1. JP Morgan
Healthcare Conference
Elliott Sigal, M.D., Ph.D.
Executive Vice President,
Chief Scientific Officer and President, R&D
January 14, 2009
2. During this meeting, we will make statements about the
Company’s future plans and prospects, including statements
about our financial position, business strategy, research pipeline
concerning product development and product potential, that
constitute forward-looking statements for purposes of the safe
harbor provisions under the Private Securities Litigation Reform
Act of 1995.
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 most recent
annual report on Form 10-K, periodic reports on Form 10-Q and
current reports on Form 8-K. These documents are available from
the SEC, the Bristol-Myers Squibb website or from Bristol-Myers
Squibb Investor Relations.
In addition, any forward-looking statements represent our
estimates only as of today and should not be relied upon as
representing our estimates as of any subsequent date. While we
may elect to update forward-looking statements at some point in
the future, we specifically disclaim any obligation to do so, even
if our estimates change.
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BMS Confidential and Proprietary Information
3. Pharmaceuticals Bring Significant
Benefits to Patients
Since the mid-1990s, when researchers developed a
new wave of medicines to treat HIV/AIDS, the U.S. death
rate from AIDS has dropped about 70% (Lancet, 2003)
Since 1971, the number of cancer medicines has tripled.
These new drugs account for 50-60% of the increase in
six-year cancer survival rates since 1975 (National
Bureau of Economic Research, 2004)
From 1993-2003, death rates from cardiovascular
disease in general and coronary heart disease have
declined roughly 22% and 30%, respectively
(Circulation, 2006)
New medicines generated 40% of the two-year gain in
life expectancy achieved in 52 countries between 1986
and 2000 (PhRMA, quoting research from Health Affairs)
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BMS Confidential and Proprietary Information
4. Pharma Industry Must Adapt to Changing
External Environment
Implications for Pharma
External Challenges
Accelerating patent expirations / Traditional “vertically integrated”
challenges model is risky, costly and
unsustainable
Greater regulatory / clinical
requirements and declining R&D True innovation must demonstrate
productivity clinical and economic value with
more comprehensive assessments
Decreased access to physicians of benefit/risk
Increasing role of payers in Partnering for both innovation
access, pricing and prescribing and commercial success is key
to remaining competitive –
Heightened political focus on and may be an advantage
healthcare / pharmaceuticals
Productivity and cost
Access to capital for smaller effectiveness must be
companies a core competency
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BMS Confidential and Proprietary Information
5. Best of Pharma
Best of Biotech
Next Generation
BioPharma
Innovative Selective Continuous
Portfolio Integration Improvement
• Strong continuous
• Serious unmet medical • Internal capabilities
improvement capabilities
needs in specialty and complemented with external
high prevalence disease innovation sources
• Simplified processes
• Multiple therapeutic • Co-development and
• Enhanced efficiency and
modalities (e.g. small & co-commercialization
effectiveness
large molecules)
• Flexible global supply chain
• Aligned infrastructure to
• Greater value for payers
support growth
• Targeted approach to
geographies and customers
• Innovative sales and
marketing approaches
Agile, Entrepreneurial & Accountable Culture
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BMS Confidential and Proprietary Information
6. Strong Execution in 2008 Towards The
Next-Generation BioPharma Model
Significant changes in BMS business portfolio
Strong operating performance
Improved overall financial position
Important progress against String of Pearls
Increased focus on longer term sustainability
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BMS Confidential and Proprietary Information
7. Best of Pharma
Best of Biotech
Next Generation
BioPharma
Innovative Selective Continuous
Portfolio Integration Improvement
• Strong continuous
• Serious unmet medical • Internal capabilities
improvement capabilities
needs in specialty and complemented with external
high prevalence disease innovation sources
• Simplified processes
• Multiple therapeutic • Co-development and
• Enhanced efficiency and
modalities (e.g. small & co-commercialization
effectiveness
large molecules)
• Flexible global supply chain
• Aligned infrastructure to
• Greater value for payers
support growth
• Targeted approach to
geographies and customers
• Innovative sales and
marketing approaches
Agile, Entrepreneurial & Accountable Culture
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BMS Confidential and Proprietary Information
8. Unique Organization Enables Execution
of String of Pearls Strategy
Consolidated all transactional groups into a
unique Strategic Transactions Group
Streamlined governance process and due
diligence for all transactions
Enabled rapid decision-making, flexibility and
involvement of the most senior level executives
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BMS Confidential and Proprietary Information
9. String of Pearls Focuses on Key Disease Areas
Migrate Into Build Expand
Priority Sustain HIV
Cardiology Alzheimer's Immuno-
Focus Franchise
Adjacencies Portfolio science
Build on
Expand
Secondary Jumpstart
Hematologic Solid Tumor
Areas HCV
Malignancy Capability
Expand
Additional Leverage Build Major
Migrate Into Into
Areas Psychiatric Metabolic
Cognition Neuropathic
Considered Franchise Capability
Pain
9
BMS Confidential and Proprietary Information
11. String of Pearls Multiple Integration
Approaches: Examples
Full Integration Approach
Facilities and personnel consolidated
All assets developed internally by BMS
Target company fully absorbed
Hybrid Integration Approach
Biologic (adnectin) discovery through proof of
confidence runs independently
Clinical development post proof of confidence by BMS
Product Approach
In-licensing of single or multiple products
Shared development & commercialization or
internal BMS development & commercialization
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BMS Confidential and Proprietary Information
12. Best of Pharma
Best of Biotech
Next Generation
BioPharma
Innovative Selective Continuous
Portfolio Integration Improvement
• Strong continuous
• Serious unmet medical • Internal capabilities
improvement capabilities
needs in specialty and complemented with external
high prevalence disease innovation sources
• Simplified processes
• Multiple therapeutic • Co-development and
• Enhanced efficiency and
modalities (e.g. small & co-commercialization
effectiveness
large molecules)
• Flexible global supply chain
• Aligned infrastructure to
• Greater value for payers
support growth
• Targeted approach to
geographies and customers
• Innovative sales and
marketing approaches
Agile, Entrepreneurial & Accountable Culture
12
BMS Confidential and Proprietary Information
13. 2009 Projected Key Data Flow & Events
Mechanism of action study: ADA, June
Phase III long-term safety & efficacy: ADA, June or EASD, Sept
Onglyza
US & EU approval decisions
(Saxagliptin) US submission for once-daily, fixed-dose combination of
saxagliptin + metformin
Ph IIb highly insulin refractory study -009: ADA, June
Dapagliflozin Initial Ph III data: ADA, June or EASD, Sept
Erbitux US regulatory decisions for head & neck cancer and lung cancer
Ipilimumab Additional survival data available
Abilify US submission for autism
Plavix CURRENT data
Initiation of Ph III acute coronary syndrome
Apixaban Ph III EU DVT prevention data: ISTH, July
Ph III DVT prevention data: ASH, December
Ph III subcutaneous safety data: ACR, October
Orencia Ph II psoriatic arthritis data: ACR, October
Ph III data: American Transplant Congress, May
Belatacept US & EU submissions
Note: Dependent on data availability, acceptance of medical meeting submissions or health authority actions
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As of January 2009 BMS Confidential and Proprietary Information
14. Belatacept: High Unmet Medical Need in
Renal Transplantation
Long-term patient and graft survival are limited
One year survival rates >90%
Five year survival rates 66% – 79%
Causes of death and graft loss
Cardiovascular disease
Chronic allograft nephropathy (CAN)
Calcineurin Inhibitors (CNI) are associated with
long-term complications
Nephrotoxicity
Hypertension, diabetes, hyperlipidemia
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BMS Confidential and Proprietary Information
15. Belatacept Phase III Program
Three-year clinical trials against Cyclosporine A
Study -027 (BENEFIT-EXT): Extended criteria,
deceased donors (N = 540)
Study -008 (BENEFIT): Standard criteria, living or
deceased donors (N = 660)
Primary endpoints (12 months) focused on long-term
outcomes
Renal function: emerging as key predictor of
long-term graft survival
Subject and graft survival
Acute rejection: co-primary endpoint in Study -008
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BMS Confidential and Proprietary Information
16. Hepatitis C Virus (HCV): Unmet Medical Need
200 million infections worldwide, 5 million in the US
Major cause of cirrhosis and hepatocellular
carcinoma leading to ~10,000 deaths per year
Current standard of care
– 40-50% sustained response rate
– 20-50% incidence of side effects often leading to
reduction in dosage or discontinuation
Death rate predicted to increase dramatically over
the next 20 years in the absence of effective therapy
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BMS Confidential and Proprietary Information
17. Multi-pronged Strategy for HCV Treatment
Multiple approaches
Small molecule antivirals as add-on to interferon
Small molecule antiviral combinations to replace
interferon
Next generation interferon with fewer side effects to
replace current interferon
Current HCV Pipeline
Interferon lambda from ZymoGenetics showing
antiviral activity without typical interferon side effects
Three mechanistically distinct, internal compounds in
the clinic
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BMS Confidential and Proprietary Information
18. HCV NS5A: Mean Change in HCV RNA
from Baseline Following a Single Dose
0
log10 HCV RNA (IU/mL)
-1
-2
-3
-4
06 16 24 36 48 72 144
Time (hours)
Placebo n=2 BMS-790052 10mg n=5
BMS-790052 1mg n=6 BMS-790052 100mg n=5
Proof-of-concept study, AASLD, November 2008
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BMS Confidential and Proprietary Information
19. Alzheimer’s Disease
Unmet Medical Need
Affects over 24 million people worldwide
Prevalence expected to quadruple by 2050 due to aging
population and lack of disease-modifying agents
Current therapies offer transient symptomatic benefit
Current Approach: Target the two hallmarks of
Alzheimer’s Disease
Amyloid plaques: gamma secretase inhibitors
Tangles: microtubule stabilizers (internal and Kosan)
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BMS Confidential and Proprietary Information
20. Gamma Secretase: Dose-dependent
Reductions in Human CSF Aβ40/42
A β 40
150
A β 42
CSF Aβ (% baseline)
125
100
75
50
25
0
0 50 100 150
Dose, mg
BMS Study CN156-002, ICAD, July 2008
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BMS Confidential and Proprietary Information
21. Continuing Our Strong Track Record
of Success
Cancer
Schizophrenia,
Depression Solid Organ
HIV / AIDS
Translplant
belatacept**
Cancer
Rheumatoid
Arthritis
Cancer
Diabetes
Onglyza
HIV / AIDS
(saxagliptin)*
Hepatitis B
2003 2004 2005 2006 2007 2008 2009
ImClone Systems
Otsuka America
Incorporated
Pharmaceutical, Inc.
* NDA under review
**Projected submission in 2009 21
BMS Confidential and Proprietary Information
22. JP Morgan
Healthcare Conference
Elliott Sigal, M.D., Ph.D.
Executive Vice President,
Chief Scientific Officer and President, R&D
January 14, 2009
