施貴寶 (BMY) 2024 Q4 法說會逐字稿

Welcome to the Bristol-Myers Squibb fourth-quarter 2024 earnings conference call.

歡迎參加百時美施貴寶 2024 年第四季財報電話會議。

(Operator instructions) Please note, this event is being recorded.

（操作員指示）請注意，該事件正在記錄中。

I would now like to turn the conference over to Chuck Triano, Senior Vice President and Head of Investor Relations.

現在，我想將會議交給高級副總裁兼投資者關係主管查克·特里亞諾 (Chuck Triano)。

Please go ahead.

請繼續。

Thank you, and good morning, everyone.

謝謝大家，早安。

We appreciate you joining our fourth quarter 2024 earnings call.

感謝您參加我們的 2024 年第四季財報電話會議。

Joining me this morning with prepared remarks are Chris Boerner, our Board Chair and Chief Executive Officer; and David Elkins, our Chief Financial Officer.

今天早上與我一起發表準備好的發言的還有我們的董事會主席兼執行長 Chris Boerner；以及我們的財務長David Elkins。

Also participating in today's call are Adam Lenkowsky, our Chief Commercialization Officer; and Summit Hirawat, our Chief Medical Officer and Head of Global Drug Development.

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 Summit Hirawat。

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.

今天早些時候，我們將季度幻燈片演示發佈到了 bms.com，您可以透過它來關注 Chris 和 David 的演講。

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.

在我們開始之前，我要提醒大家，在本次電話會議中，我們將對公司的未來計畫和前景做出前瞻性的陳述。

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.

由於各種重要因素（包括公司向美國證券交易委員會提交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。

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.

這些前瞻性陳述代表我們截至今天的估計，不應被視為代表我們在未來任何日期的估計，並且我們明確表示不承擔更新前瞻性陳述的任何義務，即使我們的估計發生變化。

We'll also focus our comments on our non-GAAP financial measures, which are adjusted to exclude certain specified items.

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。

Reconciliations of certain non-GAAP financial measures to the most comparable GAAP measures are available at bms.com. Finally, unless otherwise stated, all comparisons are made from the same period in 2023 and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange.

某些非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳表可在 bms.com 上查閱。最後，除非另有說明，所有比較均基於 2023 年同期進行，且銷售成長率將在基本基礎上討論，不包括外匯的影響。

All references to our P&L are on a non-GAAP basis.

所有對我們損益表的引用都是非公認會計準則基礎。

And with that, I'll hand it over to Chris.

說完這些，我就把麥克風交給克里斯。

Thank you, Chuck, and thank you all for joining us this morning.

謝謝你，查克，也謝謝大家今天早上加入我們。

As we'll discuss today, 2024 was a year of good execution across multiple fronts.

正如我們今天討論的那樣，2024 年是多個方面執行良好的一年。

Importantly, our performance last year establishes a solid foundation to continue our multiyear journey to achieve top-tier sustainable growth by the end of the decade.

重要的是，我們去年的業績為我們繼續多年的旅程奠定了堅實的基礎，以實現本世紀末頂級的可持續增長。

I will begin with some comments on our fourth quarter and full year accomplishments.

我將首先就我們第四季和全年的業績發表一些評論。

Then I will speak to the promise we see with Cobenfy and the steady cadence of clinical data catalysts that will begin this year, further defining our future growth potential.

然後，我將談談我們在 Cobenfy 身上看到的前景，以及今年將開始的臨床數據催化劑的穩定節奏，進一步確定我們未來的成長潛力。

I will end with an overview of our 2025 guidance.

最後，我將概述我們的 2025 年指南。

Starting on slide 4.

從投影片 4 開始。

We closed 2024 with strong fourth quarter performance, reflecting another quarter of double-digit percentage increase for our growth portfolio.

我們以強勁的第四季業績結束了 2024 年，這反映出我們的成長投資組合又一個季度實現了兩位數的百分比成長。

In addition, we saw strong performance across key parts of the company and achieved notable commercial and R&D milestones.

此外，公司各關鍵部門表現強勁，並取得了顯著的商業和研發里程碑。

Looking at the full year, let's turn to slide 5.

回顧全年，我們來看第 5 張投影片。

I'm pleased with the progress we have made executing on our multiyear plan.

我對我們執行多年計劃所取得的進展感到滿意。

For the year, the growth portfolio delivered double-digit revenue growth led by BREYANZI, Krazati, Reblozyl and Opdivo.

今年，以 BREYANZI、Krazati、Reblozyl 和 Opdivo 為首的成長組合實現了兩位數的收入成長。

In the latter part of the year, we reestablished our presence in neuroscience with the US approval and launch of Cobenfy which is the first novel mechanism for the treatment of schizophrenia in decades.

今年下半年，隨著美國批准並上市Cobenfy，我們重新確立了在神經科學領域的地位，這是幾十年來第一個治療精神分裂症的新機制。

We also received US approval of Opdivo Quvantic in late December.

我們也在12月底獲得了美國對 Opdivo Quvantic 的批准。

This new subcutaneous formulation of nivolumab will help extend the reach and impact of our immuno-oncology franchise to patients into the next decade.

這種新的皮下製劑 nivolumab 將有助於在未來十年擴大我們的免疫腫瘤學特許經營對患者的覆蓋範圍和影響。

Throughout 2024, operational excellence and financial discipline were top priorities for us.

在整個 2024 年，卓越營運和財務紀律是我們的首要任務。

As part of this effort, we reallocated significant spend towards high potential growth opportunities, achieving most of our targeted $1.5 billion in savings.

作為這項努力的一部分，我們將大量支出重新分配至具有高潛力的成長機會，實現了 15 億美元節約目標的大部分目標。

We expect to capture the remainder of this year.

我們期望能夠佔領今年剩餘的時間。

Additionally, we put considerable focus in 2024 on improving R&D productivity.

此外，我們將在 2024 年專注於提高研發效率。

As a result, we have been able to accelerate several programs in our late-stage pipeline.

因此，我們得以加速後期研發過程中的幾個專案的進展。

Notable examples include CEMZIOS, where we completed enrollment in the ODYSSEY non-obstructive HCM study six months earlier than expected and now anticipate top line results next quarter.

值得注意的例子包括 CEMZIOS，我們比預期提前六個月完成了 ODYSSEY 非阻塞性 HCM 研究的招募，現在預計下個季度將公佈營收結果。

With Cobenfy, the ADEPT-2 study in Alzheimer's disease psychosis is expected to have a top line readout in the second half of this year versus our original expectation of 2026.

借助 Cobenfy，針對阿茲海默症精神病的 ADEPT-2 研究預計將在今年下半年獲得頂線讀數，而我們最初的預期是 2026 年。

This is due to our focus on accelerating patient recruitment following the acquisition of Karuna.

這是因為我們在收購 Karuna 之後專注於加快患者招募。

And with our ibertamideexcaliber trial in relapsed, refractory multiple myeloma, enrollment is complete, and we have an opportunity for a data readout this year, also ahead of schedule due to the recent addition of MRD as a co-primary endpoint.

隨著我們針對復發、難治性多發性骨髓瘤的 ibertamideexcaliber 試驗的開展，患者招募已經完成，我們有機會在今年讀取數據，而且由於最近增加了 MRD 作為共同主要終點，因此數據也提前完成了。

Looking ahead, we will continue to sharpen our focus on operational excellence.

展望未來，我們將繼續更加重視卓越營運。

You saw the early steps of this strategy last year.

您去年就看到了這項策略的早期步驟。

As a continuation of that, we are taking deliberate steps to become a leaner, more focused company and have identified an additional $2 billion in savings.

作為這項策略的延續，我們正在採取慎重措施，成為一家更精簡、更專注的公司，並已確定額外節省 20 億美元。

We expect approximately $1 billion of these savings to be realized this year and the remainder by the end of 2027.

我們預計其中約 10 億美元的節省將在今年實現，剩餘的節省將在 2027 年底實現。

David will provide more detail shortly.

David 很快就會提供更多詳細資訊。

These actions are consistent with our strategy of investing in our growth portfolio and promising areas of science while maintaining financial discipline.

這些舉措符合我們在保持財務紀律的同時投資成長投資組合和有前景的科學領域的策略。

As I've said, this is a journey, but we're already seeing progress.

正如我所說，這是一個旅程，但我們已經看到了進展。

I'm confident the actions we are taking are the right ones that will further advance our long-term sustainable growth strategy.

我相信我們正在採取的行動是正確的，將進一步推進我們的長期永續成長策略。

Turning to slide 6.

翻到幻燈片 6。

The US approval of Cobenfy schizophrenia was an important achievement in 2024, and the launch is off to a great start.

美國核准精神分裂症藥物Cobenfy是2024年的重要成就，上市開局良好。

While we're focused on delivering on the schizophrenia indication today, we see the potential for additional benefit to patients and have made strategic investments in a broad clinical development program.

雖然我們目前專注於治療精神分裂症，但我們看到了為患者帶來更多益處的潛力，並對廣泛的臨床開發計劃進行了策略性投資。

We expect to have important data readouts starting this year and every year thereafter for the remainder of the decade.

我們預計從今年開始以及今後十年的每一年都會有重要的數據讀數。

This year, we're initiating seven Phase III studies across three indications, Alzheimer's disease agitation, Alzheimer's disease cognition and bipolar I disorder.

今年，我們將啟動七項 III 期研究，涉及三種適應症，即阿茲海默症、阿茲海默症認知和 I 型雙相情感障礙。

And next year, we plan to begin Phase III studies in autism spectrum disorder irritability.

明年，我們計劃開始針對自閉症譜系障礙易怒症的第三階段研究。

The significant ramp-up in spending on Cobenfy illustrates our focus on continuing to invest behind key growth drivers while simultaneously maintaining financial discipline.

Cobenfy 支出的大幅增加表明我們專注於繼續投資關鍵成長動力，同時保持財務紀律。

Moving to Slide 7.

移至幻燈片 7。

We are entering a data-rich period with multiple catalysts over the next 24 months across a significant number of assets.

我們正進入一個數據豐富的時期，未來 24 個月內大量資產將面臨多重催化劑。

In 2025, we have multiple important registrational catalysts, as you can see on this slide, including several that I already mentioned as well as the Cobenfy-[ARIE] study in adjunctive schizophrenia.

2025 年，我們有多個重要的註冊催化劑，正如您在這張投影片上看到的，其中包括我已經提到的幾個，以及輔助性精神分裂症的 Cobenfy-[ARIE] 研究。

Then in 2026, we expect to have registrational data for numerous potential first and or best-in-class medicines, including Milvexian, in acute coronary syndrome and secondary stroke prevention, Admiral parent in idiopathic pulmonary fibrosis, and mezigdamide in multiple myeloma.

到 2026 年，我們預計將獲得眾多潛在的首創或同類最佳藥物的註冊數據，包括用於治療急性冠狀動脈綜合徵和二級中風預防的 Milvexian、用於治療特發性肺纖維化的 Admiral parent 以及用於治療多發性骨髓瘤的 mezigdamide。

We also expect to have registrational data for Arlocell,our GPRC5D CAR-T in multiple myeloma and for RAISE101 in Gepnets.

我們還希望獲得 Arlocell、我們的 GPRC5D CAR-T 在多發性骨髓瘤治療中的註冊數據以及 RAISE101 在 Gepnets 治療中的註冊數據。

We believe these data readouts will further derisk the pipeline and provide meaningful insight into the future growth profile of the company.

我們相信這些數據讀數將進一步降低管道風險，並為公司未來的成長狀況提供有意義的見解。

Now let me give you an overview of our 2025 guidance and how we see this year playing out on slide 8.

現在，讓我在第 8 張幻燈片中向您概述我們的 2025 年指導方針以及我們對今年的展望。

In terms of the top line, we estimate revenue to be approximately $45.5 billion, reflecting, as expected, the near-term impact of generics across multiple products and the continued strength of our growth portfolio.

就營業收入而言，我們預計收入約為 455 億美元，正如預期的那樣，反映了仿製藥對多種產品的近期影響以及我們成長組合的持續強勁。

As it relates to the bottom line, we expect our 2025 non-GAAP earnings per share to be in the range of $6.55 to $6.85. This reflects the expanded savings program I mentioned earlier.

就底線而言，我們預計 2025 年非 GAAP 每股盈餘將在 6.55 美元至 6.85 美元之間。這反映了我之前提到的擴大儲蓄計畫。

David will provide more details on our guidance.

David 將提供有關我們指導的更多詳細資訊。

Finally, turning to slide 9.

最後，翻到第 9 張投影片。

BMS is evolving into a fundamentally different company with a clear multiyear plan, strong execution and an accelerating pipeline.

BMS 正在發展成為一家截然不同的公司，擁有明確的多年計劃、強大的執行力和加速發展的管道。

We now have a younger and more diversified growth portfolio.

我們現在擁有更年輕、更多樣化的成長組合。

This includes Cobenfy which has the potential to be a significant contributor to growth over the coming years.

其中包括 Cobenfy，它有可能在未來幾年成為成長的重要貢獻者。

We have a multitude of important data readouts over the next 24 months with the potential to launch 10 or more new medicines and pursue over 30 indication expansion opportunities over the next five years.

我們在未來 24 個月內將獲得大量重要數據，有可能在未來五年內推出 10 種或更多新藥，並尋求超過 30 個適應症擴展機會。

And we remain focused on the therapeutic areas where we have a long track record of success and delivering transformational medicines to patients.

我們將繼續專注於我們擁有長期成功記錄的治療領域，並為患者提供變革性的藥物。

We are confident in the steps we are taking to reshape BMS.

我們對重塑 BMS 所採取的措施充滿信心。

And by the end of the decade, we expect to have a transformed portfolio of marketed products driving top-tier sustainable growth.

到 2020 年，我們預計將擁有一個轉型後的市場產品組合，推動頂級永續成長。

Now I'll turn it over to David.

現在我將把話題交給大衛。

Thank you, Chris, and good morning, everyone.

謝謝你，克里斯，大家早安。

I will begin my review of our 2024 financial results, focusing on our fourth quarter performance.

我將開始回顧我們的 2024 年財務業績，並專注於第四季度的業績。

I will follow up with the introduction of our non-GAAP financial guidance for 2025 and some important considerations to help you better understand our financial outlook for this year.

我將跟進介紹我們的2025年非GAAP財務指引和一些重要考慮因素，以幫助您更好地了解我們今年的財務前景。

Our performance in 2024 is marked by focused execution on driving top line growth, generating strong cash flow and managing our cost structure.

我們 2024 年的業績將重點放在推動營收成長、創造強勁現金流和管理成本結構。

We have entered 2025 with a stronger foundation to deliver on our long-term growth strategy.

我們已經進入2025年，並將以更堅實的基礎來實現我們的長期成長策略。

Starting with slide 11.

從投影片 11 開始。

Sales in the fourth quarter grew 9% to approximately $12.3 billion, driven by volume growth across the portfolio and higher inventory levels in the market.

第四季銷售額成長 9%，至約 123 億美元，這得益於整個產品組合的銷售成長和市場庫存水準的提高。

Our growth portfolio delivered another strong quarter with sales up 23% and represented slightly more than half of our revenue.

我們的成長組合再創佳績，本季銷售額成長 23%，占我們總營收的一半多一點。

Key brands like Reblozyl, KENZO and Opdulag all achieved significant growth.

Reblozyl、KENZO 和 Opdulag 等主要品牌均實現了顯著成長。

Within the legacy portfolio, higher sales of Electus were offset by the expected impact of increased generic volumes across several other brands including Revlimid, ABRAXANE, SPRYCEL and POMALYST.

在傳統產品組合中，Electus 的銷售成長被 Revlimid、ABRAXANE、SPRYCEL 和 POMALYST 等其他幾個品牌仿製藥銷量增加的預期影響所抵消。

Overall, our performance in the fourth quarter capped off a very good year for our company, making progress in building a foundation for long-term sustainable growth.

總體而言，第四季度的業績為公司今年的業績畫上了圓滿的句號，為公司長期可持續成長奠定了基礎。

Turning to product performance on slide 12, starting with oncology.

轉向第 12 張投影片上的產品效能，從腫瘤學開始。

Opdivo delivered solid growth in the fourth quarter, primarily due to higher volume.

Opdivo 在第四季度實現了穩健成長，主要得益於銷售量增加。

In 2025, we are focused on conversion and educating the US market on the benefits of Opdivo Kuventeg, and we expect low single-digit growth for this product and OPDIVO taken together.

2025 年，我們專注於轉化和教育美國市場了解 Opdivo Kuventeg 的優勢，我們預計該產品和 OPDIVO 合計將實現低個位數成長。

With Optolag, we delivered another quarter of double-digit growth driven by demand in the US where it remains a standard of care in first-line melanoma ex US sales benefited from uptake in newly launched markets.

在 Optolag 的推動下，我們又實現了一個季度的兩位數成長，這主要得益於美國市場的需求，在美國，Optolag 仍然是治療黑色素瘤的一線藥物，美國以外的銷售受益於新市場的成長。

Moving to cardiovascular on slide 13.

移至幻燈片 13 上的心血管部分。

Eliquis delivered over $3 billion in fourth quarter sales.

Eliquis 第四季銷售額超過 30 億美元。

US sales grew 19%, benefiting primarily from continued strong demand and the typical inventory build.

美國銷售額成長了 19%，主要受益於持續強勁的需求和典型的庫存累積。

Importantly, as you think about the impact to Eliquis from Medicare Part D redesign, Q1 US sales growth will be tempered sequentially due to the implementation of the 10% manufacturer responsibility in the initial coverage phase.

重要的是，當您考慮到 Medicare Part D 重新設計對 Eliquis 的影響時，由於在初始覆蓋階段實施了 10% 的製造商責任，美國第一季的銷售成長將受到連續抑制。

The remaining quarters of 2025 should steadily increase, particularly in the second half of the year due to the elimination of the coverage gap.

2025 年剩餘幾季應該會穩定成長，尤其是下半年，由於覆蓋差距的消除。

Turning to Camzyos, sales in the fourth quarter more than doubled, benefiting from higher demand and a large inventory build.

談到 Camzyos，受益於需求增加和大量庫存積累，第四季度銷售額增長了一倍以上。

As a standard of care and obstructive HCM, Camzyos continued to show strong momentum as evidenced by the approximate 1,300 new patients added to commercial drug in the fourth quarter.

作為治療和阻塞性 HCM 的標準藥物，Camzyos 繼續表現出強勁勢頭，第四季度約有 1,300 名新患者加入該商業藥物就是明證。

Additionally, we recently received a label update for Camzyos in Europe to ease the echo monitoring requirements in the maintenance setting for obstructive HCM.

此外，我們最近收到了歐洲 Camzyos 的標籤更新，以減輕阻塞性 HCM 維護環境中的迴聲監測要求。

Importantly, we are pleased to announce today that we have a PDUFA date in April for a similar easing of the REMS echo monitoring requirements in the US.

重要的是，我們今天很高興地宣布，我們將於 4 月確定 PDUFA 日期，以便在美國類似地放寬 REMS 迴聲監測要求。

Let's turn to hematology on slide 14.

讓我們轉到第 14 張投影片上的血液學。

Rebase delivered more than 70% growth, reflecting solid uptake across first and second line MDS-associated anemia patients.

Rebase 實現了超過 70% 的成長，反映了第一線和第二線 MDS 相關貧血患者的強勁成長。

Sales in the US benefited from demand and included onetime gross-to-net benefit outside the US rebase sales more than doubled, driven by demand across newly launched markets in Europe and a strong launch in Japan.

美國市場的銷售受益於需求，包括美國以外地區的一次性毛利轉淨利增長了一倍多，這得益於歐洲新市場的需求以及日本市場的強勁增長。

In cell therapy, [BrionZ's] fourth quarter sales more than doubled, driven by its best-in-class profile and strong demand growth across all its approved indications.

在細胞療法領域，[BrionZ] 第四季度的銷售額增長了一倍多，這得益於其一流的產品性能和所有獲批適應症的強勁需求增長。

Now moving to immunology on slide 15.

現在轉到幻燈片 15 上的免疫學。

Global sales of SOTYKTU grew more than 30% and US sales benefited from higher demand, tempered by gross to net impacts from higher rebates associated with expanded access coverage.

SOTYKTU 的全球銷售額成長了 30% 以上，美國銷售額受益於更高的需求，但受到擴大覆蓋範圍帶來的更高回扣對毛銷售額和淨銷售額的影響。

Starting in 2025, we further improved our access position with 80% of covered lives having zero step edits, which will help us drive demand growth.

從 2025 年開始，我們進一步改善了我們的訪問狀況，80% 的受保生命無需進行任何步驟編輯，這將有助於我們推動需求成長。

As a result of this improved access position, however, we expect additional headwinds from higher rebates notably across the immunology franchise.

然而，由於這種改善的訪問地位，我們預計更高的回扣將帶來額外的阻力，特別是在免疫學特許經營領域。

Regarding SOTYKTU specifically, this will temper our reported sales in the first half of the year until demand volume can offset these impacts.

具體到 SOTYKTU，這將影響我們上半年的銷售報告，直到需求量可以抵消這些影響。

I will wrap up reviewing our performance for the quarter on slide 16 with neuroscience and Cobenfy.

我將在第 16 張幻燈片上透過神經科學和 Cobenfy 來回顧我們本季的表現。

Cobenfy sales in the fourth quarter were approximately $10 million and represent roughly two months of sales and initial stocking.

Cobenfy 第四季的銷售額約為 1000 萬美元，約佔兩個月的銷售額和初始庫存。

And we've seen strong prescription uptake during these early months of launch.

在該產品上市後的最初幾個月裡，我們看到了強勁的處方藥使用量。

Feedback from both patients and physicians has been favorable, highlighting the benefits of Cobenfy's differentiated efficacy and safety profile.

患者和醫生的回饋都很積極，凸顯了 Cobenfy 差異化功效和安全性的優勢。

Let's now move to the P&L on slide 17.

現在我們來看看第 17 張投影片上的損益表。

As expected, gross margin declined about 240 basis points in the fourth quarter, driven primarily by product mix.

如預期，第四季毛利率下降約 240 個基點，主要原因是產品組合下降。

Excluding in-process R&D, operating expenses increased approximately 8%, largely driven by R&D investments, partially offset by our ongoing cost savings program.

不包括在研研發，營業費用增加約 8%，主要受到研發投資的推動，但部分被我們正在進行的成本節約計畫所抵銷。

Regarding our operating expenses, we made significant progress during 2024 against our $1.5 billion strategic productivity initiative.

關於我們的營運費用，我們在 2024 年針對 15 億美元的策略生產力計畫取得了重大進展。

As of the end of the fourth quarter, we realized approximately $1.1 billion in savings and expect the remaining $400 million to be realized in 2025.

截至第四季末，我們實現了約 11 億美元的節省，預計剩餘的 4 億美元將在 2025 年實現。

Our effective tax rate for the quarter was 19.9% compared to 14.9% in the prior year, primarily driven by earnings mix.

我們本季的有效稅率為 19.9%，而去年同期為 14.9%，主要受獲利組合的影響。

For the full year, excluding in-process R&D charges, our effective tax rate was 18%.

全年而言，不包括在研發開發費用，我們的有效稅率為 18%。

Overall, diluted earnings per share were $1.67 for the quarter and full year diluted earnings per share came in at $1.15.

總體而言，本季每股攤薄收益為 1.67 美元，全年每股攤薄收益為 1.15 美元。

Turning to the balance sheet and capital allocation highlights on slide 18.

轉向第 18 頁的資產負債表和資本配置重點。

Our financial position remains strong with approximately $11.2 billion in cash equivalents and marketable securities as of December 31.

我們的財務狀況依然強勁，截至 12 月 31 日，現金等價物和有價證券約為 112 億美元。

We generated strong cash flow from operations of approximately $4.4 billion in the fourth quarter.

我們第四季的經營活動產生了強勁的現金流，約 44 億美元。

In terms of capital allocation, we continue to ensure we employ a strategic and balanced approach.

在資本配置方面，我們繼續確保採用策略性和均衡的方法。

Business development remains a priority, as does our plan to pay down debt.

業務發展仍然是我們的首要任務，償還債務的計畫也是如此。

As of the end of 2024, we have repaid approximately $6 billion of the $10 billion of debt we committed to pay down relative to our March 31, 2024 balance.

截至 2024 年底，相對於 2024 年 3 月 31 日的餘額，我們已償還承諾償還的 100 億美元債務中的約 60 億美元。

Our capital allocation priorities also include returning cash to shareholders through a commitment to the dividend. 2025 marks our 93rd consecutive year of dividend payments.

我們的資本配置重點還包括透過承諾派發股利向股東返還現金。 2025 年是我們連續第 93 年派發股利。

On slide 19, I'll provide more detail on our expanded strategic productivity initiative that Chris mentioned earlier.

在第 19 張投影片上，我將更詳細地介紹克里斯之前提到的擴大戰略生產力計畫。

Building on the work we did to capture cost savings last year, we identified additional opportunities to streamline operations further leverage technology and drive greater efficiency in our ways of working.

在去年為節約成本所做的工作的基礎上，我們發現了更多機會來簡化運營，進一步利用技術並提高工作效率。

As a result, we expanded the existing program to include approximately $2 billion of incremental run rate operating expense savings with approximately $1 billion to be achieved in 2025 and the remainder by the end of 2027.

因此，我們擴大了現有計劃，包括約 20 億美元的增量運行率營運費用節省，其中約 10 億美元將在 2025 年實現，剩餘部分將在 2027 年底實現。

Under this expanded initiatives, savings will be driven by changes in organizational design and efforts to enhance operational efficiency with each accounting for roughly 50% of the targeted savings.

根據這項擴大的舉措，節約的資金將透過改變組織設計以及提高營運效率的努力來推動，兩項舉措分別約佔目標節約資金的 50%。

Within organizational design, we will continue to optimize and streamline our workforce to better align with the future needs of the business.

在組織設計方面，我們將繼續優化和精簡我們的員工隊伍，以更好地滿足未來的業務需求。

To further optimize resources and enhance productivity, we will drive operational efficiencies across multiple areas of the business.

為了進一步優化資源、提高生產力，我們將提高業務多個領域的營運效率。

In contrast to the initial $1.5 billion cost savings program, where savings were mainly reinvested.

與最初的 15 億美元成本節約計畫相比，節省下來的資金主要用於再投資。

This expanded program will see the incremental $2 billion in savings drop to the bottom line.

此項擴大的計劃將使增量的 20 億美元節省降至最低。

Overall, our focus is to become a leaner, more efficient company while investing behind our growth portfolio and promising areas of science.

總的來說，我們的重點是成為一家更精簡、更有效率的公司，同時投資我們的成長組合和有前景的科學領域。

With that in mind, let me walk you through our non-GAAP 2025 guidance on slide 20, starting with revenue.

考慮到這一點，讓我從第 20 張投影片中向您介紹我們的非 GAAP 2025 指引，從收入開始。

As Chris said earlier, we estimate revenue in 2025 to be approximately $45.5 billion, primarily reflecting the near-term impact of generics across multiple products and the continued strength of our growth portfolio.

正如克里斯之前所說，我們預計 2025 年的收入約為 455 億美元，主要反映了仿製藥對多種產品的近期影響以及我們成長組合的持續強勁。

We expect an 18% to 20% decline in the legacy portfolio due to the stacking of LOEs and anticipated headwinds from foreign exchange of approximately $500 million.

我們預計，由於 LOE 的堆積以及預計約 5 億美元的外匯阻力，遺留投資組合將下降 18% 至 20%。

This will be partially offset by higher revenue and continued strong performance of our key growth brands.

這將被我們主要成長品牌的更高收入和持續強勁的表現所部分抵消。

Now continuing with our 2025 guidance for certain P&L line items, we expect our gross margin to be approximately 72%, which reflects the impact of product mix.

現在繼續按照我們對某些損益項目的 2025 年指導方針，我們預計毛利率約為 72%，這反映了產品結構的影響。

Excluding in-process R&D, we expect total operating expenses to show a meaningful decline to approximately $16 billion, driven by the expanded cost savings program I just mentioned.

除正在進行的研發外，我們預計總營運費用將大幅下降至約 160 億美元，這得益於我剛才提到的擴大的成本節約計畫。

We anticipate our overall expenses to be more evenly phased throughout the year.

我們預計全年整體支出將更加均衡。

Operating margin is expected to be approximately 37% for 2025.

預計 2025 年營業利潤率約 37%。

We're expecting OI&E income of approximately $30 million and we expect to maintain our tax rate of approximately 18%.

我們預計 OI&E 收入約為 3000 萬美元，並且我們預計稅率將維持在 18% 左右。

Considering these factors, we expect to deliver non-GAAP earnings per share in the range of approximately $6.55 to $6.85.

考慮到這些因素，我們預計非公認會計準則每股收益約為 6.55 美元至 6.85 美元。

Before closing, let me provide some insight regarding our expected quarterly progression of revenue for 2025.

在結束之前，讓我先介紹一下我們預計 2025 年季度營收的成長情況。

As it relates to quarterly phasing, we expect the first quarter to be impacted by the typical inventory destocking we see each year following the build in Q4, as well as the additional gross-to-net pressures from Medicare Part D redesign, which will be accentuated within Eliquis.

就季度分階段而言，我們預計第一季將受到我們每年在第四季度建立之後看到的典型庫存去庫存的影響，以及來自 Medicare Part D 重新設計帶來的額外毛利對淨利壓力，這將在 Eliquis 中得到強調。

As I said earlier, we expect Eliquis revenue for the remaining quarters of 2025 to steadily increase, particularly in the second half.

正如我之前所說，我們預計 2025 年剩餘幾季的 Eliquis 營收將穩定成長，尤其是在下半年。

As a result of this, we expect the legacy portfolio to decline approximately 10% to 12% on a sequential basis, reflecting these dynamics and continued generic impacts as previously communicated.

因此，我們預計遺留投資組合將環比下降約 10% 至 12%，以反映這些動態和持續的一般影響，如前所述。

However, on a total company basis, we expect the inventory and gross-to-net dynamics to normalize beginning in Q2, with second half revenues to be higher than the first half of the year.

不過，從整個公司來看，我們預計庫存和毛淨收入動態將在第二季開始恢復正常，下半年的收入將高於上半年。

In closing, our strong performance in 2024 has strengthened our confidence in our ability to deliver long-term value for our patients and shareholders.

最後，我們在 2024 年的強勁表現增強了我們為患者和股東提供長期價值的能力的信心。

We remain focused on executing our growth strategy and rightsizing our cost structure.

我們將繼續專注於執行成長策略和調整成本結構。

We also look forward to multiple data catalysts, which will accelerate over the next 24 months and will derisk our pipeline and provide more certainty on the future shape of our company.

我們也期待多個數據催化劑，它們將在未來 24 個月內加速發展，降低我們產品線的風險，並為我們公司的未來形態提供更多確定性。

And with that, I'll now turn the call back over to Chuck for Q&A.

說完這些，我現在將電話轉回給查克進行問答。

Thanks, David and Chris for the prepared remarks.

感謝 David 和 Chris 的準備好的發言。

Alison, could we please poll for questions?

艾莉森，我們可以進行調查問題嗎？

(Operator instructions)

（操作員指令）

Chris Schott, JPMorgan.

摩根大通的克里斯·肖特 (Chris Schott)。

Great, thanks so much.

太好了，非常感謝。

Just two quick ones for me.

我只想問兩個問題。

First on Cobenfy.

首先是 Cobenfy。

It seems like feedback and coverage dynamics are progressing well.

看起來反饋和覆蓋動態進展順利。

Can you just elaborate on how you're thinking about the ramp of the drug from here as we balance as you highlight kind of entrenched physician prescribing habits against what seems like a relatively poor standard of care and pretty large unmet need in the space.

您能否詳細說明您如何考慮從現在開始增加藥物數量，因為我們需要平衡根深蒂固的醫生處方習慣與看似相對較差的護理標準以及該領域相當大的未滿足需求。

I just trying to get so like the ramp, how you're thinking about it for '25?

我只是想知道，您對 25 年的坡道有何看法？

And the second one is just on the cost program.

第二個只是關於成本計劃。

Once you're done with this incremental $2 billion, should we think about additional cost opportunities as you go through that 2028 LOE cycle, or is this going to really put the company in the, I guess, the right place as we think about the longer-term model and longer-term business.

一旦完成這 20 億美元的增量，我們是否應該在經歷 2028 年 LOE 週期時考慮額外的成本機會，或者這是否真的會讓公司處於正確的位置，因為我們考慮長期模式和長期業務。

So basically kind of thinking about is, is the 27% run rate kind of a good way to think about this?

所以基本上思考一下，27% 的運行率是不是思考這個問題的好方法？

Or is there another step down as we head into Eliquis and OPDIVO?

或者當我們進入 Eliquis 和 OPDIVO 時是否還會再進一步下降？

Thank you.

謝謝。

Thanks for the questions, Chris.

謝謝你的提問，克里斯。

I'll have Adam take the first question, and then I'll take the second.

我會讓亞當回答第一個問題，然後我來回答第二個問題。

Adam?

亞當？

Great.

偉大的。

Thanks, Chris.

謝謝，克里斯。

So regards to the Cobenfy, we're very pleased with what we're seeing with Cobenfy with three months post launch, and the launch is really off to a strong start.

就 Cobenfy 而言，我們對 Cobenfy 推出三個月後的表現感到非常滿意，而這款產品開局確實很強勁。

We're now at approximately 1,000 TRxs per week.

我們現在每周大約有 1,000 個 TRxs。

And we made very good progress achieving our access goals.

我們在實現訪問目標方面取得了非常好的進展。

So for Medicaid and Medicare, we're tracking ahead of our expectations.

因此，對於醫療補助和醫療保險而言，我們的進展超出了我們的預期。

We've achieved over 90% Medicaid access and over 80% Medicare access, recall those two payers represent over 80% of the covered lives in this category.

我們已實現超過 90% 的醫療補助覆蓋率和超過 80% 的醫療保險覆蓋率，回想一下，這兩家支付機構佔這一類別受保人數的 80% 以上。

And as expected, the majority have one step edit post generic.

正如預期的那樣，大多數都有一個步驟可以編輯通用帖子。

We're also making very good progress with commercial payers.

我們與商業付款人的合作也取得了良好進展。

The feedback over the last several months has been very positive.

過去幾個月的回饋非常正面。

There's been a lot of enthusiasm around the efficacy and safety profile.

人們對其功效和安全性表現出極大的熱情。

I'm also pleased with the number of trialists that we're seeing since launch, and we have an opportunity to further expand and increase adoption with roughly 30,000 psychiatrists.

我也對我們自推出以來看到的試驗者數量感到高興，我們有機會進一步擴大和增加大約 30,000 名精神科醫生的採用。

So as you said, this is the first new mechanism of action in decades in the treatment of schizophrenia.

正如您所說，這是幾十年來治療精神分裂症的第一個新的作用機制。

And so we're out with our teams educating customers on Cobenfy's differentiated profile and we're breaking reflexive prescribing habits, and that's going to take some time.

因此，我們的團隊正在向客戶介紹 Cobenfy 的差異化產品，並打破反射性開藥習慣，但這需要一些時間。

So we would expect to see continued strong uptake through 2025.

因此，我們預計到 2025 年其成長動能將持續強勁。

And as we said, with the ramp back half of this year.

正如我們所說，今年上半年產量將回升。

But taken together, we are really pleased with what we're seeing so far, and we plan to make this a very big product for the company over time.

但總的來說，我們對目前看到的結果感到非常滿意，我們計劃隨著時間的推移將其打造成公司非常重要的產品。

Thanks, Adam.

謝謝，亞當。

And Chris, with respect to the second part of your question on the cost program, let me say a few things.

克里斯，關於你問題的第二部分成本計劃，讓我說幾句話。

First, as you think about this cost program keep in mind that our focus as a company continues to be on investing for growth.

首先，當您考慮這個成本計劃時，請記住，我們作為一家公司的重點仍然是投資於成長。

That's investing in the products that we have today, investing in the pipeline, both the late-stage pipeline as well as promising early areas of science.

這就是對我們今天擁有的產品的投資，對渠道的投資，包括後期渠道以及有前景的早期科學領域。

And maybe just give you quick vignettes on that.

也許只是給你一些關於此的簡短片段。

We plan to initiate seven Phase III programs starting this year on Cobenfy, clearly illustrating that we'll continue to invest in our pipeline.

我們計劃從今年開始在 Cobenfy 上啟動七個第三階段項目，這清楚地表明我們將繼續投資我們的產品線。

And then Adam can speak to this, but we made significant up investments in commercial last year which explains, we believe part of the progress that we've made on products like CEMZYOS, OPDIVO and BRIAN.

然後亞當可以談談這個，但是我們去年在商業方面進行了大量投資，這解釋了我們相信我們在 CEMZYOS、OPDIVO 和 BRIAN 等產品上取得的部分進展。

So investing in growth is a priority for us, and that's the top priority.

因此，投資成長是我們的首要任務，而且是重中之重。

With respect to the cost programs, just a bit of context.

關於成本計劃，我只想介紹一點背景資訊。

As we were executing on last year's program, we cataloged a number of opportunities for us to become a more agile company, to become more nimble and speedy in terms of how we operate.

在執行去年的計劃時，我們列出了許多機會，使我們的公司變得更加敏捷，使我們的營運方式更加靈活和迅速。

And given where we are on that program as well as where we are with respect to LOEs, we think that it makes sense for us to capitalize on those opportunities now.

考慮到我們在該計劃中的現狀以及我們在 LOE 方面的現狀，我們認為現在利用這些機會是合理的。

So that's really driven the timing of this announcement, and we think it puts us in a good position going forward.

所以這確實推動了我們宣布這一消息的時機，我們認為這將使我們在未來處於有利地位。

With respect to this, the follow-up to that, which is, will there be additional cost-cutting efforts there, I think we're always going to align the organization to the needs of the business.

關於這一點，後續行動，即是否會進一步削減成本，我認為我們將始終使組織與業務需求保持一致。

This is an extension of last year's program.

這是去年計劃的延伸。

It gives us more financial flexibility.

它為我們提供了更大的財務靈活性。

That financial flexibility gives us strategic flexibility but we're always going to be focused on ensuring that we've rightsized the organization, and we've got the right level of spend, given where the business is.

這種財務靈活性為我們提供了策略靈活性，但我們將始終專注於確保我們根據業務現狀合理地調整組織規模，並擁有適當的支出水準。

Thanks, Chris.

謝謝，克里斯。

Alison, can we go to our next question.

艾莉森，我們可以進入下一個問題嗎？

Luisa Hector, Berenberg.

路易莎·赫克托（Luisa Hector），貝倫貝格。

Hello. thank you for taking my questions.

你好。感謝您回答我的問題。

I just wanted to take your assumption for Part D redesign, if you can quantify it in 2025.

我只是想接受您對 D 部分重新設計的假設，看看您能在 2025 年量化它嗎？

And then just an update on (inaudible), I don't see it on the slides, but any updates on the filing plans there.

然後只是關於（聽不清楚）的更新，我沒有在幻燈片上看到，但那裡有關於歸檔計劃的任何更新。

Thank you.

謝謝。

Thanks for the question, Luisa.

謝謝你的提問，路易莎。

I'll have Adam take both of those questions.

我會讓亞當回答這兩個問題。

Thanks, Luisa.

謝謝，路易莎。

Good morning.

早安.

As relates to Part D redesign, there are pushes and pulls.

對於 D 部分的重新設計，存在著推動和拉動。

Overall, we're going to see favorability with Eliquis due to the elimination of the coverage gap and with that, we're not going to see the historical dynamics with Eliquis, where first half sales have been higher than the second half sales.

總體而言，由於覆蓋差距的消除，我們將看到對 Eliquis 的青睞，而且我們將不會看到 Eliquis 的歷史動態，即上半年的銷售額高於下半年的銷售額。

In fact, what we're going to see in Q1 is going to be the lowest quarter of sales for Eliquis, in fact mid-single-digit sequential growth from Q4 to Q1 globally.

事實上，我們將看到第一季是 Eliquis 銷售額最低的季度，而全球從第四季度到第一季的銷售額將實現中等個位數的連續成長。

And we'll see second half sales be higher than first half sales.

我們將看到下半年的銷售額高於上半年的銷售額。

But for the full year, we expect strong year-on-year growth for Eliquis.

但就全年而言，我們預計 Eliquis 將實現強勁的同比增長。

Now when you look at products like REVLIMID, POMALYST, ORENCIA and CAMZYOS, for example, that's going to offset the Eliquis favorability as we see increasing gross to net pressure starting in Q1 as patients enter the catastrophic phase.

現在，當您查看 REVLIMID、POMALYST、ORENCIA 和 CAMZYOS 等產品時，這將抵消 Eliquis 的受歡迎程度，因為我們看到從第一季開始，隨著患者進入災難階段，總壓力與淨壓力增加。

And as you know, we're responsible for 20% in the catastrophic phase and 10% in the initial coverage phase.

如您所知，我們在災難階段負責 20%，在初始覆蓋階段負責 10%。

But as we've said previously, we project it to be roughly net neutral across our portfolio this year.

但正如我們之前所說，我們預計今年我們的投資組合將大致保持淨中性。

As it relates to cendakimab, given the data that we have seen, we've made the decision not to commercialize cendakimab.

就 cendakimab 而言，根據我們所看到的數據，我們決定不將 cendakimab 商業化。

We're going to continue to prioritize investments and opportunities where we have a competitive advantage.

我們將繼續優先考慮我們具有競爭優勢的投資和機會。

We can deliver the highest return for the company in areas where we believe that we have an opportunity to deliver potentially transformational outcomes for patients.

在我們認為有機會為患者帶來潛在變革性成果的領域，我們可以為公司帶來最高的回報。

We made a similar decision late last year with Zeposia in UC.

去年年底，我們在 UC 領域對 Zeposia 做出了類似的決定。

As we saw the unsuccessful trial in Crohn's disease.

正如我們所看到的克羅恩病的失敗試驗。

And based on our competitive position with Zeposia in IBD, we made that decision as well.

並且基於我們與 Zeposia 在 IBD 領域的競爭地位，我們也做出了這個決定。

Alright, thanks Adam.

好的，謝謝亞當。

Next question please, Allison.

艾莉森，請問下一個問題。

Geoff Meacham, Citi.

花旗銀行的 Geoff Meacham。

Great, good morning, guys.

太好了，大家早安。

Thanks so much for the question.

非常感謝您提問。

I had another one on Cobenfy.

我在 Cobenfy 上還有另一個。

I know, Chris, you highlighted the expansion opportunities on slide 6.

我知道，克里斯，你在第 6 張投影片上強調了擴展機會。

I guess, are there others that you could add or accelerate beyond what you have?

我想，除了現有的內容之外，還有其他您可以添加或加速的內容嗎？

I guess the main question is, since the [emracladine] failure are there changes to the investment plan that you're contemplating?

我想主要的問題是，自從 [emracladine] 失敗以來，您是否考慮改變投資計劃？

And then on the policy front, I want to get your perspective as RFKJ's nomination or a confirmation looks I think fairly imminent, what are the potential puts and takes on IRA revisions?

然後在政策方面，我想聽聽你的看法，因為我認為 RFKJ 的提名或確認看起來相當迫在眉睫，對 IRA 修訂的潛在影響是什麼？

Obviously, been a lot of chatter on what discounting could look like in the outer years.

顯然，人們對未來幾年折扣情況的討論很多。

Thank you.

謝謝。

Sure.

當然。

I'll take the first part of that question and then turn it over to Samit and Adam, and then I'll come back and talk about the policy bit.

我將回答該問題的第一部分，然後將其交給薩米特 (Samit) 和亞當 (Adam)，然後我會回頭討論政策部分。

Just let me give you a top line on Cobenfy.

讓我來為你介紹一下 Cobenfy 的概況。

Obviously, the competitive dynamics and changes on the competitive front haven't impacted the short term on that product.

顯然，競爭態勢和競爭態勢的變化在短期內不會對該產品產生影響。

We have always been focused on delivering that product as quickly as possible. patients.

我們一直致力於盡快交付該產品。患者。

However, we do believe that those competitive dynamics provide a more significant long-term opportunity for us and so we have put a full court press on ensuring that we do everything we can to capitalize on that opportunity in the long term, and that includes accelerating programs where possible.

然而，我們確實相信，這些競爭動態為我們提供了更重要的長期機遇，因此，我們全力以赴，確保盡一切努力利用這一長期機遇，其中包括盡可能加快專案進度。

So maybe Samit and Adam want to comment.

所以也許 Samit 和 Adam 想發表評論。

Yes, it's absolutely true what Chris just said because if you think about the dual muscular agonism mechanism of action that draft carries, it opens up the door for investigating and exploring many of the dementia associated psychosis and agitation disorders.

是的，克里斯剛才說的絕對正確，因為如果你考慮到草案所具有的雙重肌肉激動作用機制，它就為研究和探索許多與癡呆相關的精神病和激動障礙打開了大門。

So we will continue to explore where the drug could be applied, where additional indications could be added and how we can accelerate the development of this molecule and as well as continue to look into our pipeline, what other molecules we can bring forward in the neuropsychiatric space to be able to manage the unmet clinical need that exists for these patients at this time.

因此，我們將繼續探索這種藥物的用途、可以增加哪些適應症以及如何加速這種分子的開發，並繼續研究我們的產品線，看看我們還能在神經精神領域推出哪些其他分子，以滿足這些患者目前尚未滿足的臨床需求。

I'll just add, Samit.

我只想補充一下，薩米特。

Our focus has been on ensuring a successful launch where generic atypical have about 80% market share, and Cobenfy significant safety and ethically advantages there.

我們的重點是確保成功推出仿製藥，其中非典型仿製藥佔約 80% 的市場份額，並且 Cobenfy 在該市場具有顯著的安全性和道德優勢。

As Samit just mentioned, we see the unique efficacy advantages around the three domains of schizophrenia, hitting on positive symptoms, negative symptoms and cognition due to its unique maxes action.

正如 Samit 剛才提到的，我們看到了圍繞精神分裂症三個領域的獨特療效優勢，由於其獨特的最大作用，擊中了陽性症狀、陰性症狀和認知。

So we didn't expect competition from other muscarinic in schizophrenia until late '26, early '27.

因此，直到 26 年末、27 年初，我們才預期到精神分裂症領域會出現來自其他毒蕈鹼類藥物的競爭。

And the failure of [erracladine], we have a clear path forward in schizophrenia and we're excited about the opportunity with Cobenfy.

由於 [erracladine] 的失敗，我們在精神分裂症治療方面有了明確的前進方向，我們對 Cobenfy 的機會感到非常興奮。

And we believe that we're going to drive meaningful growth for Cobenfy really into the middle of the next decade.

我們相信，在下一個十年中期，我們將真正推動 Cobenfy 實現有意義的成長。

On the policy front, maybe a few things.

在政策方面，可能有幾件事。

First, as a company, as you well know, we have a long history of working across both sides of the aisle.

首先，正如你們所知，作為一家公司，我們與兩黨合作已有悠久的歷史。

We actually look forward to working with the new Congress as well as President Trump's administration, including nominees like RFK once those nominees obviously are confirmed.

我們實際上期待與新國會以及川普總統的政府合作，包括羅伯特甘迺迪 (RFK) 等提名人（一旦這些提名人顯然得到確認）。

Our focus as a company is going to continue to be on policies that strengthen the ecosystem for innovation to make sure that we're ensuring to address the needs of patients and our employees.

作為一家公司，我們將繼續專注於加強創新生態系統的政策，以確保我們能夠滿足患者和員工的需求。

Also, I would add ensuring that the FDA has what it needs to fulfill its mission.

此外，我還要確保 FDA 擁有完成其使命所需的一切。

And so that's going to be our focus as a company.

所以這將是我們公司的重點。

With respect to IRA specifically, I do think there's an opportunity for us to address in the coming administration some of the challenges as one of the first companies to go through the IRA price setting process.

具體到 IRA，我確實認為，作為首批經歷 IRA 定價流程的公司之一，我們有機會在下一屆政府中應對一些挑戰。

We've been very clear on concerns that we have with that law.

我們對該法律的擔憂已經非常明確。

And we see the need to have a number of fixes that will avoid some of the more damaging aspects of the law and some of the more perverse incentives and I would highlight addressing the billet and addressing the spillover impact as two of the most important areas that we'll be focused on.

我們認為需要採取一系列措施來避免法律中一些更具破壞性的方面以及一些更不合理的激勵措施，我想強調的是，解決補貼問題和解決溢出影響是我們將重點關注的兩個最重要的領域。

And, of course, there are other policy priorities, but in general, we look forward to working with this administration, and we think we've got some opportunities to do so.

當然，還有其他政策重點，但總的來說，我們期待與本屆政府合作，我們認為我們有一些機會這樣做。

Right, thank you, Chris.

好的，謝謝你，克里斯。

Next question please, Allison.

艾莉森，請問下一個問題。

Chris Shibutani, Goldman Sachs.

高盛的 Chris Shibutani。

Thank you.

謝謝。

Good morning.

早安.

I'm struck by the ability to do several things at the same time while trying to realign your costs and integrate these businesses.

我對在嘗試重新調整成本和整合這些業務的同時做幾件事的能力感到震驚。

There have been several advancements of time lines in terms of data readouts.

在資料讀取方面，時間軸已經有了多項進步。

And there's also been an absence of slippage across integrating aspects of the pipeline that are very important.

並且，在非常重要的管道整合方面也沒有出現任何失誤。

What are the keys in your opinion, to being able to deliver on this progress and in particular, the advancement of time lines?

您認為實現這項進展，特別是時間表的推進，關鍵是什麼？

Maybe I'll start and then turn it over to Samit.

也許我會開始，然後把它交給薩米特 (Samit)。

I think, Chris, you've correctly pointed out there a lot of moving parts.

克里斯，我認為你正確地指出了其中有很多活動部件。

But I would say one of the reasons that we've been fixated on operational excellence, becoming a more nimble and focused organization is making sure that we're staying absolutely focused on those things that are going to drive value to the company and value to shareholders.

但我想說，我們一直專注於卓越營運、成為一個更靈活和專注的組織的原因之一是確保我們絕對專注於那些能夠為公司和股東帶來價值的事情。

And so one of those things has been a very laser-like focus on R&D productivity.

其中之一就是高度重視研發效率。

The work that we've done in that regard has enabled us to accelerate a number of programs that are going to add value for the company.

我們在這方面所做的工作使我們能夠加速實施一些能為公司增值的專案。

In fact, one of the reasons we have this wave of catalysts that are coming forward over the next 24 months is that we have been focused on ensuring we hit the time lines that we set internally and where possible, accelerate and Samit and the team has done a nice job of helping us do that.

事實上，我們在未來 24 個月內迎來這波催化劑的原因之一是，我們一直專注於確保達到我們內部設定的時間表，並儘可能加速，而 Samit 和團隊在幫助我們做到這一點方面做得很好。

So Samit, do you want to comment on specifics.

那麼 Samit，你想就具體情況發表評論嗎？

Yes, absolutely.

是的，絕對是如此。

Thank you for the question, Chris.

謝謝你的提問，克里斯。

As Chris said, the laser focus is the start.

正如克里斯所說，雷射聚焦是一個開始。

But then again, following the principles we laid out a few years back, in fact, between Robert and myself from the research and discovery perspective, the cause of biology to discover the drugs matching the modality to the mechanisms and then picking the right diseases.

但話又說回來，遵循我們幾年前製定的原則，事實上，從研究和發現的角度來看，羅伯特和我之間的生物學原因是發現將模式與機制相匹配的藥物，然後選擇正確的疾病。

And then after that, accelerating that proof of concept generation.

然後在此之後，加速概念驗證的產生。

But then if you look at the late development, we broke down the process into multiple pieces and dig deeper into where we were doing well, whereas, wherever the space is where we had the opportunity to shorten the time lines.

但如果你看一下後期開發，我們將流程分解為多個部分，並深入挖掘我們做得好的地方，無論空間在哪裡，我們都有機會縮短時間軸。

And there, we identified several opportunities, and then we started to dig deeper into it.

在那裡，我們發現了幾個機會，然後我們開始深入挖掘。

The other thing we did last year is also prioritize our portfolio and made certain decisions what we will pursue versus what we will not pursue.

我們去年做的另一件事也是對我們的投資組合進行優先排序，並決定我們將追求什麼和不追求什麼。

Some assets, some trials were stopped and then we started focusing on where the most amount of scientific rigor was there to be able to achieve the proof of concept.

一些資產、一些試驗被停止了，然後我們開始關注哪裡有最具科學嚴謹性的地方能夠實現概念驗證。

And once that was achieved, how do we then accelerate that into generation of the data to bring the drug to the patients and to commercialization.

一旦實現這一目標，我們如何加速產生數據，將藥物帶給患者並實現商業化。

All of that has helped.

所有這些都有幫助。

And the examples that are right in front of you, last year, we were able to accelerate and deliver the psoriatic arthritis data early, this year, we'll be able to give Camzyo's data early.

就拿您眼前的例子來說，去年我們能夠加速並提前提供銀屑病關節炎數據，今年我們將能夠提前提供 Camzyo 的數據。

This year, we'll be able to bring in ADAPT.

今年，我們將能夠引入 ADAPT。

And now we are working on the next trial as well as we think about multiple myeloma, LPA1 and IPF as well as SLE trials, for SOTYKTU.

目前我們正在進行下一項試驗，同時考慮針對 SOTYKTU 進行多發性骨髓瘤、LPA1 和 IPF 以及 SLE 試驗。

And, of course, that mindset will go in all of these seven trials that we've talked about for Cobenfy as well.

當然，這種心態也將貫穿我們為 Cobenfy 討論的所有七項試驗中。

So overall, very pleased with the progress we've made, but we have a little bit more distance to go, and we'll continue to focus on our portfolio to deliver.

總體而言，我們對所取得的進展感到非常滿意，但我們還有很長的路要走，我們將繼續專注於我們的投資組合。

And just to put a finer point on what Samit said, Chris.

克里斯，我來更詳細地闡述一下薩米特所說的話。

We have the potential for 15 or more registrational trials that will read out by the end of next year.

我們有可能在明年年底前完成 15 項或更多的註冊試驗。

And so the work that Samit's team is doing to ensure that those are delivered, delivered on time is we think, critical, and we've made good progress in 2024.

因此，我們認為，薩米特 (Samit) 團隊為確保按時交付而進行的工作至關重要，而且我們在 2024 年取得了良好的進展。

And as Samit said, we're heads down continuing to execute on that.

正如薩米特所說，我們正在全力以赴繼續執行這一目標。

Great, thank you.

太好了，謝謝。

Let's move to the next question, please.

請讓我們進入下一個問題。

Tim Anderson, Bank of America.

美國銀行的蒂姆·安德森。

Thank you very much.

非常感謝。

I have a couple of questions.

我有幾個問題。

So the revenue guidance for '25 is about $1 billion less than consensus in as much as you've looked at consensus, where are you seeing the biggest differences, could Cobenfy be one of those contributors of the delta?

因此，就您與共識的看法而言，25 年的收入預期比共識低約 10 億美元，您認為最大的差異在哪裡，Cobenfy 會是造成差異的因素之一嗎？

And then a longer-term question on earnings.

然後是關於收益的長期問題。

In the past, Chris, you've suggested trough earnings would really be in the very late 2020s.

克里斯，你過去曾提出，獲利最低谷實際上會出現在 2020 年代後期。

And to me, it felt like, maybe 2028, 2029.

對我來說，感覺可能是 2028 年、2029 年。

Is that still the right way to think about it?

這樣思考問題仍然正確嗎？

And could a product like Cobenfy or some of these other programs possibly pull that forward?

那麼像 Cobenfy 這樣的產品或其他一些程式有可能推動這一進程嗎？

Thanks for the questions, Tim.

謝謝你的提問，提姆。

Maybe I'll start and then turn it over to David for the first part of your question, and then I'll come back for the second part.

也許我會先開始回答你問題的第一部分，然後交給戴維，然後再回來回答第二部分。

Look, with respect to how we thought about guidance and the outlook for this year, I think you as well as I think everybody knows the LOE exposure that we have as a company as expected.

關於我們如何看待今年的指導和前景，我想您和每個人都知道我們作為一家公司所面臨的 LOE 風險，正如預期的那樣。

This year, we're seeing the increased step down on Revlimid as well as the stacking of full year impacts products like POMALYST, which lost exclusivity in Europe as well as in the US price and our guidance reflects that.

今年，我們看到 Revlimid 的降價幅度加大，以及全年影響產品的堆疊，如 POMALYST，它在歐洲和美國價格都失去了獨佔性，我們的指導反映了這一點。

But keep in mind, those are short-term impacts.

但請記住，這些都是短期影響。

And the long term, which is what we're focused on, we feel good about the progression that we're making on the new product portfolio.

從長遠來看，這也是我們關注的重點，我們對新產品組合所取得的進展感到滿意。

And then as we discussed just in the last question, we have an exciting set of assets that are going to be reading out that will frame out what the company looks like in the back part of the decade.

正如我們在上一個問題中討論的那樣，我們有一組令人興奮的資產將被讀取，它們將勾勒出公司在未來十年的面貌。

And maybe I'll ask David to fill in some of the specifics on the LOEs and the guidance.

也許我會請大衛填寫一些有關 LOE 和指導的具體資訊。

Tim, thank you for the question.

提姆，謝謝你的提問。

And just as a reminder, Bloomberg's for the total company is sitting around 46.2% we're guiding approximately 45.5%.

需要提醒的是，彭博對整個公司的預期是 46.2% 左右，我們預計約為 45.5%。

If you remember in my prepared remarks, so there's a headwind of currency, which we don't believe has been built in, which is around $500 million.

如果您還記得我準備好的發言，那麼存在貨幣逆風，我們認為尚未計入，約為 5 億美元。

So as we look at where we are versus consensus from a revenue perspective, we're broadly in line with where it is.

因此，當我們從收入角度來審視我們所處的水平與共識時，我們發現與目前的水平大致一致。

Any minor differences is really as we keep highlighting is around the legacy portfolio, in particular, (inaudible) coming down to 2, 2.5 as well as the other generic impacts that we mentioned on the call.

正如我們一直強調的那樣，任何細微的差別實際上都與遺留投資組合有關，特別是（聽不清楚）降至 2、2.5，以及我們在電話中提到的其他一般影響。

But overall, we feel pretty good where we are versus consensus.

但總體而言，我們感覺與共識相比目前的情況相當良好。

With respect to the trough question.

關於低谷問題。

First, I think the way you're thinking about the drop in general is the right way to think about it.

首先，我認為您對整體下降的看法是正確的。

As we've said before, we're not going to be giving long-term guidance as a standard course.

正如我們之前所說，我們不會將長期指導作為標準課程。

This reflects the philosophy that we have that we're going to guide to what we and you can hold us accountable for.

這體現了我們的理念，我們將引導大家對自己和你們所要求負責的事情做出判斷。

But what we've also been very clear on is that our focus continues to be on driving top-tier growth exiting this decade.

但我們也非常清楚的是，我們的重點仍然是推動本十年後的頂級成長。

And specifically, that means increasing the velocity of growth that we have in the last couple of years exiting this decade and into the next.

具體來說，這意味著在進入新十年和下一個十年之前，我們要加快過去幾年的成長速度。

So as it relates to trough, we're working to do everything we can to change the timing, the depth and duration of that.

因此，就低谷而言，我們正在盡一切努力來改變低谷的時間、深度和持續時間。

And how we do that is to continue to do more of what we frankly did last year, dry brand, growth brand performance. accelerate the pipeline so that we derisk some of these future catalysts as quickly as possible, use our capital to accelerate growth.

我們這樣做的方法是繼續做我們去年坦率所做的事情，乾品牌，成長品牌表現。加速管道建設，以便我們盡快降低一些未來催化劑的風險，並利用我們的資本來加速成長。

Frankly, that's what we did when we acquired Karuna to bring a product like Cobenfy into the portfolio.

坦白說，我們收購 Karuna 時就是這麼做的，將 Cobenfy 這樣的產品納入產品組合。

And in fact, as a result of that and what we see as the long-term potential, we believe we've accelerated the velocity of growth as we exit this decade.

事實上，由於這一點以及我們所看到的長期潛力，我們相信，在即將結束的這個十年中，我們已經加快了成長速度。

So we're going to continue to be focused on finding ways to use capital to continue to accelerate their growth profile.

因此，我們將繼續致力於尋找利用資本的方法來繼續加速其成長速度。

And we're going to become more nimble as a company so we can move quickly to capitalize on those.

我們的公司將變得更加靈活，以便我們能夠快速採取行動來利用這些優勢。

That's what we're focused on, and that's what we're going to be transparent about our performance against on these calls.

這就是我們所關注的重點，這也是我們在這些電話會議中對我們的表現保持透明的原因。

Right, thank you, Chris.

好的，謝謝你，克里斯。

Alison, let's move to the next question.

艾莉森，我們進入下一個問題。

Mohit Bansal, Wells Fargo.

富國銀行的莫希特·班薩爾 (Mohit Bansal)。

Great, thank you very much for taking my question.

太好了，非常感謝您回答我的問題。

My question is regarding Eliquis.

我的問題是關於 Eliquis 的。

So I mean, so there was some thoughts about Eliquis getting some tailwind because of RD design given that there's no donut hole now.

所以我的意思是，考慮到現在沒有甜甜圈洞，有人認為 Eliquis 會因為 RD 設計而獲得一些順風。

And maybe the like given the price point the impact of RD design may not be a lot.

也許考慮到價格點，研發設計的影響可能不會很大。

So in the context of that, how are you thinking about the growth for this brand for this year?

那麼在這種背景下，您如何看待該品牌今年的成長？

Thank you.

謝謝。

Thanks for the question, Mohit.

謝謝你的提問，Mohit。

Adam, do you want to take that?

亞當，你想拿著這個嗎？

Yes, Thanks Mohit, for the question.

是的，感謝 Mohit 提出這個問題。

As I mentioned, we're going to see favorability with Eliquis this year in the US due to Part D redesign with the elimination of the coverage gap.

正如我所提到的，由於 D 部分的重新設計消除了覆蓋範圍的差距，我們今年將在美國看到對 Eliquis 的青睞。

And so I talked about the dynamics historically, where the first half sales were higher than the second half sales.

我談到了歷史上的動態，上半年的銷售額高於下半年的銷售額。

So we're going to see something very different this year, where Q1 sales will be the lowest quarter for Eliquis, and we'll see higher sales in the second half of the year.

因此，今年我們將看到非常不同的事情，第一季的銷售額將是 Eliquis 銷售額最低的季度，而下半年的銷售額將會增加。

For the year, we expect strong double-digit growth for Eliquis overall.

我們預計今年 Eliquis 整體將實現強勁的兩位數成長。

And when we look at where we are positioned in the market in the US, we have a market share that continues to grow linearly.

當我們看看我們在美國市場的地位時，我們的市場份額持續呈線性增長。

Our share in the US NBRx is roughly 75% and and we know that with Xarelto out of the market, we've got a great opportunity to continue to drive this important brand for the company.

我們在美國 NBRx 的份額約為 75%，我們知道，隨著 Xarelto 退出市場，我們有很好的機會繼續為公司推動這個重要品牌。

Right, thanks Adam.

好的，謝謝亞當。

Next question please.

請回答下一個問題。

Chun Chung, UBS.

瑞銀（UBS）的 Chun Chun。

Hi guys, thanks for taking my question.

大家好，感謝你們回答我的問題。

Just two, please.

只需兩張即可。

So firstly, can you just give us some color on the gross margin cadence for 2025?

首先，您能否向我們介紹一下 2025 年的毛利率節奏？

You touched upon 1Q dynamics, but should we just follow the REVLIMID step downs for the year?

您提到了第一季的動態，但是我們是否應該只專注於 REVLIMID 今年的降價情況？

I there any other considerations that we should think about here?

我們還應該考慮其他什麼事項嗎？

And then just wondering if you can give us any early insights into the access and coverage of Opdivo Quantic, and any thoughts on the uptake for '25.

然後我只是想知道您是否可以向我們提供有關 Opdivo Quantic 的訪問和覆蓋範圍的任何早期見解，以及對'25 年吸收的任何想法。

Thanks

謝謝

Thanks for the questions, Chun.

謝謝你的提問，Chun。

David, do you want to take the first one and then Adam, you can comment on the second.

大衛，你想回答第一個問題嗎？

As we said, the step down will be mainly driven by REVLIMID and POMALYST.

正如我們所說，降價主要受 REVLIMID 和 POMALYST 推動。

Volumes coming through with those gross margins being slightly higher than the average.

銷量達到毛利率略高於平均值。

And the only other consideration obviously is Eliquis.

而唯一的其他考慮因素顯然是 Eliquis。

And I think as Adam had covered typically Eliquis is larger in the first half of the year than the second half of the year.

我認為，正如亞當所說，Eliquis 通常上半年的規模比下半年大。

This year, that's going to be inverted in that our lowest quarter for Eliquis the first quarter, but our sales will be higher in the second half of the year than the first half of the year.

今年，情況將發生逆轉，第一季是 Eliquis 銷售額最低的季度，但下半年的銷售額將高於上半年。

So that would be the other consideration as you think through the gross margin of the company in total.

因此，當您考慮公司整體毛利率時，這將是另一個考慮因素。

Yes.

是的。

So as it relates to Opdivo Quvantic, these are very early days.

因此，就 Opdivo Quvantic 而言，現在還處於非常早期的階段。

The team is out in the field educating health care practitioners on the benefits of subcu versus IV.

該團隊正在實地向醫療保健從業人員講解皮下注射與靜脈注射相比的益處。

As we said previously, we believe physicians will convert at least 30% to 40% of the IV business ahead of our LOE in late 2028, which will extend the franchise into the 2030s.

正如我們之前所說，我們相信醫生將在 2028 年底的 LOE 之前轉換至少 30% 到 40% 的 IV 業務，這將使特許經營權延續到 2030 年代。

We have seen so far, very positive feedback early on is around usage in adjuvant patients, patients who are treated in combination with YERVOY, like in first-line metastatic melanoma, first-line RCC.

到目前為止，我們已經看到，早期回饋非常積極，涉及輔助治療患者、與 YERVOY 聯合治療的患者，例如一線轉移性黑色素瘤、第一線 RCC。

The feedback specifically has been positive regarding the 3 to 5 minute infusion time taking all that treatment burden for both physicians and for patients.

關於 3 至 5 分鐘的輸液時間如何減輕醫生和患者的治療負擔，回饋尤其積極。

We've also seen a number of NCCN guidelines updated for your reimbursement question to include optavialcuvantig within just a few weeks after approval.

我們也看到，針對您的報銷問題，NCCN 指南在批准後短短幾週內就更新了 optavialcuvantig 的條款。

I think the most common question that we're getting is around the reimbursement dynamics here and we've had conversion from IV subcu in the first half of the year is going to take some time, mainly due to a temporary J code, which is routine for any new product in this category.

我認為我們收到的最常見問題是關於這裡的報銷動態，我們在今年上半年從靜脈注射皮下注射的轉換需要一些時間，主要是由於臨時的 J 代碼，這是此類別中任何新產品的常規操作。

And conversion will accelerate in the second half of the year once we transition to a permanent J code on July 1.

一旦我們在 7 月 1 日過渡到永久 J 代碼，轉換過程將在下半年加速。

And so we're excited about the launch and what this means for patients, physicians and importantly, the durability of our IO franchise.

因此，我們對該產品的發布感到非常興奮，這對患者、醫生以及更重要的是我們的 IO 特許經營的持久性意味著什麼。

Great, thank you, Adam.

太好了，謝謝你，亞當。

Let's go to our next question, please.

請讓我們進入下一個問題。

Evan Sigerman, BMO Capital Markets.

埃文·西格曼 (Evan Sigerman)，BMO 資本市場。

Hi guys, thank you so much for taking my question.

大家好，非常感謝你們回答我的問題。

One on BD, more specifically, now that we're on this side of the muscarinic debate with Cobenfy approved and peer acuity not showing an efficacy, can you walk us through kind of your process in determining why you went for Karuna when you wanted to get into schizophrenia.

一個是關於 BD 的，更具體地說，既然我們處於毒蕈鹼爭論的這一邊，Cobenfy 已獲批准，而同行敏銳度並未顯示出療效，您能否向我們介紹一下當您想進入精神分裂症治療領域時，為什麼選擇 Karuna 的過程。

And on kind of a more mechanistic perspective, what's happening with Camzyos?

從更機械的角度來看，Camzyos 發生了什麼事情？

We saw a nice step up.

我們看到了良好的進步。

What are you seeing in the field that's driving the uptake there?

您在該領域看到了什麼，推動了該領域的發展？

Thank you.

謝謝。

Thanks for the questions, Evan.

謝謝你的提問，埃文。

I'll start and then turn it over to Adam.

我先開始，然後交給亞當。

There's no magic bullet with respect to how you approach business development from our standpoint.

從我們的角度來看，對於如何進行業務發展，沒有什麼靈丹妙藥。

But I think there were a few things that we did well with the Karuna acquisition that will frame how we continue to do business development.

但我認為，在收購 Karuna 的過程中，我們做得很好的事情將決定我們如何繼續經營。

First, I would note that the senior leadership team of the company owns the decision to move forward with that acquisition.

首先，我要指出的是，公司高層領導團隊有權決定是否要推動這項收購。

Capital allocation is critically important as we've discussed.

正如我們所討論的，資本配置至關重要。

Business development is a top priority for us as a company.

業務發展是我們公司的首要任務。

It's important as we navigate the back part of this decade, and when you're allocating investor capital at that scale, it's critical that senior leaders take ownership and accountability for it.

這對於我們度過本世紀末的後半段至關重要，當你以如此規模分配投資者資本時，高層領導者對此承擔責任和責任至關重要。

So we did that.

所以我們就這麼做了。

Second, we were very disciplined in the approach.

其次，我們的做法非常嚴謹。

It started with making sure that we really like the science, we considered multiple options and we zeroed in on the science that was coming out of Karuna as compelling in our view.

首先要確保我們真的喜歡這項科學，我們考慮了多種選擇，最後我們將重點放在了我們認為 Karuna 所得出的令人信服的科學上。

And beyond that, we felt strongly that this had an opportunity to strengthen our therapeutic areas as well as to give us opportunities to accelerate growth in the back part of the decade.

除此之外，我們強烈感覺到，這是一個加強我們治療領域的機會，也為我們在未來十年加速成長提供了機會。

And, of course, we were very disciplined on the financials.

當然，我們在財務方面非常嚴謹。

We needed to make sure that we could put a compelling case together that it would add value to the company and ultimately to shareholders.

我們需要確保我們能夠提出令人信服的案例，證明這將為公司並最終為股東增加價值。

You actually saw how we executed against that post the decision to acquire in that we spent a lot of time with the Heritage Karuna team to fully develop this asset in ways that they were unable to do so.

您實際上看到了我們是如何執行收購決定的，我們花了很多時間與 Heritage Karuna 團隊一起以他們無法做到的方式全面開發這項資產。

We think that's important in terms of how we think about the long-term opportunity.

我們認為這對我們如何看待長期機會來說很重要。

And maybe the last lesson learned that I'd highlight is we moved very quickly, and so those lessons, I think, will frame out how we continue to do business development at the company.

我要強調的最後一條經驗教訓是，我們的行動非常迅速，因此我認為，這些經驗教訓將決定我們如何繼續在公司開展業務發展。

And then Adam, do you want to take the second question?

那麼亞當，你想回答第二個問題嗎？

Yes.

是的。

Evan, regarding Camzyo's, we've seen strong and consistent growth from Camzyo's, as you heard from David's opening remarks, year-end, 2024, there were approximately 12,000 patients in the hub and roughly 9,500 patients on commercial drug.

埃文，關於 Camzyo，我們看到 Camzyo 實現了強勁而持續的增長，正如你從戴維的開場白中聽到的那樣，到 2024 年底，該中心將有大約 12,000 名患者，約有 9,500 名患者使用商業藥物。

So we've established a strong revenue base, and we expect continued growth from the expansion of our prescriber base.

因此，我們建立了強大的收入基礎，我們預計隨著處方藥基礎的擴大，收入將繼續增長。

We're seeing high persistency and duration of therapy.

我們看到治療的持久性和持續時間很高。

And we're continuing to add new patients each and every week.

而且我們每週都會增加新患者。

So our focus is now on increasing depth of prescribing in the larger COEs while at the same time, increasing breadth in some of the smaller institutions and larger community practices, and we're making some good progress there.

因此，我們現在的重點是擴大大型 COE 的處方深度，同時擴大一些小型機構和大型社區實踐的廣度，我們在這方面取得了一些良好進展。

We also have a couple of things.

我們還有幾件事。

David mentioned, one, we look forward to the PDUFA date that's coming in April.

David 提到，首先，我們期待四月即將到來的 PDUFA 日期。

So similar to what we've seen in Europe, our goal is to ease the burden of echo requirements for patients and physicians, and we expect that to open up additional capacity at the COEs.

與我們在歐洲看到的情況類似，我們的目標是減輕患者和醫生對超音波檢查的要求的負擔，我們希望這能夠在 COE 中釋放更多的能力。

And as a result, physicians will be able to treat more patients.

這樣，醫生將能夠治療更多的患者。

And as you're also aware, we have a data readout in nonobstructive HCM, and we're looking forward to seeing the ONS data in Q2, and that will expand the eligible patient population by about 30% or so.

如您所知，我們在非阻塞性 HCM 方面有數據讀數，我們期待在第二季度看到 ONS 數據，這將使符合條件的患者數量擴大約 30% 左右。

And so that's going to allow Camzyo's to have a nice first mover advantage in both indications and across the full spectrum of patients with symptomatic HCM.

因此，這將使 Camzyo 在兩種適應症以及所有有症狀的 HCM 患者中佔據良好的先發優勢。

Thank you, Adam.

謝謝你，亞當。

Let's take our next question, please.

請讓我們回答下一個問題。

Akash Tewari, Jefferies.

Akash Tewari，傑富瑞（Jefferies）。

Hey, thanks so much.

嘿，非常感謝。

So what's the risk around the adjunct schizophrenia trial for Cobenfy?

那麼 Cobenfy 輔助精神分裂症試驗的風險是什麼？

Because we haven't seen a lot of companies run that specific trial.

因為我們還沒有看到很多公司進行那項特定的試驗。

And if they have, they've often failed.

即便他們這麼做了，也常常會失敗。

So why wouldn't the probability of success for this trial be more like a 50-50 coin flip?

那麼為什麼這次試驗的成功機率不會更像是 50-50 的拋硬幣呢？

And on the Camzyo's label update, are you aiming for six months echo monitoring requirements?

在 Camzyo 的標籤更新方面，您是否瞄準六個月的迴聲監測要求？

And if so, how do you think that will help expand access into the community setting?

如果是的話，您認為這將如何幫助擴大社區環境的訪問權限？

Thank you.

謝謝。

Thanks for the question, Samit and Adam.

感謝 Samit 和 Adam 的提問。

Sure.

當然。

Thank you for the question.

感謝您的提問。

On the adjective schizophrenia, I remember where we started off and how patients are treated in the real world.

關於形容詞精神分裂症，我記得我們從哪裡開始以及患者在現實世界中是如何被對待的。

So we obviously have developed the drug as a monotherapy, but these patients were primarily before they got onto the trial, we're receiving the D2 agonist and thereafter, there was a washout period, patients came on the drug and then, of course, the trial evaluated the primary endpoint in emerging one, two and three at a shorter window.

因此，我們顯然已將該藥物開發為單一療法，但這些患者在參加試驗之前主要是接受 D2 激動劑治療，此後有一個洗脫期，患者開始服用該藥物，然後，當然，試驗會評估在較短的時間範圍內出現一、二和三的主要終點。

But remember, merging four and five have now read out with a 52-week follow-up.

但請記住，合併四和五現在已經讀出了 52 週的後續行動。

Many of those patients obviously, are also taking concomitant medications in the background.

顯然，許多患者也在服用同時性藥物。

So, and we've seen that efficacy continued to be maintained within, as we look towards the 52-week data point as well.

因此，我們看到，當我們展望 52 週的數據點時，其功效仍然會維持。

So overall, from that perspective, we are confident on the overall safety profile that is emerging on that.

因此總體而言，從這個角度來看，我們對正在出現的整體安全狀況充滿信心。

And then, of course, from a blinded data perspective, the study has continued at this point.

當然，從盲數據的角度來看，研究仍在繼續。

So now we are only a few months away from the readout for that trial.

所以現在我們距離試驗的宣讀結果只有幾個月的時間了。

And, of course, on top of that, we'll look at ADAPT trials also reading out beginning at the back end of this year.

當然，除此之外，我們還將關注從今年年底開始的 ADAPT 試驗。

Coming to Camzyos, a point that I would like to make is it is very important that we continue to decrease the burden on the site on the patients and the treating physicians.

談到 Camzyos，我想說的一點是，繼續減輕病人和治療醫生的負擔非常重要。

And from that perspective, it was important the data that we've collected from the real world as well as in the clinical trials suggest that the overall safety profile of Camzyos is maintained.

從這個角度來看，我們從現實世界和臨床試驗中收集的數據表明 Camzyos 的整體安全性得到維持，這一點很重要。

Many of the patients are treated actually at the lowest holes of 2.5 and 5 milligrams and considering all of that data is where we approach the health authorities, and you've already seen the action taken in Europe and now looking forward to the April action as we think about the maintenance for these patients with a longer duration in between echos as we look to the US reviews as well.

實際上，許多患者接受的治療劑量最低為 2.5 和 5 毫克，考慮到所有這些數據，我們將向衛生當局提出建議，您已經看到歐洲採取的行動，現在我們期待 4 月份的行動，我們考慮在兩次超聲檢查之間延長這些患者的維持時間，同時也會參考美國的評論。

Adam, if you want to add anything?

亞當，你想補充什麼嗎？

Just adding just one bit, and point you to the the European label.

只需添加一點，即可指向歐洲標籤。

The label was updated late last year to reduce the frequency of echo monitoring for patients taking Camzyo's from every 12 weeks to once every 6 months when patients are in the maintenance phase.

該標籤於去年年底進行了更新，將服用 Camzyo 的患者的超音波心動圖監測頻率從每 12 週一次減少到維持期患者的每 6 個月一次。

So that's after week 12.

那是第 12 週之後的事了。

And what we would expect is not so much in the community, but this will open up additional capacity at the centers of excellence.

我們所期望的並不是社區的參與，而是這將為卓越中心開闢更多的空間。

And as a result, physicians will be able to treat more patients.

這樣，醫生將能夠治療更多的患者。

Thank you both.

謝謝你們兩位。

Let's move to the next question please.

請讓我們轉到下一個問題。

Terence Flynn, Morgan Stanley.

摩根士丹利的特倫斯弗林 (Terence Flynn)。

Great, thanks for taking the questions.

太好了，感謝您回答這些問題。

Maybe two for me.

對我來說也許有兩個。

David, I just wanted to clarify on the new productivity initiative, should we think about the run rate year-end for '27 as being $15 billion.

大衛，我只是想澄清一下新的生產力計劃，我們是否應該將 27 年底的運行率視為 150 億美元。

So an incremental $1 billion off of the $16 million now.

因此現在從 1600 萬美元的基礎上增加了 10 億美元。

I just wanted to make sure I understand it correctly.

我只是想確保我理解正確。

And then on iberdomide, the addition to the MRD endpoint, did FDA sign off on that?

那麼，對於伊貝多胺，也就是 MRD 終點的補充，FDA 是否批准了呢？

And if so, are you able to get approval on just an MRD endpoint?

如果是這樣，您是否能夠僅獲得 MRD 端點的批准？

Or do you need follow-up data from the PFS?

或者您需要 PFS 的後續數據？

And anything you can say about what kind of efficacy delta you'd need on MRD?

能說一下 MRD 需要什麼樣的療效增量嗎？

Thank you.

謝謝。

Thanks, Terence, David and Samit.

謝謝，Terence、David 和 Samit。

Yes. thanks for the question.

是的。謝謝你的提問。

Yes, you have that right.

是的，你有這個權利。

So we said an incremental to $2 billion program, all that dropping to the bottom line.

因此我們說這是一個增量為 20 億美元的計劃，所有這些都落到了底線。

We said $1 billion of that which dropped this year with operating expenses of $16 billion, this further $1 billion achieved by 2027 would get you to operating expenses of $15.

我們說，今年的營運費用為 160 億美元，其中 10 億美元下降了，到 2027 年再增加 10 億美元，營運費用將達到 150 億美元。

In terms of thinking about iberdomide, of course, quite excited that based on the discussions that you probably followed from the ODAC setting perspective at MRD as an endpoint is more and more becoming important because in multiple myeloma, there are multiple lines of therapies that are available, but still no cure available for patients with multiple myeloma.

當然，就伊貝多胺而言，根據您可能從 ODAC 設定角度所關注的討論，我感到非常興奮，因為 MRD 作為終點越來越重要，因為在多發性骨髓瘤中，有多種治療方法可用，但對於多發性骨髓瘤患者仍然沒有可用的治癒方法。

So it is important that we continue to figure out how to accelerate the process of drug development and that's why newer end points are needed.

因此，我們必須繼續研究如何加速藥物開發過程，這就是為什麼需要新的終點。

So, of course, we've discussed with the FDA the ability to include MRD as one of the primary endpoints in the clinical trial, and we'll certainly be reading that out most likely in this year.

因此，我們當然已經與 FDA 討論了將 MRD 作為臨床試驗主要終點之一的能力，而且我們很可能會在今年讀出這一結果。

Now everything in the regulatory world will be dependent on the risk benefit ratio and the overall magnitude that we'll observe at the end of the day.

現在，監管領域的一切都將取決於風險收益比以及我們最終觀察到的整體幅度。

So when the data is available, that's when we will engage with the regulators in terms of how they will see that data and what else they would need.

因此，當數據可用時，我們就會與監管機構溝通，了解他們如何看待這些數據以及他們還需要什麼。

Remember, we have not taken out PFS as the second primary endpoint within the trial as well.

請記住，我們也沒有將 PFS 作為試驗中的第二個主要終點。

So, of course, the patients will be followed for PFS and as well as the secondary endpoint, which is overall survival as well.

因此，當然，我們將對患者的 PFS 以及次要終點（即總體生存期）進行追蹤。

So we are going to collect maximum data from the clinical trial and engage the authorities based on the magnitude and the timing of the readout.

因此，我們將從臨床試驗中收集最大限度的數據，並根據讀數的規模和時間與當局接洽。

Thanks, Samit.

謝謝，薩米特。

The only thing, Terence, I would add, and David got it right with respect to how the cost savings will flow is to, as I said earlier on this call, keep in mind that as we think about the overall cost structure, as we see compelling opportunities for growth that exist, we're going to make sure that we continue to invest in those, so just keep that in mind as framing all of this discussion around cost.

特倫斯，我想補充的是，關於成本節約如何流動，戴維說的對，唯一的一點就是，正如我早些時候在電話會議上所說的那樣，請記住，當我們考慮整體成本結構時，當我們看到存在的令人信服的增長機會時，我們將確保繼續對它們進行投資，所以在圍繞成本進行所有討論時，請記住這一點。

Right, thank you.

好的，謝謝。

Let's move to our next question, please.

請讓我們進入下一個問題。

Courtney Breen, Bernstein.

考特尼·布林，伯恩斯坦。

Thanks so much for taking my call today.

非常感謝您今天接聽我的電話。

Two parts, I think you spoke a little bit about business development in an answer before and referenced it as a top priority from a capital allocation perspective.

兩部分，我想您之前在回答中談到了業務發展，並從資本配置的角度將其列為首要任務。

Can you just talk a little bit about TA alignment, kind of what good looks like, particularly in the context of the organization you have right now, I think, last year was a little bit of digesting the deals that you've done quickly.

您能否簡單談談 TA 協調，什麼樣才是好的，特別是在您目前的組織背景下，我認為，去年您很快就消化了所完成的交易。

And so wanting to understand kind of how you're thinking about that appetite now and over the course of the year?

那麼，您想了解一下您現在以及全年對這種需求的看法嗎？

And then the second was just around kind of Cobenfy, specifically kind of gross-to-net evolution as we're thinking about this access evolving from kind of initial private pay to more of the government setting to then adding on a little bit of the commercial environment.

第二個是關於 Cobenfy 的，具體來說是從總額到淨額的演變，因為我們正在考慮這種訪問方式從最初的私人付費演變為更多的政府設置，然後添加一點商業環境。

That would be really helpful to understand how you're expecting that to flow.

這對於理解您期望的流程非常有幫助。

Thank you.

謝謝。

Both good questions.

這兩個問題都很好。

I'll start and then turn it over to Adam.

我先開始，然後交給亞當。

As we said earlier, and as you reiterated, business development is a top priority for us.

正如我們之前所說，以及您所重申的，業務發展是我們的首要任務。

Think about that both in terms of partnerships and where it makes sense, acquisitions.

無論是從合作還是從有意義的收購的角度來思考這個問題。

And the way we think about therapeutic areas is that we're really focused on strengthening our position in the core therapeutic areas that we have today, and that we can do by bringing promising areas of science into the company as well as looking for assets that can improve the growth profile of the company.

我們對治療領域的看法是，我們真正專注於加強我們在目前的核心治療領域的地位，而我們可以透過將有前景的科學領域引入公司以及尋找可以改善公司成長狀況的資產來做到這一點。

And I think you saw shortly after I became CEO in 2023, we did both of those things.

我想您會看到，在我 2023 年擔任執行長後不久，我們就做了這兩件事。

What's important and the way we think about it is that we need to like the science and feel that we're the rightful owners of it.

重要的是，我們思考這個問題的方式是，我們需要熱愛科學，並且感覺到我們是它的合法擁有者。

The financials have to make sense.

財務狀況必須合理。

And again, we've included in that thinking strengthening the growth profile as a key factor we're considering.

我們再次將加強成長前景作為我們考慮的關鍵因素。

And we have to believe that we can drive value for the company and ultimately for shareholders.

我們必須相信，我們能夠為公司並最終為股東創造價值。

And as we look across the core therapeutic areas that we have today, we see opportunities as we see opportunities to strengthen our position in those therapeutic areas.

當我們回顧當今的核心治療領域時，我們看到了機遇，並看到了加強我們在這些治療領域地位的機會。

The nice thing is that we're in a very strong financial position.

令人欣慰的是，我們的財務狀況非常強勁。

And as I said earlier, that financial strength and flexibility gives us strategic flexibility and that flexibility includes doing business development where it makes sense.

正如我之前所說，財務實力和靈活性為我們提供了策略靈活性，這種靈活性包括在合理的範圍內開展業務發展。

Right, thank you, Chris.

好的，謝謝你，克里斯。

(multiple speakers).

（多位發言者）。

Thanks for the question.

謝謝你的提問。

Relates to gross to net, the brand is going to continue to lean heavily towards the public sector Medicare and Medicaid.

與毛收入和淨收入相關，該品牌將繼續嚴重依賴公共部門的醫療保險和醫療補助。

And you think about the evolution of schizophrenia and (inaudible) indications or our Alzheimer's indications, whether it be Alzheimer's the psychosis or Alzheimer's cognition.

想想精神分裂症和（聽不清楚）症狀或阿茲海默症症狀的演變，無論是阿茲海默症的精神病還是阿茲海默症的認知。

These are patients who are going to be in Medicare and Medicaid.

這些病人將享有醫療保險和醫療補助。

Commercial patients are less than 10%, you will see that more commonly in some of the indications such as autism and in bipolar disorder, but the majority of the brand will largely be in the public sector where there are Medicaid best price.

商業患者不到 10%，你會看到，在某些適應症中，如自閉症和躁鬱症，更常見，但大多數品牌將主要在有醫療補助最佳價格的公共部門。

Thanks, Adam.

謝謝，亞當。

Let's move to the next question, please.

請讓我們進入下一個問題。

Seamus Fernandez, Guggenheim Securities.

古根漢證券公司的謝默斯‧費爾南德斯 (Seamus Fernandez)。

Oh, great.

噢，太好了。

Thanks for the question.

謝謝你的提問。

So just quickly on Cobenfy, I was hoping you could talk about the patient experience that you're seeing so far in the field.

所以在 Cobenfy 上，我希望您能談談您目前在該領域看到的患者體驗。

We know that patients certainly feel better cognitively, but there are questions around the tolerability and the BID dosing.

我們知道患者的認知能力確實感覺更好，但對於耐受性和 BID 劑量仍有疑問。

So just interested to know if there's any early signs of sort of durability and how you're managing the GI profile that's been talked about a bit by some thought leaders in that regard.

所以我只是想知道是否有任何耐久性的早期跡象，以及您如何管理一些思想領袖在這方面談論過的 GI 概況。

And then the second question is just as we think about the overall kind of multiple myeloma opportunity, just hoping to get a sense of where you think novel oral drugs like iberdomide or resignomide could appropriately fit within the context of the overall multiple myeloma market. given the availability of generic Revlimid and POMALYST?

然後第二個問題是，當我們思考多發性骨髓瘤的整體機會時，只是希望了解您認為像伊貝多胺或雷西諾胺這樣的新型口服藥物在整個多發性骨髓瘤市場中如何合適地適應。鑑於仿製 Revlimid 和 POMALYST 的可用性？

Thanks.

謝謝。

Thanks, Seamus.

謝謝，西莫斯。

Adam, and then maybe, Samit, you can chime in as well.

亞當，也許，薩米特，你也可以插話。

Yes, Seamus, thanks for the questions.

是的，西莫斯，謝謝你的提問。

We've been really pleased with what we're hearing from both physicians and patients.

我們對醫生和患者的回饋感到非常高興。

The feedback has been very positive with a lot of enthusiasm on the efficacy and the safety profile.

回饋非常積極，人們對其功效和安全性給予了高度評價。

So what we're hearing is patients are seeing improvement in positive symptoms as early as the first week of treatment and on really the lowest dose of 50 milligrams.

我們聽到的是，患者早在治療的第一週就看到了陽性症狀的改善，而且最低劑量只有 50 毫克。

And we're also hearing good successes on negative symptoms and what we were really excited about this asset for improvement in clarity of thought, improvement of cognition, patients being able to reengage with their families and even start thinking about going back to work.

我們也聽說了在治療負面症狀方面取得的良好效果，讓我們真正興奮的是，這種療法可以提高思維清晰度，改善認知能力，使患者能夠重新與家人相處，甚至開始考慮重返工作崗位。

The AEs, what we've heard from physicians, they're manageable, including the nausea and vomiting because what we're seeing is the majority of physicians in the real world are treating patients at the lowest dose.

我們從醫生那裡聽說，不良反應都是可以控制的，包括噁心和嘔吐，因為我們看到現實世界中大多數醫生都以最低劑量治療患者。

Just starting with 50 milligrams, they're taking a week or two before they titrate up to the next dose at 100 unlike what you saw in the clinical trials, which moved to 125 milligrams within the first eight days of the trial.

從 50 毫克開始，他們需要服用一到兩週的時間，然後逐漸增加劑量至 100 毫克，這與臨床試驗中看到的情況不同，在試驗的前八天內劑量就增加到了 125 毫克。

So that has been incredibly positively received, and so we're not hearing a lot of the GI top tolerability issues from physicians.

因此，這得到了非常積極的反響，所以我們沒有從醫生那裡聽到很多關於胃腸道頂部耐受性的問題。

But our teams are out there making sure that we're educating on what to expect.

但我們的團隊會確保我們能夠告知大家會發生什麼事。

As it relates to BID, we know that on average, patients are on seven pills per day.

就 BID 而言，我們知道患者平均每天服用七片藥。

And so we're not hearing this as a major objection to prescribing.

因此，我們並不認為這是對處方的主要反對意見。

And last thing I'll mention is we've got an ongoing study looking at taking Cobenfy with food that will read out this year.

最後我要說的是，我們正在進行一項關於將 Cobenfy 與食物一起服用的研究，研究結果將在今年公佈。

So that will also improve the ease of prescribing for physicians and make it easier for patients as well.

這也將提高醫生開處方的便利性，並為患者提供便利。

So I'll just take it off from there.

所以我就把它從那裡拿下來。

And one thing that I would just add on Cobenfy.

我只想補充一點關於 Cobenfy 的內容。

So prior to Cobenfy, what drugs were doing was treating the symptoms of schizophrenia, meaning the positive symptoms primarily.

因此，在 Cobenfy 出現之前，藥物的作用是治療精神分裂症的症狀，主要指治療陽性症狀。

With Cobenfy now we are treating schizophrenia, meaning also impacting the negative symptoms, and we are seeing the impact on cognition as we have recently published the data on multiple myeloma switching gears it's important to understand where the patients are treated and what the drugs are available.

現在我們使用 Cobenfy 來治療精神分裂症，這也意味著它會影響負面症狀，而且我們看到了它對認知的影響，正如我們最近發布的關於多發性骨髓瘤轉換裝置的數據一樣，了解患者在哪裡接受治療以及有哪些藥物是很重要的。

If you think about the cell therapies and the T-cell engagers or bispecifics, they are to be primarily used in the academic settings whereas most of the patients with multiple myeloma, especially with the relapsed refractory disease are being treated in the community setting, where it is very difficult to get these therapies with the side effect management and the rents programs that go along with them.

如果您考慮細胞療法和 T 細胞接合劑或雙特異性抗體，它們主要用於學術環境，而大多數多發性骨髓瘤患者，特別是復發難治性疾病患者，正在社區環境中接受治療，在那裡很難獲得這些療法以及伴隨的副作用管理和租金計劃。

And that's where it is very important to continue to develop small molecules, which are easy to deliver and can be combined with the standard of care therapies.

因此，繼續開發易於遞送且可與標準護理療法相結合的小分子非常重要。

And that's exactly where Iberdomide (inaudible) might sit.

這正是 Iberdomide（聽不清楚）可能坐落的位置。

And you know mesictamide is being compared head-to-head versus pomalidomide and that's how you replace

你知道，美西他胺正在與泊馬度胺進行正面比較，這就是你如何取代

(inaudible).

（聽不清楚）。

And then, of course, there's another trial looking head-to-head iberdomide versus Revlimid, which certainly will read out later, but it is a very important component of the overall development plan.

當然，還有另一項試驗將伊貝多胺與來那度胺進行正面交鋒，這肯定會在稍後公佈，但這是整體開發計劃中非常重要的組成部分。

Next question please, Allison.

艾莉森，請問下一個問題。

David Risinger, Leerink Partners.

Leerink Partners 的 David Risinger。

Yes, thanks very much and congrats on all the updates.

是的，非常感謝，並祝賀所有更新。

Sorry, I have another call coming in here.

抱歉，我這邊還有另一通電話打進來。

So my apologies.

所以我很抱歉。

They want me on the box to speak.

他們想讓我上台演講。

So I have two questions.

我有兩個問題。

First, with respect to the performance in '25.

首先，關於’25年的表現。

So obviously, the worse that the LOEs perform in '25, the better the setup for the trajectory of growth for the company in '26.

因此顯然，LOE 在 25 年的表現越差，公司在 26 年的成長軌跡就越好。

But if the loss of exclusivity products performed better than expected, then it makes it a little bit tougher to grow in '26.

但如果失去獨家產品的表現好於預期，那麼在26年實現成長就會變得更加困難。

Could you just discuss that a little bit and provide some initial context for '26?

您能否稍微討論一下這個問題並提供一些 26 年的初步背景？

I know that you're not providing guidance at this time.

我知道您目前沒有提供指導。

And then second, just with respect to YERVOY, it's been performing very strongly, growing 20% roughly in the fourth quarter and roughly 20% for full year 2025, sorry, 2024, can you comment on growth prospects for YERVOY going forward as well?

其次，就 YERVOY 而言，它的表現非常強勁，第四季度增長約 20%，2025 年全年（對不起，2024 年）增長約 20%，您能否評論一下 YERVOY 未來的成長前景？

Thank you.

謝謝。

Thanks, David.

謝謝，大衛。

David Elkins and then Adam.

然後是大衛·埃爾金斯和亞當。

Yes.

是的。

So just on your question around '25 and what to think about heading into '26.

所以關於你關於 25 年的問題以及對 26 年的看法。

First, REVLIMID, as we said, we have additional generic entry coming.

首先，正如我們所說，REVLIMID 將會有更多仿製藥面市。

So about 70% of the market will be supplied by generics.

因此，大約70%的市場將由仿製藥供應。

Remember, for REVLIMID, full generic entry in January of '26.

請記住，REVLIMID 的完整通用版本將於 26 年 1 月上市。

So we'll be through that by the end of the year.

所以我們會在年底前完成這個目標。

And we have a generic entry [APOMALIS] next year as well.

明年我們也會有通用條目 [APOMALIS]。

And the only other headwind that I would mention is we provided that guidance on IRA, which really took out the worst-case scenario for Eliquis as we head into the IRA in '26 and '27.

我要提到的唯一另一個不利因素是，我們提供了有關 IRA 的指導，這確實消除了 Eliquis 在 26 年和 27 年進入 IRA 時可能遇到的最壞情況。

But really, our focus remains on investing in the growth drivers.

但實際上，我們的重點仍放在投資成長動力上。

You saw the strong execution in that growth portfolio that's now greater than 50% of our business.

您看到了該成長組合的強勁執行力，目前該組合已占我們業務的 50% 以上。

We exited double-digit growth last year.

去年我們實現了兩位數的成長。

We feel really good about the position that we're in this year.

我們對今年所處的地位感到非常滿意。

And then as you think about going into '26 with that growth portfolio, you heard Adam talk about the additional indications in Camzyo and SOTYKTU as well as (inaudible) and we got some really important data readouts that we're going to be able to add up to six new NMEs here over the next two years.

然後，當您考慮帶著這個成長投資組合進入 26 年時，您會聽到亞當談論 Camzyo 和 SOTYKTU 中的額外適應症以及（聽不清楚），我們得到了一些非常重要的數據讀數，我們將能夠在未來兩年內在這裡添加多達六個新的 NME。

So that growth portfolio is really coming together.

因此，成長組合確實正在形成。

We're adding to that.

我們正在對此進行補充。

And then you've heard all the commentary around Cobenfy further adding to that growth portfolio.

然後您聽到了有關 Cobenfy 進一步增加該增長組合的所有評論。

So there's pushes and pulls there.

因此，那裡存在著推拉作用。

But what's becoming clear is the strength of the growth profile as we go into the second half of the decade here.

但隨著我們進入20世紀下半葉，經濟成長的強勁勢頭正變得愈發明顯。

As it relates to YERVOY, we're seeing solid demand growth across our core indications, first-line lung, first-line RCC as well as first-line melanoma, where YERVOY is using combination.

就 YERVOY 而言，我們看到我們的核心適應症、第一線肺癌、一線 RCC 以及一線黑色素瘤的需求穩步增長，其中 YERVOY 採用的是聯合治療。

And that growth is coming both from the US and from our international markets.

這種成長既來自美國，也來自我們的國際市場。

In the US, we continue to see good adoption in the community.

在美國，我們繼續看到社區的良好採用。

And as you know, last year, we presented, I think is a remarkable 10-year long-term data in first-line melanoma.

如你所知，去年我們公佈了我認為是顯著的 10 年長期一線黑色素瘤數據。

I think the last thing means we're also preparing for launches this year in first-line HCC and first-line MSPCRC, both in combination with Yervoy, which will help drive your voice performance.

我認為最後一點意味著我們還在準備今年在一線 HCC 和一線 MSPCRC 中推出產品，兩者都與 Yervoy 結合，這將有助於提高您的語音表現。

And we also have Opdivo YERVOY lung approval that's pending in China.

此外，我們也獲得了 Opdivo YERVOY 肺癌治療在中國的批准。

So taken together, we would expect continued growth from YERVOY in '25.

綜合來看，我們預期 YERVOY 在 25 年將持續成長。

Thanks Adam.

謝謝亞當。

Let's take our next question please.

請讓我們回答下一個問題。

Matt Phipps, William Blair.

馬特菲普斯、威廉布萊爾。

Following up on the MRD primary endpoint for the (inaudible) trial, is there a time course that the FDA wants as far as how much durability on that MRD?

跟進（聽不清楚）試驗的 MRD 主要終點，FDA 是否希望該 MRD 的持久性有一個時間過程？

And why not add MRD endpoints to the teziimide trials?

為什麼不在替齊米特試驗中加入 MRD 終點呢？

It does look like you already have MRD on the

看起來你已經有 MRD

[ArlosQuintEssential II].

[阿洛斯昆特基本二世]。

And then similarly, in multi myeloma, is there a point at which Abecma what is kind of the profitability breakpoint for Abecma and the success of Arlo cell really kind of gate the need for a Abema

同樣，在多發性骨髓瘤中，Abecma 的獲利斷點是什麼？

.

。

Thanks, Matt.

謝謝，馬特。

Samit and Adam.

薩米特和亞當。

Sure.

當然。

Thank you, Matt, for the question.

謝謝馬特提出的問題。

So for multiple myeloma, look, MRD endpoint is something that is new from the perspective of using as a registration trial endpoint.

因此，對於多發性骨髓瘤來說，MRD 終點從用作註冊試驗終點的角度來看是一個新事物。

And that's why we have to continue to follow the patients and provide the durability in terms of not only an MRD, but also overall response rates, CR rate that we will see and these will be the points of discussion with the FDA as we get into those time points once the magnitude is known for this endpoint as well as the events occur in the Iberdomide trial.

這就是為什麼我們必須繼續追蹤患者並提供不僅在 MRD 方面的持久性，而且在總體反應率、我們將看到的 CR 率方面提供持久性，這些將是我們在進入這些時間點時與 FDA 討論的要點，一旦知道該終點的程度以及 Iberdomide 試驗中發生的事件。

In terms of how we are thinking about use of this particular endpoint for other trials.

關於我們如何考慮將這個特定的終點用於其他試驗。

We are continuing to evaluate the potential to leverage an earlier MRD endpoint readout to accelerate the development of our multiple myeloma assets across the board, but it will all depend on the timing, the population as well as how the event accrual is occurring.

我們正在繼續評估利用早期 MRD 終點讀數來加速我們多發性骨髓瘤資產全面開發的潛力，但這一切都取決於時間、人群以及事件累積的方式。

Successor studies target a little bit more of a difficult-to-treat patient population.

後續研究將針對更難治療的患者族群。

So we'll see how the event occurrence happens and that may become as 1 of the studies that we may consider an endpoint as well in the future, but not at this time.

因此，我們將觀察事件如何發生，這可能會成為我們將來可能考慮的終點研究之一，但目前還不是。

As it relates to Abecma, we know multiple myeloma is going to remain a very crowded and competitive space, and there are multiple treatment options available.

就 Abecma 而言，我們知道多發性骨髓瘤仍將是一個非常擁擠且競爭激烈的領域，並且有多種治療選擇。

We remain committed to Abecma, but we're going to see continued depending intensity and competitive pressures.

我們仍然致力於 Abecma，但我們將看到持續的依賴強度和競爭壓力。

So our focus is making sure that we're optimizing the value of bema and we're going to remain competitive in the space.

因此，我們的重點是確保優化 Bema 的價值，並保持該領域的競爭力。

As you heard earlier from Chris and David, we're very excited also about GPRC5D which we believe is going to play a critically important role in the treatment of post-BCMA CAR T with a single infusion and an improved safety profile.

正如您之前從 Chris 和 David 那裡聽到的，我們對 GPRC5D 也感到非常興奮，我們相信它將在通過單次輸注和改進的安全性治療 BCMA 後 CAR T 中發揮至關重要的作用。

Thanks, Adam.

謝謝，亞當。

Allison, let's take our next question please.

艾莉森，請我們回答下一個問題。

Steven Scala, TD Cowen.

史蒂文·斯卡拉（Steven Scala），TD Cowen。

Oh, thank you so much.

哦，非常感謝。

I have two questions.

我有兩個問題。

First, Bristol's second-generation TYK2 completed Phase II in Psoriasis in August of 2024, but hasn't progressed.

首先，布里斯託的第二代 TYK2 於 2024 年 8 月完成了牛皮癬治療的第二階段研究，但尚未取得進展。

So curious what the profile of this agent is, what are plans and is IBD within those plans?

很好奇這個經紀人的資料是什麼，有什麼計劃，以及 IBD 是否在這些計劃中？

And secondly, Milvexian Phase III readouts in stroke and ACS are expected in 2026, but later in the year.

其次，Milvexian 第三階段中風和 ACS 的讀數預計在 2026 年完成，但會在今年稍後完成。

Curious if events are tracking for that 2026 readout and is there any possibility at all for a 2025 readout for either trial?

好奇事件是否正在追蹤 2026 年的讀數，以及是否有可能在 2025 年對這兩項試驗進行讀數？

Thank you.

謝謝。

Thanks, Steve.

謝謝，史蒂夫。

Samit

薩米特

Thanks, Steve, for both the questions.

謝謝史蒂夫回答這兩個問題。

So first of all, for the backup SOTYKTU, we completed those studies.

因此首先，對於備用 SOTYKTU，我們完成了這些研究。

We have the data, but as you know, we are continuing to progress our overall plans for SOTYKTU this time.

我們有數據，但如你所知，我們這次正在繼續推進 SOTYKTU 的整體計劃。

And as we spoke earlier, we have to decide within our pipeline where we are going to really focus and prioritize, and at the current time, our focus is truly squarely on SOTYKTU and maximizing that opportunity from a development and commercial perspective.

正如我們之前所說，我們必須在我們的管道中決定我們真正關注和優先考慮的地方，目前，我們的重點確實是 SOTYKTU 並從開發和商業角度最大限度地利用這一機會。

So at this time, SOTYKTU is not in the development as you already have stated.

所以目前，正如您所說，SOTYKTU 尚未投入開發。

From the SSP and ACS readout, events are tracking as well as the enrollment is going really well.

從 SSP 和 ACS 的讀數來看，活動正在跟踪，報名進展順利。

We do not expect that readout in 2025.

我們預期 2025 年不會有這樣的結果。

We expect that readout as we have stated at the back end of 2026.

正如我們之前所說，我們預計該數據將在 2026 年底公佈。

Great, thank you, Samit.

太好了，謝謝你，薩米特。

Next question please.

請回答下一個問題。

Kripa Devarakonda, Truist Securities.

Devarakonda 先生，Truist Securities 成員。

Hey guys, thank you so much for taking my question.

嘿夥計們，非常感謝你們回答我的問題。

I have a canvas question.

我有一個關於畫布的問題。

Congrats on getting the label update in EU.

恭喜您獲得歐盟的標籤更新。

I was wondering with the label change in EU and potentially a change in the US as well.

我對歐盟的標籤變化以及美國的標籤變化也十分感興趣。

How do you see the peak opportunity now?

您如何看待現在的黃金機會？

And with ODYSSEY data upcoming this year, can you help set expectations for the readout?

今年 ODYSSEY 數據即將發布，您能幫助設定讀數預期嗎？

And then if I can week one in (inaudible) for Cobenfy.

然後，如果我可以在第一週 (聽不清楚) 為 Cobenfy 做準備。

One of the tails we recently spoke to said that there was an issue with drug availability at average pharmacies is what he said.

我們最近採訪的一位記者說，一般藥局的藥品供應有問題。

I was wondering if this is just a one-off or just does it just take time to ramp up availability?

我想知道這是否只是一次性事件，還是只是需要時間來提高可用性？

Thank you.

謝謝。

Yes.

是的。

So I can certainly take those thank you.

所以我當然可以接受這些感謝。

So as it relates to the label for Camzyos.

因此它與 Camzyos 的標籤有關。

As I said, we expect to have a PDUFA date in April of this year.

正如我所說，我們預計今年 4 月將確定 PDUFA 日期。

And our goal is to continue to ease the burden of the echo requirements for both patients and physicians, and it's going to open up additional capacity at the COEs.

我們的目標是繼續減輕患者和醫生對超音波檢查的要求的負擔，並將在 COE 中釋放額外的容量。

What we are seeing for Camzyos, which is and steady growth.

我們看到 Camzyos 正在穩步增長。

We have a very large revenue base that's building, and we continue to expect growth from the expansion of prescribers and high persistency.

我們擁有一個正在建設中的非常龐大的收入基礎，並且我們繼續期望透過擴大處方量和高持久性來實現成長。

Patients are staying on treatment for a very long time because they're feeling better.

由於患者感覺好多了，所以他們接受治療很長時間。

And so that's going to help with the duration of therapy, and we're focused on continuing to add new patients each and every week.

這將有助於延長治療時間，我們專注於每週繼續增加新患者。

As it relates to the ODYSSEY readout, maybe Samit, if you want to talk a little bit about it, but just as I mentioned, we're looking forward to seeing top line data in Q2.

至於它與 ODYSSEY 讀數相關，也許 Samit，如果你想談論一下它，但正如我所提到的，我們期待看到第二季的頂線數據。

This is going to add a positive around a third of patients in HCM and have an opportunity to build upon the success of Camzyos with a strong first-mover advantage across both indications, and we're certainly looking forward to that data readout.

這將為 HCM 患者帶來約三分之一的正面影響，並有機會在 Camzyos 的成功基礎上，在兩種適應症上佔據強大的先發優勢，我們當然期待著這些數據的讀數。

And so I'll turn it to Samit to talk a little bit more about MCM and then I'll quickly answer your Cobenfy question in the form.

因此，我將讓 Samit 進一步談論 MCM，然後我將以表格快速回答您的 Cobenfy 問題。

Yes, I'll address the Odyssey question very quickly.

是的，我會很快回答有關奧德賽的問題。

The paper from a methodology perspective as well as the baseline characteristics of the patients who are just published in JACC heart failure.

該論文從方法論的角度以及剛剛在JACC上發表的心臟衰竭患者的基線特徵。

So you can certainly pick it up from there.

所以你當然可以從那裡開始學習。

And the primary endpoints of KCCQ and PVO2 are well described as well as what the statistical methodology is.

並且很好地描述了 KCCQ 和 PVO2 的主要終點以及統計方法。

So, of course, we are looking forward to the readout and it's just, I think in the next quarter, we'll be able to see the results, and then we'll share that with you.

所以，當然，我們期待數據結果，我認為在下個季度，我們將能夠看到結果，然後我們將與您分享。

Yes.

是的。

Just really quickly on that.

就此問題我簡單說一下。

We're not hearing that.

我們沒有聽到那件事。

Our teams are out both with positions, but they're also at the pharmacies as well.

我們的團隊不僅在外任職，而且還在藥局工作。

So I do think that is potentially a one-off.

因此我確實認為這可能是一次性事件。

And we want to make sure that the Cobenfy is available broadly across the US, so patients can get access to this really important product.

我們希望確保 Cobenfy 能夠在美國廣泛普及，這樣患者就可以使用這種真正重要的產品。

Thanks, Adam.

謝謝，亞當。

Let's go to our next question, please.

請讓我們進入下一個問題。

Olivia Brayer, Cantor Fitzgerald.

奧莉維亞·布雷爾，費茲傑拉領唱者。

Hey, good morning.

嘿，早安。

Thank you for the question.

感謝您的提問。

What data did you submit to the FDA for the less restrictive Camzyos?

對於限制較少的 Camzyos，您向 FDA 提交了哪些資料？

Did that include anything additional versus what was submitted to EMA.

與提交給 EMA 的內容相比，這是否包括任何附加內容？

And are you asking the agency for the same two updates that were proposed in the December agenda?

您是否要求該機構提供 12 月議程中提出的相同兩項更新？

I think those are around monitoring frequency and the use of LVOT gradient.

我認為這些都與監測頻率和 LVOT 梯度的使用有關。

And then, Adam, I just wanted to clarify 1 point you made earlier.

然後，亞當，我只想澄清你之前提出的一點。

You said the European label was updated to reduce frequency.

您說歐洲標籤已更新，以減少頻率。

I think you said from every 12 weeks to once every six months.

我想您說的是，從每 12 週一次改為每六個月一次。

I just wanted to clarify that I heard that correctly.

我只是想澄清一下我所聽到的是否正確。

Thanks.

謝謝。

Samit and Adam.

薩米特和亞當。

Maybe I can start off.

也許我可以開始。

Thanks for the question, Olivia.

謝謝你的提問，奧莉維亞。

We will not be able to give you the specifics at this time in terms of the asks of the FDA.

目前我們無法向您提供 FDA 要求的具體資訊。

Certainly, there are several of them, and then we'll see which ones we are able to have a conversation and get from a relief for the patient perspective.

當然，有幾種解決方案，然後我們會看看哪些解決方案可以進行對話，並從患者的角度緩解壓力。

And in terms of the data that were submitted, they come from both clinical trials as well as from the real-world evidence.

就提交的數據而言，它們既來自臨床試驗，也來自現實世界的證據。

So overall data package was very strong, and we continue to have the dialogue with the regulatory agencies.

因此整體資料包非常強大，我們將繼續與監管機構進行對話。

Yes.

是的。

And Olivia, just to clarify, again, the label in Europe was updated to reduce the frequency of echo monitoring for patients taking Camzyos post week 12.

奧利維亞，我再次澄清一下，歐洲的標籤已更新，以減少服用 Camzyos 12 週後患者的超音波心動圖監測頻率。

So after week 12, as pace move into the maintenance phase instead of once a quarter, they're able to now have echos once every six months.

因此，在第 12 週之後，隨著步調進入維持階段，他們現在可以每六個月進行一次迴聲檢查，而不是每季一次。

Thank you, Adam.

謝謝你，亞當。

Next question, please.

請回答下一個問題。

James Shin, Deutsche Bank.

德意志銀行的詹姆斯辛 (James Shin)。

Thank you for the question, guys.

謝謝你們的提問，夥伴們。

I just wanted to follow up on the Rise question.

我只是想跟進一下有關 Rise 的問題。

What are BMY's expectations for the PAN score benefit?

BMY 對於 PAN 分數效益有何期望？

And then, any color on how ADAPT 2 will be disclosed?

那麼，ADAPT 2 將如何揭露呢？

Will the MPIC be top line in the PR?

MPIC 會成為 PR 中的頭號人物嗎？

And will this be followed by a full data set at a Medical Congress Tom?

湯姆，醫學大會上是否會公佈完整的資料集？

Thank you.

謝謝。

Samit.

薩米特。

Thank you for the questions.

感謝您的提問。

Let me start with the second one for Adapt.

讓我從 Adapt 的第二個開始。

As has been recently done and previously done, at the top line, if we it reads out, we will be putting out a press release.

正如最近和以前所做的那樣，在最上面一行，如果我們讀出來，我們將發布一份新聞稿。

But generally, we do not disclose the data.

但一般來說，我們不會透露這些數據。

Those will be presented at medical conference appropriately and for RISE again, the magnitude that we are going to be looking for is going to be the difference between the two arms rather there and as well as we look, the difference that we observed from baseline to the time of readout.

這些將在醫學會議上適當呈現，對於 RISE 而言，我們要尋找的幅度將是兩組之間的差異，以及我們所觀察到的從基線到讀數時間觀察到的差異。

So both of those endpoints are going to be important, apart from the, of course, the secondary end points.

因此，除了次要終點之外，這兩個終點都很重要。

Right now, we are not commenting on the overall magnitude.

目前，我們不對總體規模發表評論。

But here, even small differences in terms of the points would be very, very important and clinically meaningful, as you know, in the neuropsychiatric space.

但在這裡，即使是觀點上的微小差異也會在神經精神病學領域變得非常非常重要且具有臨床意義。

Right, thank you so much.

好的，非常感謝。

Our next question please.

請回答我們的下一個問題。

Sean McCutcheon, Raymond James.

肖恩麥卡琴、雷蒙德詹姆斯。

All right guys, thanks for the question.

好的，謝謝你們提問。

Can you speak to the expectations for the cadence of data for the targeted radiotherapeutic portfolio and prioritization of further investment in BD and internal development. following that investment in the infrastructure in that segment.

您能否談談對標靶放射治療組合數據節奏的期望以及對 BD 和內部開發的進一步投資的優先順序。隨後對該領域的基礎設施進行了投資。

Thanks.

謝謝。

Yeah, from the, raised by portfolio perspective, of course, the phase III is already ongoing in (inaudible) net, and this is in the patient population that has already received prior due to era.

是的，從投資組合角度來看，第三階段已經在（聽不清楚）淨值中進行，這是在已經因時代而先前收到的患者群體中。

So it's and certainly the phase I data was very strong and we'll continue to look for not only the responsor.

因此，第一階段的數據確實非常強勁，我們將繼續尋找不僅僅是響應者。

But, of course, progression free survival is going to be important to continue to observe in this one, as we look to the readout in 2026.

但是，當然，當我們展望 2026 年的讀數時，無惡化存活期對於繼續觀察仍然很重要。

As you know that we are also exploring the activity of this drug in patients with small cell lung cancer in a Phase I study, and we recently started a breast cancer program as well.

如您所知，我們也在 I 期研究中探索這種藥物對小細胞肺癌患者的活性，而我們最近也啟動了一項乳癌計畫。

And from the portfolio perspective, we have, we're looking forward to initiation of our Phase I program for GPC3 as a new target.

從投資組合的角度來看，我們期待啟動以 GPC3 為新目標的第一階段計畫。

And then of course there's a pipeline behind it in the research space as well.

當然，在研究領域它背後也有一個管道。

And the only thing I would add is that we continue to be looking for opportunities to enhance the acquisition of Raise, we believe in this platform.

我唯一想補充的是，我們將繼續尋找機會加強對 Raise 的收購，我們相信這個平台。

And if it's appropriate and it makes sense for us, both financially and scientifically, we would consider business development as well.

如果它是合適的，並且對我們來說是有意義的，無論從財務角度還是科學角度，我們也會考慮業務發展。

Great.

偉大的。

Thanks, Chris.

謝謝，克里斯。

Operator, we'll take our last question, and then we'll turn it to Chris for some closing remarks.

接線員，我們將回答最後一個問題，然後請克里斯做一些結束語。

Alexandria Hammond, Wolfe Research.

亞歷山大‧哈蒙德，沃爾夫研究公司。

Thanks for squeezing me in.

謝謝你擠進我。

Just one on Bristol's long-term growth potential.

這只是布里斯託的長期成長潛力之一。

So the team has mentioned an unappreciation to the pipeline.

因此，團隊對管道表示不讚賞。

Can you imply the key assets you expect to drive revenue looking at the back end of the decade, maybe your favorite child or two?

您能否透露一下在未來十年內預計將推動收入成長的關鍵資產，也許是您最喜歡的一兩個孩子？

Thank you.

謝謝。

Well, listen, I'll take that one.

好吧，聽著，我就選這個。

We feel great about the pipeline.

我們對這條管道感到非常滿意。

We have a number of really exciting assets that are coming, we've spoken at length, obviously, about Cobenfy.

我們有許多真正令人興奮的資產即將面世，顯然，我們已經就 Cobenfy 進行了詳細的討論。

Clearly, we also are very excited about our CELMoD programs.

顯然，我們也對我們的 CELMoD 專案感到非常興奮。

We have multiple CELMoDs that we've spoken about today, Ibara and (inaudible), but we haven't spoken about (inaudible), that's a potentially very meaningful product in in lymphoma. (inaudible) important.

我們今天談到了多個 CELMoD，Ibara 和（聽不清楚），但我們還沒有談到（聽不清楚），這是治療淋巴瘤領域可能非常有意義的產品。 （聽不清楚）很重要。

So it's very difficult to pick a favorite child here whenever there's such a wealth of opportunity in the late-stage pipeline.

因此，當後期管道中存在如此豐富的機會時，很難挑選出最喜歡的孩子。

And we haven't even talked about the next wave of assets, which include some really exciting opportunities, including products like CD19, XT, ARLDD in prostate cancer as well as others.

我們甚至還沒有談論下一波資產，其中包括一些真正令人興奮的機會，包括前列腺癌中的 CD19、XT、ARLDD 等產品。

And by the way, I forgot to mention in the first wave of assets, LPA1, which is also a very fighting opportunity.

順便說一句，我忘了提到第一波資產，LPA1，這也是一個非常好的戰鬥機會。

So a plethora of potential catalysts that will be playing out over the next 24 months, and we look forward to seeing them then play out and going from there.

因此，大量潛在的催化劑將在未來 24 個月內發揮作用，我們期待看到它們發揮作用並繼續發展。

So I think with that, we'll close today's call.

所以我想我們今天的電話會議就到此結束了。

I appreciate everyone staying on.

我感謝大家留下來。

I know we went a bit long, but hopefully, we're able to get to virtually all of the questions.

我知道我們討論得有點長，但希望我們能夠解答幾乎所有的問題。

Let's take a step back and maybe summarize where we are.

讓我們回顧一下並總結一下我們所處的位置。

Our priorities as a company, hopefully, you've seen on this call are clear.

希望您在這次電話會議中能夠清楚地了解，作為一家公司，我們的首要任務是明確的。

We're focused on continuing to deliver very strong commercial execution and to deliver on the upcoming pipeline catalysts, some of which we just discussed.

我們專注於繼續提供非常強大的商業執行力，並實現即將推出的管道催化劑，其中一些我們剛剛討論過。

We're going to continue to have the ability to enhance value creation through business development and all the while maintaining strong financial flexibility.

我們將繼續有能力透過業務發展來提高價值創造，同時保持強大的財務靈活性。

As I look at 2024, we made very good progress and I want to recognize our colleagues for all the hard work that they had last year.

展望 2024 年，我們取得了非常好的進展，我要讚揚我們的同事們去年的辛勤工作。

We continue to take decisive action to further rightsize our cost structure and invest in future growth.

我們將繼續採取果斷行動，進一步優化我們的成本結構並投資於未來的成長。

We believe these are important next steps in continuing to execute on the multiyear journey that we're on.

我們相信，這些是我們繼續執行多年旅程的重要後續步驟。

And, of course, we remain committed to our overarching goal, which is to reshape BMS to deliver top-tier growth by the end of the decade and most importantly, generate attractive returns for shareholders.

當然，我們仍然致力於我們的總體目標，那就是重塑 BMS，以在十年末實現頂級成長，最重要的是，為股東創造可觀的回報。

So thanks again for tuning in today.

再次感謝您今天的收聽。

And as always, the team is available for follow-ups.

和往常一樣，團隊隨時準備提供後續服務。

And have a good rest of the week.

祝本週剩餘時間過得愉快。

Conference has now concluded.

會議現已結束。

Thank you for attending today's presentation, and you may now disconnect.

感謝您參加今天的演示，現在您可以斷開連接了。