We expect 2023 guidance and commercial execution to be the focus of 4Q print. Although product level guidance is not expected, investors likely will pay attention to management's commentaries around 1) Revlimid LOE (prior: ~$2.5B step-down in 2023); 2) growth from core products (i.e., Opdivo and Eliquis); and 3) the Big 9 new launches. That said, we expect Bristol to have a solid fourth quarter, driven by growth from Opdivo (10% y/y), Eliquis (5% y/y), and the Big 9 new launches (>90%). For the three 2022 new launches, management was optimistic in this year's Healthcare conference. Indeed, we expect continued strong growth from Opdualag (4Q22: BofA $117M vs. $101M cons) by taking shares from PD-1 monotherapy, which has ~20% share in first line melanoma. That said, launch of Camzyos (BofA $20M vs. $28M) and Sotyktu (BofA $10M vs. $15M) is still in its early days, and it will take a few quarters before an inflection point could come. We continue to view Bristol's shares as attractive, given its robust new product cycle and reasonable valuation (9x forward P/E; peers: 18x). We reiterate Buy rating and increase PO to $82 (from $80) to reflect updated revenue and cost forecast.

• We are in-line with consensus on 4Q revenue (BofA $11.1B vs. $11.2B) and EPS (BofA $1.71 vs. $1.72)
• For the three new 2022 launches, we expect solid growth from Opdualag, but think launch of Camzyos and Sotyktu is still in its early days