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

在週四，百時美施貴寶（NYSE: BMY）在其財報電話會議中討論了 2026 年第一季度的財務結果。完整的會議記錄如下。

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

此內容由 Benzinga API 提供。有關全面的財務數據和會議記錄，請訪問 https://www.benzinga.com/apis/。

View the webcast at https://event.choruscall.com/mediaframe/webcast.html?webcastid=6fViSl8L

查看網絡直播 https://event.choruscall.com/mediaframe/webcast.html?webcastid=6fViSl8L

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.

百時美施貴寶公司報告稱，2026 年第一季度總收入同比增長 1%，達到約 115 億美元，增長組合實現了 9% 的增長，達到了 62 億美元。

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.

公司強調了監管和臨牀里程碑，包括 FDA 接受 Iberdomide 用於復發或難治性多發性骨髓瘤的申請，以及 mosigdamide 的積極第三階段中期數據。

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.

百時美施貴寶重申了其全年財務指引，預計業績將接近其既定收入和每股收益範圍的上限，得益於強有力的執行和財務紀律。

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.

管理層強調了他們對研發生產力的承諾，利用人工智能簡化臨牀操作，並專注於推出超過 10 種新藥物和擴展其中期管道。

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.

公司繼續優先考慮業務發展，專注於能夠增加臨牀和商業價值的戰略領域，同時保持財務靈活性以應對潛在交易。

Full Transcript

完整會議記錄

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.

歡迎參加百時美施貴寶公司 2026 年第一季度財報電話會議。所有參與者將處於僅聽模式。如需幫助，請按星號鍵後跟零。今天的演示結束後將有機會提問。如需提問，請在電話鍵盤上按星號鍵再按 1。如需撤回問題，請按星號鍵再按 2。請注意，此事件正在錄音。現在我將會議交給 Chuck Triano，投資者關係高級副總裁。請繼續。

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

Chuck Triano（投資者關係高級副總裁）

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.

謝謝大家，早上好。感謝您參加我們的 2026 年第一季度財報電話會議。今天早上與我一起準備發言的有 Chris Berner，董事會主席兼首席執行官，以及我們的首席財務官 David Elkins。今天的電話會議中還參與了我們的首席商業化官 Adam Lenkowsky，以及我們的首席醫學官兼全球藥物開發負責人 Cristian Massacesi。今天早上，我們在 BMS.com 上發佈了我們的季度幻燈片演示，您可以用來跟隨 Chris 和 David 的發言。在開始之前，我想提醒大家，在本次電話會議中，我們將對公司的未來計劃和前景做出陳述，這些陳述構成了前瞻性聲明。實際結果可能因各種重要因素而與這些前瞻性聲明所指示的結果有實質性差異，包括公司在 SEC 文件中討論的因素。這些前瞻性聲明代表了我們截至今天的估計，不應被視為我們在任何未來日期的估計，我們特別聲明不承擔更新前瞻性聲明的義務，即使我們的估計發生變化。我們還將重點討論我們的非 GAAP 財務指標，這些指標經過調整以排除某些特定項目。某些非 GAAP 財務指標與最可比的 GAAP 指標的調節可在 bms.com 上獲得。最後，除非另有説明，所有比較均基於 2025 年的同一時期，銷售增長率將以排除外匯影響的基礎進行討論。所有提及的損益表均為非 GAAP 基礎，接下來我將把時間交給 Chris。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事會主席兼首席執行官）

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

謝謝 Chuck，歡迎您參加我們的第一季度財報電話會議。我們在第一季度取得了穩健的業績，並繼續通過在業務中的嚴格執行來改善我們的行動與承諾比，以便更好地為公司的長期可持續增長奠定基礎。我們的戰略仍然基於三個重點：研發針對危及生命的疾病，推動組織內的強有力執行，以在我們的增長組合中建立勢頭，以及保持對股東友好的資本配置的紀律性。我們在本季度的三個方面都取得了進展。讓我首先強調一下我們在第 4 頁上的表現。我們以關鍵市場產品的穩健業績開始了這一年。在本季度，增長組合的銷售同比增長了 9%，得益於包括 Reblozyl、Breyanzi、Camzyos、Opdualag、Qvantel 和 Cabenuva 在內的廣泛資產的貢獻。這些是治療嚴重疾病的差異化、持久性資產，仍處於生命週期的早期階段，並繼續鞏固我們長期增長的基礎。總體而言，我們的增長組合在本季度的表現符合我們的預期。在增長組合之外，Eliquis 表現良好，增長符合我們在第四季度電話會議上提供的範圍。David 將很快提供更多財務細節。轉向我們在第一季度的近期監管和臨牀里程碑，我們在推進我們廣泛多樣化的管道方面取得了進展，涉及我們的 celmods Iberdomide 和 Mosigdamide。我們的 Iberdamide 針對復發或難治性多發性骨髓瘤的申請已獲得 FDA 的突破性療法認定和優先審查，PDUFA 日期為 8 月 17 日。這是我們蛋白降解平台的重要一步，可能使我們能夠將首個 Celmod 推向市場。我們報告了來自繼任者 2 研究的積極的三期中期數據，顯示覆發或難治性多發性骨髓瘤患者的無進展生存期有顯著改善。這標誌着我們口服 Celmod 項目的第二個積極關鍵讀數，進一步增強了我們對該平台的信心。我們還將在 ASCO 上展示完整數據，並積極計劃基於我們 ADC Isobran 的數據進行監管提交。我們分享了針對先前治療過的三陰性乳腺癌患者的積極三期中期頂線結果，這項研究是在中國進行的。我們將在 ASCO 上展示這些令人振奮的數據，以及針對先前治療過的食管鱗狀細胞癌的 Zeposia 的積極三期中國研究結果。同時，我們繼續通過生命週期擴展來擴大我們在市場組合的覆蓋範圍。我們獲得了 SOTIC2 和銀屑病關節炎的批准，以及 Opdivo 針對兩種新的經典霍奇金淋巴瘤適應症的批准。我們還報告了 Cobinfi 的積極四期轉換數據，ChemXios 在患有阻塞性 HCM 的青少年中的積極三期數據，以及 Reblazilin 在α地中海貧血中的積極二期數據。回顧這些更新，反映了我們管道的多樣性和廣度，無論是在治療領域還是在治療方式上，以及在業務中的持續執行。轉到第 5 頁，正如我們所説，2026 年後期的關鍵讀數預計將越來越頻繁，這些讀數將進一步定義和降低我們長期增長的風險。在預計年末的三期讀數中，包括 Milvexian 和房顫及二級中風預防、Cobenthy 和阿爾茨海默病、精神病、admilparent 和 IPF 以及 Iberdamide 的 PFS 數據。我們預計這些讀數將幫助我們進一步多樣化和擴展我們的組合，並且是我們努力在本十年末之前推出超過 10 種新藥和 30 個重要生命週期管理機會的一部分。轉到第 6 頁，推動這些機會並實現可持續長期增長的核心是我們在研發組織中推動頂級研發生產力的努力。我們繼續通過提升人才、簡化決策過程和加強核心臨牀活動的管理來改善藥物開發的執行。我們還專注於提高我們早期到中期管道的質量和深度。這些努力的基礎是我們在核心研發基礎設施上的投資，包括擴大 AI 工具的使用，以及實驗室自動化和受過正確工作方式培訓的人員。靶點選擇和分子設計對長期價值有着超出預期的影響。我們設定了目標，以大約 50% 的速度更快地實現領先分子的識別，同時應用更嚴格的標準，以確保只有最具差異化的分子進入後期開發。我們正在利用 AI 來簡化臨牀運營、壓縮開發時間表並隨着時間的推移增強質量監督。我們預計這些努力將使週期時間比幾年前減少 30%。此外，我們與 Faro 的持續合作使我們能夠更高效地設計試驗，以及 EviNova 的成本優化工具。這些在研發中的持續努力是 2026 年的首要任務。組織對財務紀律的持續關注使我們能夠進行這些和其他重要投資。我們仍然按計劃在 2027 年底之前實現我們 20 億美元戰略生產力計劃的剩餘成本節約。關於資本配置，業務發展仍然是一個重要的關注點。和往常一樣，我們將繼續關注能夠增加戰略價值並提供吸引回報的機會。隨着我們的後 LOE 增長輪廓變得更加清晰，我們自然會更加重視擴展我們的早期和中期組合，以支持 2030 年代的增長。總之，基於我們的表現，我們認為業務目前正朝着我們指導範圍的上限發展。展望未來，我們在增長組合中保持持續的勢頭，管道中潛力廣泛，並能夠在投資業務的同時變得更加專注和高效。至此，我將時間交給

David Elkins (Chief Financial Officer)

大衞·埃爾金斯（首席財務官）

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.

謝謝你，克里斯，大家早上好。我們的 2026 年表現開局強勁，正如我們第一季度的業績所強調的那樣。我們在研發、商業和財務方面都取得了穩健的表現，同時繼續管理我們的成本結構。我們對執行的持續關注進一步鞏固了我們的基礎，為公司長期可持續增長做好準備。我將首先回顧我們的第一季度業績，然後討論我們對今年剩餘時間的財務展望。從第 8 頁開始，第一季度的總收入同比增長 1%，約為 115 億美元。我們的增長組合繼續表現良好，全球收入增長 9%，達到 62 億美元。正如克里斯提到的，幾個仍處於生命週期早期的產品正在推動增長，因為我們有意在更廣泛的關鍵資產範圍內擴展我們的業務。在傳統產品組合中，我們看到 Eliquis 的穩健增長，但由於其他幾個品牌的仿製藥進入增加，導致了部分抵消。總體而言，我們對本季度的業績非常滿意，因為我們在重塑和重新定義 BMS 為下一個十年最快增長的製藥公司這一目標上不斷前進。轉到第 9 頁的產品表現，首先是腫瘤學，Opdivo 的收入下降了 8%，約為 21 億美元，這一下降主要來自美國。這主要是由於批發商層面的 Opdivo 庫存減少，庫存處於典型範圍的低端。我們將繼續監測這些水平在今年剩餘時間是否會恢復正常。此外，我們看到對 qvantic 的持續轉換，推出進展順利，收入為 1.63 億美元。通過 Optilag，我們又實現了強勁的兩位數增長，全球需求推動了其在黑色素瘤的標準治療和一線治療中的地位。轉到第 10 頁，Reblozyl 實現了 15% 的增長，表現持續反映出在細胞治療中與一線和二線 MD 相關的貧血的穩健吸收。Breyanzi 第一季度的增長為 53%，反映出其最佳的產品特性和在美國及國際市場上各項批准適應症的持續強勁需求。我們對 Breyanzi 的持續勢頭和增長前景感到鼓舞。轉到第 11 頁的心血管和免疫學，Eliquis 在本季度的收入約為 41 億美元，增長了 13%。我們繼續看到強勁的需求，考慮到我們在年初生效的美國價格降低，我們還看到第一季度批發商庫存有所增加。我們預計這種庫存將在第二季度逆轉。轉到 Camzyos，第一季度的收入幾乎翻倍，達到 3.14 億美元，受益於全球需求的持續增長。現在轉到免疫學，Satik 2 的全球收入增長了 20%。最近對銀屑病關節炎的批准代表了我們在風濕病學中的持續存在。雖然我們在狼瘡和乾燥綜合症的三期結果尚待公佈，我將在第 12 頁總結我們的產品表現，神經科學方面，Cabenuva 在第一季度的收入為 5600 萬美元，代表着持續穩定的增長。現在讓我們轉到第 13 頁的損益表。正如預期的那樣，第一季度的毛利率下降了 280 個基點，降至 70.3%，這主要是由於產品組合的變化（不包括在研研發）。第一季度的運營費用為 39 億美元，略高於去年同期。與去年相比，Pamicogam、Qvantel 和 Kobenphi 相關的增量投資在很大程度上被我們的戰略生產力計劃帶來的節省所抵消。這繼續為我們在這些以增長為導向的機會中提供額外的投資靈活性。本季度的有效税率為 18.3%，反映了各個司法管轄區的收益組合。整體稀釋每股收益為 1.58 美元，其中包括與在研研發和許可收入相關的每股淨費用 0.03 美元。轉到第 14 頁的資產負債表和資本配置亮點，我們的財務狀況依然強勁，現金及現金等價物和可交易證券約為 110 億美元。截至 3 月 31 日，第一季度我們產生了約 11 億美元的運營現金流。本季度的現金流反映出由於 Eliquis 的掛牌價格降低，淨現金收款減少了約 12 億美元。我們預計這將在年內通過降低迴扣支付得到彌補。在資本配置方面，我們繼續採取戰略性和均衡的方法來部署我們的強勁現金流。業務發展仍然是優先事項，我們定期評估我們最熟悉的治療領域的機會，同時繼續通過對股息的承諾向股東返還現金。現在轉到第 15 頁的指導，我們基於第一季度的結果和當前的預測，重申 2026 年全年的財務指導。我們看到我們的財務表現朝着既定收入和每股收益指導範圍的上限發展。隨着年度的推進，我們將繼續提供更新。最後，我們在本季度的強勁表現增強了我們為患者和股東提供長期價值的信心。重申克里斯的評論，我們的戰略仍然基於三個重點：研發針對危及生命的疾病，在組織內推動強有力的執行，以在我們的增長組合中建立勢頭，以及保持對股東友好的資本配置的紀律性。至此，我將把電話交回給查克進行問答。

OPERATOR

操作員

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.

現在我們將開始問答環節。要提問，請在您的觸摸電話上按星號，然後按 1。如果您使用的是免提電話，請在按鍵之前拿起聽筒。如果在任何時候您的問題已經被解答，或者您想撤回您的問題，請按星號，然後按 2。我們要求您在此時限制自己只提一個問題。我們將稍作停頓以整理提問名單。今天的第一個問題來自高盛的 Asad Haider。請繼續。

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，謝謝。感謝您回答這個問題。也許我想先問一下，考慮到今年年底的臨牀結果對公司將產生的重要影響，Christian，您能否告訴我們您對 Milvex 和 Benfi、Adept 試驗的關鍵項目的信心如何？能否提供一些成功的量化標準？然後與 Chris 相關，您認為這些結果的時間安排如何影響公司的 BD 戰略，因為您考慮到每個結果可能帶來的不同結果？在您展望這些結果之前，您看到哪些機會，以及對 BD 機會的潛在規模的任何框架都將是有幫助的。謝謝。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事會主席兼首席執行官）

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

謝謝你的問題，Azad。Christian，你想先開始，然後我來回答 BD 的問題。

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.

謝謝你，Azad，感謝你的提問。讓我先説一下，我們在 2026 年有非常豐富的數據，甚至可能在 2027 年會更多。讓我先説一下我們已經取得的成就，因為在他身上，我認為我們在 Excalibur 中與 Iberdomide 的 MRD 結果是積極的，我們預計今年晚些時候會有 PFS 結果。正如 Chris 在開場白中提到的，這一申請的 PDUFA 日期是 8 月 17 日。我們獲得了突破性認定和優先審查，因此進展迅速。今年我們在 asco 上取得了 mesigdomide 的評估者口頭報告。我們非常期待向大家展示 IM 中的數據，我們還將與我們的 GPRC 5D CAR T 的 arlocel 進行結果發佈，這將在今年晚些時候進行。關於心血管方面，您提到的 Malbecin 在 Afib 和 SSP 中的重要性預計將在年底前繼續。我們正在按計劃招募事件，當然我們仍然保持盲態。我們按計劃招募事件，並且有 DMC 定期審查數據，甚至在最近的會議上，他們建議繼續研究，因此 BMS 將是唯一一家在 Afib 中擁有因子 11 抑制劑的公司，當然在 SSP 中也有存在，這將使我們能夠繼續在血栓領域保持領先。我們對 Maldexion 在這一領域的信心絕對沒有改變。在神經科學方面，我們繼續預計 ADP 研究的適應症 1、2 和 4 將在年底前發佈結果。這是基於非常好的數據。我們正在管理這些研究，並且大致按照相同的時間表推進。因此，它們的進展非常順利。我們可能需要兩項研究才能獲得批准。這是基本情況，但我們將看到這一領域的演變。對 Cobenphy 研究設計的信心也沒有改變。試驗的進行現在完全在控制之中，當然我們對 Covenfi 在這一領域的信心非常明確，之前的數據在精神分裂症中，以及在適應症 1 中開放標籤的患者在隨機分組前接受了 Cobenfi 12 周，這讓我們對將這款藥物引入阿爾茨海默病和精神病患者充滿信心。最後但同樣重要的是，今年的關鍵結果是 Amiparanta 在免疫學中的 IPF 和 PPF。您知道，這是一個新機制 LPA1。這是一種抑制劑，可以為這種非常難以治療的疾病的患者帶來新的機制，這是一個首創資產，具有非常差異化的特徵，不僅在療效方面，而且在安全性方面。IPF 預計將在年底前完成，PPF 將在幾個月後，可能在 2027 年初，數據非常紮實。我對三期項目的執行感到非常滿意。因此，這是另一個重要的治療選擇。正如 Chris 提到的，今年和明年還有更多。我必須説，現在是 BMS 一個令人興奮的時刻。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事會主席兼首席執行官）

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.

謝謝你，Christian。然後，關於你的 BD 問題，Asad。BD 仍然是我們資本配置的首要優先事項。它不受年底結果的影響。我們有一個非常強大的晚期管道。我們當然不需要追逐交易。但正如我們一貫所説，如果有機會對我們增強短期增長有意義，我們有財務靈活性可以參與其中。同時，我們也在為長期發展而努力，我們將繼續增加我們的早期和中期管道。當然，考慮到這些交易的規模，我們可以同時做到這兩點。無論開發階段如何，我們正在尋找的機會都是我們在科學上非常瞭解的領域，在這些領域我們可以增加臨牀和商業價值，最終我們可以為患者和股東創造價值。我們對規模沒有偏見，正如我們一直所説的，我們當然有財務實力去追求多個規模的交易。謝謝，Chris。請繼續提問。

OPERATOR

操作員

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

操作員，接下來的問題來自花旗的 Jeff Meacham。請繼續。

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。感謝提問。Christian 關於 Pemitameg，我想了解一下未來六到十二個月的數據節奏，你們會等到 PSS 的數據更加成熟後再真正擴大試驗數量，還是現在就準備好開始？然後 Adam，能否快速談一下 qvantic Dynamics 與 Opdivo 的比較，以及你們看到的最大需求在哪裏？謝謝。謝謝 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，感謝 Jeff 關於 Pamitinib 的提問，讓我先談談 ASCO。今年的 ASCO 會議對 PD1BGF 抑制劑來説將是一個重要的會議。你知道，有一些競爭對手的數據將在全體會議上發佈，這當然會增強對這一類別的信心，我們將以口頭報告的形式展示我們在鼻咽癌一線的二期數據，這是在之前在其他適應症中展示的中國數據之後的全球數據集。幾天後，摘要將會發布。我們對 Pamicogam 的戰略是替代和擴展。我們希望替代 PD1 和 PD L1 抑制劑，並希望在此基礎上進一步擴展。我們宣佈並交付了七項關鍵研究，涵蓋多個適應症。所有研究都在進行中，並且都在積極招募。對我來説，重要的是我們在第一波試驗之外所做的工作。我的觀點是，信心變得越來越具體，在活動水平和與 PD1VGF、PD L1VGF 抑制劑的可組合性方面，這在我看來是可以跨適應症轉化的。現在，至少在我們的戰略中，下一步是新穎的組合。你知道，BMS 擁有非常豐富的腫瘤學產品組合。BioNTech 也有重要的腫瘤資產組合。我們正在進行組合，現在開始將 pomitamig 與這些其他藥物結合，這些藥物代表了新方案的推動者。還與一些外部合作伙伴進行組合。在我們內部，我們開始與我們的 Zeposia ADC 進行組合，這是一種 EGFR ERR3 ADC。正如 Chris 所提到的，你將在 ASCO 上看到食道和三陰性癌症的數據，這是一個非常活躍的 ADC。我認為與 Palmitamig 結合可以代表一個非常強大的方案。我們開始與我們的 PIRA MNT5 抑制劑 Navlimetostat 進行組合，這是一種非常靈活的藥物。因此，總的來説，我必須説與 BioNTech 的合作進展非常順利，因為我們正在快速推進該藥物的開發。我們認為我們在將該藥物作為免疫腫瘤學潛在新支柱方面處於非常有利的位置，併為不同適應症的癌症患者生成下一代非常強大的方案。

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，感謝提問。關於 qvanti，我們對 qvanti 的推出表現感到滿意，我們的團隊正在執行。我們在多個腫瘤類型中看到使用情況。我們在單藥適應症以及聯合治療中都看到增長。因此，在 RCC、胃癌和黑色素瘤中，我們繼續聽到來自社區腫瘤學家的積極反饋，Qvantig 提高了實踐效率，辦公室注射只需三分鐘，患者在有機會選擇時更喜歡 Qvantig 而不是靜脈注射製劑。因此，在美國市場上，我們在剛上市一年多的時間裏，已經實現了超過 10% 的靜脈注射轉化為 Qvantig。我們在跟蹤我們的預期，並對醫生在未來兩年內將大約 30% 到 40% 的靜脈業務轉化的預期保持信心。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner (董事會主席兼首席執行官)

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

謝謝，Adam。很好。我們可以進入下一個問題嗎？操作員？

OPERATOR

操作員

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

下一個問題來自 Wolf Research 的 Alexandra Hammond。請繼續。

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，謝謝你們接受關於 Nalvexian 的提問。考慮到 Librexia 項目的規模和廣度，似乎在乾淨的勝利和失利之間可能有豐富的結果集。你能幫我們思考一下如何進行亞組分析，特別是對於那些風險回報計算可能對 Factor XI 更有利的患者？如果頂線沒有達到主要終點，是否有路徑可以讓特定患者羣體仍然支持有意義的商業機會？謝謝。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner (董事會主席兼首席執行官)

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

我讓 Christian 來回答，然後 Adam 你可以根據需要補充任何評論。

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，讓我開始説我們在 AFIB 和 SSP 的研究上仍然按計劃進行到年底。你知道，這些試驗是事件驅動的。我們仍然保持盲態，正如所説，DMC 繼續監督這兩項研究。我們正處於一個階段，這讓我們對在療效和安全性方面的進展充滿信心。所有的計劃都是持續的，你知道，在 AFIB 研究中將測試非劣效性與特斯特羅匹克斯班，然後我們將基於我們最近在其他試驗中看到的結果進行出血的優越性測試，基於預期以及我們如何設計和賦能研究，我認為我們在展示非劣效性和出血優越性這兩個終點方面非常有希望。

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，亞歷克斯。關於商業機會，沒有任何疫苗在商業上代表了顯著的機會。在房顫和 SSP 中都需要一種低出血風險的藥物。我們認為同時擁有這兩種適應症將具有顯著優勢。我們預計會有廣泛的採用。正如我們之前所討論的，出血的恐懼仍然是醫生不願意在更多患者中使用因子 X 的主要原因。儘管像 Eliquis 這樣的高效 DOACs，約 40% 的應該接受抗凝治療的患者要麼未接受治療，要麼劑量不足，或者中斷治療。這主要是由於對出血風險的擔憂。因此，這在相當數量的患者中留下了一個重要的未滿足需求。值得提醒的是，這項關於房顫的研究旨在證明與 Eliquis 相比具有更優的出血特徵，同時保持相當的療效。因此，我們相信這一特徵將推動顯著的需求，並對患者和提供者都很重要。正如克里斯蒂安所説，我們期待在今年年底的數據發佈，我們認為這具有真正的重磅潛力。

Chris Berner (Board Chair and Chief Executive Officer)

克里斯·伯納（董事會主席兼首席執行官）

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

謝謝，安。請繼續下一個問題。

OPERATOR

操作員

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

下一個問題來自摩根大通的克里斯·肖特。請繼續。

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。非常感謝你的提問。我有兩個問題。首先，你能談談 Chem Zios 在競爭對手獲批後的動態嗎？你在市場上看到什麼，以及你對其發展的看法。第二個問題是關於細胞調節劑的。關於一些初步臨牀數據的發佈，你能詳細説明一下嗎？根據這些初步數據集，你對這些產品在市場中的角色的看法，以及你在這裏的興奮感有多少是基於未來的數據發佈，而不是我們目前看到的內容。非常感謝。謝謝你的提問，克里斯。亞當，我想你可以回答這兩個問題。

Adam Lenkowsky

亞當·倫科斯基

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，謝謝，克里斯。Camzidis 繼續保持良好的勢頭。我們的商業團隊在現場執行得非常好。我們看到新患者的啓動持續強勁，同時保持高的持續率。醫生和患者的反饋非常積極，醫生們一致提到症狀的顯著和快速改善。我們看到非常低的流失率。事實上，現在在美國開處方 Camdios 的患者接近 25,000 人，國際上還有成千上萬的患者開處方。至於我們在現場看到的情況，我們已經為競爭做好了準備。醫療保健專業人士繼續強調他們看到的差異很小。現在還為時尚早，一些醫生已經開始給一兩個患者使用競爭產品，他們仍在實施自己的 REMS 計劃。但我們也聽到一致的反饋，Camzios 的 REMS 流程非常清晰，過去四年建立的基礎設施和工作流程也非常明確。因此，TLS 已經表示，他們將在四周時使用 Camzios 的劑量和回聲方案。我們認為這是一個積極的信號。為什麼呢？因為大約 90% 的 Camzios 患者使用的是 5 毫克的起始劑量，只需一次劑量調整到 10 毫克。因此，5 或 10 毫克代表了我們業務的 90%，對大多數患者有效。Cam Xios 患者在幾周內感覺更好。而我們看到競爭對手的產品需要多個劑量調整步驟才能達到有效劑量。因此，我們的團隊為 Campten 的推出做好了充分準備，我們仍然相信我們將在這個領域長期保持領先地位。至於 Iberdamide，我們對 Iber 的推出感到非常興奮，我知道克里斯和克里斯蒂安已經談過這個問題。我認為有幾個方面可以指出。首先，Iberdomide 是我們在多發性骨髓瘤領域非常瞭解的一個領域。我們看到，對於多發性骨髓瘤，這是一個競爭激烈且分散的市場。但仍然需要更有效和安全的選擇，以滿足大多數患者的需求，特別是那些在社區環境中接受治療的患者，這佔 70% 到 80% 的患者。當我們聽到醫生的反饋時，他們對口服低負擔的治療方案感到興奮，這可以為他們的患者提供更好的體驗。我們相信 Iberdomide 將提供高效能、可管理的毒性、與 Daratumumab 的組合能力，以及普通治療的便利性，從而增強 IMID 基礎方案的療效。因此，我們的目標是使 IBER 和 MEZI 在多發性骨髓瘤中成為基礎治療，逐步取代 Revlimid 和 Pomalis，長期在社區中作為 T 細胞重定向療法和細胞療法的合作伙伴。因此，我們知道我們需要做的工作，以在市場上建立 IBER 和 MESI，我們非常期待將這兩種重要藥物帶給患者，因為我們相信這是一個真正有吸引力的商業機會。

Cristian Massacesi

克里斯蒂安·馬薩切西

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.

亞當，請允許我插話。克里斯，我想借此機會。你提到了關於 Camzayos 的問題，因為我們經常收到關於非阻塞性 HCM 計劃的問題。我想首先説明，非阻塞性 HCM 的預期收益水平與阻塞性 HCM 是不同的，因為患者和疾病的異質性要高得多。也就是説，我們從 Odyssey 研究中學到了很多。我們更清楚哪些患者以及他們受到哪些疾病的影響，能夠從像酶這樣的肌球蛋白抑制劑中獲益最大。因此，我想宣佈我們現在計劃進行一項新的更專注的非阻塞性 SEM 研究。當然，研究的細節將在臨牀紅皮書中突出，我們正在推進這項工作。

Chris Berner (Board Chair and Chief Executive Officer)

克里斯·伯納（董事會主席兼首席執行官）

Thank you Christian, Next question please.

謝謝你，克里斯蒂安，下一個問題請。

OPERATOR

操作員

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

操作員，下一個問題來自 BMO 資本市場的埃文·西貝斯伯根。請繼續。

Evan Siebersbergen

埃文·西貝斯伯根

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，非常感謝你們回答我的問題。還有一個問題想問克里斯蒂安。你真的繼承了 milvexine 試驗的設計。你能給我講講試驗設計和患者選擇的哪些方面增加了你對今年晚些時候可能成功結果的信心嗎？

Cristian Massacesi

克里斯蒂安·馬薩切西

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，謝謝你，伊萬，感謝你的提問。我想你的問題是特別指向 AFIB，因為 SAP。所以在 AFIB 方面，我想告訴你，首先數據是基於我們在全膝關節置換中進行的二期研究，這些數據非常紮實。這是抗血栓藥物的一個很好的替代指標。我們在這個領域從 Eliquis 中學到了很多，我們知道這種人羣對抗血栓藥物的預測價值。我認為，Milvexian 在選擇 AFIB 劑量方面所做的非常優雅和精細的工作。在那項試驗中，我們測試了多個劑量水平，最終我們選擇了每天兩次 100 毫克的劑量。這是一個比我們在 SSP 中使用的劑量要高得多的劑量，但這是一個基於我們所做的所有工作、建模和研究所給予我們的信心的劑量，然後我們能夠在二期部分中引入這個劑量，使我們有信心至少達到與我們預期的 apixaban 相同的療效，同時當然保持出血值。具體來説，研究的設計是能夠在頭對頭比較中顯示出與 apixaban 的非劣效性。在一項規模非常合適的研究中，我們招募了 20500 名患者。因此，對於非劣效性邊際來説，功效非常好。我們披露了這些邊際，當然它們從 0.8 到 1.3，當非劣效性達到時，我們將測試出血的優越性。我們使用分裂的 alpha 來測試測量出血和非測量臨牀出血。相關性很重要，因為我想聯繫亞當所説的。這在臨牀環境中是一個主要問題，能夠顯示該藥物在減少出血方面提供益處在市場上將非常重要。因此，正如所説，研究是完全有能力的，設計良好，並且在我看來選擇了正確的劑量，以能夠展示研究預先定義的標準。

Chris Berner (Board Chair and Chief Executive Officer)

克里斯·伯納（董事會主席兼首席執行官）

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

謝謝克里斯蒂安。謝謝埃文，感謝你的提問。讓我們繼續下一個問題。操作員。

OPERATOR

操作員

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

下一個問題來自瑞銀的邁克爾·易。請繼續。

Michael Yee

邁克爾·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.

謝謝。關於 Malvexian 研究的設計，如果你看看最近的 AFIB 結果，你會發現中風發生率歷史上比 Eliquis 最初的日子要低得多。所以我在想你是否考慮到了這一點，以及你認為這在多大程度上會影響研究設計，是否認為研究結果最終可能會在 2027 年出來，這可能對你來説比 2026 年更積極。謝謝克里斯蒂安。

Cristian Massacesi

克里斯蒂安·馬薩切西

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，謝謝邁克爾，感謝你的提問。我們不能披露基線特徵以及我們招募的事件類型。順便説一下，我當然對研究是盲目的。我可以再次告訴你，AFIB 研究，Librexia 研究具有合適的樣本量，並且當然有預定義的事件數量。我們正在按預期招募事件，預定義的事件數量是針對療效和安全性。因此，我們按計劃進行，年底是事件驅動的。我們現在是四月。我們將在年內稍後看看這個事件率是否會改變。目前我們按計劃進行，接近年末結果。謝謝克里斯蒂安，太好了。

Chris Berner (Board Chair and Chief Executive Officer)

克里斯·伯納（董事會主席兼首席執行官）

Thank you Christian. Next question please. Operator.

謝謝克里斯蒂安。下一個問題請。操作員。

OPERATOR

操作員

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

下一個問題來自傑富瑞的阿凱什·蒂瓦里。請繼續。

Akesh Tiwari

阿凱什·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，非常感謝你們。關於你們的 Kabenfi 阿爾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標誌物確認阿爾茨海默病診斷。你能談談為什麼你為研究添加了這個標準嗎？這是基於你在 ADEPT 2 試驗過程中看到的任何問題嗎？然後關於細胞調節劑，你能談談你對與 Pomalyn 進行頭對頭比較的 successor one 研究的信心嗎？基於你在 successor two 中看到的結果，是否顯示出臨牀上有意義的效應大小？

Cristian Massacesi

克里斯蒂安·馬薩切西

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.

謝謝你，Christian。是的，感謝你，Akash。Cobenphy ADEPT 4 決定進入生物標誌物選擇的人羣是基於試圖減少患者人羣的異質性。正如你所知，Adept 2 是一項在我們收購 Cobenfi 時已經進行中的研究，我們希望招募一個更明確的患者人羣進入阿爾茨海默病精神病的環境。這就是我們採取生物標誌物陽性的方法的原因，這可以通過血漿或放射學來完成。我認為，這當然增加了在試驗中治療合適患者的信心，即使這稍微增加了操作上的挑戰。因為我們需要預定義數量的生物標誌物陽性患者來進行研究，所以篩查失敗的比例稍微高一些。這並不影響你所能看到的潛在益處的信心。尤其是在像 ADEP 2 這樣的試驗中，我們沒有生物標誌物陽性的研究，因為最終你治療的是症狀，但這更能讓你有信心你在治療阿爾茨海默病患者。這是我們採取這種方法的主要原因，我們並不是唯一一個在這個領域採取這種方法的。回到你第二個關於 successor 的問題，我認為 successor 2 是一個非常好的消息，不僅因為它是 KD 的附加研究，正如你提到的，而且因為它比預期更早出現。我們有一箇中期 PFS。你將看到 Tarasco。但你已經知道，當你有一箇中期 PFS 時，這意味着你達到了一個比研究設計時更高的標準。這回答了你關於 successor 1 的問題。我們相信 mesigdomide 是一種非常有效的 celmod，效果比 iberdomide 更強，這是一種可以與我們看到的標準護理方案很好結合的藥物，而與抗 CD38 的結合則稍微少一些。這就是為什麼 Aberdomide 在做這個工作。但我相信我們所看到的療效水平和研究設計讓我們相信這藥物可能比 revlimid 和 pomalidomide 更好。因此，successor 1 的成功信心很高，當然標準也更高，因為這不是附加治療，而是一種替代策略。但我認為 PTS 是高的。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事會主席兼首席執行官）

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.

謝謝你，Christian。我也很高興聽到這麼多關於 cel mods 的問題。我們對 Celmod 項目非常興奮。你將在 ASCO 上看到關於 IBER 和 mesi 的令人興奮的數據，我們不應該忘記。你還將看到關於 glucotamide 的數據，在我看來，這在項目中仍然是一個潛在的黑馬，因為我們迄今為止看到的數據質量很高。你將在 ASCO 上看到更多這些數據。當然，在這背後，我們還有其他降解劑，BCL6、LDD、ARLD，這個項目和平台非常深入，看到這些數據在每一個項目中成熟是很不錯的。所以看到這些是令人興奮的。請繼續關注 ASCO 及其後續內容。謝謝你，Chris。請問下一個問題。

OPERATOR

操作員

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

下一個問題來自於 Scotiabank 的 Louise Chen。請繼續。

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。謝謝你回答我的問題。我想問一下，除了你們的 Cobenphy ADP 研究外，我知道你們還有幾個其他潛在的適應症，你對哪些額外的適應症最感興趣？其次，你們在細胞治療領域有很多不同的模式和管道。你如何看待這些模式的結合，以便讓 Bristol 在市場上佔據更全面的地位？

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事會主席兼首席執行官）

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

謝謝你，Christian。然後 Adam，你可以提供一些補充評論。

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，因為我們相信這是一個巨大的醫療需求，我們相信 Cobentin 可以帶來益處，基於我們在精神分裂症中看到的結果。你知道，我們專注於精神病的策略，特別是評估幻覺和妄想。這是我們看到患者在精神分裂症中真正改善的地方。我們希望有多個目標。這就是為什麼我們有 Adept 2 和 Adapt 4，這兩項研究相似但有所不同。一項是生物標誌物選擇的人羣，另一項則不是。我們還有 Adapt 1，這是一項將評估 Cobenti 如何避免復發的研究。但我們也設計了 ADEPT 功能。因此，我們現在在這個項目中有四個目標，因為我之前提到的基本情況是至少有兩個積極的變化，我們相信這是一個重要的環境。CO 益處可以為患者帶來益處。我們希望在談論時真正有多個目標。另一個適應症，雙相情感障礙是下一個，因為我們預計在 2027 年會有結果。我們正在特定於雙相情感障礙的狂躁症中測試 Cobenfi。你知道，如果你認為這在阿爾茨海默病精神病中看到的生產性症狀非常相似，那麼我們還有阿爾茨海默病的激動。阿爾茨海默病的激動與精神病非常相關，因為這是我們看到的一個症狀。我們已經看到 Cobenphy 提供了益處。因此，對這種激動的信心也很高，預計在 2028 年會有結果。像認知一樣，阿爾茨海默病的認知可能是不同的機制。精神病可能是由毒蕈鹼受體 4 介導的，可能由毒蕈鹼受體 1 條件化。McObenfin 在這兩者上都有作用。這就是信心所在。因此，我會説我們相信 Cobenfib 可以在控制阿爾茨海默病和雙相患者的這些症狀方面帶來益處，並且是我們神經科學投資組合的一個核心資產。我們正在構建。我真的希望你能開始看到我們如何在阿爾茨海默病中構建我們的投資組合，擁有多個二期資產和多個一期資產，顯示出 VMS 對這一疾病的承諾。因為我們希望在這個疾病中發揮作用。

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，補充一下，Christian 在我們生命週期管理項目的覆蓋方面做得很好。但從商業化的角度來看，我想説，退後一步來看，大約有 700 萬患者被診斷為阿爾茨海默病，其中大約 30% 到 50% 有精神病症狀，包括幻覺和妄想。絕大多數患者都有認知障礙。因此，這呈現出一個真正顯著的未滿足需求，目前沒有批准的治療方法。而且我們知道，抗精神病藥物有顯著的安全性限制。它們會導致運動障礙，並且對老年痴呆症患者有特定的黑框警告，通常被不當使用，而不是治療潛在的精神疾病。你知道，它們讓患者面臨認知障礙、跌倒和骨折。這些都是長期護理機構中非常嚴重的問題。我們相信 Covenpi 有潛力在治療多種阿爾茨海默病方面發揮非常重要的作用。在老年人羣體中，安全性變得越來越重要，而 Coventi 與運動障礙無關，鎮靜也沒有黑框警告。在這兩個領域，ADP 和阿爾茨海默病認知方面，Covenpi 將是這些狀態下第一個也是唯一的積極選擇。

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.

感謝你，Adam。讓我回到你關於細胞治療的第二個問題。你知道，我可以討論血液學或自身免疫疾病中的細胞治療策略。我想專注於自身免疫疾病，因為這可能是較新的，我認為我們需要更重要地解釋我們希望在開發中實施的策略，也許是在商業方面。你知道，我相信 BMS 在這個領域有一個非常強大的平台，目標是重置免疫系統。為了重置免疫系統，這是我們想採取的策略。我們決定採用多模式的方法。這就是為什麼我們有自體、異體和體內平台。我必須説，這使我們與該領域的許多其他參與者完全不同。如果你考慮這些產品，這可能會對自身免疫疾病患者產生變革性的影響。因為如果你能消滅 B 細胞，你可以為處於嚴重或中度疾病狀態的患者提供益處。但願景是，在患者開始受到自身免疫疾病損害之前，使用這些一次性治療。最先進的項目是 Xolacel，我們的自體 CAR T。我們有兩個正在進行的關鍵研究，一個在狼瘡中，一個在硬皮病中。我們有一個多重適應症正在進行中，我們看到的活動水平是前所未有的。然後我們現在在臨牀上有一個異體 CAR T，當然可以代表一種更可及、可擴展的方法。因為從一個供體可以製造出數百個細胞。因此，這可以擴大獲取的機會。但真正的變革性在於體內。我們收購了 Orbital，一個 mRNA 體內平台，患者自己生產和製造細胞。這真的可以變革，因為它可以真正擴大並在像自身免疫疾病這樣廣泛的領域中提供可擴展性。所以我希望我能解決戰略問題。我們希望成為這個領域的參與者，我們希望在這個領域領先。我認為我們非常有能力做到這一點。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事會主席兼首席執行官）

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

謝謝你，Christian 和 Adam。讓我們進入下一個問題。

OPERATOR

操作員

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

下一個問題來自摩根士丹利的 Terrence Flynn。請繼續。

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。非常感謝你們回答這個問題。我只問一個。你知道，Christian，感謝你提供關於 MIL 疫苗 AFIB 試驗在療效終點上的非劣性細節，但我只是想知道你能否詳細説明在出血方面的差異性是如何設計的，或者如果你不想回答這個問題，你認為與 Eliquis 相比，什麼是臨牀相關的差異，能夠推動報銷覆蓋。謝謝。

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.

也許我先開始，然後 Adam，你可以根據需要插入。所以，Terrence，再次強調，這項研究的設計是為了顯示非劣性。非劣性有邊際，如我所提到的，我們披露了邊際。我可以談論它。它們的範圍從 0.8384 到 1.3 多一點。因此，我們相信這項研究以及在二期中進行的前臨牀和臨牀工作旨在表明非劣性是滿足的，以便在療效上具有相似的活動。這是正確的。Maldexion 可能會有一個小於 1 的比率，但這並不是必需的，因為在臨牀上，也許在商業上，成功要求相似，並且在測量出血和臨牀上重要的出血中具有更好的出血特徵。這就是我認為這項研究在結構上非常良好，設置並具備展示非劣性和出血率優越性的能力，僅從覆蓋的角度來看。

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，付款方始終告訴我們，出血，特別是重大出血，是與口服抗凝治療相關的最大成本驅動因素。這就是為什麼 Eliquis 在市場上佔有顯著份額，付款方討論表明，改善的益處風險特徵的潛力將是一個強有力的價值主張，特別是在經濟利益方面。付款方並不一定依賴於特定的百分比閾值。他們所尋找的是臨牀上有意義且統計上可信的重大出血減少，這轉化為更少的住院和更少的臨牀和經濟上重要的事件。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事會主席兼首席執行官）

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

謝謝你，Adam。謝謝你，Christian。很好。讓我們進入下一個問題。

OPERATOR

操作員

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

下一個問題來自 Guggenheim Securities 的 Seamus Fernandez。請繼續。

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。謝謝你的提問。如果可以的話，我想深入探討一下 Milparant 及其機會。從商業角度來看，我們看到一個非常強勁的潛在組合市場即將出現。但顯然，關鍵在於臨牀項目的成功。因此，我想請 Christian 分享一下你對評估從二期到三期的關鍵風險的看法，以及你如何看待此後的機會？當我們回顧二期並結合統計學的貝葉斯分析時，背景治療的患者並不多。所以我想更好地理解一下你對進入 IPF 結果和 PPF 結果時風險與收益的看法。然後對於 Adam 來説，當你觀察這個市場的發展時，你如何看待當前抗纖維化標準治療的影響，以及患者經歷和遭受的退出率與在這種情況下其他組合的最新數據集（如 trepostinil 數據）之間的對比。非常感謝你，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。讓我先從目標開始。LPA1 抑制很重要，因為它在纖維化過程中以三維方式發揮作用。在 IPF 和 PPF 中，纖維化、炎症和修復也是如此。這就是目標的新穎性，我認為 Armipanata 是這個領域中首個針對 IPS 和 BPS 的藥物。我們的目標是提高療效，同時也要有差異化的耐受性。你知道，患者今天可以使用的一些藥物存在一些胃腸道問題和小腿問題。因此，amiparanta 的特徵非常不同，差異化明顯。我們對這個項目的信心來自於二期結果。在 IPF 和 PPF 中，我們在 60mg BLD 下的肺功能下降方面與安慰劑相比有超過 60% 的改善。我們測試了不同的劑量，劑量關係非常明確。這是另一個細微之處，非常重要，我們在三期中加入了這一點，這讓我對我們所做的事情充滿信心，因為我們正在進行 IPF 和 PPF 的兩項研究，使用 60 和 120 兩種劑量。劑量關係和高劑量的益處非常明顯。PMC 也在持續監測這些試驗，並審查研究的安全性和有效性，並告訴我們繼續按計劃進行。因此，我們在安全性方面沒有看到任何特別的警示，尤其是在低血壓、暈厥事件方面，甚至在整個試驗中也是如此。因此，在設計良好的強度研究中，我們有兩個目標，16、30、120。二期和三期人羣非常相似。我們嘗試並且團隊在確保一致性方面做得很好，儘量在三期中做到與二期相同。關於試驗設計的具體問題，在 IPS 的兩個試驗中，我們根據之前的治療（pefenidone 或無治療）進行分層。因此，我們可以在未接受任何治療的患者中使用附加治療，而在 PPF 中則根據是否使用抗纖維化藥物進行分層。因此，這些研究將回答這個問題，藥物可以在標準治療的基礎上使用，也可以作為單一藥物使用。我們對這個項目在目標執行方面的交付充滿信心，並期待結果。

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，快速説一下，Seamus。我們對這個項目也感到興奮。我們相信 Admiral Peron 在 IPF 和 PPF 中有潛力發揮重要作用，具有改善的療效和耐受性特徵。正如 Christian 所描述的，仍然存在對改善療法的重大需求，這些療法能夠減緩疾病進展，耐受性良好，並最終幫助患者管理他們的疾病。正如你所提到的，胃腸道耐受性仍然是一個重大障礙，目前約有 50% 到 60% 的患者在接受標準治療 12 個月後停止治療。即使是我們看到的最新批准產品，腹瀉率也大約為 40%。我們從我們的思想領袖那裏聽到，Admilparent 有潛力作為一線選擇，具有基礎性作用，並且由於預期的療效和耐受性特徵，具有組合使用的多樣性，滿足市場需求。因此，我們目前正在進行重要的預發佈活動，我們非常期待下半年數據的發佈。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner (董事會主席兼首席執行官)

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

很好。謝謝 Adam 和操作員。我們能否請您提出最後一個問題？

OPERATOR

操作員

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

今天的最後一個問題來自 Wells Fargo 的 Mohit Bansal。請繼續。

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。非常感謝你讓我參與進來。我有一個關於 Premetameg 的問題。你的競爭對手錶示，與 IO 或 PD1 相比，VEGF PD1 可能在從 PFS 到 OS 時顯示出最小的風險比迴歸。我們在與化療比較時看到了迴歸，但與 IO 組合可能不是同樣的情況。考慮到 Bristol 可能是市場上唯一擁有兩個 IO 組合的公司，而你們已經看到了這兩者的數據，都是在 PD1 之上進行的 lag 3 和 CTLA 4。那麼，考慮到 VEGF PD1 的背景，你如何看待從 PD1 到 PFS 到 OS 的這種迴歸？這在目前是一個重要的投資者辯論。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner (董事會主席兼首席執行官)

Thank you, Christian.

謝謝你，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.

感謝 Moit 提出的問題。讓我先談談我們如何交付這兩種機制。我真的相信雙特異性抗體比使用兩種不同的抗體更好，因為它們的靶向性更強，選擇性更高，可能還可以減少脱靶問題，比如不良事件。因此，我們在這些藥物上每天都有重要的學習。我們的 pomitomic 是一種安全的藥物，安全性非常可預測，組合性也很高。所以我們知道 BGF 對無進展生存期（PFS）有影響。這也是你提到的，我認為我們將看到數據的成熟。我們將在幾周後的 ASCO 會議上看到這種 PFS 改善在總生存期（OS）方面的轉化。我基本的看法是，Mohit，如果我有一種藥物能給我帶來良好的 PFS 增益和統計學顯著的 OS 增益，並且不會顯著增加安全性，那就足夠好了，因為這樣我可以將其作為基礎，並進一步通過配對其他機制來提高 PFS 增益，並可能轉化為更好的 OS。我認為我們不能過於簡單化。就像過去 BGF 抑制劑沒有轉化為 OS 一樣，因為這裏有免疫治療成分，我們仍然不知道 BGF 部分的藥物給我們帶來了多少免疫治療的好處。實際上，這可能也會給 OS 帶來提升。因此，我對這些雙特異性抗體感到興奮，對 pomitomic 和我們正在制定的計劃感到非常興奮，因為我真的相信這可以成為未來癌症患者各類適應症治療方案的基礎。

Chris Berner (Board Chair and Chief Executive Officer)

Chris Berner（董事會主席兼首席執行官）

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.

感謝 Christian，也感謝大家提出的問題。最後，我想回到我們開始的地方。我們正在做我們所説的事情。我們在業務上執行，推進一個真正差異化的產品線，我們認為這將增強公司的增長特徵，並始終保持財務紀律。當然，這種紀律使我們能夠靈活投資於增長，追求合適的業務發展，最終實現長期價值。總是有更多的工作要做，但我們建立的基礎和我們看到的勢頭讓我們對業務的軌跡充滿信心。因此，感謝大家今天的參與，團隊隨時可以進行後續交流。祝大家餘下的時間愉快。

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.

免責聲明： 本轉錄僅供信息參考。雖然我們努力確保準確性，但此自動轉錄可能存在錯誤或遺漏。有關公司的正式聲明和財務信息，請參閲公司的 SEC 文件和官方新聞稿。公司參與者和分析師的聲明反映了他們在本次電話會議日期的觀點，可能會隨時更改。

完整記錄：百時美施貴寶 2026 年第一季度財報電話會議