施貴寶 (BMY) 2025 Q4 法說會逐字稿

Welcome to Bristol-Myers Squibb fourth quarter 2025 earnings conference call. (Operator Instructions) Please note, today's event is being recorded. I would now like to turn the conference over to Chuck Triano, Senior Vice President and Head of Investor Relations. Please go ahead.

歡迎參加百時美施貴寶2025年第四季財報電話會議。（操作說明）請注意，今天的活動正在錄製中。現在我將把會議交給資深副總裁兼投資者關係主管查克·特里亞諾。請繼續。

Thank you, and good morning, everyone. We appreciate you joining our fourth quarter 2025 earnings call. With me this morning with prepared remarks are Chris Boerner, our Board Chair and Chief Executive Officer; and David Elkins, our Chief Financial Officer.

謝謝大家，大家早安。感謝您參加我們2025年第四季財報電話會議。今天早上與我一起發表準備好的演講的有：我們的董事會主席兼首席執行官克里斯·博爾納；以及我們的首席財務官大衛·埃爾金斯。

Also participating in today's call is Adam Lenkowsky, our Chief Commercialization Officer; and Cristian Massacesi, our Chief Medical Officer and Head of Global Drug Development. Earlier this morning, we posted our quarterly slide presentation to bms.com that you can use to follow along with Chris and David's remarks.

參加今天電話會議的還有我們的首席商業化官 Adam Lenkowsky；以及我們的首席醫療官兼全球藥物開發負責人 Cristian Massacesi。今天早些時候，我們已將季度幻燈片簡報發佈到 bms.com，您可以利用該簡報來跟進 Chris 和 David 的發言。

Before we get started, I'll remind everybody that during this call, we will make statements about the company's future plans and prospects that constitute forward-looking statements. Actual results may differ materially from those indicated by those forward-looking statements as a result of various important factors, including those discussed in the company's SEC filings.

在正式開始之前，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發表一些前瞻性聲明。由於各種重要因素的影響，實際結果可能與這些前瞻性聲明所指出的結果有重大差異，這些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。

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日的估計，不應被視為代表我們對未來任何日期的估計。即使我們的估計發生變化，我們也沒有義務更新前瞻性聲明。

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

我們也將重點評論我們的非GAAP財務指標，這些指標經過調整，剔除了某些特定項目。某些非GAAP財務指標與最可比較GAAP指標的調節表可在bms.com上查閱。

Finally, unless otherwise stated, all comparisons are made from the same period in 2024 and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. All references to our P&L are on a non-GAAP basis.

最後，除非另有說明，所有比較均以 2024 年同期為基準，銷售成長率將以基本面為基礎進行討論，不包括外匯的影響。所有關於我們損益表的說明均基於非GAAP準則。

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

好了，現在我把麥克風交給克里斯。

Thanks, Chuck. Welcome, and thank you for joining us this morning. 2025 was a year of focused execution across the business. We believe our results further demonstrate the ongoing strength in our growth portfolio as we advance our multiyear plan to rewire BMS for long-term growth. These efforts enabled us to enter 2026 with good momentum.

謝謝你，查克。歡迎各位，感謝您今早蒞臨。 2025年是公司各部門集中精力執行策略的一年。我們相信，我們的業績進一步證明了我們成長型投資組合的持續強勁勢頭，同時我們也在推進多年計劃，對電池管理系統進行改造，以實現長期增長。這些努力使我們能夠以良好的勢頭進入2026年。

Let me start by highlighting our recent progress on slide 4. We closed the year with strong fourth quarter performance. Our growth portfolio grew 15% year-over-year in Q4 and 17% for the full year. In terms of building out breadth with newer products, Opdualag, Breyanzi and Camzyos each contributed over $1 billion in sales for the full year, while Reblozyl delivered over $2 billion.

首先，讓我重點介紹一下我們在投影片 4 中取得的最新進展。我們以強勁的第四季業績為這一年畫上了圓滿的句點。我們的成長型投資組合在第四季年增 15%，全年年增 17%。在拓展新產品市場方面，Opdualag、Breyanzi 和 Camzyos 全年銷售額均超過 10 億美元，而 Reblozyl 的銷售額超過 20 億美元。

These are differentiated durable products early in their life cycles with meaningful runway ahead that further strengthened the foundation for long-term growth. And on a full year basis, it is worth pointing out that despite a decline of roughly $4 billion in revenue from our legacy portfolio, the growth portfolio nearly offset all of that.

這些產品在其生命週期的早期階段就展現出差異化的耐用性，並具有相當長的發展空間，這進一步鞏固了其長期成長的基礎。從全年來看，值得指出的是，儘管我們的傳統業務組合收入下降了約 40 億美元，但成長業務組合幾乎完全抵消了這些損失。

Cobenfy and Qvantig also continued to progress well and in line with our expectations. With Cobenfy, we saw steady growth as we expanded access and deepened adoption across community and hospital settings. And we expect this steady growth to continue throughout the year. Qvantig continued to receive positive early feedback from users with improved practice efficiency and patient preferences as the main drivers. David will provide more detail on our portfolio's performance shortly.

Cobenfy 和 Qvantig 也持續穩定發展，符合我們的預期。隨著 Cobenfy 在社區和醫院環境中擴大應用範圍和加深採用，我們看到了穩定成長。我們預計這種穩定成長的勢頭將持續全年。Qvantig 持續收到用戶的正面早期回饋，其中提高實踐效率和改善患者偏好是主要驅動因素。David稍後將詳細介紹我們的投資組合表現。

Turning to recent clinical and regulatory highlights. In December, Breyanzi received FDA approval as the first and only CAR-T cell therapy for adults with relapsed or refractory marginal zone lymphoma. It is now approved across five cancer types strengthening its leadership position among CD19-directed CAR-Ts.

接下來，我們來看看近期臨床和監管的重點。12 月，Breyanzi 獲得 FDA 批准，成為首個也是目前唯一一個用於治療復發性或難治性邊緣區淋巴瘤成人患者的 CAR-T 細胞療法。目前該療法已獲準用於治療五種癌症類型，鞏固了其在 CD19 靶向 CAR-T 療法中的領先地位。

In December with our partners at BioNTech, we also shared the first global Phase II data for Pumitamig in locally advanced or metastatic triple-negative breast cancer. These data showed encouraging antitumor response and a manageable safety profile in both the first and second line treatment settings. Triple-negative breast cancer remains an aggressive disease where there is an urgent need for new treatment options.

12 月，我們也與 BioNTech 的合作夥伴分享了 Pumitamig 在局部晚期或轉移性三陰性乳癌中的首個全球 II 期數據。這些數據表明，無論是在一線治療或二線治療中，都具有令人鼓舞的抗腫瘤反應和可控制的安全性。三陰性乳癌仍然是一種侵襲性很強的疾病，迫切需要新的治療方案。

And within the overall Pumitamig development partnership, we recently announced three additional planned studies, resulting in eight registrational studies we expect to have underway by year-end. We are pleased to announce that two of these studies in non-small cell lung cancer are now initiating in unresectable Stage III disease and in first-line high PD-L1 expression.

在 Pumitamig 的整體開發合作中，我們最近宣布了三項額外的計劃研究，預計到年底將有八項註冊研究啟動。我們很高興地宣布，目前針對非小細胞肺癌的兩項研究正在啟動，分別針對不可切除的 III 期疾病和一線高 PD-L1 表達患者。

We also just posted details regarding our global Phase III study, break-free SSC for Zola-cel, our CD19 CAR-T, now initiating in patients with active systemic sclerosis. Finally, we very much look forward to the first oral day presentation for navlimetostat, a potential first-in-class PRMT5 inhibitor. This will be combination data in the pancreatic setting and will be showcased at the ESMO Targeted Anticancer Therapies conference next month.

我們還發布了有關我們全球 III 期研究的詳細信息，即針對 CD19 CAR-T 療法 Zola-cel 的無斷裂 SSC 研究，該研究目前正在針對活動性系統性硬化症患者啟動。最後，我們非常期待 navlimetostat 的首次口頭報告，navlimetostat 是潛在的首創 PRMT5 抑制劑。這將是胰臟疾病治療的綜合數據，並將於下個月在 ESMO 標靶抗癌療法大會上進行展示。

These milestones reinforce the momentum of our pipeline with more readouts to come this year, which I'll talk about on slide 5. As we shared last month, this is a data-rich period for BMS, which could drive the introduction of more than 10 new medicines and over 30 meaningful launch opportunities by 2030.

這些里程碑鞏固了我們產品線的發展勢頭，今年還將有更多成果公佈，我將在第 5 張投影片中詳細介紹。正如我們上個月分享的那樣，對於百時美施貴寶來說，這是一個數據豐富的時期，到 2030 年，這可能會推動 10 多種新藥的推出，以及 30 多個有意義的上市機會。

The increasing pace of pivotal readouts later this year will serve to better define the potential of our pipeline candidates. We are confident in our ability to deliver an attractive and durable growth profile heading into the next decade.

今年稍後關鍵性試驗結果公佈速度加快，將有助於更好地確定我們管線候選藥物的潛力。我們有信心在未來十年實現具有吸引力的、可持續的成長。

The breadth and depth of these opportunities is illustrated on this slide. This year alone, we expect to report top line registrational data for six potential new products, milvexian in both atrial fibrillation and secondary stroke prevention, admilparant, an idiopathic pulmonary fibrosis, iberdomide where we have already demonstrated a significant improvement in MRD negativity rates, mezigdomide and Arlo-cel in relapsed or refractory multiple myeloma and raise 101 in second line plus gap nets.

此投影片展示了這些機會的廣度和深度。光是今年，我們就預計將公佈六種潛在新產品的初步註冊數據，包括用於治療房顫和預防二級中風的 milvexian、用於治療特發性肺纖維化的 admilparant、我們已經證明其 MRD 陰性率顯著提高的 iberdomide、用於治療復發或難治性多發性骨髓瘤的 mezigdomide 和 Arlo-celsigdomide 的 mezigdomide 以及用於治療二線以上。

We also anticipate meaningful pivotal line extension readouts for Sotyktu in lupus and Cobenfy Alzheimer's disease psychosis. Most of these readouts will occur in the second half of the year, and we have more data readouts coming beyond 2026. Together, these represent an attractive set of near-term catalysts that can meaningfully enhance the long-term growth profile of our current growth portfolio.

我們也期待 Sotyktu 在狼瘡治療中以及 Cobenfy 在阿茲海默症精神病治療中取得有意義的關鍵性延伸試驗結果。大部分數據將在今年下半年公佈，2026 年以後我們將公佈更多數據。這些因素共同構成了一系列有吸引力的近期催化劑，可以顯著提升我們當前成長型投資組合的長期成長前景。

We communicated at the start of last year that getting the long-term right means executing well in the near and medium terms. As you can see from our results, we continue to deliver across the organization in 2025, maintaining this strong say-to-do ratio by consistently delivering on our commitments has now been embedded in our culture, and will continue to be core to how we operate.

我們在去年年初就已證明，要實現長期目標，就必須在短期和中期內做好執行工作。從我們的結果可以看出，2025 年我們繼續在整個組織內取得成果，透過持續履行承諾來保持強大的行動力，這種強大的言行比已經融入我們的文化，並將繼續成為我們營運的核心。

As you have seen in our financials, we delivered on our cost savings initiative in 2025, and we'll continue to expand the use of AI to help us move faster, operate leaner, and reinvest strategically in growth. Our financial strength continues to allow us to invest in our business and bring exciting science into the company through the pursuit of high return business development.

正如您從我們的財務報表中看到的，我們實現了 2025 年的成本節約計劃，我們將繼續擴大人工智慧的應用，以幫助我們更快地前進、更精簡地運營，並進行策略性再投資以促進成長。我們雄厚的財力使我們能夠繼續投資於我們的業務，並透過追求高回報的業務發展，將令人興奮的科學帶入公司。

Our North Star remains to deliver industry-leading sustainable growth into the 2030s and beyond. Now let me give you a high-level overview of our 2026 guidance on slide 6, and David will speak to it in more detail shortly.

我們始終以在 2030 年代及以後實現領先業界的可持續成長為目標。現在，我將在第 6 張投影片上簡要概述我們的 2026 年指導方針，David 稍後會更詳細地進行講解。

We currently anticipate 2026 revenue in the range of $46 million to $47.5 billion. This range reflects continued strong performance from our growth portfolio and a projected revenue decline for our legacy portfolio of between 12% and 16% given the ongoing LOE impacts.

我們目前預計 2026 年的營收將在 4,600 萬美元至 475 億美元之間。這一範圍反映了我們成長型投資組合的持續強勁表現，以及考慮到持續的營運支出影響，我們傳統投資組合的預期收入將下降 12% 至 16%。

Within the legacy portfolio, we project Eliquis growth this year to be in the range of 10% to 15%. This is driven by continued global demand growth and the recent price reduction which expands patient access and eliminates the associated inflation penalty.

在現有產品組合中，我們預計 Eliquis 今年的成長率為 10% 至 15%。這主要得益於全球需求的持續增長以及近期價格的下降，這擴大了患者的就醫途徑，並消除了相關的通貨膨脹影響。

We expect lower operating expenses compared to last year due to our ongoing cost savings program, and we expect adjusted diluted earnings per share of between $6.05 and $6.35.

由於我們持續推進成本節約計劃，預計營運費用將比去年有所下降，預計調整後稀釋每股收益將在 6.05 美元至 6.35 美元之間。

With that, I'll turn it over to David.

接下來，我將把麥克風交給大衛。

Thank you, Chris, and good morning, everyone. I will begin my review of our 2025 financial results, focusing on our fourth quarter performance. I will follow up with the introduction of our non-GAAP financial guidance for 2026, and some considerations to help you better understand our financial outlook for this year.

謝謝你，克里斯，大家早安。我將開始回顧我們 2025 年的財務業績，並專注於我們第四季的表現。接下來，我將介紹我們 2026 年的非 GAAP 財務指引，並提出一些建議，以幫助您更了解我們今年的財務前景。

We had very strong commercial and financial performance in 2025, marked by focused execution on driving top line growth and generating strong cash flow while strengthening our balance sheet and continue to manage our cost structure. We've entered 2026 in a position of strength with a solid foundation, which we can continue to build upon to deliver on our long-term growth strategy.

2025 年，我們取得了非常強勁的商業和財務業績，其特點是專注於推動營收成長和產生強勁的現金流，同時加強資產負債表並繼續管理成本結構。進入 2026 年，我們擁有了強大的實力和堅實的基礎，我們可以繼續在此基礎上發展，實現我們的長期成長策略。

Starting with slide 8. Total revenue in the fourth quarter was flat year-over-year at approximately $12.5 billion. Our growth portfolio continued its positive momentum with revenue increasing 15% to $7.4 billion, representing close to 60% of our total revenue in the quarter, key brands, including Reblozyl, Breyanzi, Camzyos and our [IO] portfolio all achieved significant growth and were further supported by our early launches of Cobenfy and Qvantig.

從第 8 張投影片開始。第四季總營收與去年同期持平，約 125 億美元。我們的成長型產品組合持續保持正面勢頭，營收成長 15% 至 74 億美元，佔本季總營收的近 60%。包括 Reblozyl、Breyanzi、Camzyos 和我們的 [IO] 產品組合在內的主要品牌均實現了顯著增長，並且 Cobenfy 和 Qvantig 的早期推出也進一步支持了這一增長。

Within the legacy portfolio, higher revenue from Eliquis was offset by continued impact of increased generic volumes across several other brands. All in, we are very pleased with the results in the fourth quarter and full year as our growth portfolio performance continues to reshape and redefine BMS as we strive to be one of the fastest-growing pharmaceutical companies into the next decade.

在原有產品組合中，Eliquis 帶來的更高收入被其他幾個品牌仿製藥銷售持續成長的影響所抵銷。總而言之，我們對第四季和全年的業績感到非常滿意，因為我們的成長組合表現不斷重塑和重新定義百時美施貴寶，我們努力成為未來十年成長最快的製藥公司之一。

Turning to product performance on slide 9, starting with oncology. OPDIVO again delivered solid growth in the fourth quarter, with revenue up 7% to nearly $2.7 billion. This was driven by new indications and continued share growth within the first-line non-small cell lung cancer setting.

接下來，我們將從第 9 張投影片開始討論產品效能，首先是腫瘤學方面。OPDIVO 第四季再次穩健成長，營收成長 7%，達到近 27 億美元。這主要得益於新的適應症以及第一線非小細胞肺癌治療領域市場份額的持續成長。

Qvantig launch continued to progress well with revenue of $133 million in the quarter. With Opdualag, we delivered another quarter of strong double-digit growth, driven by demand in the US, where it remains a standard of care in first-line melanoma.

Qvantig 的產品上市進展順利，本季營收達 1.33 億美元。憑藉 Opdualag，我們又實現了一個季度強勁的兩位數成長，這主要得益於美國市場的需求，Opdualag 在美國仍然是黑色素瘤一線治療的標準藥物。

Turning to Slide 10. Reblozyl delivered 21% growth with performance reflecting solid uptake across first and second line MDS-associated anemia patients. Over the past two years, we've delivered a very strong launch for Reblozyl.

翻到第10張投影片。Reblozyl 實現了 21% 的成長，其表現反映了一線和二線 MDS 相關貧血患者的良好接受度。過去兩年，我們為 Reblozyl 實現了非常強勁的上市。

In cell therapy, Breyanzi fourth quarter revenue continued to show impressive growth with revenue up 47%, driven by its desirable profile and continued strong demand across its approved indications. We continue to be encouraged by Breyanzi's growth prospects into 2026.

在細胞療法領域，Breyanzi 第四季度營收持續保持強勁成長勢頭，營收成長 47%，這得益於其理想的產品特性以及在其核准適應症範圍內持續強勁的需求。我們對 Breyanzi 到 2026 年的成長前景依然充滿信心。

Moving to cardiovascular on slide 11. Eliquis delivered nearly $3.5 billion in the fourth quarter revenue, an increase of 6%. This was driven by demand growth and market share gains with the US revenue increasing 4%.

第 11 張投影片將轉到心血管領域。Eliquis 第四季營收近 35 億美元，成長 6%。這主要得益於需求成長和市場佔有率提升，其中美國收入成長了 4%。

Turning to Camzyos. Revenue in the fourth quarter grew 57% to $353 million, benefiting from continued demand growth globally. In the US, we expanded the number of physicians who are prescribing the drug. And outside of the US, we have now launched in over 50 countries.

轉向Camzyos。第四季營收成長 57% 至 3.53 億美元，受益於全球需求的持續成長。在美國，我們擴大了開立該藥物處方的醫生人數。除美國以外，我們目前已在超過 50 個國家推出服務。

Now moving to immunology. Global revenue of Sotyktu to grew 3%. We look forward to our upcoming PDUFA date for psoriatic arthritis and our Phase III readouts for lupus and [shogren's] disease. I will wrap up by reviewing our product performance for the quarter on slide 12 with neuroscience.

現在轉到免疫學領域。Sotyktu的全球營收成長了3%。我們期待即將到來的銀屑病關節炎 PDUFA 日期，以及狼瘡和 [肖格倫氏病] III 期臨床試驗結果。最後，我將在第 12 張投影片上回顧我們本季的產品表現，重點介紹神經科學。

Cobenfy fee revenue in the fourth quarter was $51 million, with continued steady uptake among prescribers and patients. Cobenfy uptake has surpassed all schizophrenia comparators and relevant analogs in the first year of launch, and we continue to expect steady growth throughout the year.

Cobenfy 在第四季費用收入為 5,100 萬美元，處方醫生和患者的使用量持續穩定成長。Cobenfy 在上市第一年就超過了所有精神分裂症對照藥物和相關類似藥物，我們預計全年將持續穩定成長。

Let's move to the P&L on slide 13. As expected, gross margin declined 210 basis points in the fourth quarter to 71.9%, driven primarily by product mix, notably Eliquis and Revlimid. Regarding our operating expenses, we made significant progress during 2025 against our $2 billion strategic productivity initiative. As of the end of the fourth quarter, we delivered on a target of approximately $1 billion in savings in 2025 and are on track to realize the remaining $1 billion over 2026 and 2027.

讓我們來看看第 13 頁的損益表。正如預期的那樣，第四季度毛利率下降了 210 個基點至 71.9%，主要原因是產品組合，特別是 Eliquis 和 Revlimid。在營運支出方面，我們在 2025 年實現了 20 億美元的策略生產力提升目標，並取得了顯著進展。截至第四季末，我們已實現 2025 年節省約 10 億美元的目標，並預計在 2026 年和 2027 年實現剩餘的 10 億美元。

Excluding in-process R&D, operating expenses for the full year were $16.6 billion, a decrease of $1.2 billion from 2024. This reflects our ongoing cost savings program, partially offset by continued investment behind growth initiatives.

不計正在進行的研發，全年營運支出為 166 億美元，比 2024 年減少了 12 億美元。這反映了我們正在實施的成本節約計劃，但部分被對成長計劃的持續投資所抵消。

Our effective tax rate in the quarter was 22.1% and compared to 19.9% in the prior year, with the effective tax rate in 2025, reflecting the onetime nontax deductible in-process R&D charge related to the [Orbital] acquisition.

本季實際稅率為 22.1%，而上年同期為 19.9%。 2025 年的實際稅率反映了與 [Orbital] 收購相關的一次性不可抵扣的在研研發費用。

Overall, diluted earnings per share were $1.26 for the quarter. And full year diluted earnings per share came in at $6.15 and both include a net charge related to in-process R&D and licensing income, which totaled $0.60 per share in the quarter and $1.40 for the full year.

本季稀釋後每股收益為 1.26 美元。全年稀釋後每股收益為 6.15 美元，其中兩項均包含與在研研發和許可收入相關的淨費用，該費用在本季度為每股 0.60 美元，全年為每股 1.40 美元。

Now turning to the balance sheet and capital allocation highlights on slide 14. Our financial position remained strong with approximately $11 billion in cash equivalents and marketable securities as of December 31, 2025.

現在來看看第 14 頁的資產負債表和資本配置要點。截至 2025 年 12 月 31 日，我們的財務狀況依然穩健，擁有約 110 億美元的現金等價物和有價證券。

We completed our targeted $10 billion of debt paydown ahead of schedule and generated strong cash flow from operations of approximately $2 billion in the fourth quarter. In terms of capital allocation, we continue to ensure we employ a strategic and balanced approach. Business development remains a top priority, while also returning cash to shareholders through our commitment to the dividend.

我們提前完成了100億美元的既定債務償還目標，並在第四季實現了約20億美元的強勁經營現金流。在資本配置方面，我們將繼續確保採取策略性和平衡性的方法。業務發展仍然是重中之重，同時我們也透過對股利的承諾，為股東帶來現金回報。

Now let me walk you through our non-GAAP 2026 guidance on slide 15, starting with revenue. As Chris mentioned earlier, we estimate revenue to be between $46 million and $47.5 billion in 2026. We expect our gross margin to be between 69% to 70%. This reflects the impact of product mix, notably the combination of higher Eliquis and lower Revlimid and Pomalyst revenue.

現在讓我帶您了解我們在第 15 頁發布的 2026 年非 GAAP 指引，首先從收入說起。正如克里斯之前提到的，我們預計 2026 年的收入將在 4,600 萬美元至 475 億美元之間。我們預計毛利率將在 69% 到 70% 之間。這反映了產品組合的影響，特別是 Eliquis 收入較高而 Revlimid 和 Pomalyst 收入較低。

We expect total operating expenses to decline from 2025 levels to approximately $16.3 billion. Our cost savings program has provided us with the flexibility to increase commercial investment where appropriate and to support newer development programs, such as our partnership on Pumitamig and our Orbital Therapeutics program. Even with these investments, we expect to reduce costs year-over-year.

我們預計總營運支出將從 2025 年的水準下降至約 163 億美元。我們的成本節約計畫使我們能夠靈活地在適當的時候增加商業投資，並支持新的開發項目，例如我們與 Pumitamig 的合作以及我們的 Orbital Therapeutics 項目。即使進行了這些投資，我們預計成本仍將逐年降低。

We are expecting our OI&E expense of approximately $700 million, which reflects the expiry of our royalty-bearing license of diabetes products at the end of 2025. We expect to maintain our tax rate of approximately 18%. Considering these factors, we expect to deliver non-GAAP earnings per share in the range of $6.05 to $6.35.

我們預計營運支出和費用約為 7 億美元，這反映了我們糖尿病產品的特許權使用費許可將於 2025 年底到期。我們預計將維持約 18% 的稅率。考慮到這些因素，我們預計非GAAP每股盈餘將在6.05美元至6.35美元之間。

Before closing, let me provide some insight regarding our expected quarterly progression of revenue for 2026. As it relates to quarterly phasing, we expect our typical sequential revenue decrease in the first quarter due to the seasonal inventory destocking we see each year following the build in the fourth quarter. And two points on Eliquis.

在結束之前，我想就我們預計 2026 年的季度營收成長提供一些見解。就季度分階段而言，由於每年第四季度產能提升後都會出現的季節性庫存去庫存，我們預計第一季的收入將出現典型的環比下降。關於艾來奎斯還有兩點要說明。

First, we anticipate that the second half revenue will trend higher than the first half of the year. And second, in terms of Eliquis specific updated guidance, we currently expect 2027 Eliquis sales compared to 2026 and to show a step down in the range of $1.5 billion to $2 billion, which is broadly consistent with analysts' existing estimates.

首先，我們預計下半年的營收將高於上半年。其次，就 Eliquis 的具體更新指引而言，我們目前預計 2027 年 Eliquis 的銷售額將比 2026 年下降 15 億美元至 20 億美元，這與分析師目前的估計基本一致。

In closing, our strong performance in 2025 demonstrated our confidence in our ability to deliver long-term value for our patients and shareholders. We remain focused on executing our growth strategy, advancing our pipeline and optimizing our cost structure. We look forward to updating you on multiple data readouts this year.

最後，我們2025年的強勁表現證明了我們有信心為病患和股東創造長期價值。我們將繼續專注於執行成長策略、推進產品線開發和優化成本結構。我們期待今年能向您報告多份數據解讀結果。

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

接下來，我將把電話交還給查克，讓他回答問題。

(Operator Instructions) Seamus Fernandez, Guggenheim Securities.

（操作員說明）Seamus Fernandez，古根漢證券。

Great. Congrats on the good quarter and the guide. Now that we're past the guidance, this is a question for the overall team, but it's been a long time since we've seen as an overall analyst community a series of Phase III pivotal catalysts that Bristol has ahead of it in 2026. Chris, I know you counted six There may be, in addition to that, potential benefits from royalty agreements around sotatercept and [cadence].

偉大的。恭喜你們季度業績出色，也恭喜你們發布了業績指南。既然我們已經過了指導階段，這個問題應該由整個團隊來回答，但作為一個整體的分析師群體，我們已經很久沒有看到像百時美施貴寶在 2026 年推出的一系列 III 期關鍵催化劑了。克里斯，我知道你數了六次。除此之外，可能還會從與索他塞普相關的特許權使用費協議中獲得潛在利益。[節奏]。

Just wondering if you could help us position the areas that you see the most kind of relative upside the CELMoDs are obviously something that Bristol has been working on for a very long time, and we're just on the cusp of seeing the material data we've got milvexian and a very different approach that Bristol took to dosing and a recent publication that plays along those lines to sort of explain that.

我想知道您是否可以幫我們確定您認為最有相對成長潛力的領域。 CELMoDs 顯然是布里斯託大學長期以來一直在研究的領域，我們即將看到相關的材料數據。我們掌握了 Milvexian 的數據，布里斯託大學在劑量控制方面採取了非常不同的方法，最近發表的一篇論文也與此相關，可以解釋這一點。

Admilparant, I think is an underappreciated story that was maybe negatively impacted by comparisons to a competitor asset. There's just a whole host of opportunities here that we see in the overall story this year. Hoping you might be able to help position some of those for us as we move through the balance of the year?

我認為 Admilparant 的故事被低估了，它可能受到了與競爭對手資產比較的負面影響。今年整體來看，這裡蘊藏著許多機會。希望您能在今年剩下的時間裡，幫助我們安排好其中的一些事項？

Thanks for the question, Seamus. And I agree with the overall sentiment and maybe I will start and then I'll turn it over to Cristian and Adam and they can provide their perspectives. I think that when we look at what's particularly exciting for this year, I would highlight a few things. First of all, we've got good growth just in the products that we have on the market today, and I think that growth is going to continue into this year.

謝謝你的提問，西莫斯。我同意大家的整體看法，也許我會先開始，然後把麥克風交給克里斯蒂安和亞當，讓他們發表自己的看法。我認為，展望今年最令人興奮的事情，有幾點值得重點提及。首先，我們目前在售的產品就取得了良好的成長，我認為這種成長勢頭將在今年繼續保持。

As you know, we have a slew of data readouts coming this year now just a few months away for six products. And when you look at the actual number of Phase IIIs, we could have over 10 Phase III data readouts this year alone with more coming in '27 and then another big slew of them coming in 2028.

如您所知，今年我們將發布一系列數據讀數，涉及六款產品，距離發布僅剩幾個月。如果看看實際的 III 期臨床試驗數量，光是今年我們就可能有超過 10 個 III 期臨床試驗的數據公佈，2027 年還會有更多，2028 年還會有另一批。

The things that I think stand out for me, you've already mentioned them actually, the CELMoDs program is beginning to bear fruit. We've already demonstrated PFS data for iberdomide. We'll see follow-up data on that with PFS this year. We've got admilparant data coming. We've got the milvexian data, and I agree also with your assessment of that where I think we'll see the SSP data from a competitor today.

我覺得最突出的幾點，其實你已經提到過了，CELMoDs 計畫開始有成果了。我們已經展示了伊貝多米德的無惡化存活期數據。今年我們將看到 PFS 的後續數據。我們即將收到相關數據。我們已經獲得了 milvexian 的數據，我也同意你對它的評估，我認為我們今天會看到來自競爭對手的 SSP 數據。

But as I look at our profile, I think we have the potential to be best in class there. And of course, in AFib, we have the potential to be the only Factor XI oral therapy there, which is obviously a big opportunity. But maybe I'll ask Cristian and Adam to quickly add anything to that.

但從我們的概況來看，我認為我們有潛力成為同類最佳。當然，在心房顫動領域，我們有可能成為唯一一種口服 XI 因子療法，這顯然是一個巨大的機會。不過，我或許可以請 Cristian 和 Adam 來補充一些內容。

So thank you, Chris. Thank you, Seamus, for the question. Let me go a little bit more on the technical side because as you said, we have a very data-rich year with 10 -- at least 10 pivotal readouts. I like to cluster them also in terms of therapeutic areas.

所以，謝謝你，克里斯。謝謝你的提問，西莫斯。讓我再從技術方面多談一點，因為正如您所說，我們今年的數據非常豐富，至少有 10 個關鍵讀數。我喜歡按治療領域將它們分類。

In hematology, I think you mentioned [EXCALIBER Mezigdomide], we will have the PFS. MRD is already readout positive. We've shared the data because, of course, the PFS was coming, we wanted to preserve the integrity of the study. But we are very confident that what we have seen in MRD can translate and benefit in PFS. We will have the second sell motor readout [messi].

在血液學方面，我想你提到了[EXCALIBER Mezigdomide]，我們將有 PFS。MRD檢測結果已呈現陽性。我們分享了這些數據，因為 PFS 結果即將公佈，我們希望保持研究的完整性。但我們非常有信心，我們在 MRD 中觀察到的結果可以轉化並應用於 PFS 中，使患者受益。我們將獲得第二個銷售馬達讀數[梅西]

And this is an add-on study. We had a [messi] on top of KD -- versus KD. So considering the level of activity we have seen with this drug, I am confident on the first readout with the second cell model, a very potent drug.

這是一項附加研究。我們當時有梅西在KD之上——對上KD。考慮到我們已經觀察到的這種藥物的活性水平，我對第二個細胞模型的第一次讀數很有信心，這是一種非常有效的藥物。

And then we have also Arlo-cel. Arlo-cel is a Phase II registrational study, the Phase III is ongoing in myeloma in patients post [BCMA], a GPRC5D CAR T. This is an entry with another CAR T, that is very, very relevant for us. So myeloma very rich, I am very, very confident in what we have seen so far and what I'm expecting.

此外，我們還有 Arlo-cel。Arlo-cel 是一項 II 期註冊研究，目前正在進行 III 期臨床試驗，研究對象為接受 [BCMA] 治療後出現多發性骨髓瘤的患者，它是一種 GPRC5D CAR-T 療法。這是另一種 CAR-T 療法，對我們來說非常非常重要。所以，骨髓瘤的發生率非常高，我對目前為止我們所看到的東西以及我所預期的都非常有信心。

Then we go into, as you said, admilparant, I'm very happy because what I have seen is a Phase III conducting and enrolling patients that are very similar to what we have seen in Phase II. And you remember, in Phase II, we had a very good reduction of the risk of decline of [FVC], 60% in IPF and more than 70% in PPS.

然後，正如你所說，admilparant，我非常高興，因為我看到的是 III 期臨床試驗正在進行，招募的患者與我們在 II 期臨床試驗中看到的患者非常相似。您還記得嗎，在第二階段，我們大大降低了[FVC]下降的風險，IPF 患者降低了 60%，PPS 患者降低了 70% 以上。

So IPF is coming this year. PPS is closer, actually, will be very, very closer compared what we guided before. So this is very exciting, very high medical need. Milvexian, think Chris already spoke about stroke has already been derisking my view from the data we will see in a few hours. There is no reason to believe that we will have a different better outcome. And the AI, the confidence is all there. Then I would not underestimate our ADEPT program. The ADEPT program is coming by the end of the year, as we guided, we are on track.

所以IPF今年就要來了。PPS 實際上更接近，而且會比我們之前指導的目標更接近。所以這非常令人振奮，醫療需求非常高。Milvexian，我認為Chris已經談到了中風，這已經降低了我的觀點，我們將在幾個小時後看到相關數據。沒有理由相信我們會得到一個更好的結果。人工智慧方面，信心十足。那我就不會低估我們的 ADEPT 專案了。ADEPT 計畫將於年底前推出，正如我們之前所指導的那樣，我們正按計劃進行。

All of this is moving at pace. So as you said, four different therapeutic areas where we'll have a major readout and these are very transformative regimen. Adam, do you want to?

這一切都在快速發展。正如你所說，我們將在四個不同的治療領域中獲得重要的結果，這些都是非常具有變革性的治療方案。亞當，你願意嗎？

No, I think, Cristian, you covered it extremely well. So why don't we go through the next question.

不，我覺得，克里斯蒂安，你已經解釋得非常好了。那麼，我們來看看下一個問題吧。

Chris Schatt, JPMorgan. Please go ahead.

克里斯沙烏地，摩根大通。請繼續。

Great, thanks very much. Just two for me. First just elaborate on Eliquis dynamics for 2026 contributing to growth this year? And then maybe just a bigger picture one on business development priorities. Just to elaborate a little bit more in terms of your focus right now, is this more on deepening presence in existing therapeutic areas or maybe pursuing more Karuna like kind of expansions into new spaces?

太好了，非常感謝。我只有兩個。首先請詳細說明 Eliquis 在 2026 年的發展動態，以及這些動態如何促進今年的成長？然後或許可以從更宏觀的角度來探討一下業務發展重點。為了更詳細地說明您目前的關注點，您是更傾向於加深在現有治療領域的存在感，還是更傾向於像卡魯那（Karuna）那樣拓展到新的領域？

And maybe as part of that, I know, as you just highlighted, you've got a lot of important readouts coming this year. Should we think about Bristol waiting to see how these programs pan out and that might help guide where you want to go with BD? Or is that not a rate limiter for the company? Thank you.

我知道，正如你剛才強調的，今年有許多重要的數據公佈，這或許也是其中的一部分。我們是否應該考慮布里斯托爾，先看看這些專案進展如何，這或許能幫助你決定未來在 BD 領域的發展方向？或者說，這並非公司的速限措施？謝謝。

Thanks for the question, Chris. I will start on the BD question. I'll turn it over to Adam. So, as was said earlier, BD continues to be a top priority, as you well know, we have always sourced innovation both internally and externally, and the good news here is that.

謝謝你的提問，克里斯。我先從BD問題開始。我把它交給亞當。所以，正如之前所說，業務拓展仍然是重中之重，正如您所知，我們一直以來都在內部和外部尋求創新，而好消息是…

We're in a very strong position as you allude to with the late stage pipeline. We don't need to chase deals. That said, we're going to continue to be looking out for opportunities to add strength and depth to our portfolio in terms of the opportunities we're looking for.

正如您所提到的，我們在後期研發管線方面處於非常有利的地位。我們不需要刻意去追求交易。也就是說，我們將繼續尋找機會，以增強我們投資組合的實力和深度，滿足我們的需求。

We've got a lot of opportunity to continue to build depth across each of our therapeutic areas. So if an opportunity is in an area that we know well scientifically where we can add clinical or commercial value and ultimately deliver that value to patients, the company, and shareholders, we obviously have the financial ability and the muscle to execute and so that's generally how we'll be approaching BD this year and timing wise, I think that obviously we're going to be opportunistic, Adam.

我們有很多機會繼續深化各個治療領域的實力。因此，如果某個機會出現在我們科學上非常了解的領域，我們可以增加臨床或商業價值，並最終為患者、公司和股東帶來價值，那麼我們顯然有財力和實力去執行，所以這大致就是我們今年開展業務拓展的方式。至於時機，我認為我們顯然會抓住機會，亞當。

Yes, Chris, thanks for the question. Let me start by saying that we continue to see strong performance with Eliquis, and this performance will continue throughout 2026. We have approximately 75% [NRX] share in the US, and we will continue to grow that.

是的，克里斯，謝謝你的提問。首先我想說的是，Eliquis 的表現一直非常強勁，而且這種強勁勢頭將持續到 2026 年。我們在美國擁有約 75% 的 [NRX] 市場份額，我們將繼續擴大這一份額。

Now the broader pricing dynamics starting this year for Eliquis was the impetus for us to reevaluate our pricing strategy. And of course, there's some pushes and pulls. Recall the IRA price was effectuated January 1, and this includes the removal of the Medicare Part D liability both in the initiation and in the catastrophic phase.

今年以來，Eliquis 的整體定價動態促使我們重新評估我們的定價策略。當然，其中也存在著一些拉鋸戰。請記住，IRA 價格已於 1 月 1 日生效，其中包括在啟動階段和災難階段取消 Medicare Part D 負債。

We also finalized our $0 Medicaid agreement with administration. And we took a step back and were able to reassess our commercial contracting strategy as well. The roughly 40% WACC reduction eliminates the inflationary penalties or CPI penalties of statutory rebates that have been accumulating over many years for the brand. And taken together, the continued increase in Eliquis market share in the United States, coupled with these net pricing changes, they can enable Eliquis to be an important driver of growth this year.

我們也與政府部門敲定了零美元醫療補助協議。我們也退後一步，重新評估了我們的商業合約策略。加權平均資本成本降低約 40%，消除了該品牌多年來因法定退稅而累積的通貨膨脹懲罰或消費者物價指數懲罰。綜上所述，Eliquis 在美國市場佔有率的持續成長，加上這些淨價格變化，可能使 Eliquis 成為今年成長的重要驅動力。

Michael Leuchten, UBS

瑞銀集團 Michael Leuchten

Great, thank you. Two questions, one on milvexian and AFib. Previously, you've suggested that there are lower blinded safety event rates bleeding, particularly. Can you just remind us how often that study is looked at and whether that generally continues with [DSMB] safety looks across the blended rates into 2026 here and how you feel about that?

太好了，謝謝。兩個問題，一個關於米爾維斯和心房顫動。先前您曾指出，出血等盲法安全事件發生率較低。您能否提醒我們一下，這項研究多久會進行一次審查，以及[DSMB]是否會繼續對2026年之前的混合比率進行安全性審查，您對此有何看法？

And then second, just following up on the BD question. I know that you obviously want to focus on key strength areas is metabolic obesity a fair question or a fair area that investors should be understanding of? And is that still an area that actually you would engage in. Thank you.

其次，我想就 BD 問題做個後續說明。我知道您顯然想專注於關鍵優勢領域，那麼代謝性肥胖是一個合理的問題嗎？或者說，這是一個投資人應該了解的領域嗎？那仍然是你會涉足的領域嗎？謝謝。

Thanks for the questions. Let me start with metabolics and then I'll turn it over to Cristian. Look, metabolics is obviously an exciting area. You've seen it this week. We continue to pay attention to the evolution of that market and of course, the science.

謝謝大家的提問。我先講講代謝方面的內容，然後把話題交給克里斯蒂安。你看，代謝學顯然是一個令人興奮的領域。這週你已經看到了。我們將繼續關注該市場的發展，當然還有相關的科學研究。

That said, we're really looking at opportunities to build breadth and depth in our existing therapeutic areas. These are areas we obviously know well. We can assess the science and commercial opportunities, which is significantly important particularly as we think more broadly. And it's also an area of the areas that we can best add value from a patient, company and shareholder standpoint. So that's our primary focus.

也就是說，我們正在積極尋求機會，以擴大和深化我們現有的治療領域。這些都是我們非常熟悉的領域。我們可以評估科學和商業機會，這非常重要，尤其是在我們進行更廣泛的思考時。而且，從患者、公司和股東的角度來看，這也是我們能夠最大限度地創造價值的領域之一。所以這是我們的主要關注點。

Cristian?

克里斯蒂安？

Thank you, Michael, for the question. As you know, we completed the enrollment in Librexia atrial fibrillation study. We have more than 20,000 patients, and we well passed the point for instance, in which Librexia trial fibrillation study was terminated by the DMC because of lack of efficacy. And as you said, the DMC regularly continue to endorse the tire progression, and this happened also very recently.

謝謝你的提問，麥可。如你所知，我們已經完成了利布瑞西亞心房顫動研究的受試者招募工作。我們有超過 20,000 名患者，而且我們早已過了像 Librexia 治療心房顫動試驗那樣因療效不足而被 DMC 終止的階段。正如你所說，DMC 一直持續認可輪胎的改進，而這種情況最近也發生了。

They check efficacy and safety. We remain blinded to the study. What I can tell you is that recently, and there is a lot of data that tell us what the bleeding rates with us is. And in an API study is a [Sotyktu] milvexian and Eliquis.

他們會檢查療效和安全性。我們對這項研究毫不知情。我可以告訴你們的是，最近有很多數據告訴我們這裡的出血率是多少。在 API 研究中，有 [Sotyktu] milvexian 和 Eliquis。

And we remain blinded, but what thesis telling us and what we see in a blinded fashion in terms of bleeding base, give us confidence that we are still very much on target to achieve the benefit that we hope showing that Eliquis and milvexian are similar in terms of efficacy, but that Milvexian can bring a benefit in reducing importantly the bleeding risks, major bleeding risk is also no major clinical elevating risks.

我們仍然處於盲法狀態，但根據論文所述以及我們在盲法下觀察到的出血情況，我們有信心我們仍然能夠實現我們所希望的益處，這表明 Eliquis 和 milvexian 在療效方面相似，但 Milvexian 可以顯著降低出血風險，而且大出血風險也不會造成嚴重的臨床風險升高。

These -- we are fully on track on this and the study is coming this year.

這些——我們在這方面進展順利，相關研究將於今年完成。

Courtney Breen, Bernstein.

Courtney Breen，Bernstein。

Hi guys, thanks so much for taking the question today. I just wanted to double click on Eliquis question as well as on cost savings in '26. I know your intention is to take more cost savings in the '26 period. And so it would be great if you can kind of perhaps characterize those relative to what you're able to achieve through the year 2025.

大家好，非常感謝你們今天回答這個問題。我只是想雙擊查看 Eliquis 的問題以及 '26 年的成本節約情況。我知道你們的目的是在 2026 年期間節省更多成本。所以，如果您能將這些與您在 2025 年之前能夠取得的成就聯繫起來進行描述，那就太好了。

And then on Eliquis, thanks for giving the details around kind of some of those 2026 dynamics. I think you made some additional comments on that '26 to '27 transition of $1.5 billion to $2 billion started to step down.

關於 Eliquis，感謝您詳細介紹了 2026 年的一些動態。我認為你對 2026 年至 2027 年 15 億美元至 20 億美元的過渡期開始逐步減少發表了一些補充評論。

Can you just help us understand kind of what is driving that primary change at that moment in time relative to this new baseline on pricing that we've just spoken through now. Thank you so much.

您能否幫助我們理解一下，相對於我們剛才討論的新定價基準，目前是什麼因素導致了這種主要的變化？太感謝了。

Thanks for the question, Courtney. I'll ask David to take hold and go from there.

謝謝你的提問，考特尼。我會請大衛接手，然後從那裡開始。

Yeah, so on the cost savings program, as you saw this year, we made really great progress against the $2 billion strategic productivity in the shift, achieving over $1 billion of that. And sitting here today, we got really solid line of sight into the additional $1 billion, which will be spread over '26 and '27.

是的，正如你今年所看到的，在成本節約計畫方面，我們在實現 20 億美元的戰略生產力轉型目標方面取得了非常大的進展，已經實現了超過 10 億美元。今天，我們已經非常清楚地看到了額外的 10 億美元的前景，這筆資金將在 2026 年和 2027 年分期到位。

So you'll continue to see a step down in our expense base. What I'd also say is it's also enabled us to reinvest in growth drivers, some of investments we did last year with Cobenfy as well as Camzyos but also with a couple of the deals that we did with [Orbital] Therapeutics as well as minima, we'll be annualizing those costs here in '26, and we're still reducing our cost base as a result of that.

因此，您將會看到我們的支出基數持續下降。我還想說的是，這也使我們能夠重新投資於成長驅動因素，例如我們去年對 Cobenfy 和 Camzyos 進行的一些投資，以及我們與 [Orbital] Therapeutics 和 minima 達成的幾筆交易，我們將在 2026 年將這些成本計入年度，並且我們仍在因此降低成本基礎。

Adam, do you want to just hit on Eliquis dynamics this year and then you and David can speak to '26 to '27.

Adam，你今年想只談談 Eliquis 的動態，然後你和 David 可以談談 2026 年到 2027 年的情況嗎？

Yeah. So I spoke about the Eliquis dynamics, as Courtney said, around the pricing changes that took place effective January 1, including the removal of the Medicare Part D liability and the 40% WACC reduction. So we wanted to guide against the 2026. David will talk about our decision not to guide for 2027, which had started Chris initially became CEO in a decision not to provide longer-term guidance. And David, do you want to expound?

是的。正如 Courtney 所說，我談到了 Eliquis 的動態，圍繞著 1 月 1 日生效的價格變化，包括取消 Medicare Part D 的責任和 40% 的 WACC 降低。所以我們希望引導人們遠離 2026 年。David 將談到我們不提供 2027 年績效指引的決定，這項決定始於 Chris 最初擔任 CEO 時做出的不提供長期績效指引的決定。大衛，你想詳細闡述嗎？

Yeah, Courtney. And thanks for your question. If you remember back in August 2024 when the irate came out, there's a lot of questions about what that impact was. So we provided guidance at that point in time. We thought it was important just to update you on that '27.

是的，考特尼。感謝你的提問。如果你還記得 2024 年 8 月那場風波爆發的時候，就會明白這場風波的影響究竟有多大，有很多疑問。所以當時我們提供了指導。我們認為有必要向您報告 27 年的情況。

So what we said this year is that we expect Eliquis to grow 10%, 15%. And as you think about next year in my prepared remarks, I said that you should expect a similar step down about $1.5 billion to $2 billion from '26 to '27, which is consistent with the step-down consensus as now. So hopefully, that's helpful.

所以我們今年預計 Eliquis 將成長 10% 到 15%。在我事先準備好的發言中，我曾說過，預計2026年至2027年將出現類似的下滑，幅度約為15億至20億美元，這與目前的下滑共識相符。希望這能有所幫助。

Yeah, And Courtney, just a reminder, Chuck here. Remember, the EU patents largely expire late in '26. So that's going to be a factor in '27 that we'll see as well in terms of driving the step down.

是的，還有 Courtney，提醒一下，我是 Chuck。請記住，歐盟專利大多在 2026 年底到期。所以，這也會是 2027 年我們將看到的推動降級的因素。

Mohit Bansal, Wells Fargo.

莫希特·班薩爾，富國銀行。

Great. Thank you very much for taking my question. I have a question on LPA1. So from the feedback we have received from some KOLs is that the toxicity burden that is associated with the existing standard of care. Combo therapy may be reserved for more severe patients and for the widespread use of LPA1 monotherapy, patients may still want to see some kind of efficacy benefit over existing therapies here.

偉大的。非常感謝您回答我的問題。我有一個關於LPA1的問題。從一些關鍵意見領袖那裡得到的回饋是，現有標準治療方案存在毒性負擔。聯合療法可能適用於病情較重的患者，而對於廣泛使用的 LPA1 單藥療法，患者可能仍希望看到其療效優於現有療法。

I don't know how you are thinking about it but would love to get your thoughts on like what it takes for a new therapy like LPA1 to become a new steroid either as a monotherapy or a combo therapy in this space. Thanks.

我不知道你是怎麼想的，但我很想聽聽你對LPA1這種新療法如何才能成為該領域新的類固醇（無論是作為單一療法還是聯合療法）的看法。謝謝。

Thanks for the question, Mohit. Adam?

謝謝你的提問，莫希特。亞當？

Thanks for the question. Mohit, thanks for the question. So IPF and PPF are progressive pulmonary diseases and prognosis for these diseases is not dissimilar to what we see with some metastatic cancer diagnosis. In fact, there's less than 50%, five-year overall survival rate. So there's a significant need for newer therapies that provide greater efficacy and tolerability.

謝謝你的提問。莫希特，謝謝你的提問。因此，IPF 和 PPF 都是進行性肺部疾病，這些疾病的預後與某些轉移性癌症的診斷預後並無太大差異。事實上，五年總存活率不到50%。因此，迫切需要療效更高、耐受性更好的新療法。

What we're excited about with admilparant, which is our LPA1 is that this is a potential first-in-class product that we believe could redefine the standard of care in pulmonary fibrosis, offering improved efficacy and improved tolerability profile. Remember, no product works by slowing the progression and could actually potentially halt the progression of disease.

我們對 admilparant（即我們的 LPA1）感到興奮的原因在於，它是一款潛在的首創產品，我們相信它能夠重新定義肺纖維化的治療標準，提供更高的療效和更好的耐受性。請記住，沒有任何產品能夠透過減緩疾病進展來發揮作用，並有可能真正阻止疾病的進展。

And we look at the adverse event profile, we're seeing low rates of GI tolerability, which has been a real challenge for some of the older therapies as well as some of the newer therapies that have recently introduced to the market to help manage their disease. In fact, about 50% of patients abandoned treatment by 12 months.

我們觀察不良事件概況，發現胃腸道耐受性較低，這對於一些較老的療法以及一些最近上市的新療法來說都是一個真正的挑戰，這些新療法旨在幫助控制他們的疾病。事實上，約有 50% 的患者在 12 個月內放棄了治療。

We've also seen some newer agents have some formulations that may limit uptake. So we would expect to see admilparant used in combination of -- and as a monotherapy similar to how we're studying the drug and we really look forward to the data readout in the second half of this year.

我們也發現一些新型藥物的某些配方可能會限制其吸收。因此，我們預計將看到 admilparant 與其他藥物聯合使用，以及作為單一療法，就像我們正在研究這種藥物一樣，我們非常期待今年下半年的數據公佈。

Terence Flynn, Morgan Stanley.

Terence Flynn，摩根士丹利。

Hi, thanks so much for taking the question. I just had two. One is just on the milvexian AFib study, Cristian, wondering if you can speak to what you view as a clinically meaningful delta versus Eliquis, that would be enough to support broader payer coverage there.

您好，非常感謝您回答這個問題。我剛吃了兩個。克里斯蒂安，我目前只關注米爾維克斯治療心房顫動的研究，想知道您能否談談您認為與艾樂妥相比，在臨床上具有意義的差異是多少，這是否足以支持更廣泛的支付方覆蓋。

And then just, David, on the guidance, the math that we're doing suggests kind of mid-single digit growth year-over-year on the growth portfolio, which includes OPDIVO. So I just want to know that we're in the right ballpark there. Thank you.

然後，David，關於績效指引，我們所做的計算表明，成長型投資組合（包括 OPDIVO）的同比增長率將達到中等個位數。所以我只想知道我們這個估計是否正確。謝謝。

Thanks for the question, Terence. Maybe Christian and Adam combine on milvexian and

謝謝你的提問，特倫斯。也許克里斯蒂安和亞當在米爾維克斯島結合了

Thank you, Terence, for the question. The study primary endpoint is showing non-inferiority versus Eliquis, deucravacitinib on efficacy. And (inaudible), we selected those that is -- was very scrutinized to balance activity, potential activity and, of course, bleeding risks. This is why we are using 100-milligram BID. It is a dose much higher than for instance that we use in stroke prevention.

謝謝你的提問，特倫斯。研究的主要終點是顯示其療效不劣於 Eliquis 和 deucravacitinib。而且（聽不清楚），我們挑選了那些——經過非常仔細的審查，以平衡活性、潛在活性，當然還有出血風險。這就是我們採用每日兩次，每次100毫克劑量的原因。這個劑量比我們用於預防中風的劑量要高得多。

So I would say there is a possibility that, of course, milvexian show a better outcome, but the real and present point is showing non-inferiority. Let's not forget the [oceanic] AFib actually did not -- was able to show that level of similar activity versus [AFib].

所以我認為，當然，milvexian 有可能取得更好的結果，但真正的重點是證明其不遜色。別忘了，[海洋性]心房顫動其實並沒有－能夠展現出與…類似的活動水平[心房顫動]

Then after the non-inferiority will be met, we're going to test a superiority for bleedings. So this is also where we wanted to show a clinically meaningful differentiation on the bleeding rates. I don't give you the deltas and everything. Of course, we believe that if the study will be a target that will be seen as a clinically meaningful. Adam, do you want to?

在滿足非劣效性要求後，我們將測試出血方面的優效性。所以，這也是我們希望在出血率上展現出具有臨床意義的差異的地方。我不會把差值之類的都告訴你。當然，我們相信，如果這項研究能夠成為一個目標，那麼它將被視為具有臨床意義的目標。亞當，你願意嗎？

Yes. Terence, thanks for the question. So milvexian represents a significant commercial opportunity, particularly in AFib. AFib is a very large market, and we believe that milvexian the potential to replace first-generation Dax, and this is a market that we know very well.

是的。特倫斯，謝謝你的提問。因此，milvexian 代表著重要的商業機會，尤其是在心房顫動領域。心房顫動是一個非常大的市場，我們相信 milvexian 有潛力取代第一代 Dax，而我們非常了解這個市場。

Fear of bleeding continues to be the main reason why clinicians hold back from using Factor X in more patients. Roughly 40% of patients remain either untreated or undertreated leaving them at risk for a stroke, and they had significant concerns around bleeding we know safety is important. We believe a differentiated bleed profile will drive demand versus standard of care.

對出血的恐懼仍然是臨床醫生不願意在更多患者中使用因子 X 的主要原因。約 40% 的患者未接受治療或治療不足，導致他們有中風的風險，他們對出血問題非常擔憂，我們知道安全很重要。我們認為，差異化的出血情況將推動市場對標準治療的需求。

We've had a number of [payer] discussions already. That suggest that the potential of improved benefit risk profile will be a strong value proposition. And we would also expect there to be an economic benefit of using mill vaccine over Eliquis in terms of bleeding events that are avoided. So we look forward to the data readout at the end of 2026. And we're confident this product has multibillion dollar potential.

我們已經和（付款方）進行過多次討論。這表明，改善收益風險狀況的潛力將是一個強有力的價值主張。我們也預期，與 Eliquis 相比，使用 mill 疫苗可以避免出血事件，進而帶來經濟效益。因此，我們期待在 2026 年底獲得數據解讀結果。我們相信這款產品具有數十億美元的市場潛力。

Yeah. And Terence, you're absolutely right in your math in thinking about the growth portfolio. We feel really good about the growth portfolio, mid-single-digit growth. But also we have the risk of rent generics coming this year, which would impact that growth portfolio. But we feel really good about where we exited '25 and about the process heading into '26 now.

是的。特倫斯，你對成長型投資組合的計算完全正確。我們對成長型投資組合非常有信心，預計成長率將達到中等個位數。但今年我們還面臨租金上漲的風險，這將影響我們的成長投資組合。但我們對 2025 年結束時的狀況以及進入 2026 年的進程感到非常滿意。

Geoff Meacham, Citi.

傑夫‧米查姆，花旗銀行。

Great, good morning, everyone. Thanks so much for the question. I have a couple. So one for Adam, I guess, on Cobenfy. There's a lot of excitement earlier last year, you just give it some mechanism and lack of innovation in the category, but we really haven't seen an inflection point in sales. I guess, is there a bottleneck in access that you really have to still work through? I'm just trying to figure out the steps to see sequential acceleration.

大家早安。非常感謝你的提問。我有一對。所以，我想，Cobenfy 上應該給 Adam 一個讚。去年年初市場一片繁榮，但由於該領域缺乏創新，加上一些機制的缺失，我們至今仍未看到銷售額出現轉折點。我想，是不是在訪問方面存在一些瓶頸，需要您努力克服？我只是想弄清楚如何才能看到順序加速。

And then on Pumitamig, I guess maybe for Chris or Cristian, is there a data set, a tipping point, maybe of data that you want to see before you really scale up the Phase III investment, just given its foundational mechanism, what's the upper end of either Phase III studies or tumor types that you ultimately have a capacity for the drug? Thank you.

那麼關於普米他米（Pumitamig），我想克里斯或克里斯蒂安可能會問，在真正擴大 III 期投資規模之前，是否有一個數據集、一個臨界點，或者一些你們想要看到的數據？考慮到它的基礎機制，你們最終能夠用這種藥物治療的 III 期研究或腫瘤類型的上限是多少？謝謝。

We'll start with Adam, and then Cristian can handle the Pumitamig question

我們先從亞當開始，然後克里斯蒂安可以回答普米塔米格的問題。

Great. Thank you, Geoff. So we're pleased with the progress that we made in Cobenfy's first full year on the market. In fact, Cobenfy delivered over 100,000 TRxs since launch, and that surpassed all relevant schizophrenia analogs.

偉大的。謝謝你，傑夫。因此，我們對 Cobenfy 上市第一年的進展感到滿意。事實上，Cobenfy 自上市以來已交付超過 10 萬份治療處方，超過了所有相關的精神分裂症類似藥物。

We have very strong access, virtually 100% access across Medicaid and Medicare. And now we're approaching 70% commercial access. So that is certainly not a bottleneck. We made good progress in Q4 as you were able to see with an acceleration of NRxs as well as increases in both new NRP trialists after our full field force expansion was in place in both the community and the hospital.

我們在醫療補助和醫療保險方面擁有非常強大的覆蓋範圍，幾乎達到 100% 的覆蓋率。現在我們的商業用戶佔比已接近 70%。所以這肯定不是瓶頸。正如您所看到的，我們在第四季度取得了良好的進展，NRx 的增長速度加快，而且在我們全面擴大社區和醫院的現場隊伍後，新的 NRP 試驗參與者人數也有所增加。

So we see continued opportunity for growth in schizophrenia as we stated, we're confident in our ability to deliver continued steady growth and new indications are going to be the driver of inflections there. But we hear from physicians, the feedback continues to remain positive. We are making very good progress with adding the number of trialists, which continue to grow steadily. And importantly, what we have seen is that those physicians who've had a positive experience with Cobenfy have shown an increased propensity to repeat prescribing.

因此，正如我們所說，我們看到精神分裂症領域仍有持續的成長機會，我們有信心實現持續穩定的成長，而新的適應症將成為該領域轉折點的驅動力。但我們從醫生那裡了解到，回饋依然是正面的。我們在增加試驗參與者數量方面取得了非常好的進展，參與者數量持續穩定成長。更重要的是，我們發現，那些對 Cobenfy 有正面體驗的醫生，重複開立該藥的傾向有所增加。

So this year, we'll present several new Phase IV studies, including a switch study later on in the quarter, which is the top question that we get from physicians on how to switch from a D2 over to Cobenfy we'll have real-world data as well to support that, and we're increasing investment in peer-to-peer activities.

所以今年，我們將推出幾項新的 IV 期研究，包括本季度晚些時候的一項轉換研究，這是我們從醫生那裡收到的關於如何從 D2 轉換到 Cobenfy 的首要問題，我們還將有真實世界數據來支持這一點，並且我們正在增加對同行交流活動的投入。

So taken together, we are making good progress. And based on all the leading indicators we're seeing, we believe Cobenfy has the potential to become a leading treatment in schizophrenia over time, and we're confident this could be a big drug for the company.

總的來說，我們取得了良好的進展。根據我們看到的所有領先指標，我們相信 Cobenfy 有潛力成為治療精神分裂症的主要藥物，我們相信這可能會成為公司的重要藥物。

Thanks for the question, Geoff. The -- let me break down your question. The first thing is the confidence. First of all, we have data sets in triple negative and in small cell lung cancer, showing that the drug is active. And there are also very large data sets from competitive assets that reinforce the message.

謝謝你的提問，傑夫。讓我來分析一下你的問題。首先是自信。首先，我們有三陰性肺癌和小細胞肺癌的數據集，顯示該藥物是有效的。此外，來自競爭對手的大量數據集也印證了這一觀點。

The second thing is more on -- these are two very well clinically validated targets, PD-1, PD-L1 and the VGF. And you know that when you deliver Mezigdomide bispecific, sometimes you increase the selectivity and this can be even more powerful the just delivering the two makers -- two different drugs.

第二點是－PD-1、PD-L1 和 VGF 是兩個經過充分臨床驗證的標靶。你知道，當你遞送 Mezigdomide 雙特異性抗體時，有時可以提高選擇性，這甚至比遞送兩種不同的藥物更有效。

Then when you look, we are actually already scaled up development of this drug. The confidence is very high. We believe the strategy is very simple. We want to replace and then we want to expand. We want to replace where PD-1, PD-L1 inhibitors are playing today in those indications through this bispecific.

然後你會發現，我們其實已經擴大了這種藥物的研發規模。信心非常高。我們認為這個策略非常簡單。我們想先進行替換，然後再進行擴建。我們希望透過這種雙特異性抗體來取代目前 PD-1、PD-L1 抑制劑在這些適應症中的作用。

And then we want to expand because we believe bringing VGF on top of PD-L1 inhibition, we can also we can also tackle some of the indications where PD-1, PD-L1 inhibitors are not working well enough or not at all.

然後我們希望擴大規模，因為我們相信，在 PD-L1 抑制劑的基礎上加入 VGF，我們還可以解決一些 PD-1、PD-L1 抑制劑效果不佳或完全無效的適應症。

So this is the reason why we already have started or are in flight to start seven pivotal studies across multiple indications. And there is a one that we announced in the neck. And when you look at the indication. We -- of course, there is a concentration in small cell lung cancer, a very important indication, this goes beyond, gastric, colon, head and neck, breast. So this is a program that as a top priority in oncology, and we represent the backbone of our portfolio.

所以，這就是為什麼我們已經開始或即將開始針對多種適應症進行七項關鍵研究的原因。還有一個我們在頸部宣布過。當你查看指示牌時。當然，小細胞肺癌是一個非常重要的指標，它也涉及胃癌、結腸癌、頭頸癌和乳腺癌等其他癌症。所以，這個計畫是腫瘤學領域的重中之重，也是我們產品組合的支柱。

The next wave will be to novel, and that will be the next wave of studies where we will continue to improve on regimens that we are creating today.

下一波浪潮將是全新的，那將是下一波研究浪潮，我們將繼續改進我們今天正在製定的治療方案。

Asad Haider, Goldman Sachs.

阿薩德·海德爾，高盛集團。

Great. Thanks for taking the question and congrats on the quota.Most of my questions have been answered, but maybe one for Adam. Just any update on how the Opdivo subcu formulation launch is progressing. We've had four quarters on the market now, two with the [J-code].

偉大的。感謝您回答我的問題，也恭喜您達到配額。我的大部分問題都已得到解答，但也許還有一個問題想問亞當。請問Opdivo亞膠囊製劑的上市進度如何？我們已經有四個季度的產品上市了，其中兩個季度是…[J代碼]。

Do you believe you're still on track for the 30% to 40% patient conversion by 2028? And any color on the types of patients who are utilizing it would be helpful. Thank you.

您認為您仍能按計劃在 2028 年實現 30% 至 40% 的患者轉換率嗎？如果能提供使用該服務的患者類型等相關資訊就更好了。謝謝。

Great. Thanks, Asad. So we're very pleased with the Qvantig launch performance in its first full year on the market. We're encouraged as we're seeing use across multiple tumor types we're seeing uptake across monotherapy indications as well as in the combination setting. So patients who are treated for RCC, GI, metastatic melanoma.

偉大的。謝謝你，阿薩德。因此，我們對 Qvantig 在上市第一年的表現感到非常滿意。我們感到鼓舞，因為我們看到該藥物在多種腫瘤類型中得到應用，無論是單藥治療還是聯合治療，都取得了顯著成效。因此，接受腎細胞癌、胃腸道疾病、轉移性黑色素瘤治療的患者。

As you said, we did receive our permanent J-code last July, which eased the reimbursement process for physicians. And post that, we've seen a nice acceleration of new accounts adopting. We're focused on continuing to drive depth and breadth of account conversion and reinforcing the benefits that we know are there for both practices and for patients.

正如您所說，我們去年七月確實獲得了永久 J 代碼，這簡化了醫生的報銷流程。此後，我們看到新帳戶的採用率出現了良好的加速成長。我們致力於繼續深化和擴大帳戶轉換率，並強化我們知道對診所和患者都有益處的方面。

And we're tracking well against our expectations and remain very confident in our expectation that physicians will convert 30% to 40% of the ID business ahead of the LOE. So we're pleased with the performance and what this means for patients and for physicians.

我們目前的進展與預期相符，我們仍然非常有信心，醫生將在 LOE 之前轉化 30% 到 40% 的 ID 業務。因此，我們對這一結果以及它對患者和醫生的意義感到滿意。

David Risinger, Laric Partners.

David Risinger，Laric Partners。

Yes, thanks very much. So I have two questions, please. First, with respect to admilparant, could you just talk about the hypertension risk and how you would contextualize that for us?

是的，非常感謝。所以，我有兩個問題。首先，關於阿米帕蘭，您能否談談高血壓風險，以及您會如何為我們解釋這種風險？

And then second, it would be helpful to just better understand what is in the guidance and what you're assuming for generic competition. So for Eliquis, could you just talk us through when you're expecting generic entry in major markets ex US in '26 and '27.

其次，更好地理解指南中的內容以及你對仿製藥競爭的假設會很有幫助。那麼對於 Eliquis，您能否簡要介紹一下您預計在 2026 年和 2027 年在美國以外的主要市場何時推出仿製藥？

And then for Orencia, how many players do you anticipate launching and when? Thanks so much.

那麼對於 Orencia 來說，你們預計會有多少玩家上線，以及何時上線？非常感謝。

Thanks for the question. I'll ask Cristian to start and then David.

謝謝你的提問。我先讓克里斯蒂安開始，然後是大衛。

Thanks, David, for the question. The hypotension as [syncopal] episodes, is -- was one of the tolerability risks that we had with (inaudible) in the Phase II. But what I can tell you that actually, in the context of the Phase III, this is going very well. Let me give you a little bit more context.

謝謝你的提問，大衛。低血壓（暈厥）發作是－這是我們在 II 期臨床試驗中遇到的耐受性風險之一（聽不清楚）。但我可以告訴你們的是，實際上，在第三階段的背景下，一切都進展得非常順利。讓我再補充一些背景資訊。

When we run the Phase II, we tested two doses, 30 and 60 milligrams. And of course, there was a dose relation outcome in terms of efficacy also safety. But then when we completed the study, we have seen that the risk of [syncopy] was well managed. And actually, we decided to -- because there was a dose relation on efficacy, we decided to introduce in the Phase III, 120 milligram. And actually, we are running the Phase III studies, IPF and PPF with 120 and 60.

在進行第二期臨床試驗時，我們測試了兩種劑量，分別為 30 毫克和 60 毫克。當然，在療效和安全性方面也存在劑量關係。但當我們完成研究後，我們發現 [syncopy] 的風險得到了很好的控制。實際上，我們決定——因為療效與劑量有關，所以我們決定在 III 期引入 120 毫克。實際上，我們正​​在進行 IPF 和 PPF 的 III 期研究，分別使用 120 和 60 個劑量。

And the 120 that was (technical difficulty) just to assess the safety and the risk of hypotension the DMC allowed us to go in Phase III and in a blinded fashion, we didn't see any rate that raise any concerns.

而那 120 例（技術難題）只是為了評估安全性和低血壓風險，DMC 允許我們進入 III 期，並以盲法進行，我們沒有發現任何引起擔憂的比率。

So this is definitely associated to the profile of the drug is very well managed even when you go with a higher dose, that, of course, can translate to a better efficacy.

所以這肯定與藥物的特性有關，即使使用更高的劑量，藥物的特性也能得到很好的控制，這當然可以轉化為更好的療效。

Yes, Just to add, Cristian, what we're hearing from physicians is that this is a very manageable side effect. And when you look at the totality of the drug, not only have we seen exciting results around FCC. But I talked about earlier, when you look at the rates of GI toxicity that have really plagued some of the assets that are out there today as well as some of the newer products that are coming to the market that have significant cough issues or dine issues that can lead to significant exacerbations.

是的，克里斯蒂安，補充一點，我們從醫生那裡了解到，這是很容易控制的副作用。從整體上看這種藥物，我們不僅在 FCC 方面看到了令人興奮的結果。但我之前說過，當你觀察目前市面上一些產品以及一些即將上市的新產品時，你會發現它們普遍存在嚴重的胃腸道毒性問題，這些產品會引起嚴重的咳嗽或飲食問題，從而導致病情加重。

I think we have an opportunity to truly be a best-in-class product, both from an efficacy and a safety standpoint. David?

我認為我們有機會真正成為同類產品中的佼佼者，無論從功效或安全性角度來看都是如此。大衛？

Yeah, And the question on [elquis], I talked about it in total, that $1.5 billion to $2 billion step down as we go into '26, and that is driven by generic entries that we're assuming are going to happen. It's really spread throughout. It's a country-by-country basis on how that goes in. We're in litigation.

是的，關於[elquis]的問題，我之前已經全面討論過，隨著我們進入2026年，15億至20億美元的規模將會縮小，這是由我們預計將會出現的新品種上市所驅動的。它分佈得非常廣泛。具體實施方法因國家而異。我們正在打官司。

We're in appeals in several of those markets. So we have to see how that plays out. But we made broad-based assumptions about generic entry.

我們正在其中幾個市場提起上訴。所以，我們得看看事情會如何發展。但我們對通用准入做出了廣泛的假設。

And I think in the last part of the question, David, was around Orencia. So Orencia continues to perform well with great cash flow for the organization. As far as a biosimilar for Orencia we do know that [Dr. Reddy] Labs has posted an opportunity to file. The manufacturing facility is out of India.

我認為在問題的最後一部分，大衛當時在奧倫西亞附近。因此，奧倫西亞繼續保持良好的業績，為公司帶來了充裕的現金流。至於 Orencia 的生物相似藥，我們知道 [Dr. Reddy] Labs 已經發布了申請機會。生產工廠位於印度境外。

And we had this product now since 2006, and we recognize the challenges that it takes to manufacture a product like Orencia. And so we do expect to see continued cash flow from this important product for patients.

自 2006 年以來，我們一直擁有這款產品，我們也意識到製造像 Orencia 這樣的產品所面臨的挑戰。因此，我們預計這款對患者至關重要的產品將持續帶來現金流。

Yeah, and Dave, I would just underscore in the EU is country by country, for sure. The bigger countries are clustered around late in the year in the November time frame late in the year. And with that, can we go to next question, please?

是的，戴夫，我只想強調一下，歐盟的情況是逐個國家進行的，這是肯定的。大國大多集中在年底，也就是11月底這段時間。那麼，我們可以進入下一個問題了嗎？

David Amsellem, Piper Sandler.

大衛·阿姆塞勒姆，派珀·桑德勒。

Hey, thanks. So I wanted to ask about Cobenfy and a bigger question. There are a number of companies developing their own [M1M4] and in some cases, without a peripherally acting anticholinergic. So I wonder how you think those agents down the road could impact Cobenfy growth, if at all? That's number one.

嘿，謝謝。所以我想問一下關於 Cobenfy 的問題，以及一個更廣泛的問題。有許多公司正在開發自己的 [M1M4]，在某些情況下，沒有周邊作用的抗膽鹼能藥物。所以我想知道，您認為這些未來的代理商會對 Cobenny 的成長產生怎樣的影響（如果有的話）？這是第一點。

And then number two is, can you just talk more to how big of a priority is it to add a late-stage or commercial ready psychiatry-focused asset or assets where you could leverage the commercial infrastructure that you've built to support Cobenfy? Again, how big of a priority, how aggressive do you want to be here? Thank you.

其次，您能否更詳細地談談，對於您而言，增加一項或多項處於後期階段或已具備商業化條件的精神病學相關資產，以便利用您為支持 Cobenfy 而建立的商業基礎設施，究竟有多重要？再說一遍，你希望把這件事放在多重要的位置，採取多積極的行動？謝謝。

Well, let me start on the business development question, then I'll ask Adam and Cristian to address the specifics of Cobenfy pipeline question or a competitive question. So from a business development standpoint, as I said earlier, our focus is on continuing to build out breadth and depth in each of our therapeutic areas.

好，我先從業務拓展問題開始，然後我會請 Adam 和 Cristian 回答 Cobenfy 的銷售通路問題或競爭對手問題。因此，從業務發展的角度來看，正如我之前所說，我們的重點是繼續擴大我們每個治療領域的廣度和深度。

Obviously, we've shown a willingness to do business development to build out our presence in neuroscience. And I think you can expect that if there are attractive opportunities where the science is compelling and where the financials allow us to add value to the company and ultimately, to shareholders in the neuroscience space, we would certainly be looking at it. Adam?

顯然，我們已經展現出開展業務拓展、擴大我們在神經科學領域影響力的意願。我認為，如果神經科學領域出現有吸引力的機會，其科學性令人信服，財務狀況也允許我們為公司以及最終為股東創造價值，那麼我們肯定會考慮這些機會。亞當？

Yes, thanks for the question. When we were doing the work for Karuna, we were really excited by the novel mechanism of action, not just the fact that it was working on most Karuna, but the fact that the [M1M4] component of that, which we saw brings an opportunity for increased and improved cognitive benefit and schizophrenia as well as negative symptoms. And we're seeing that in the market today.

是的，謝謝你的提問。當我們為 Karuna 做研究時，我們對這種新穎的作用機制感到非常興奮，不僅因為它對大多數 Karuna 患者有效，還因為我們發現其中的 [M1M4] 成分帶來了提高認知能力和改善精神分裂症以及陰性症狀的機會。而我們現在在市場上也看到了這一點。

Additionally, when you look at the incredible life cycle management program that we have in place with significant number of studies that are ongoing in Alzheimer's disease, in Alzheimer's psychosis, Alzheimer's disease cognition as well as agitation, coupled with bipolar disorder, this has the opportunity to be a very significant drug in the neuropsychiatric space.

此外，考慮到我們已實施了令人難以置信的生命週期管理計劃，並正在進行大量關於阿茲海默症、阿茲海默症精神病、阿茲海默症認知以及躁動和雙相情感障礙的研究，這有可能成為神經精神領域非常重要的藥物。

And we also have a very significant head start on other competitors coming. And I'll turn it to Cristian to talk about Cobenfy and also the pipeline as well that we have from the Karuna acquisition.

而且，我們比其他競爭對手擁有非常大的先發優勢。接下來我將請 Cristian 談談 Cobenfy，以及我們從收購 Karuna 中獲得的後續產品線。

So David, you raise an important point. There are many -- there are M4 agonist that are M4 (inaudible) PAM, Positive [allosteric] Modulators. You have other M1M4 that are emerging. First of all, we are ahead of everybody else. This is the first point.

大衛，你提出的觀點很重要。有很多－M4激動劑是M4（聽不清楚）PAM，正向（變構）調節劑。還有其他M1M4正在出現。首先，我們領先於其他所有人。這是第一點。

The second is we still don't know how M4 agonist or M4 PAM can play out versus an M1M4 inhibitor like Cobenfy. And we don't still don't know if you change your peripheral radical energic drug, how this can impact the brain penetration and additional -- the control of some of the cholinergic symptoms.

第二點是，我們仍然不知道 M4 激動劑或 M4 PAM 與 Cobenfy 等 M1M4 抑制劑相比會如何發揮作用。我們仍然不知道，如果您改變週邊自由基能量藥物，這會對大腦滲透和控制某些膽鹼能症狀產生怎樣的影響。

We believe that Cobenfy with [xanomeline] and [trospion] has the right approach. As Adam said, we have a very rich pipeline coming from Karuna from our internal research that, of course, keep investigating these mechanisms. And we will disclose the right time how these programs are progressing, and we are focusing very much on these receptors.

我們認為 Cobenfy 與 [xanomeline] 和 [trospion] 的共同應用是正確的方法。正如亞當所說，我們內部研究團隊從卡魯納那裡獲得了非常豐富的成果，當然，他們一直在研究這些機制。我們將在適當的時候公佈這些項目的進展情況，我們目前非常關注這些受體。

And of course, we have assets that go beyond that because some of them are as to control symptoms in Alzheimer, others are disease-modifier assets. So our dime pipeline is very rich, and we are very excited about it, actually. Thank you.

當然，我們還有一些資產，用途遠不止於此，因為其中一些是用來控制阿茲海默症症狀的，有些則是疾病修飾劑。所以我們的小額信貸管道非常豐富，我們對此感到非常興奮。謝謝。

Jason Gerberry, Bank of America.

傑森‧格伯里，美國銀行。

Hey guys, thanks for, squeezing me in. So just for me on milvexian, can you remind us why you opted not to enrich in the SSP trial for antero sclerosis? And do you think that in any way poses a risk in terms of reading across from the positive efficacy results from the buyer data later today in SSP?

嘿，各位，謝謝你們擠出時間陪我。所以，就我個人而言，在 milvexian 上，您能否提醒我們一下，為什麼選擇不在 SSP 試驗中富集前硬化症？您認為，從今天稍後SSP公佈的買家數據中獲得的積極療效結果來看，這是否會構成任何風險？

And then my second question is just as we look at the CELMoDs and the second line plus refractory multiple myeloma space, it's obviously getting increasingly complicated with recent data from the bispecifics. And so I'm just kind of curious how you guys are thinking about the relative positioning here if data are confirmatory on Phase III.

我的第二個問題是，當我們審視 CELMoD 和二線治療以及難治性多發性骨髓瘤領域時，隨著雙特異性抗體的最新數據，情況顯然變得越來越複雜。所以我很好奇，如果 III 期臨床試驗的數據得到證實，你們是如何看待目前的相對定位的。

Obviously, there's a lot to be kind of sussed out with your data, but do you see these as agents that maybe appeal more to community providers, more as like third, fourth line drugs? Or do you think they get used earlier? Just any color how you see it kind of positioning within an increasingly complicated space?

顯然，你的數據還有很多需要仔細研究的地方，但你認為這些藥物是否更受社區醫療服務提供者的青睞，更像是三線、四線藥物？還是你認為它們會被更早使用？任何顏色，你如何看待它在日益複雜的空間中的定位？

Well, let me start, and I'm going to ask Adam and then Cristian can chime in on your milvexian question. As we look at the CELMoDs program, generally, we're very excited about the data that we've already seen and about the commercial potential, particularly in light of some of the changes taking place in that landscape. But Adam, do you want to elaborate?

好，那我先來，我要問亞當，然後克里斯蒂安可以就你提出的米爾維克斯問題發表意見。當我們審視 CELMoDs 專案時，總的來說，我們對已經看到的數據以及商業潛力感到非常興奮，尤其是在該領域正在發生一些變化的情況下。亞當，你想詳細說嗎？

Yeah, Jason, thanks for the question. Just building on Chris' comment. We've got good momentum coming off the [ASH] meeting last year, and we see excitement building around our overall CELMoDs portfolio, iberdomide, mezigdomide, and Golcadomide in hematology. And this is a market, Jason, that we know very well.

是的，傑森，謝謝你的提問。我只是在克里斯的評論基礎上補充一下。去年[ASH]會議後，我們獲得了良好的發展勢頭，我們看到人們對我們整體的CELMoDs產品組合、血液學領域的iberdomide、mezigdomide和Golcadomide越來越感興趣。傑森，我們非常了解這個市場。

This is a competitive market. It's a fragmented market, but there remains a need for more effective and safe treatment options that can address the majority of patients. Particularly those that are treated in the community setting. And roughly 70% to 80% of patients are treated in the community.

這是一個競爭激烈的市場。雖然市場較為分散，但仍需要更有效、更安全的治療方案來滿足大多數患者的需求。尤其是那些在社區環境中接受治療的患者。大約 70% 到 80% 的患者在社區接受治療。

Now while REV and PAM based combinations are the backbone of treatment across early lines of multi myeloma, there's an opportunity to improve upon their depth and durability there's an opportunity to improve on their tolerability.

雖然 REV 和 PAM 聯合療法是多發性骨髓瘤早期治療的支柱，但仍有機會提高其治療深度和持久性，以及提高其耐受性。

And we expect iberdomide will provide that balance of high potency, a manageable toxicity profile combined ability with anti-CD38 with the convenience of an oral treatment. And we continue to hear positive feedback from physicians.

我們期望伊貝多米德能夠兼具高效性、可控毒性、抗 CD38 能力以及口服治療的便利性。我們不斷收到醫生的正面回饋。

So our goal is to make iberdomide foundational in myeloma, replacing images in earlier lines of treatment. So this is going to be for iberdomide, a second-line product largely used in the community in combination with[daratumumab].

因此，我們的目標是使伊貝多米特成為多發性骨髓瘤的基礎治療藥物，取代早期治療中的影像學療法。所以這將是針對伊貝多米特（iberdomide）的，這是一種二線產品，在社區中廣泛用於與[達雷妥尤單抗]聯合使用。

Ultimately, longer term, we believe that these can serve as partners for TCEs and cell therapy. So we'll be studying that there. We presented data with Pfizer's TCE at [ASH]. So once approved, we expect good adoption over time in the community in second line as most patients just don't have access to cell therapies or bispecifics due to safety and accessibility challenges. So our teams are ready for the launch of iberdomide.

從長遠來看，我們相信這些可以作為 TCE 和細胞療法的合作夥伴。所以我們會在那裡研究這個問題。我們展示了輝瑞公司TCE的數據。[灰]。因此，一旦獲得批准，我們預計隨著時間的推移，二線療法將在社區中得到良好的應用，因為大多數患者由於安全性和可及性方面的挑戰而無法獲得細胞療法或雙特異性抗體。所以我們的團隊已經為iberdomide的上市做好了準備。

We know the work that we need to do to establish both (inaudible) in this competitive market, and we're excited to bring them to patients. Cristian?

我們知道在這個競爭激烈的市場中，我們需要做哪些工作才能建立這兩個（聽不清楚）產品，我們很高興能將它們帶給病人。克里斯蒂安？

So Jason, thank you. It's a very good technical question you're asking. But let me help you to clarify some of the eligibility criteria from the [SOC] study that Bayer is running and our [ibrexa] drug studies can be different. But when you look -- we didn't disclose our baseline patient and disease characteristics like they did. And in a few hours, we will say they also be the outcome.

傑森，謝謝你。你提出的這是一個很好的技術問題。但讓我來幫您澄清一下拜耳正在進行的 [SOC] 研究中的一些入選標準，而我們的 [ibrexa] 藥物研究可能有所不同。但仔細一看——我們並沒有像他們那樣揭露患者的基線特徵和疾病特徵。幾個小時後，我們也會宣布這將是結果。

But I can tell you that the two studies are very similar in the patient population. When you look at the events that are causing the stroke, you have three categories. large artery antero sclerosis. These are events that are coming faster. You have events coming from the (inaudible) strokes. These are when we have the inclusion of small arteries in the brain.

但我可以告訴你，這兩項研究在患者群體方面非常相似。當你觀察導致中風的事件時，你會發現有三類：大動脈前硬化。這些事件發生得越來越快。你會聽到來自（聽不清楚的）中風的事件。這指的是腦部包含小動脈的情況。

And then have trucks that are coming from embolic events that you don't know the source and unknown source. So this will not be very different between the two studies. And we believe that there is nothing -- and by the way, we control the number of events coming from [laquna] so we will not have a disproportion of that because it's capped in terms of events. So this gives us confidence that the two studies and the way we run our study at least, is the right way.

然後還有一些卡車來自你不知道來源的栓塞事件，以及來源不明的事件。因此，這兩項研究的結果不會有太大差異。我們相信沒有什麼——順便說一句，我們控制著來自 [laquna] 的事件數量，所以我們不會出現不成比例的情況，因為事件數量是有限制的。因此，這讓我們確信，這兩項研究以及我們進行研究的方式至少是正確的。

Evan Seigerman, BMO Capital Markets.

Evan Seigerman，BMO資本市場。

Hi, Mark Matan on for Evan. I wanted to ask two commercial questions real quick. So first on Opdualag in the fourth quarter. We saw in the US, particularly strong growth even relative to maybe prior years in 2024. Can you talk about some of the dynamics that may be contributing here obviously, the standard of care and melanoma, but are there particular physician engagement efforts that are contributing in the US?

大家好，我是 Mark Matan，替 Evan 發言。我想快速問兩個商業方面的問題。首先是第四季的 Opdualag。我們看到，2024 年美國經濟成長尤為強勁，甚至超過了往年同期水準。您能否談談可能促成這種情況的一些因素，例如護理標準和黑色素瘤，但美國有哪些醫生參與方面的特別舉措正在發揮作用？

And then secondarily, on Reblozyl, I know highly penetrated in MDS anemia, can you just help contextualize how much more room there is for growth in this indication? Thanks.

其次，關於 Reblozyl，我知道它在 MDS 貧血症中滲透率很高，您能否幫忙解釋一下，在這個適應症方面還有多少成長空間？謝謝。

Yes, thanks for the question. So Opdualag has become a standard of care in first-line metastatic melanoma in the United States. Opdualag is now approaching four years post launch and has over 30% market share. In fact, when you look at the totality of BMS market share in metastatic melanoma, we're now over 65%.

是的，謝謝你的提問。因此，Opdualag 已成為美國一線轉移性黑色素瘤的標準治療方案。Opdualag 自推出至今已近四年，市佔率超過 30%。事實上，從轉移性黑色素瘤的市佔率來看，BMS 目前的市佔率已超過 65%。

So our objective is to continue to expand our share. There's still roughly 15% of patients that continue on PD-1 monotherapy. And so there's an opportunity there to source that business this year. Additionally, we started to launch internationally in markets like Australia, UK and France that will contribute to growth in 2026.

因此，我們的目標是繼續擴大市場份額。目前仍有約 15% 的患者繼續接受 PD-1 單藥治療。因此，今年存在著拓展這部分業務的機會。此外，我們已開始在澳洲、英國和法國等國際市場推出產品，這將有助於我們在 2026 年成長。

We also expect in all commerce indication in Europe in Q2, which will drive significant growth internationally. So we see opportunities to increase sales of Opdualag in the US and as well as ex US with a broader label. As far as Reblozyl, as you mentioned, Reblozyl delivered continued strong growth. As you heard from both David and Chris. Reblozyl is now annualizing over $2 billion of sales worldwide, we're continuing to drive demand across first-line RS positive and first-line RS-negative patients.

我們也預計第二季歐洲所有商業指標都將成長，這將推動國際市場的顯著成長。因此，我們看到了在美國以及美國以外地區，透過更廣泛的品牌推廣，增加 Opdualag 銷售的機會。至於 Reblozyl，正如您所提到的，Reblozyl 繼續保持強勁增長。正如你從大衛和克里斯那裡聽到的那樣。Reblozyl 目前全球年銷售額超過 20 億美元，我們將繼續推動第一線 RS 陽性和第一線 RS 陰性患者的需求。

We expect to see continued strong growth, particularly in the RS-negative patients where there's an opportunity for growth. We saw a very rapid uptake initially post command in RS-positive and RS-negative provides the greatest opportunity for growth in the United States.

我們預計成長動能將持續強勁，尤其是在 RS 陰性患者群體中，該群體存在成長機會。我們看到，在RS陽性和RS陰性人群中，疫情初期出現了非常迅速的蔓延，這為美國市場提供了最大的成長機會。

And outside of the US, in many markets, we're just starting to launch and get reimbursed in first line. So overall, we see continued solid growth for Reblozyl in first line this year, and we expect strong performance.

在美國以外的許多市場，我們才剛開始推出產品並獲得第一線健保報銷。總的來說，我們看到 Reblozyl 今年在一線業務方面繼續保持穩健成長，我們預計其業績將表現強勁。

Stephen Scala, TD Cowen.

Stephen Scala，TD Cowen。

Thank you so much, apologies, this is an Eliquis question. But I don't think this product has grown double digit in several years, but then will in 2026. And it's still not absolutely clear why there will be a step down in '27 if the 2026 is boosted by higher commercial price, why won't that also boost 2027.

非常感謝，抱歉，這是一個關於艾樂妥（Eliquis）的問題。但我認為該產品已經好幾年沒有實現兩位數的成長了，不過到 2026 年就會實現。如果 2026 年的銷售量因更高的商業價格而成長，那麼 2027 年的銷售量為何會下降，這一點仍然不完全清楚，為什麼更高的商業價格不會也促進 2027 年的銷售成長。

I understand about OUS patent expirations, but OUS in its totality, is only $4 billion, and I think some patents have been off for years. I would -- I think it's striking for a product to go from double digit in one year to $1 billion decline in the following.

我了解美國境外專利到期的情況，但美國境外專利總值只有 40 億美元，我認為有些專利已經失效多年了。我認為——一款產品在一年內銷售額從兩位數增長到第二年下降 10 億美元，這很令人震驚。

So it seems like what you're really saying is US prices coming down in [272] and it's not clear why. And related to this, how did the contributing $7 billion of Eliquis API to the US government impact the P&L?

所以你真正想表達的是[272]美國物價下跌，但原因尚不清楚。與此相關的是，向美國政府貢獻價值 70 億美元的 Eliquis API 對損益表產生了怎樣的影響？

Thank you.

謝謝。

Great, Steve. Thanks for the question. Just at a higher level. Number one, we continue to see strong demand performance with Eliquis, and that's going to continue in '26. When you look at the price reduction that took place in the United States, that will eliminate the inflationary healthy CPI penalties of the rebates this year and into next year.

太好了，史蒂夫。謝謝你的提問。只是水平更高一些。第一，我們看到 Eliquis 的需求表現依然強勁，而且這種情況將在 2026 年持續下去。從美國的物價下降情況來看，這將消除今年和明年退稅帶來的通膨性健康 CPI 懲罰。

When we look at in totality, you're right, roughly 70% of the Eliquis business is in the US This is a very large brand. And so we expect in November of this year that we will lose exclusivity in Europe, and we would expect rapid and steep decline like we have seen with other small molecules outside of the US that's why we would expect to see that step down in 2027.

從整體來看，你說得對，Eliquis 約 70% 的業務都在美國。這是一個非常大的品牌。因此，我們預計今年 11 月我們將失去在歐洲的獨家銷售權，我們預計銷量會像我們在美國以外的其他小分子藥物那樣迅速而急劇下降，這就是為什麼我們預計 2027 年銷量會進一步下降的原因。

And just on your question on the strategic reserve, that's not a material impact on the overall business, just given the magnitude of the business as well as just the amount of product that will be provided in that reserve. So no impact there. So thanks for the questions.

至於你提出的策略儲備問題，考慮到業務規模以及儲備中將提供的產品數量，這不會對整體業務產生實質影響。所以這方面沒有影響。謝謝大家的提問。

And maybe just in conclusion, we have spent, as we've discussed on these calls for the last number of quarters, significant time on execution as a company across functions. I think what you see in the numbers we put up today is that we're doing what we said we would do. We've become much more focused. We strengthened execution across all of the relevant functions in the organization.

最後，正如我們在過去幾季的電話會議上所討論的那樣，我們公司在各個職能部門的執行方面投入了大量時間。我認為從我們今天公佈的數據可以看出，我們正在兌現我們先前的承諾。我們變得更加專注了。我們加強了組織內所有相關職能部門的執行力。

We've built a growth portfolio that has very strong momentum coming into the year. We have a pipeline as has been discussed on this call, differentiated assets that is now within months of meaningful data readouts. And finally, we've continued to strengthen the company financially. And that, of course, gives us strategic flexibility to not only return capital to shareholders, but continue to add substrate for growth.

我們建立了一個成長型投資組合，在新的一年發展勢頭非常強勁。正如本次電話會議中所討論的，我們擁有一系列差異化資產，這些資產預計將在幾個月內獲得有意義的數據讀數。最後，我們持續加強了公司的財務實力。當然，這賦予了我們策略上的靈活性，不僅可以向股東返還資本，還可以繼續增加成長的基礎。

I'm incredibly proud of the strong foundation we have coming into this year, which we couldn't have contributed to without the commitment and dedication of my colleagues at BMS. So thank you all for joining us today. As always, the team is going to be available for any follow-ups and have a great rest of the day.

我為我們今年所擁有的堅實基礎感到無比自豪，而如果沒有 BMS 同事們的投入和奉獻，我們不可能取得這樣的成就。感謝各位今天蒞臨指導。和往常一樣，團隊成員隨時準備好接受任何後續諮詢，祝大家今天剩下的時間過得愉快。

Thank you. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位蒞臨今天的報告會。現在您可以斷開線路了，祝您有美好的一天。