Bristol-Myers Squibb Company (NYSE:BMY) recently reported its second quarter earnings and discussed the following topics in its earnings conference call.
Gregg Gilbert – Bank of America Merrill Lynch: I was curious when we’ll see any new data on the Nivolumab in any tumor type and also some commentary on Eliquis and maybe some specifics around what you are doing there to get the product going other than access related issues? Thanks.
Lamberto Andreotti – CEO: This gives me the opportunity of saying couple of things about – couple additional things about Nivolumab and then Francis will continue with a more specific answer to your question. I want to confirm that we aggressively invest in this immune-oncology portfolio that we have. And Nivolumab is clearly an important component of this portfolio when we started to deal with Yervoy. We believe that based on the data we presented at ASCO, there is a transformational potential of immune-oncology and we feel good about our leadership position in this area. Others are working also in this area. Others companies are working also in this area, but we are committed to remain at the forefront through a program that is science-driven, (indiscernible). Now, let’s go back to PD-1 and address question over this closure of data.
Francis Cuss – EVP and Chief Scientific Officer: We are very encouraged by the progress of both our Phase III and early trials. We expect to get data from our ongoing Phase II study in third-line squamous non-small cell lung early in 2014. Depending on the results of that and our discussions with the regulators, that may lead to a submission and obviously, an opportunity to present that at ASCO. In addition, we have combination dates of Nivolumab and Yervoy ongoing in renal cell carcinoma and non-small cell lung. This is a 1b study and we will be seeing in-house that data before the end of the year. That will help us determine how to go forward with the studies in that combination. Again, this will be presented at ASCO next year.
Lamberto Andreotti – CEO: Yeah, Giovanni, I think, the not unexpected question of the Eliquis actions is yours to answer, but let me just say before you do that Giovanni that I personally, my higher management team, our colleagues at Pfizer are convinced that the clinical profile of Eliquis is unique and differentiated. We are the only agent with superiority claims versus warfarin in the three key outcomes of stroke and systemic embolism, major bleeding, and of course, mortality and the other two new agents cannot make the same (people) superiority claim. So, we have things to do. We are convinced that the new supporting actions we identified together with Pfizer will deliver results and we continue to believe – I personally continue to believe and everybody here continues to believe that Eliquis will be the leading new agent over time. Giovanni, why don’t you go into the specifics of (indiscernible) actions?
Giovanni Caforio, M.D. – President, U.S. Pharmaceuticals: I’d say following up to what Lamberto just said, there are really four areas in which we are focusing. I’ll touch on those very briefly. We had a really good access early in launch with a large percentage of lives covered in both commercial and Medicare. The focus now for the second part of the year is actually increasing preferred status coverage in both areas and clearly, as you know, in Medicare, that is very important. The second point is with the hospital, formulary listing and stocking, we had somewhat of a slow start there. We are now back on track. But clearly, in the second part of the year we will be working very actively to fully close that gap. The third one is penetration in cardiology. As Lamberto mentioned, we actually have had a good initial uptake in cardiology. When you look at new to brand share in NBRx share we are approximately 15% at this point in cardiology which is in line with Pradaxa. And when you look at our switch share in cardiology is above 20%, significantly above Pradaxa. We have clearly seen that physicians that are exposed to the full data set find that profile to be very compelling and so in the second part of the year, we are planning a significant increase in the number of promotion, medical education events and peer-to-peer interactions with physicians through the medical organization. And finally, as was mentioned before, we will be starting a DTC campaign in Q3, and those are really the four areas we are focusing on.
Eliquis Sales & Prescriptions
Jami Rubin – Goldman Sachs: Thank you, just a couple of follow-ups. The $12 million in sales that we recorded this quarter for Eliquis, I just was wondering, they don’t seem to match with prescription trends that we’ve seen during the second quarter, and not that we think the trends have been so spectacular, but there does seem to be a disconnect, where they are scripts that were not sold, returned, just trying to understand that. And then Francis, if you could elaborate a bit more on the PD-1, just curious to know, post ASCO, did you see a bump at all in enrollment and just curious to know how enrollment is going with your trials? Then also interested in what trials have you started with other immuno checkpoint in combination with PD-1 outside the three tumors you’ve already studied? Thanks.
Lamberto Andreotti – CEO: Giovanni, do you want to answer the question on prescriptions and sales of Eliquis?
Giovanni Caforio, M.D. – President, U.S. Pharmaceuticals: Yes. In the U.S. only demand sales in the quarter were $16 million, and so the $12 million really relates to a work down in the initial inventory which was built in Q1 when we started distribution of the products, but the demand in the quarter for the U.S. market were $16 million. In terms of abandonment and rejection rates, we’re doing quite well, it’s in line with our forecast because our reimbursement support programs are working quite effectively.
Lamberto Andreotti – CEO: Jami, thank you. So we’ve had no difficulty at all recruiting. What has bumped up after ASCO is obviously the combination studies we have ongoing and actually requests for many different other tumors in a compassionate use for us. So there’s a lot of interest. In terms of other tumors, and other combinations, I’d say we are looking already at hepatocellular carcinoma and hematologic malignancies with Nivolumab and we plan to start very soon a clinical program exploring both monotherapy and the Nivolumab/Yervoy combination in a number of additional tumor types, particularly those with high unmet needs such as head and neck, glioblastoma, colon cancer with high microsatellite instability, pancreatic gastric, small cell lung, triple negative breast, a whole combination of studies which I think will inform us about where we will see both for monotherapy and combination where we go next.