Bristol-Myers Squibb Company PFD CONV 2

Q3 results: strong growth portfolio momentum (good) - Total revenue +7% YoY to $13.1B. - Growth portfolio +12% YoY to $7.7B with broad-based gains across differentiated products. - Key brands cited: Reblozyl, Breyanzi, Opdualag/Qvantig transition, Eliquis, Camzyos, Sotyktu, Cobenfy. - Example highlights: Reblozyl +22% to $750M, Breyanzi +48% to $526M, Opdualag driven by global demand, Eliquis +26% to $4.7B.

Pipeline momentum: multiple positive registrational readouts + notable approvals (good/surprising) - Over the past ~2 months, positive readouts announced for 4 registrational studies: - Symvexis (CELMoD) PFS: FDA accelerated approval achieved in-quarter for multiple myeloma (oral CELMoD; earlier PFS benefit highlighted; data to be presented at ASH in December). - Admilparant (LPA1 antagonist) in IPF: met primary endpoint at 60 mg, favorable safety/tolerability; Phase 3 results in progressive pulmonary fibrosis expected in Q1 next year. - RAISE 101 (alpha-emitting targeted radiopharmaceutical) in GEP-NETs: interim phase 3 improvement in PFS after progression on lutetium-based therapy; engaging FDA on next regulatory steps. - Arlocel(l) (GPRC5D-directed CAR T) in post-BCMA multiple myeloma: positive results in phase 2 Quintessential study. - Additional noteworthy commercial/clinical wins: - Camzyos expanded indication (including pediatric obstructive HCM approved in September). - Planned Milvexian (stroke) and Sotyktu (lupus) Phase 3 readouts before year-end.

Management raised full-year guidance (forecast/upside) - Full-year revenue guidance increased (driven by year-to-date performance and outlook for remainder of 2026). - Non-GAAP EPS guidance (2026) now $6.35–$6.55 (midpoint implied modest step-up). - Assumptions/line items adjusted: - Legacy portfolio revenue now expected down 3% to 5% (after revising downward). - Eliquis full-year growth maintained at 20%–25%.