Chris Schott

Cecile attributed the raise to broad non-COVID strength (Eliquis, NURTEC, Padcev) but did not isolate the specific Eliquis contribution the question sought.

Dave confirmed $7B BD capacity and improved cash flow confidence but stayed non-committal on specific deal size appetite.

Dave noted PFE exceeded on both top and bottom line, and indicated they would be raising guidance absent COVID seasonality uncertainty, effectively derisking delivery.

Malik positioned 3944 as competitive efficacy plus lower medication burden through monthly dosing; Alexandre highlighted 40% of projected $150 billion market is ex-US with high out-of-pocket willingness to pay at $250-$350 price points.

Boshoff confirmed encouraging AE distribution across weekly and monthly phases with only one severe nausea and one severe vomiting across whole program; no down titration allowed in study; Malik added monthly dosing value proposition resonates with patients, providers, payers on persistency and simplicity.

Bourla argued international price differentials unsustainable; hopes affected countries will adjust pricing; USTR highly committed to trade negotiations; if no agreement, will price to avoid US MFN impact.

Bourla declined to provide MFN 2026 quantification, deferring to year-end guidance that will incorporate all factors including MFN dilution.

Boshoff confirmed Phase I/II combinations of 707 with SV, PDL1V, and Padcev starting this year without waiting for Phase III readouts; Phase III program for 707 monotherapy planned for later this year.

Denton lowered leverage target to 2.7x from 3.25x due to faster-than-expected cash generation; BD capacity approximately $13B after 3SBio; expects smaller deal from remaining capacity.

Denton confirmed strong Q1 exceeding internal expectations, trending toward upper end of guidance; operating margin over 40% in Q1; no change to gross margin color.

Aamir Malik acknowledged market decrease but highlighted 50% shipped dose share, 18pp share gain in shots in arms, and midterm growth catalysts including revaccination and age expansion.

Denton provided specific BD capacity range and confirmed ability to pursue dividends, BD, and value-enhancing share repurchases over time.

Elkins named the contributing assets and Qvantig share progress. Lenkowsky declined to speculate on hazard ratio but framed the bleeding-profile design.

Adam outlined strategy to make iberdomide and mezigdomide foundational in multiple myeloma, replacing REVLIMID and POMALYST in second line.

Adam noted 25,000 U.S. Camzyos patients, minimal differentiation seen from competitor, and highlighted established REMS infrastructure and simpler dosing advantage.

Adam explained the 40% WAC reduction eliminates CPI penalties, IRA price effective January 1, and $0 Medicaid agreement. Together these enable Eliquis to be an important driver of growth.

Chris emphasized building breadth and depth in existing TAs where BMY can add clinical and commercial value. Pipeline strength means BD is opportunistic, not urgent.

Chris cited compelling external data, real-world schizophrenia feedback, and internal ADEPT-1/ADEPT-3 data as sources of confidence. Cristian clarified ADEPT-4 mirrors ADEPT-2 design while ADEPT-1 is relapse prevention.

Adam detailed strategy: expanding community field force, clarifying switching approaches with Phase IV study, and planned expansion to hospital setting for 20-25% NRx.

Chris noted significant US base and ongoing investment but acknowledged too early for specifics on pharma-sector tariffs. Only China tariffs reflected in guidance.

Adam clarified monotherapy is 70-80% of market and the commercial focus. Noted 40-50% of prescribing now in second and third line.

Adam provided specific TRx data and access metrics (90%+ Medicaid, 80%+ Medicare). Noted continued uptake expected through 2025 with ramp in back half.

Chris acknowledged flexibility but avoided committing to further cuts, emphasizing investment in growth remains top priority.

Jeff Stewart said SKYRIZI momentum has not materially changed since the ICO launch, with most ICO share sourced from the two other orals, and emphasized substantial remaining headroom in moderate-to-severe psoriasis. Robert Michael added the launch is market-expanding.

Roopal explained exposure-response correlation supports higher dosing in Phase IIb. Monthly dosing targeted with co-formulation. Phase III potentially within 2 years with acceleration options.

Roopal argued emerging competitors are monotherapies with undifferentiated Phase II data. Rob added BD strategy has added TL1A, IRAK4, Nimble oral peptides, and Capstan in vivo CAR-T platform.

Jeff Stewart disclosed 75% overall frontline IBD capture, 80% in frontline Crohn's, slightly lower in UC. New patient starts very stable despite competitive entrant. Robert Michael identified numerous sources of Street upside: Skyrizi/Rinvoq long-term growth not reflected, neuroscience three $5B+ franchises (Parkinson's, migraine, psychiatry), and oncology pipeline with tmAbA multibillion CRC potential.

Jeff Stewart cited dramatic IL-23 class expansion: UC NBRx share went from ~5% to nearly 40% in just over a year. Roopal Thakkar noted Skyrizi subcu induction data expected next year. Rob Michael highlighted revenue forecast raised ~$2B since February, momentum extending beyond Skyrizi/Rinvoq into neuroscience and oncology. Expects strong 2026 growth despite continued Humira erosion and Imbruvica IRA pricing.

Jeff Stewart emphasized momentum across all indications including psoriatic disease after 7 years. Scott Reents provided exact split: $600M raise = $400M IBD + $200M psoriatic, putting Skyrizi at $11.3B psoriatic and $5.8B IBD. Rob Michael confirmed BD focused on next-decade growth, citing 30+ deals since early 2024.

Scott Reents provided exact split: Skyrizi +$600M ($200M psoriatic, $400M IBD), Rinvoq +$300M ($100M rheum, $100M derm, $100M IBD). Jeff Stewart emphasized IL-23 category expansion from 7% to 60% share in psoriasis.

Jeff Stewart acknowledged faster erosion in third year of biosimilar event with molecule compression continuing. Expects Humira headwind to become immaterial by 2026.

Rob Michael signaled sell-side consensus is too low beyond 2027, citing continued market growth, share gains, and five new Rinvoq indications adding ~$2B peak sales.

Jeff Stewart attributed the $4B increase primarily to share capture across indications. Scott Reents provided detailed breakdown: Rinvoq $11B, Skyrizi $20B in 2027.

Cavanaugh called ICOTYDE one of the largest assets but gave no new peak sales figure, pointing to upcoming data and the December review.

Tom Cavanaugh gave the source-of-business mix: about 60% systemic naive, with the rest split between orals and other treatments.

Joe Wolk confirmed pharma moving higher with MedTech improving in H2, though Abiomed expectations tempered. Directly addressed.

Taubert acknowledged it is too early for granular new-vs-switch data, noting broad range of prescribers across the medical community. Promised greater granularity next quarter.

Taubert expects a more balanced contribution given ICOTYDE's strong position as first-choice systemic in psoriasis plus large IBD opportunity. John Reed added that 70-80% of eligible autoimmune patients are not on biologics, highlighting market expansion potential.

Wolk cited three margin drivers: ortho separation stranded cost elimination starting 2026, MedTech manufacturing footprint optimization, and STELARA erosion off smaller base. Confirmed margin profile will improve with sales growth through back half of decade.

Duato emphasized open dialogue with administration on shared priorities including US manufacturing, affordable access, and protecting innovation leadership.

Wolk highlighted both segments contributing. Taubert noted first $15B IM quarter with 13 brands double-digit. Schmid cited 6.1% MedTech with 22% cardiovascular.

Wolk cited STELARA mix, Part D pricing erosion, and transactional currency. Expected improvement of one-third to fifty percent on the 300bp decline going forward.

Wolk explained margin gains from corporate restructuring post-consumer health separation, portfolio prioritization, MedTech orthopedic restructuring, and technology investments. Guided 2026+ EPS growth commensurate with sales.

Kristin said promotions ease once share stabilizes quarter-over-quarter; Wetteny framed Livestock as sustainable mid- to high-single-digit, with U.S. Q2 normalizing to high-single-digit ex-transitory drivers.

Wetteny guided to low-to-mid single digit growth for key franchises (a step down from initial guidance) and expects companion animal to grow overall for the full year.

Kristin was clear that list prices are not being cut, while Wetteny noted aggregate price expectations stepped down from 2-3% to 1-2% for the year.

Wetteny confirmed Trio exceeded $1B in US revenue, triple combo share at 50% with more room to grow. Simparica franchise expected to lead the way in 3-5% guidance. Accounting shifts factored into guidance on same reporting basis as always.

Wetteny declined to predict timing of visit recovery but confirmed macro headwinds assumed to continue through Q4. Pointed to Librela stabilization and maintained EPS guidance as positives heading into 2026.

Wetteny said competitive share gains remain limited and in line with expectations. Merck US approval not yet announced. NUMELVI launch in Europe factored into Q4. The difference is therapeutic visit declines impacting patient starts, compounding competitive pressure. Maintained EPS guidance despite revenue cut.

Wetteny said triple combos expected to double by end of 2028. ~60% of puppies immediately going on triples. Quattro impact has been relatively small given high segment growth. More entrants drive DTC awareness that benefits the market leader.

Wetteny confirmed multiple competition scenarios baked in. Apoquel chewable conversion at 31% in US, 57% in Europe. Lower-than-expected conversion attributed to tablet stickiness, a positive competitive signal.

Kristin confirmed shift from severe to moderate patients in the US, consistent with European trajectory. Blind studies show continued vet satisfaction and prescribing intent.

Kristin highlighted remaining penetration opportunity with 50% of puppies not yet on triple combo, and noted autoship stickiness creates durable market position.

Mike said visit trends are uniform across geographies and practice types, and pointed to visit quality and wellness-bloodwork headroom (only ~1 in 10 U.S. wellness visits get bloodwork) as the lever.

Mike confirmed F&A on track, broadening in Q2 with unconstrained launch later in the year. Emphasized end-to-end customer experience and long-tail value creation from platform expansion.

Jay attributed international strength to multi-year commercial expansion (double-digit over 5 years), Reference Lab buildout, localized software, and tailored product design rather than healthier markets.

Jay noted wellness headwinds concentrated in lower-income demographics. Non-wellness showing green shoots for two consecutive quarters from aging pandemic pets. Kept 2% decline baseline for 2026 until clear evidence of improvement. On vet inflation, corporate practices moderating but still above CPI, recognizing price may be obstacle to patient traffic.

Jay noted adult dogs driving more non-wellness visits including pandemic-era designer breeds and larger breeds that get sicker earlier. Cautioned quarter-to-quarter sustainability uncertain but expressed high confidence that aging pandemic pets will drive increasing sick-care visits over time. International visits described as largely stabilized.

Jay detailed workflow benefits and clinical accuracy. Placements include suites for new customers and single additions for existing IDEXX customers. 5,500 forecast deemed reasonable.

Andrew directly stated ~2% clinical visit decline expected for 2025 midpoint, similar to 2024, with Q1 tracking near Q4's ~3% decline rate.

Jay highlighted strong European performance with seven consecutive quarters of double-digit growth, driven by commercial investment and customer response to innovations.