“We also expect to have registrational data for Arlocell,our GPRC5D CAR-T in multiple myeloma and for RAISE101 in Gepnets.”

In context

“ility. The significant ramp-up in spending on Cobenfy illustrates our focus on continuing to invest behind key growth drivers while simultaneously maintaining financial discipline. Moving to Slide 7. We are entering a data-rich period with multiple catalysts over the next 24 months across a significant number of assets. In 2025, we have multiple important registrational catalysts, as you can see on this slide, including several that I already mentioned as well as the Cobenfy-ARIE study in adjunctive schizophrenia. Then in 2026, we expect to have registrational data for numerous potential first and/or best-in-class medicines, including Milvexian, in acute coronary syndrome and secondary stroke prevention, Admiral parent in idiopathic pulmonary fibrosis, and mezigdamide in multiple myeloma. We also expect to have registrational data for Arlocell,our GPRC5D CAR-T in multiple myeloma and for RAISE101 in Gepnets. We believe these data readouts will further derisk the pipeline and provide meaningful insight into the future growth profile of the company. Now let me give you an overview of our 2025 guidance and how we see this year playing out on Slide 8. In terms of the top line, we estimate revenue to be approximately $45.5 billion, reflecting, as expected, the near-term impact of generics across multiple products and the continued strength of our growth portfolio. As it relates to the bottom line, we expect our 2025 non-GAAP earnings per share to be in the range of $6.55 to $6.85. This reflects the expanded savings program I mentioned earlier. David will provide more details on our guidance. Finally, turning to Slide 9. BMS is evolving into a fundamentally different company with a clear multiyear”