- Increases First Quarter Revenues 9%
to $4.4 Billion
- Posts First Quarter GAAP EPS of
$0.71 and Non-GAAP EPS of $0.74
- Achieves Significant European
Regulatory Milestones in Immuno-Oncology
- Opdivo Approved for
Previously Treated Advanced Renal Cell Carcinoma
- Expanded Use of Opdivo to Include
Previously Treated Metastatic Non-Squamous Non-Small Cell Lung
Cancer
- Positive Advisory Opinions for
Opdivo + Yervoy Regimen and Empliciti
- Validation of Application for Opdivo
in Classical Hodgkin Lymphoma
- Announces Opdivo Granted
Breakthrough Therapy Designation for Previously Treated Recurrent
or Metastatic Squamous Cell Carcinoma of the Head and Neck, and
Priority Review in Classical Hodgkin Lymphoma from the FDA
- Presents Significant New Data on
Immuno-Oncology Portfolio at AACR
- Increases 2016 GAAP EPS Guidance
Range to $2.37 - $2.47 and Non-GAAP EPS Guidance Range to $2.50 -
$2.60
Bristol-Myers Squibb Company (NYSE:BMY) today reported results
for the first quarter of 2016, which were highlighted by strong
sales for Opdivo, Eliquis and our hepatitis C franchise along with
significant regulatory milestones and key data in
Immuno-Oncology.
“We had a very good first quarter highlighted
by strong sales growth and significant progress in bringing the
promise of Immuno-Oncology across multiple types of cancer to
patients,” said Giovanni Caforio, M.D., chief executive officer,
Bristol-Myers Squibb. “The launch of Opdivo continues to accelerate
with data in new cancers, additional indications and continued
rapid market adoption. By growing our business and advancing
our pipeline, we are successfully executing our growth
strategy.”
First
Quarter
$ amounts in millions, except per share amounts
2016
2015
Change
Total Revenues $4,391 $4,041 9% GAAP Diluted EPS 0.71 0.71 −
Non-GAAP Diluted EPS 0.74 0.71 4%
FIRST QUARTER FINANCIAL
RESULTS
- Bristol-Myers Squibb posted first
quarter 2016 revenues of $4.4 billion, an increase of 9% compared
to the same period a year ago. Global revenues increased 11%
adjusted for foreign exchange impact. Excluding Abilify and
Erbitux, global revenues increased 31% or 34% adjusted for foreign
exchange impact.
- U.S. revenues increased 24% to $2.5
billion in the quarter compared to the same period a year ago.
International revenues decreased 7%. When adjusted for foreign
exchange impact, international revenues decreased 2%.
- Gross margin as a percentage of
revenues was 76.0% in the quarter compared to 79.0% in the same
period a year ago.
- Marketing, selling and administrative
expenses increased 4% to $1.1 billion in the quarter.
- Research and development expenses
increased 12% to $1.1 billion in the quarter.
- The effective tax rate was 27.1% in the
quarter, compared to 17.2% in the first quarter last year.
- The company reported net earnings
attributable to Bristol-Myers Squibb of $1.2 billion, or $0.71 per
share, in the quarter compared to net earnings of $1.2 billion, or
$0.71 per share, a year ago.
- The company reported non-GAAP net
earnings attributable to Bristol-Myers Squibb of $1.2 billion, or
$0.74 per share, in the first quarter, compared to $1.2 billion, or
$0.71 per share, for the same period in 2015. An overview of
specified items is discussed under the “Use of Non-GAAP Financial
Information” section.
- Cash, cash equivalents and marketable
securities were $8.0 billion, with a net cash position of $1.3
billion, as of March 31, 2016.
FIRST QUARTER PRODUCT AND PIPELINE
UPDATE
Global revenues for the first quarter of 2016, compared to the
first quarter of 2015, were driven by Opdivo, which grew by $664
million; Eliquis, which grew by $379 million; Hepatitis C
Franchise, which grew 62%; Orencia, which grew 19%; and Sprycel,
which grew 9%.
Opdivo
- In April, the U.S. Food and Drug
Administration (FDA) granted Breakthrough Therapy Designation to
Opdivo for the potential indication of recurrent or metastatic
squamous cell carcinoma of the head and neck (SCCHN) after platinum
based therapy. The designation is based on results of CheckMate
-141, a Phase 3, open-label, randomized trial evaluating Opdivo
versus investigator’s choice of therapy in patients with recurrent
or metastatic SCCHN with tumor progression within six months of
platinum therapies in the adjuvant, primary, recurrent or
metastatic setting. This trial was stopped early in January 2016
because an assessment conducted by the independent Data Monitoring
Committee concluded that the study met its primary endpoint of
overall survival (OS).
- In April, the FDA accepted for filing
and review a Supplemental Biologics License Application (sBLA) for
Opdivo which seeks to expand use to patients with classical Hodgkin
lymphoma (cHL) after prior therapies. The application included
CheckMate -205 data, which evaluated Opdivo in cHL patients who
have received autologous stem cell transplant and brentuximab
vedotin.
- In April, the European Commission (EC)
approved Opdivo monotherapy for locally advanced or
metastatic non-small cell lung cancer (NSCLC) after prior
chemotherapy in adults. The approval
expands Opdivo’s existing lung cancer indication in
previously treated metastatic squamous NSCLC to include the
non-squamous patient population. Opdivo is the only approved
PD-1 immune checkpoint inhibitor to demonstrate superior OS in two
separate Phase 3 trials in previously treated metastatic NSCLC,
regardless of PD-L1 expression; one trial in squamous NSCLC
(CheckMate -017) and the other in non-squamous NSCLC (CheckMate
-057), which were the basis of this approval. The approval allows
for the expanded marketing of Opdivo in previously
treated metastatic NSCLC in all 28 Member States of the European
Union.
- In April, the EC
approved Opdivo monotherapy for advanced renal cell
carcinoma (RCC) after prior therapy in adults. Opdivo is
the first and only PD-1 immune checkpoint inhibitor approved in
Europe to demonstrate an OS benefit versus a standard of care in
this patient population. The approval is based on the results of
the Phase 3 study CheckMate -025, which evaluated Opdivo in
patients with advanced clear-cell RCC who received prior
anti-angiogenic therapy compared to everolimus. This approval
allows for the expanded marketing of Opdivo in previously
treated advanced RCC in all 28 Member States of the European
Union.
- In April, the Committee for Medicinal
Products for Human Use (CHMP) of the European Medicines Agency
(EMA) recommended the approval of Opdivo in combination
with Yervoy for the treatment of advanced (unresectable
or metastatic) melanoma in adults. This CHMP recommendation will
now be reviewed by the EC, which has the authority to approve
medicines for the European Union.
- In April, the company announced results
from three studies for Opdivo and the Opdivo + Yervoy Regimen:
- CheckMate -141: In this Phase 3
open-label, randomized trial, evaluating Opdivo in patients with
recurrent or metastatic SCCHN after platinum therapy compared to
investigator’s choice of therapy, Opdivo met the primary endpoints
and demonstrated statistically significant OS versus three
standards of care (cetuximab, docetaxel, or methotrexate). In the
trial, patients treated with Opdivo had a one-year survival rate of
36% compared to 16.6% for investigator’s choice, and experienced a
30% reduction in the risk of death. Median OS was 7.5 months for
Opdivo compared to 5.1 months for investigator’s choice. The safety
profile of Opdivo in CheckMate -141 was consistent with prior
studies, with no new safety signals identified.
- CheckMate -069: In this Phase 2 trial,
which is the first randomized study to evaluate the Opdivo + Yervoy
combination regimen in patients with previously untreated advanced
melanoma, the combination regimen demonstrated a two-year OS rate
of 69% compared to 53% for Yervoy alone in patients with BRAF
wild-type advanced melanoma. Similar results were observed in the
overall study population, with an OS rate of 64% at two years for
the combination regimen compared to 54% for Yervoy alone. A change
in tumor burden was also seen with the combination regimen, with a
median change of 70% compared to 5% for Yervoy alone. Overall
survival was an exploratory endpoint in this trial. The safety
profile of the Opdivo + Yervoy combination regimen in this study
was consistent with previously reported studies.
- CA209-003: In this Phase 1 study,
evaluating Opdivo monotherapy in heavily pretreated advanced
melanoma, the company reported extended follow-up, including
five-year OS rates. This data represents the longest survival
follow-up of patients who received an anti-PD-1 therapy in a
clinical trial. At five years, Opdivo demonstrated a durable and
consistent survival benefit with an OS rate of 34%, with an evident
plateau in survival at approximately 4 years. The safety profile of
Opdivo in Study 003 was similar to previously reported studies,
with no new safety signals identified.
- In March, the EMA validated a type II
variation application, which seeks to extend the current
indications for Opdivo to include the treatment of patients with
cHL after prior therapies. The application included data from
CheckMate -205, a Phase 2 study which evaluated Opdivo in cHL
patients who have received autologous stem cell transplant and
brentuximab vedotin. Validation of the application confirms the
submission is complete and begins the EMA’s centralized review
process.
Empliciti
- In January, the company and its
partner, AbbVie, Inc., announced the CHMP adopted a positive
opinion recommending Empliciti, an investigational
immunostimulatory antibody, be granted approval for the treatment
of multiple myeloma as combination therapy with Revlimid® and
dexamethasone in patients who have received at least one prior
therapy. The application will now be reviewed by the EC, which has
the authority to approve medicines for the European Union. The CHMP
positive opinion is based on data from the Phase 3, open-label
ELOQUENT-2 study, which evaluated Empliciti in
combination with lenalidomide and dexamethasone (ERd) versus
lenalidomide and dexamethasone (Rd) alone.
Daklinza
- In February, the FDA approved Daklinza,
an NS5A replication complex inhibitor, in combination with
sofosbuvir (with or without ribavirin) in genotypes 1 and 3. The
expanded label includes data in three additional
challenging-to-treat patient populations: chronic hepatitis C virus
(HCV) patients with HIV-1 (human immunodeficiency virus)
coinfection, advanced cirrhosis, or post-liver transplant
recurrence of HCV. The Daklinza plus sofosbuvir regimen is also
available for the treatment of chronic HCV genotype 3, and is
currently the only 12-week, once-daily all-oral treatment option
for these patients. The approval is based on data evaluating the
Daklinza regimens from the Phase 3 ALLY-1 and ALLY-2 clinical
trials.
- In February, the company announced
results from the first completed all-oral chronic HCV regimen Phase
3 trial that includes a Chinese patient population. In the study,
which evaluated Daklinza in combination with asunaprevir for 24
weeks in Asian (non-Japanese) patients with genotype 1b HCV, 91% of
patients from China achieved sustained virologic response at
post-treatment week 24 (SVR24), which rose to 98% of patients
without NS5A resistance-associated variants (RAVs) at baseline.
SVR24 results were similarly high across all subgroups with
genotype 1b HCV, including those with cirrhosis, and patients from
Korea and Taiwan. SVR24 rates were also higher in all patients
without baseline NS5A RAVs, regardless of the presence or absence
of cirrhosis, and lower in patients with baseline NS5A RAVs.
Results were presented at the Asian Pacific Association for the
Study of the Liver Conference in Tokyo.
- In January, the EC approved Daklinza
for the treatment of chronic HCV in three new patient populations
which provides additional treatment options for multiple HCV
patient populations, including difficult-to-treat patients with
decompensated cirrhosis. The expanded label allows for the use of
Daklinza in combination with sofosbuvir (with or without ribavirin,
depending on the indication and HCV genotype) in HCV patients with
decompensated cirrhosis, HIV-1 coinfection, and post-liver
transplant recurrence of HCV. The approval is based on data from
the Phase 3 ALLY-2 and ALLY-2 clinical trials.
Revlimid® is a trademark of Celgene Corporation.
BUSINESS DEVELOPMENT
UPDATE
- In April, the company acquired Padlock
Therapeutics, Inc. (Padlock), a private, Cambridge,
Massachusetts-based biotechnology company dedicated to creating new
medicines to treat destructive autoimmune diseases. The acquisition
gives the company full rights to Padlock’s Protein/Peptidyl
Arginine Deiminase (PAD) inhibitor discovery program focused on the
development of potentially transformational treatment approaches
for patients with rheumatoid arthritis. Padlock’s PAD discovery
program may have additional utility in treating systemic lupus
erythematosus and other autoimmune diseases.
- In March, the company entered into an
agreement with LabCentral, an innovative, shared laboratory space
designed as a launch pad for life-sciences and biotech startup
companies, to become a LabCentral platinum sponsor. The company can
nominate up to two innovative life-sciences and biotech startup
companies per year to take up residence in LabCentral’s Kendall
Square facilities.
- In February, the company and its
partner, Pfizer Inc., announced a collaboration agreement with
Portola Pharmaceuticals Inc. to develop and commercialize the
investigational agent andexanet alfa in Japan. Andexanet alfa,
which is in Phase 3 clinical development in the U.S. and Europe, is
designed to reverse the anticoagulant activity of Factor Xa
inhibitors, including Eliquis. This agreement builds on the
companies’ existing clinical collaboration to develop andexanet
alfa in the U.S. and Europe.
- In February, the company entered into a
research collaboration agreement with the Dana-Farber Cancer
Institute as part of the Immuno-Oncology Rare Population Malignancy
(I-O RPM) program in the U.S. As part of the I-O RPM program, the
company and the Dana-Farber Cancer Institute will conduct a range
of early phase clinical studies and Bristol-Myers Squibb will
support the training of young investigators who contribute to the
I-O RPM program at Dana-Farber.
- In February, the company completed the
previously announced sale of its HIV R&D portfolio to ViiV
Healthcare. The sale included a number of programs at different
stages of discovery, preclinical and clinical development. The
agreements with ViiV Healthcare do not impact the company’s
marketed HIV medicines, including Reyataz, Evotaz, Sustiva and
Atripla.
2016 FINANCIAL GUIDANCE
Bristol-Myers Squibb is increasing its 2016 GAAP EPS guidance
range from $2.30 - $2.40 to $2.37 - $2.47. The company is also
increasing its non-GAAP EPS guidance range from $2.30 - $2.40 to
$2.50 - $2.60. Both GAAP and non-GAAP guidance assume current
exchange rates. Key revised 2016 non-GAAP guidance assumptions
include:
- Worldwide revenues increasing in the
low-double digit range.
- Marketing, sales and administrative
expenses decreasing in the low-single digit range.
- Research and development expenses
increasing in the low-double digit range.
The financial guidance for 2016 excludes the impact of any
potential future strategic acquisitions and divestitures, and any
specified items that have not yet been identified and quantified.
The non-GAAP 2016 guidance also excludes other specified items as
discussed under “Use of Non-GAAP Financial Information.” Details
reconciling adjusted non-GAAP amounts with the amounts reflecting
specified items are provided in supplemental materials available on
the company’s website.
Use of Non-GAAP Financial
Information
This press release contains non-GAAP financial measures,
including non-GAAP earnings and related earnings per share
information. These measures are adjusted to exclude certain costs,
expenses, significant gains and losses and other specified items.
Among the items in GAAP measures but excluded for purposes of
determining adjusted earnings and other adjusted measures are:
restructuring and other exit costs; accelerated depreciation
charges; IPRD and asset impairments; charges and recoveries
relating to significant legal proceedings; charges related to
licenses and acquisitions of investigational compounds that have
not achieved regulatory approval which are immediately expensed;
pension charges; and significant tax events. This information is
intended to enhance an investor’s overall understanding of the
company’s past financial performance and prospects for the future.
Non-GAAP financial measures provide the company and its investors
with an indication of the company’s baseline performance before
items that are considered by the company not to be reflective of
the company’s ongoing results. The company uses non-GAAP gross
profit, non-GAAP marketing, selling and administrative expense,
non-GAAP research and development expense, and non-GAAP other
income and expense measures to set internal budgets, manage costs,
allocate resources, and plan and forecast future periods. Non-GAAP
effective tax rate measures are primarily used to plan and forecast
future periods. Non-GAAP earnings and earnings per share measures
are primary indicators the company uses as a basis for evaluating
company performance, setting incentive compensation targets, and
planning and forecasting of future periods. This information is not
intended to be considered in isolation or as a substitute for
financial measures prepared in accordance with GAAP.
Statement on Cautionary
Factors
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 regarding, among other things, statements relating to
goals, plans and projections regarding the company’s financial
position, results of operations, market position, product
development and business strategy. These statements may be
identified by the fact that they use words such as "anticipate",
"estimates", "should", "expect", "guidance", "project", "intend",
"plan", "believe" and other words and terms of similar meaning in
connection with any discussion of future operating or financial
performance. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change any of them,
and could cause actual outcomes and results to differ materially
from current expectations. These factors include, among other
things, effects of the continuing implementation of governmental
laws and regulations related to Medicare, Medicaid, Medicaid
managed care organizations and entities under the Public Health
Service 340B program, pharmaceutical rebates and reimbursement,
market factors, competitive product development and approvals,
pricing controls and pressures (including changes in rules and
practices of managed care groups and institutional and governmental
purchasers), economic conditions such as interest rate and currency
exchange rate fluctuations, judicial decisions, claims and concerns
that may arise regarding the safety and efficacy of in-line
products and product candidates, changes to wholesaler inventory
levels, variability in data provided by third parties, changes in,
and interpretation of, governmental regulations and legislation
affecting domestic or foreign operations, including tax
obligations, changes to business or tax planning strategies,
difficulties and delays in product development, manufacturing or
sales including any potential future recalls, patent positions and
the ultimate outcome of any litigation matter. These factors also
include the company’s ability to execute successfully its strategic
plans, including its business development strategy, the expiration
of patents or data protection on certain products, including
assumptions about the company’s ability to retain patent
exclusivity of certain products, and the impact and result of
governmental investigations. There can be no guarantees with
respect to pipeline products that future clinical studies will
support the data described in this release, that the compounds will
receive necessary regulatory approvals, or that they will prove to
be commercially successful; nor are there guarantees that
regulatory approvals will be sought, or sought within currently
expected timeframes, or that contractual milestones will be
achieved. For further details and a discussion of these and other
risks and uncertainties, see the company's periodic reports,
including the annual report on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K, filed with or furnished to
the Securities and Exchange Commission. The company undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Company and Conference Call Information
Bristol-Myers Squibb is a global biopharmaceutical company whose
mission is to discover, develop and deliver innovative medicines
that help patients prevail over serious diseases. For more
information about Bristol-Myers Squibb, visit us at BMS.com or
follow us on LinkedIn, Twitter, and YouTube.
There will be a conference call on April 28, 2016, at 10:30 a.m.
EDT during which company executives will review financial
information and address inquiries from investors and analysts.
Investors and the general public are invited to listen to a live
webcast of the call at http://investor.bms.com or by dialing in the
U.S. toll free 877-201-0168 or international 647-788-4901,
confirmation code: 91349055. Materials related to the call will be
available at the same website prior to the conference call. A
replay of the call will be available beginning at 1:30 p.m. EDT on
April 28 through 11:59 p.m. EDT on May 12, 2016. The replay will
also be available through http://investor.bms.com or by dialing in
the U.S. toll free 855-859-2056 or international 404-537-3406,
confirmation code: 91349055.
For more information, contact: Ken Dominski, 609-252-5251,
ken.dominski@bms.com, Communications; Ranya Dajani, 609-252-5330,
ranya.dajani@bms.com or Bill Szablewski, 609-252-5894,
william.szablewski@bms.com, Investor Relations.
BRISTOL-MYERS SQUIBB COMPANYPRODUCT
REVENUEFOR THE THREE MONTHS ENDED MARCH 31, 2016 AND
2015(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues
2016 2015
%Change
2016 2015
%Change
Three Months Ended
March 31,
Key Products
Oncology Empliciti $ 28 $ — N/A $ 28 $ — N/A
Erbitux(a) — 165 (100 )% — 157 (100 )% Opdivo 704 40 ** 594 38 **
Sprycel 407 375 9 % 210 181 16 % Yervoy 263 325 (19 )% 199 181 10 %
Cardiovascular Eliquis 734 355 ** 468 200 **
Immunoscience Orencia 475 400 19 % 321 259 24 %
Virology Baraclude 291 340 (14 )% 17 46 (63 )% Hepatitis C
Franchise 427 264 62 % 259 — N/A Reyataz Franchise 221 294 (25 )%
120 143 (16 )% Sustiva Franchise 273 290 (6 )% 228 234 (3 )%
Neuroscience Abilify(b) 33 554 (94 )% — 508 (100 )%
Mature Products and All Other 535 639 (16 )% 93 97 (4 )%
Total $ 4,391 $ 4,041 9 % $ 2,537 $ 2,044 24 % ** In excess
of +/- 100% (a) Erbitux is a trademark of ImClone LLC.
ImClone LLC is a wholly-owned subsidiary of Eli Lilly and Company.
(b) Abilify is a trademark of Otsuka Pharmaceutical Co., Ltd.
BRISTOL-MYERS SQUIBB COMPANYCONSOLIDATED
STATEMENTS OF EARNINGSFOR THE THREE MONTHS ENDED MARCH 31,
2016 AND 2015(Unaudited, dollars and shares in millions except per
share data)
Three Months EndedMarch 31,
2016 2015 Net product sales $ 3,964 $ 3,059 Alliance and
other revenues 427 982 Total Revenues 4,391
4,041 Cost of products sold 1,052 847 Marketing,
selling and administrative 1,068 1,029 Research and development
1,136 1,016 Other (income)/expense (520 ) (299 ) Total Expenses
2,736 2,593 Earnings Before Income Taxes 1,655
1,448 Provision for Income Taxes 449 249 Net
Earnings 1,206 1,199 Net Earnings Attributable to Noncontrolling
Interest 11 13 Net Earnings Attributable to BMS $
1,195 $ 1,186 Average Common Shares
Outstanding: Basic 1,669 1,663 Diluted 1,680 1,676 Earnings
per Common Share Basic $ 0.72 $ 0.71 Diluted $ 0.71 $ 0.71
Other (Income)/Expense Interest expense $ 43 $ 51 Investment income
(24 ) (30 ) Provision for restructuring 4 12 Litigation and other
settlements 43 12 Equity in net income of affiliates (26 ) (26 )
Out-licensed intangible asset impairment 15 13 Divestiture gains
(270 ) (154 ) Royalties and licensing income (254 ) (98 )
Transition and other service fees (53 ) (27 ) Pension charges 22 27
Written option adjustment — (36 ) Other (20 ) (43 ) Other
(income)/expense $ (520 ) $ (299 )
BRISTOL-MYERS SQUIBB COMPANYSPECIFIED
ITEMSFOR THE THREE MONTHS ENDED MARCH 31, 2016 AND
2015(Unaudited, dollars in millions)
Three Months EndedMarch 31,
2016 2015
Cost of products sold(a) $ 4
$ 34
Marketing, selling and administrative — 1
License and asset acquisition charges 125 162 Other 13 —
Research and development 138 162 Provision for
restructuring 4 12 Divestiture gains (269 ) (152 ) Pension charges
22 27 Written option adjustment — (36 ) Litigation and other
settlements 43 14 Out-licensed intangible asset impairment 15
13
Other (income)/expense (185 ) (122 )
Increase/(decrease) to pretax income (43 ) 75 Income
tax on items above 83 (68 )
Increase to net
earnings $ 40 $ 7 (a) Specified items in
cost of products sold are accelerated depreciation, asset
impairment and other shutdown costs.
BRISTOL-MYERS SQUIBB COMPANYRECONCILIATION
OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMSFOR THE
THREE MONTHS ENDED MARCH 31, 2016 AND 2015(Unaudited, dollars
in millions)
Three Months Ended
March 31, 2016
GAAP
SpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,339 $ 4 $ 3,343 Marketing, selling and
administrative 1,068 — 1,068 Research and development 1,136 (138 )
998 Other (income)/expense (520 ) 185 (335 ) Effective Tax Rate
27.1 % (4.4 )% 22.7 %
Three Months Ended
March 31, 2015
GAAP
SpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,194 $ 34 $ 3,228 Marketing, selling and
administrative 1,029 (1 ) 1,028 Research and development 1,016 (162
) 854 Other (income)/expense (299 ) 122 (177 ) Effective Tax Rate
17.2 % 3.6 % 20.8 % (a) Refer to the Specified Items
schedule for further details. Effective tax rate on the Specified
Items represents the difference between the GAAP and Non-GAAP
effective tax rate.
BRISTOL-MYERS SQUIBB COMPANYRECONCILIATION
OF NON-GAAP EPS TO GAAP EPSFOR THE THREE MONTHS ENDED
MARCH 31, 2016 AND 2015(Unaudited, dollars and shares in
millions except per share data)
Three Months EndedMarch 31,
2016 2015 Net Earnings Attributable to BMS used for
Diluted EPS Calculation - GAAP $ 1,195 $ 1,186 Less Specified
Items* 40 7 Net Earnings used for Diluted EPS Calculation –
Non-GAAP $ 1,235 $ 1,193 Average Common Shares
Outstanding- Diluted 1,680 1,676 Diluted Earnings Per Share
— GAAP $ 0.71 $ 0.71 Diluted EPS Attributable to Specified Items
0.03 — Diluted Earnings Per Share — Non-GAAP $ 0.74 $
0.71 * Refer to the Specified Items schedule for further
details.
BRISTOL-MYERS SQUIBB COMPANYNET
CASH/(DEBT) CALCULATIONAS OF MARCH 31, 2016 AND
DECEMBER 31, 2015(Unaudited, dollars in millions)
March 31, 2016 December
31, 2015 Cash and cash equivalents $ 2,644 $ 2,385 Marketable
securities - current 1,663 1,885 Marketable securities -
non-current 3,689 4,660
Cash, cash equivalents and
marketable securities 7,996 8,930 Short-term borrowings (106 )
(139 ) Long-term debt (6,593 ) (6,550 )
Net cash position $
1,297 $ 2,241
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160428005254/en/
Bristol-Myers Squibb CompanyCommunications:Ken Dominski,
609-252-5251ken.dominski@bms.comorInvestor Relations:Ranya Dajani,
609-252-5330ranya.dajani@bms.comorBill Szablewski,
609-252-5894william.szablewski@bms.com
Bristol Myers Squibb (NYSE:BMY)
Historical Stock Chart
From Feb 2024 to Mar 2024
Bristol Myers Squibb (NYSE:BMY)
Historical Stock Chart
From Mar 2023 to Mar 2024