Bristol-Myers Squibb Company BMY
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/25/2013

Operator: Good day, and welcome to today's First Quarter Earnings 2013 Earnings Release Conference Call. This call is being recorded.

At this time, I'd like to turn the call over to Mr. John Elicker, Senior Vice President, Investor Relations and Public Affairs. Please go ahead Mr. Elicker.

John Elicker - SVP, Public Affairs and IR: Thank you, Kayla, and good morning everybody. Thanks for joining us to review our first quarter results. Unfortunately Lamberto Andreotti, our CEO is not able to join us this morning. He is attending to an urgent family health matter. With me this morning are Charlie Bancroft, our Chief Financial Officer. Charlie will have prepared remarks. And then joining him for Q&A are; Elliott Sigal, our Chief Scientific Officer; Francis Cuss our incoming Chief Scientific Officer, Giovanni Caforio, President of U.S. business and Beatrice Cazala, Executive Vice President Commercial Operations.

So, before we get started, let me just take care of some of the legal requirements. During the call, we'll make statements about the Company's future plans and prospects that constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Company's SEC filings. These forward-looking statements represent our estimates as of today and should not be relied upon as representing our estimates as of any subsequent date. We specifically disclaim any obligation to update forward-looking statements, even if our estimates change.

We will also discuss non-GAAP financial measures adjusted to exclude certain specified items. Reconciliations to these non-GAAP financial measures to the most comparable GAAP measures are available on our website. Charlie?

Charles Bancroft - EVP and CFO: Thank you John and good morning everyone. We have just completed a good start to an important year one in which our focus is on commercial execution as well as the continued delivery of our diverse and sustainable pipeline.

Before going into a deeper dive on our financial performance I would like to highlight three important areas. ELIQUIS, diabetes and R&D. We were off to a very good start with ELIQUIS. ELIQUIS' differentiated clinical profile is being recognized and valued by physicians, payors and patients.

In the U.S. we are on track with our expectations, trends are consistent with where we thought they would be and access is actually a little ahead of expectations. We expect to see continued progress in the second quarter with commercial Medicare Part D and hospital plan. We expect the impact of this will start to be reflected in the prescription trends over the course of this year.

Outside the U.S. we are in the early stages, but we have made progress on the access front in Europe with a positive recommendation from the U.K. and a positive guidance from Germany. In other markets, the process is ongoing with multiple negotiations taking place. With our partner Pfizer, we are very focused on executing the global launch of ELIQUIS with its a-fib indication. We continue to believe that ELIQUIS will be the leading new agent over time.

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