브리스톨 마이어스 스퀴브(BMY) 2026년 3분기 실적 발표회: 매출 성장 및 EPS 가이던스 상향

브리스톨 마이어스 스퀴브(NYSE: BMY)가 성장 포트폴리오와 엘리퀴스의 호조에 힘입어 2026년 3분기 매출 증가를 기록했다. 경영진은 다가오는 특허 만료 압박과 몇몇 후기 임상 파이프라인 결과 발표를 강조하는 한편, 연간 매출 및 비GAAP 주당순이익(EPS) 가이던스를 상향 조정했다.

핵심 요약

• 3분기 매출은 환율 변동 효과를 제외한 실질 기준 전년 동기 대비 7% 증가한 약 131억 달러를 기록했다.
• 성장 포트폴리오 매출은 12% 증가한 77억 달러를 기록했다. 3분기 매출 기준 성장 포트폴리오 내 8개 의약품의 연간 환산 매출이 각각 10억 달러를 상회했다.
• 엘리퀴스 매출은 순가격, 수요 및 점유율 확대에 힘입어 26% 증가한 약 47억 달러를 기록했다. 경영진은 유럽에서의 독점권 만료가 4분기 매출에 영향을 미칠 것으로 예상하고 있다.
• 비GAAP 희석 주당순이익(EPS)은 취득한 진행 중인 연구개발(R&D) 비용 및 라이선스 수익에 따른 주당 0.58달러의 영향을 반영하여 1.35달러를 기록했다.
• 브리스톨 마이어스 스퀴브는 2026년 비GAAP EPS 가이던스를 6.35~6.55달러로 상향하고 연간 매출 전망치도 올렸다.
• 파이프라인 진전 사항으로는 젠벡서스 허가, 특발성 폐섬유증(IPF) 60mg 용량 임상 3상의 긍정적 결과, RAISE 101의 긍정적인 중간 무진행 생존기간 데이터가 포함되었다.

핵심 재무 데이터

사업 및 영업 실적

엘리퀴스는 26% 증가한 약 47억 달러의 매출을 기록하며 가장 큰 매출 기여 제품 자리를 유지했다. 경영진은 이번 매출 증가가 순가격 상승, 견조한 수요 및 지속적인 시장 점유율 확대에 기인한다고 설명했다.

항암제 분야에서는 미국과 유럽에서 환자들이 큐반티그로 계속 전환함에 따라 옵디보 매출이 6% 감소한 약 24억 달러를 기록했다. 큐반티그는 전분기 대비 28% 증가한 3억 3,400만 달러의 매출을 올렸으며, 연간 환산 매출은 13억 달러를 넘어섰다. 경영진은 정맥주사 제형 사용량의 약 17%가 피하주사 제형으로 전환되었다고 밝혔으며, 30%~40%의 전환율 전망을 유지하고 실제 성과는 상단에 가까워지고 있다고 덧붙였다.

레블로질 매출은 1차 MDS 관련 빈혈 처방 확대에 힘입어 22% 증가한 7억 5,000만 달러를 기록했다. 브리얀지는 미국 및 글로벌 시장의 수요 증가로 48% 성장한 5억 2,600만 달러를 기록했다. 캠지오스는 신규 환자 유입과 지역사회 침투율 확대에 힘입어 42% 증가한 4억 2,000만 달러를 기록했다.

젠벡서스는 해당 분기 다발성 골수종 치료제로 FDA의 가속 승인을 받았다. 경영진은 초기 의료진 피드백이 긍정적이며 지역 병원과 대형 병원 모두에서 사용이 시작되고 있다고 설명했다. 회사는 오는 12월 ASH에서 임상 3상 무진행 생존기간 데이터를 발표할 계획이다. 메지그도마이드의 PDUFA 목표일은 2027년 5월 13일이다.

IPF 프로그램의 경우, 임상 3상 시험에서 60mg 용량이 1차 평가변수를 충족했으며 양호한 안전성 및 내약성 프로필을 보였다. 120mg 용량은 개선 효과를 보였으나 통계적으로 유의미하지는 않았다. 경영진은 진행성 폐섬유증 임상 3상 결과가 2027년 1분기에 나올 것으로 예상하고 있다.

RAISE 101은 루테튬 기반 치료 후 질환이 진행된 환자를 대상으로 긍정적인 중간 무진행 생존기간 결과를 제시했다. 경영진은 FDA와 향후 규제 관련 단계에 대해 논의 중이며, 더 넓은 방사성의약품 플랫폼을 강조하면서도 초기 상업적 기회는 비교적 완만할 것으로 평가했다.

경영진 가이던스

브리스톨 마이어스 스퀴브는 올해 현재까지의 실적과 연말까지의 전망을 바탕으로 2026년 연간 매출 가이던스를 상향 조정했다.

회사는 이제 3분기 취득한 진행 중인 R&D 비용 및 라이선스 수익에 따른 주당 0.58달러의 영향을 포함해 2026년 비GAAP EPS가 6.35~6.55달러가 될 것으로 예상하고 있다. 해당 영향을 제외하면 EPS 가이던스의 중간값이 주당 약 0.15달러 높아졌을 것이라고 경영진은 밝혔다.

경영진은 매출총이익률, 영업비용, 세율 전망치를 유지하는 한편, 기타 수익 및 비용 항목의 예상 비용은 약간 낮췄다.

기존 포트폴리오 매출은 연간 3%~5% 감소할 것으로 예상된다. 엘리퀴스 매출은 여전히 20%~25% 성장할 것으로 전망된다. 또한 회사는 전략적 생산성 향상 이니셔티브를 통해 2027년 말까지 20억 달러의 효율성을 달성하는 목표를 순조롭게 진행 중이라고 밝혔다.

리스크 및 주요 관전 포인트

• 엘리퀴스 매출은 4분기부터 시작되는 유럽 내 독점권 만료로 인해 압박을 받게 된다.
• 제네릭 진입은 기존 포트폴리오 내 엘리퀴스 이외의 제품들에 지속적으로 부담을 주고 있다.
• IPF 임상의 120mg 용량은 통계적 유의성을 확보하지 못했으며, 경영진은 데이터를 지속적으로 분석하고 있다.
• 뇌졸중 2차 예방 및 심방세동 치료제 밀벡시안, 루푸스 연구, 그리고 더 광범위한 ADEPT 프로그램을 포함해 몇몇 중요한 파이프라인 결과가 이벤트 결과에 따라 결정될 예정이다.
• 자가면역 CAR-T 프로그램은 임상 개발을 재개하기 위해 규제당국과 협력하는 동안 일시 중단된 상태를 유지하고 있다. 경영진은 임상 1상 환자 190명 중 1건의 5등급 패혈성 폐렴 사례가 발생했다고 보고했으며, 시약 선택 및 활성화 문제를 확인한 후 조치를 취했다고 밝혔다.
• 재고 변동이 캠지오스 및 신경과학 포트폴리오의 분기 매출에 영향을 미쳤으나 경영진은 정상화를 예상하고 있다.

애널리스트 Q&A 주요 내용

경영진은 IPF 60mg 결과에 대해 자신감을 표명했지만, 진행성 폐섬유증 연구에서 두 용량의 결과를 모두 예측할 수는 없다고 인정했다. 회사는 60mg과 120mg 용량 모두 시험 진행 중이라고 밝혔다.

밀벡시안에 대해 경영진은 뇌졸중 2차 예방 연구가 뇌졸중 위험 30% 감소를 보여준 임상 2상 데이터를 기반으로 설계되었다고 설명했다. 결과는 2026년 말 이전에 발표될 것으로 예상되며, 이어서 2027년 1분기에 심방세동 임상 결과가 발표될 예정이다.

경영진은 현재 IPF 및 진행성 폐섬유증 시장 규모를 약 40억 달러로 추정했으며, 신규 치료제가 약물 교체 및 병용 요법을 확대함에 따라 시장 규모가 거의 두 배로 커질 수 있다고 밝혔다. 이는 공시된 매출 가이던스가 아닌 회사 자체 추정치로 유지된다.

브리스톨 마이어스 스퀴브는 사업 개발(BD)이 자본 배분의 최우선 순위로 남아있음을 재확인했다. 경영진은 파트너십, 라이선스 거래, 인수를 검토 중이지만 과학적, 전략적, 재무적 부합성이 전제되어야 할 것이라고 밝혔다.

회사는 또한 R&D 및 기타 부서 전반에 인공지능(AI)을 도입하고 있다. 경영진은 신약 시험 기간 20%~30% 단축, 표적 선정부터 선도물질 발굴까지의 소요 시간을 절반으로 단축하는 등의 목표를 제시했다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Welcome to the Bristol-Myers Squibb Third Quarter 2026 Earnings Conference Call. [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to Chuck Triano, Senior Vice President and Head of Investor Relations. Please go ahead.

Charles Triano

Thank you, and good morning, everyone. We appreciate you joining our third quarter 2026 earnings call. With me this morning with prepared remarks are Chris Boerner, our Board Chair and Chief Executive Officer; and David Elkins, our Chief Financial Officer. Also participating in today's call is Adam Lenkowsky, our Chief Commercialization Officer; and Cristian Massacesi, our Chief Medical Officer and Head of Global Drug Development.

Earlier this morning, we posted our quarterly slide presentation to bms.com that you can use to follow along with Chris and David's remarks. Before we get started, I'll remind everybody that during this call, we will make statements about the company's future plans and prospects that constitute forward-looking statements. Actual results may differ materially from those indicated by those 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 future date, and we specifically disclaim any obligation to update forward-looking statements even if our estimates change. We'll also focus our comments on our non-GAAP financial measures, which are adjusted to exclude certain specified items.

Reconciliations of certain non-GAAP financial measures to the most comparable GAAP measures are available at bms.com. Finally, unless otherwise stated, all comparisons are made from the same period in 2025 and sales growth rates will be discussed on an underlying basis, which excludes the impact of foreign exchange. All references to our P&L are on a non-GAAP basis.

And with that, I'll hand it over to Chris.

Christopher Boerner

Thanks, Chuck. Good morning, everyone, and thank you for joining our Q3 2026 earnings call. We reported another quarter of double-digit growth in our growth portfolio and progressed our plans to derisk the pipeline to position the company for long-term success.

We have seen several positive registrational readouts and regulatory approvals over the past few months, and we expect more to come, bringing the next wave of launches into sharper focus. We are executing well commercially -- our differentiated pipeline is advancing nicely and we continue to operate with discipline, which gives us strategic flexibility to invest for sustainable growth.

Based on the strength of our results, we are raising our full year guidance David will provide additional details on this shortly. Let me start with our Q3 performance on Slide 4. Our growth portfolio continues to deliver solid results with sales increasing 12% and driven by a broad set of differentiated products.

We generated strong performance in key brands, including Reblozyl, Brioni, Optulag, Huvantic and Camzyos. We also continue to expand the reach of our medicines -- in September, CEMZYOS received approval for an expanded indication and became the only FDA-approved therapy for pediatric patients with obstructive HCM. And we also achieved an important milestone in the quarter with the FDA's accelerated approval of Zenbexus, the first approved CELMoD and the newest addition to our portfolio.

Zenbexus is approved for the treatment of multiple myeloma, where the combination of a highly efficacious and convenient oral option is an important treatment advancement for patients in both community and academic settings. We are encouraged by positive early launch feedback and by the compelling Phase III data we announced earlier this month, whereas Impex's demonstrated a meaningful improvement in progression-free survival. We will present these data at ASH in December.

These results further strengthen our conviction in CELMoDs and our broader targeted protein degradation platform where BMS is a clear leader. Behind Zenbexus, our second CELMoD Mezigdomide has a PDUFA date of May 13, 2027. Mezigdomide offers the potential to introduce another highly efficacious and convenient oral option for a different segment of multiple myeloma patients.

We also continue to advance gocatomide in lymphoma and will present the first [indiscernible] for 4 registrational studies. These include Zenbexus PFS, as I mentioned earlier, at Milprint and idiopathic pulmonary fibrosis, interim results for RAISE101 in GetNet and Arlo cell in relapsed and refractory multiple myeloma. And -- let me comment on the last 3. At Millport met its primary endpoint at the 60-milligram dose with a favorable safety and tolerability profile that supports its potential as a first-in-class IPF treatment. IPF is a progressive and often fatal disease where there remains a need for effective, well-tolerated treatment options like admiperant.

We will discuss the IPF results with regulators and expect Phase III results in progressive pulmonary fibrosis in the first quarter of next year. PPF is a larger opportunity and another area where Admiprin has significant commercial potential. With respect to RAISE 101, our Tinuum based radiopharmaceutical therapy, we're encouraged by the interim readout in GepNets. These results demonstrated a clinically meaningful improvement in PFS in patients whose disease has progressed following existing lutetium-based therapy.

These were the first Phase III results for an alpha-emitting targeted RPT, representing an important milestone for Raise 101 and further strengthening our conviction in radiopharmaceuticals as a platform. We are engaging with the FDA on next steps towards regulatory submission.

Finally, local, our low cell GPRC5D directed CAR T delivered positive results in the registrational Phase II Quintessential study this September. A milestone that underscores its potential to set a new standard of care in the post BCMA multiple myeloma market. This study represents the only prospective trial exclusively conducted in the post-BCMA quadruple class exposed setting, a growing patient population with poor outcomes and no therapies approved specifically for this segment.

As these programs advance, we are building the manufacturing foundation for the next generation of our medicines with 2 U.S. investments recently announced. In Houston, we shared plans for a new state-of-the-art manufacturing campus at Generation Park and approximately $2.3 billion investment that will create nearly 500 skilled jobs.

This facility will give us manufacturing flexibility across small molecules, biologics and antibody drug conjugates. It is also designed to evolve and scale to meet patient needs for decades to come. In Indiana, Raise Bio is investing more than $170 million to establish a new radiopharmaceutical manufacturing facility complementing its existing footprint in the state and creating up to 100 new jobs by the end of 2029.

Together, these investments support the next wave of medicines coming through our pipeline and advance our U.S. manufacturing commitments.

Turning to Slide 5. As we look ahead, we have several meaningful readouts over the remainder of 2026 and into 2027. Before year-end, we expect Phase III data for Milvexian in secondary stroke prevention in SOTIC2 and lupus. With Coben fee, we will share open-label Alzheimer's disease psychosis data from the ADEPT 1 and from the long-term extension of DEP III studies at CTAD next month.

In 2027, we continue to expect results from Nivexiane and atrial fibrillation in the first quarter. We also anticipate additional data from the broader adept program, bipolar 1 data from the KobinfiBalsim studies and the first registrational data for gocatimide in high-risk first-line LVCL. So while we have made good progress in our pipeline, there's more to come.

As we close out the year and move into 2027, and we are focused on a few key priorities as noted on Slide 6. First, sustaining the momentum across our growth portfolio. We now have 8 growth portfolio medicines, each annualizing over $1 billion based on Q3 sales giving us a broad base of growth drivers; second, translating pipeline progress into filings, approvals and successful launches. Zenbexus is an early example of that progression. And as additional studies read out, our focus will be on launch preparedness and moving with urgency to bring these medicines to patients. Third, continuing to rewire how we operate.

We're focused on becoming faster and more efficient in R&D. And over the past year, we have made changes across the organization to strengthen how we design and conduct clinical trials. At the same time, we continue to drive productivity and efficiency, including through our organizational structure, capital allocation decision-making process and the use of technology. That discipline gives us flexibility to invest behind the growth portfolio and pipeline, pursue business development where it makes sense and return cash to shareholders.

Taken together, we are entering the final quarter of the year with real momentum. Our growth portfolio is performing well. We're advancing our pipeline with meaningful wins and remain highly disciplined in ensuring our cost structure is aligned with our revenue base. The team is energized and focused on delivering value for patients and our shareholders.

With that, I'll turn it over to David.

David Elkins

Thank you, Chris, and good morning, everyone. Our third quarter results reflect continued strong execution across our growth portfolio and continued strength from Eliquis. We remain focused on financial discipline, balancing investments in our growth drivers with continued productivity improvements. Based on our performance year-to-date and our outlook for the remainder of the year, we are further raising our full year guidance.

Let me begin with a review of our third quarter results. Starting with Slide 8. Total revenue in the third quarter increased 7% year-over-year to approximately $13.1 billion. Growth portfolio revenue rose 12% to $7.7 billion, driven by double-digit growth across several products. Our legacy portfolio revenue increased 1%, with growth in Eliquis more than offsetting the declines from generic entry across the remainder of the legacy portfolio.

Turning to product performance on Slide 9, starting with oncology. For Opdivo, revenue decreased 6% year-over-year to approximately $2.4 billion, primarily reflecting continued conversion to Qvantig in the U.S. and in Europe. Qvantig continued its strong launch trajectory with revenue of $334 million, representing sequential growth of 28% and is now annualizing at over $1.3 billion. Opdualag delivered another quarter of strong double-digit growth, driven by continued global demand and its leading position as a standard of care in first-line melanoma in the U.S.

Turning to Slide 10. Reblozyl grew 22% and to $750 million, reflecting continued uptake in first-line MDS-associated anemia. Breyanzi posted 48% growth, resulting in revenue of $526 million driven by its best-in-class profile and strong demand in both the U.S. and in international markets.

Moving to cardiovascular and Immunology on Slide 11. Eliquis revenue was approximately $4.7 billion, up 26%, driven by net price along with strong demand and continued market share gains. Eliquis sales in Q4 will be impacted by the upcoming LOE in Europe, which will be partially offset by the continued growth in the U.S.

Camzyos revenue increased 42% to $420 million, reflecting continued strong demand growth, including new patient starts and deeper penetration into the community setting. On a sequential basis, revenue was impacted by the typical inventory drawdown during the third quarter, which we expect will normalize in the fourth quarter.

Now moving to immunology. Global revenue for SutiKtu grew 25% and we are supporting the recent indication for psoriatic arthritis in adults and look forward to the upcoming Phase III readouts in lupus expected by year-end. I will wrap up our product performance review on Slide 12 with neuroscience.

The BAM fee revenue grew 33% to $57 million in the quarter. On a sequential basis, inventory destocking offset increased demand. We anticipate that revenue will more closely track prescription volume going forward.

Let's now move to the P&L on Slide 13. Gross margin in the third quarter was 68.4%, reflecting product mix and to a lesser extent, a onetime expense for a contract termination. Operating expenses for the third quarter were $4.1 billion, continue to benefit from our strategic productivity initiative, which is enabling us to reduce expenses in identified areas while maintaining flexibility to invest in multiple growth-oriented opportunities.

Our effective tax rate in the quarter was 14.1% and reflecting jurisdictional earnings mix and the impact of acquired in-process R&D charge. And we had a $0.58 per share impact from acquired in process R&D and licensing income in the quarter. Considering all these factors, diluted earnings per share was $1.35 for the quarter.

Turning to the balance sheet and capital allocation highlights on Slide 14. We remain in a solid financial position with approximately $13 billion in cash equivalents and marketable securities as of September 30, and we generated approximately $4.2 billion in operating cash flow during the quarter.

In terms of capital allocation, we maintain a strategic and balanced approach to deploying our strong cash flows. Business development remains a priority, and we are regularly evaluating opportunities in the therapeutic areas we know best. While continuing to return cash to our shareholders through our commitment to the dividend.

Now moving to guidance on Slide 15. We are increasing our full year revenue guidance based upon our year-to-date results and our current projections for the balance of the year. When excluding the third quarter acquired and process R&D charges and licensing income of $0.58 per share, the midpoint of our 2026 non-GAAP EPS guidance would have increased by approximately $0.15 per share.

After including the $0.58 per share previously referenced, our expected non-GAAP EPS guidance range for 2026 is now $6.35 to $6.55. We are maintaining our projections for gross margin, operating expenses and tax rate while slightly lowering the expense level on our other income and expense line.

Incorporated into these revisions is a total legacy portfolio revenue decrease, now expected to be between 3% and 5%, while we continue to expect Eliquis full year revenue growth of 20% to 25%. In closing, our strong performance year-to-date reinforces our confidence in the business. We remain focused on executing across our growth portfolio and pipeline, while maintaining financial discipline to deliver long-term value for our patients and shareholders.

And with that, I will now turn the call back over to Chuck for Q&A.

Charles Triano

If you could please, [indiscernible] for questions.

Operator

[Operator Instructions]. The first question today comes from Michael Yee with UBS.

질의응답

Michael Yee

Congrats on the good quarter. Recently, you had results for the Admoparent drug, as you just mentioned. And there were some mixed results in the IPF study. Could you just comment a little bit about your confidence at the 120 mg high dose, which had some more mixed results and whether you still expect that dose to be working and that you still have high confidence in 60 and 120 in the PPF study to complete the packaging.

Christopher Boerner

Thanks for the question, Mike. Cristian.

Cristian Massacesi

Mike, thank you for the questions. First of all, let me tell you, I'm pleased with the positive top line results for the Phase III ALOFIPF study. We believe -- I believe that this drug has the potential to be the first-in-class LPA1 antagonist in a setting like pulmonary fibrosis, that's very difficult to treat and honestly, a very challenging drug development area.

As we announced, the trial met the primary end point at 60-milligram will be statistically significant improvement in -- and in addition, we have seen an excellent safety and tolerability profile. This is both with 60-milligram BID and 100-milligram BID for instance, the number of discontinuation for adverse events were lower or the same level of placebo. 120 going to your question, we have seen an improvement, a decline, but not statistically significant.

Our preclinical work demonstrated an adequate target coverage with both doses 60 and 120, but you may recall that we did not formally test the 120-milligram in Phase II setting clinically was modeling. And we had Raninin interface Phase III study. So we continue to analyze that we continue to dig into the data, we will present the data in medical meeting next year. Anyway, we are pleased with this outcome.

We will discuss these results with the authorities and we are looking forward to the outcome of PPF studies happening next year. We cannot predict what will be the outcome according to the doses, but we are testing both of them, and we will see the outcome.

Operator

The next question comes from Alex Hammond with Wolfe Research.

Alexandria Hammond

Since Burton was approved in August and [ Mediapolis ] expected kind of midyear next year. I guess what are you seeing on the ground in the early weeks of launch -- and what feedback are you hearing from the community and academic myeloma physicians on uptake, tolerability and where they're using it.

Christopher Boerner

Thanks for the question, Alex. Adam.

Adam Lenkowsky

So Alex, we are excited to have launched Zembexus. It's the first approved CELMoD in the market. Now it's still early in the launch, but our teams are executing well. We're pleased with the adoption that we're seeing over the first few weeks on the market and physician feedback has been positive, largely based on the strength of the MRD results as well as the simplicity of use.

We're seeing use come from both the community and the hospital setting. We do expect the majority of use to come from the community where 70% to 80% of patients are treated. So we'll see that longer term. Our teams are focused on establishing a broad base of prescribers and reinforcing the efficacy, the safety and, quite frankly, the simplicity of using Symbexis to replace REVLIMID and POMALYST-based regimens.

We also are excited about the PFS data, which will further augment the efficacy profile, and we look forward to presenting these data at ASH. So we're seeing good commercial potential for Zembexus. And for mezintimide, we're excited to launch it as well and aim for both products to be foundational therapies in the community by replacing IMiDs over time.

Operator

The next question comes from Seamus Fernandez with Guggenheim.

Zachary Dunn

This is Zach Dan on for Seamus Fernandez. Just to start, as you mentioned, there's been a series of positive Phase III programs that have read out successfully. And I'm not sure these are getting fully appreciated. So what do you think the market is missing from these readouts and then focusing on the upcoming readout for Milvexi in SSP, based on the baseline characteristics and assuming the acetone time from index event data are reliable.

How confident are you that SSP can still be successful? I know we what we have talked to have looked at those 4 slots from Oceanic stroke. If any color you can provide there would be helpful.

Christopher Boerner

Thanks for the question, Ben. Maybe on the Mibexion question, Cristian, you could start and then I'll close out with just your comments on the market.

Cristian Massacesi

And you same started with the readout. Let me go there first. We are pleased -- I'm pleased to see that 2026 we are getting a very good pace, a very good flow. Last year, when we started and we discussed we explained how much scrutiny we put in every single trial to try to mitigate risks that intrinsically a trial may have, and I think it is starting to pay off.

And what I'm pleased that we have positive outcomes across therapeutic areas. In hematology, in immunology, in we will have a cent therapy. So this is -- this looks good. And if we close this year because there are 3 remaining this SSP and the 2 SOC2 studies in lupus, with positive outcome, I think we can be very pleased on the rate of success that we will score in 2026.

Your specific question as to speak. I think I would put in the big picture first. This study was designed based on a very solid Phase II trial that we ran showing 30% risk reduction in strokes and with a very careful selection of the dose and the benefit risk profile, efficacy safety.

I imagine you refer to the randomization window that may be different, we compare some competitive studies. We based all the criteria when the patient randomized based on our own Phase II based on a prior Phase III studies. And what I can tell you that the data are pointing that the randomization window that we selected can provide -- could provide the best efficacy. So we're looking forward to see SSP data this year. And of course, we are also very eager to see the AFIB readout Q1 next year.

Christopher Boerner

Ben, the only thing I would just add on top of what Cristian just said is in our discussions with investors, we have been very focused on emphasizing that the long-term growth that we -- the long-term focus that we have is building a strong company that can deliver sustained growth, particularly as we get into the next decade.

To do that, we think we've got to continue to do -- frankly, what we've demonstrated this year, which is drive the business that exists today. You see that in our quarterly postings. Deliver on our late-stage pipeline, Cristian and team have done a really nice job of scrutinizing those studies -- we're obviously happy with the results that we've seen with Arlo sells ambexosat Milprondand Raise 101.

We're looking forward to the additional readouts we have through the rest of this year and into next year. And as we discussed in our prepared remarks, being very disciplined in how we operate from a financial standpoint and executing consistently. We're obviously happy with the performance we've seen thus far. But the team is heads down and making sure we continue to deliver across each of those areas going forward.

Operator

The next question comes from Akash Tewari with Jefferies.

Akash Tewari

Can you frame the admilliprint opportunity relative to some of the historical products in the space? And also maybe investor expectations around movie or be we're seeing Jackson have 1 of the best launches in IPF despite a modest FVC and PPF could be a bigger opportunity than IPF. So could this actually be one of your biggest products now that you have the IPF data. And did Millian print show a benefit on time to event or mortality in your IPF trial?

Christopher Boerner

Adam, do you want to take that? And then Cristian, you can try that.

Adam Lenkowsky

Yes, Akash, thanks for the question. So we think there is a significant need that remains for new and improved disease modifying therapies in both IPF and PPF that are both effective and well tolerated. And that includes impacting how patients feel. It includes how patients function and ultimately, the impact on survival rates. As you know, it's a dismal survival rates in both IP and PPS. We hear from KOLs that taking a holistic approach to the data is going to be important. And that includes, as you mentioned, looking at both the primary and the secondary endpoints of the study.

We know that safety and tolerability will be a key area of differentiation for Admilprod. Even with the advent of newer therapies, GI tolerability and cough, they are challenging to manage, especially in an older comorbid patient population. And Cristian talked about, the ALOT study showed a positive impact on FPC, but also at Milpro demonstrated a well-tolerated safety profile where discontinuations due to adverse events were similar to placebo. So there's a real opportunity to gain share as effective and well-tolerated treatments like in Milpro come to market. We also expect the market to grow significantly.

I talked about this previously, where today, it's a $4 billion market. We think this market could nearly double as we're going to start to see the creation of a large second-line switch and our add-on market with newer treatments available. We've got a number of prelaunch activities underway. -- with a focus on bringing in pulmonology expertise to the company, providing education to physicians on this new and promising mechanism. And we're also looking forward to the PPF readout early next year because that is the larger commercial opportunity that can complement the IPF results.

Cristian Massacesi

Akash, your question is more related to key secondary end point, some key secondary plan outcomes. We didn't disclose this -- we mentioned and we talked in the press release about the primary and some of the safety profile. I can tell you that we are pleased with the overall outcome of the trial, and we will present this data in a medical meeting next year.

Operator

The next question comes from Matt Phipps with William Blair.

Unknown Analyst

This is Erin for Matt Phipps. Just a question on the ADAPT trial. So with the depth time lines reiterated for 2027 again, I was wondering if you could give some specifics on current enrolling progress as well as, say, quality remediation. And if we should expect the Adept 1, 2 and 4 readouts to land together or be more staggered throughout the year?

Christopher Boerner

Thanks for the question. Cristian, do you want to take that?

Cristian Massacesi

Thank you, Matt, for the question. Let me start actually with the program status as you were asking for. Everything is tracking as we guided. We have a potential interim analysis for ADAPT-1 later this year, and we anticipate top line results readout for all the debt program throughout some readouts can coincide or can be more or less at the same time or can be staggered in the den is event driven, for instance, -- we -- I think Chris mentioned in his opening remarks, we also expect on top of a debt program, the readouts of our Polar 1 program in 2027. So very important for Coben in terms of data flow.

I want to point out when as better this is important to your attention. In November, we look forward to the CTAD presentation in Boston There, we will present 2 data sets. The first is the open-label leading period from the ongoing ADAPT 1 study. And the second set is from the open label extension rollover study adept. So both courts substantial number of patients or patient treaty recommend. This presentation will address some improvements in psychotic symptoms with Care -- and of course, we're waiting the randomized control studies to read out.

But I think the CETA data are encouraging in our view and support the delivery support ongoing development programs.

Operator

The next question comes from Carter Gould with Cantor.

Carter Gould

You've got a number of small cell lung lung cancer study is expected to read out over 27 and 28. I was hoping you could talk about your confidence and the relevancy of these studies in light of the IMDELTRA frontline data. And if that augurs any sort of changes to your strategy?

Christopher Boerner

Cristian?

Cristian Massacesi

Thank you for the good question. The data we have seen quite impressive. And actually, we welcome this data in such a difficult disease like extended disease small cell lung cancer. As you said, we have an ongoing registrational studies with go in combination of nivolumab and standard chemotherapy. The study is completed. We are just now looking at the readout. And we are running the combination with Pomitamegastandar chemotherapy.

We don't know, of course, the art commodity study and how they can benchmark. But I think these are studies that allow us, first of all, to benchmark the activity of a novel mechanism of action like Atego in this space, but targeting an important antigen expressed in most of the patients with small cell lung cancer tumors, but also for our PD-1 VGF, this will give us a benchmark because then we will prepare the next step.

As you know, we started the combination with Fumitamig plus engager from Baring and England that we announced. So we are paving the road with an extra way because we believe our asset can play in this space, of course through combinations with the majors.

Christopher Boerner

I think the only thing that I would add is just that as you look at impressive data, and I would agree, these are impressive data. Over time, in all of these hard-to-treat diseases small cell being 1 of them, what's likely to occur is you're going to see patients continue to be subtyped and additional therapies be required to treat patients not only in initial lines of therapy but subsequent lines of therapy.

And I think at the end of the day, there's going to be room for multiple agents to be engaged to help treat these patients.

Operator

The next question comes from Courtney Breen with Bernstein.

Courtney Breen

I just wanted to zoom into Milvixian and expectations in terms of the atrial fibrillation readout. Can you help us understand with regards to the Q1 release that we're expecting, are we likely to see the details and numerical details in that press release? Or are we just going to get a positive or not positive trial details there.

We're trying to figure out kind of how long do we need to wait throughout next year to actually get validation on the likely utilization of this product, given that, that non-inferiority number on the primary endpoint is going to be so critical and there's a wide range that can meet a successful trial?

Christopher Boerner

Thanks for the question, Courtney. First of all, we understand that the AFIB study is an important opportunity. It's an important opportunity for us. There's obviously a lot of focus. Of course, I would be remiss not to remind everyone that we need to put this study in the context of a much broader and very rich pipeline that we've got.

Having said that, we get how important this readout is -- in terms of how we're going to communicate in our initial press release, look, we're going to work to give an accurate view of the outcome of the study and a view that allows you to get a sense of the opportunity that we have with AFIB. We understand that in that context, providing more specifics in the press release will likely be important, but we're going to need to balance this, of course, with ensuring that we can communicate the data in a more fulsome way at a future medical conference. So what I can tell you is that we're going to be working with our partner on this program to strike that balance.

Operator

The next question comes from Chris Schott with JPMorgan.

Christopher Schott

Just 1 follow-up on an earlier question and then a second one. On IPF, I think you mentioned potential for add-on usage for the drug. I guess specifically there, do you think additional studies would be needed to maximize commercial value would your existing data set here be enough?

And then just kind of the core question I had was just as we think about 2027, just any initial pushes and pulls we need to think about in the business? And maybe just extending that a little bit longer term. Do you think if there's anything the Street is kind of getting wrong in terms of whether it's '27, '28, '29, kind of manage -- how the company is going to manage through this upcoming LOE cycle, as you just think about kind of again, where consensus is currently?

Operator

Thanks for the question, Cristian, do you want to start?

Cristian Massacesi

Let me start. First of all, the study that we ran -- as you know, as an equal distribution of monotherapy and add-on treatments, and we don't comment on the outcome on subgroups. You will see when we will present the data. Adam, do you want to add anything on that need.

Adam Lenkowsky

That's why I told Chris, about the increasing expanding size of the market because prior to the launch of this next wave of innovation in both IPF and PBF, there was very little add-on and switch use because of the high weight of mortality. In fact, 50% of patients in this disease that do not survive 5 years. And also, there's a very high level of innovation, half the patients discontinued treatment within 12 months. And so the creation of a very large second-line switch and our add-on market after the use of generic lab. And Esprit will become much more significant opportunity for these newer treatment options.

So I said, we look forward to the PPF readout, it's a larger commercial opportunity and ultimately will complement the positive IPF results.

Christopher Boerner

David, do you want to comment on the '27 question?

David Elkins

Yes. Thanks. And Chris, thanks for your question. Look, we feel really good about how the business is performing this year. And I think the 3/4 of beat and the momentum that we have as we exit going into the growth portfolio is really performing well. And as we talked about earlier, having 8 products that are now annualizing over $1 billion in that growth portfolio really shows the diversity of that.

Not to mention the Phase III trials that we've been talking about today coming out. We're looking forward to adding those to the portfolio as we head into next year. And then I would say is on the other side, as we already talked about with Eliquis, we anticipate that $1.5 billion to $2 billion step-down in -- and lastly, our strategic productivity initiative, that $2 billion worth of efficiencies that we're well on track to achieve that by the end of '27.

So and then as we look at -- from a cash flow perspective, continue to have strong cash flow generation. We ended with $13 billion of cash on hand, which gives us further strategic flexibility as we think about the portfolio. So feeling really good about the execution this year and that continuing as we go into '27.

Christopher Boerner

And Chris, the only thing I would add is just that we've been consistent in saying what we're focused on and executing against that -- as we think about the business today, we feel good about the momentum we have going into Q4. We hope that -- and anticipate that will continue into 2027. We've got some wind at our back with respect to late-stage development.

But clearly, there's a lot of focus we have as a company on strengthening R&D and continuing to deliver, not just on that late-stage pipeline, but also progress the earlier pipeline so that we drive sustained growth over time. And then, of course, we're going to be aligning our OpEx base, as David just alluded to, to the opportunity that sits in front of us while also investing in growth opportunities. We've been really disciplined about doing those things throughout the course of this year, and that's what we're going to stay focused on.

Operator

The next question comes from Asad Haider with Goldman Sachs.

Asad Haider

Great. A couple of big picture questions for Chris. First, just on given this remains a top capital allocation priority, I would be curious to hear any updated thoughts on how you're thinking about ideal stage of development, therapeutic area, deal structures and even transformative deals.

And then second, just would also be interested in hearing any updated framing on your efforts to embed AI across the research organization. I know that you have partnerships with both atopic on the Entropic announcement earlier this week, they said that they are looking to accelerate drug development with Claude. Bristol was named as one of the 6 partners in that effort. So what can you tell us about the progress you're seeing across the organization with these partnerships, particularly as it relates to any quantifiable metrics or KPIs that your teams are reporting back to you.

Christopher Boerner

Asad, maybe I'll start, and then Cristian can chime in with the AI question specific to R&D anyway. Let me start on the BD question. BD continues, as we said consistently to be a top allocation priority. We've got a very strong late-stage pipeline, but we're always going to be looking for opportunities to source innovation externally if it makes sense for us to do so.

And the criteria that we're going to continue to use as to how we do that is we're going to be looking for things that opportunities that make sense for us from a scientific standpoint, they've got to fit and align with us strategically. Clearly, if there are opportunities for us to strengthen the near-term growth portfolio. We're going to be keenly interested in looking at those. And ultimately, across all of these deals, they have to make financial sense.

In terms of size, we continue to be agnostic on the size of the deal. Far more critical to us is does it make sense for us to be the rightful owner of the opportunity, does it make strategic sense and can we show value to our shareholders. And then with respect to therapeutic areas, again, these are going to be -- we're going to focus mainly on those areas where we know well in therapeutic areas that make sense for us.

Just maybe before I turn it over to Cristian, let me comment briefly on AI investments. Look, AI, as we've said on previous calls, is an important area and investment for us we are focused really on thinking about how we can embed AI, where it makes sense across the entire value chain of the company, everything from early-stage discovery through commercialization, manufacturing and virtually all of our enabling functions.

And the way we think about that is setting very specific targets that ultimately can be incorporated into operational plans. We talked previously about the fact that we put forward a 20% to 30% reduction in drug testing time lines, cutting in half the time from drug target selection to lead molecule identification. Those are just 2 examples.

So while we're making AI tools broadly available at the enterprise level, we're also working towards targeted investments where we can articulate an ROI, and as it relates to anthropic specifically, I think that agreement fits broadly into that strategy. But Cristian, do you want to comment specifically on R&D.

Cristian Massacesi

Let me start telling through AI, we are accelerating actually our research and development projects. This is now a concrete fact that we can start to measure. You need to break down your research and development track journey because it doesn't exist 1 solution that can solve a ready.

So there are specific solutions that are more focusing on research, either from early development and then lay development projects. think in research and discovery, AI can impact the quality, but also the speed how you develop drug candidates and you bring a fundamentally new INDs to the organization.

This is very tangible. We have a multiple example, happy to share offline that we are now have in place. In development, AI can be helpful in increasing your efficiency in terms of optimizing costs, having a pace in the way you run your project and then there is a second aspect that is increase your probability of technical success.

And this is something that we are integrating more and more in the way of working just the announcement of 2 days ago with Tempus Patos is an example of it because we will put together data large dataset in neuroscience, and we will work to have models that can help us to predict target. So is a concrete thing that is happening and is helping in delivering our beautiful portfolio of drugs that, of course, require a pace.

Christopher Boerner

David, do you want to comment on the 3D question?

David Elkins

Yes. Thanks for the question on BD. Look, we're actively evaluating multiple opportunities across varying deal structures, partnerships, licensing and where appropriate acquisitions. So our north star on this is about strong, sustainable growth late into the decade, and that's what we remain focused on.

We're going to be financially disciplined around this approach, but also strategically aligned. And as we've done in the past, it's going to be in the therapeutic areas that we have the scientific capabilities, but as well as the commercial strength to maximize the value of that. So we remain very active, and we're going to stay focused and financially disciplined.

Operator

The next question comes from Mohit Bansal with Wells Fargo.

Unknown Analyst

I want to turn attention to Cube, if I may -- so it does look like this quarter, you saw 50% year-over-year growth, but the numbers still appear modest relative to what we were all thinking about how big this asset could be -- so maybe this is a question for Adam. Like what are you seeing as the largest constraint here is just the identification of patient or physician willingness to prescribe tolerability, what exactly is going on? And how do you think Alzheimer's may be different than what you're seeing in schizophrenia?

Christopher Boerner

Thanks for the question, Adam.

Adam Lenkowsky

Yes, Mohit, thanks for the question. So we expect bent to deliver continued growth in schizophrenia with significant upside potential from future label expansions. In the quarter, you're right, we saw 30% growth year-over-year, but we also saw quarter-on-quarter, roughly 3% to 4% growth in total prescription volume, but net sales were impacted by an inventory decrease, which follow an inventory build in Q2, like we see with many products in our portfolio. We expect that this will normalize in Q4.

And as such, the growth will continue to track along with the TRx increase that we expect to see. Now we're seeing several positive leading indicators to the brand. We're driving consistent increases in new prescribers with a number of prescribers doubling from last year. We've established differentiation across negative and cognitive symptoms of schizophrenia. However, we have clear areas where we need to make further progress. We need to accelerate new patient starts.

We need to improve repeat prescribing. I think 1 of the bigger challenges that we've seen is we've been educating visions on the importance of rapidly titrating covent fee to the effective dose of 125 milligrams. To do -- in order to do that, that's the way physicians will maximize efficacy. They can use antiemetics when needed to help minimize nausea and vomiting, which occurs within the first few weeks of initiation.

And there's still far too many patients that we see remaining on the 50 or 100-milligram dose. So when patients are on an effective dose and the GI toxicities manage appropriately, we have truly seen remarkable results for this product. Now as a result, as it pertains to Alzheimer's disease, as you know, this is a much larger market, roughly 7 million people diagnosed with Alzheimer's disease in the U.S. and 30% to 50% of patients have psychosis, whether that's hallucinations or delusions or agitation. They also have -- virtually all patients have cognitive impairment.

And so this is a fundamentally different market than schizophrenia. There are no approved treatments today in ADP, Alzheimer's patients with psychosis have been treated off label for many years with D2s. And unlike schizophrenia, -- what you see is PCPs and nurse practitioners and PAs are responsible for treating the majority of patients with 50% of patients treated in a long-term care facility. And why is that important?

Well, in addition, antipsychotics have significant safety limitations they carry box warnings that are specific to elderly patients with dementia. And we know that D2s are associated with long-term side effects like sedation, cognitive impairment and movement disorders that are significant issues for long-term care facilities where they need to carefully monitor all label utilization of antipsychotics. So safety becomes increasingly important in elderly patient population.

And we know Cobenpiis not associated with those adverse events, doesn't carry a box warning. But that said, we will take the learnings from schizophrenia, and we're going to need to set appropriate expectations with patients and physicians build confidence around managing the nausea and vomiting with be Cobenpis, but Covent would be the first product approved for ADP, and we believe has the potential to play a really important role in treating these patients over time.

Operator

The next question comes from David Amsellem with Piper Sandler.

David Amsellem

Another Phase III readout you had recently was raised 101. And with that in mind, I know it's only interim data, but maybe talk through just the path forward from a regulatory perspective and also contextualize the market opportunity here, the addressable patient population, both U.S. and ex U.S.? And are you thinking about peak sales potential?

Christopher Boerner

Thanks for the question. Maybe start with Cristian and then Adam.

Cristian Massacesi

Thank you, David, for the question. We're truly excited about this readout because, as Chris was mentioning in his opening remarks, is the first -- there are 3 reasons. The first is alpha actinium based radioligands are working, post location and potentially can work instead of petition. This is the first take on message for me.

The second is BMS is the first with this novel modality. And the third is the confidence in the platform because this readout in GAAP net very important. But as you know, Raise bio is a very important IND engine for our organization. We have programs in -- we have a decap molecule in this space, a better molecule. And we have programs in liver cancer, GPC3 and in prostate cancer, SEP3, other target.

And there are a few other courses that are coming up. So this is an important outcome that will be presented in terms of the Phase III readout next year. And of course, the team started interacting with the authorities. Adam?

Adam Lenkowsky

Yes. So just to add on to what Cristian said, we're pleased with the positive data readout over ES-101. This will be the first product launch from our radiopharmaceutical platform. So a positive PFS interim data in SSTR2-positive [indiscernible]. It does validate our highly potent actinium-based approach. Just remember, Getnet to our rare tumors. We estimate the incidence of Gap nets at approximately 18,000 patients diagnosed annually in the United States. When you look at patients who are progressing from Lutathera, it's roughly 70% of patients will go on to a subsequent therapy. And so while there are no approved treatments today, our focus will be on establishing Resi Bio as the clear standard of care aftolutithera.

Commercially, it's a relative modest opportunity. However, bigger picture, we see RAISEBIO as a true ID engine with multiple INDs expected in the next 5 years that will ultimately enhance our oncology portfolio with a unique platform and pipeline.

Operator

The next question comes from Geoff Meacham with Citibank.

Geoffrey Meacham

Right. I was curious on the pace of conversion to Kuvan tech. Maybe just help us with how far along that transition is today? And then strategically, -- how much of a priority is that relative to, say, permitamig or the Raisio program? I'm just trying to think of like how you guys view the oncology franchise for you over the kind of longer term and the mix there.

Christopher Boerner

Thanks for the question, Geoff. Maybe, Adam, you start with Cuvantic and then I can kind of chime in on the second part of that question.

Adam Lenkowsky

Sure. Thanks, Jeff. We're pleased with Cubanti performance. The team continues to deliver strong commercial performance and execution. Jeff, we've now converted roughly 17% of IV to subcu launch to date. We're seeing increasing use across multiple tumors with uptake in our monotherapy indications as well as in combination -- and we routinely hear feedback from the community, specifically Accuvantic improved practice efficiency with a 3-minute in-office subcutaneous injection. -- and patients prefer cuvantic when offered the opportunity for this formulation and truly novel technology.

So we're tracking well against our expectation that physicians will convert at least 30% to 40% of our IV business to Quvantig. We're tracking towards the higher end of that range. And we're pleased with the Kuvantic performance and what this means for patients and physicians.

Christopher Boerner

And look, the way we think about oncology treatments generally is that we're going to be looking for opportunities to, first of all, bring differentiated platforms and products to market to help patients across multiple tumors and different lines of therapy as we talked about to the previous question on small cell. And what I'm excited about as to where the pipeline is going is what you see playing out is that we've got very exciting platforms that are beginning to produce meaningful medicines. You see that in our CAR-T program, which continues to perform very well.

We're very excited about subsequent opportunities that we have there with products like Arlosol you see that in the CELMoD program with ISA brand and with iborn messy. And of course, that is a platform that's going to continue to produce new INDs as well as new products. We've referenced in the prepared remarks, colcatomide. The Raizen, as you just heard, is the first of what we believe is going to be an important radiopharmaceutical platform.

And then if you go beyond platforms and just look at potentially differentiated assets, you've got products like [indiscernible], which you referenced, I would be remiss to not mention Izobrand, which showed very good data at ESMO. So we have a number of products there. And we would put to Qvantig into that context.

Qvantig is an important new medicine for patients that improves upon the existing therapies that we have notably OPDIVO in immuno-oncology. So we've got a nice pipeline of differentiated products and platforms, and we're excited to continue to bring those forward and help a lot of patients across tumors.

Operator

The next question comes from Trung Huynh with RBC.

Trung Huynh

So you recently disclosed a patient in your Phase I autoimmune CAR-T trial, died of sepsis pneumonia after Zone cell infusion. You said it's unrelated to the June pause, but the patient had a late onset of non icons motor symptoms. Can you perhaps walk us through your updated thoughts on the path forward for solace in autoimmune and the risk reward for CAR T in Nordmin.

Christopher Boerner

Thank for the question. Cris, do you want to start.

Cristian Massacesi

Sure. Thanks, Trung, for the question. Let me start telling you that we truly remain excited about [indiscernible] program because when we look at the totality of our data, we had 190 patients treated in Phase I. The overall safety and efficacy profile of this product is truly compelling. Zell provided a meaningful benefit to patients that have severe autoimmune disorders, some of them with organ damage already. And many of these patients remain off disease-modifying therapies. So the potential is all there. As we said, we implemented a voluntary pose to review clinical data across the program. This is the reason why the program is posted currently.

But after an extensive analysis in our data, we identified that the root cause was a change that we made in the selection and activation of the reagent. We have now made the proper adjustment of it, and we are working with authority to restart the clinical program as soon as possible. Going to your question on the grade 5, that was 1 factor, unfortunately, 1 part case of setting pneumonia is the only grade 5 event across all Jonasel program out of 190 patients. So we are fully committed with all of our expertise in cell therapy to bring this product at this cart in autoimmune disease.

Christopher Boerner

Truck, maybe let me make 1 additional comment on Solocal. Look, I have the distinction of having been in cell therapy before we thought it would work in hematology. Never mind autoimmune diseases like late line lupus or MS. And remember, the patients that we're enrolling in these studies are patients with very severe debilitating and in many cases, life-threatening disease. And our goal here is to achieve immune reset and hopefully, by doing so, enable long-term durable remissions.

When you're doing drug development, as Cristian alluded to, in very difficult-to-treat settings with a new modality like this, you're always going to be evaluating the benefit risk profile. But the way you do that is the way we've done it, which is to be very rigorous in setting up a strong DNC, working with the best investigators in the field and engaging transparently with regulators. And what I will tell you with zolacell specifically is we are seeing potentially transformational activity. We're excited to continue this program.

So what we're going to do is continue to be rigorous in how we conduct the study and be transparent with the broader community. But I'll tell you, our investigators and we are excited to see the potential of this product in this modality.

Charles Triano

Operator, let's take our last question, and then Chris will give a quick wrap up.

Operator

The last question today comes from Evan Seigerman with BMO Capital Markets.

Evan Seigerman

I want to ask the BD 1 slightly differently. There's been a bit of a disconnect in the amount that you've spent in BD over the past 12 months versus some of your peers. So does this difference primarily reflect valuation discipline, confidence in your internal pipeline and your ability to grow the growth portfolio to fill the LOE gap? Any color would be great.

Christopher Boerner

Sure. Thanks for the question, Evan. Well, first of all, let me reiterate what I said before, which is that BD continues to be a top allocation -- capital allocation priority. I think David provided a nice view of how we think about the types of deals that we have and we'll continue to be looking at.

We're certainly not waiting for anything. If there's an opportunity that makes sense financially for us, can improve our ability to deliver sustained growth. We have the capacity to be in the mix. And what I would say is we continue to be very active in the space. And on the deal we think makes sense for us we're going to be engaged. That's been with the approach we've taken over the last number of years, and that's going to be -- continue to be our focus going forward.

So with that, I wanted to just say a big thank you to everyone for joining the call today. I know today, in particular, it is a busy day. Let me just say in closing that we are delivering strong performance from an increasingly diversified growth portfolio. As you've seen over the last few months, our pipeline is coming into focus and beginning to translate into new launches.

And importantly, we continue to be operating with financial discipline. As we continue to execute, we're well positioned to deliver long-term durable growth into the next decade. But of course, none of this happens by accident. So I want to give a very sincere thank you to my colleagues around the world for their continued focus and commitment on the mission that we have to serve the patients who need our medicines.

So thank you all for joining us today. And as always, the team is available for follow-ups.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.