- Increases Fourth Quarter Revenues
22% to $5.2 Billion, 17% for Full Year to $19.4 Billion
- Posts Fourth Quarter GAAP EPS of
$0.53 and Non-GAAP EPS of $0.63
- Announces Settlement and License
Agreement to Resolve PD-1 Patent Litigation Against Merck
- Achieves Important Regulatory
Milestones for Opdivo
- Approved in the U.S. for Metastatic
Squamous Cell Carcinoma of the Head and Neck
- Approved in Europe for Classical
Hodgkin Lymphoma
- Completes Strategic Transactions in
Oncology and Fibrosis
- Confirms 2017 GAAP EPS Guidance
Range of $2.47 to $2.67 and Adjusts Non-GAAP EPS Guidance Range to
$2.70 to $2.90
Bristol-Myers Squibb Company (NYSE:BMY) today reported results
for the fourth quarter and full year of 2016, which were
highlighted by strong sales for key products Opdivo and Eliquis,
regulatory approvals for Opdivo in the U.S. and Europe, and
strategic transactions in oncology and fibrosis that further
strengthened the company’s pipeline.
“Bristol-Myers Squibb achieved outstanding operating and
financial results in 2016, driven by strong commercial performance
across our portfolio,” said Giovanni Caforio, M.D., chief executive
officer, Bristol-Myers Squibb. “In 2017, we will continue to
advance our pipeline, drive strong commercial execution across the
business and progress our broad portfolio of Immuno-Oncology
medicines.”
Fourth
Quarter $ amounts in millions, except per share
amounts 2016
2015 Change Total Revenues
$5,243 $4,287 22% GAAP Diluted EPS 0.53 (0.12) ** Non-GAAP Diluted
EPS 0.63 0.38 66%
Full Year $ amounts in millions, except per
share amounts
2016 2015
Change Total Revenues $19,427 $16,560 17% GAAP
Diluted EPS 2.65 0.93 ** Non-GAAP Diluted EPS 2.83 2.01 41%
** In excess of +/- 100%
FOURTH QUARTER FINANCIAL
RESULTS
- Bristol-Myers Squibb posted fourth
quarter 2016 revenues of $5.2 billion, an increase of 22% compared
to the same period a year ago. Global revenues increased 24%
adjusted for foreign exchange impact.
- U.S. revenues increased 20% to $2.7
billion in the quarter compared to the same period a year ago.
International revenues increased 25%. When adjusted for foreign
exchange impact, international revenues increased 28%.
- Gross margin as a percentage of revenue
decreased from 77.8% to 73.6% in the quarter primarily due to
product mix.
- Marketing, selling and administrative
expenses decreased 3% to $1.5 billion in the quarter.
- Research and development expenses
decreased 27% to $1.4 billion in the quarter due to lower charges
resulting from business development transactions and in-process
research and development impairments.
- The effective tax rate was 17.3% in the
quarter, compared to a benefit of 54.1% in the fourth quarter last
year. Income taxes in both periods include net tax benefits
attributed to specified items.
- The company reported net earnings
attributable to Bristol-Myers Squibb of $894 million, or $0.53 per
share, in the quarter compared to a net loss of $197 million, or
$0.12 per share, a year ago. The results in the fourth quarter of
2015 included per share after tax charges of $0.24 from the Five
Prime Therapeutics, Inc. and Cardioxyl Pharmaceuticals, Inc.
business development transactions and $0.08 for the transfer of the
Erbitux® business in North America to Eli Lilly and Company.
- The company reported non-GAAP net
earnings attributable to Bristol-Myers Squibb of $1.1 billion, or
$0.63 per share, in the fourth quarter, compared to $647 million,
or $0.38 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 $9.1 billion, with a net cash position of $2.4
billion, as of December 31, 2016.
FOURTH QUARTER PRODUCT AND PIPELINE
UPDATE
Product Sales/Business Highlights
Global revenues for the fourth quarter of 2016, compared to the
fourth quarter of 2015, were driven by:
- Opdivo, which grew by $835 million
- Eliquis, which grew by $346 million or
57% increase
- Orencia, which grew by 16%
- Sprycel, which grew by 15%
- Yervoy, which had sales of $264
million
Opdivo
Litigation
- In January, the company and Ono
Pharmaceutical Company, Ltd. (Ono) announced they signed a global
patent license agreement with Merck & Co., Inc. to settle all
patent-infringement litigation related to Merck’s PD-1 antibody
Keytruda®. The agreement will result in the dismissal with
prejudice of all patent litigation between the companies pertaining
to Keytruda®.
Regulatory
- In November, the company announced the
U.S. Food and Drug Administration (FDA) approved Opdivo for
the treatment of patients with recurrent or metastatic squamous
cell carcinoma of the head and neck (SCCHN) with disease
progression on or after platinum-based therapy.
- In November, the company announced the
European Commission approved Opdivo for the treatment of patients
with relapsed or refractory classical Hodgkin lymphoma (cHL) after
autologous stem cell transplant (ASCT) and treatment with
brentuximab vedotin.
- In December, the company and Ono
announced Opdivo was approved in Japan for the treatment of
patients with relapsed or refractory cHL.
- In December, the company and Ono
announced that Ono submitted a supplemental application for Opdivo
for the treatment of unresectable advanced or recurrent gastric
cancer.
- In January, the company announced it
decided not to pursue an accelerated regulatory pathway for the
regimen of Opdivo plus Yervoy in first-line lung cancer in the U.S.
based on a review of data available at this time. Because these are
ongoing registrational studies, the company will not be providing
additional details.
Clinical
- In November, the company announced that
ONO-4538-12, a Phase 3, randomized, double-blind clinical trial
evaluating the efficacy and safety of Opdivo in patients
with unresectable advanced or recurrent gastric cancer refractory
to, or intolerant of, standard therapy, met its primary endpoint of
overall survival. In January, the company announced the results
from the trial.
- In November, at the Society for
Immunotherapy of Cancer Annual Meeting, the company announced new
data and analysis from studies evaluating urelumab, lirilumab,
Opdivo and the Opdivo + Yervoy regimen:
- Safety and efficacy data from a Phase
1/2 study of urelumab in combination with Opdivo in patients with
hematologic and solid tumors, including biomarker analyses by level
of PD-L1 expression.
- Interim efficacy analysis, announced by
the company and Innate Pharma S.A., from a Phase 1/2 study of the
combination of lirilumab and Opdivo in the cohort of advanced
platinum refractory squamous cell carcinoma of the head and neck,
including exploratory biomarker analyses of patient response by
level of PD-L1 expression.
- CheckMate -032: Results from cohorts of
the Phase 1/2 open-label trial investigating two combination
schedules of Opdivo plus Yervoy in patients with locally advanced
or metastatic urothelial carcinoma previously treated with
platinum-based therapy.
- In December, at the International
Association for the Study of Lung Cancer World Conference on
Lung Cancer, the company announced new data from studies evaluating
Opdivo and the Opdivo + Yervoy regimen:
- Checkmate -012: Updated findings from
the Phase 1b trial in chemotherapy-naïve advanced non-small cell
lung cancer patients evaluating Opdivo monotherapy, or in
combination with Yervoy at different doses and schedules.
- CheckMate -032: Updated results for
Opdivo monotherapy and in combination with Yervoy in previously
treated small cell lung cancer patients, a cohort of the Phase 1/2
open-label trial.
- In December, during the American
Society of Hematology Annual Meeting, the company and Seattle
Genetics announced the first reported data from an ongoing Phase
1/2 clinical trial evaluating Adcetris® (brentuximab vedotin) in
combination with Opdivo in relapsed or refractory cHL.
FOURTH QUARTER BUSINESS DEVELOPMENT
UPDATE
- In November, the company and Enterome
announced a collaboration agreement for the discovery and
development of microbiome-derived biomarkers, drug targets and
bioactive molecules to be developed as potential companion
diagnostics and therapeutics for cancer. Additionally, the
collaboration will seek to identify novel microbiome-derived
biomarkers in an effort to improve clinical outcomes for patients
treated with Bristol-Myers Squibb’s Immuno-Oncology portfolio.
- In November, the company and Infinity
Pharmaceuticals announced a clinical trial collaboration to
evaluate Bristol-Myers Squibb’s Opdivo in combination
with Infinity’s IPI-549 in patients with advanced solid
tumors.
- In November, the company and Nitto
Denko Corporation (Nitto) announced an agreement granting
Bristol-Myers Squibb exclusive worldwide rights for the development
and commercialization of Nitto’s investigational siRNA molecules
targeting heat shock protein 47 (HSP47) in vitamin A containing
formulations, which includes Nitto’s lead asset ND-L02-s0201,
currently in Phase 1b study for the treatment of advanced liver
fibrosis. The agreement also grants Bristol-Myers Squibb the option
to receive exclusive licenses for HSP47 siRNAs in vitamin A
containing formulations for the treatment of lung fibrosis and
other organ fibrosis.
- In November, the company announced a
five-year research collaboration with the Johns Hopkins
University designed to identify mechanisms of response and
resistance in patients whose cancer is being treated with
checkpoint inhibitor-based immunotherapies,
including Opdivo monotherapy, or Opdivo in
combination with Yervoy or other investigational
immunotherapies.
- In December, the company and PsiOxus
Therapeutics, Ltd. announced an agreement granting Bristol-Myers
Squibb exclusive worldwide rights to NG-348, a pre-clinical stage,
“armed” oncolytic virus with the goal of addressing solid
tumors.
- In December, the company and Calithera
Biosciences announced a clinical collaboration to evaluate Opdivo
in combination with CB-839 in clear cell renal cell carcinoma.
- In January, the company announced a new
clinical research collaboration to evaluate the combination of
Opdivo and Janssen’s CD38-directed cytolytic antibody Darzalex® in
Phase 1b/2 clinical studies in multiple myeloma and solid tumors
including non-small cell lung cancer, pancreatic cancer, colorectal
cancer, triple negative breast cancer and head and neck
cancer.
- In January, the company and GeneCentric
Diagnostics, Inc. announced a research collaboration to explore
whether the application of GeneCentric’s Cancer Subtype Platform
(CSP) might be able to identify translational biomarkers for
Opdivo. Additionally, GeneCentric announced it had secured equity
funding from the company to support the clinical development of its
CSP and new research laboratory.
2017 FINANCIAL GUIDANCE
Bristol-Myers Squibb is confirming its 2017 GAAP EPS guidance
range of $2.47 - $2.67 and is adjusting its non-GAAP EPS guidance
range from $2.85 - $3.05 to $2.70 - $2.90. Both GAAP and non-GAAP
guidance assume current exchange rates. 2017 GAAP and non-GAAP
line-item guidance assumptions include:
- Worldwide revenues increasing in the
low-single digits.
- Gross margin as a percentage of revenue
to be approximately 72% to 73% for both GAAP and non-GAAP.
- Marketing, selling and administrative
expenses decreasing in the mid- to high-single digit range for both
GAAP and non-GAAP.
- Research and development expenses
increasing in the high-single digit range for both GAAP and
non-GAAP.
- An effective tax rate of approximately
21% for both GAAP and non-GAAP.
As previously announced in the third quarter of 2016, the
company’s operating model is evolving, to drive the company’s
continued success in the near- and long-term. The majority of costs
are expected to be incurred by 2020. Although GAAP operating
expenses may increase initially as restructuring and other charges
are incurred relating to this evolution, the company expects
non-GAAP operating expenses to be roughly flat with 2016 levels
through 2020.
The financial guidance excludes the impact of any potential
future strategic acquisitions and divestitures and any specified
items that have not yet been identified and quantified. The
guidance also assumes no generic entry for Sprycel in Europe
following the appeal of the European Patent Office’s decision. The
non-GAAP guidance also excludes other specified items as discussed
under “Use of Non-GAAP Financial Information.” Details reconciling
GAAP amounts to non-GAAP amounts, with non-GAAP reflecting
specified items are provided in supplemental materials attached to
this press release and available on the company’s website.
Erbitux® is a trademark of ImClone LLC.Keytruda® is a trademark
of Merck & Co., Inc.Adcetris® is a trademark of Seattle
Genetics, Inc.Darzalex® is a trademark of Janssen Biotech, Inc.
Use of Non-GAAP Financial
Information
This press release contains non-GAAP financial measures,
including non-GAAP earnings and related EPS information, that are
adjusted to exclude certain costs, expenses, gains and losses and
other specified items that are evaluated on an individual basis.
These items are adjusted after considering their quantitative and
qualitative aspects and typically have one or more of the following
characteristics, such as being highly variable, difficult to
project, unusual in nature, significant to the results of a
particular period or not indicative of future operating results.
Similar charges or gains were recognized in prior periods and will
likely reoccur in future periods including restructuring costs,
accelerated depreciation and impairment of property, plant and
equipment and intangible assets, R&D charges in connection with
the acquisition or licensing of third party intellectual property
rights, divestiture gains or losses, pension, legal and other
contractual settlement charges and debt redemption gains or losses,
among other items. Deferred and current income taxes attributed to
these items are also adjusted for considering their individual
impact to the overall tax expense, deductibility and jurisdictional
tax rates. Non-GAAP information is intended to portray the results
of our baseline performance, supplement or enhance management,
analysts and investors overall understanding of our underlying
financial performance and facilitate comparisons among current,
past and future periods. For example, non-GAAP earnings and EPS
information is an indication of our baseline performance before
items that are considered by us to not be reflective of our ongoing
results. In addition, this information is among the primary
indicators we use as a basis for evaluating performance, allocating
resources, setting incentive compensation targets and planning and
forecasting for future periods. This information is not intended to
be considered in isolation or as a substitute for net earnings or
diluted EPS 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,
YouTube and Facebook.
There will be a conference call on January 26, 2017 at 10:30
a.m. EST 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 calling the
U.S. toll free 877-201-0168 or international 647-788-4901,
confirmation code: 60705823. 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. EST on
January 26, 2017 through 11:59 p.m. EST on February 9, 2017. The
replay will also be available through http://investor.bms.com or by
calling the U.S. toll free 855-859-2056 or international
404-537-3406, confirmation code: 60705823.
For more information, contact: Ken Dominski, 609-252-5251,
ken.dominski@bms.com, Communications; John Elicker, 609-252-4611,
john.elicker@bms.com, Tim Power, 609-252-7509,
timothy.power@bms.com or Bill Szablewski, 609-252-5894,
william.szablewski@bms.com, Investor Relations.
BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUE
FOR THE THREE MONTHS ENDED
DECEMBER 31, 2016 AND 2015
(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2016 2015
%
Change
2016 2015 %
Change
Three Months Ended
December 31,
Key Products
Oncology Empliciti $ 47 $ 3 ** $ 36 $ 3 **
Erbitux(a) — — — — — — Opdivo 1,310 475 ** 715 410 74 % Sprycel 494
429 15 % 267 228 17 % Yervoy 264 265 — 202 164 23 %
Cardiovascular Eliquis 948 602 57 % 539 335 61 %
Immunoscience Orencia 625 540 16 % 423 372 14 %
Virology Baraclude 296 309 (4 )% 17 27 (37 )% Hepatitis C
Franchise 226 458 (51 )% 82 212 (61 )% Reyataz Franchise 206 272
(24 )% 117 142 (18 )% Sustiva Franchise 246 312 (21 )% 212 269 (21
)%
Neuroscience Abilify(b) 31 39 (21 )% — 7 (100 )%
Mature Products and All Other 550 583 (6 )% 95 94 1 % Total
$ 5,243 $ 4,287 22 % $ 2,705 $ 2,263 20 % ** 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 COMPANY
PRODUCT REVENUE
FOR THE TWELVE MONTHS ENDED
DECEMBER 31, 2016 AND 2015
(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2016 2015
%
Change
2016 2015 %
Change
Twelve Months Ended
December 31,
Key Products
Oncology Empliciti $ 150 $ 3 ** $ 133 $ 3 **
Erbitux — 501 (100 )% — 487 (100 )% Opdivo 3,774 942 ** 2,664 823
** Sprycel 1,824 1,620 13 % 969 829 17 % Yervoy 1,053 1,126 (6 )%
802 602 33 %
Cardiovascular Eliquis 3,343 1,860 80 % 1,963
1,023 92 %
Immunoscience Orencia 2,265 1,885 20 % 1,532
1,271 21 %
Virology Baraclude 1,192 1,312 (9 )% 66 135 (51
)% Hepatitis C Franchise 1,578 1,603 (2 )% 827 323 ** Reyataz
Franchise 912 1,139 (20 )% 484 591 (18 )% Sustiva Franchise 1,065
1,252 (15 )% 901 1,041 (13 )%
Neuroscience Abilify 128 746
(83 )% — 600 (100 )% Mature Products and All Other 2,143
2,571 (17 )% 379 460 (18 )% Total $ 19,427 $ 16,560 17 % $
10,720 $ 8,188 31 %
** In excess of +/- 100%
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 31, 2016 AND 2015
(Unaudited, dollars and shares in millions
except per share data)
Three Months Ended Twelve Months Ended December 31, December
31, 2016 2015 2016 2015 Net product
sales $ 4,814 $ 3,862 $ 17,702 $ 14,045 Alliance and other revenues
429 425 1,725 2,515 Total Revenues
5,243 4,287 19,427 16,560 Cost
of products sold 1,383 952 4,946 3,909 Marketing, selling and
administrative 1,461 1,501 4,911 4,841 Research and development
1,400 1,916 4,940 5,920 Other (income)/expense (87 ) 328
(1,285 ) (187 ) Total Expenses 4,157 4,697 13,512
14,483 Earnings/(Loss) Before Income Taxes
1,086 (410 ) 5,915 2,077 Provision for/(Benefit from) Income Taxes
188 (222 ) 1,408 446 Net
Earnings/(Loss) 898 (188 ) 4,507 1,631 Net Earnings Attributable to
Noncontrolling Interest 4 9 50 66 Net
Earnings/(Loss) Attributable to BMS $ 894 $ (197 ) $ 4,457
$ 1,565 Average Common Shares Outstanding:
Basic 1,672 1,669 1,671 1,667 Diluted 1,680 1,669 1,680 1,679
Earnings/(Loss) per Common Share Basic $ 0.53 $ (0.12 ) $
2.67 $ 0.94 Diluted $ 0.53 $ (0.12 ) $ 2.65 $ 0.93 Other
(Income)/Expense Interest expense $ 40 $ 43 $ 167 $ 184 Investment
income (24 ) (27 ) (105 ) (101 ) Provision for restructuring 68 68
109 118 Litigation and other settlements (1 ) 145 47 159 Equity in
net income of affiliates (12 ) (16 ) (77 ) (83 ) Divestiture
(gains)/losses (2 ) 174 (576 ) (196 ) Royalties and licensing
income (140 ) (125 ) (719 ) (383 ) Transition and other service
fees (54 ) (31 ) (238 ) (122 ) Pension charges 25 49 91 160
Intangible asset impairment — — 15 13 Equity investment impairment
— — 45 — Written option adjustment — — — (123 ) Loss on debt
redemption — — — 180 Other 13 48 (44 ) 7 Other
(income)/expense $ (87 ) $ 328 $ (1,285 ) $ (187 )
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 31, 2016 AND 2015
(Unaudited, dollars in millions)
Three Months Ended Twelve Months Ended December 31, December
31, 2016 2015 2016 2015
Cost of
products sold(a) $ 6 $ 10 $ 21 $ 84
Marketing,
selling and administrative — 4 — 10 License and asset
acquisition charges 130 554 439 1,679 IPRD impairments 13 160 13
160 Accelerated depreciation and other 43 27 83
44
Research and development 186 741 535 1,883
Provision for restructuring 68 65 109 115 Divestiture
(gains)/losses — 171 (559 ) (187 ) Pension charges 25 49 91 160
Written option adjustment — — — (123 ) Litigation and other
settlements — 143 40 158 Intangible asset impairment — — 15 13 Loss
on debt redemption — — — 180 Royalties and licensing income (10 ) —
(10 ) —
Other (income)/expense 83 428 (314 )
316
Increase to pretax income 275 1,183 242 2,293
Income tax on items above (105 ) (339 ) 51 (480 )
Increase to net earnings $ 170 $
844 $ 293 $ 1,813
(a) Specified items in cost of products sold are accelerated
depreciation, asset impairment and other shutdown costs.
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS
TO CERTAIN NON-GAAP LINE ITEMS
FOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 31, 2016 AND 2015
(Unaudited, dollars in millions)
Three Months Ended December 31, 2016 Twelve Months Ended
December 31, 2016 GAAP Specified
Items(a)
Non-
GAAP
GAAP Specified
Items(a)
Non-
GAAP
Gross Profit $ 3,860 $ 6 $ 3,866 $ 14,481 $ 21 $ 14,502 Marketing,
selling and administrative 1,461 — 1,461 4,911 — 4,911 Research and
development 1,400 (186 ) 1,214 4,940 (535 ) 4,405 Other
(income)/expense (87 ) (83 ) (170 ) (1,285 ) 314 (971 ) Earnings
Before Income Taxes 1,086 275 1,361 5,915 242 6,157 Provision for
Income Taxes 188 (105 ) 293 1,408 51 1,357 Net Earnings
Attributable to BMS used for Diluted EPS Calculation $ 894 $ 170 $
1,064 $ 4,457 $ 293 $ 4,750 Average Common Shares
Outstanding - Diluted 1,680 1,680 1,680 1,680 1,680 1,680 Diluted
Earnings Per Share $ 0.53 $ 0.10 $ 0.63 $ 2.65 $ 0.18 $ 2.83
Effective Tax Rate 17.3 % 4.2 % 21.5 % 23.8 % (1.8 )% 22.0 %
Three Months Ended December 31, 2015 Twelve Months Ended December
31, 2015 GAAP SpecifiedItems(a) Non-GAAP GAAP SpecifiedItems(a)
Non-GAAP Gross Profit $ 3,335 $ 10 $ 3,345 $ 12,651 $ 84 $ 12,735
Marketing, selling and administrative 1,501 (4 ) 1,497 4,841 (10 )
4,831 Research and development 1,916 (741 ) 1,175 5,920 (1,883 )
4,037 Other (income)/expense 328 (428 ) (100 ) (187 ) (316 ) (503 )
Earnings/(Loss) Before Income Taxes (410 ) 1,183 773 2,077 2,293
4,370 Provision for/(Benefit from) Income Taxes (222 ) (339 ) 117
446 (480 ) 926 Net Earnings/(Loss) Attributable to BMS used
for Diluted EPS Calculation $ (197 ) $ 844 $ 647 $ 1,565 $ 1,813 $
3,378 Average Common Shares Outstanding - Diluted(b) 1,669
1,681 1,681 1,679 1,679 1,679 Diluted Earnings/(Loss) Per Share $
(0.12 ) $ 0.50 $ 0.38 $ 0.93 $ 1.08 $ 2.01 Effective Tax
Rate 54.1 % (39.0 )% 15.1 % 21.5 % (0.3 )% 21.2 % (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. (b)
Difference between GAAP and Non-GAAP Diluted Shares Outstanding for
the three months ended December 31, 2015 relates to incremental
shares attributable to share-based compensation plans.
BRISTOL-MYERS SQUIBB COMPANY
NET CASH/(DEBT) CALCULATION
AS OF DECEMBER 31, 2016 AND SEPTEMBER
30, 2016
(Unaudited, dollars in millions)
December 31, 2016 September 30, 2016 Cash and cash
equivalents $ 4,237 $ 3,432 Marketable securities - current 2,113
2,128 Marketable securities - non-current 2,719 3,035
Cash, cash equivalents and marketable securities 9,069 8,595
Short-term borrowings and current portion of long-term debt (992 )
(990 ) Long-term debt (5,716 ) (5,836 )
Net cash position $
2,361 $ 1,769
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170126005197/en/
Bristol-Myers Squibb CompanyCommunications:Ken Dominski,
609-252-5251ken.dominski@bms.comorInvestor Relations:John Elicker,
609-252-4611john.elicker@bms.comTim Power,
609-252-7509timothy.power@bms.comBill Szablewski,
609-252-5894william.szablewski@bms.com
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