Thank you, Chris. Good morning and happy New Year to everyone. It's great to be kicking off another JPMorgan this year, and I am looking forward to a very good discussion this morning and throughout the day. It has been an action-packed first year for me as CEO of Bristol Myers Squibb. I am incredibly proud of what we accomplished last year. And today, what I want to do is give you an update on where we are in our journey and the path that we're charting to deliver for patients and for shareholders. So obviously today, we'll be making some forward-looking statements, and here are my disclosures. So let me start by saying that last year at this conference, we laid out a roadmap for the multi-year journey that we're on to reshape BMS, with the overarching goal to deliver sustained top-tier growth and drive long-term shareholder value.
We aim, in fact, to be one of the fastest-growing companies in the sector by the end of the decade. And we are now one year in, and I think one year closer to achieving that objective. And so what I want to do today is I want to give you an update and highlight three things in particular: the key inline products that are going to be important to deliver our growth objectives, the late-stage catalysts that begin to play out this year and over the next 18 to 24 months that will really bring into sharper focus the company that we will be at the end of the decade, and then importantly, what we need to focus on from an execution standpoint to ensure that we continue to navigate the journey ahead. Last year was a busy year. We've made a lot of progress.
We feel better today than even just a year ago about the company that we're building, but we have more work to do, so let me start with a look back at 2024. At a macro level, 2024 was a good year on many fronts. We made progress on reshaping the BMS growth profile. We have an exciting portfolio of young products today, and we saw solid performance in our growth portfolio, which is on track to deliver double-digit revenue growth for the year. We also achieved a number of important regulatory milestones, and I would highlight in particular the approval of Cobenfy, the first truly novel mechanism for the treatment of schizophrenia in decades, and importantly, a new growth driver in our portfolio, and the approval of Opdivo Qvantic just a few weeks ago.
This subcutaneous formulation of Nivolumab is already available for patients and for physicians and is part of how we intend to extend our IO business into the next decade. We put considerable focus last year on R&D productivity, and as a result, we were able to advance and in some cases accelerate our late-stage pipeline. We also made meaningful progress last year in evolving the organization and our ways of working, including taking costs out so that we could reinvest into higher value activities. Taken together, these initiatives put us in a stronger financial position as a company. So on net, I'm pleased with the progress that we've made. We've sharpened our focus. Our execution has improved. And as a result, we're in a stronger position coming into this year.
But as I said before, we're on a multi-year journey, and there's more to be done, but I feel good about the progress that we made in 2024. Now, coming into this year, our overarching strategic objective remains unchanged. Our goal is to reshape BMS to achieve sustained top-tier growth by the end of the decade. And we're doing that in three ways. First, we're focusing on transformational medicines in disease areas where we have a competitive advantage. Second, we're driving operational excellence throughout the organization. And third, we're being smart about how we're allocating capital. And if we execute on these three things, we're going to deliver for patients and for shareholders. So let's double-click into each of these.
Last year, I mentioned that one of the reasons that I was confident in our ability to navigate the LOE headwinds that we face was the strong position that we have in large, growing, and commercially attractive therapeutic areas. Over the last year, we further strengthened that position. We've done this by focusing our investments in specific areas and categories where we have a competitive advantage. For example, we have strengthened our oncology portfolio through the acquisition of RayzeBio, which gives us access to one of the fastest-growing platforms in solid tumor oncology with radiopharmaceuticals. Similarly, in immunology, we're increasingly targeting treatments that fundamentally reset the immune system, an area where we have a potentially first and best-in-class agent with our CD19 NEX-T program focused on autoimmune disease. We're accelerating an exciting set of mid- to late-stage assets and programs.
In fact, as you can see on this slide, we now have at least 40 phase 2 and phase 3 programs across TAs, most in areas where we have the potential to be first or have the best profile. And of course, we're driving stronger commercial execution to grow our key marketed products again across TAs. Now, while we're working to grow all of these products, we're differentially investing in a handful of key growth products that will be particularly important to the company as we get into the back part of the decade. And let me highlight on this slide the five first or best-in-class medicines that are particularly important for the company as we get into the back part of this decade. Reblozyl, our first-in-class therapy in MDS-associated anemia, saw very nice growth last year across both RS-negative and RS-positive patients.
We have additional opportunities to grow these segments this year, and importantly, we have a line extension opportunity in myelofibrosis-associated anemia with data expected later in the year. Likewise, Camzyos is an important first-in-class therapy for patients with obstructive HCM. We expect to continue to see steady growth in this indication, and here too, we have the potential to expand this product, and in this case, into non-obstructive HCM, again with data also expected later this year. Our cell therapy, Breyanzi, grew nicely in 2024 and, given its best-in-class profile, should continue to grow nicely in the near to medium term. Opdualag, which is now the standard of care in first-line melanoma, has potential in additional indications and will be a key building block for our IO business into the next decade.
And finally, Cobenfy, which is a new addition to the portfolio, so I'm actually going to spend a bit more time on that in a moment. But if you look across the entire growth portfolio, these are the five products that are particularly important to pay attention to. So let's talk a little bit more about Cobenfy. Cobenfy was approved last September with a very strong label. And while it's still early days, we're seeing nice pickup with the script data that you can see on the left-hand side of this slide. But at this point in a launch, I think it's even more important to look at what we're hearing from patients and from physicians. And as you can see in the quote at the bottom of this slide, the feedback has been very encouraging.
Schizophrenia, as I think many of you know, is an area of very significant unmet need with over a million and a half patients treated in the U.S. today. And we have a real opportunity with this medicine to transform outcomes for these patients and help change the narrative of this disease. Now, what's particularly exciting about Cobenfy is that while we're commercially focused on delivering for this first indication, we have also worked hard to build a very robust pipeline of potential new uses so that we can help even more patients. In fact, as you see here, we have a potential new indication or important new data set readout for Cobenfy every year for the rest of this decade, starting this year. We expect phase three data in adjunctive schizophrenia coming in the coming months.
I'm also pleased to announce that we now expect our ADEPT-2 trial for Cobenfy in Alzheimer's disease psychosis to read out ahead of schedule with top-line data now expected in the latter part of this year. We are also starting three phase 3 studies this year in Alzheimer's agitation, Alzheimer's cognition, and bipolar I disorder, and we have a fourth phase 3 in autism spectrum disorders beginning in 2026, but that's just Cobenfy. As you can see here, we have a wave of catalysts that will be reading out for the company starting this year and throughout the next 18-24 months. We have pivotal line extension data reading out for Reblozyl, Camzyos, and as I just mentioned, for Cobenfy, with additional LCM opportunities across the portfolio in 2026 and 2027. We have key pivotal data for potential registrational opportunities with new assets.
We have next wave assets with data readouts coming, including for CD19 nex-T, for RYZ101, and for Golcadomide, as you can see on the right-hand side of this slide. These are important products that will provide the next wave of growth as we get into the back half of the decade and really collectively begin to frame what BMS will look like at the end of this decade. Now, given the number of potential new products with data coming in the next couple of years, let me highlight a few products to pay particular attention to. Let me start with our CELMoD programs. We have been investing in targeted protein degradation for a long time, and we have a clear leadership position today. In fact, we were the pioneers of the first generation of protein degraders with Revlimid and Pomalyst.
We're now seeing the fruition of years of development that we've invested in. We have three next-generation CELMoDs that we're really excited about in the near term: Iberdomide, Mezigdomide, and Golcadomide. Iberdomide in multiple myeloma have the potential to replace Revlimid and Pomalyst as important backbone therapies. And beyond our current registrational programs with these two products, we see potential opportunities for both to be used in novel combinations, including with bispecifics and CAR-T. And this platform continues to generate new medicines. One medicine that garnered considerable attention coming out of last year's ASH, and you'll be hearing more about, is Golcadomide, which we're studying on top of our CHOP in frontline large B-cell lymphoma with additional ongoing trials across lymphomas. And of course, this is just three of the CELMoDs that we're developing to address important malignancies in a broader portfolio.
All of this is to say that we're seeing significant potential with this CELMoD platform, and we're starting to see these data readouts coming now. Another area where we have been a leader for a long time is in cardiovascular disease, and we intend to continue this leadership with Milvexian. We have three parallel phase 3 studies running right now. Two of these studies we anticipate reading out in 2026, and a third in atrial fibrillation in 2027. In fact, we know we have the potential to be the only oral Factor XIa option in AFib, and I can say when I look across these three programs, I'm more confident in this asset today than I was a year ago at JPMorgan. Another promising asset in the pipeline is Admilparant. Admilparant is our LPA1 antagonist in phase 3 for IPF and PPF.
This product has the potential to be the first and best-in-class treatment for pulmonary fibrosis, which is a fatal lung disease with significant unmet need. Supporting the phase three programs is our extensive phase two program, which delivered over 60% improvement against placebo in lung function decline in PPF and IPF. We're expecting the phase three data readouts for IPF in 2026 and a bit later for PPF. Now, in addition to these five assets, we have a robust portfolio of readouts coming.
In fact, when you take the data readouts from these five products and you add it to data readouts from other programs that we're anticipating over the next two plus years, and we layer that on top of our existing growth portfolio, this is the picture that starts to emerge of what BMS could look like at the end of the decade with several important new medicines and incremental revenue drivers, and I hope you can begin to appreciate the potential growth trajectory that we have in front of us and the number of de-risking events that will be playing out in the coming months. Now, to deliver on all of these opportunities, we're going to need to continue to stay focused on execution. That's why evolving the organization is so critical.
Evolve in how we operate to drive greater accountability, say what we're going to do, and then consistently deliver on it, streamlining and becoming more agile. And it also means a big focus on driving efficiency so that we can invest in our growth drivers. And here again, we're making good progress. We are well on our way to delivering against the $1.5 billion cost savings that we discussed last April so that we can reinvest those resources into higher value activities. One area where we've made considerable progress has been in the efficiency and productivity of R&D. And that's why I have a high degree of confidence in our ability to deliver on this wave of new opportunities that are coming.
And of course, we're increasingly leveraging technology and AI to accelerate our innovation cycle and to increase our probabilities of the success, as well as to drive efficiencies and operational excellence across the organization. And those efforts will continue into this year. Taken together, these initiatives have enhanced our financial position as a company. And with respect to what we do with those financial resources, you can expect that we will continue to be strategic and thoughtful about how we're allocating capital. Our capital allocation priorities are very similar to what we discussed last year: investing in the growth portfolio and our most critical pipeline assets. Sourcing innovation remains a top priority externally, whether it's through pursuing business development or partnerships.
We also remain committed to a strong balance sheet, and that includes maintaining a strong credit rating and paying down the $10 billion of debt by 2026, as we've committed to. And finally, we will continue to return cash to shareholders through our attractive dividends, something that we have been committed to for a very long time. So let's take a step back and summarize where we are. We are emerging as a very different company than we were just a few years ago. Today, we have an increasingly younger and more diversified portfolio, which we expect to continue to grow. Today, we've shown you that we expect to see a wave of catalysts with data readouts starting this year and over the next 18-24 months.
In fact, when you look at the data that are coming, we're talking about the potential for 10 or more NMEs and over 30 line extensions in the next five years starting this year. We continue to have the ability to enhance value creation through business development and partnerships, all the while maintaining financial flexibility. But as I've said before, we know we're on a multi-year journey. We made good progress in 2024, and I believe that our picture has improved from just a year ago. Most importantly, we remain committed to our overarching goal to reshape BMS to deliver sustained top-tier growth and long-term shareholder value. So with that, I'll turn it back to you, Chris, for Q&A.
Great. Thanks so much. So maybe just to kick off the Q&A, Chris, you've been CEO for a little over a year now.
Stock performed well in 2024, but Bristol still trades at a pretty reasonable discount to peers. What do you think it's going to take for investors to really understand this kind of longer-term profile you're laying out? And how do you kind of see that playing through as we look about how to narrow, I guess, that discount versus the broader sector's valuations?
Well, as I said, I'm very happy with how we performed in 2024, and I think that gives us momentum coming into this year. Obviously, over the last year, I've spent a lot of time talking to investors, and I think there are a few things that investors continue to want to see with us. First, they want to continue to see this focus on execution and accountability, saying what we're going to do and then consistently delivering that.
That's why we put so much focus in 2024 on that, and it's why we're going to continue to have that as a primary focus for us coming into this year. I think the second thing is, and it's a bit of why I framed the discussion the way I did, is they want to continue to see these opportunities for growth play out. We spent a lot of time in 2024 focusing on execution of the young portfolio of assets that we have on the market today. We saw good growth there. It's on track to deliver double-digit growth last year. And then they want to see these wave of assets that start to materialize. And again, these new opportunities and data sets begin to play out this year over the next 18 to 24 months.
As we get closer to that, I think investors will begin to see what the company is going to look like in the back part of the decade and the opportunities that we have, we believe, to be one of the fastest-growing companies coming out of this decade.
Great. Maybe just building on that, as you think about those upcoming patent expirations, how are you feeling at this point in terms of Bristol's ability to manage through those LOEs as we consider the new product portfolio pipeline more broadly? I guess the heart of it is how are you feeling about kind of trough EPS and Bristol's ability to kind of manage through that period of time?
Well, what I feel great about and increasingly good about is the ability that we have to position the company for potentially top-tier growth within the sector by the end of the decade. And the components of that, I think, are starting to come into place. A portfolio of assets today that are growing, the ability to add to that portfolio, but also bring on new opportunities. And again, those opportunities will begin to play out over the next couple of years. We continue to be in a strong financial position, which gives us strategic flexibility. So I feel very good about the ability for the company to grow as we get through the back part of the decade. With respect to EPS, I think we have been very thoughtful of managing the core components of EPS, clearly focused on top-line growth. That's the north star, if you will.
We have also been very focused on managing our expense base, which you would expect us to do. It's the right thing to do for a company going through a period like we're going through. It's also an exercise that makes us more agile. It streamlines the organization, and I think it just makes us a better organization. When you put those things together, it gives us the ability to feel much better about our ability to manage EPS over the course of the decade and through this period where we have intense LOE exposure.
I guess one of the questions I get is, if I think about you've had Cobenfy in a much better competitive position, I think, than maybe we'd all imagined a few months ago. You've got this new product portfolio. It's getting real traction now.
I guess one of the questions I have is, how do you think about, I guess, balancing near-term earnings performance versus some of the longer-term growth drivers? So I guess, is there maybe a willingness to lean into investment a little bit more today and think about long-term growth, or do you really try to kind of maintain this balance that we need to preserve earnings? And I'm just trying to get a sense of, like, has that thinking changed at all versus a year ago, let's just say? Look, I think we're building an organization that can do both.
As I sort of finished the previous question talking about our management of expenses, clearly that's important. We're going to continue to make sure that we're being mindful about how we're allocating capital, how we're managing our expense base.
That's going to be not only a 2024 issue, but something we'll be mindful of going forward. But at the same time, I think we're very mindful not to get caught into the lure of managing today at the expense of tomorrow. And so we continue to make significant investments. We made significant investment in the growth portfolio, notably the products that I mentioned in my prepared remarks. We've put a lot of effort around R&D productivity and efficiency, which has entailed investing in not only delivering on these catalysts that are coming, but accelerating where possible. We've seen some initial indications even just in what I discussed today in terms of success there.
So we're going to continue to invest for the long term, and we're going to continue to invest to build the company that we're going to be exiting this decade, which is one that delivers sustained top-tier growth and drives shareholder value.
Great. Maybe just the last big picture one. Just as you think about Bristol's BD priorities, I think we came into the conference last year, a lot of activity. Just talk a little bit about, is the focus now on, let's say, more Karuna-type de-risk, larger market opportunities? Is it more smaller niche deals that kind of build around some of these verticals? Just directionally, where are you focused?
Well, last December was a quieter December than 2023. But business development remains a key priority for the company. As I said, we have always sourced innovation externally. It's important.
We clearly have a willingness and ability to do so, as evidenced by those initial deals that we did right after I became CEO. So the priority to focus on business development is still there. We actually, in terms of the size of deals, I get this question a lot. We actually don't think about it that way. We don't say, "Would we want to do a big deal or a smaller deal?" Our focus, and I think over the last year, year and a half, we have really been much more disciplined about this, is to say, first of all, is this a deal that's going to improve the growth profile of this company? To your question about long-term sustainability of the company, so that's one thing. Does it have a broader strategic intent that makes sense for us? Is the science something that we like?
And frankly, are we the rightful owners of that science? Do we have a competitive advantage, and can we make more of this asset than others? And then, of course, the financials have to make sense. And so that's how we think about it. But the priority to focus on business development is still there. The nice thing is, as a company, we're in a strong financial position. We've got a good balance sheet, which, again, gives us strategic flexibility. And so that's the way we think about it.
Great. Maybe just pivoting to products. Cobenfy, big focus for the company this year. Just elaborate a little bit more in terms of the launch traction so far. What are you hearing out there? Any surprises with the ramp?
Well, actually, the feedback has been very good. Still relatively early days. We were approved in September. We effectively launched in October.
And the things we're looking at right now, obviously, we look at script data. But as I mentioned, even more important at this point is what are you hearing back from customers and physicians? And there, the feedback has been stellar. We're seeing patients who are benefiting not only in their positive symptoms, hallucinations, hearing voices, but the negative symptoms as well. They're more alert. They're able to engage more. We're even hearing stories about cognition coming back, which is obviously important. And so the feedback has been quite good. We're making good progress in terms of market access. But again, it's early days. We're taking nothing for granted. We're continuing to stay focused on driving awareness and understanding of the product and its benefits. We're selling the efficacy of this drug. And we're happy with what we're seeing so far. And again, schizophrenia is an important first indication.
Outside of the commercial focus we have there, Samit and the R&D team have been really focused on getting that pipeline in place to continue to see this opportunity grow over time.
Obviously, a lot of excitement around the asset in the market. I guess one of the questions we get, though, is BID dosing with some food effect with the drug. Just initial experience with that, have you had any pushback from physicians, or is that being generally well tolerated so far?
We really haven't at this point in the launch. I think the reason for that is the way physicians are managing it is something that patients can remember and can adhere to, which is you take Cobenfy first thing when you wake up in the morning on an empty stomach, and you take it the last thing you take before you go to bed.
Again, sufficient time before since dinner that you're taking it on an empty stomach. And that direction has resonated pretty well. But again, in the spirit of not taking anything for granted, we're educating customers not only on the efficacy and safety profile of this product, but how to make sure that those customers have a good experience with these initial patients that are going on and certainly educating around dosing and administration as part of that.
Great. You mentioned the coverage ramp. Just remind us how you're thinking about coverage ramping this year and how those efforts are progressing. Well, you'll remember when we got approval, we were talking about coverage here really phasing in this year. 80% of this market is government payer, Medicare, Medicaid. And we had originally anticipated that that would come online really by the end of the first half, beginning of the second half.
Commercial is a smaller percentage of the business, about 20%. That's going to take a bit more time. I'm happy to say that we've actually made really good progress on market access. We think that, well, actually, coming into this year, the majority of Medicaid plans have already announced coverage of Cobenfy, and that we now expect Medicare to be online by the end of the first quarter, early second quarter of this year, so feel great about that, and again, that's the biggest part of the business. One reminder, though, is that as this coverage comes online, remember, this is a switch market. There's decades of habit that are ingrained in physicians in terms of how they treat, so that's not an immediate flip in terms of commercial revenue.
I would still think about this as a ramp that's going to launch over the course of this year and take off as we get back into the back part of this year.
And just maybe one follow-up on that. Do you expect physicians will wait until both the Medicare and Medicaid pieces are in place, or will we see some uptake even prior to Medicare?
I think some might, but I think many are going to be thinking about this on a per-patient basis. And so I don't think that's going to be a big impediment. Again, right now, our focus continues to be on educating, driving awareness, making physicians understand that there's real potential here for patients. And frankly, I feel good about the opportunity we have in schizophrenia, and early indicators are positive.
Right. Maybe pivoting to the upcoming readouts and the broadening out of the label.
I guess which of these opportunities do you think is the most important to Cobenfy as we think about it. It seems like every year you're going to have a different readout comi ng?
Well, they're all important to some extent, and that's why we've put a lot of effort to build this portfolio out. Obviously, this year, we're going to be focused on adjunctive schizophrenia and the opportunity that we have in Alzheimer's disease psychosis. I'll just maybe zero in on that one for a minute. There's six million patients with Alzheimer's disease. About half of those patients have psychosis symptoms. And there really aren't great options available for these patients. Most patients are being treated off-label with existing atypicals. And we think we have a real opportunity there. And we'll see the first of three phase 3s play out there.
And then we're excited about the phase 3s that we're going to be initiating this year in Alzheimer's disease as well as bipolar, then, of course, autism spectrum disorders. That phase 3 kicks off next year. I guess one question I have is, how de-risked should investors think about these indications, just given how strong the schizophrenia data has been? How much of a read across do you think there is? And as you're starting these studies, these are high probability. Would you describe these as? Well, the way I think about it is, let's take adjunctive schizophrenia in combination use to start. Right now, atypicals all have these class warnings. And yet, in spite of that, and really with remarkably little data, they're used in combination. Because of the new mechanism of action that we have with Cobenfy, we don't carry those.
And so we think there's a real opportunity to use this in combination with existing therapies. You saw some of that in the clinical trial use. There's some off-label use that we would expect with Cobenfy. But seeing that data play out, I think, is going to be important. But we think the opportunity is there. And then, as you think about Alzheimer's disease psychosis, there, I think we, again, have a strong commercial story to tell because, as I mentioned, most of the use is off-label with atypicals. Atypicals carry a warning, a boxed warning for the increased mortality with elderly patients with dementia. We don't carry that. And then, if you go back to the original Xanomeline data from Lilly, they actually saw with Xanomeline an improvement in Alzheimer's disease psychosis symptoms.
And so we've, obviously, with the new mechanism we have, engineered out some of the problems that they experienced with that. So we think there's really strong scientific rationale, but also commercial rationale for the use of this product. And that's why we're running three phase threes in it.
Great. Maybe just pivoting over to Opdivo, the subQ kind of ramp there. Just maybe to help some set expectations of how we should think about 2025 for this asset. I know we got some reimbursement components need to get in place. But maybe talk about that. And then maybe more broadly, what % of Opdivo do you think will be appropriate to consider this new therapy?
Well, we're happy to be able to launch this product. The early feedback, and I mean really early because we got approved at the end of December, but the early feedback has been enthusiastic.
I think physicians see this as a real opportunity. The infusion is a fraction of the time associated, or the injection is a fraction of the time associated with the infusion of IV Nivolumab. We think there's real benefit for patients who don't necessarily have to come in and see a physician every time. So I think the profile has gotten a very strong positive reaction. In terms of the ramp, the ramp's going to be a linear ramp. But keep in mind, and I think you referenced it, is we won't have a permanent J code for this until middle of the sort of first half, second half of this year. And that's going to be an important inflection point. But it's a top priority for our team to where this can help physicians and where it can help patients to see that conversion.
I think that in terms of the percentage of patients who could ultimately or the business that could be affected by this, we've said 30%-40%. We think that's the right number. And we got to that by essentially a matrix of saying, "Okay, where are the practices where there are chair constraints or reasons that this would be attractive from a customer standpoint?" And at the same time, what indications would this likely be really relevant for patients? And when you put those together, you get about 30%-40% of our business.
Great. Maybe just continuing, looking at some of the pipeline readouts, Milvexian is one that the company's talking a lot more about. I know this has been a more controversial category following some of your competitors' data. But just where we sit today, how are you thinking about the asset?
What's the bar for efficacy you think you need to see maybe in that larger AFib study? And just talk a little bit about what's driving that level of conviction. Well, we're enthusiastic about the target, and we're really enthusiastic about the asset. The drama in this space sort of emerged from some competitor data in atrial fibrillation with their asset. We never believed that that asset had any read over into our program coming out of ACS last year. I think that's the general consensus of opinion. So hopefully, we've put that to bed. The reality is we see real opportunity in ACS secondary stroke and in atrial fibrillation. We know about 40% of patients with Factor Xa don't either get any benefit or they don't get full benefit because of a concern of the bleed profile.
And so we think that a program like Milvexian has strong scientific rationale and commercial rationale for why that would be a real benefit for that 40% of patients. So that's how we're thinking about it there. But then again, we've run these phase 3s in parallel. So they're all going to be reading out starting in 2026 and then AFib in 2027. And we're incredibly excited about the opportunity here.
Great. Maybe one last product one here, Breyanzi, coming off the strong 2024. Outlook for 2025, how much more room is there for growth in this one? Well, we have a best-in-class profile with Breyanzi. We've got the broadest indication set within lymphomas for a cell therapy like this. And we had good growth in 2024 with this product. That's a function of that best-in-class profile. And we are no longer constrained in terms of product supply.
So we anticipate this product continuing to grow as we get into this year and beyond. And what we like about Breyanzi, above and beyond what you see with that asset specifically, is it's part of a portfolio and platform that we've built in cellular therapy. And that's starting to also generate some exciting next-generation data, GPRC5D in multiple myeloma, got a lot of attention at ASH. And then, as I referenced in my prepared remarks, we're also excited about the early data we're seeing with CD19 nex-T, and autoimmune disease. And that's going to continue to play out over the next couple of years as well.
On these products, the ability to get these products into more of a community setting, is that something that you're asking? Is that a focus for you as we go into 2025, or is it still more academic focused?
It is.
And in fact, you highlight one of the real advantages of Breyanzi. Breyanzi's got a really attractive profile to potentially begin to be used in more of a community setting. Now, obviously, we're going to be working closely with physicians to make sure that that's done in the right way. But certainly, there's an opportunity there. And then that's going to be one of the things that we're going to need to continue to think through as we look at potentially moving this modality into areas like autoimmune disease. But certainly, there's potential, and we're beginning to explore that with our existing cell therapy assets today.
Great. And maybe just in the last couple of minutes here, just a broad question on 2025. Just walk through pushes and pulls we should be thinking about for the business as you look at consensus.
Is there anything you feel is not captured well relative to your expectations? I know you don't give formal guidance, but just maybe a preview of a picture of what we should think about.
Look, 2024 was an action-packed year. 2025 is setting up to be an action-packed year. The way I would think about 2025 is sort of think about it in two dimensions. On the one hand, when you look at our legacy portfolio, you're going to continue to see LOE exposure for the company, and that's going to ratchet up this year. You're going to have a broader number of generics entering for Revlimid. We have another big round of generic entry in March, and then, of course, full generic entry in 2026, and so we expect to see an additional step down there with revenue in the $2 billion-$2.5 billion for next year.
Payer dynamics continue to shift on that one as well as you get more generics into the market. So that's one. But you also see Pomalyst and Sprycel this year. So you've got that stacking effect. And I think what I would say is that investors really need to focus on making sure they model that and model that correctly. Now, on the flip side, we saw nice growth with our young portfolio of growth assets last year, again, on track to deliver double-digit growth in 2024. That business will continue to grow. And I highlighted some of the products with momentum there. And then this next wave of catalysts and delivering on those catalysts starting this year over the next 24 months is a big area of focus for us. And let's also just step back. We're going to continue to evolve this organization.
We're focused on driving efficiencies and productivities. We've got good opportunity to do that. So being very mindful of our expense base will continue to be a focus area for us for 2025. And if we do that well, I think when we get together at this time next year, the profile of this company will look appreciably better. And the growth opportunity that we have as we exit this decade will be a more fulsome picture for investors.
Great. Well, thanks for your time, Chris. Really appreciate the comments, and thanks for joining us.
Thanks, Chris.