Geoff Meacham, I'm the senior biopharma analyst. We're thrilled today to have Bristol- Myers Squibb with us on stage. We have CFO David Elkins. We also have Adam Lenkowsky, Head of Commercial. So, guys, welcome.
Good to be here.
Good to be having us.
Well, we have a number of questions to go over, partly of finance, partly commercial, but maybe for you guys, let's just talk about yesterday's news with respect to the Cobenfy study. That's probably the more topical thing to give us some context for kind of the trial amendments.
Yeah, happy to do that, Geoff . So, you know, as you're aware, yesterday we announced that the ADEPT II study would continue, and we would enroll additional patients into the study. You know, if we take a step back, if you remember, on our Q2 earnings call, we talked about conducting clinical trial site reviews across, you know, a number of our near-term priority studies. And as a result of those clinical trial reviews, you know, we did find some irregularities as it relates to the ADEPT II study. So we then immediately reported that to the Data Monitoring Committee as well as to the FDA. And in consultation with the FDA and the DMC, the decision was made then to exclude a number of sites and all of those respective patients from the study.
The second area was, again, in agreement with FDA and the DMC, was to conduct an interim analysis looking at both efficacy and safety. The DMC then met and told us to continue the study as planned. We remained blinded to the data, so this was all done prior to database lock. And the recommendation was to increase the enrollment back to the original sample size of approximately 400 patients. So, again, that study will continue.
We now project that study to read out sometime in the back end of next year, right around some of our other data readouts for ADEPT, ADEPT I, and ADEPT IV. And, you know, taken together, remember, we need two positive studies to hit, and we've got four studies now in flight: ADEPT I, II, IV, and now ADEPT V as well. And so, you know, we feel good about the probability of success for our ADEPT program and the broader Cobenfy development program.
Yeah, maybe, maybe we'll focus first on that, on Cobenfy as a, as a franchise. So, you know, in the schizophrenia setting, then maybe talk a little bit, Adam, about, you know, the, the success so far as your wins along the way on things like formulary, on adoption, awareness. Then we can get into maybe the investments that you're making in, in future studies for sure.
So we just passed around a year on the market. And you know, we feel good about where we are at this point in time. You know, we had very early on achieved a strong access position both in Medicaid and Medicare. And you know, now we have a strong access position in the commercial setting as well. This is a space that's dominated, as you know, by government payers, Medicaid and Medicare. One of the things that we're really pleased about is we're looking at now surpassing 2,700 TRxs on a weekly basis. And so we're approaching 3,000 TRxs, which now far exceeds any other schizophrenia launch, you know, in the recent years. And so what I look at is how are we doing in adding new prescribers, what's happening with TRxs and NBRxs.
And we talked about, you know, our acceleration plan, which we've added, you know, a number of new salespeople on the ground to improve our reach and frequency, as well as entering into the hospital setting where a number of prescriptions are initiated, roughly 20%-25% of prescriptions are there. And we've launched DTC. And since we've done that, you could see a nice acceleration in both NBRx and TRx growth as we end the year. And so we feel good about the momentum that we have coming out of 2025 and into 2026. And as we said, you know, we think this is gonna be a big product in schizophrenia. And certainly, when we get additional indications, this will be a very big product for the company.
What's been the education cycle for, given the novel mechanism, right, the muscarinic? Are there some, you know, neurologists, some physicians overall that still need a bit of education on how the drug works? There hasn't been a lot of innovation, I guess, in many years. And so you have to sort of prime the pump, so to speak. Are you still doing that, I guess? Are we, are you?
Absolutely.
Okay.
There's been nothing new in this space for over three decades. So when you look at the psychiatrists who are treating schizophrenia, setting appropriate expectations, reinforcing a differentiated profile, and really trying to, you know, unlock what has been entrenched prescribing behaviors for decades with generic D2s have been critically important. I think most importantly is really around how do you dose the medication, how do you set the appropriate expectations on what side effects to expect.
And when you look at Cobenfy's profile, you truly see unprecedented efficacy with a side effect profile where, you know, you don't see the side effects like EPS, prolactin, weight gain, sedation, which have plagued the generic D2s and quite frankly, the entire class. So this will continue into next year, and we'll continue to have more data from phase IV and from the real world to best inform our psychiatry community.
Gotcha. Makes sense. And I know you're so let's talk about the future trials to go after. So, obviously, you know, Alzheimer's, you know, you have a lot of the multiple ADEPT studies, but talk about, you know, the other indications. I know you guys were talking about at one time bipolar. There's a lot of different other s egments where the mechanism may work beyond the ones that you've announced, are you thinking about making, you know, this, you know, another five or six trials and maybe what would be on the docket?
Yeah, so this is a great question. We've got a number of these programs already up and running. So, you know, obviously, we've talked about our ADEPT program, and that's for Alzheimer's disease psychosis. And, you know, when you look at the roughly six million patients with Alzheimer's disease, roughly 30%-50% have hallucinations and delusions. But we also have studies in Alzheimer's agitation and Alzheimer's cognition, which is really what got us excited about this asset, the differentiated property looking at cognitive benefits for this mechanism. We have bipolar studies that we'll likely read out towards the end of next year or into early 2027. We have studies that we're standing up in Autism irritability, and now we're looking at additional indications to bring into, you know, our development plan.
Gotcha. And are you looking at the ADEPT studies looking to end of next year, as a gating factor? Do you wanna see more positive phase IIIs before you decide to, you know, to invest in future indications beyond?
We've already stood up those studies. So, you know, we're gonna go forward with those studies. We've got good proof of concept.
Yeah.
From early data that we've seen, and when you look at, you know, the program that we have, you know, in bipolar, we're looking at exploring that in bipolar mania, you know, and you see very similar symptomatology that you would see in schizophrenia with, you know, delusions or manic behavior, and then the same with psychosis of Alzheimer's disease. So we feel good about the program that we have and, you know, confident about how those studies will read out.
Okay. Perfect. Well, let's take it a bit, a little bit higher level so I know this, you know, internal R&D is a big, you know, big component of the Bristol story and the growing pipeline. Maybe David, if you talk a little bit about kind of the pushes and pulls on the P&L as we, as we look to next year. Obviously, you know, you have the new product portfolio where there's a big investment in the success there commercially, but I want to get your perspective of, you know, kind of some of the, some of the puts and takes.
Yeah, thanks for that. And, and really first, you know, if you're talking about as we think about as we go forward, think about what we've accomplished this year in 2025. It's been a strong year from an execution perspective, particularly on the commercial side. You're really seeing the transition of the portfolio to the growth portfolio, which is now more than 50% of the business in the most recent quarter, growing 18%. And it's pretty, you know, that portfolio in and of itself, we now have four products in there that are annualizing over $1 billion. Reblozyl is annualizing over $2 billion.
You know, Adam, very nicely, laid out Cobenfy and, and the traction we've been making this year on and adding that to the portfolio. But also, you know, next year is 2026 is a really important year from a catalyst perspective. If you think about the number of NMEs that we have, phase III data readouts, you guys are gonna hear more. I'll start with the CELMoDs. We have iberdomide and mezigdomide.
We're really excited about those two products. We see those that could be next generation Revlimid and Pomalyst, great from an efficacy and a safety perspective. ASH, you'll hear more about that. We also have LPA1, which is in pulmonary fibrosis and really is a high unmet need. We're really excited about that product, adding that to the portfolio, and we'll have phase III data there. Of course, milvexian, we have two important studies reading out next year there with secondary stroke prevention anbd AFib. As we think about 2026, there's a lot to be excited about from, you know, the portfolio, but as well as continuing the growth of the growth portfolio. Our focus as we head into 2026 is continue to drive the growth portfolio, continue to execute against the pipeline. Then obviously our efficiency programs that we've laid out.
You know, last year we had expense base. It was about $17.8 billion. This year we got it $16.5 billion. So we've made really good progress on those efficiency programs. We said about $1 billion we'd achieve this year. Feel really good about that. We have line of sight for an additional $1 billion of savings that will be achieved in 2026 and 2027, and that gives us a lot of financial flexibility. Not only does it give us flexibility to, you know, invest when we bring in new products through business development, but it also provides cash flow for us. So, I think it's a muscle that we as an organization, and we see even further potential to drive efficiencies there. So as we look at 2026, we feel good about where we are from a growth trajectory.
We feel good about where we are from driving operational efficiencies and what that can do from an driving earnings. And then we also feel really good about our cash position. We had $17 billion in cash at the end of third quarter. That's gonna enable us to continue to strengthen that portfolio by bringing in more products.
David, talk about the cost savings. And I know a lot of companies have deployed things like AI to, you know, to drive efficiencies. To what degree have you guys, you know, gone all in on that? And has that been more surprising or in line with kind of what you thought in terms of the level of cost efficiency?
Yeah. It's a great question. I mean, really, AI is. We're excited about this. And it's not just from an efficiency perspective. From an AI perspective, we see the greatest opportunity in driving shareholder value by helping us accelerate identifying new medicines, accelerating to proof of concept. And then even in, we're using it even in study design, helping us site selection on the drug development side of things. And it's even making us more efficient on the manufacturing side of things where we're able to predict problems in manufacturing processes before they occur by using AI.
Again, all of these things, you know, drive efficiency. But more importantly, if we can increase our probability of success in early development, if we can speed the time between proof of concept and product approval by using AI, and we got some early test cases there that we believe that's gonna enable us to do that, we'll be able to bring more medicines faster to patients, which, that's where you create the shareholder value.
We are getting efficiencies, you know, a couple examples, you know, around, you know, that it's critically important, like simple things that like automating approval processes, even in a finance organization and a procurement organization, simplifying the procurement process for our scientists and our salesforce, so spending less time doing internal processes and more focus on the external world, whether it's, you know, being competitive or more time in the lab. We're using AI in those cases as well. Yes, and of course, it helps us drive those efficiencies that we've talked about earlier.
Yep. Yeah, of course. So, the last sort of financial sort of P&L kind of question you mentioned, I mean, the good cash, you know, net cash and also cash flow. But I wanted to ask you on, you know, on capital deployment. I mean, you guys have done a ton of deals over the years, and they've added a lot of exciting new products to the mix. Maybe where does this rank in the priorities now, now that your new growth portfolio has really new product portfolio has taken off? And are there, you know, spots that you are not in, but maybe would it what's the level of the threshold for adding in TA or expanding on what you already have?
Yeah. It's another great question. And look, we think we have plenty of substrate within the TAs that we currently have.
Yep.
And as you already said, we feel really good about where we are on that growth portfolio and what we have, just the number of data readouts. And just remind you, you know, we have the potential for 10 new NMEs by the end of the decade and 30 additional indications by the end of the decade. So we do have a lot of substrate. So from a business development perspective, we're gonna continue to look for those areas where there's high unmet need, where we think there's really good science from a modality perspective that can address it, and where we can add value and bring down costs to the overall healthcare system.
You know, a great example is just look at the deals that we've done this year, you know, whether it's, you know, cell therapy we see as a tremendous potential for us in immunology and doing Orbital Therapeutics by doing in vivo will really bring down the cost, the potential to bring down the cost of cell therapy to bring it to a large market like in immunology. We have some really interesting early stage studies that we're excited about that. The other thing I would say is that, you know, look what we did on radiopharmaceuticals. We don't talk a lot about that.
Yes.
Huge opportunity for us. We see it as an IND engine. We added to that this year with a Philochem. And then lastly, I would say look at the BioNTech partnership. You know, there's an area, solid tumor oncology. We have a very strong position. We believe, you know, this has the potential to be standard of care. And we have a really robust development program that we're working on with BioNTech there. And we see that being able to go into multiple tumor types. So, those are the types of deals that you'll continue to see us do. You know, there are gonna be in therapeutic areas where we have deep scientific knowledge and have commercial acumen. And we still see plenty of potential there to continue to do, whether it's partnerships or acquisitions in those areas.
Okay. That's helpful. Well, let's talk about some of the assets and new product portfolio. And one of the questions we get a lot is a sub-Q Opdivo, you know, the new launch.
Qvantig.
Qvantig. So if you think about the maybe access and initial kind of demand, obviously the idea for you guys and for Merck too is to, you know, roll this out in patients that are maybe pre-metastatic, you know, healthier patient. But over time though, you know, to potentially just let the metastatic kind of end of things, you know, play out with respect to biosimilars. But just talk about how you're setting the stage for that with the Qvantig launch tonight today.
Yeah. We're pleased with what we're seeing with the Qvantig launch. Also, we launched right around this time last year, so a year on the market. And, you know, we're seeing really good conversion from the IV over to the sub-Q. One of the things we talked about was once we received our permanent J-code in July, we received that July 1st, we would see that inflection in sales. And that's what we had reported in Q3, a really nice jump in sales. And we expect to see continued strong conversion over time for this formulation. What we're hearing from physicians and patients, the convenience of a three-minute in-office subcutaneous injection, is incredibly patient and provider-friendly. About 70% of the use now is in the community where the majority of patients are treated.
And we're actually seeing broad utility across a number of tumor types. So it's not just in the monotherapy or adjuvant indications, but we're seeing use in combination where a combination with Yervoy, a combination with TKIs or chemotherapy. So we expect to see continued conversion from now to LOE. And as we had shared, we expect to see 30%-40% of our IV business converted by the 2028 timeframe.
Adam, can you sort of, I wouldn't say force, but can you drive use in one versus another, you know, based on things like, you know, the gross to net or discounts or, you know, volume or, you know, I'm trying to get a sense for, you know, how you can maybe further, you know, strike point, you know, the Qvantig into the paradigm?
Clearly in the community, they are very economically driven. That's why you see, you know, the majority of the use there. I think number one, the advantage of a three-minute in-office injection versus a 30-minute to one-hour infusion is that you can inject the patient and at the same time fill another infusion chair.
Yeah.
Or suite in the community. That's number one. Number two is when you look at, you know, net cost recovery, there are benefits to using the sub-Q over the IV formulation. And so that is gonna be a determining factor. But the, you know, the major determining factor really is around the convenience that it offers to patients and the benefits to physicians.
Okay. That's helpful. Sticking with oncology, so, cell therapy overall, you guys are among the largest cell therapy companies out there, you know, on the back of the Celgene deal. Talk about maybe, David, where this ranks kind of in your new product portfolio, like priorities, what the investment that you're making. This isn't a category where you could sort of be passive here. You have to invest in infrastructure and manufacturing and consistently. So maybe talk about like the priorities of where this ranks.
Yeah. Look, I mean, the good thing is we're blessed with numerous modalities in oncology and hematology. This is an important franchise for us. We've really focused that the dedicated team at doing that. I'd say Breyanzi, you know, it just tremendous success, the number of indications that are there, the broadest indications in its class. I think the other thing is that we have, you know, follow-on, we have allo cell, which is IO targeting, which we're really excited about. And then, as I already talked about, NEX-T CD19, we see that as the opportunity to go into autoimmune diseases.
And then if you throw on top of that the in vivo that I was talking about with the Orbital Therapeutics acquisition, you know, being able to bring down those manufacturing costs, it makes it a really attractive franchise for us. So it's an important component to, you know, the overall growth story.
This is the great thing about us, you know, I think whether it's immuno-oncology, whether it's cell therapy, radiopharmaceuticals, and even with, you know, our iza-bren with our ADC, we have a lot of modalities, which is, you know, what we've been focused on from a business development perspective, but as well as from an internal development perspective that enables us to go after the most interesting science where there's that high unmet need. That's why we feel really comfortable about our growth trajectory, you know, as we exit this decade because we have a lot of breadth and depth across really important tumor types.
Yep. One of the more exciting mechanisms is your partnership with BioNTech and the, you know, the VEGF, PD-1. Talk a little bit about that in terms of the, you know, the maybe the context for forming that partnership. Like what was the, did you, you know, what was the kind of background for how you're exploring that as a modality? And then going forward, you know, you've invested in a ton of studies and maybe what's more exciting to you, as you expand that offering?
Yeah. I'll start at a really high level and I'll turn it over to Adam. But look, this is a great example of how we think through business development. This is a really exciting area, and it's an area that we've, you know, been following very closely. There's multiple options to enter into this. But look, we were looking for the best science. We were looking. It's very important to be first or second to market 'cause that's where the greatest value is generated in this place. And, you know, you can see that in IO today. And then do we have a right to win? Do we have the scientific expertise? Do we have the development capabilities? And do we have a commercial organization that can add value beyond in the hands of somebody that currently owns it?
When we looked at the entire landscape that was out there, we became most excited about c and where they are. We're, you know, they're just really strong from a scientific perspective. But our capabilities in development and in commercial really complement their scientific capabilities, bringing those two organizations together and being able to do that in a joint partnership, 50/50 partnership. We think that adds the most value for both us and BioNTech. You wanna talk about the programs?
Yeah. I'll just add in we've been leaders in this space now for nearly two decades, starting with the launch of Yervoy back in 2010. Then we, you know, looking at the launch of Opdivo and of course, Opdualag. So we're the only company that's launched and commercialized three IO assets. So we think this was a great fit. The partnership is going very well. We've got five studies that we have announced, three which BioNTech had up and running in first line non-small cell lung cancer. That is the largest opportunity for the category. The second is small cell lung cancer in first line. And then we'll be presenting data over the next week or so at San Antonio Breast Cancer Symposium in triple negative breast cancer a nd that's the third study we have.
On the earnings call, we also announced studies in first-line gastric cancer. And what's really exciting is the potential to broaden beyond where we've seen PD-1, PD-L1s work. So we announced a study in first-line MSS CRC. And so that's gonna be another important opportunity to expand what today is a $40-$50 billion category even further.
Are there lessons to be learned from the pace of new phase IIIs and the development of Opdivo? The lessons to be learned that you can translate here in terms of, you know, not be linear or, you know, just to more of a basket kind of approach to, am I hitting the right?
Yeah.
Oh, absolutely. No, absolutely. There are a lot of learnings to be. Yeah. I, you know, I think when you look at the number of PD-1, PD-L1 VEGF that are being developed today, most of them in China, I think it's, you know, what we see today in these first generation PD--1, PDL1s are gonna pale in comparison to the number of these new assets that are coming to market and coming to the market quickly. So as David said, I think the first learning is, you know, being first or second to market is absolutely critical. Beause when you look at, you know, Opdivo and Keytruda together, we command about 80% of the marketplace today.
In fact, when I think about, you know, where we compete with Opdivo, you know, we are, you know, have the leading market share in the majority of tumor types today with the exception of lung cancer, you know, where we were later to market. That's number one. Number two, I think that, you know, the importance of having infrastructure in place in the community in particular is essential because that's where the majority of PD-1, PD-L1s are treated. And so that's where we have a stronghold and I think a true competitive advantage in the U.S., but also we've got a global footprint, as you know, with Opdivo and Yervoy. And then the third, I think, you know, the velocity of new indication launches are really important.
We, as David said, you know, we have that muscle to be able to flex and be agile from one indication to another indication in order to maximize those opportunities. I think those are some of the learnings that we have. Beyond, I guess the final one is around the importance of non-registrational data generation because the data that we generate is always gonna move faster than the label can move. So these non-registrational data is critically important.
Adam, you mentioned, you know, you mentioned China and all the competition. Maybe David, when you think about, you know, BD, back to that question, you know, that we've seen a ton of new products coming out of China and, or a ton of new deals. And then in the U.S., it's kind of odd. We've seen a lot of CVR kind of deals. So there we've seen some new structures emerge that really haven't been like that, you know, widespread in the biopharma space over the past, you know, couple of years. How does Bristol think about sort of deal structure? Do you and maybe give us some context for, you know, for the emphasis of assets coming from China?
Yeah. Look, I mean, we're agnostic where the asset comes from. It's where the most important science is, where do you have proof of concept, and what assets are available, and then what value can be created from those. So look, China's critically important. And if you look at the number of INDs that are coming out of China now globally, they're becoming a greater percentage of the total, and they could surpass the U.S. by next year. So you can't just ignore any geographic area, especially if they're producing that much science.
Secondly, you know, from our perspective, we you know, we're putting scientists on the ground there. We have business development teams there. We're looking for, and it's a great way to get you know, products into humans as quickly as possible to get the proof of concept. So it's critically important to the development cycle as well. That being said, look, there's a tremendous amount of science here in the United States and in Europe. And, you know, we look across the board to find the best science for that unmet medical need.
Makes sense. So, going through kind of the rest of the pipeline, so milvexian, you mentioned that. So talk about the recent discontinuation of this study and we'll give you confidence and the other two studies with respect to a read-through.
Yeah, Geoff . So we announced with our partner J&J that the ACS study, you know, we had a futility analysis and, you know, it did not hit the threshold that was needed. So, you know, IDMC recommended to stop the study because of the low likelihood of hitting the primary endpoint. So, you know, as we commissioned that study, we knew that was going to be, you know, the highest risk study that we put forward. We haven't seen a lot of work, you know, either Factor 10 or 11A in that space, but we were opportunistic in that area. We feel very confident about the SSP data readout that will come next year. Our AFib readout will come as well. Recall we had a very large 2,000-patient SSP study, phase II, that showed really significant relative risk reduction with minimal bleeds.
You know, we did a lot of work to really get the dose right. You've also seen, recently, the announcement from Bayer. They have a positive study in SSP. That gives us more confidence in the mechanism. The biggest opportunity really lies in atrial fibrillation. A lot of work was done there with our partner J&J, so we took a similar playbook to what we did with Eliquis many years ago. We conducted an over 1,000-patient TKR study that showed similar low bleeds. We were very choiceful in the dose that we brought into that study. When you look at the dose in SSP, which is 25 mg bid, we're actually looking at a 100 mg bid dose in atrial fibrillation.
You know, with now over 20,000 patients enrolled in the study, again, in a blinded fashion, we're not seeing anything remotely close to what Bayer had presented when their study was stopped. We're excited for both of those data readouts next year.
Yeah. And those are, those are very large market opportunities. Is there, do you wanna turn the card over on those in the next year before you look at other potential indications or is there, maybe, you know, a few other cardio, you know, indications that you can go after with milvexian?
Yeah. We are in constant discussions with our J&J partners around what could be next. Obviously, we wanna see, you know, positive studies in SSP and AFib, but there are a number of potential future indications that we could pursue together.
Yeah. AFib for sure seems like a major, major, more of an unmet need than really any other cardio verticals, I feel like.
You know, it's exciting. You know, we're leaders with Eliquis really over the last decade. The product is, you know, phenomenal, continuing to grow linearly. Just about every month, you know, we're now at about a 75% NBRx share in the U.S.
Yep.
You know, that said, there's still about 40% of patients that are either untreated or undertreated. Why is that? Because of risk of bleed. That's what, you know, hopefully milvexian will bring to these patients and to the broader AFib population, a lower bleeding profile than, you know, the standard of care Eliquis with comparable efficacy.
Yep. So sticking with cardio, let's talk about Camzyos for a second. So just with respect to new patient identification, are you past some of the initial investments in awareness? Are you looking more at the, you know, kind of access reimbursement type of, like, give us some a bit of a status update on the commercial and what's the drivers from here?
Yeah. As David mentioned, you know, when you look at Camzyos, it's another one of our key growth drivers that's annualizing now at over $1 billion. And we expect to see continued significant growth from this important product. So, you know, we launched the product several years ago. You know, it was a product with a REMS program. Took some time for our Centers of Excellence to kind of operationalize a new program, understand a new treatment modality. But when you look at the performance of this brand, growing it at very high double-digit rates, you know, with durations of treatment now at almost 40 years, we expect you're gonna see really significant growth. And I, and I still think we're scratching the surface because we've got about 20,000 patients, a little over 20,000 patients on Camzyos today.
And we know there are still about 70,000 patients with obstructive HCM that are diagnosed and waiting for Camzyos. And that doesn't even include these hundreds of thousands of patients who are out there who are undiagnosed. And so our focus is continuing to, you know, drive growth in the centers of excellence. And what I'm also pleased about is what we're seeing in the community cardiology offices. As now we have more time behind us, you know, we're seeing uptake coming from the community cardiologists in the U.S., which is also driving nice growth for the brand.
Is the speed of diagnosis, and as docs become more familiar with the sort of symptom, the presentation, is that getting, is that getting better? Is that accelerating? And maybe talk about that in the context of maybe the OUS opportunity.
Yeah. So we, we've definitely seen an increase in diagnosis rates over the last couple of years. I think, you know, the direct-to-consumer campaign certainly helps patients. You know, when you look at a disease that is so heavily, you know, misdiagnosed or, you know, going undiagnosed, there are so many patients out there who are suffering, who, you know, can look to a direct-to-consumer and say, "Hey, that's me. That's, that's something that I, I may be suffering with. I'm gonna go, go ask your doctor." And that's what we've seen. We've seen that coupled with a shift since we've launched into, you know, a NYHA class II, which is a little bit less severe than what we see in, you know, class III and class IV. And so we're seeing that shift come into the U.S. today.
We're now, you know, continuing to start outside of the U.S. in launching, getting reimbursement, and we're finding very similar, you know, successes in a number of our major markets, so very pleased with what we're seeing with Camzyos, and this is gonna be a very big product for the company.
And that's another area that, we were talking about AI earlier. You know, one of the challenges that we had is the cath labs were full. You know, they're back to back with patients and getting patients in to get them properly diagnosed now that there's a treatment option, was one of the barriers that we had early on. One of the things that we did is, you know, we used AI to go back working with some of the centers of excellence, using AI to review the echocardiograms of these patients and then with about 90% accuracy identifying those patients that had cardiomyopathies. So with that, that helped the doctors appropriately identify the patients to bring in, to provide treatment. So that's just another area where AI is adding value to the healthcare system.
Is that something that you have to, you know, go through FDA to, to sort of, as a, as a diagnostic tool, or is it just sort of an analytic that you can put in the app?
It's an analytic. It's a tool that the cardiovascular doctor uses at the end of the day to determine it.
Okay. O kay. So , stick to another, you know, new product launch. Maybe same kind of question there. Like, give us some of the, you know, the go-forward. What are the pushes and pulls as you look to 2026?
Yeah. So as we came into 2025, you know, we certainly were not where we had hoped we would be. But it was an important year coming in because, you know, we finally were able to secure access that was at parity to Otezla. And so, you know, we, you know, we continued to see improvements in new patient starts, in TRxs. However, just not where, you know, we expected we would be when we launched this product. We made the difficult decision to cease promotion in dermatology in the U.S. and in a number of our XUS markets because really the lack of, you know, competitiveness in there. And, you know, this is an area that requires significant investment.
Yep.
We wanna make sure that we're leveraging our, you know, our capital in the best way possible, investing behind what we see are key growth drivers like Cobenfy, like Camzyos, and also, you know, investing into R&D and/or dropping to.
Yep.
You know, money to the bottom line. What we're excited about though, you know, is, you know, some of our next set of data readouts. We'll have a data readout in SLE for Sotyktu.
Okay.
Coming in 2026, which is really exciting. As you know, that has been a very, very difficult area to have success with medications. We conducted a phase II study there, if you recall, and we saw really exciting results, and we're hopeful to see a positive study there. And then that, as you know, are treated by rheumatologists. So with an SLE readout, and then in 2027, we'll have a Sjögren's readout, which are areas of really high unmet need and areas where we believe that we can win with Sotyktu.
Okay. That makes sense. And then maybe in the final few minutes, I know, David, we talked at the beginning of this year, you know, healthcare policy was a topic du jour. We've had some great insights, with Secretary Azar, yesterday, and then, Marty on Tuesday. Talk a little bit about where Bristol is with regard to the rest of the industry on, you know, the tariff, you know, MFN. I know you guys have already communicated that you're onshoring a lot of manufacturing and so bringing jobs over here. But maybe talk through kind of where you are in that continuum.
Yeah. Look, we continue to engage with the administration, but as well as policymakers broadly.
Yep.
And a couple of things I'd say around this is one. You know, if you were really good where we are from a tariff perspective, we have a very flexible supply chain, as you highlighted. You know, we're continuing to increase our investments within the U.S. in order to make it very flexible, both in Massachusetts as well as our operations in New Jersey. And we're also doing a number of other things, from engaging on an MFN perspective. We can't talk about those discussions, but we believe it's critically important that you know, access to medicines is given. And also that the cost differential between outside the United States and inside the United States it gets more normalized over time. So all of those types of things are really good.
On the tax policy side of things, that's critically important to incentivize investments here in the United States. I think the recent changes of, you know, the One Big Beautiful Bill, as well as the Tax Cuts and Jobs Act that happened earlier are all things that equalized tax policy globally that enabled us to move capital investment here into the United States. All of those things we feel really good about, and we're gonna continue to engage on that. The last thing I would say is, you know, as far as on the FDA side of things, we really haven't seen any impact in our engagement i n the products that we have going through the regulatory process. The people at the FDA have just been fantastic, and, you know, we're moving at pace as we have been, so haven't seen any impact there either.
One element to come out of that is there this year. It does seem like there is a much more consumer-driven, you know, kind of model that's coming out of pharma and big cap biotech. Maybe talk about that as a strategy for Bristol. You know, you have a lot of companies that now have portals that you can go right into. But you know, I think it just sort of connects a lot of payers and patients, but some are more than that, right? Some are more of a dropship kind of element. I don't know, but where does that rank in terms of Bristol's sort of distribution and priority?
This is an area where we are, you know, completely aligned with the administration. We think direct-to-patient is very important, the ability to have, you know, improved visibility into, you know, drug prices, ensuring access and affordability. We were, you know, one of the first companies to announce that Eliquis would be available through direct-to-patient through Eliquis 360 at a price that is a 40% reduction from our list price. So patients who either were cash-paying patients or, you know, underinsured patients could go to the pharmacy and get this at a significantly reduced cost.
We then follow that up with Sotyktu. And so patients now can go and get Sotyktu at a roughly 80% reduction than they would pay at the pharmacy counter. So, and we think this is really important, and it's a trend that we know will continue with this administration and I think beyond.
Awesome. David, Adam, thank you very much.
Thank you.
Thank you.