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Bristol-Myers Squibb (NYSE:BMY)
Q1 2021 Earnings Call
Apr 29, 2021, 9:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:


Operator

Good day, and welcome to the Bristol-Myers Squibb 2021 first-quarter results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Tim Power, vice president of investor relations.

Please go ahead, sir.

Tim Power -- Vice President, Investor Relations

Thanks, Keith. And good morning, everyone. Thanks for joining us today for our first-quarter 2021 earnings call. Joining me this morning with prepared remarks are Giovanni Caforio, our board chair and chief executive officer; and David Elkins, our chief financial officer.

Also participating in today's call for Q&A are Chris Boerner, our chief commercialization officer; and Samit Hirawat, our chief medical officer and head of global drug development. As you will see, we've posted slides to bms.com that you can use to follow along with for today's remarks. But before we get started, let me read our forward-looking statements. During this call, we'll make statements about the company's future plans and prospects that constitute forward-looking statements.

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's SEC filings. These forward-looking statements represent our estimates as of today and should not be relied upon as representing our estimates as of any future date. We specifically disclaim any obligation to update forward-looking statements, even if our estimates change. We'll also focus our comments on our non-GAAP financial measures, which are adjusted to exclude certain specified items.

Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures are available on bms.com. Giovanni?

Giovanni Caforio -- Board Chair and Chief Executive Officer

Thank you, Tim, and good morning, everyone. Let me start by saying that I'm proud of our continued strong execution during a global pandemic and the significant progress we are making against our strategy. I want to recognize and thank our global employees for their hard work and resilience through this challenging time. Now turning to Slide 4.

We at the start of the year, I laid out our strategy to grow our business and renew our portfolio through the end of the decade. During the first quarter, we delivered strong results consistent with this strategy. We successfully grew our revenues, launched new medicines and new indications for I-O and continued to advance our pipeline. Starting with our financial performance, Our revenue grew 3% despite the impact of COVID-19-related buying patterns in Q1 of last year.

Our quarter was strong for sales and EPS in the context of COVID-related dynamics for some of our products. Based on continued strength in our business, we are affirming our full-year non-GAAP guidance for 2021. The accelerated renewal of our portfolio advanced across all four key therapeutic areas. Through regulatory approvals and clinical readouts, we're building a more diversified, younger portfolio that will fuel our growth through the decade and beyond.

Although there remains uncertainty with how the COVID recovery will evolve, we are actively planning to return colleagues to the workplace, and are prioritizing plans to fully bring our sales reps back in the field, where conditions allow, to further support our in-line products and launches. Let's turn to our execution scorecard on Slide 5. I am pleased that we've already made solid progress across the board during Q1. Specifically, in oncology, Opdivo is the first and only I-O agent with a first-line approval in gastric cancer.

Combined with our opportunities in metastatic and adjuvant esophageal cancer, Opdivo can become the leading I-O medicine for patients with early and advanced GI cancers. We have strengthened the growth and long-term sustainability of our I-O franchise with a positive Phase 3 clinical trial for relatlimab. We're now the only company with three proven I-O mechanisms. Building on our leadership position in melanoma with the Opdivo plus Yervoy regimen, we've now demonstrated a clinically meaningful PFS benefit on top of PD-1 monotherapy for a second I-O agent, which is a great accomplishment knowing the high efficacy of PD-1 monotherapy in first-line melanoma.

This is great news for patients with advanced melanoma, and we look forward to presenting the data at ASCO in June. Beyond I-O, six of our eight near-term launches are now successfully under way. In hematology, we made great progress in our cell therapy franchise with U.S. approvals of Breyanzi and Abecma.

Our other new product launches are also progressing well. A lot is happening in immunology. We presented Phase 3 data for deucrava, which we expect to file later this year. We see this as an important medicine for patients and the company with significant revenue potential.

As you know, deucrava is a first-in-class selective TYK2 inhibitor with the potential to become the new oral standard of care in moderate-to-severe psoriasis. It also has broader potential to treat diseases such as psoriatic arthritis, IBD and lupus. In our mid-stage pipeline, we initiated the Phase 3 study for cendakimab in eosinophilic esophagitis. And in CV, we filed mavacamten with the FDA and have a PDUFA date of early next year.

Given the potential for our early stage pipeline with multiple assets across therapeutic areas and modalities, including protein homeostasis, cell therapy and next-generation biologics, we are planning a more in-depth session with you sometime in the fall to update you on the progress within our pipeline and how that further supports the long-term potential of the company. Now turning to Slide 6. Our team's execution as a new company so far has been remarkable and reinforces my confidence in our ability to capitalize on the potential for future growth. We remain focused on growing our business between 2020 and 2025.

More importantly, we expect that in '25, our LOE products will constitute less than 10% of our business with roughly one-third of our continuing business coming from our launch portfolio. We believe our new launch portfolio has significant potential, with $20 billion to $25 billion of non-risk-adjusted sales potential in 2029. And this does not include the potential medicines that could come from our mid- or early stage pipeline. To close, I'm confident we have established a strong foundation for our future growth.

The strength of our execution, promising launch opportunities ahead, the breadth of our pipeline and strength of our balance sheet positions us very well. I will now turn it over to David to walk you through the financials. David?

David Elkins -- Chief Financial Officer

Thank you, Giovanni. And thank you, all, for joining our call today. I'd like to start with our strong top-line performance on Slide 8. Our continued sales growth of 3% was driven by strong operational performance.

When excluding the approximately $500 million of COVID-related buying patterns we experienced last year, underlying sales growth was strong, up 8%, or 6% excluding the benefits of foreign exchange, as our teams continue to execute very well while operating in a mostly virtual environment. I'll now provide additional color on the performance of our key brands and new launches, starting with Eliquis on Slide 9. This was another strong quarter for Eliquis as global sales were up 9% despite the unwinding of a fourth-quarter inventory build and the approximately $350 million COVID-related build we experienced this time last year. In the U.S., first-quarter sales increased 8% versus prior year, driven by strong demand with total prescriptions up 11% due to the strength of our position as the No.

1 NOAC. First-quarter sales also included the impact of a onetime true-up of approximately $160 million related to the Medicare coverage gap. As we look toward the second half of the year, we expect similar dynamics from the coverage gap as we've seen in prior years. We remain optimistic about the continued growth opportunity for Eliquis since we've seen both new-to-brand OAC volumes return to prepandemic levels, as well as accelerated switching from warfarin.

Internationally, sales remained strong, growing 11% versus prior year. Eliquis continues to be the No. 1 NOAC in multiple key markets internationally with significant room to grow. We remain very pleased with the execution of Eliquis around the world and expect to continue to grow Eliquis share within a growing class.

Now turning to Opdivo on Slide 10. As it relates to the first-quarter performance in the U.S., first-line lung shares remained in the low double digits within the I-O eligible population. The launch of our Opdivo plus Cabo indication in first-line renal is going well and further builds on our strong position in that space with significant uptake in the unfavorable segment where Opdivo plus Yervoy is not indicated. But we did see some impact from COVID during the quarter as the resurgence of the virus earlier in the year impacted offices at an infusion, we remain very confident in Opdivo's return to growth this year.

Further supporting this growth, we are also very pleased with the recent approval of CheckMate -649 as Opdivo plus chemo is now the first I-O regimen approved in first-line gastric cancer. We look forward to launching additional indications in early stage diseases across esophageal and muscle-invasive bladder cancers, which are expected to further contribute to our growth later this year. Additionally, we have multiple opportunities for future growth, including CheckMate -648, for the treatment in first-line esophageal cancer, which we announced as primary endpoints, as well as from other trials that will read out over time. Outside the U.S., sales were up 2% due to favorable effects of foreign exchange.

We are encouraged to see strong adoption of new approvals and increased reimbursement, including the 9LA regimen in Europe and both 9LA and 227 regimens in Japan. These dynamics offset the second-line indications and the impact of COVID. Looking forward, we expect to expand the use of Opdivo in several additional indications currently under review. All in all, we remain very excited about the growth outlook for Opdivo.

Moving to Slide 11, I'd like to touch on our in-line multiple myeloma portfolio. In the U.S., Revlimid sales are flat. Its growth was offset by the expected work-down of last quarter's inventory build. We also saw the expected seasonality that Revlimid and Pomalyst experienced due to patients entering the coverage gap early in the year.

Outside the U.S., we saw a 4% increase primarily from foreign exchange, as well as strong demand for triplet-based therapies, which offset the approximate $100 million combined impact of an inventory build in a tender last year. This resulted in a 1% increase for Revlimid globally. Global Pomalyst revenues were up 8%. This was driven by overall strong demand from triplet-based regimens and use in earlier lines.

Now we want to spend a few minutes sharing the progress we've made in the quarter on our recent launches on Slide 12. Our launches contributed $145 million in sales in the quarter. Let's start with Reblozyl, which generated $112 million in the first quarter. We continue to be pleased with the launch and uptake in new patient starts.

We continue to see the transition from initial bolus to underlying demand. And while this market has seen some COVID impact, we remain focused on continuing to drive new starts for patients earlier in their treatment journey. Our initial launches in international markets are going well. And we will continue to add markets globally over the course of the year as we receive reimbursement.

Moving to Zeposia, where we continue to see good traction in establishing the brand as the S1P modulator choice in multiple sclerosis. Positive initial prescribing experiences are translating into repeat scripts, and we are also encouraged to see patients convert to commercial supply at a quicker rate than before. Beyond multiple sclerosis, we look forward to launching Zeposia in ulcerative colitis with FDA approval expected at the end of May. Outside the U.S., we are pleased with Zeposia's MS launches in several markets, and we will continue to secure reimbursement in additional markets as the year progresses.

The marketing authorization application for ulcerative colitis also remains under review in Europe with approval expected toward the end of this year. Turning to Onureg. We continue to be encouraged by the launch where our teams remain focused on establishing the profile as the first and only oral treatment to demonstrate an overall survival benefit in the first-line maintenance setting of AML. Physician feedback and awareness have been positive, and our focus remains on shaping and establishing Onureg in a new maintenance segment of the AML treatment paradigm, which we know will take some time.

Outside the U.S., we recently received a positive opinion from the CHMP with approval expected this year. Turning to our new newly established cell therapy franchise on Slide 13. We are very excited to have launched two differentiated cell therapies for patients following the recent approval of Breyanzi in large B-cell lymphoma and Abecma in multiple myeloma. First, regarding Breyanzi, our best-in-class CD19.

While we are early in the launch, messages around efficacy and outpatient utilization are resonating, with high aided awareness among CAR-T treaters. We have also been very pleased with the rapid activation of our treatment sites as we now have approximately 55 sites activated with patients already apheresed and recently infused. And as it relates to Abecma, we're excited to have the first-ever BCMA CAR-T approved for patients with highly refractory multiple myeloma, where we're just a few weeks into the launch, we are encouraged by the enthusiasm we are hearing from customers for the treatment. We also see a real opportunity for synergy from the combined execution of these two therapies as Abecma is able to leverage the existing and growing site footprint of Breyanzi.

For both these important new medicines, our priorities are expanding the site footprint through rapid account activation and maximizing our differentiated profiles while ensuring a seamless customer experience. Now let me take you through a few items on the P&L on Slide 14. First, as we've said, our gross margin will continue to be largely a function of product mix, and in the first quarter, our gross margin rate was impacted by the strength of Eliquis, in addition to foreign exchange. Operating expenses reflect continued MS&A investment in our multiple launches across various therapeutic areas.

And as that relates to our tax rate, our effective rate in the quarter was 16.8%, which reflects our earnings mix for the quarter. Now switching gears to the balance sheet and our capital allocation on Slide 15. Our liquidity position remains strong with approximately $13 billion in cash and marketable securities, including strong cash flow from operations of nearly $4 billion in the quarter. Regarding capital allocation, business development remains our top priority for the company, and we will continue to evaluate opportunities to complement our internal innovation.

With regard to our debt reduction this quarter, we've demonstrated our commitment to strong investment-grade credit rating by accelerating our repayment of debt by a $4 billion tender and redemption. We are also committed to returning cash to shareholders through dividend and share repurchases. Recall that we increased our share repurchase authorization by $2 billion at the start of the year, and that we plan to buy back between $3 billion and $4 billion in shares this year. In the first quarter, we have already repurchased $1.8 billion toward that goal, and we will remain opportunistic as the year progresses.

Now turning to our 2021 guidance on Slide 16. Following this quarter's performance, we are reaffirming our non-GAAP guidance for the year, which reflects significant growth over last year. Our businesses have remained resilient. And our launch opportunities have come into fruition.

Again, I'm pleased not with just the performance, but also with the considerable progress we made in executing our launches and advancing our pipeline. I'd now like to turn the call back over to Tim and Giovanni for Q&A.

Tim Power -- Vice President, Investor Relations

Great. Thanks very much, David. Keith, can we go to our first question, please?

Questions & Answers:


Operator

Thank you. We'll now take our first question from Terence Flynn of Goldman Sachs. Please go ahead.

Terence Flynn -- Goldman Sachs -- Analyst

Thanks for taking the question. It looks like the clinicaltrials.gov listing for your Factor 9a Phase 2 study in total knee replacement is now showing a completion date of this month. So just wondering if we could actually get data from that trial here over the near term. And then, looking back at enoxaparin's rate of bleeding in this setting, it looks to be about 4% to 5%.

So just wondering what level of differentiation there you're looking for. Thank you.

Giovanni Caforio -- Board Chair and Chief Executive Officer

Thank you, Terence. Good morning. Samit, I'll pass the two questions on Factor 9 to you.

Samit Hirawat -- Chief Medical Officer and Head of Global Drug Development

Thank you, Terence. Looking forward to the readout of the first trial in the total knee replacement setting, which is testing the single-agent Factor 9a in the next couple of months as we look forward now. And also, as we've spoken before, the second trial will read out in the early part of next year as well. In totality, we'll be the one determining factor to really ascertain truly the overall safety, and of course, what we can gain in terms of efficacy to define the plan as we move forward.

So more to come on that. I would not go into the specifics of what level of improvement we are trying to look for. Those are gonna be defined with the differences that we see. But again, we've said before, if we can produce another agent for prevention of clotting and thrombosis at the level that is similar in efficacy but better safety profile, that is what we're looking for.

And certainly looking forward to the data in combination with anti-platelet agents as well. Thank you.

Tim Power -- Vice President, Investor Relations

Thanks so much. Keith, can we go to our next one, please?

Operator

We'll then take our next question. It comes from Chris Schott of J.P. Morgan.

Chris Schott -- J.P. Morgan -- Analyst

Great. Thanks so much. Just two questions here. Maybe first, just maybe elaborate a little bit more in terms of LAG-3 and its role in the market.

I guess, should we be thinking about this combo mostly as a kind of monotherapy competitor? Or is this something that you think from an efficacy standpoint, can stand up against an Opdivo-Yervoy type of combo? And then, my second question was just a little bit more color on the Opdivo adjuvant launches. As we think about kind of treatment rates and development of these markets, just a little bit more color of how do we think about the esophageal and bladder kind of ramps as we think about kind of this year. So are these big 2021 events? Or is it just going to take a couple of years to really see the opportunity for those indications? Thanks so much.

Giovanni Caforio -- Board Chair and Chief Executive Officer

Thank you, Chris. So first, on LAG-3, let me share my enthusiasm for a fixed-dose combination, which represents a really important data to validate a third immuno-oncology agent from the company. And let me ask Chris to give you his perspective on dynamics in melanoma and where that fixed-dose combination may play and then, give you insights into the uptake in adjuvant.

Chris Boerner -- Chief Commercialization Officer

Yeah, thanks for the question, Chris. So let me start with LAG-3. So first, let me say that we are very excited and pleased with the data readout that we've seen for the third I-O that we have from BMS. The results are very encouraging.

And I think seeing an enhanced activity on top of Opdivo in melanoma, that's a pretty high bar. And so we're excited about the opportunity to bring this to patients. In terms of where it fits, you remember the current landscape of first-line melanoma, Opdivo-Yervoy represents about 35% to 40% of first-line melanoma. Approximately 30% of this market is still single-agent I-O, and you've got another 30% that is non-I-O.

So we think there's a real clear opportunity here for us to drive the benefit of relatlimab plus OPDIVO into that population. There's clearly a continued unmet need with physicians looking for additional options that have a dual I-O-like effect, and we're looking forward to bringing that combination to patients as we work our way through the regulatory process. In terms of the adjuvant opportunities, again, this is going to be an important opportunity as we get into the latter half of this year. And certainly, as we look about -- look for the growth opportunities beyond 2021, you noted esophageal and the upcoming opportunity with bladder.

We're very excited about those. With adjuvant esophageal, this is a substantial patient population with considerable unmet need. The treatment rates here are relatively low today, just given the lack of approved therapy. So we would anticipate that over time, we'll be able to drive utilization, both in terms of the patients who are being treated today, which is relatively small, and then, improve treatment rates over time, much the way we did, you'll recall, in adjuvant melanoma.

And we would expect a similar dynamic to play out as we launch in bladder cancer as well. And so very excited about those opportunities and look forward to seeing those launches play out in the coming months.

Tim Power -- Vice President, Investor Relations

Thanks, Chris. We go to our next question, please.

Operator

Our next question comes from Seamus Fernandez of Guggenheim.

Seamus Fernandez -- Guggenheim Partners -- Analyst

Oh, great. Thanks for the question. So I wanted to follow up on Chris' question as it relates to LAG-3. I noticed at the -- as one of the ASCO abstracts, there's also an adjuvant trial that is supposed to really report some data.

I assume that this is just a single-arm trial. But what's Bristol hoping for in adjuvant melanoma in particular, as well as the planned acceleration of the non-small cell lung cancer opportunity? Just hoping that Samit could maybe opine a little bit or give us a little bit of visibility on where he sees LAG-3 kind of potentially fitting in on the lung cancer side? And then, separately, just wanted to get a little bit of a better sense of your thoughts around the stroke -- the SPTS trial with Factor 9. Still first half of next year? And maybe you could just remind us of the opportunity that you see there. In our view, we think that could be a $4 billion-plus opportunity that's really not reflected in expectations.

But nobody knows this space better than Bristol-Myers Squibb, given your experience with products. Thanks.

Giovanni Caforio -- Board Chair and Chief Executive Officer

Thank you. Thanks, Seamus. And thanks for the question. So let me just say before I pass it to Samit to answer both of your questions, that we really look forward to presenting the LAG-3 data at ASCO.

I think it's gonna be a great opportunity to show the strength of the data. And on Factor 9a, let me just agree with you. This is a space we know extremely well, where we've demonstrated our ability to be successful with Plavix, of course, going back a few years, and with Eliquis, we are seeing as we speak now with the current performance of Eliquis. Samit?

Samit Hirawat -- Chief Medical Officer and Head of Global Drug Development

Thank you, Giovanni. And certainly, very excited to see the data coming out, great for the patients and certainly very happy with where we're going in the pipeline for LAG-3 in oncology for BMS as well. Overall, the natural progression after seeing the data in the first-line setting of addition of relatlimab on top of Opdivo would be to go into the adjuvant setting. And that's where you're beginning to hear a lot more that we'll be progressing into a Phase 3 program in the adjuvant setting for this co-formulation that we now have as a fixed-dose combination for Opdivo plus relatlimab.

Certainly more to follow as we look deeper into the data for the metastatic trial, to gain more in-depth knowledge on the biomarkers, as well as the long-term follow-up that will come from the current 047 trial that will continue to evolve in terms of our knowledge. Now the second part, which you asked, is about the non-small cell lung cancer opportunity. Certainly, excited to have started the early POC generation trial, as well as looking at the combination of nivo plus relatlimab plus chemotherapy to see where we can take it. And that's the idea behind accelerating the enrollment in that trial so that by the end of the year, we can initiate a Phase 3 program in that setting if we have tolerability that is demonstrated in that early trial that we're looking at.

In addition to that, we will continue to hear evolution of the data potentially into hepatocellular carcinoma that we are looking also to have some look into in the Phase 2 study. And that can open up additional indications as we look forward. Beyond that, in the SSP trial, yes, we are still looking forward to the readout in the early part of 2022. As I said earlier, there are two opportunities.

Opportunity number one is to improve on the current anti-coagulation paradigm with a single agent. And then, opportunity number two is to expand the use of anticoagulants with a background therapy of anti-platelet agents. And those are the two studies that together will form the basis of the clinical development plan that we are thinking through, whether it be the venous side or the arterial side of thrombosis.

Tim Power -- Vice President, Investor Relations

Thanks. Let me go to the next question, please, Keith? Thank you.

Operator

Our next question comes from Tim Anderson of Wolfe Research.

Tim Anderson -- Wolfe Research -- Analyst

Thank you. I have a kind of a higher-level question on the PD-1 space. Can you just talk about your longer-term view on whether price competition in this category is kind of imminent or eventually will happen in developed markets, both U.S. and Europe? The space is clearly getting more crowded, both domestically produced PD-1s, as well as those sourced from Chinese biopharma companies.

And while price competition usually is not a winning strategy, it might be the only lever a lots of these other companies can pull, and I think at least in China as many have started to recognize the PD-1 category has become a commoditized class. So lots of folks are trying to figure out what precludes us from happening outside of China. Can you articulate your views here?

Giovanni Caforio -- Board Chair and Chief Executive Officer

Thank you, Tim. Let me ask Chris to give you our perspective on a really important topic.

Chris Boerner -- Chief Commercialization Officer

Yes. Thanks for the question, Tim. We, obviously, think about this quite a bit. As we think about the number of new PD-1 entrants in the market, we really look at it on two dimensions.

First, there's the competitive impact of having additional players on the market. Frankly, that's an area that we pay attention to, but we're a little bit less concerned about. We have considerable resources focused on planning around competition. We have a good track record of competing in these markets.

And while we are always a bit paranoid of potential new entrants, we feel very good about our ability to effectively manage competition. The second dimension that we look at is the one you're raising, which is the risk of commoditization of a market. And the way we look at that is commoditization, we think, requires two things: it requires a low-cost entrants, and it requires perceived interchangeability on the part of payers, providers and patients. The risk of both of these things coming together likely varies, we believe, by geography, healthcare system.

It may be even by therapeutic setting, but we pay very close attention to this. In terms of the risk, we absolutely believe it's something that we need to stay on top of. It's, as you note, very dynamic. Currently, the areas where we see the greatest risk don't overlap with our largest markets, at least today.

But we certainly have plans to address the risk as they become more tangible. The two things that I think we can continue to do that position us well against this threat are, first, continue to leverage the extremely broad data set that we have generated in I-O to ensure that treatment decisions continue to be clinically driven. And then, second, continue to rapidly bring new data and approvals to market, such that we're constantly pushing forward innovation and changing the standard of care. But this is an area that's very dynamic, and we're paying close attention to it.

Tim Power -- Vice President, Investor Relations

Thanks very much, Chris. We go to the next question, please, Keith? Thank you.

Operator

Our next question comes from Geoff Meacham of Bank of America. Please go ahead.

Geoff Meacham -- Bank of America Merrill Lynch -- Analyst

Hey, guys. Good morning. Thanks for the question. I just had a couple of quick ones.

On your new launches, highlighted on Slide 12, what were some of the headwinds you saw for Reblozyl this quarter? I mean, what do you think could be the tipping point for Zeposia and Onureg for the current indications? And then, the second question is with your cell therapy franchise. I know it's early, but just given the proximity of the two launches, are there synergies that you're seeing just with respect to site activation or reimbursement, etc.? Thank you.

Giovanni Caforio -- Board Chair and Chief Executive Officer

Thank you, Geoff. Chris, why don't you go ahead? Let me just give you my perspective. I'm really excited with what's happening on the front of our launch brands. The profile of the medicines that you mentioned is very differentiated.

We have strong labels. And what we are hearing from physicians is exciting in terms of the potential role that these agents will have in the marketplace. Let me just ask Chris to give you more insights into some of the launch dynamics you referenced, Geoff.

Chris Boerner -- Chief Commercialization Officer

Sure. Thanks for the questions, Geoff. There's a lot there, so let me try to hit on each of these relatively quickly. So Reblozyl, we're very pleased actually with the continued strong execution of the teams.

And what we are hearing on Reblozyl and our expectations for growth this year, and certainly in the long term, remain unchanged. As for the dynamics that we saw in the quarter, sales were relatively flat Q4 into Q1, and there were really two factors underlying this. First, as you will have heard from some of our peers, we have seen new patient volumes down in hematology generally. They were down about 10% to 20% versus pre-COVID levels in the MDS population and so that was one of the factors at play, at least for the quarter.

And we have seen specific to Reblozyl, a bit of a prolonged bolus wash-out period. And to give you some context around that, in Q4, we estimate that bolus patients for Reblozyl often were roughly around 40% of the overall business. In Q1, that has come down to about 20% to 25%, and we would expect those patients to continue to come off therapy over the coming months. Those two dynamics, notwithstanding, we are very encouraged by the continued uptake of new patient starts in this setting and continue to see new trials and an expansion of the prescriber base, which is critically important at this point in the launch.

So continued excitement from our perspective with respect to Reblozyl. Onureg and Zeposia in terms of pivot points, I would say, as we have discussed in MS and as you've seen with some of our peers, it does take time to transition patients from written scripts to commercial dispensation in MS. That said, it was a big focus area as we discussed last year, and we are seeing very nice acceleration for Zeposia in MS. And of course, we have the opportunity in UC coming up with the PDUFA date in a month or so.

And that's, obviously, another important opportunity for Zeposia and very much look forward to bringing this differentiated product and mechanism into IBD. Onureg, we're in the process of creating a market with Onureg, and that launch is going very well. In fact, we saw patient demand volume increase about 50% from Q4 coming into Q1. And I would say in that space, we are very excited with what we're seeing.

Now again, it's a market where we're creating a new treatment paradigm, and that's going to take some time. But all indicators are that the efficacy profile of this data is landing well with customers. And again, the teams are executing well. And then, pivoting to your question on cell therapy, we're very excited about the two cell therapy launches.

Both products have been very well received. Given Breyanzi's got a little bit more data in terms of the launch timing, let me start there. The launch there is going very well. We've had over 50 accounts that have been activated already.

Our highest priority accounts, in fact, were activated within eight weeks of approval. The messaging around the best-in-class profile for Breyanzi is landing well. Physicians are clearly seeing a differentiated safety profile. And in fact, we've already infused -- apheresed and infused patients with Breyanzi and so I would say the execution there has been exceptionally well.

And just quickly on Abecma. Obviously, a bit earlier in the process for Abecma, but we have the advantage of launching that product on top of the infrastructure that we've built with Breyanzi. So we've actually been able to more rapidly activate sites there. We've had 25 centers were activated within 10 days of approval.

The physician feedback has been very positive, and there's a lot of enthusiasm for us bringing the first BCMA-targeted cell therapy into multiple myeloma. So, so far, early days, but the launches seem to be off to a very good start.

Tim Power -- Vice President, Investor Relations

All right. Thank you very much, Chris. We go to the next question, please?

Operator

Our next question comes from Andrew Baum of Citi. Please go ahead.

Andrew Baum -- Citi -- Analyst

Many thanks. First question is to Giovanni. In relation to business development, Bristol, we anticipate it's going to be more active than many of your peers given the cadence of LOEs you have in your portfolio. The FTC has been making increasingly loud noises about consolidation being a driver of increased drug prices and diminish patient access of late.

I'm interested on how you think this could impact our business development going forward, whether it's more noise than actions. And what we should be looking for in novel mechanisms to engage to determine whether M&A relates in anticompetitive activities. And then, second question for Samit. Perhaps you care to comment on whether you anticipate a panel meeting to assess JAK safety broadly in a cross-divisional way.

I'm, obviously, thinking about deucravacitinib in terms of its broader membership of that particular category. Thank you.

Giovanni Caforio -- Board Chair and Chief Executive Officer

Thank you, Andrew. Let me start with your question on business development, and then, Samit will follow on your second question. So it's really difficult to speculate at this point in early days what the evolving position of the FTC will be. A couple of things that I would say is, number one, I do agree with you that business development is an important priority for us.

It has been for a while. And it will remain one of the priorities for deploying capital in our capital allocation strategy. The second thing that I like to say is that I actually feel that we've demonstrated over and over that when we acquire assets into the company, it's actually a way of accelerating their development and generating even more value for patients. And that's an important element of what drives our business development strategy.

I feel there are plenty of opportunities to continue to strengthen our portfolio across all of the areas where we have presence and expertise. And obviously, we'll always take competition issues into account when we look at opportunities, but I don't see that at this point as limiting our ability to continue to execute a very differentiated business development strategy. So with that, Samit?

Samit Hirawat -- Chief Medical Officer and Head of Global Drug Development

Yeah, thanks, Andrew. And certainly, yes, we've heard the speculation around AdCom for potentially looking at it from a safety perspective for TYK2 inhibitors and whether they belong in the JAK. The way we think about it is as we have presented, if you look at the data, we do believe it is very differentiated. And there are absolutely good measures in terms of thinking around preclinical data, the clinical data, the mechanism of action and the way the data has evolved also on the efficacy side.

So overall, I think we have very strong arguments. If there is an AdCom, certainly, we'll be prepared with that with all the data that we've shared already. And we'll continue to evolve in terms of a long-term follow-up as well. We do believe this is new breakthrough in science. It's a new first-in-class molecule for a -- as a TYK2 inhibitor, potentially first as it brings new efficacy data for patients with psoriasis, which is an unmet medical need.

So certainly looking forward to sharing more as we go along. At the current time, we are in discussions in terms of preparing the file and getting it to the regulators and move it forward as soon as possible.

Tim Power -- Vice President, Investor Relations

Thanks, Samit. Keith, can we go to the next one?

Operator

Our next question comes from Ronny Gal of Bernstein.

Ronny Gal -- Sanford C. Bernstein -- Analyst

Good morning, everybody. Two, if I may. First, the office has now come out to restructure Part D with some participation by pharma through the cost structure of roughly 10%, even from a Democratic side -- from the Republican side. I was wondering if you could just kind of ballpark for us the relative impact of pharma participation in the cost structure of Part D and how does that translates into your own revenue.

And second, I was wondering how you're gonna handle the difference in prices for Zeposia between the MS market and the IBD market because of the two different price stance and you're transcending that. So how are you thinking about handles?

Tim Power -- Vice President, Investor Relations

Ronny, it's Tim. We couldn't quite hear the first part of your question. We heard the part about the price on Zeposia. Could you repeat the beginning of your question, if you don't mind?

Ronny Gal -- Sanford C. Bernstein -- Analyst

Sure. Part D restructuring, can you give us a feel for how kind of like a 10% get reimbursement requirements by pharma translate into invest in your revenue?

Giovanni Caforio -- Board Chair and Chief Executive Officer

OK, thank you. Thanks very much. Let me start there, and then, I'll ask Chris to address your question on Zeposia. So let me say, obviously, there is continued dialogue about the potential benefit design changes that may be discussed by the administration.

And I think it's premature to go into any assessment of what the Part D redesign -- what elements may be discussed going forward. I think what's important is a couple of things. So first of all, as you know, we have a very diversified portfolio across multiple payer segments and multiple therapeutic areas. And so there will always be different impacts on different parts of our portfolio from any benefit redesign and very different dynamics for a product like Revlimid versus a product like Eliquis.

So that makes it difficult to give you any insights into the impact of reforms because it really is important to know the details. What I think it's more important is the fact that from our perspective, it is critical that we look at reforms and have one objective in mind, which is to improve affordability for patients in Medicare Part D. That's sort of the core of the priority that the industry has. And the proposals that we'll continue to make as we interact with the administration, we'll be focused on elements of Part D redesign that include establishing out-of-pocket caps, reducing the overall impact to patients in the catastrophic phase, smoothing expenses throughout the year.

And so as proposals progress, I think it will be easier for us to provide insights into how that impacts our portfolio. Chris?

Chris Boerner -- Chief Commercialization Officer

Yeah, thanks for the question. Obviously, we are keenly aware of the differential in prices between the MS market and UC. As you know, we priced Zeposia in line with the value it provides and ensuring the broadest patient access in the MS market. And as we think about UC, it's certainly too early at this point to discuss how we are thinking about pricing in UC.

What I would say is that we're going to factor price considerations. How we think about the broader access and the importance of access in IBD generally. And we have plans in place that we'll execute as we get closer to the approval of Zeposia in UC, but it's something we've been focused on for some time.

Tim Power -- Vice President, Investor Relations

Thanks very much. Please go to the next question, please, Keith?

Operator

Our next question comes from David Risinger of Morgan Stanley.

David Risinger -- Morgan Stanley -- Analyst

Yes. Thanks very much. I have two questions, please. First, could you just discuss the bar that Bristol-Myers set in first-line melanoma with the combination of Opdivo plus Yervoy? Just so we have that in context ahead of the LAG's readout ahead.

And then, second, could you provide a framework for Zeposia sales drivers in coming years in both the U.S. and ex-U.S.? Thanks very much.

Giovanni Caforio -- Board Chair and Chief Executive Officer

Thank you, David. Let me ask Samit to start and give you his perspective on first-line melanoma, and then, Chris can add any perspective there and give you an answer on Zeposia.

Samit Hirawat -- Chief Medical Officer and Head of Global Drug Development

Yeah, thanks for the question, David. The way to look at it, though, as Chris mentioned earlier, there's still a large number of patients who are treated with either single agent I-O or through non-I-O regimens. So yes, O plus Y is a very important regimen, has shown very important efficacy and long-term effects and maintenance of that effect and so therefore, it becomes important. What we are now bringing is an additional, let's say, treatment potential for patients who can be treated, who have melanoma in the first-line setting with relatlimab on top of nivolumab as a single agent.

And that's the reason why we're excited about this, to be able to add to the treatment paradigm for prescribers and for patients to potentially use in the future once approved in this particular setting. One has to remember that we are also talking about the safety profile and its differentiation over here. So relatlimab plus nivolumab, therefore, becomes an important aspect of the treatment paradigm looking at the future.

Chris Boerner -- Chief Commercialization Officer

Yeah. And then, let me take the question on Zeposia, David. So the way we think about Zeposia is, first of all, we're very excited about the opportunity initially that we have both in the U.S. and ex-U.S.

in MS. We think that Zeposia brings a very differentiated profile into this market. It's now in the U.S., the No. 1 SP in terms of written prescriptions.

We're gaining on oral agents. And as I mentioned earlier, we are making progress in terms of optimizing the patient pull-through in terms of commercial dispense. So we think we've got considerable opportunity to continue to grow in the short term in MS in the U.S. Ex U.S., it's still very early days for the launches of Zeposia, but I would say that in the early launch markets in Europe, Zeposia's uptake appears to be very good, particularly in markets like Germany.

So I think in the near term, there's going to be clearly a focus on maximizing the opportunity that we have with Zeposia in that market globally. And then, of course, with the upcoming launch in UC, that becomes a much more important opportunity for us as we get into 2022 and beyond. Zeposia's profile looks very good. The feedback we've gotten from treaters in the IBD space is very positive.

Obviously, the rate limiter in terms of the U.S. uptake is gonna be accessed. We know that's a very important component, and we are going to approach that in a very stepwise fashion. It's going to be important that we drive volume initially in those patients -- with those patients who have insurance that is open or relatively unrestricted.

And then, we'll leverage the Zeposia profile to drive additional utilization and then, of course, work with payers to ensure that we continue to increase the access that patients have in that space. That will clearly take some time. But we think the opportunity in IBD for Zeposia is substantial. And that will be important both in the U.S.

and ex-U.S. as we get into that launch in -- later in 2021 and then, certainly 2022 and beyond.

Tim Power -- Vice President, Investor Relations

Thanks. Can we go to the next one, Keith?

Operator

Our next question comes from Greg Gilbert of Truist Securities.

Greg Gilbert -- Truist Securities -- Analyst

Thank you. On LAG-3, how are you thinking about the importance of biomarkers here? And what level of granularity should we expect around the data set of ASCO as it relates to LAG-3 positivity, etc.? And then, Giovanni, a different twist perhaps on the business question. When you took over a CEO, I imagine there was quite a sense of urgency to diversify the company. But with the steps you've already taken to do so, would it be fair to characterize your M&A strategy from here as more about enhancing existing franchises and less about diversification as a concept? Thanks.

Giovanni Caforio -- Board Chair and Chief Executive Officer

Thank you, Greg. Let me start there, and then, I'll ask Samit to give you an answer on the biomarker strategy for LAG-3. I think you're absolutely right. I believe that one of the things that is a clear strength for the company today is the diversification of our business.

When you look at our oncology business, solid tumors and hematology, what's happening in immunology, which is clearly the fastest-growing segment of our business right now and the long-term sustainable leadership position that we have in cardiovascular medicine, I think that we have an incredibly well-diversified set of businesses with strong dynamics for all four of them. So I think that's an important foundation that we've built for the company. And at this point, I see that as an opportunity because we have capabilities that we can leverage. We clearly have deep expertise, whether that's from a scientific and development perspective or from a commercial perspective, growing in all of those areas.

And it gives us an opportunity to look at assets where we can acquire really promising technology, apply our expertise and maximize the value of those assets. So the priority for us now in business development is across all of those areas, to continue to strengthen our portfolio. And as I've mentioned several times, the objective that we have is to further strengthen the outlook in the second part of the decade. But our business is extremely well diversified at this point.

Samit?

Samit Hirawat -- Chief Medical Officer and Head of Global Drug Development

Thanks, Greg. Thanks, Giovanni, and thanks, Greg, for the question as well. For LAG-3, obviously, I'll not get into the specifics of the data that we presented at ASCO. But certainly, some of the biomarker data will be included in the presentation.

As you may recall from all the published literature around LAG-3 and in general, for I-Os, it's been a difficult exercise to get specificities around which biomarkers really dictate the activity of the medicines that we are testing and exploring. So we'll continue to get into that, into deeper details after the data are presented, but certainly looking forward to a better understanding of the overall landscape and as we look to the combinations and other indications as well.

Tim Power -- Vice President, Investor Relations

Thanks very much. Next one, please?

Operator

Our next question comes from Matt Phipps of William Blair.

Matt Phipps -- William Blair & Company -- Analyst

Thanks for taking the question. Just two quick ones. Can you give us any update on time lines for an EFS look and the CheckMate -816 trial? And how do you think the overall market there and the potential opportunity there is impacted by the Roche and Power ONO positive announcement. And then, secondly, on the TYK2 given the strong results you saw in moderate-to-severe patients and then, also the attempted advanced study in mild to moderate.

Any plans to maybe run an additional head-to-head study versus Otezla in a mild-to-moderate patient population to expand the opportunity?

Giovanni Caforio -- Board Chair and Chief Executive Officer

Thank you, Matt. Let me ask Samit to address both of your points.

Samit Hirawat -- Chief Medical Officer and Head of Global Drug Development

Well, the second one, probably I'll pass it on to Chris. So first one, I will say that for EFS for 816, you've seen the data already for the pathologic complete response is certainly very, very encouraging. Looking forward to the EFS readout toward the end of 2022, early 2023 time frame. So it still remains, from that perspective, on track.

And we'll certainly be sharing it as soon as we have that data available. Just one more thing that I want to clarify what I said early on, on Andrew's question around the speculation around the AdCom. The speculation that we hear is around the JAK inhibitors, and we have no knowledge around inclusion of TYK2 as being included in there. And that's why I just want to clarify one more time.

Chris Boerner -- Chief Commercialization Officer

And let me just very quickly hit on the commercial opportunity for 816 and then, turn it back to Samit on TYK. We're happy with the results, obviously, that we've seen so far with 816. As Samit just mentioned, the data continue to emerge in this space. What I would say is that this is a fairly sizable opportunity.

There are about just shy of 30,000 treatable patients here. The treatment rates are in the order of 60% to 65%. So we think there's an opportunity to do two things. One, obviously, provide an opportunity in the neoadjuvant space for those patients who are being treated today and potentially continue to push the treatment rate.

And remember, many patients will be identified once you have more active treatments that are available in this space. So we think there's considerable opportunity here. Samit?

Samit Hirawat -- Chief Medical Officer and Head of Global Drug Development

Great. Thank you. And in terms of the TYK2 versus Otezla product, I think, first of all, we are excited about the data that we have. We have, obviously, the mechanism of action that is quite unique over here.

We've seen the data in the moderate-to-severe psoriasis. We have additional studies that are ongoing in the IBD space, in the lupus space. The discussion around moderate to severe -- mild to moderate psoriasis continues. And we'll certainly share with you ultimately what the plans would be.

But truly excited today where we are, and certainly, the evolution of the data at the end of the year in additional indications. We are not ready to share yet our plans for mild-to-moderate psoriasis.

Tim Power -- Vice President, Investor Relations

Thanks so much. Can we go to the next question, please, Keith?

Operator

Our next question comes from Steve Scala of Cowen.

Steve Scala -- Cowen and Company

Thank you. A couple of questions. Based on everything that has been said, it sounds as though the relatlimab data is not competitive with Opdivo plus Yervoy on efficacy. It might be on safety or am I misinterpreting? For instance, you mentioned adding to the armament area but not advancing it.

You referred to many patients on monotherapy are not receiving I-O, but you didn't really refer to those on I-O, I-O. So I'm just curious what we should interpret and what full data be in the abstract on May 19? Second question on slide -- on Page 6. Of the 90% of products in the continuing business, should we think about Opdivo plus Yervoy comprising about 50% of that 90%? Thank you.

Giovanni Caforio -- Board Chair and Chief Executive Officer

Thank you, Steve. Let me just provide some perspective. So to answer your second question. As we've said, 90% of the business by 2025 being continuing business that excludes Revlimid and Pomalyst.

In that 90%, we've said about a third are the launch brands. The rest is the current online portfolio. We're not breaking that 70% down further into individual products. But I think what's important there is actually the strength of the emerging business for the remainder of the decade.

And obviously, the launch brands become particularly important given that we're discussing 2025. Let me just reiterate our enthusiasm for the relatlimab-Opdivo fixed-dose combination in melanoma. It is clear that we have a very well-established standard of care with O plus Y and long durability of response demonstrated over a long period of time. But I just want to, again, reiterate from an efficacy perspective, from a safety perspective, we are really excited to be able to show the data at ASCO.

Samit?

Samit Hirawat -- Chief Medical Officer and Head of Global Drug Development

And Steve, the point I would add is, look, we did not do a study of nivolumab plus relatlimab versus nivolumab plus ipilimumab. So it would be unfair to start comparing the data for the two trials. Secondly, nivolumab plus ipilimumab, as Chris has said earlier, as Giovanni just said, has been established for a long time, so we have long-term data, overall survival data, response rate data. For relatlimab, we do not have the overall survival data, as well as the response rate data.

But we are excited to see where we stand with our overall progression-free survival data as compared to single-agent nivolumab. And you'll see that data very soon. And certainly, we can have a dialogue after that. But as Giovanni said, very pleased where we are and certainly looking forward to the evolution of the data as we go forward.

Tim Power -- Vice President, Investor Relations

Thanks. Let's go to the next one, please?

Operator

Our next question comes from Luisa Hector of Berenberg.

Luisa Hector -- Berenberg Bank -- Analyst

Hello. Thank you. I wanted to return to Zeposia, please. I mean, MS is a very tough market to be launching in Q2 COVID.

I'm just wondering which patients are starting on Zeposia and do you expect that to evolve? And then, on the UC indication, are you anticipating an AdCom? And could you update us on how you're preparing for launch? Thank you.

Giovanni Caforio -- Board Chair and Chief Executive Officer

Chris?

Chris Boerner -- Chief Commercialization Officer

Sure. Let me start, and then, I can maybe turn it over to Samit for the AdCom question. So very happy with the performance of Zeposia in MS, particularly as you point out, in light of the COVID environment. This was, as we had talked about last year, a market that was hit by COVID in terms of new patient volume being down.

And obviously, this is a market that we are entering into relatively new for BMS. And so at the end of last year, we spent a considerable amount of time making sure we were engaging with customers in many cases for the first time. And then, so our focus was continuing to do a few things. First, it was making sure that we were selling the profile for this, what we believe and clearly is being demonstrated in the data, No.

1 SP in this market. We've seen very good uptake in terms of written prescriptions here. Obviously, the dynamic pool of MS is relatively small. And we've seen most of the business at this point coming from switch patients, and we're continuing to get an increase in new patients who are coming onboard as well.

So we're very happy with that. And we would expect that to continue to evolve over time. And then, obviously, as I mentioned in one of the previous questions, a big focus for us has been making sure that we continue to convert those written scripts into commercial dispense and ensuring a very smooth journey for patients in this market, and we've had a great acceleration there. So excited about what we're seeing so far, and we think we are on a very good trajectory for Zeposia in MS in the U.S.

Samit?

Samit Hirawat -- Chief Medical Officer and Head of Global Drug Development

Yeah. And just very briefly on ulcerative colitis. We are already at the end of April. Our PDUFA date is end of May.

We have had nothing but a very good conversation with the FDA. So we have no knowledge of an AdCom for ulcerative colitis for Zeposia.

Tim Power -- Vice President, Investor Relations

Thanks, Samit. I think we've got time for maybe two last ones. Keith, can we go to our next one, please?

Operator

Thank you. Our next question comes from Dane Leone of Raymond James. Please go ahead.

Dane Leone -- Raymond James -- Analyst

Thank you very much for taking the questions. And congratulations on the start to the year. I know it's late in the call, but thank you for taking the questions. And I'll keep this brief.

A question we get a lot from investors is how to think about the multiple myeloma franchise over the next couple of years and your market share collectively within that. Obviously, you have some moving pieces with Revlimid with some offsets to the backlog. But the specific question, I guess, is, where is your team looking in terms of some of the new agents that the clinical community is becoming more interested in, such as iberdomide? And how do you think that can move into a commercial setting as an offset to some of the headwinds you may face in the space? Thank you.

Giovanni Caforio -- Board Chair and Chief Executive Officer

Thank you, Dane. Samit?

Samit Hirawat -- Chief Medical Officer and Head of Global Drug Development

Yeah. Thank you. So you've very correctly asked about multiple myeloma strategy. We are leaders in multiple myeloma, of course, continuing to build on the heritage of the image where we've pioneered in that space.

We do have the broadest portfolio, and now we are beginning to see the results of that with the approval of Abecma. But the way we look at it is a three-pronged approach. On one side, we have the CELMoDs, which have the potential to allow for us to replace the image over time with a near-term opportunity for iberdomide reading out this year in the fourth line plus setting. And then, the second CELMoD 480 reading out in 2022.

The second strategy is the BCMA targeting. Abecma already approved, and we have the investigation ongoing for T-cell engager, as well as the ADC targeting. The third pillar is, of course, the combination. And you will see beginning this year already the studies of CELMoDs in the earlier line setting in the one to two prior lines of therapy.

And then, we will continue to build on the other combinations as well. So we feel overall really good about our position by having these multiple modalities. And we are confident that we can continue to build on our leadership position going forward in that space.

Tim Power -- Vice President, Investor Relations

Thanks so much. We go for a last one, please, Keith?

Operator

Our last question comes from Navin Jacob of UBS. Please go ahead.

Navin Jacob -- UBS -- Analyst

Hi. Thanks so much for taking my question, fitting in just to find me. Just two, if I may. Just wanna confirm that the -- on Eliquis, the $160 million true-up was actually -- was, indeed, a tailwind and not a headwind.

And then, finally, just on BD, test question for Giovanni, if I can. I noticed you have a somewhat new vertical for BMS and so far, as having neuroscience. As you think about BD, what are the areas that you'll be looking to invest in? And roughly, how much are you looking to deploy on an annual basis for the next few years?

Giovanni Caforio -- Board Chair and Chief Executive Officer

Yeah, thanks, Navin. So let me just say very quickly. Yes, you are right. It is a tailwind, the $160 million, with respect to business development.

Actually, what we are doing, what our teams are doing in neuroscience is really interesting. We, obviously, over the last few years, built a very innovative model where through a network of partnerships primarily, a small team at BMS has been very successful in advancing an early portfolio that looks quite compelling at this point. So not a large area of focus from a sort of late-stage development for us yet, but an emerging franchise that could be important in the future. As I said earlier, we are going to be looking at continuing to strengthen our portfolio depending on, obviously, the assets that we look at and are available across all of the areas where we have expertise.

We haven't really given a target in terms of spend per year, but we've made it very clear that this is the No. 1 priority in terms of capital allocation strategy. The acquisition of MyoKardia last year is a really good example of the type of focus we want to continue to have going forward as a company. And I'll remind you, we have tremendous financial flexibility to be able to invest in the right opportunities and in the right science.

So with that, I would like to thank all of you for joining us today as we discuss this quarter. We delivered strong results consistent with our strategy. We've continued to grow revenue, execute on our launches and advance the pipeline. I'm really proud of what our teams have accomplished so far this year, including so many of the important milestones that have been discussed during the call.

And as always, our team will be able to answer further questions you may have during the course of the day and the rest of the week. So have a good day. And thanks again to all of you for participating.

Operator

[Operator signoff]

Duration: 65 minutes

Call participants:

Tim Power -- Vice President, Investor Relations

Giovanni Caforio -- Board Chair and Chief Executive Officer

David Elkins -- Chief Financial Officer

Terence Flynn -- Goldman Sachs -- Analyst

Samit Hirawat -- Chief Medical Officer and Head of Global Drug Development

Chris Schott -- J.P. Morgan -- Analyst

Chris Boerner -- Chief Commercialization Officer

Seamus Fernandez -- Guggenheim Partners -- Analyst

Tim Anderson -- Wolfe Research -- Analyst

Geoff Meacham -- Bank of America Merrill Lynch -- Analyst

Andrew Baum -- Citi -- Analyst

Ronny Gal -- Sanford C. Bernstein -- Analyst

David Risinger -- Morgan Stanley -- Analyst

Greg Gilbert -- Truist Securities -- Analyst

Matt Phipps -- William Blair & Company -- Analyst

Steve Scala -- Cowen and Company

Luisa Hector -- Berenberg Bank -- Analyst

Dane Leone -- Raymond James -- Analyst

Navin Jacob -- UBS -- Analyst

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