Investor Statement on Eliquis Revenue Under IRA

On August 15, 2024, pursuant to the Inflation Reduction Act of 2022 (“IRA”), the U.S. Department of Health and Human Services released the “maximum fair price” (“MFP”) for a 30-day equivalent supply of Eliquis (apixaban) of $231 which applies to the U.S. Medicare channel.  Taking into account the impact of IRA, Bristol-Myers Squibb Company (the “Company”) expects U.S. & Worldwide Eliquis revenues in 2026 and 2027 to be in the ranges shown in the table below.

As previously disclosed, the Company expects Eliquis to face generic entry in the U.S. beginning April 1, 2028.  While Eliquis patents continue to be challenged in certain EU countries, patent expiry in key EU markets is expected to occur in the second half of 2026.  

The revenue estimates above are provided as of today, only cover expected revenues for Eliquis for the periods stated and should not be relied upon as representing the Company’s estimates as of any subsequent date, and assume no additional material change to the current U.S. and international pricing and regulatory environment. 

The Company and Pfizer jointly develop and commercialize Eliquis, sharing profits and losses equally on a global basis, except in certain countries where Pfizer commercializes Eliquis and pays BMS a sales-based fee.

Cautionary Statement Regarding Forward-Looking Statements

This webpage (as well as any oral or other written statements made with respect to information contained in this webpage) contains certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the Company’s forward-looking financial guidance, plans and strategy, including its pricing expectations and estimates of the financial impact of the IRA on the Company’s business and results of operations. These statements may be identified by the fact that they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. All statements that are not statements of historical facts, including discussions of the anticipated financial impact of the U.S. Centers for Medicare & Medical Services (“CMS”) establishing an MFP for Eliquis and other aspects of the IRA on U.S. and worldwide revenue of Eliquis; generic entry impact on future revenue of Eliquis; and expected future revenue of Eliquis, as well as associated expected financial results and other forward-looking guidance are, or may be deemed to be, forward-looking statements. No forward-looking statement can be guaranteed and there is no assurance that the Company will achieve such expected financial results, that the pricing impact on Eliquis due to CMS establishing an MFP will be as expected, or that the Company’s related expectations will materialize to the degree we currently anticipate, if at all.

Forward-looking statements are based on current expectations and projections about the Company’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that are highly variable, difficult to project, and/or unusual in nature, and that could therefore delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond the Company’s control and could cause the Company’s future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. Such risks, uncertainties and other matters include, but are not limited to: increasing pricing pressures from market access, pharmaceutical pricing controls and discounting; market actions taken by private and government payers to manage drug utilization and contain costs; potential additional competitive pricing pressures resulting from the publication of an MFP for Eliquis and any competitive products in the Medicare market as well as other commercial and government markets; regulatory changes that result in lower prices, lower reimbursement rates and smaller populations for whom payers will reimburse; changes under the 340B Drug Pricing Program (“340B”), and potential impacts of 340B sales for products for which CMS has established an MFP under the IRA; the Company’s ability to obtain and protect market exclusivity rights and enforce patents and other intellectual property rights; the risk of an adverse patent litigation decision or settlement and exposure to other litigation and/or regulatory actions or investigations; the impact of any healthcare reform and legislation or regulatory action in the United States and international markets; increasing market penetration of lower-priced generic products; product label changes or other measures that could reduce the product's market acceptance for the Company's products and result in declining sales; the Company’s ability to execute its financial, strategic and operational plans; and the broader impact of the IRA on research and development and future innovation.

Forward-looking statements on this webpage should be evaluated together with the many risks and uncertainties that affect the Company’s business and markets, particularly those identified in the cautionary statement and risk factors discussion in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as updated by the Company’s subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC. The forward-looking statements included on this webpage are made only as of the date of this document and except as otherwise required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.