi

Thank you Moit for the question. Let me start on the way we deliver these two mechanisms. I truly believe Bispecifics are a better way to deliver two different mechanisms than using two different antibodies because you are much more on target, you are much more selective in delivering them and potentially you can decrease also the off target issues like adverse events. So there is another important learning that we have had that we are adding every day with these drugs. Our pomitomic is a safe drug, the safety is very predictable, the combinability is very high. So we know BGF is impacting pfs. This is what also you are mentioning and I think that we will see where the data are maturing. We will see even few weeks at ASCO what this PFS improvement can translate in terms of os. My base case, Mohit, is that if I have a drug that give me a good PFS gain and statistical significance OS gain that will be without increasing the safety in dramatic way is good enough because then I can use this as a backbone and I can improve even further pairing other mechanisms that can continue to increase the PFS gain and potentially translating even in a better, in a better os. I don't think we can be so simply we can simplify so much. Like in the past the BGF inhibitors did not translate in OS because here we have the IO component and we still don't know how to how much the BGF part of the drug is giving us the upside for the IO. And it's possible actually that this gives us an uplift also for os. So I'm excited by these bispecifics. I'm excited very much about pomitomic and the plan that we are putting in place because I truly believe that this can be the backbone for future regimens for cancer patients across indications.

感谢 Moit 提出的问题。让我先谈谈我们如何交付这两种机制。我真的相信双特异性抗体比使用两种不同的抗体更好，因为它们的靶向性更强，选择性更高，可能还可以减少脱靶问题，比如不良事件。因此，我们在这些药物上每天都有重要的学习。我们的 pomitomic 是一种安全的药物，安全性非常可预测，组合性也很高。所以我们知道 BGF 对无进展生存期（PFS）有影响。这也是你提到的，我认为我们将看到数据的成熟。我们将在几周后的 ASCO 会议上看到这种 PFS 改善在总生存期（OS）方面的转化。我基本的看法是，Mohit，如果我有一种药物能给我带来良好的 PFS 增益和统计学显著的 OS 增益，并且不会显著增加安全性，那就足够好了，因为这样我可以将其作为基础，并进一步通过配对其他机制来提高 PFS 增益，并可能转化为更好的 OS。我认为我们不能过于简单化。就像过去 BGF 抑制剂没有转化为 OS 一样，因为这里有免疫治疗成分，我们仍然不知道 BGF 部分的药物给我们带来了多少免疫治疗的好处。实际上，这可能也会给 OS 带来提升。因此，我对这些双特异性抗体感到兴奋，对 pomitomic 和我们正在制定的计划感到非常兴奋，因为我真的相信这可以成为未来癌症患者各类适应症治疗方案的基础。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事会主席兼首席执行官）

Thanks Christian and thanks everyone for the questions. In closing, I just want to come back to where we started. We're doing what we said we would do. We're executing across the business, advancing a really differentiated pipeline that we think is going to strengthen the growth profile for the company and operating consistently with financial discipline. And of course that discipline enables us to have flexibility to invest in growth, to pursue business development where it makes sense and ultimately deliver long term value. There's always more work to do, but the foundation we built and the momentum we're seeing gives us confidence in the trajectory of the business. So with that, thanks for joining us today and as always, the team is available for follow ups. Have a good rest of the day.

感谢 Christian，也感谢大家提出的问题。最后，我想回到我们开始的地方。我们正在做我们所说的事情。我们在业务上执行，推进一个真正差异化的产品线，我们认为这将增强公司的增长特征，并始终保持财务纪律。当然，这种纪律使我们能够灵活投资于增长，追求合适的业务发展，最终实现长期价值。总是有更多的工作要做，但我们建立的基础和我们看到的势头让我们对业务的轨迹充满信心。因此，感谢大家今天的参与，团队随时可以进行后续交流。祝大家余下的时间愉快。

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完整记录：百时美施贵宝 2026 年第一季度财报电话会议