施貴寶 (BMY) 2023 Q3 法說會逐字稿

Hello, and welcome to the Bristol-Myers Squibb's Third Quarter 2023 Earning Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Tim Power, Vice President of Investor Relations. Please go ahead.

您好，歡迎參加百時美施貴寶 2023 年第三季獲利電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議交給投資者關係副總裁 Tim Power。請繼續。

Thank you, and good morning, everyone. Thank you for joining us this morning for our third quarter 2023 earnings call. Joining me this morning with prepared remarks are Giovanni Caforio, our Board Chair and Chief Executive Officer; Chris Boerner, our Chief Operating Officer and CEO Designate; and David Elkins, our Chief Financial Officer. Also participating in today's call are Adam Lenkowsky, our Chief Commercialization Officer; and Samit Hirawat, our Chief Medical Officer and Head of Global Drug Development.

謝謝大家，大家早安。感謝您今天早上參加我們的 2023 年第三季財報電話會議。今天早上與我一起發表準備好的演講的是我們的董事會主席兼首席執行官喬瓦尼·卡福里奧 (Giovanni Caforio)； Chris Boerner，我們的營運長兼候任執行長；和我們的財務長大衛埃爾金斯。參加今天電話會議的還有我們的首席商業化長 Adam Lenkowsky；以及我們的首席醫療官兼全球藥物開發主管 Samit Hirawat。

As you'll note, we've posted slides to bms.com that you can use to follow along with for Giovanni, Chris and David's remarks.

您會注意到，我們已將幻燈片發佈到 bms.com，您可以使用這些幻燈片來了解 Giovanni、Chris 和 David 的言論。

Before we get started, I'll read our forward-looking statements. During this call, we'll make statements about the company's future plans and prospects that constitute forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's SEC filings. These forward-looking statements represent our estimates as of today and should not be relied upon as representing our estimates as of any future date. We specifically disclaim any obligation to update forward-looking statements even if our estimates change.

在我們開始之前，我將閱讀我們的前瞻性聲明。在本次電話會議中，我們將就公司的未來計畫和前景發表前瞻性聲明。由於各種重要因素（包括公司提交給美國證券交易委員會的文件中討論的因素），實際結果可能與這些前瞻性陳述所示的結果有重大差異。這些前瞻性陳述代表了我們截至目前為止的估計，不應被視為代表我們截至未來任何日期的估計。即使我們的估計發生變化，我們特別不承擔更新前瞻性陳述的義務。

We'll also focus our comments on our non-GAAP financial measures, which are adjusted to exclude certain specified items. Reconciliations of certain non-GAAP financial measures to the most comparable GAAP measures are available at bms.com.

我們還將重點關注我們的非公認會計準則財務指標，這些指標經過調整以排除某些特定項目。某些非 GAAP 財務指標與最具可比性 GAAP 指標的調整表可在 bms.com 上找到。

With that, I'll hand it to Giovanni.

這樣，我就把它交給喬瓦尼。

Thank you, Tim, and good morning, everyone. Q3 was a solid quarter for the company. We delivered sales growth for our in-line and new product portfolios and continued to advance the renewal of our business, delivered important clinical and regulatory milestones and further strengthened the long-term prospects of the company through the planned acquisition of Mirati. On my 49th and last quarterly earnings call, I am proud of where Bristol-Myers Squibb is today.

謝謝蒂姆，大家早安。第三季對該公司來說是一個穩定的季度。我們實現了內嵌產品和新產品組合的銷售成長，並繼續推進業務更新，實現了重要的臨床和監管里程碑，並透過計劃收購 Mirati 進一步增強了公司的長期前景。在我的第 49 次也是最後一次季度財報電話會議上，我對百時美施貴寶今天的表現感到自豪。

We have built a highly diversified business. The strength of our in-line products and the potential of the launch portfolio gives us confidence in the ability to navigate the Revlimid LOE through 2025. The focus is clearly on the second half of the decade. We continue to strengthen our position, thanks to a growing registrational-stage pipeline and the ability to source external innovation through business development. Our R&D Day highlighted the breadth and depth of our research efforts, which provide us with confidence in the long-term sustainable growth of the business.

我們已經建立了高度多元化的業務。我們系列產品的優勢和推出產品組合的潛力讓我們對 2025 年 Revlimid LOE 的能力充滿信心。重點顯然是在這十年的後半段。由於不斷增長的註冊階段管道以及透過業務發展獲取外部創新的能力，我們繼續鞏固我們的地位。我們的研發日凸顯了我們研究工作的廣度和深度，這讓我們對業務的長期永續成長充滿信心。

It has been an honor and privilege to work alongside my talented and dedicated colleagues at BMS over the past 23 years and to help grow this company into the industry leader it is today. You all know Chris very well, and I am sure you will share my confidence in him as a leader. I'm excited to see the company's continued progress in delivering against our critical patient-centric mission. My sincerest gratitude goes out to all our employees for the work they have done and will do to enable BMS to improve outcomes for millions of patients around the world.

在過去的 23 年裡，我很榮幸能夠與 BMS 才華橫溢、敬業的同事一起工作，並幫助這家公司發展成為當今的行業領導者。你們都非常了解克里斯，我相信你們也會像我一樣對他身為領導者充滿信心。我很高興看到該公司在實現以患者為中心的關鍵使命方面不斷取得進展。我對我們的所有員工表示最誠摯的謝意，感謝他們為 BMS 改善全球數百萬患者的治療結果所做的工作和將要做的工作。

With that, I'd like to turn it over to Chris to talk more about the quarter.

說到這裡，我想把它交給克里斯來更多地談論這個季度。

Thank you, Giovanni. Before I dive in, on a more personal note, I want to recognize Giovanni for his tremendous impact on the organization. He has consistently focused on ensuring that we are strengthening our company while delivering for patients, and I wish him every success in his next chapter.

謝謝你，喬瓦尼。在我深入探討之前，從更個人的角度來說，我想感謝喬瓦尼對組織的巨大影響。他始終致力於確保我們在為患者提供服務的同時增強公司實力，我祝他在下一個篇章中取得成功。

Let's start with our third quarter overview on Slide 5. As Giovanni said, we delivered continued top line growth for the in-line and new product portfolio during Q3. We also advanced our pipeline and announced an important business development transaction with the planned acquisition of Mirati. You'll have seen that we are increasing our non-GAAP EPS guidance for the year. We also updated our target for our new products to grow to more than $10 billion in 2026 and for our operating margin to be above 37% while reaffirming our other 2020 to 2025 guidance.

讓我們從投影片 5 上的第三季概述開始。正如 Giovanni 所說，我們在第三季的內嵌產品組合和新產品組合中實現了持續的營收成長。我們也推進了我們的產品線，並宣布了一項重要的業務發展交易，計劃收購 Mirati。您會發現我們正在提高今年的非 GAAP 每股盈餘指引。我們也更新了新產品到 2026 年成長至 100 億美元以上的目標，以及營業利潤率超過 37% 的目標，同時重申了 2020 年至 2025 年的其他指引。

I will give you more color on our outlook in a moment, so let me step back and provide some context. Let's turn to Slide 6. As I told you last month at our R&D Day, my objective as incoming CEO is to continue to position our company for sustainable long-term growth. Three levers I outlined there were commercial execution, R&D leadership, and strategic business development. I'd like to take a minute to tell you where we are on each of these, starting with commercial execution on Slide 7. David will provide more details in his remarks about our commercial results, but let me describe how I think about our performance and outlook.

稍後我將向您詳細介紹我們的前景，所以讓我退後一步並提供一些背景資訊。讓我們轉向投影片 6。正如我上個月在研發日告訴您的那樣，我作為新任執行長的目標是繼續使我們的公司實現可持續的長期成長。我概述了三個槓桿：商業執行、研發領導力和策略業務發展。我想花一點時間告訴您我們在每個方面的進展情況，從幻燈片7 上的商業執行開始。大衛將在有關我們商業結果的評論中提供更多詳細信息，但讓我描述一下我對我們績效的看法和展望。

Let's start with our key in-line products where we are seeing good growth. Eliquis demand growth in the U.S. is strong with continued opportunities for growth going forward. Consistent with previous years, revenues in Q3 were impacted by gross-to-net adjustments. We expect these to normalize through Q4 as we've seen in previous years. Opdivo continued to see good demand growth in Q3. Importantly, we've delivered a number of important future growth drivers with new data and approvals during the quarter that I will describe momentarily. David will provide highlights for the remainder of the in-line and LOE portfolio.

讓我們從我們看到良好成長的關鍵系列產品開始。美國的 Eliquis 需求成長強勁，未來成長機會持續存在。與往年一樣，第三季的收入受到毛淨值調整的影響。我們預計這些將在第四季度正常化，正如我們前幾年所看到的那樣。 Opdivo 在第三季的需求持續成長。重要的是，我們在本季度透過新數據和批准提供了許多重要的未來成長動力，我將立即對此進行描述。 David 將為其餘的內聯和 LOE 產品組合提供重點介紹。

Turning to the new product portfolio. Overall, our new products continue to perform well, providing confidence in the portfolio's growth potential and ability to diversify our business over the long term. I would characterize the performance of these products in 3 categories. First, we are seeing strong performance for a number of products, including Reblozyl, Opdualag and Breyanzi. Specifically for Reblozyl, we're seeing strong growth with a broad label for COMMANDS. As Adam can discuss further, we're seeing encouraging trends in both first line and second line.

轉向新產品組合。總體而言，我們的新產品繼續表現良好，為我們的投資組合的成長潛力和長期業務多元化的能力提供了信心。我將這些產品的性能分為三類。首先，我們看到許多產品表現強勁，包括 Reblozyl、Opdualag 和 Breyanzi。特別是對於 Reblozyl，我們看到了命令的廣泛標籤的強勁增長。正如 Adam 進一步討論的那樣，我們在一線和第二線都看到了令人鼓舞的趨勢。

We are also very pleased to see that the NCCN guidelines recognize the importance of Reblozyl as an important treatment in first-line MDS for both RS-positive and RS-negative patients. For Opdualag, growth was also robust for the quarter, and the product is on the path to become the new standard of care in first-line melanoma. This product has considerable growth opportunity remaining in its existing indication and we are continuing to study its potential in future indications, which Samit can speak to. Breyanzi performance was strong for the quarter, and we expect strengthening performance for this product heading into 2024 as manufacturing performance and supply continue to improve.

我們也非常高興地看到 NCCN 指南認識到 Reblozyl 作為 RS 陽性和 RS 陰性患者一線 MDS 的重要治療方法的重要性。對於 Opdualag 來說，本季的成長也很強勁，該產品有望成為一線黑色素瘤治療的新標準。該產品在其現有適應症中仍有相當大的成長機會，我們正在繼續研究其在未來適應症中的潛力，而薩米特可以對此進行討論。 Breyanzi 本季業績強勁，我們預計隨著製造業業績和供應持續改善，該產品的業績將在 2024 年之前增強。

Second, there are a couple of products, notably Camzyos and Sotyktu where performance is strong, but growth has been slower than expected. For Camzyos, we continue to see steady increases in use in all feedback metrics from customers and patients continue to be very strong. At the same time, getting cardiovascular accounts onboarded and the pace of getting patients on to therapy as patients may see their cardiologist only 1 to 2 times per year, has resulted in a longer adoption curve. As we have shared, we expect consistent and steady growth akin to a cardiovascular launch for this important product, and we remain confident in our long-term projections.

其次，有一些產品，特別是 Camzyos 和 Sotyktu，表現強勁，但成長速度慢於預期。對於 Camzyos 來說，我們繼續看到客戶和患者的所有回饋指標的使用量持續穩定成長，並且仍然非常強勁。同時，心血管帳戶的加入以及讓患者接受治療的速度（因為患者每年可能只看心臟病專家 1 到 2 次）導致了更長的採用曲線。正如我們所分享的，我們預計這項重要產品將實現持續穩定的成長，就像心血管產品的推出一樣，並且我們對長期預測仍然充滿信心。

For Sotyktu the profile continues to be strong, and we are seeing nice increases in share. Access continues to be the main constraint for this brand, and while we will see broad and meaningful access improvements in 2024, getting to 0 step edits will take a bit longer than anticipated for some key plans given emerging payer dynamics in the immunology market. Importantly, for both of these products, our peak expectations remain unchanged, though the time to peak will shift.

對於 Sotyktu 來說，其形象仍然強勁，我們看到份額的大幅增長。訪問仍然是該品牌的主要限制因素，雖然我們將在2024 年看到廣泛且有意義的訪問改進，但考慮到免疫學市場中新興的支付者動態，實現零步驟編輯將比一些關鍵計劃的預期時間稍長一些。重要的是，對於這兩種產品，我們的峰值預期保持不變，儘管達到高峰的時間會發生變化。

Finally, I would highlight Abecma and Zeposia, where performance has lagged expectations. For Abecma, in-class competition and dynamics was bispecifics in late-line multiple myeloma have impacted performance. At the same time, real-world data generated by a consortium of KOLs demonstrates that our efficacy, safety and reliability are quite competitive. This has been further strengthened by recent data in triple-class refractory patients, who receive bridging therapy presented at the IMS Conference. Our focus will be on ensuring our teams are fully leveraging this breadth of data to effectively reinforce the profile of this important treatment.

最後，我要強調 Abecma 和 Zeposia，它們的表現落後於預期。對 Abecma 來說，晚期多發性骨髓瘤的課堂競爭和動態雙特異性影響了表現。同時，由 KOL 聯盟產生的真實世界數據表明，我們的功效、安全性和可靠性具有相當的競爭力。 IMS 會議上公佈的三級難治性患者接受橋接治療的最新數據進一步強化了這一點。我們的重點將是確保我們的團隊充分利用如此廣泛的數據來有效地強化這項重要治療的概況。

For Zeposia, performance remained strong in MS. In UC, access has been a constraint that will require continued focus to unlock future growth. Again, Adam can provide additional context.

Zeposia 在 MS 方面的表現依然強勁。在 UC 中，訪問一直是一個限制因素，需要持續關注以釋放未來的成長。 Adam 可以再次提供額外的背景資訊。

Taken together, we now expect sales from this portfolio to be $3.5 billion in 2023. This is slightly lower than we expected at the start of this year. Looking forward, we see continued growth. In the medium term, we do expect to achieve greater than $10 billion in sales for this portfolio in 2026 rather than 2025. The commercial team is laser-focused on building on the momentum of performance in the quarter and importantly, accelerating performance where necessary. We are also further increasing our investment behind selective brands to ensure performance accelerates.

總的來說，我們現在預計 2023 年該產品組合的銷售額將達到 35 億美元。這略低於我們今年年初的預期。展望未來，我們看到持續成長。從中期來看，我們確實預計該產品組合的銷售額將在2026 年而不是2025 年實現超過100 億美元。商業團隊將專注於鞏固本季的業績勢頭，重要的是，在必要時加快業績成長。我們也進一步增加對精選品牌的投資，以確保業績加速。

Finally, I would highlight that our new product portfolio will expand this quarter with the addition of repotrectinib next month and upon completion of the Mirati transaction, Krazati.

最後，我要強調的是，我們的新產品組合將在本季擴大，下個月將增加 repotrectinib，並在 Mirati 交易完成後增加 Krazati。

Turning now to our R&D engine on Slide 8. As I mentioned last month, we have exciting opportunities to strengthen our pipeline and deliver more important medicines to patients across therapeutic areas, including expanding our registrational pipeline from 6 to 12 assets over the next 18 months. Since our R&D Day, we've continued to make progress. In oncology, for Opdivo, we've delivered several growth drivers, including U.S. approval in Stage II adjuvant melanoma. Presentation of positive data for periadjuvant lung with CheckMate-77T and for first-line bladder cancer with CheckMate-901. And importantly, we've met the co-primary endpoints for the subcutaneous nivolumab trial, CheckMate-67T. This has the potential to open a regulatory approval in indications that constitute approximately 65% to 75% of today's Opdivo business in the U.S. and extend franchise durability into the 2030s.

現在轉向幻燈片8 上的研發引擎。正如我上個月提到的，我們有令人興奮的機會來加強我們的產品線並向各個治療領域的患者提供更重要的藥物，包括在未來18 個月內將我們的註冊產品線從6 種資產擴大到12 種資產。自研發日以來，我們不斷取得進步。在腫瘤學領域，我們為 Opdivo 提供了多個成長動力，包括美國批准用於 II 期黑色素瘤輔助治療。展示 CheckMate-77T 輔助治療期間肺癌和 CheckMate-901 一線膀胱癌的陽性數據。重要的是，我們已經達到了皮下納武單抗試驗 CheckMate-67T 的共同主要終點。這有可能獲得監管部門的批准，這些適應症約佔當今美國 Opdivo 業務的 65% 至 75%，並將特許經營期限延長至 2030 年代。

You may have also seen that Mirati presented encouraging PD-1 combination data in first-line lung cancer at ESMO. These data further strengthen our conviction in the potential of Krazati and the value it will add to our oncology portfolio.

您可能還看到 Mirati 在 ESMO 上展示了一線肺癌中令人鼓舞的 PD-1 組合數據。這些數據進一步增強了我們對 Krazati 潛力及其將為我們的腫瘤學產品組合增加價值的信心。

In immunology, our LPA1 inhibitor has now been granted Breakthrough Therapy designation in progressive pulmonary fibrosis by the FDA. This builds on the previously granted Fast Track designation from FDA for the idiopathic pulmonary fibrosis indication. These actions reinforce the potential importance of this asset in these diseases with high unmet medical need.

在免疫學方面，我們的 LPA1 抑制劑現已被 FDA 授予進行性肺纖維化突破性療法。這是建立在 FDA 先前授予的特發性肺纖維化適應症快速通道指定的基礎上的。這些行動強化了這項資產在這些醫療需求未被滿足的疾病中的潛在重要性。

And importantly, our CD19 NEX-T cell therapy is making progress. We have started dosing patients in our lupus study. And today, I can disclose that we have now achieved clearance from the FDA to begin our MS trial. These are important milestones that illustrate our strategy of rapidly advancing cell therapies into immunologic diseases and becoming leaders in the space. And we are moving forward with other assets in our pipeline. You can expect to hear more about our hematology assets at ASH later this year and about AR-LDD at a medical conference early next year.

重要的是，我們的 CD19 NEX-T 細胞療法正在取得進展。我們已經開始對狼瘡研究中的患者進行給藥。今天，我可以透露，我們現在已獲得 FDA 的批准，可以開始我們的 MS 試驗。這些都是重要的里程碑，說明了我們將細胞療法快速推進免疫疾病並成為該領域領導者的策略。我們正在推進管道中的其他資產。您可以期待在今年稍後的 ASH 上聽到更多關於我們血液學資產的信息，並在明年初的醫學會議上聽到更多關於 AR-LDD 的信息。

Turning to business development, a key priority for capital allocation on Slide 9. As you know, BD has been a key component of our strategy to supplement our internal innovation. Our recently announced, planned Mirati acquisition is an excellent example of a transaction with great strategic fit, compelling science and financial soundness. Through this acquisition, we're strengthening and diversifying our oncology portfolio with the addition of Krazati and potentially PRMT5 along with a pipeline of future KRAS inhibitors and enabling programs. We maintain significant cash flow to support continued investments in business development and this will remain a top priority for capital allocation for the company.

談到業務發展，投影片 9 中資本配置的關鍵優先事項。如您所知，BD 一直是我們補充內部創新策略的關鍵組成部分。我們最近宣布的、計劃中的 Mirati 收購是一個很好的例子，該交易具有良好的策略契合度、令人信服的科學性和財務穩健性。透過此次收購，我們將透過增加 Krazati 和潛在的 PRMT5 以及一系列未來 KRAS 抑制劑和支持計劃來加強我們的腫瘤產品組合併使其多樣化。我們維持大量現金流以支持業務發展的持續投資，這仍將是公司資本配置的首要任務。

Turning now to our scorecard on Slide 10. I've already discussed many of the positive recent milestone achievements noted here. While we recently learned that the second-line HCC study for Opdualag did not support moving forward in a registrational trial for this indication, we have a second study underway in first-line liver cancer that we expect to read out next year. In addition, as discussed already, we've seen a number of important accomplishments not included on this slide, notably first-line bladder in subcu Opdivo. All of this speaks to continued strong pipeline execution and the progress of programs that will become important catalysts for the future growth.

現在轉向幻燈片 10 上的記分卡。我已經討論了這裡提到的許多近期積極的里程碑成就。雖然我們最近了解到 Opdualag 的二線 HCC 研究不支持推進該適應症的註冊試驗，但我們正在進行針對一線肝癌的第二項研究，預計將於明年公佈。此外，正如已經討論過的，我們已經看到了這張幻燈片中未包含的許多重要成就，特別是 subcu Opdivo 中的一線膀胱。所有這些都表明持續強勁的管道執行和項目的進展將成為未來成長的重要催化劑。

Turning to Slide 11. When you add everything up, as we discussed last month, we have numerous levers to drive growth into the back half of this decade and beyond. I am confident in our ability to transform our portfolio, both organically as well as through business development, and to deliver new medicines for patients.

轉向幻燈片 11。當您將所有內容加起來時，正如我們上個月討論的那樣，我們有許多槓桿可以推動本十年後半段及以後的增長。我對我們透過有機和業務發展來轉變我們的產品組合以及為患者提供新藥的能力充滿信心。

With that, I'll turn it over to David to walk you through our product performance and financial results in more detail. David?

接下來，我將把它交給 David，讓您更詳細地了解我們的產品性能和財務表現。大衛？

Thank you, Chris, and thanks to all of you for joining our third quarter earnings call.

謝謝克里斯，也謝謝大家參加我們第三季的財報電話會議。

Turning to Slide 13, let's discuss our top line performance. Unless otherwise stated, all comparisons are made versus the same period in 2022 and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. Total company sales in the third quarter were $11 billion, driven by continued growth of our in-line and new product portfolio, offset by the expected decline in Revlimid sales.

轉向投影片 13，讓我們討論一下我們的營收表現。除非另有說明，所有比較均與 2022 年同期進行，銷售成長率將在基本基礎上進行討論，其中排除了外匯的影響。第三季公司總銷售額為 110 億美元，這得益於我們的內嵌產品和新產品組合的持續成長，但被來那度胺 (Revlimid) 銷售額的預期下降所抵消。

Let's move to our new product portfolio on Slide 14. During the quarter, we delivered solid growth for the portfolio, with $928 million in revenue. Growth was strong across the portfolio, though, we have seen an impact of Abecma from both manufacturing site maintenance in June and from increased availability and usage of alternative BCMA targeting therapies for multiple myeloma. Based on the performance year-to-date, we now expect the new product portfolio to deliver roughly $3.5 billion for the full year 2023. This is primarily due to the impacts of our cell therapy franchise, particularly Abecma. As Chris mentioned, we are laser-focused on continuing to accelerate growth of our in-line and new product portfolio into the next year and beyond.

讓我們轉向幻燈片 14 上的新產品組合。本季度，我們的產品組合實現了穩健增長，收入達到 9.28 億美元。不過，整個產品組合的成長強勁，我們看到了 Abecma 的影響，包括 6 月生產基地的維護以及多發性骨髓瘤替代 BCMA 標靶療法的可用性和使用的增加。根據今年迄今的業績，我們現在預計新產品組合將在 2023 年全年實現約 35 億美元的收入。這主要是由於我們的細胞治療特許經營權，特別是 Abecma 的影響。正如克里斯所提到的，我們將專注於在明年及以後繼續加速我們的內嵌產品和新產品組合的成長。

Let's discuss performance of our solid tumor products on Slide 15. Our flagship oncology product, Opdivo continues to grow well with sales up 11% globally. In the U.S., Opdivo grew 9%, primarily driven by demand. Sequentially, sales grew double digit driven by demand and a reversal of roughly $50 million of unfavorable buying patterns in the second quarter. Outside the U.S., third quarter revenues increased 15%, primarily driven by demand for indications such as lung and gastric cancer. This performance, along with potential new launch opportunities in periadjuvant lung and first-line bladder as well as in recently approved adjuvant melanoma indication, reinforce our confidence in the continued growth for Opdivo. As Chris mentioned earlier, we now have positive data for the subcu formulation. We believe this supports the potential for an important new option for patients and strengthens the franchise longevity into the next decade.

讓我們在幻燈片 15 上討論我們實體腫瘤產品的表現。我們的旗艦腫瘤產品 Opdivo 繼續保持良好成長，全球銷售成長 11%。在美國，Opdivo 成長了 9%，這主要是由需求推動的。隨後，在需求的推動下，銷售額成長了兩位數，第二季扭轉了約 5,000 萬美元的不利購買模式。在美國以外的地區，第三季營收成長了 15%，這主要是由肺癌和胃癌等適應症的需求所推動的。這一表現，加上輔助治療期間肺部和第一線膀胱以及最近批准的輔助黑色素瘤適應症的潛在新上市機會，增強了我們對 Opdivo 持續增長的信心。正如克里斯之前提到的，我們現在擁有 subcu 配方的正面數據。我們相信，這為患者提供了一種重要的新選擇，並增強了該特許經營權在未來十年的壽命。

With respect to our next-generation IO asset Opdualag, revenue nearly doubled as we build share in first-line melanoma. In the U.S., we now see market share of roughly 25% with additional room to grow, particularly in the approximately 15% of patients that are still receiving PD-1 monotherapy. Opdualag has become a new standard of care in patients with metastatic melanoma, where BMS total share is 65% in this important market.

就我們的下一代 IO 資產 Opdualag 而言，隨著我們在一線黑色素瘤領域的份額不斷擴大，收入幾乎翻了一番。在美國，我們現在看到約 25% 的市場份額，並且還有額外的成長空間，特別是在仍在接受 PD-1 單一療法的約 15% 的患者中。 Opdualag 已成為轉移性黑色素瘤患者的新照護標準，BMS 在這一重要市場的總份額為 65%。

Let's now turn to cardiovascular on Slide 16. Eliquis continued to grow with $2.7 billion in revenue in the quarter. In the U.S., sales grew 4% year-over-year, driven by strong demand growth, offset by unfavorable gross-to-nets due to channel mix including an impact of approximately $75 million in Q3. Internationally, sales were primarily impacted by generic entries in Canada and the U.K. and pricing pressures we've mentioned in the past. At the same time, we're encouraged to have successfully defended our IP in several EU countries this year, including France, Norway and Sweden.

現在讓我們轉向幻燈片 16 上的心血管疾病。Elquis 繼續成長，本季收入達 27 億美元。在美國，在強勁需求成長的推動下，銷售額年增 4%，但被通路組合造成的不利毛淨比（包括第三季約 7,500 萬美元的影響）所抵銷。在國際上，銷售主要受到加拿大和英國的仿製藥進入以及我們過去提到的定價壓力的影響。同時，我們今年在法國、挪威和瑞典等多個歐盟國家成功捍衛了我們的智慧財產權，這讓我們深受鼓舞。

Moving to Camzyos, our first-in-class obstructive HCM product, we are pleased with the continued growth of the product, delivering $68 million of revenue in the quarter. In the U.S., we added roughly 1,000 patients, both through our hub and to commercial dispense. We are very encouraged to see good persistence with roughly 3,500 patients now on commercial drug. Our patient base continues to grow as we steadily bring more patients on the treatment and convert them to commercial dispense.

轉向我們一流的阻塞性 HCM 產品 Camzyos，我們對該產品的持續成長感到滿意，該產品在本季度實現了 6,800 萬美元的收入。在美國，我們透過我們的中心和商業配藥增加了大約 1,000 名患者。我們非常高興地看到大約 3,500 名患者目前正在服用商業藥物，表現出良好的持久性。隨著我們穩步讓更多患者接受治療並將其轉為商業配藥，我們的患者群體持續成長。

Turning to our hematology products on Slide 17, starting with Revlimid. Global sales in the quarter were just over $1.4 billion. At this point, we expect revenues of approximately $6 billion for the full year, primarily due to higher level of demand for lenalidomide. Now on to Pomalyst global revenues were down 2% versus prior year, mainly due to free product dynamics in the U.S. we described in July. Internationally, demand for Pomalyst was stable. Revenues also benefited from a $40 million clinical supply purchase during the quarter.

轉向幻燈片 17 上我們的血液學產品，從 Revlimid 開始。該季度的全球銷售額略高於 14 億美元。目前，我們預計全年收入約為 60 億美元，這主要是由於對來那度胺的需求增加。現在，Pomalyst 全球營收比去年同期下降了 2%，這主要是由於我們在 7 月描述的美國的免費產品動態。國際上，Pomalyst 的需求穩定。收入也受惠於本季 4000 萬美元的臨床供應採購。

Turning to Reblozyl, which generated revenues of $248 million in the quarter. In the U.S., revenue growth accelerated, increasing 28% year-over-year, primarily driven by increased demand. With the COMMANDS approval, we are seeing increased use in first line as well as an increase in second-line patients that are rapidly switching from ESAs to Reblozyl, along with the continued increase in duration of treatment. Though it's early in the launch of first-line MDS, we are hearing very positive feedback on the profile, especially in the community setting. Overall, we're encouraged by the strong label for Reblozyl in first-line MDS-associated anemia and we believe it sets us well to deliver this medicine to more patients with this disease.

再看看 Reblozyl，該公司本季營收為 2.48 億美元。在美國，收入成長加速，年增 28%，這主要是由需求成長推動的。隨著 COMMANDS 的批准，我們看到一線用藥的增加以及從 ESA 快速轉向 Reblozyl 的二線患者的增加，以及治療持續時間的持續增加。儘管一線 MDS 還處於推出初期，但我們已經聽到了有關該配置文件的非常積極的反饋，尤其是在社區環境中。總體而言，我們對 Reblozyl 在一線 MDS 相關貧血中的強大標籤感到鼓舞，我們相信這有助於我們向更多患有這種疾病的患者提供這種藥物。

Moving to Abecma with revenue of $93 million in the quarter, this was impacted by the manufacturing site maintenance in June and the use and availability of other BCMA-targeting agents.

Abecma 本季收入為 9,300 萬美元，這是受到 6 月生產現場維護以及其他 BCMA 標靶藥物的使用和可用性的影響。

Turning to Reblozyl (sic) [Breyanzi]. Sales in the quarter were $92 million, more than double versus prior year and down slightly compared to prior quarter due to timing of infusions. As we mentioned in July, during the quarter, we remain constrained with respect to vector. However, with continued strong demand in second and third line plus large B-cell lymphoma, and an expected increase in supply next year, we are confident in our ability to grow in 2024 and beyond.

轉向 Reblozyl（原文如此）[Breyanzi]。該季度的銷售額為 9,200 萬美元，比去年同期增長了一倍以上，但由於注入時間的原因，與上一季相比略有下降。正如我們在 7 月提到的，在本季度，我們在向量方面仍然受到限制。然而，隨著二線和第三線及大 B 細胞淋巴瘤的持續強勁需求，以及明年供應的預期增加，我們對 2024 年及以後的成長能力充滿信心。

Let's move to our immunology products on Slide 18. Global sales for Zeposia were $123 million, up 75% compared to prior year. In the U.S., in addition to $15 million contribution due to favorable gross-to-nets and inventory in the quarter, we continue to be pleased with the momentum in multiple sclerosis with a best-in-class share within S1P class and continued volume growth in very competitive ulcerative colitis market. Outside the U.S., sales increased mainly due to demand in MS.

讓我們轉向幻燈片 18 上的免疫學產品。Zeposia 的全球銷售額為 1.23 億美元，比去年增長 75%。在美國，除了由於本季度有利的毛淨值和庫存而貢獻了 1500 萬美元之外，我們仍然對多發性硬化症的發展勢頭感到滿意，在 S1P 類別中擁有一流的份額，並且銷量持續增長在競爭非常激烈的潰瘍性結腸炎市場。在美國以外，銷售額的成長主要是由於多發性硬化症的需求。

Turning to Sotyktu. Underlying launch trends remained strong. Sales in the quarter were $66 million, which included a clinical supply purchase of approximately $30 million, and we saw continued strong volume demand during the quarter. With over 38,000 script equivalents dispense since launch, we delivered over 15,000 script equivalents in the U.S. during the third quarter. Within the oral category, our share is now roughly 40%, reinforcing that Sotyktu is establishing a position as the oral of choice in this market. And we are making progress converting covered CVS patients from the free drug program to commercial dispense. We expect this will take on average 2 to 3 months per patient. Building on our momentum, we continue to expect the further strengthening of access next year.

轉向索特克圖。基本的發布趨勢仍然強勁。本季的銷售額為 6,600 萬美元，其中包括約 3,000 萬美元的臨床供應採購，我們看到本季的銷售需求持續強勁。自推出以來，我們已分發了超過 38,000 個等效腳本，第三季我們在美國交付了超過 15,000 個等效腳本。在口服液類別中，我們的份額目前約為 40%，這進一步證明了 Sotyktu 正在確立作為該市場首選口服液的地位。我們正在取得進展，將受保 CVS 患者從免費藥物計劃轉為商業配藥。我們預計每位患者平均需要 2 至 3 個月的時間。憑藉我們的勢頭，我們繼續預計明年的准入將進一步加強。

Now moving to the P&L on Slide 19. I will focus my remarks on a few non-GAAP key line items, having just covered sales performance. Compared to Q2, gross margin was favorably impacted by product mix. Acquired in-process R&D in the quarter was $80 million, which was partially offset by $12 million of licensing income, resulting in a net impact of $0.03 of EPS. The reduction of the effective tax rate during the quarter was primarily due to recently issued Section 174 guidance regarding deductibility of certain research and development expenses. This resulted in an adjustment in the quarter to our estimated tax rate. Overall, third quarter earnings per share was $2 per share, growing approximately 1%.

現在轉到幻燈片 19 上的損益表。我的評論將集中在幾個非 GAAP 關鍵項目上，剛才討論了銷售業績。與第二季相比，毛利率受到產品組合的有利影響。本季度獲得的正在進行的研發費用為 8,000 萬美元，部分被 1,200 萬美元的授權收入所抵消，對每股收益產生 0.03 美元的淨影響。本季有效稅率的降低主要是由於最近發布的有關某些研發費用扣除的第 174 條指南。這導致我們在本季度對估計稅率進行了調整。總體而言，第三季每股收益為 2 美元，成長約 1%。

Turning to the balance sheet and capital allocation on Slide 20. Cash flow generation and our balance sheet remains strong. Cash flow from operations in the quarter was approximately $4.8 billion, with over $8 billion in cash and marketable securities on hand at the end of Q3. Our capital allocation approach remains focused on business development as a top priority, with the planned acquisition of Mirati as an example. We also remain focused on growing our dividend and on opportunistic share repurchases. In this regard, during the quarter, we executed $4 billion ASR and expect that to be completed by the end of the year. Today, we have roughly $2 billion of authorization outstanding.

轉向投影片 20 上的資產負債表和資本配置。現金流產生和我們的資產負債表仍然強勁。本季營運現金流量約 48 億美元，截至第三季末，手頭現金和有價證券超過 80 億美元。我們的資本配置方式仍以業務發展為重中之重，以計畫收購 Mirati 為例。我們也持續專注於增加股利和機會性股票回購。在這方面，本季我們執行了 40 億美元的 ASR，預計將在年底前完成。如今，我們還有大約 20 億美元的未授權授權。

Lastly, turning to our 2023 non-GAAP guidance on Slide 21. We continue to expect revenue to decline in the low single digits compared to last year. As mentioned, we expect new products to be about $3.5 billion this year and for Revlimid to deliver about $6 billion. Turning to OpEx. We continue to expect roughly low single-digit decline compared to last year corresponding to roughly $4.4 billion expected in the fourth quarter. Based on the changes to the tax I described earlier, we are revising our full year effective tax rate to 15.5%. With respect to our earnings, we have increased the midpoint of our non-GAAP EPS guidance and narrowed the range to $7.50 to $7.65.

最後，轉向幻燈片 21 上的 2023 年非 GAAP 指引。我們仍然預期收入將比去年低個位數下降。如前所述，我們預計今年新產品的銷售額約為 35 億美元，Revlimid 的銷售額約為 60 億美元。轉向營運支出。我們繼續預計，與去年相比，第四季的跌幅約為個位數，相當於 44 億美元左右。根據我之前描述的稅收變化，我們將全年有效稅率修改為 15.5%。就我們的收益而言，我們提高了非 GAAP 每股收益指引的中位數，並將範圍縮小至 7.50 美元至 7.65 美元。

And with respect to our medium-term guidance on Slide 22, as Chris described earlier, we reaffirm our low to mid-single-digit revenue CAGR from 2020 to 2025 and the $8 billion to $10 billion growth from our in-line portfolio during this period. We have adjusted our new product portfolio target to greater than $10 billion in 2026, a year later than previously communicated. And with respect to operating margin [decreasing] our target to greater than 37% through 2025 to reflect continued strong profitability while enabling flexibility to invest in future growth and incorporating the dilution from Mirati.

至於我們對幻燈片22 的中期指導，正如克里斯之前所述，我們重申2020 年至2025 年收入複合年增長率為低至中個位數，並且在此期間我們的內線投資組合將實現80 億至100 億美元的成長時期。我們已將新產品組合目標調整為 2026 年超過 100 億美元，比之前溝通的晚了一年。至於營業利潤率，我們的目標是到 2025 年達到 37% 以上，以反映持續強勁的獲利能力，同時能夠靈活地投資未來成長並納入 Mirati 的稀釋。

Now before we turn it over to question and answers, I'd like to recognize Giovanni's leadership of the company and thank him for his considerable contributions in transforming BMS. I also want to acknowledge the hard work of our teams around the world during the quarter. I know that our people remain focused on delivering for patients and will continue to do so under Chris' leadership moving forward.

現在，在我們進行問答之前，我想對 Giovanni 對公司的領導表示認可，並感謝他在 BMS 轉型方面做出的巨大貢獻。我還要感謝我們世界各地的團隊在本季所做的辛勤工作。我知道我們的員工仍然專注於為患者提供服務，並將在克里斯的領導下繼續這樣做。

I'll now turn the call back over to Tim, Giovanni and Chris for Q&A.

現在我將把電話轉回蒂姆、喬瓦尼和克里斯進行問答。

Great. Thanks very much, David. And before we go to the first question, we know it's a very busy morning. We want to get to as many questions as we can. (Operator Instructions) Keith, can we go to the first question, please?

偉大的。非常感謝，大衛。在我們討論第一個問題之前，我們知道這是一個非常忙碌的早晨。我們希望回答盡可能多的問題。 （操作員指示）Keith，我們可以回答第一個問題嗎？

(Operator Instructions) And the first question comes from Chris Schott with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Chris Schott。

Just maybe for me just a bigger picture question. You're lowering the 2025 targets. It sounds like there's a couple of the products that adoption is just taking longer than expected. I guess what gives the company confidence that this isn't kind of a different dynamic with some of these products that isn't going to enable maybe some of those longer-term targets as you look out to 2030, that you've announced before. So maybe just kind of elaborate a little bit more on how much of -- how do you make sure the company is positioning itself to hit those longer-term peak sales? And do we need to be able to just rethink some of the peak sales potential of some of these assets, given what we've learned from the launches over the last year or so?

也許對我來說只是一個更大的問題。你們降低了 2025 年的目標。聽起來有些產品的採用時間比預期要長。我想是什麼讓公司有信心相信，這與某些產品的動態並沒有什麼不同，這些產品可能無法實現您先前宣布的 2030 年的一些長期目標。因此，也許只是詳細說明一下，您如何確保公司定位自己以達到長期的銷售高峰？鑑於我們從過去一年左右的推出中了解到的情況，我們是否需要能夠重新考慮其中一些資產的峰值銷售潛力？

Thanks, Chris. This is Chris. I'll start, and then I'm going to turn it over to Adam. I think it's important to step back and be clear on what we've said on this call. First, I think it's important to recognize that for the new product portfolio in totality, we continue to see very strong long-term potential, consistent with what we've said previously. There's been no change in the conviction for this portfolio overall. And in fact, the question really is a question of when, not if.

謝謝，克里斯。這是克里斯。我先開始，然後把它交給 Adam。我認為重要的是退後一步，明確我們在這次電話會議上所說的內容。首先，我認為重要的是要認識到，對於整個新產品組合，我們繼續看到非常強大的長期潛力，這與我們之前所說的一致。整體而言，對該投資組合的信念沒有改變。事實上，問題實際上是何時的問題，而不是是否的問題。

We have, however, recognized the timing change that we've communicated today, and that's really around a few things. First, there are, as I mentioned in the prepared remarks, a number of products where expectations -- where performance is achieving, if not exceeding expectations. However, we also have to acknowledge that there are a few products where the dynamics are different. For products like Sotyktu and Camzyos, the reality is, while the long-term potential for these products remains unchanged, it's taking a bit longer and Adam can speak to those dynamics.

然而，我們已經認識到我們今天所傳達的時間變化，這實際上與一些事情有關。首先，正如我在準備好的發言中提到的，有許多產品達到了預期，即使沒有超出預期，性能也已達到預期。然而，我們也必須承認，有一些產品的動態是不同的。對於像 Sotyktu 和 Camzyos 這樣的產品，現實是，雖然這些產品的長期潛力保持不變，但需要更長的時間，Adam 可以談到這些動態。

And there are a couple of products where performance needs to change. And so for example, with Abecma and Zeposia. We know that we've got challenges there. The team is reorienting and making sure we've got the right resources and focus on delivering for those products. But I think it's important that when you step back and look at the portfolio in totality, our conviction around these products and the importance that these products will play in terms of driving long-term growth and helping us diversify the business. That remains unchanged.

有一些產品的性能需要改變。例如，Abecma 和 Zeposia。我們知道我們在那裡面臨挑戰。團隊正在重新定位並確保我們擁有正確的資源並專注於交付這些產品。但我認為重要的是，當你退後一步，全面審視我們的產品組合時，我們對這些產品的信念以及這些產品在推動長期成長和幫助我們實現業務多元化方面所發揮的重要性。這仍然沒有改變。

When you then layer on that to good in-line performance with products like Eliquis and Opdivo, we're as confident as we have been on the long-term growth profile of the company. The focus right now is around executing on the commercial side, continuing to move the pipeline forward and ensuring that we've got the right focus on bringing innovation and -- externally with business development.

當您使用 Eliquis 和 Opdivo 等產品獲得良好的線上表現時，我們對公司的長期成長前景充滿信心。現在的重點是在商業方面執行，繼續推動管道向前發展，並確保我們正確專注於帶來創新以及外部業務發展。

Adam, anything you would add?

亞當，你還有什麼要補充的嗎？

No, I think you covered it very well.

不，我認為你講得很好。

Thanks, Chris. Keith, can we go to the next question please?

謝謝，克里斯。基思，我們可以進入下一個問題嗎？

Yes, and that comes from Geoff Meacham with Bank of America.

是的，這來自美國銀行的傑夫‧米查姆 (Geoff Meacham)。

You have recent data in for subcu Opdivo. I guess the question is, what's the incremental benefit here? And maybe how strategically important is this approach just given IRA implementation and potential opportunities to extend the LOE?

您有 subcu Opdivo 的最新資料。我想問題是，這裡的增量收益是什麼？也許考慮到 IRA 的實施和延長 LOE 的潛在機會，這種方法在策略上有多重要？

Thanks, Jeff. I'll start. In spite of a lot of the progress, when you look at IO, there are still opportunities we know to improve patient experience and address the treatment burden that exists with these assets. And that's really where subcu comes into play, and we're very pleased with the data that we've seen with 67T, the data are compelling in our view. And we look forward to, after we finish the review, presenting those at an upcoming conference and obviously engaging with regulators. The way we thought about the subcu program consistently is that this would address specific patient needs as well as the opportunity to address those centers where, for example, chair time is at a premium. And that's still where we think this will go.

謝謝，傑夫。我開始吧。儘管取得了許多進展，但當你看看 IO 時，我們知道仍然有機會改善患者體驗並解決這些資產帶來的治療負擔。這確實是 subcu 發揮作用的地方，我們對 67T 看到的數據非常滿意，我們認為這些數據令人信服。我們期待在完成審查後，在即將召開的會議上展示這些內容，並顯然與監管機構接觸。我們對 subcu 計劃的一貫看法是，這將滿足特定患者的需求，並有機會滿足那些中心的需求，例如，主席時間非常寶貴。我們認為這仍然是未來的發展方向。

We think that these indications will represent somewhere between 65% and 75% of the Opdivo business as it [sits] today. And with focused effort, we think we can convert roughly about 50% of the overall business over time. And so that's really how we're thinking about it. And if you sort of -- if we're successful in doing that, we think this has the potential to extend the franchise into the early 2030s.

我們認為這些跡象將佔 Opdivo 目前業務的 65% 到 75% 之間。透過集中精力，我們認為隨著時間的推移，我們可以實現整體業務的大約 50% 左右的轉換。這就是我們的想法。如果你能成功做到這一點，我們認為這有可能將特許經營權延長到 2030 年代初。

Thanks, Chris. Keith, can we go to the next question please?

謝謝，克里斯。基思，我們可以進入下一個問題嗎？

Yes, and that comes from Luisa Hector with Berenberg.

是的，這來自路易莎·赫克托和貝倫貝格。

Still on the medium-term outlook, can you confirm that there is no contribution from Mirati in that guidance? And then perhaps some comments around the lower margin expectation, just is that purely linked to the new product revenue guidance or are there other factors at play?

還是關於中期前景，您能否確認 Mirati 在該指導中沒有做出任何貢獻？然後也許有一些關於較低利潤率預期的評論，這純粹是與新產品收入指導相關還是還有其他因素在起作用？

Thank you for the question. So the long-term guidance of new product portfolio does not include anything related to -- from a Mirati sales perspective. If you do recall, we did say the dilution next year relates to Mirati's about $0.35. As it relates to the margin, that does factor in how we view our margin going forward. If you recall, previously, our midterm guidance is margins above 40%, but we continue to see opportunity and invest in our launch portfolio and invest behind products like Camzyos and Sotyktu as well as our cell therapies, but also we continue to see opportunities in our portfolio.

感謝你的提問。因此，從 Mirati 銷售的角度來看，新產品組合的長期指導不包括任何相關內容。如果你還記得的話，我們確實說過明年的稀釋與 Mirati 的約 0.35 美元有關。由於它與利潤率有關，這確實會影響我們如何看待未來的利潤率。如果你還記得，之前我們的中期指導是利潤率高於40%，但我們繼續看到機會並投資於我們的推出產品組合，並投資於Camzyos 和Sotyktu 等產品以及我們的細胞療法，但我們也繼續看到機會我們的投資組合。

As you know, we had multiple readouts this quarter, LPA being one of those as well as additional indications for Opdivo. And we had first-line COMMANDS. But as we step back and what we shared at R&D Day, we see opportunities to continue to accelerate in our R&D pipeline. So that's why we revised our guidance to incorporate the dilution from Mirati, but as well as the investments that we're making in the new product portfolio and the R&D portfolio.

如您所知，本季我們有多個讀數，LPA 以及 Opdivo 的其他適應症就是其中之一。我們有一線命令。但當我們退一步並​​在研發日分享的內容時，我們看到了繼續加速研發管道的機會。因此，我們修改了指導意見，納入 Mirati 的稀釋，以及我們在新產品組合和研發組合中的投資。

Thanks, David. Keith, can we go to the next question please?

謝謝，大衛。基思，我們可以進入下一個問題嗎？

Yes, and that comes from Seamus Fernandez with Guggenheim.

是的，這來自古根漢的謝默斯·費爾南德斯。

Just trying to get a little bit of a better sense on the 37% margin guidance. Is that something that we should anticipate as a potential floor in 2024 as you lose the KEYTRUDA royalty or is it really sort of a sequential floor for margins in 2025 as you lose Sprycel and Pomalyst following the loss of the KEYTRUDA royalty? So just trying to get a sense of kind of the path to 2025 as we move through the balance of this year and next year.

只是想更好地理解 37% 的利潤率指導。這是我們應該預期的2024 年潛在下限嗎？因為你失去了KEYTRUDA 特許權使用費，或者這真的是2025 年利潤率的連續下限嗎？因為你在失去KEYTRUDA 特許權使用費後失去了Sprycel 和Pomalyst？因此，當我們度過今年和明年的餘下時間時，我們只是想了解通往 2025 年的道路。

Yes. Thanks, Seamus, for the question. And the 37% guidance is a floor that we've provided as we look forward to that midterm period, which is 2025. We haven't provided guidance yet. We'll do that on the fourth quarter earnings call as that relates to 2024, which I think is what your question is getting after. I'd say the one thing to think about is, one, we've talked about Revlimid in the past and that we said we've revised Revlimid's guidance this year from $5.5 billion to $6 billion. And we still see next year stepping down to about that $4 billion and then we'll update you on all the other line items when we do our fourth quarter earnings as far as profitability next year. But you should think about the operating margin as a floor as we look forward through '25.

是的。謝謝西莫的提問。 37% 的指導是我們在展望中期（即 2025 年）時提供的下限。我們尚未提供指導。我們將在與 2024 年相關的第四季財報電話會議上這樣做，我認為這就是你的問題所要解決的問題。我想說要考慮的一件事是，第一，我們過去討論過 Revlimid，並且我們說過我們已將 Revlimid 今年的指導從 55 億美元修改為 60 億美元。我們仍然預計明年會下降到大約 40 億美元，然後當我們公佈第四季度的收益以及明年的盈利能力時，我們將向您通報所有其他項目的最新情況。但當我們展望 25 年時，您應該將營業利潤率視為下限。

Thanks, David. Keith, can we go to the next question please?

謝謝，大衛。基思，我們可以進入下一個問題嗎？

Yes, certainly. And that comes with Chris Shibutani with Goldman Sachs.

是的，當然了。高盛公司的克里斯·澀谷（Chris Shibutani）也做到了這一點。

You made some comments about Sotyktu and the reimbursement environment as that is evolving and the constraints that you have perhaps from Adam or whoever would be appropriate. Can you comment further about what you're seeing there? And how we should be thinking about the cadence? I think the setup had been that '24 would be an opportunity, and that seems to be slightly different.

您對 Sotyktu 和正在發展的報銷環境以及您可能來自 Adam 或任何合適的人的限制發表了一些評論。您能進一步評論一下您在那裡看到的情況嗎？我們該如何考慮節奏？我認為 24 年的安排是一個機會，但這似乎略有不同。

Chris, thank you for the question. First, I want to say we're very pleased with the performance of Sotyktu. Our goal remains to be the standard of care in the oral market. In fact, as you heard, we have achieved now a 40% share of newly written prescriptions and we're the third most newly prescribed systemic therapy, and we've done that in a little over a year post launch.

克里斯，謝謝你的提問。首先，我想說我們對 Sotyktu 的表現非常滿意。我們的目標仍然是成為口腔市場的護理標準。事實上，正如您所聽到的，我們現在已經取得了新開處方的40% 份額，並且我們是第三大新開出的全身治療藥物，而且我們在推出後一年多一點的時間內就做到了這一點。

Now, as you have stated our focus really is around accelerating access, and we anticipate achieving broader access in 2024 and continuing in 2025. Remember, today, Sotyktu is not covered on approximately 80% of lives in the United States. And so we expect to see significant improvements coming next year. We're in the throes of negotiations with the PBMs. So we would expect to see a market improvement in 2024, and that could continue into 2025, where we would expect to have very broad access across the other 2 PBMs. And that's -- we're very confident in our ability to achieve that.

現在，正如您所說，我們的重點實際上是加速獲取，我們預計在 2024 年實現更廣泛的獲取，並在 2025 年繼續。請記住，今天，Sotyktu 尚未覆蓋美國約 80% 的人。因此，我們預計明年會出現重大改進。我們正在與 PBM 進行艱難的談判。因此，我們預計 2024 年市場會有所改善，並且這種情況可能會持續到 2025 年，屆時我們預計其他 2 個 PBM 會獲得非常廣泛的訪問權限。那就是——我們對實現這一目標的能力非常有信心。

Terrific. Thanks, Adam. Can we go to the next question please, Keith.

了不起。謝謝，亞當。我們可以進入下一個問題嗎，基斯。

Yes, certainly that comes from Stephen Scala with TD Cowen.

是的，這當然來自 Stephen Scala 和 TD Cowen。

Regarding the midterm guidance changes, I'm a bit puzzled as to why now. particularly when you had a major meeting last month and time to go through the specifics. I'm sure these changes were evident at that point or wait until Q4 when you have to set the stage for 2024 and beyond. I think the answer will be that, that was an R&D meeting last month. But still, Chris, you opened the meeting by kind of setting the stage and tone for the company. So I'm just wondering why you're fitting these changes in on the Q3 call?

關於中期指引的變化，我現在有點困惑為什麼。特別是當你上個月召開了一次重要會議並有時間討論具體細節時。我確信這些變化在那時就很明顯，或者等到第四季度，你必須為 2024 年及以後做好準備。我想答案是，那是上個月的研發會議。但克里斯，你仍然透過為公司奠定了基礎和基調來拉開了會議的序幕。所以我只是想知道為什麼你要在第三季的電話會議中考慮這些變化？

Sure, Steve. Let me take that and then David can provide additional color. So the timing of this shift is really driven by the fact that in the short term, we have seen additional trends mainly around Abecma that have required that we change our short-term guidance, and that's giving the guidance for the new product portfolio for this year. And as we said, we expect that portfolio to be roughly $3.5 billion this year. And that is slightly less than what we had anticipated when we began this year.

當然，史蒂夫。讓我接受，然後大衛可以提供額外的顏色。因此，這一轉變的時機實際上是由以下事實驅動的：在短期內，我們看到了主要圍繞 Abecma 的其他趨勢，這要求我們改變我們的短期指導，這為新產品組合提供了指導年。正如我們所說，我們預計今年的投資組合約為 35 億美元。這略低於我們今年開始時的預期。

As a result of that change and what we're seeing with the new product portfolio, the dynamics of which I described in the prepared remarks, we made the decision that we wanted to update the '25 guidance. As we anticipated, that would be a question that would come out on this call. And so that's why we made the decision to change the 2025 guidance. And then, of course, as we get into next year, we'll provide additional color as to how we expect 2024 to proceed. But that was really the motivation for the timing of why we decided to make the changes in guidance today.

由於這項變更以及我們在新產品組合中看到的情況以及我在準備好的評論中所描述的動態，我們決定更新 '25 指南。正如我們預期的那樣，這將是本次電話會議中提出的問題。這就是我們決定更改 2025 年指導的原因。當然，當我們進入明年時，我們將提供更多關於我們預計 2024 年將如何發展的資訊。但這確實是我們今天決定對指南進行更改的動機。

Thanks, Chris. Keith, can we go to the next question please?

謝謝，克里斯。基思，我們可以進入下一個問題嗎？

Certainly, and that comes from Terence Flynn with Morgan Stanley.

當然，這來自摩根士丹利的特倫斯·弗林。

I guess, Chris, maybe for you. Just the launch reboot strategy for some of these -- some of the drugs that have come in below your expectations. Maybe you could just walk us through each of those and some of the steps you're taking and why you're confident that that's going to have success?

我想，克里斯，也許適合你。只是其中一些藥物的啟動重啟策略——一些藥物的表現低於您的預期。也許您可以向我們介紹您正在採取的每一個步驟以及您正在採取的一些步驟，以及為什麼您有信心這會成功？

Sure, Terence. Let me start, and then I'll ask Adam to provide some specifics really around the products where we think we're going to need to have either a reboot or where we are moving to accelerate.

當然，特倫斯。讓我開始，然後我會要求 Adam 提供一些我們認為需要重新啟動或需要加速的產品的具體細節。

I think the way I characterized in the opening remarks is right. We have a number of products which are either hitting or exceeding our expectations. Certainly Opdualag, Reblozyl is performing very, very well. Breyanzi, as David alluded to, we saw good performance in the quarter, but importantly, we're seeing very strong manufacturing performance and we anticipate both supply and the quality of manufacturing for that product to improve. And given the profile of the drug, we have every expectation that's going to continue to perform very well as we get into 2024. So those products we feel very good about.

我認為我在開場白中所描述的方式是正確的。我們有許多產品達到或超越了我們的預期。當然，Opdualag、Reblozyl 的表現非常非常好。 Breyanzi，正如 David 所提到的，我們在本季度看到了良好的業績，但重要的是，我們看到了非常強勁的製造業績，我們預計產品的供應和製造品質都會改善。考慮到該藥物的概況，我們完全期望它在進入 2024 年時將繼續表現良好。因此，我們對這些產品感覺非常好。

For Sotyktu and Camzyos, the dynamics are the products are just taking a bit longer and the trajectory for those products requires that we think about the time to peak being shifted back. What's important, and Adam can speak to this, is the fundamentals for both of those products continue to be very, very strong. We got good strong share for Sotyktu. We anticipate, given the quality of that data and what we're seeing from customers, this will become the oral standard of choice, which is, remember, what the objective was when we launched the product.

對於 Sotyktu 和 Camzyos 來說，動態是產品只是需要更長的時間，而這些產品的軌跡要求我們考慮將達到高峰的時間向後移。亞當可以說，重要的是這兩種產品的基礎仍然非常非常強大。我們為 Sotyktu 獲得了很好的份額。我們預計，考慮到這些數據的品質以及我們從客戶那裡看到的情況，這將成為選擇的口頭標準，請記住，這就是我們推出產品時的目標。

And for Camzyos, every metric across this product, whether it relates to how physicians see the product and how patients see the product remains very strong. The dynamics in the cardiovascular market are such that, that's just simply going to take a bit longer. I'll have Adam speak to any additional color on those 2 products, but mainly focus on Abecma and on Zeposia.

對於 Camzyos 來說，該產品的每一個指標，無論是與醫生如何看待產品以及患者如何看待產品有關，仍然非常強大。心血管市場的動態如此之大，只是需要更長的時間。我將讓 Adam 談論這兩種產品的任何其他顏色，但主要關注 Abecma 和 Zeposia。

Yes. Thanks, Chris, and thanks, Terence, for the question. Let me just add a little bit more color. As you heard, we have said that we're seeing continued impact from additional BCMA agents pressuring Abecma growth. And so our teams are focused on: number one, expanding our site footprint both in the U.S. and internationally. We're differentiating and contextualizing Abecma real-world data for physicians, which really look very similar and consistent with our clinical trials. And we're educating on the sequencing and some of the emerging data that the use of cell therapy ahead of bispecifics is ultimately better for patient outcomes. We're also very pleased with the progress we made on manufacturing around our predictability and low out-of-spec rates. So that's what we're really doing around Abecma.

是的。謝謝克里斯，也謝謝特倫斯提出的問題。讓我再添加一點顏色。正如您所聽到的，我們已經說過，我們看到更多 BCMA 藥物的持續影響給 Abecma 的成長帶來壓力。因此，我們的團隊專注於：第一，擴大我們在美國和國際上的網站足跡。我們正在為醫生區分 Abecma 真實世界數據並對其進行背景分析，這些數據看起來確實與我們的臨床試驗非常相似且一致。我們正在根據定序和一些新出現的數據進行教育，顯示在雙特異性藥物之前使用細胞療法最終對患者的治療效果更好。我們也對我們在製造方面取得的可預測性和低不合格率所取得的進展感到非常滿意。這就是我們圍繞 Abecma 所做的事情。

As it relates to Zeposia, as Chris mentioned, and then I'll shift to the others, we continue to see quarterly demand growth. MS is really driving that growth. And so we made a lot of progress on the MS front, even in a declining oral market in the favor of B-cell. And so we continue to expect growth in the MS market. Now we have certainly an opportunity for continued growth in UC. We're making progress, but our access challenges, they remain, and we're working to improve our access position. But we're also seeing progress in Zeposia in the first-line setting post ASA as physicians are identifying Zeposia really as a good treatment option based on its efficacy and safety profile. So we're focusing there on expanding breadth of prescribing and continuing to really drive adoption across our -- a broader use for physicians. So for those reasons, we do expect to see continued growth and uptake for Zeposia.

正如 Chris 所提到的，由於它與 Zeposia 相關，然後我將轉向其他產品，我們將繼續看到季度需求成長。 MS 確實推動了這種成長。因此，即使在 B 細胞青睞的口服市場不斷下滑的情況下，我們在 MS 領域也取得了很大進展。因此，我們繼續預期 MS 市場的成長。現在我們肯定有機會在 UC 領域繼續發展。我們正在取得進展，但我們的准入挑戰仍然存在，我們正在努力改善我們的准入地位。但我們也看到 Zeposia 在 ASA 後的一線治療中取得了進展，因為醫生根據其功效和安全性，將 Zeposia 確實確定為一種良好的治療選擇。因此，我們的重點是擴大處方的廣度，並繼續真正推動我們的採用——更廣泛的醫生使用。因此，出於這些原因，我們確實期望看到 Zeposia 的持續成長和採用。

Now as it relates to Camzyos and Sotyktu, as Chris opened, and he talked about the importance of those 2 products and really not a matter of if, but a matter of when. And that's why we made that decision. And so for Camzyos, we are pleased with the uptake there. The focus on Camzyos remains to continue to increase our breadth in our COEs, go outside of the COEs to the non-centers of excellence to expand utilization. We're seeing doctors get much more comfortable in using the patient response has also been very, very strong there. and continuing to bring patients out of the hub. Remember, these patients are going to be on treatment for a very long time.

現在，當它與 Camzyos 和 Sotyktu 相關時，正如 Chris 所開場白，他談到了這兩種產品的重要性，實際上不是是否問題，而是何時問題。這就是我們做出這個決定的原因。因此，對於 Camzyos 來說，我們對那裡的採用率感到滿意。 Camzyos 的重點仍然是繼續擴大 COE 的廣度，走出 COE 到非卓越中心以擴大使用率。我們看到醫生在使用時變得更加自在，患者的反應也非常非常強烈。並繼續將患者帶出中心。請記住，這些患者將接受很長一段時間的治療。

And then finally, just again, I'll just close on Sotyktu. I mentioned some of the key areas we're focused on around access and David talked about pulling through those patients through the hub. But we also continue to drive breadth of prescribers where we're making really meaningful progress and reinforcing our superior efficacy profile compared to Otezla.

最後，我將再次結束 Sotyktu。我提到了我們在訪問方面重點關注的一些關鍵領域，大衛談到瞭如何透過該中心吸引這些患者。但我們也繼續擴大處方者的範圍，我們正在取得真正有意義的進展，並加強了我們與 Otezla 相比優越的療效。

Thanks, Adam. Keith, can we go to the next question please?

謝謝，亞當。基思，我們可以進入下一個問題嗎？

Sure. And that comes from Evan Seigerman with BMO Capital.

當然。這來自 BMO Capital 的 Evan Seigerman。

This one is on Mirati. So Krazati and the general KRAS G12C class has recently really fallen below expectations. Can you just walk me through your thinking of the opportunity for Krazati? What's the key value driver here in the acquisition? And what can you do differently versus Mirati to accelerate growth of this asset?

這是 Mirati 上的。所以Krazati和一般的KRAS G12C級最近確實低於預期。您能告訴我您對克拉札蒂機會的看法嗎？此次收購的關鍵價值驅動因素是什麼？與 Mirati 相比，您可以採取哪些不同的做法來加速該資產的成長？

Yes. Thanks, Evan, for the question. We're very confident in Krazati's significant commercial opportunity as we believe this is a best-in-class KRAS G12C. But the real opportunity for Krazati is in the first-line setting and so in lung cancer. And so we have -- Mirati has started their Phase III study in combination with PD-1. We'll also see data around the triplet to PD-1 chemo KRAS. I think that's another significant advantage of Krazati where it can combine with multiple agents, including PD-1, we'll obviously need data to understand the potential of that opportunity. But Evan, we think this could bring significantly greater upside to this opportunity.

是的。謝謝埃文提出的問題。我們對 Krazati 的重大商業機會非常有信心，因為我們相信這是一流的 KRAS G12C。但克拉扎蒂真正的機會在於一線治療，尤其是肺癌。因此，Mirati 已經開始了與 PD-1 聯合的 III 期研究。我們還將看到有關 PD-1 化療 KRAS 三聯體的數據。我認為這是 Krazati 的另一個顯著優勢，它可以與包括 PD-1 在內的多種藥物結合，我們顯然需要數據來了解機會的潛力。但是埃文，我們認為這可能會為這個機會帶來更大的好處。

And then also, we're very excited about the other assets that Mirati has, PRMT5, KRAS G12D and the SOS1 inhibitor, which we think also showing very promising early efficacy. So taken together, we do believe that this is a really exciting deal for the company and will be a strong catalyst of growth in the back end of this decade.

此外，我們對 Mirati 擁有的其他資產（PRMT5、KRAS G12D 和 SOS1 抑制劑）感到非常興奮，我們認為它們也顯示出非常有希望的早期療效。綜上所述，我們確實相信這對公司來說是一筆非常令人興奮的交易，並將成為本十年末成長的強大催化劑。

Thanks, Adam. Keith, can we go to the next question please?

謝謝，亞當。基思，我們可以進入下一個問題嗎？

Yes, certainly. And that comes from Carter Gould with Barclays.

是的，當然了。這來自巴克萊銀行的卡特·古爾德。

On Abecma, can you help frame -- you mentioned some of the headwinds and some of those are obviously transient in nature. How should we think about how long it might take to get back to sort of the run rate you were seeing in the first half of '23? And I guess, along those lines as well, given some of the commentary on the guidance, just your confidence in an on-time approval of KarMMa-3.

在 Abecma 上，您能幫忙解釋一下嗎？您提到了一些不利因素，其中一些顯然是暫時的。我們應該如何考慮可能需要多長時間才能恢復到 23 年上半年的運行率？我想，按照這些思路，考慮到對指南的一些評論，您對 KarMMa-3 的按時批准充滿信心。

So let me -- this is Samit. Let me just start off with the KarMMa-3 part first. As you know, that we have a PDUFA date in December, and that's all pretty much we can comment on as we continue to work with the regulatory agencies to bring it forward.

讓我——這是薩米特。讓我先從 KarMMa-3 部分開始。如您所知，我們的 PDUFA 日期為 12 月，這就是我們在繼續與監管機構合作以推進該日期時可以發表的全部評論。

Yes, Carter, I'll just expand on that just a little bit. We mentioned 2 things in last quarter's earnings. Remember, number one, the S12 maintenance that occurred in June would dampen Q3 sales, and we're seeing that happen. However, we are also seeing a continued impact from additional BCMA-targeted agents. So we knew this is going to be a highly competitive market, putting pressure on growth, and I talked about what we're doing to really stabilize that business and return to growth. Clearly, a KarMMa-3 approval would move Abecma into earlier lines of treatment and be a catalyst to return Abecma into growth by opening up a significantly larger patient pool. But as Samit said, obviously, we have to wait to see that approval come.

是的，卡特，我將對此進行一些擴展。我們在上個季度的收益中提到了兩件事。請記住，第一，6 月發生的 S12 維護將抑制第三季的銷售，我們正在看到這種情況發生。然而，我們也看到了其他 BCMA 標靶藥物的持續影響。因此，我們知道這將是一個競爭激烈的市場，給成長帶來壓力，我談到了我們正在採取哪些措施來真正穩定該業務並恢復成長。顯然，KarMMa-3 的批准將使 Abecma 進入早期治療領域，並透過開放更大的患者庫，成為 Abecma 恢復成長的催化劑。但正如薩米特所說，顯然我們必須等待批准的到來。

Thanks, Adam. Can we go to the next question please, Keith.

謝謝，亞當。我們可以進入下一個問題嗎，基斯。

Certainly. That comes from Andrew Baum with Citi.

當然。這是來自花旗銀行的安德魯·鮑姆 (Andrew Baum) 的說法。

A question for Adam. Many of your predecessors has been scarred trying to get off the bridge on to reimburse plans. Are you still confident that you're going to be able to, by the end of this year, get 60% of your CVS insured patients off the bridge onto a reimbursed status?

問亞當一個問題。你們的許多前任都在試圖擺脫償還計畫的過程中傷痕累累。您是否仍有信心在今年年底前讓 60% 的 CVS 投保患者擺脫困境並獲得報銷？

Yes, Andrew, thanks for the question. So conversion is going as we expected. We are focused on pulling through the early access win for Sotyktu at CVS and shifting those patients to commercial product from bridge. As I said last time on the call, it takes about 2 to 3 months for patients to move from bridge to commercial, and we have started to see that conversion happening towards the end of Q3. We believe the majority of CVS patients will be coming out of the hub by Q4 and start to see some benefit towards the tail end of Q4 and into Q1.

是的，安德魯，謝謝你的提問。因此，轉換正在按我們的預期進行。我們專注於在 CVS 上贏得 Sotyktu 的早期訪問勝利，並將這些患者從 Bridge 轉移到商業產品。正如我上次在電話中所說，患者從橋樑轉向商業大約需要 2 到 3 個月的時間，我們已經開始看到這種轉變發生在第三季末。我們相信，大多數 CVS 患者將在第四季度離開中心，並在第四季度末和第一季開始看到一些好處。

We're also seeing new patients on CVS move very quickly into commercial products. So that's also helping to accelerate performance. So I talked earlier, that, coupled with broader formulary access in January of 2024, we are confident that will be a strong accelerator of growth for Sotyktu in 2024 and beyond.

我們也看到 CVS 上的新患者很快就轉向商業產品。這也有助於提高性能。所以我之前說過，再加上 2024 年 1 月更廣泛的處方准入，我們相信這將成為 Sotyktu 在 2024 年及以後增長的強勁加速器。

Thanks, Adam. Keith could we go to the next question please?

謝謝，亞當。基思，我們可以進入下一個問題嗎？

(Operator Instructions) And the next question comes from Tim Anderson with Wolfe Research.

（操作員說明）下一個問題來自 Wolfe Research 的 Tim Anderson。

So you gave product-specific peak sales targets out to 2030. I think you did that for almost 10 products. Are any of those trending ahead of what those prior targets were? We've heard of several things. It sounds like where it might be trending below that. And are we going to get updated 2030 targets on those same list of products at some point?

因此，您將特定產品的高峰銷售目標設定為 2030 年。我認為您對近 10 種產品都這樣做了。其中是否有任何趨勢超越了先前的目標？我們聽說過幾件事。聽起來它的趨勢可能會低於該水平。我們是否會在某個時候在同一產品清單上更新 2030 年目標？

So Tim, let me start, and then I'll ask Adam to comment on how we're seeing performance trends overall. But what I would say is, look, I would go back to how I characterize the new product portfolio at the beginning. We've launched 9 new products over the last 2.5 years, and it's a portfolio of products. And where you're seeing some products perform at or better than expected, I think when you factor in some of the early manufacturing constraints that we had, I look at a product like Breyanzi, it's a best-in-class profile. That product has considerable opportunity to meet or exceed expectations.

提姆，讓我開始，然後我將請亞當評論我們如何看待整體績效趨勢。但我想說的是，看，我會回到一開始如何描述新產品組合。在過去 2.5 年裡，我們推出了 9 款新產品，這是一個產品組合。當你看到一些產品的性能達到或超過預期時，我認為當你考慮到我們早期的一些製造限制時，我會看到像 Breyanzi 這樣的產品，它是一流的產品。該產品有很大機會達到或超出預期。

Look, I think we knew the competitive dynamics around Abecma coming into this launch. I fully expect that the team is going to get that product back on track as it relates to competition from other BCMA-targeted agents. But in the long run, that product will continue to be a competitive product for us. And then certainly, as we look at the opportunity for a product like Camzyos and a product like Sotyktu, we think the long-term potential still remains on track, and possibly for a product like Camzyos in excess of what we had anticipated.

聽著，我想我們知道 Abecma 這次發布的競爭動態。我完全期望該團隊能夠讓該產品重回正軌，因為它與其他 BCMA 目標藥物的競爭有關。但從長遠來看，該產品對我們來說仍將是有競爭力的產品。當然，當我們審視像 Camzyos 這樣的產品和像 Sotyktu 這樣的產品的機會時，我們認為長期潛力仍然在正軌上，而且像 Camzyos 這樣的產品可能超出我們的預期。

And then as you would expect in any portfolio product, there are a couple of products where performance is lagging. We've highlighted what those are, but maybe I'll ask Adam to comment on any additional underlying dynamics he wants to speak to.

然後，正如您在任何組合產品中所期望的那樣，有一些產品的性能滯後。我們已經強調了這些是什麼，但也許我會請亞當評論他想要談論的任何其他潛在動態。

Yes. Thanks for the question. I think when we look at the totality of our portfolio, we obviously see some products that are ahead, where we projected them to be at peak and some are tracking behind. But taken together, we don't see any changes in what we had discussed, which is on a non-risk-adjusted basis that new product portfolio could exceed that objective by 2030. Chris talked about some of the pushes and pulls. I would just add, Reblozyl is certainly a product that we're seeing that is tracking at or even ahead of expectations with the COMMANDS label.

是的。謝謝你的提問。我認為，當我們審視我們的整體產品組合時，我們顯然會看到一些產品處於領先地位，我們預計它們將達到頂峰，而另一些產品則落後。但總的來說，我們沒有看到我們所討論的內容有任何變化，即在非風險調整的基礎上，新產品組合到 2030 年可能會超過這一目標。克里斯談到了一些推動和拉動。我想補充一點，Reblozyl 無疑是我們所看到的產品，它的 COMMANDS 標籤符合甚至超出了預期。

Camzyos, we also see that tracking ahead in the longer term. Yes, it's taking slower than we initially guided to, but it's tracking very similar to a very, very strong cardiovascular launch. And so we expect that adoption to continue with sustained growth into the long term.

Camzyos，我們也看到了長期的發展趨勢。是的，它的速度比我們最初指導的要慢，但它的追蹤非常類似於非常非常強烈的心血管啟動。因此，我們預計，從長遠來看，這種採用將持續成長並持續成長。

Chris mentioned Breyanzi. Breyanzi has been seen as the best-in-class cell therapy agent. And coming into next year, we're going to be in a much better supply position and that is going to help accelerate and catalyze that product. And also Sotyktu as well because you think about Sotyktu, once we are able to secure access early next year, we'll see accelerations in PSO, but we also have important data readouts, as you know, coming in PsA and in SLE or lupus, which will all contribute to having Sotyktu exceed potentially our expectations in the back end of this decade.

克里斯提到了布雷揚齊。 Breyanzi 被視為同類最佳的細胞治療劑。進入明年，我們將處於更好的供應地位，這將有助於加速和催化產品。還有 Sotyktu，因為你會想到 Sotyktu，一旦我們能夠在明年初獲得安全訪問，我們將看到 PSO 的加速，但如您所知，我們也有重要的數據讀數，來自 PsA 和 SLE 或狼瘡，這一切都將有助於Sotyktu 在本世紀末超越我們的預期。

So Tim, just to close it out, we had said that, that product portfolio had $25 billion-plus potential. Where we sit today, we still see that potential at least $25 billion as we get to the end of this decade.

提姆，最後，我們說過，該產品組合具有 250 億美元以上的潛力。今天，我們仍然認為，到本十年末，這一潛力至少可達 250 億美元。

Thanks, Chris. Could we go to the next question please, Keith.

謝謝，克里斯。基思，我們可以進入下一個問題嗎？

Yes, certainly. And that comes from David Risinger with Leerink Partners.

是的，當然了。這是來自 Leerink Partners 的 David Risinger。

Yes. So I just wanted to sort of pivot to 2026. So considering that you extended the new product portfolio revenue guidance to '26. Could you please comment on both the in-line product segment and the recent LOE segments for '26, specifically how you'd frame the magnitude of potential declines for Eliquis and Revlimid given the pressures that they are set to face?

是的。所以我只是想把重點轉向 2026 年。考慮到您將新產品組合收入指導延長至 26 年。您能否評論一下 '26 的串聯產品細分市場和最近的 LOE 細分市場，特別是考慮到 Eliquis 和 Revlimid 將面臨的壓力，您將如何確定它們潛在下降的幅度？

Thanks, David. Just as a reminder, as far as -- the only change that we made was from a new product portfolio going to '26, we're not providing line-item guidance for the other line items. But what I would like to do is just remind you, there's really no change to that in-line portfolio growing from 2010 (sic) [2020] to 2025 at $8 billion to $10 billion. I feel very confident, and I think the double-digit growth you saw on Opdivo year-to-date, it demonstrates our continued confidence there. And the only change that we made in relation to the guidance was in that new product portfolio out to '26.

謝謝，大衛。提醒一下，就我們所做的唯一更改是從新產品組合到 26 年，我們不會為其他訂單項目提供訂單項指導。但我想做的只是提醒您，從 2010 年（原文如此）[2020] 到 2025 年，內嵌投資組合的規模從 80 億美元增長到 100 億美元，實際上沒有任何變化。我感到非常有信心，我認為您今年迄今為止在 Opdivo 上看到的兩位數增長，這表明了我們對此的持續信心。我們對指南所做的唯一更改是 26 年的新產品組合。

As it relates to LOE, again, we increased the guidance this year for Revlimid from $5.5 billion to $6 billion And as we said on the second quarter, there's really no change to how we're looking at it, which is pretty consistent with where our consensus is for '24 and '25, dropping down to about $4 billion next year and $2 billion in '25. And remember, by the time we finish this year, Revlimid will be beyond 60% of the erosion of that product. So -- and a significant portion of our growth going forward is going to be represented by that in line and new product portfolio. LOEs in 2025 would be less than 10% of our total revenue. So we'll have a much younger portfolio by the time we get to '25 and it will set us up well for '26 and that's where we stand today.

由於與 LOE 相關，我們今年將 Revlimid 的指導從 55 億美元增加到 60 億美元 正如我們在第二季度所說，我們看待它的方式實際上沒有改變，這與我們的看法非常一致我們的共識是“24”和“25”，明年降至約40 億美元，“25”降至20 億美元。請記住，到今年結束時，來那度胺 (Revlimid) 的侵蝕量將超過該產品的 60%。因此，我們未來成長的很大一部分將體現在產品組合和新產品組合上。 2025 年 LOE 將不到我們總收入的 10%。因此，到 25 年時，我們將擁有一個更年輕的投資組合，這將為我們在 26 年做好準備，這就是我們今天的處境。

Thanks, David. Could we go to the next question please, Keith.

謝謝，大衛。基思，我們可以進入下一個問題嗎？

Yes, and that comes from Robyn Karnauskas with Truist.

是的，這來自 Robyn Karnauskas 和 Truist。

I mean I think all the questions are focused on near term, but I have gotten a lot of bullish indicators on your launches, thinking more longer term, like next year. We've heard from KOLs that LVEF drops in the real world for Camzyos seem to be better than what we're seeing in the clinical trials. Maybe you can provide some color on what you're seeing and how that impacted uptake? And I think big picture, do you see any potential for changes to REMS because of what you're seeing?

我的意思是，我認為所有問題都集中在近期，但我在你們的發布中得到了很多看漲指標，考慮更長遠的問題，例如明年。我們從 KOL 那裡得知，Camzyos 在現實世界中的 LVEF 下降似乎比我們在臨床試驗中看到的要好。也許您可以提供一些關於您所看到的內容以及它如何影響吸收的資訊？我認為從大局來看，您是否認為 REMS 因您所看到的情況而有任何改變的潛力？

Thank you, Robyn. I think what we have heard and what we -- what Adam has talked about in the past as well, the overall profile for Camzyos, as we think about patients and the prescribers remains very, very positive, and we remain very confident on that profile as well. As it relates to the REMS impact, look, these are data that we have to collect for a long time from the real world. There is no commitment in terms of really getting the REMS change, but certainly, we'll continue to try as more and more data evolves and more -- more and more patients are put on Camzyos.

謝謝你，羅賓。我認為我們所聽到的以及 Adam 過去所談論的，Camzyos 的整體概況，當我們考慮患者和處方者時仍然非常非常積極，我們對此仍然非常有信心以及。因為它與 REMS 影響有關，所以看，這些是我們必須從現實世界收集很長時間的數據。目前還沒有真正實現 REMS 改變的承諾，但當然，隨著越來越多的數據發展以及越來越多的患者使用 Camzyos，我們將繼續嘗試。

Overall, once the patient goes on Camzyos, we have not heard of any stories of patients trying to get off Camzyos. In fact, even if they have to interrupt for any other reasons, they want to go back on the drug because of the benefit that they see in their quality of life and how they perform on their overall daily living.

總體而言，一旦患者開始使用 Camzyos，我們還沒有聽說過任何患者試圖擺脫 Camzyos 的故事。事實上，即使他們因任何其他原因不得不中斷，他們也想重新服用藥物，因為他們看到藥物對他們的生活品質以及他們的整體日常生活表現有好處。

Thanks, Samit. Can we go to the next question please?

謝謝，薩米特。我們可以進入下一個問題嗎？

Yes. And that comes from Mohit Bansal with Wells Fargo.

是的。這來自富國銀行的莫希特·班薩爾 (Mohit Bansal)。

My question is regarding -- my question is related to Sotyktu because it seems like in the prepared remarks, you mentioned that Sotyktu contracting to 0 step edits may run to 2025. And you mentioned because there are some changes in the immunologic contracting market. Can you please help us understand them a little bit better, what are these changes? And how should we think about the long-term net pricing for this category?

我的問題是關於- 我的問題與Sotyktu 有關，因為在準備好的評論中，您提到Sotyktu 的0 步編輯合約可能會持續到2025 年。您提到的原因是免疫合約市場發生了一些變化。您能否幫助我們更好地理解它們，這些變化是什麼？我們應該如何考慮該類別的長期淨定價？

Yes, Mohit, thanks for the question. I'll take that one. So as I said, we are working to improve significantly our formulary access in 2024. And as I said, we have approximately 80% of lives today that are not covered on Sotyktu. We expect that to change dramatically as we move into next year. However, when you look at where we will likely be in 2024, we will likely have the majority of our business in either a 0 or 1 step edit position. When we're talking to PBMs and the reason why we're talking a little bit about 2025, PBMs are really thinking about different ways to manage the PSO class as well as the border immunology class, with now more and more biosimilar Humira coming into the market.

是的，莫希特，謝謝你的提問。我會接受那個。正如我所說，我們正在努力在 2024 年顯著改善我們的處方可及性。正如我所說，今天約有 80% 的人沒有被 Sotyktu 覆蓋。我們預計，隨著明年的到來，這種情況將會發生巨大變化。然而，當你看看 2024 年我們可能會處於什麼位置時，我們的大部分業務可能會處於 0 或 1 步編輯位置。當我們與 PBM 交談以及我們談論 2025 年的原因時，PBM 確實在考慮管理 PSO 類別以及邊界免疫學類別的不同方法，現在越來越多的生物仿製藥 Humira 進入市場市場。

And so those decisions have not yet been finalized for 2025. But as I stated, we're very confident that we will see a significantly broader access position next year. So we'll go from noncovered to being covered, which will be a really nice growth opportunity for Sotyktu as we move into early next year.

因此，2025 年的這些決定尚未最終確定。但正如我所說，我們非常有信心明年將看到更廣泛的准入位置。因此，我們將從不覆蓋變為覆蓋，隨著我們進入明年初，這對 Sotyktu 來說將是一個非常好的成長機會。

Thanks, Adam. Let's go to the next question please.

謝謝，亞當。讓我們進入下一個問題。

Yes. And that comes from Olivia Brayer with Cantor Fitzgerald.

是的。這來自奧利維亞·布雷耶和坎托·菲茨杰拉德。

M&A has obviously been something that you guys have leaned into, so does that strategy change at all after the Mirati deal? And if there is still an appetite for midsize deals, are there certain areas that may be best fit your growth strategy going forward?

併購顯然是你們所關注的事情，那麼在 Mirati 交易之後，這一策略是否發生了變化？如果仍然對中型交易感興趣，是否有某些領域最適合您未來的成長策略？

Sure. Let me take that one. So as we've said consistently, business development remains the top priority for capital allocation at the company. What I would say is at a macro level, the way we think about business development is somewhat consistent with the way we've always thought about it, which is we are going to be looking for deals that are scientifically interesting and related to things that we know well. They're going to be strategically relevant for the company. And of course, they have to be financially sound.

當然。讓我拿走那個。正如我們一直所說，業務發展仍然是公司資本配置的首要任務。我想說的是，在宏觀層面上，我們對業務發展的思考方式與我們一直以來的思考方式有些一致，即我們將尋找具有科學意義並與以下事物相關的交易：我們很清楚。它們將對公司具有戰略意義。當然，他們必須財務狀況良好。

The one thing that I would add is that we are going to index more heavily on those deals that enhance the growth profile of the company. That's an area that we remain fixated on as a management team. And so I think that's going to factor into how we think about business development going forward. And we're going to see areas, of course, that enhance the portfolio or help us to continue to give us capabilities or products that we don't have today.

我要補充的一件事是，我們將更加重視那些能夠增強公司成長前景的交易。這是我們作為管理團隊仍然關注的領域。因此，我認為這將影響我們如何看待未來的業務發展。當然，我們將看到一些領域可以增強產品組合或幫助我們繼續為我們提供我們今天所沒有的能力或產品。

I think in some ways, that's how you can think about Mirati. Mirati continues to diversify our oncology business away [from] oncology towards targeted therapies. We're very excited about that opportunity. But I think, generally speaking, the way we approach business development will be largely consistent. Again, though, we'll be focusing on great science that can enhance the growth profile of the company.

我認為在某些方面，這就是你對 Mirati 的看法。 Mirati 繼續使我們的腫瘤業務多元化，從腫瘤學轉向標靶治療。我們對這個機會感到非常興奮。但我認為，整體來說，我們開展業務的方式會基本一致。不過，我們將再次關注能夠增強公司發展前景的偉大科學。

Great, thanks. Keith, can we go to our last question, please?

萬分感謝。基思，我們可以繼續最後一個問題嗎？

Yes, that comes from Dane Leone with Raymond James.

是的，這是戴恩·萊昂內和雷蒙·詹姆斯的作品。

This is Sean on for Dane. It does appear -- maybe we can get a little bit more color on those Camzyos script trends. It does appear that the number of patients entering the hub may be slightly slowing. So just any further color on what you've been hearing from physicians on the burden? How burden from the REMS program is and what you expect for further growth?

這是戴恩的肖恩。它確實出現了——也許我們可以對 Camzyos 腳本的趨勢有更多的了解。進入中心的患者數量似乎確實略有放緩。那麼，對於您從醫生那裡聽到的有關負擔的說法，還有什麼進一步的看法嗎？ REMS 計劃的負擔有多大？您對進一步增長的期望是什麼？

Sure, Sean. I'll take that question. So we're very pleased with what we're seeing in the launch of Camzyos. We continue to see week-over-week consistency in patient starts and rapid conversion of patients from the hub to commercial. As we all said, we would expect to see steady, consistent and sustained uptake for this product into the distant future. We don't expect an inflection, but rather an accumulation of patients coming on to treatment and staying on treatment for a very long period of time.

當然，肖恩。我來回答這個問題。因此，我們對 Camzyos 的推出感到非常滿意。我們繼續看到患者開始的每週一致性以及患者從中心到商業的快速轉換。正如我們大家所說，我們預計在遙遠的未來該產品將得到穩定、一致和持續的採用。我們預計不會出現拐點，而是會出現接受治療並長期接受治療的患者的累積。

And so right now, we've got 5,000 patients in the hub and approximately 3,500 patients on commercial products. So that, coupled with patient and physician feedback, which continues to be very strong. We're focusing on driving penetration in our top centers where we have 90% adoption in our top 100 centers and expanding use outside of the COEs. We're also focused on increasing diagnosis rates by activating patients. And as you know, we recently received approval internationally as well in Europe. So that will also be a contributor to growth.

目前，我們中心有 5,000 名患者，約有 3,500 名患者正在使用商業產品。因此，再加上病人和醫生的回饋，這種回饋仍然非常強烈。我們專注於提高頂級中心的滲透率，在排名前 100 的中心中採用率達 90%，並擴大 COE 以外的使用範圍。我們也致力於透過激活患者來提高診斷率。如您所知，我們最近在國際上以及歐洲都獲得了批准。因此，這也將成為成長的貢獻者。

So taken together, we're very confident this will lead to continued and sustained growth of this important product.

綜上所述，我們非常有信心這將導致這項重要產品的持續成長。

So maybe I'll close. So first, thank you all for joining the call. I know it's a very busy day. What I would just say to summarize where we are is, look, this team has continued just to be fixated on driving the growth profile of the company. How we go about doing that is as we've discussed on the call, we're going to continue to drive in-line product performance. The new product portfolio, we have continued very strong conviction in the long-term potential of this portfolio. Our focus is going to be continuing to drive where we have momentum today and accelerate those products where we need to accelerate. And that focus on execution transcends across the entire portfolio, including continuing to drive execution in R&D and continue to find and source really attractive assets externally.

所以也許我會關閉。首先，感謝大家加入此通話。我知道這是非常忙碌的一天。我只想總結一下我們現在的處境，看，這個團隊一直專注於推動公司的成長。正如我們在電話會議中討論的那樣，我們將如何做到這一點，我們將繼續推動線上產品效能。對於新產品組合，我們仍然堅信該產品組合的長期潛力。我們的重點將是繼續推動我們今天有動力的領域，並加速那些我們需要加速的產品。對執行的關注超越了整個投資組合，包括繼續推動研發執行，並繼續從外部尋找和購買真正有吸引力的資產。

And with that, we'll close the call. And as always, the team is available to answer any questions following today's discussion. Hope you all have a good day and the rest of the week.

至此，我們就結束通話了。像往常一樣，該團隊可以回答今天討論後的任何問題。希望大家有個愉快的一天和本週剩下的時間。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。