Slides
Page 1
Not for Product Promotional Use Q3 2025 Results October 30, 2025
Page 2
Not for Product Promotional Use Q3 2025 Results Forward Looking Statements and Non-GAAP Financial Information 2 This presentation contains statements about Bristol-Myers Squibb Company’s (the “Company”) future financial results, plans, business development strategy, anticipated clinical trials, results and regulatory approvals that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Actual results may differ materially from those expressed in, or implied by, these statements as a result of various factors, including, but not limited to: (i) new laws, government actions and regulations, including with respect to pricing controls and market access and the imposition of new tariffs, trade restrictions and export regulations, including the potential for international reference pricing and most- favored nation drug pricing for our products, (ii) our ability to obtain, protect and maintain market exclusivity rights and enforce patents and other intellectual property rights, (iii) our ability to achieve expected clinical, regulatory and contractual milestones on expected timelines or at all, (iv) difficulties or delays in the development and commercialization of new products, (v) difficulties or delays in our clinical trials and the manufacturing, distribution and sale of our products, (vi) adverse outcomes in legal or regulatory proceedings, (vii) risks relating to acquisitions, divestitures, alliances, joint ventures and other portfolio actions and (viii) political and financial instability, including changes in general economic conditions. These and other important factors are discussed in the Company’s most recent annual report on Form 10-K and reports on Forms 10-Q and 8-K. These documents are available on the U.S. Securities and Exchange Commission’s website, on the Company’s website or from Bristol-Myers Squibb Investor Relations. No forward- looking statements can be guaranteed. In addition, any forward-looking statements and clinical data included herein are presented only as of the date hereof. Except as otherwise required by applicable law, the Company undertakes no obligation to publicly update any of the provided information, whether as a result of new information, future events, changed circumstances or otherwise. This presentation includes certain non-generally accepted accounting principles (“GAAP”) financial measures that we use to describe the Company’s performance. The non-GAAP financial measures are provided as supplemental information and are presented because management has evaluated the Company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the Company’s baseline performance, supplement or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods. This presentation also provides certain revenues and expenses excluding the impact of foreign exchange (“Ex- FX”). We calculate foreign exchange impacts by converting our current-period local currency financial results using the prior period average currency rates and comparing these adjusted amounts to our current-period results. Ex-FX financial measures are not accounted for according to GAAP because they remove the effects of currency movements from GAAP results. The non-GAAP information presented herein provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable financial measure are available on our website at www.bms.com/investors. Also note that a reconciliation of forward-looking non-GAAP measures, including non-GAAP earnings per share (EPS), to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, we are not, without unreasonable effort, able to reliably predict the impact of accelerated depreciation and impairment charges, legal and other settlements, gains and losses from equity investments and other adjustments. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. Certain information presented in the accompanying presentation may not add due to the use of rounded numbers.
Page 3
Chris Boerner , PhD Board Chair and Chief Executive Officer 3 Q3 2025 Results
Page 4
Not for Product Promotional Use Q3 2025 Results Q3 2025 Performance *See “Forward-Looking Statements and Non-GAAP Financial Information” 1. Not an exhaustive list of assets, programs or indications; 2. Subject to satisfaction of customary closing conditions; 3. 2025 Guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges and licensing income; 4. October 2025 guidance was calculated using foreign exchange rates as of October 28, 2025 Global Net Sales: ~$12.2B +3% YoY; 2% Ex-FX* Financial Execution 2025 Guidance3,4 $5.8 $6.9 Q3 2024 Q3 2025 Growth Portfolio Net Sales: +18%; +17% Ex-FX* Achieved multiple clinical & regulatory milestones1 $ in billions Earnings Per Share (EPS): GAAP $1.08 & Non-GAAP* $1.63 Narrowing Non-GAAP EPS* $6.40 - $6.60 Raising Total Revenues (Reported Rates & Ex-FX*) ~$47.5 - $48.0B Key MilestonesCommercial Execution Executed strategic business development Includes ($0.20) charge from the net impact of Acquired IPR&D & licensing income 2 4 Iberdomide Anti-MTBR-tau Pumitamig CD19 NEX-T Iza-bren
Page 5
Not for Product Promotional Use Q3 2025 Results 20252025 Entering data-rich period with multiple catalysts 2025–2027 key milestones* • • • • •Cobenfy Alzheimer’s Disease Psychosis (ADEPT-2) •CD19 NEX-T Autoimmune Diseases (Breakfree-1 & 2) •Krazati 1L NSCLC (TPS <50%) (KRYSTAL-17)2 •Iza-bren Advanced Solid Tumors3 •RYZ101 1L ES-SCLC •PRMT5 inhibitor NSCLC LCM pivotal data 2026 •Milvexian ACS & SSP (LIBREXIA) •Admilparant IPF (ALOFT-IPF) •Mezigdomide RRMM (SUCCESSOR-1 & 2) •Arlo-cel RRMM (QUINTESSENTIAL) •RYZ101 2L+ GEP-NETs (ACTION-1) NME registrational data Key next wave of early-stage data 2026 •Sotyktu SLE (POETYK SLE-1 & 2) •Cobenfy Alzheimer’s Disease Psychosis (ADEPT-4 & 1) 2026 •Golcadomide 1L FL (GOLSEEK-2) •MYK-224 HFpEF (AURORA) •FAAH/MAGL MSS (BALANCE-MSS-1) 2027 •AR LDD mCRPC (rechARge) 2027 •Anti-MTBR-tau Alzheimer’s Disease (TargetTau-1) •FAAH/MAGL ADA (BALANCE-AAD-1) 2027 •Milvexian AF (LIBREXIA) •Reblozyl 1L NTD MDS Associated Anemia (ELEMENT) •Sotyktu Sjogren’s Syndrome (POETYK SjS-1) •Cobenfy Bipolar-1 (BALSAM-1 & 2) *See “Forward-Looking Statements and Non-GAAP Financial Information” NME: New Molecular Entity, LCM: Life Cycle Management; 1. MRD negativity endpoint; 2. Enrolling 1L NSCLC, all-comers Phase 3 trial (KRYSTAL-4); 3. Global NSCLC trial conducted by SystImmune. Studies shown in light gray and italics have reported readouts 2025 • 5
Page 6
David Elkins Executive Vice President and Chief Financial Officer 6 Q3 2025 Results
Page 7
Not for Product Promotional Use Q3 2025 Results Revenue continues to transition to the Growth Portfolio $5.8 $6.9 $6.1 $5.4 Q3 2024 Q3 2025 Legacy Growth *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Other Growth Brands: Augtyro, Onureg, Inrebic, Nulojix, Empliciti, & Royalty Revenues $ in billions +18% YoY +17% Ex-FX* Growth Portfolio Legacy Portfolio Other Growth Brands1 Other Mature Brands $11.9 $12.2 7
Page 8
Not for Product Promotional Use Q3 2025 Results Q3 2025 Oncology product summary *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Abraxane: Q3 2025 WW Sales $74M - YoY% (71%), (70%) Ex-FX*; 2. BMS Internal Analysis Global Net Sales1 $M YoY % Ex-FX* % $2,532 +7% +6% $739 +15% +14% $299 +28% +27% $67 --- --- $53 +58% +57% Opdivo •Global sales reflect demand growth •U.S. strong launch in MSI-high CRC & 1L NSCLC share growth •Ex-U.S. expanded indications across markets Opdualag •U.S. sales growth driven by demand as a SOC in 1L melanoma with consistent ~30% market share2 Qvantig •Increasing adoption from patients & providers across indicated tumor types •Permanent J-Code effective July 1, 2025 •EU launch gated by reimbursement timing 8
Page 9
Not for Product Promotional Use Q3 2025 Results Global Net Sales $M YoY % Ex-FX* % $675 (25%) (25%) $615 +37% +37% $575 (59%) (59%) $359 +60% +58% $137 +9% +6% $119 (59%) (59%) Q3 2025 Hematology product summary *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Pomalyst: In the EU, generic pomalidomide products entered the market in August 2024; 2. Abecma Q3 2025 ex-US sales include a one-time GTN adjustment of $36M; 3. U.S. generic Sprycel launched September 1, 2024 1 Reblozyl •U.S. strong continued demand across 1L MDS- associated anemia and increasing duration of therapy •Ex-U.S. growth driven by demand & new launches across multiple markets •Annualizing >$2B in sales Breyanzi •Strong demand for Breyanzi across all indications, driven by continued growth in LBCL and recently approved indications •Annualizing >$1B in sales 9 2 3
Page 10
Not for Product Promotional Use Q3 2025 Results 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Q2'22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2'25 Q3'25 Camzyos U.S. Quarterly TRx1 Q3 2025 TRx: ~32.2K Q3 2025 Cardiovascular product summary Global Net Sales $M YoY % Ex-FX* % $3,746 +25% +23% $296 +89% +88% *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Symphony Health, an ICON plc Company, Metys® U.S. TRx data Eliquis •U.S. sales reflect demand growth & favorable impact of Medicare Part D Redesign (elimination of donut hole) •#1 OAC in key Ex-U.S. markets Camzyos •Continued strong U.S. demand in oHCM o ~14.1K patients on commercial drug (~1.6K added in Q3 2025) •Ex-U.S. continued launch momentum across multiple markets •Annualizing >$1B in sales 10 +11%
Page 11
Not for Product Promotional Use Q3 2025 Results Q3 2025 Immunology product summary Global Net Sales $M YoY % Ex-FX* % $964 +3% +2% $80 +21% +20% *See “Forward-Looking Statements and Non-GAAP Financial Information” Sotyktu •U.S. TRx growth offset by rebates associated with improved access •~80% of covered lives with zero step edits effective Jan. 1, 2025 •Ex-U.S. continued sales momentum 11
Page 12
Not for Product Promotional Use Q3 2025 Results Q3 2025 Neuroscience product summary Global Net Sales $M YoY % Ex-FX* % $161 +9% +7% $43 --- --- Cobenfy •Strong and consistent feedback highlighting strength of efficacy on positive/negative symptoms and cognition •Continued focus to change deeply ingrained D2 prescribing habits through education 0 500 1,000 1,500 2,000 2,500 3,000 10/11 10/25 11/8 11/22 12/6 12/20 1/3 1/17 1/31 2/14 2/28 3/14 3/28 4/11 4/25 5/9 5/23 6/6 6/20 7/4 7/18 8/1 8/15 8/29 9/12 9/26 10/10 Cobenfy Weekly TRx2 *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Zeposia is primarily being marketed in MS; 2. IQVIA Weekly NPA (Rapid) & APLD as of Oct 17, 2025 1 12
Page 13
Not for Product Promotional Use Q3 2025 Results US GAAP Non-GAAP $ in billions, except EPS Q3 2025 Q3 2024 Q3 2025 Q3 2024 Total Revenues, net 12.2 11.9 12.2 11.9 Gross Margin % 71.9% 75.1% 72.9% 76.0% Operating Expenses1 4.3 4.4 4.2 4.3 Acquired IPR&D 0.6 0.3 0.6 0.3 Amortization of Acquired Intangibles 0.8 2.4 - - Effective Tax Rate 29.5% 27.5% 22.3% 18.5% Diluted EPS 1.08 0.60 1.63 1.80 Diluted Shares Outstanding (# in millions) 2,039 2,031 2,039 2,031 Q3 2025 Financial Performance US GAAP Non-GAAP* Diluted EPS Impact from Acquired IPR&D2 (0.20) (0.09) (0.20) (0.09) *See “Forward-Looking Statements and Non-GAAP Financial Information”; 1. Operating Expenses = SG&A and R&D; 2. Represents the net impact from Acquired IPRD & licensing income 13
Page 14
Not for Product Promotional Use Q3 2025 Results Strategic approach to Capital Allocation 1. Cash includes cash, cash equivalents and marketable debt securities; 2. Relative to the total debt level as of March 31, 2024; 3. Subject to Board approval $B Q3 2025 Total Cash1 ~$16.9 Total Debt ~$49.0 •Pursue opportunities and partnerships to diversify portfolio & strengthen long-term outlook •Maintain strong investment-grade credit rating •On track to pay down ~$10B of debt by end of Q2 2026 with ~$6.7B achieved as of Q3 20252 Business Development Balance Sheet Strength Returning Cash to Shareholders •Remain committed to our dividend3 •~$5B share repurchase authorization remaining as of September 30, 2025 Cash flow from Operations $B 14 $5.6 $4.4 $2.0 $3.9 $6.3 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Page 15
Not for Product Promotional Use Q3 2025 Results Revised 2025 Guidance* 15 *The Company does not reconcile forward-looking non-GAAP measures. See “Forward-Looking Statements and Non-GAAP Financial Information”; 2025 Guidance excludes the impact of any potential future strategic acquisitions, divestitures, specified items that have not yet been identified and quantified, and the impact of future Acquired IPRD charges and licensing income; 1. July was calculated using foreign exchange rates as of July 25, 2025 and October was calculated using foreign exchange rates as of October 28, 2025; 2. Operating Expenses = SG&A and R&D Key HighlightsNon-GAAP1 July (Prior) Oct (Updated) Total FY Revenues (Reported & Ex-FX) ~$46.5 - $47.5B ~$47.5 - $48.0B Gross Margin % ~72% No change Operating Expenses2 ~$16.5B No change Other Income/ (Expense) ~$250M ~$500M Tax Rate ~18% No change Diluted EPS $6.35 - $6.65 $6.40 - $6.60 Acquired IPRD Charge Included in Diluted EPS $(0.60) $(0.80) •FY revenue vs. prior guidance primarily reflects ~$750M favorability from: •Growth Portfolio strength •Continue to expect: •Legacy Portfolio sales to decline ~15% - 17% •FY WW Revlimid sales to be ~$3B •OpEx reflects impact from investments and strategic productivity initiative •OI&E reflects higher royalties, licensing income, and interest income •EPS guidance includes net acquired IPRD charges of $0.80 per share through Q3 2025
Page 16
Chris Boerner, PhD Board Chair , Chief Executive Officer David Elkins Executive VP , Chief Financial Officer Adam Lenkowsky Executive VP , Chief Commercialization Officer Cristian Massacesi, MD Executive VP , Chief Medical Officer, Global Drug Development 16 Q3 2025 Results Q&A
Page 17
Q3 2025 Results Not for Product Promotional Use Clinical Development Portfolio — Phase I and II 17 pumitamig 1L Microsatellite Stable Colorectal Cancer 1L Gastric Cancer iza-bren 1L Triple-Negative Breast Cancer EGFR-mutated Post-TKI Non-Small Cell Lung Cancer Post-IO Metastatic Urothelial Cancer OPDIVO QVANTIG + YERVOY 1L Non-Small Cell Lung Cancer PRMT5 Inhibitor 1L Non-Small Cell Lung Cancer 1L Pancreatic Ductal Adenocarcinoma 2L Non-Small Cell Lung Cancer arlo-cel 4L+ Multiple Myeloma golcadomide 1L Follicular Lymphoma REBLOZYL Alpha-Thalassemia MYK-224 Heart Failure with Preserved Ejection Fraction CD19 NEX-T Systemic Lupus Erythematosus Anti-MTBR Tau Alzheimer’s Disease FAAH/MAGL Dual Inhibitor Alzheimer’s Disease Agitation Multiple Sclerosis Spasticity Anti-CCR8 Solid Tumors BMS-986460^ Prostate Cancer BMS-986482+ Solid Tumors BMS-986488+ Solid Tumors BMS-986500+ Solid Tumors BMS-986506+ Solid Tumors BMS-986517 Solid Tumors BMS-986523 Solid Tumors CD40xFAP Bispecific Solid Tumors CEACAM5-TOPO1 ADC Solid Tumors iza-bren 1L Non-Small Cell Lung Cancer* Metastatic Non-Small Cell Lung Cancer Solid Tumors* PRMT5 Inhibitor Solid Tumors RYZ101 Extensive-Stage Small Cell Lung Cancer HR+/HER2- Unresectable Metastatic Breast Cancer RYZ401 Solid Tumors RYZ801 Hepatocellular Carcinoma WEE1 CELMoD Solid Tumors BCL6 LDD Lymphoma CD33-GSPT1 ADC Acute Myeloid Leukemia Dual Targeting BCMAxGPRC5D CAR T RR Multiple Myeloma HbF Activating CELMoD Sickle Cell Disease BMS-986454 Rheumatoid Arthritis CD19 HD Allo CAR T Autoimmune Diseases CD19 NEX-T Idiopathic Inflammatory Myopathies Rheumatoid Arthritis Systemic Sclerosis BMS-986495 Neurodegenerative Diseases* CD19 NEX-T Multiple Sclerosis Myasthenia Gravis eIF2B Activator Alzheimer’s Disease KarXT Long-Acting Injectable Schizophrenia TRPC4/5 Inhibitor Mood and Anxiety Disorders Data as of Oct 30th, 2025 Hematology ImmunologyOncology NeuroscienceCV Phase I Phase II * Partner-run study NME leading indication ^ CELMoD + LDD
Page 18
Q3 2025 Results Not for Product Promotional Use Clinical Development Portfolio — Phase III Development Partnerships: Anti-CCR8 + nivolumab, nivolumab + relatlimab HD, OPDIVO, YERVOY: Ono; AUGTYRO, COBENFY (KarXT): Zai Lab; BMS-986495: Prothena; pumitamig (BNT327/BMS-986545): BioNTech; iza-bren: SystImmune; milvexian: Johnson & Johnson; obexelimab: Zenas BioPharma; REBLOZYL: Merck; rHuPH20: Halozyme 18 Data as of Oct 30th, 2025 Phase III Registration US, EU, JP AR LDD Metastatic Castration-Resistant Prostate Cancer atigotatug + nivolumab 1L Extensive-Stage Small Cell Lung Cancer KRAZATI 1L Non-Small Cell Lung Cancer 1L Non-Small Cell Lung Cancer PD-L1≥50% 2L Colorectal Cancer nivolumab + relatlimab HD 1L Non-Small Cell Lung Cancer PD-L1≥1% OPDIVO Adjuvant Hepatocellular Carcinoma Peri-adjuvant Muscle-Invasive Urothelial Carcinoma pumitamig 1L Extensive-Stage Small Cell Lung Cancer* 1L Non-Small Cell Lung Cancer* 1L Triple-Negative Breast Cancer* RYZ101 2L+ SSTR2+ Gastroenteropancreatic Neuroendocrine Tumors SC nivolumab + relatlimab + rHuPH20 1L Melanoma arlo-cel 2-4L Multiple Myeloma golcadomide 2L+ Follicular Lymphoma High Risk 1L Large B-cell Lymphoma iberdomide 2L+ Multiple Myeloma Post-ASCT Maintenance Newly Diagnosed Multiple Myeloma mezigdomide 2L+ Multiple Myeloma Kd 2L+ Multiple Myeloma Vd REBLOZYL 1L NTD Myelodysplastic Syndrome Associated Anemia 1L TD Myelofibrosis Associated Anemia milvexian Acute Coronary Syndrome* Atrial Fibrillation* Secondary Stroke Prevention* admilparant Idiopathic Pulmonary Fibrosis Progressive Pulmonary Fibrosis obexelimab IgG4-Related Disease SOTYKTU Sjögren's Syndrome Systemic Lupus Erythematosus COBENFY Adjunctive Bipolar-I Mania Agitation in Alzheimer’s Disease Alzheimer’s Disease Cognition Bipolar-I Mania Psychosis in Alzheimer’s Disease AUGTYRO NTRK Pan-Tumor (JP) BREYANZI R/R Marginal Zone Lymphoma (US, JP) SOTYKTU Psoriatic Arthritis (US, EU, JP) Hematology ImmunologyOncology NeuroscienceCV * Partner-run study NME leading indication
Page 19
Q3 2025 Results Not for Product Promotional Use Q3 2025 Changes to the Development Pipeline 19 Phase I Phase II Phase III Registrational Submissions New or Phase Transition BMS-986506 in Solid Tumors BMS-986523 in Solid Tumors CD19 NEX-T in RA KarXT Long-Acting Injectable in Schizophrenia pumitamig in 1L MSS CRC pumitamig in 1L GC iza-bren in EGFRmt post-TKI NSCLC iza-bren in Post-IO mUC pumitamig in 1L TNBC * COBENFY in Adjunctive Bipolar-I Mania BREYANZI in R/R MZL (US, JP) Approvals Removed PKCθ Inhibitor SOS1 Inhibitor OPDIVO + YERVOY in 1L+ MSI-High CRC (JP) Data as of Oct 30th, 2025 Hematology ImmunologyOncology NeuroscienceCV* Partner-run study; NME leading indication
Page 20
Q3 2025 Results Not for Product Promotional Use Q3 2025 Opdivo Sales Mix 27% 22% 21% 25% 5% U.S. Sales Mix 21% 18% 26% 7% 28% Ex-U.S. Sales Mix Note: percentages are approximate 20
Page 21
Q3 2025 Results Not for Product Promotional Use Q3 2025 Eliquis NBRx/TRx Share Other NOACsWarfarinEliquis 73.1% 75.7% 6.7% 6.4% 20.2% 17.9% Q3 2024 Q3 2025 NBRx Share – US 67.1% 69.7% 10.8% 9.8% 22.1% 20.5% Q3 2024 Q3 2025 TRx Share – US Data Source: IQVIA Xponent data thru 9/19/2025; Q3’25 average calculated with currently available data 21
Page 22
Q3 2025 Results Not for Product Promotional Use Medicare Part D Redesign: Distribution of cost responsibility BMS 2025 Impact Product Headwinds*: Revlimid, Pomalyst, Camzyos, Orencia SubQ & Krazati Product Tailwinds*: Eliquis 2024 Manufacturer liability: 70% in coverage gap has been eliminated NEW 2025 Manufacturer liability: 10% in initial coverage phase and 20% in catastrophic phase 20%Catastrophic 5%25%Coverage gap 75%25%Initial coverage 100%Deductible 80% 70% Patient Part D Plan Manufacturer Medicare $3,300 annual patient out-of- pocket cap 20242025 20%20%60%Catastrophic Coverage gap 65%25%Initial coverage 100%Deductible 10% Patient Part D Plan Medicare Manufacturer $2,000 annual patient out-of- pocket cap Eliminated *Not an exhaustive list 22
Page 23
Not for Product Promotional Use Q3 2025 Results Composition of Other Growth & Other Legacy Products Other Legacy Products •Idhifa •Istodax •Thalomid •Glucophage •Kenalog •Vidaza •Baraclude •Reyataz •Other Mature Brands Other Growth Products •Augtyro •Empliciti •Inrebic •Nulojix •Onureg •3rd Party Royalty Revenue 23
Page 24
Q3 2025 Results Not for Product Promotional Use Q3 2025 key clinical trials update •Krazati •Opdivo •Opdualag •Nivo+Rela HD •AR LDD •atigotatug •iza-bren •PRMT5 •pumitamig •RYZ101 •Reblozyl •arlo-cel •iberdomide •mezigdomide •golcadomide •Sotyktu •admilparant •CD19 NEX-T •obexelimab •milvexian •MYK-224 Oncology Hematology Immunology Cardiovascular Neuroscience •Cobenfy •anti-MTBR-Tau •FAAH/MAGL 24
Page 25
Q3 2025 Results Not for Product Promotional Use Krazati (KRASG12C inhibitor) Indication 2L CRC (with KRASG12C mutation) 1L NSCLC PD-L1≥50% (with KRASG12C mutation) 1L NSCLC (with KRASG12C mutation) Phase/Study Phase III – KRYSTAL-10 Phase III – KRYSTAL-7 Phase III – KRYSTAL-4 # of Patients N = 461 N = 5501 N = 630 Design •Adagrasib 600 mg BID + cetuximab 500 mg/m2 Q2W •Chemotherapy •Adagrasib 400 mg BID + pembrolizumab 200 mg Q3W •Pembrolizumab 200 mg IV Q3W •Adagrasib 400 mg BID + pembrolizumab 200mg Q3W + chemotherapy Q3W •Placebo BID + pembrolizumab 200mg Q3W + chemotherapy Q3W Endpoints Primary: OS, PFS Primary: OS, PFS Primary: OS, PFS Status •Projected data readout 2026 •Recruiting •Projected data readout 2028 •Recruiting •Projected data readout 2029 CT Identifier NCT04793958 NCT04613596 NCT06875310 1. Represents Phase III portion of trial; Phase II/III total N = 806 Oncology Hematology Immunology Cardiovascular Neuroscience 25
Page 26
Q3 2025 Results Not for Product Promotional Use Opdivo (anti-PD1) Indication Peri-Adjuvant MIUC Adjuvant HCC 1L NSCLC SC + IV Phase/Study Phase III – CA017-078 Phase III – CheckMate -9DX Phase II – CheckMate-1533 # of Patients N = 855 N = 545 N = 76 Design •Opdivo 360 mg Q3W for four cycles + chemotherapy •Chemotherapy •Opdivo 480 mg Q4W •Placebo •Opdivo Qvantig + Yervoy + chemotherapy Dose 1 •Opdivo Qvantig + Yervoy + chemotherapy Dose 2 Endpoints •Primary: pCR, EFS •Key secondary: OS •Primary: RFS •Key secondary: OS •Primary: Cmax, Tmax Status •Projected data readout 2H 2025 •Projected data readout 2026 •Trial initiating •Projected data readout 2027 CT Identifier NCT03661320 NCT03383458 NCT06946797 Oncology Hematology Immunology Cardiovascular Neuroscience 26
Page 27
Q3 2025 Results Not for Product Promotional Use Opdualag (anti-PD1 + anti-LAG3 FDC) Indication 1L Melanoma SC Phase/Study Phase III – RELATIVITY-127 # of Patients N = 814 Design •Relatlimab + nivolumab + rHuPH20 FDC SC •Relatlimab + nivolumab FDC IV Endpoints Primary: •Cavgd28 of nivolumab; Cminss of nivolumab •Cavgd28 of relatlimab; Cminss of relatlimab Key secondary: ORR Status •Projected data readout 2H 2025 CT Identifier NCT05625399 Oncology Hematology Immunology Cardiovascular Neuroscience 27
Page 28
Q3 2025 Results Not for Product Promotional Use Nivolumab + Relatlimab HD (anti-PD1 + anti-LAG3 FDC) Indication 1L NSCLC PD-L1≥1% Phase/Study Phase III – RELATIVITY-1093 # of Patients N = 1,000 Design •Nivolumab + Relatlimab FDC IV 360 mg/360 mg + chemotherapy Q3W •Pembrolizumab 200 mg + chemotherapy IV Q3W Endpoints •Primary: OS •Key secondary: PFS, ORR Status •Recruiting •Projected data readout 2030 CT Identifier NCT06561386 Oncology Hematology Immunology Cardiovascular Neuroscience 28
Page 29
Q3 2025 Results Not for Product Promotional Use AR LDD (dual androgen receptor degrader & antagonist) Indication Metastatic CRPC Phase/Study Phase III - rechARge # of Patients N = 960 Design Part I •BMS-986365 Dose 1 •BMS-986365 Dose 2 •Investigator’s choice of therapy •docetaxel + prednisone/prednisolone or •abiraterone acetate + prednisone/prednisolone or enzalutamide Part II •BMS-986365 RP3D •Investigator’s choice of therapy •docetaxel + prednisone/prednisolone or •abiraterone acetate + prednisone/prednisolone or enzalutamide Endpoints •Primary: rPFS •Key Secondary: OS Status •Recruiting •Projected data readout 2027 CT Identifier NCT06764485 Oncology Hematology Immunology Cardiovascular Neuroscience 29
Page 30
Q3 2025 Results Not for Product Promotional Use atigotatug (anti-fucosyl-GM1) + nivolumab (anti-PD1) Indication 1L ES-SCLC Phase/Study Phase III - TIGOS # of Patients N = 530 Design •BMS-986489 (atigotatug + nivolumab FDC) combined with carboplatin + etoposide IV Q3W followed by BMS-986489 maintenance •Atezolizumab combined with carboplatin + etoposide IV Q3W followed by atezolizumab maintenance Endpoints Primary: OS Key Secondary: time to definitive deterioration (TTDD) Status •Recruiting •Projected data readout 2028 CT Identifier NCT06646276 Oncology Hematology Immunology Cardiovascular Neuroscience 30
Page 31
Q3 2025 Results Not for Product Promotional Use iza-bren (izalontamab brengitecan, EGFR x HER3 ADC) Indication 1L NSCLC & Advanced Solid Tumors Advanced Solid Tumors Phase/Study Phase I – LUNG-101 Non-BMS Sponsored* Phase I/II - CA244-0001 # of Patients N = 260 N = 198 Design •Cohort A: BMS-986507 D1/D8 Q3W schedule •Cohort B: BMS-986507 D1 Q3W schedule Tumor types for investigation include NSCLC, SCLC, Breast Cancer, Esophageal Cancer, Nasopharyngeal Cancer & Bladder •Group A: BMS-986507 D1/D8 Q3W schedule combination with osimertinib •Group B: BMS-986507 D1/D8 Q3W schedule combination with pembrolizumab Tumor types for investigation are NSCLC EGFRmt and EGFRwt Endpoints Primary: Safety & tolerability Secondary: PK, ORR Primary: Safety & tolerability Secondary: PK, ORR, DOR Status •Recruiting •Projected data readout 2H 2025 •Recruiting •Projected data readout 2027 CT Identifier NCT05983432 NCT06618287 *Trial conducted by SystImmune Oncology Hematology Immunology Cardiovascular Neuroscience 31
Page 32
Q3 2025 Results Not for Product Promotional Use iza-bren (izalontamab brengitecan, EGFR x HER3 ADC) Indication 1L TNBC EGFR-mutated Post-TKI NSCLC Post-IO Metastatic Urothelial Cancer Phase/Study Phase II/III – IZABRIGHT-Breast01 Phase II/III – IZABRIGHT-Lung01 Phase II/III – IZABRIGHT-Bladder01 # of Patients N = 560 N = 596 N = 470 Design •Iza-bren Dose 1 on specified days •Iza-bren Dose 2 on specified days Participants ineligible for anti-PD(L1), CPS<10 •Iza-bren Dose 1 on specified days •Iza-bren Dose 2 on specified days •Iza-bren Dose 1 on specified days •Iza-bren Dose 2 on specified days Endpoints Primary: PFS Secondary: OS Primary: PFS Secondary: OS, ORR Primary: PFS, OS Secondary: OR, DoR, TTR Status •Recruiting •Projected data readout 2028 •Trial initiating •Projected data readout 2028 •Recruiting •Projected data readout 2029 CT Identifier NCT06926868 NCT07100080 NCT07106762 Oncology Hematology Immunology Cardiovascular Neuroscience 32
Page 33
Q3 2025 Results Not for Product Promotional Use BMS-986504 (PRMT5 inhibitor) Indication 2-3L Metastatic NSCLC (with Homozygous MTAP Deletion) 1L Metastatic NSCLC (with Homozygous MTAP deletion) 1L Metastatic PDAC (with Homozygous MTAP deletion) Phase/Study Phase II Phase II/III – MountainTAP-29 Phase II/III – MountainTAP-30 # of Patients N = 130 N = 590 N = 470 Design •BMS-986504 Dose 1 •BMS-986504 Dose 2 •BMS-986504 + pembrolizumab + chemotherapy •Placebo + pembrolizumab + chemotherapy •BMS-986504 + gemcitabine + nab-paclitaxel •Placebo + gemcitabine + nab-paclitaxel Endpoints •Primary: ORR •Key Secondary: DOR •Primary: PFS, OS •Key Secondary: ORR, DOR •Primary: PFS, OS •Key Secondary: ORR, DOR Status •Recruiting •Projected data readout 2028 •Recruiting •Projected data readout 2031 •Recruiting •Projected data readout 2029 CT Identifier NCT06855771 NCT07063745 NCT07076121 Oncology Hematology Immunology Cardiovascular Neuroscience 33
Page 34
Q3 2025 Results Not for Product Promotional Use pumitamig (BNT327, PD-L1 x VEGF-A) Indication 1L MSS CRC 1L Gastric Cancer 1L TNBC Phase/Study Phase II/III – ROSETTA CRC-203 Phase II/III – ROSETTA Gastric-204 Phase III – ROSETTA BREAST-01* # of Patients N = 990 N = 690 N = 558 Design •BNT327 + chemotherapy •Bevacizumab + chemotherapy •BNT327 + chemotherapy •Nivolumab + chemotherapy •BNT327 + Treatment of Physician’s Choice (TPC) Chemotherapy •Placebo + TPC Chemotherapy Endpoints Phase II •Primary: OR •Key Secondary: PFS, DOR Phase III •Primary: PFS •Key Secondary: OS, OR, DOR Phase II •Primary: OR •Key Secondary: PFS, DOR Phase III •Primary: PFS, OS •Key Secondary: OR, DOR •Primary: PFS, OS •Key Secondary: ORR, DOR, DCR Status •Trial initiating •Projected data readout 2030 •Trial initiating •Projected data readout 2030 •Trial Initiating •Projected data readout 2029 CT Identifier NCT07221357 NCT07221149 NCT07173751 Oncology Hematology Immunology Cardiovascular Neuroscience *Trial conducted by BioNTech 34
Page 35
Q3 2025 Results Not for Product Promotional Use pumitamig (BNT327, PD-L1 x VEGF-A) Indication 1L NSCLC 1L ES-SCLC Phase/Study Phase II/III – ROSETTA LUNG-02* Phase III – ROSETTA LUNG-01* # of Patients N = 982 N = 439 Design Substudy A Phase II •BNT327 Dose 1 + carboplatin + pemetrexed •BNT327 Dose 2 + carboplatin + pemetrexed Phase III •BNT327 RP3D + carboplatin + pemetrexed •Pembrolizumab + carboplatin + pemetrexed Substudy B Phase II •BNT327 Dose 1 + carboplatin + paclitaxel •BNT327 Dose 2 + carboplatin + paclitaxel Phase III •BNT327 RP3D + carboplatin + paclitaxel •Pembrolizumab + carboplatin + paclitaxel •Atezolizumab + etoposide + carboplatin •BNT327 Dose 1 + etoposide + carboplatin •BNT327 Dose 2 + etoposide + carboplatin Endpoints Phase II: •Primary: Safety & tolerability •Key secondary: ORR, DOR Phase III: •Primary: PFS, OS •Key secondary: ORR, DOR •Primary: OS •Key secondary: PFS, ORR Status •Recruiting •Projected data readout 2029 •Active, Not Recruiting •Projected data readout 2028 CT Identifier NCT06712316 NCT06712355 Oncology Hematology Immunology Cardiovascular Neuroscience *Trials conducted by BioNTech 35
Page 36
Q3 2025 Results Not for Product Promotional Use RYZ101 225Ac-DOTATATE (SSTR2 binder) Indication 2L+ SSTR2+ GEP-NETs* 1L ES-SCLC HR+/HER2- Metastatic Breast Cancer Phase/Study Phase III – ACTION-1 Phase Ib Phase Ib/II – TRACY-1 # of Patients N = 288 N = 31 N = 124 Design •RYZ101 10.2 MBq Q8W •SoC as per Investigator’s discretion — everolimus 10 mg QD, sunitinib 37.5 QD, octreotide 60 mg Q4W, or lanreotide 120 mg Q2W •RYZ101 + SoC (dose escalation & expansion) Phase Ib dose escalation •RYZ101 Q6W x 6 infusions Phase II: •RYZ101 RP2D Endpoints Phase Ib: •Primary: RP3D Phase III: •Primary: PFS •Key secondary: OS •Primary: RP2D, safety & tolerability Phase Ib: •Primary: RP2D Phase II: •Primary: ORR Status •Recruiting •Projected data readout 2026 •Recruiting •Projected data readout 2H 2025 •Recruiting •Projected data readout 2028 CT Identifier NCT05477576 NCT05595460 NCT06590857 *GEP-NETs expressing SSTR2 who are refractory to LU177 SA treatment Oncology Hematology Immunology Cardiovascular Neuroscience 36
Page 37
Q3 2025 Results Not for Product Promotional Use Reblozyl (Erythroid Maturation Agent) Indication 1L+ TD MF Associated Anemia 1L NTD Low or Intermediate Risk MDS Associated Anemia TD & NTD Alpha-Thalassemia (Ex-U.S. study) Phase/Study Phase III – INDEPENDENCE Phase III – ELEMENT-MDS Phase II # of Patients N = 313 N = 360 N = 177 Design •Reblozyl 1.33 mg/kg SC Q3W + JAK2i •Placebo SC Q3W + JAK2i •Reblozyl 1.0 mg/kg SC Q3W •Epoetin Alfa 450 IU/kg SC QW •Reblozyl 1.0 mg/kg SC Q3W •Placebo SC Q3W + Best Supportive Care Endpoints •Primary: RBC-TI during any consecutive 12-week period starting within the first 24 weeks •Key secondary: RBC-TI ≥ 16 weeks (RBC- TI 16) •Primary: Proportion of participants during weeks 1-96 who convert to TD (≥ 3 units/16 weeks per IWG 2018) •Key secondary: Mean Hb increase ≥ 1.5 g/dL + TI for at least 16 wks during weeks 1-48 Primary: •TD: ≥50% reduction in RBC transfusion burden over any rolling 12 weeks between W13-W48 •NTD: ≥1 g/dL Hb mean increase from baseline in W13-W24 Key secondary: •TD: No. of participants with ≥ 33% reduction from baseline in RBC transfusion burden •NTD: Change from baseline to W24 in Hb in the absence of transfusion Status •Topline readout July 2025 •Recruiting •Expected data readout 2027 •Recruiting •Expected data readout 2026 CT Identifier NCT04717414 NCT05949684 NCT05664737 Oncology Hematology Immunology Cardiovascular Neuroscience 37
Page 38
Q3 2025 Results Not for Product Promotional Use arlo-cel (arlocabtagene autoleucel, GPRC5D CAR T) Indication 4L+ MM1 2-4L MM2 Phase/Study Phase II – QUINTESSENTIAL Phase III – QUINTESSENTIAL-2 # of Patients N = 175 N = 440 Design •BMS-986393 •BMS-986393 •Standard regimens (DPd or Kd) as per Investigator’s discretion Endpoints •Primary: ORR in prior 4L+ •Key secondary: CRR in prior 4L+, ORR and CRR in all prior 3L+, BOR of PR •Primary: PFS, MRD-negative CR •Key secondary: OS, ORR Status •Recruiting •Projected data readout 2026 •Recruiting •Projected data readout 2028 CT Identifier NCT06297226 NCT06615479 1. Triple Class Exposed - Received at least 3 classes of treatment including IMiD, PI, anti CD38 mAb, and at least 3 prior LOT; 2. Exposed to lenalidomide Oncology Hematology Immunology Cardiovascular Neuroscience 38
Page 39
Q3 2025 Results Not for Product Promotional Use Iberdomide (CELMoD) Indication 2L+ MM Post-Transplant Maintenance NDMM Phase/Study Phase III – EXCALIBER-RRMM Phase III – EXCALIBER-Maintenance # of Patients N = 934 N = 1,216 Design •Iberdomide 1.0, 1.3, 1.6 mg + daratumumab 1800 mg + dex 40 mg – (iberDd) •Daratumumab 1800 mg + bortezomib 1.3 mg/m2a + dex 20 mga – (DVd) •Iberdomide 0.75, 1.0, 1.3 mg •Lenalidomide 10 mg Endpoints •Primary: MRD, PFS •Key secondary: OS •Primary: PFS •Key Secondary: MRD, OS Status •Projected data readout 2H 2025 (MRD), 2026 (PFS) •Recruiting •Projected data readout 2029 CT Identifier NCT04975997 NCT05827016 a BIW dosing Oncology Hematology Immunology Cardiovascular Neuroscience 39
Page 40
Q3 2025 Results Not for Product Promotional Use Mezigdomide (CELMoD) Indication 2L+ MM 2L+ MM Phase/Study Phase III – SUCCESSOR-1 Phase III – SUCCESSOR-2 # of Patients N = 810 N = 575 Design •Mezigdomide 1.0 mg + bortezomib 1.3 mg/m2a + dex 20 mg – (MeziVd) •Pomalyst 4 mg + bortezomib 1.3 mg/m2a + dex 20 mg – (PVd) •Mezigdomide 1.0 mg + carfilzomib 56 mg/m2b + dex 40 mg b – (MeziKd) •Carfilzomib 56 mg/m2a + dex 20 mga or 70 mg/m2b + dex 40 mgb - (Kd) Endpoints •Primary: PFS •Key secondary: OS •Primary: PFS •Key secondary: OS Status •Recruiting •Projected data readout 2026 •Recruiting •Projected data readout 2026 CT Identifier NCT05519085 NCT05552976 a BIW dosing; b QW dosing Oncology Hematology Immunology Cardiovascular Neuroscience 40
Page 41
Q3 2025 Results Not for Product Promotional Use golcadomide (CELMoD) Indication High-Risk 1L LBCL 2L+ FL Newly Diagnosed Advanced Stage 1L FL Phase/Study Phase III – GOLSEEK-1 Phase III – GOLSEEK-4 Phase II – GOLSEEK-2 # of Patients N = 850 N = 400 N = 90 Design •Golcadomide 0.4 mg + R-CHOP •Placebo + R-CHOP •Golcadomide 0.4 mg + Rituximab •Investigator’s choice (R-lenalidomide or R-chemo) •Golcadomide 0.2mg + Rituximab •Golcadomide 0.4mg + Rituximab •Rituximab + Chemotherapy (CHOP or Bendamustine) Endpoints •Primary: PFS •Key secondary: OS, PFS in Non- HGBL, EFS, CMR, MRD •Primary: PFS •Key secondary: ORR, OS •Primary: CMR (Golcadomide + Rituximab arms only) Status •Recruiting •Projected data readout 2028 •Recruiting •Projected data readout 2028 •Projected data readout 2026 CT Identifier NCT06356129 NCT06911502 NCT06425302 Oncology Hematology Immunology Cardiovascular Neuroscience 41
Page 42
Q3 2025 Results Not for Product Promotional Use Sotyktu (TYK-2 inhibitor) Indication Psoriatic Arthritis (PsA) Phase/Study Phase III – POETYK-PsA-1 Phase III – POETYK-PsA-2 # of Patients N = 670 N = 729 Design 52-week study of patients with active PsA in TNF-naïve patients •Sotyktu 6 mg QD •Placebo 52-week study of patients with active PsA in TNF-naïve and TNF- IR patients •Sotyktu 6 mg QD •Placebo •Apremilast Endpoints •Primary: % pts achieving ACR20 response at week 16 •Primary: % pts achieving ACR20 response at week 16 Status •U.S. FDA PDUFA March 6, 2026 •Data presented at EULAR 2025 •U.S. FDA PDUFA March 6, 2026 •Data presented at AAD 2025 CT Identifier NCT04908202 NCT04908189 Oncology Hematology Immunology Cardiovascular Neuroscience 42
Page 43
Q3 2025 Results Not for Product Promotional Use Sotyktu (TYK-2 inhibitor) Indication Systemic Lupus Erythematosus (SLE) Sjogren’s Syndrome (SjS) Phase/Study Phase III – POETYK SLE-1 Phase III – POETYK SLE-2 Phase III – POETYK SjS-1 # of Patients N = 490 N = 490 N = 756 Design •Sotyktu 3 mg BID •Placebo •Sotyktu 3 mg BID •Placebo •Sotyktu 3 mg BID •Sotyktu 6 mg BID •Placebo Endpoints •Primary: Proportion of participants who meet response criteria SRI-4 at week 52 •Primary: Proportion of participants who meet response criteria SRI-4 at week 52 •Primary: Change from baseline in ESSDAI at week 52 Status •Recruiting •Projected data readout 2026 •Recruiting •Projected data readout 2026 •Recruiting •Projected data readout 2027 CT Identifier NCT05617677 NCT05620407 NCT05946941 Oncology Hematology Immunology Cardiovascular Neuroscience 43
Page 44
Q3 2025 Results Not for Product Promotional Use admilparant (LPA1 antagonist) Indication Idiopathic Pulmonary Fibrosis (IPF) Progressive Pulmonary Fibrosis (PPF) Phase/Study Phase III – ALOFT-IPF Phase III – ALOFT-PPF # of Patients N = 1,255 N = 1,092 Design •Admilparant 60 mg BID •Admilparant 120 mg BID •Placebo •Admilparant 60 mg BID •Admilparant 120 mg BID •Placebo Endpoints Cohort 1: •Primary: No. of participants that experience spontaneous syncopal events over first 4 weeks •Key secondary: No. of participants who discontinued treatment due to any low BP-related Adverse Events Cohort 2: •Primary: Absolute change from baseline in forced vital capacity measured in mL •Key secondary: Disease progression Cohort 1: •Primary: No. of participants that experience spontaneous syncopal events over first 4 weeks Cohort 2: •Primary: Absolute change from baseline in forced vital capacity measured in mL •Key secondary: Disease progression Status •Projected data readout 2026 •Recruiting •Projected data readout 2027 CT Identifier NCT06003426 NCT06025578 Oncology Hematology Immunology Cardiovascular Neuroscience 44
Page 45
Q3 2025 Results Not for Product Promotional Use BMS-986353 (CD19 NEX-T CAR T) Indication Active Systemic Lupus Erythematosus (SLE) including Lupus Nephritis (LN) Phase/Study Phase II – Breakfree-SLE 1 # of Patients N = 89 Design •BMS-986353 Endpoints •Primary: Proportion of participants achieving drug-free Definition of Remission in SLE (DORIS) remission at month 6 Status •Recruiting •Expected data readout 2028 CT Identifier NCT07015983 1. Participants with inadequate response to glucocorticoids and at least 2 immunosuppressants Oncology Hematology Immunology Cardiovascular Neuroscience 45
Page 46
Q3 2025 Results Not for Product Promotional Use obexelimab (CD19 x FcγRIIB bifunctional mAb) Indication IgG4-Related Disease Phase/Study Phase III – INDIGO # of Patients N = 194 Design •Obexelimab SC •Placebo SC Endpoints •Primary: Time to first IgG4-RD flare that requires initiation of rescue therapy in the opinion of the investigator and the Adjudication Committee (AC) from randomization to Week 52 Status •Expected data readout 2H 2025 CT Identifier NCT05662241 Oncology Hematology Immunology Cardiovascular Neuroscience 46
Page 47
Q3 2025 Results Not for Product Promotional Use milvexian (FXIa inhibitor) Indication Secondary Stroke Prevention Acute Coronary Syndrome Non-Valvular Atrial Fibrillation Phase/Study Phase III – LIBREXIA-STROKE Non-BMS Sponsored* Phase III – LIBREXIA-ACS Non-BMS Sponsored* Phase III – LIBREXIA-AF Non-BMS Sponsored* # of Patients N = 15,000 N = 16,000 N = 20,297 Design •Milvexian 25 mg BID + background antiplatelet therapy •Placebo + background antiplatelet therapy •Milvexian 25 mg BID + background antiplatelet therapy •Placebo + background antiplatelet therapy Note: participants enrolled within 7 days of ACS +/- catheterization •Milvexian 100 mg BID •Eliquis Endpoints •Primary: Time to first occurrence of ischemic stroke Key secondary: •Time to first occurrence of any component of the composite of CVD, MI, or ischemic stroke •Time to first occurrence of ischemic stroke at 90 days •Primary: Time to first occurrence of MACE Key secondary: •Time to first occurrence of any component of the composite of MAVE •Primary: Time to first occurrence of composite endpoint of stroke & non-CNS system embolism Key secondary: •Time to first occurrence of ISTH major bleeding •Time to first occurrence of the composite of ISTH major & CRNM bleeding •Time to the First Occurrence of Composite Endpoint of Stroke, Non-CNS Systemic Embolism and ISTH Major Bleeding Status •Recruiting •Projected data readout 2026 (event driven) •Recruiting •Projected data readout 2026 (event driven) •Projected data readout 2027 (event driven) CT Identifier NCT05702034 NCT05754957 NCT05757869 *Trials conducted by Johnson & Johnson Oncology Hematology Immunology Cardiovascular Neuroscience 47
Page 48
Q3 2025 Results Not for Product Promotional Use MYK-224 (myosin inhibitor) Indication Heart Failure with Preserved Ejection Fraction (HFpEF) Phase/Study Phase IIa – AURORA-HFpEF # of Patients N = 198 Design •MYK-224 •Placebo Endpoints Primary: •TEAEs and SAEs •AEs leading to treatment discontinuation Key Secondary: •Summary of plasma concentrations of MYK-224 Status •Recruiting •Projected data readout 2026 CT Identifier NCT06122779 Oncology Hematology Immunology Cardiovascular Neuroscience 48
Page 49
Q3 2025 Results Not for Product Promotional Use Cobenfy (M1/M4 muscarinic agonist) Indication Psychosis in Alzheimer’s Disease (ADP) Phase/Study Phase III – ADEPT-1 Phase III – ADEPT-2 Phase III – ADEPT-4 # of Patients N = 380 N = 400 N = 406 Design •Cobenfy 20 mg/2 mg TID, 30 mg/3 mg TID, 40 mg/4 mg TID, 50 mg/5 mg TID, 66.7/6.67 mg TID* •Placebo •Cobenfy 20 mg/2 mg TID, 30 mg/3 mg TID, 40 mg/4 mg TID, 50 mg/5 mg TID, 66.7/6.67 mg TID* •Placebo •Cobenfy 20 mg/2 mg TID, 30 mg/3 mg TID, 40 mg/4 mg TID, 50 mg/5 mg TID, 66.7/6.67 mg TID* •Placebo Endpoints •Primary: Time from randomization to relapse during the 26-week double blind randomized withdrawal period •Key secondary: Time from randomization to discontinuation for any reason during the 26-week Double- Blind Randomized Withdrawal treatment Period •Primary: Change from baseline in Neuropsychiatric Inventory-Clinician: Hallucinations and Delusions (NPI-C: H+D) score to end of Week 14 •Key secondary: Change from baseline in Clinical Global Impressions-Severity (CGI-S) scale up to week 14. •Primary: Change from baseline in Neuropsychiatric Inventory-Clinician: Hallucinations and Delusions (NPI-C: H+D) score up to Week 14 •Key secondary: Change from baseline in Clinical Global Impressions-Severity (CGI-S) scale up to week 14. Status •Recruiting •Projected data readout 2026 •Projected data readout 2H 2025 •Recruiting •Projected data readout 2026 CT Identifier NCT05511363 NCT06126224 NCT06585787 *Based-on tolerability Oncology Hematology Immunology Cardiovascular Neuroscience 49
Page 50
Q3 2025 Results Not for Product Promotional Use Cobenfy (M1/M4 muscarinic agonist) Indication Manic Episodes in Bipolar-I Disease Adjunctive Bipolar Mania Phase/Study Phase III – BALSAM-1 Phase III – BALSAM-2 Phase III-BALSAM-4 # of Patients N = 274 N = 274 N = 440 Design •KarXT BID* •Placebo •KarXT BID* •Placebo •KarXT BID* + Background Treatment (Li, VPA, or Lamotrigine) •Placebo + Background Treatment (Li, VPA, or Lamotrigine) Endpoints •Primary: Change from baseline in Young Mania Rating Scale (YMRS) at Week 3 •Key secondary: Change from baseline in Clinical Global Impressions-Bipolar (CGI-BP) at Week 3 •Primary: Change from baseline in Young Mania Rating Scale (YMRS) at Week 3 •Key secondary: Change from baseline in Clinical Global Impressions-Bipolar (CGI- BP) at Week 3 •Primary: Change from baseline in YMRS total score at week 5 •Key Secondary: Change from baseline in Global Impression-Severity (CGI-S) score at week 5 Status •Recruiting •Projected data readout 2027 •Recruiting •Projected data readout 2027 •Recruiting •Projected data readout 2028 CT Identifier NCT06951698 NCT06951711 NCT07140913 *Based-on tolerability Oncology Hematology Immunology Cardiovascular Neuroscience 50
Page 51
Q3 2025 Results Not for Product Promotional Use Cobenfy (M1/M4 muscarinic agonist) Indication Agitation Associated with Alzheimer’s Disease (AAD) Phase/Study Phase III – ADAGIO-1 Phase III – ADAGIO-2 # of Patients N = 352 N = 352 Design •KarXT + KarX-EC •Placebo •KarXT + KarX-EC •Placebo Endpoints •Primary: Mean change from baseline on the Cohen-Mansfield Inventory-International Psychogeriatric Association (CMAI-IPA) at Week 14 •Key secondary: Mean change from baseline on the Clinical Global Impressions-Severity (CGI-S) at Week 14 •Primary: Mean change from baseline on the Cohen-Mansfield Inventory-International Psychogeriatric Association (CMAI-IPA) at Week 14 •Key secondary: Mean change from baseline on the Clinical Global Impressions-Severity (CGI-S) at Week 14 Status •Recruiting •Projected data readout 2029 •Recruiting •Projected data readout 2028 CT Identifier NCT07011732 NCT07011745 *Based-on tolerability Oncology Hematology Immunology Cardiovascular Neuroscience 51
Page 52
Q3 2025 Results Not for Product Promotional Use Cobenfy (M1/M4 muscarinic agonist) Indication Alzheimer’s Disease Cognition (ADC) Phase/Study Phase III – MINDSET 1 Phase III – MINDSET 2 # of Patients N = 586 N = 586 Design •KarXT + KarX-EC •Placebo •KarXT + KarX-EC •Placebo Endpoints Co-Primary: •Change from baseline in Alzheimer's Disease Assessment Scale- Cognitive Subscale 11 (ADAS-Cog11) at Week 24 •Clinician’s Interview-Based Impression Plus Caregiver Input (CIBIC+) at Week 24 Key secondary: Change from baseline in Alzheimer’s Disease Cooperative Study-Activities of Daily Living scale (ADCS-ADL) at Week 24 Co-Primary: •Change from baseline in Alzheimer's Disease Assessment Scale- Cognitive Subscale 11 (ADAS-Cog11) at Week 24 •Clinician’s Interview-Based Impression Plus Caregiver Input (CIBIC+) at Week 24 Key secondary: Change from baseline in Alzheimer’s Disease Cooperative Study-Activities of Daily Living scale (ADCS-ADL) at Week 24 Status •Recruiting •Projected data readout 2028 •Recruiting •Projected data readout 2028 CT Identifier NCT06976216 NCT06976203 *Based-on tolerability Oncology Hematology Immunology Cardiovascular Neuroscience 52
Page 53
Q3 2025 Results Not for Product Promotional Use BMS-986446 (anti-MTBR-tau) Indication Alzheimer's Disease Phase/Study Phase II – TargetTau-1 # of Patients N = 310 Design •BMS-986446 Dose 1 •BMS-986446 Dose 2 •Placebo Endpoints Primary: •Mean change from baseline in brain tau deposition as measured by tau PET at Week 76 Key secondary: •Mean change from baseline in Clinical Dementia Rating Scale – Sum of Boxes (CDR-SB) score at Week 76 Status •Projected data readout 2027 CT Identifier NCT06268886 Oncology Hematology Immunology Cardiovascular Neuroscience 53
Page 54
Q3 2025 Results Not for Product Promotional Use Indication Multiple Sclerosis Spasticity (MSS) Alzheimer’s Disease Agitation (AAD) Phase/Study Phase II – BALANCE-MSS-1 Phase II – BALANCE-AAD-1 # of Patients N = 200 N = 120 Design •BMS-986368 Dose 1 •BMS-986368 Dose 2 •BMS-986368 Dose 3 •Placebo •BMS-986368 Dose 1 •BMS-986368 Dose 2 •Placebo Endpoints •Primary: Change from Baseline in Numeric-transformed Modified Ashworth Scale-Most Affected Lower Limb (TNmAS- MALL) at week 6 Key secondary: •Change from baseline on the numeric rating scale spasticity (NRS-S) score at week 6 •Change from baseline on the MS spasticity scale (MSSS-88) total scores at week 6 •Primary: Change from Baseline in Cohen-Mansfield Agitation Inventory (CMAI) total score up to Week 8 Key secondary: •Neuropsychiatric Inventory Nursing Home Version (NPI-NH) total score up to week 8 •NPI-NH agitation/aggression domain score up to week 8 •CMAI-IPA total score up to week 8 •CMAI sub-scores changes in aggressive behaviors up to week 8 Status •Recruiting •Projected data readout 2026 •Recruiting •Projected data readout 2027 CT Identifier NCT06782490 NCT06808984 BMS-986368 (FAAH/MAGL inhibitor) Oncology Hematology Immunology Cardiovascular Neuroscience 54
Page 55
Q3 2025 Results Not for Product Promotional Use Abbreviations AAD American Academy of Dermatologists Ac Actinium ACR20 American College of Rheumatology 20% Improvement Criteria ACS Acute Coronary Syndrome ADC Antibody Drug Conjugate AE Adverse Event AF Atrial Fibrillation BID Twice a Day BIW Twice a Week BOR Best Overall Response BP Blood Pressure CAR T Chimeric Antigen Receptor T-cell therapy Cavgd28 Average Drug Concentration over 28 Days CD19 Cluster of Differentiation 19 CELMoD Cereblon E3 Ligase Modulatory Drug CHOP Cychophosphamide, Hydroxydaunorubicin, Oncovin, Prednisone Cmax Maximum Concentration Cminss Steady state trough concentration CMR Complete Molecular Response CNS Central Nervous System CPS Combined Positive Score CR Complete Response CRC Colorectal Cancer CRNM Clinically Relevant Non-Major CRPC Castration-Resistant Prostate Cancer CRR Complete Remission Rate CVD Cardiovascular Disease D1/D8 Day1/Day8 DCR Disease Control Rate Dd Daratumumab + Dexamethasone DOR Duration of Response DPd Daratumumab, Pomalidomide, and Dexamethasone DVd Daratumumab, Bortezomib, and Dexamethasone EC Extended-Release Capsule EFS Event Free Survival EGFR Epidermal Growth Factor Receptor EGFRmt Epidermal Growth Factor Receptor mutant EGFRwt Epidermal Growth Factor Receptor wildtype ES-SCLC Extensive-Stage Small Cell Lung Cancer ESSDAI EULAR Sjögren's Syndrome Disease Activity Index EULAR European Alliance of Associations for Rheumatology FDA Food & Drug Administration FDC Fixed Dose Combination FL Follicular Lymphoma GEP Gastroenteropancreatic Hb Hemoglobin HCC Hepatocellular Carcinoma HD High Dose HER2 Human Epidermal Growth Factor Receptor 2 HER3 Human Epidermal Growth Factor Receptor 3 HGBL High-Grade B-Cell Lymphoma HR+ Hormone Receptor Positive IgG4-RD Immunoglobulin G4-Related Disease IMiD Immunomodulatory Imide Drug IO Immuno-Oncology IR Inadequate Response ISTH International Society for Thrombosis and Haemostasis IU International Units IV Intravenous IWG International Working Group JAK2i Janus Kinase Inhibitor Kd Kyprolis (Carfilzomib) + dexamethasone LAG3 Lymphocyte Activation Gene 3 LBCL Large B-Cell Lymphoma LOT Line of Therapy LPA1 Lysophosphatidic Acid Receptor 1 LU177 SA Lutetium-177 Specific Activity mAb Monoclonal Antibody MACE Major Adverse Cardiovascular Events MAVE Major Adverse Vascular Events MBq Megabecquerel MDS Myelodysplastic Syndrome MF Myelofibrosis MI Myocardial Infarction MIUC Muscile Invasive Urothelial Carcinoma MM Multiple Myeloma MRD Minimal Residual Disease MTAP Methylthioadenosine Phosphorylase NDMM Newly Diagnosed Multiple Myeloma NET Neuroendocrine Tumor NSCLC Non-Small Cell Lung Cancer NTD Non-Transfusion Dependent ORR Overall Response Rate OR Objective Response OS Overall Survival pCR Pathological Complete Response PD1 Programmed Death-1 PDAC Pancreatic Ductal Adenocarcinoma PD-L1 Programmed Death-Ligand 1 PDUFA Prescription Drug User Fee Act PET Positron Emission Tomography PFS Progression Free Survival PI Proteasome Inhibitor PK Pharmacokinetic PR Partial Response PsA Psoriatic Arthritis PVd Pomalidomide, Velcade, dexamethasone Q2W Every Two Weeks Q3W Every Three Weeks Q4W Every Four Weeks Q6W Every Six Weeks Q8W Every Eight Weeks QD Once Daily QW Once Weekly RBC Red Blood Cell R-CHOP Rituximab, Cyclophosphamide, Hydroxydaunorubicin, Oncovin, and Prednisone RFS Recurrence-free survival rHuPH20 Recombinant Human Hyaluronidase PH20 RP2D Recommended Phase 2 Dose RP3D Recommended Phase 3 Dose rPFS radiographic Progression-Free Survival RR Relapsed/Refractory SAE Serious Adverse Event SC Subcutaneous SoC Standard of Care SRI Systemic Lupus Responder Index SSTR2 Somatostatin Receptor 2 TD Transfusion Dependent TEAE Treatment Emergent Adverse Events TI Transfusion Independence TID Three times a day TKI Tyrosine-Kinase Inhibitor Tmax Time to Maximum Concentration TNBC Triple-Negative Breast Cancer TNF Tumor Necrosis Factor TTR Time to Response TYK-2 Tyrosine Kinase 2 Vd Velcade + Dexamethasone VEGF-A Vascular Endothelial Growth Factor A Oncology Hematology Immunology Cardiovascular Neuroscience 55