Questions throughout the investor lunch largely centered on the following key themes: 1) progress in solid tumor and heme-onc with a focus on the expansion of Opdualag, 2) ongoing improvements in cell therapy manufacturing, with the goal to significantly improve capacity in the next two years, 3) continued launches for Sotyktu & Camzyos, which per management are progressing well as the company looks to execute with the infrastructure that they have built out over the past few years, 4) increased understanding of the products that the IRA could impact, with commentary that it will take time to appreciate the course of negotiations, and 5) continued commitment to BD where it makes sense while remaining agnostic to size in therapeutic areas that are complimentary to the company's portfolio.

Non-Cell Therapy Oncology Portfolio: There was much discussion around Bristol's evolving non-cell therapy oncology portfolio, with the recent launch of Opdualag in melanoma and a solid pipeline of other oncology assets. On Opdualag, investors were curious about progress in the ongoing launch in melanoma and expectations for data in lung cancer (coming in late 23/ early 24). Commentary on the launch was positive with management citing synergies with nivo monotherapy and ipi/nivo commercialization programs.

Management highlighting that they have captured ~60% total market share across their therapeutics, with Opdualag expanding penetration particularly in braf-mutant patients. On lung cancer, management noted the importance of being data driven, explaining that biomarker data and dose selection (not yet announced) will be important for future development. Past Opdualag, management also highlighted their pipeline of early oncology therapeutics assets noting, anti-TIGIT, TGFb, CCR8 and protein degraders are all in development looking to continue to drive growth in the franchise past 2025.