- Posts Second Quarter GAAP EPS of
$0.20 and Non-GAAP EPS of $0.48
- Achieves Important Regulatory
Milestones across Portfolio
- Approval for Daklinza+Sunvepra Dual
Regimen in Japan
- Positive Advisory Opinions for
Daklinza and Eliquis in Europe
- Plans for Third Quarter Submission
of a Biologics License Application in the U.S. for Opdivo for
Previously Treated Advanced Melanoma
- Announces Strategic Immuno-Oncology
Collaboration with Ono Pharmaceutical Co., Ltd.
- Adjusts 2014 GAAP EPS Guidance Range
to $1.50-$1.60 and Confirms Non-GAAP EPS Guidance Range of
$1.70-$1.80
Bristol-Myers Squibb Company (NYSE:BMY) today reported financial
results for the second quarter of 2014, which was highlighted by
strong global sales for the company’s key brands; the achievement
of important regulatory milestones for key brands in Japan, Europe
and the U.S.; a new strategic immuno-oncology collaboration
agreement with Ono Pharmaceutical Co., Ltd.; and the initiation of
several research collaborations that will strengthen the company’s
leadership position in immuno-oncology. In addition, the company
adjusted 2014 GAAP guidance and confirmed 2014 non-GAAP
guidance.
“During the second quarter we delivered strong financial and
operating results, invested in key business development
opportunities, and achieved important regulatory milestones for
products in HCV and immuno-oncology,” said Lamberto Andreotti,
chief executive officer, Bristol-Myers Squibb. “These results
reflect the promise of our late-stage pipeline, the strong
performance of our in-line products and the continued success of
our strategy in driving growth for the company.”
Second Quarter $
amounts in millions, except per share amounts
2014
2013 Change Total Revenues
$3,889 $4,048 (4)% GAAP Diluted EPS 0.20 0.32 (38)% Non-GAAP
Diluted EPS 0.48 0.44 9%
SECOND QUARTER FINANCIAL
RESULTS
- Bristol-Myers Squibb posted second
quarter 2014 revenues of $3.9 billion, a decrease of 4% compared to
the same period a year ago. Excluding the divested Diabetes
Alliance, global revenues increased 7%.
- U.S. revenues decreased 7% to $1.9
billion in the quarter compared to the same period a year ago.
International revenues decreased 1% to $2.0 billion.
- Gross margin as a percentage of
revenues was 74.5% in the quarter compared to 72.6% in the same
period a year ago.
- Marketing, selling and administrative
expenses decreased 9% to $951 million in the quarter.
- Advertising and product promotion
spending decreased 14% to $187 million in the quarter.
- Research and development expenses
increased 49% to $1.4 billion in the quarter and included
impairment and acquisition-related charges of $458 million.
- The effective tax rate on earnings
before income taxes was 25.4% in the quarter, compared to 0% in the
second quarter last year. Income taxes in the second quarter
last year reflect a more favorable earnings mix between high and
low tax jurisdictions, primarily driven by specified items.
- The company reported net earnings
attributable to Bristol-Myers Squibb of $333 million, or $0.20 per
share, in the quarter compared to $536 million, or $0.32 per share,
a year ago.
- The company reported non-GAAP net
earnings attributable to Bristol-Myers Squibb of $798 million, or
$0.48 per share, in the second quarter, compared to $730 million,
or $0.44 per share, for the same period in 2013. An overview of
specified items is discussed under the “Use of Non-GAAP Financial
Information” section.
- Cash, cash equivalents and marketable
securities were $11.1 billion, with a net cash position of $3.3
billion, as of June 30, 2014.
SECOND QUARTER PRODUCT AND PIPELINE
UPDATE
Bristol-Myers Squibb’s global sales in the second quarter
included Eliquis, which grew by $159 million, Yervoy, which grew
38%, Sprycel, which grew 18%, and Orencia, which grew 14%.
Daklinza+Sunvepra
- In July, the company announced that the
Japanese Ministry of Health, Labor and Welfare has approved
Daklinza (daclatasvir), the company’s potent, pan-genotypic NS5A
replication complex inhibitor (in vitro), and Sunvepra
(asunaprevir), the company’s NS3/4A protease inhibitor. The
approvals are Japan’s first for an all-oral, interferon- and
ribavirin-free treatment regimen for patients with genotype 1
chronic hepatitis C virus infection, particularly those with
compensated cirrhosis. The Daklinza+Sunvepra Dual Regimen provides
a new treatment alternative that can lead to cure for many patients
in Japan who currently have no treatment options. Daklinza and
Sunvepra are expected to be commercially available in Japan in
early September.
- In June, the company announced that the
Committee for Medicinal Products for Human Use (CHMP) of the
European Medicines Agency has adopted a positive opinion
recommending that Daklinza be granted approval for use in
combination with other medicinal products for the treatment of
chronic hepatitis C virus infection in adults. This is the first
positive opinion given by the CHMP for an NS5A inhibitor. It will
now be reviewed by the European Commission (EC), which has the
authority to approve medicines for all European Union (EU) member
states plus Iceland and Norway.
- In April, the company announced the
submission of New Drug Applications (NDAs) for Daklinza and
Sunvepra to the U.S. Food and Drug Administration (FDA). The data
submitted in the NDAs support use of the Daklinza+Sunvepra Dual
Regimen in patients with genotype 1b hepatitis C. The Daklinza NDA
also seeks approval for use of this compound in combination with
other agents for multiple genotypes. The FDA accepted the
submissions for filing and assigned both submissions priority
review with a user fee goal date of November 30, 2014.
Opdivo
- In July, the company announced that,
following discussions with the FDA, the company is planning a third
quarter submission of a Biologics License Application (BLA) for
Opdivo (nivolumab) for previously treated advanced melanoma. This
will mark the second tumor type for which Bristol-Myers Squibb has
a regulatory submission under way for Opdivo in the U.S. In April,
the company initiated a rolling BLA submission for Opdivo in
third-line squamous cell non-small cell lung cancer (NSCLC). The
company expects to complete the first submission by the end of the
year.
- In June, the company announced that a
randomized, blinded comparative Phase III study evaluating Opdivo
versus dacarbazine in patients with previously untreated BRAF
wild-type advanced melanoma (CheckMate -066) was stopped early
because an analysis conducted by the independent Data Monitoring
Committee showed evidence of superior overall survival in patients
receiving Opdivo compared to the control arm.
- Also in June, at the American Society
of Clinical Oncology (ASCO) meeting in Chicago, the company
announced results from several clinical trials for Opdivo, both as
monotherapy and in combination with Yervoy, in advanced cancers of
the lungs, skin and kidneys. Bristol-Myers Squibb is at the
forefront of research and discovery in the field of immuno-oncology
and these data add to the growing body of research from its leading
immuno-oncology pipeline, further supporting the scientific
rationale for the potential of these checkpoint inhibitors as
single agents or as part of a combination regimen.
- In May, the FDA granted Opdivo
Breakthrough Therapy Designation for the treatment of patients with
Hodgkin lymphoma after failure of autologous stem cell transplant
and brentuximab. The designation is based on data from a cohort of
patients with Hodgkin lymphoma in the company’s ongoing Phase Ib
study of relapsed and refractory hematological malignancies.
Eliquis
- In July, the company and its partner,
Pfizer, announced that the first patient has enrolled in a Phase IV
clinical trial assessing the effectiveness and safety of Eliquis in
patients with nonvalvular atrial fibrillation undergoing
cardioversion.
- In June, the company and its partner,
Pfizer, announced that CHMP has adopted a positive opinion
recommending that Eliquis be granted marketing authorization for
the treatment of deep vein thrombosis (DVT) and pulmonary embolism
(PE), and the prevention of recurrent DVT and PE, in adults. The
CHMP’s positive opinion will now be reviewed by the EC, which has
the authority to approve medicines for all EU member states plus
Iceland and Norway.
Elotuzumab
- In May, the company and its partner,
AbbVie, announced that the FDA has granted elotuzumab, an
investigational humanized monoclonal antibody, Breakthrough Therapy
Designation for use in combination with lenalidomide and
dexamethasone for the treatment of multiple myeloma in patients who
have received one or more prior therapies. The designation is based
on findings from a randomized Phase II, open-label study that
evaluated two dose levels of elotuzumab in combination with
lenalidomide and low-dose dexamethasone in previously-treated
patients, including the 10 mg/kg dose that is being studied in
Phase III trials.
Yervoy
- In June, at the ASCO meeting in
Chicago, the company announced results from a Phase III randomized,
double-blind study demonstrating that Yervoy 10 mg/kg (n=475)
significantly improved recurrence-free survival (RFS, the length of
time before recurrence or death) vs. placebo (n=476) for patients
with Stage 3 melanoma who are at high risk of recurrence following
complete surgical resection, an adjuvant setting. A 25% reduction
in the risk of recurrence or death was observed. At three years, an
estimated 46.5% of patients treated with Yervoy were free of
disease recurrence compared to an estimated 34.8% of patients on
placebo. The median RFS was 26.1 months for Yervoy vs. 17.1 months
for placebo, with a median follow-up of 2.7 years.
Orencia
- In June, at the European League Against
Rheumatism meeting in Paris, the company presented data from the
Phase IIIb AVERT trial showing that treatment with Orencia, a
T-cell co-stimulation modulator, in combination with methotrexate
(MTX) achieved significantly higher rates of DAS-defined (DAS28 CRP
<2.6) remission at 12 months than treatment with standard of
care agent MTX (60.9% vs. 45.2%, respectively), in biologic and
MTX-naïve patients with early active rheumatoid arthritis (RA). A
small but statistically significantly higher number of patients
treated with Orencia plus MTX, versus MTX alone, for 12 months
maintained remission 6 months after all RA treatment, including
Orencia, MTX or steroids, was withdrawn.
Baraclude
- In June, the U.S. Court of Appeals for
the Federal Circuit denied the company’s appeal of a February 2013
ruling by the U.S. District Court for the District of Delaware that
found invalid the patent covering Baraclude (U.S. patent
5,206,244). In July, the company filed a petition for an en banc
rehearing of the case by the full U.S. Court of Appeals.
SECOND QUARTER BUSINESS DEVELOPMENT
UPDATE
- In July, the company and Ono
Pharmaceutical Co., Ltd., signed a collaboration agreement to
jointly develop and commercialize Opdivo, Yervoy and three
immunotherapy agents in early clinical development as single agents
and combination regimens in Japan, South Korea and Taiwan. Also in
July, Ono announced that Opdivo received manufacturing and
marketing approval in Japan for the treatment of unresectable
melanoma. Opdivo is the first PD-1 immune checkpoint inhibitor to
receive regulatory approval anywhere in the world.
- In June, the company and Syngene
International announced a five-year extension of their drug
discovery and development collaboration at the Biocon Bristol-Myers
Squibb Research Center in Bangalore, India.
- In May, the company announced a
clinical trial collaboration with Incyte Corporation to evaluate
the safety, tolerability and preliminary efficacy of a combination
regimen of Opdivo and INCB24360, Incyte’s oral indoleamine
dioxygenase-1 inhibitor, in a Phase I/II study.
- In May, the company also announced a
clinical trial collaboration with Celldex Therapeutics to evaluate
the safety, tolerability and preliminary efficacy of Opdivo and
varlilumab, Celldex’s CD27 targeting investigational antibody, in a
Phase I/II study. Multiple tumor types will be explored in the
study, which could potentially include NSCLC, metastatic melanoma,
ovarian, colorectal and squamous cell head and neck cancers.
- In May, the company and CytomX
Therapeutics announced a worldwide research collaboration and
license agreement to discover, develop and commercialize novel
therapies against multiple immuno-oncology targets using CytomX’s
proprietary Probody™ Platform.
SECOND QUARTER RESEARCH &
DEVELOPMENT UPDATE
- In June, the company announced a
collaboration with Duke University, through its Duke Clinical
Research Institute (DCRI), that will focus on clinical trial
transparency. The company will expand access to a broader set of
clinical trial information from in-scope company-sponsored studies
and enable an independent scientific review through DCRI of
requests from researchers that meet pre-specified
requirements.
2014 FINANCIAL GUIDANCE
Bristol-Myers Squibb is adjusting its 2014 GAAP EPS guidance
range from $1.70-$1.80 to $1.50-$1.60 as a result of impairment and
expected additional restructuring charges. The company is also
confirming its non-GAAP EPS guidance range of $1.70-$1.80. Both
GAAP and non-GAAP guidance assume current exchange rates and that
we retain exclusivity on Baraclude sales in the U.S. at least
through the end of 2014. Key 2014 non-GAAP line-item guidance
assumptions remain unchanged.
The financial guidance for 2014 does not include the impact of
any potential strategic acquisition and divestitures, or any
specified items that have not yet been identified and quantified.
The non-GAAP 2014 guidance also excludes 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; upfront, milestone and
other payments for in-licensing of products that have not achieved
regulatory approval which are immediately expensed; net
amortization of acquired intangible assets and deferred income
related to Amylin; pension settlement 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 which
take into account assumptions about the continued extension of the
R&D tax credit, 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 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, please visit http://www.bms.com or follow us on
Twitter at http://twitter.com/bmsnews.
There will be a conference call on July 24, 2014, 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
913-312-6681, confirmation code: 3903092. Materials related to the
call will be available at the same website prior to the conference
call.
BRISTOL-MYERS SQUIBB COMPANY SELECTED PRODUCTS FOR THE THREE MONTHS
ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2014
2013
%
Change
2014 2013
%
Change
Three Months Ended
June 30,
Key Products
Virology Baraclude $ 369 $ 371 (1 )% $ 84 $ 73
15 % Reyataz 362 431 (16 )% 168 200 (16 )% Sustiva Franchise 361
411 (12 )% 266 275 (3 )%
Oncology Erbitux(a) 186 171 9 % 178
168 6 % Sprycel 368 312 18 % 163 135 21 % Yervoy 321 233 38 % 173
140 24 %
Neuroscience Abilify(b) 555 563 (1 )% 417 378 10 %
Immunoscience Orencia 402 352 14 % 254 238 7 %
Cardiovascular Eliquis 171 12 ** 94 5 ** Diabetes
Alliance 27 438 (94 )% — 320 (100 )% Mature Products and All
Other 767 754 2 % 104 113 (8 )% Total 3,889 4,048 (4 )%
1,901 2,045 (7 )% Total Excluding Diabetes Alliance 3,862
3,610 7 % 1,901 1,725 10 % ** 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 SELECTED PRODUCTS FOR THE SIX
MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in
millions) Worldwide Revenues U.S. Revenues
2014 2013 %
Change
2014 2013 %
Change
Six Months Ended
June 30,
Key Products
Virology Baraclude $ 775 $ 737 5 % $ 154 $ 141
9 % Reyataz 706 792 (11 )% 344 393 (12 )% Sustiva Franchise 680 798
(15 )% 494 526 (6 )%
Oncology Erbitux 355 333 7 % 336 326 3
% Sprycel 710 599 19 % 308 250 23 % Yervoy 592 462 28 % 319 299 7 %
Neuroscience Abilify 1,095 1,085 1 % 742 706 5 %
Immunoscience Orencia 765 672 14 % 483 452 7 %
Cardiovascular Eliquis 277 34 ** 155 22 ** Diabetes
Alliance 206 796 (74 )% 114 612 (81 )% Mature Products and
All Other 1,539 1,571 (2 )% 217 289 (25 )% Total 7,700 7,879
(2 )% 3,666 4,016 (9 )% Total Excluding Diabetes Alliance
7,494 7,083 6 % 3,552 3,404 4 % ** In excess of 100%
BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENTS OF
EARNINGS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013
(Unaudited, dollars and shares in millions except per share data)
Three Months Ended Six Months Ended June 30, June 30,
2014 2013 2014 2013 Net product sales $ 2,770 $ 3,024
$ 5,577 $ 5,981 Alliance and other revenues 1,119 1,024
2,123 1,898 Total Revenues 3,889 4,048
7,700 7,879 Cost of products sold 991
1,108 1,959 2,171 Marketing, selling and administrative 951 1,042
1,908 2,036 Advertising and product promotion 187 218 350 407
Research and development 1,416 951 2,362 1,881 Other
(income)/expense (104 ) 199 (312 ) 180 Total Expenses
3,441 3,518 6,267 6,675 Earnings
Before Income Taxes 448 530 1,433 1,204 Provision for Income Taxes
114 — 163 51 Net Earnings 334
530 1,270 1,153 Net Earnings/(Loss) Attributable to Noncontrolling
Interest 1 (6 ) — 8 Net Earnings Attributable
to BMS $ 333 $ 536 $ 1,270 $ 1,145
Earnings per Common Share Basic $ 0.20 $ 0.33 $ 0.77 $ 0.70
Diluted $ 0.20 $ 0.32 $ 0.76 $ 0.69 Average Common Shares
Outstanding: Basic 1,657 1,644 1,655 1,641 Diluted 1,669 1,660
1,668 1,658 Other (Income)/Expense Interest expense $
46 $ 50 $ 100 $ 100 Investment income (28 ) (28 ) (51 ) (53 )
Provision for restructuring 16 173 37 206 Litigation
charges/(recoveries) (20 ) (22 ) 9 (22 ) Equity in net income of
affiliates (33 ) (50 ) (69 ) (86 ) Gain on sale of product lines,
businesses and assets 7 — (252 ) (1 ) Other alliance and licensing
income (144 ) (32 ) (252 ) (89 ) Pension curtailments, settlements
and special termination benefits 45 101 109 101 Other 7 7
57 24 Other (income)/expense $ (104 ) $ 199
$ (312 ) $ 180 BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014
AND 2013 (Unaudited, dollars in millions) Three
Months Ended Six Months Ended June 30, June 30, 2014 2013
2014 2013 Accelerated depreciation, asset impairment and
other shutdown costs $ 39 $ — $ 84 $ — Amortization of acquired
Amylin intangible assets — 137 — 275 Amortization of Amylin
alliance proceeds — (67 ) — (134 ) Amortization of Amylin inventory
adjustment — — — 14
Cost of products
sold 39 70 84 155
Marketing, selling and
administrative* 3 1 6 2 Upfront, milestone and other
payments 148 — 163 — IPRD impairments 310 — 343
—
Research and development 458 — 506 —
Provision for restructuring 16 173 37 206 Gain on sale of product
lines, businesses and assets 12 — (247 ) — Pension curtailments,
settlements and special termination benefits 45 99 109 99
Acquisition and alliance related items 17 (10 ) 33 (10 ) Litigation
charges/(recoveries) (23 ) (23 ) 2 (23 ) Loss on debt redemption —
— 45 — Upfront, milestone and other licensing receipts — —
— (14 )
Other (income)/expense 67 239 (21 )
258
Increase to pretax income 567 310 575 415 Income
tax on items above (102 ) (116 ) (281 ) (151 )
Increase to net
earnings $ 465 $ 194 $ 294 $ 264
*
Specified items in marketing, selling and
administrative are process standardization implementation
costs.
BRISTOL-MYERS SQUIBB COMPANY RECONCILIATION OF CERTAIN
NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS FOR THE THREE MONTHS
ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in millions)
Three months ended June 30, 2014 GAAP
Specified
Items*
Non
GAAP
Gross Profit $ 2,898 $ 39 $ 2,937 Marketing, selling and
administrative 951 (3 ) 948 Research and development 1,416 (458 )
958 Other (income)/expense (104 ) (67 ) (171 ) Effective Tax Rate
25.4 % (4.1 )% 21.3 % Three months ended June 30, 2013 GAAP
Specified
Items*
Non
GAAP
Gross Profit $ 2,940 $ 70 $ 3,010 Marketing, selling and
administrative 1,042 (1 ) 1,041 Research and development 951 — 951
Other (income)/expense 199 (239 ) (40 ) Effective Tax Rate — 13.8 %
13.8 % * 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 COMPANY RECONCILIATION OF
CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS FOR THE SIX
MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in
millions) Six Months Ended June 30, 2014
GAAP Specified
Items*
Non
GAAP
Gross Profit $ 5,741 $ 84 $ 5,825 Marketing, selling and
administrative 1,908 (6 ) 1,902 Research and development 2,362 (506
) 1,856 Other (income)/expense (312 ) 21 (291 ) Effective Tax Rate
11.4 % 10.7 % 22.1 % Six Months Ended June 30, 2013 GAAP
Specified
Items*
Non
GAAP
Gross Profit $ 5,708 $ 155 $ 5,863 Marketing, selling and
administrative 2,036 (2 ) 2,034 Research and development 1,881 —
1,881 Other (income)/expense 180 (258 ) (78 ) Effective Tax Rate
4.2 % 8.3 % 12.5 % * 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 COMPANY RECONCILIATION OF
NON-GAAP EPS TO GAAP EPS FOR THE THREE AND SIX MONTHS ENDED JUNE
30, 2014 AND 2013 (Unaudited, dollars and shares in millions except
per share data) Three Months Ended Six Months Ended
June 30, June 30, 2014 2013 2014 2013 Net Earnings
Attributable to BMS used for Diluted EPS Calculation - GAAP $ 333 $
536 $ 1,270 $ 1,145 Less Specified Items* 465 194 294
264 Net Earnings used for Diluted EPS Calculation –
Non-GAAP $ 798 $ 730 $ 1,564 $ 1,409
Average Common Shares Outstanding – Diluted 1,669 1,660
1,668 1,658 Diluted Earnings Per Share — GAAP $ 0.20 $ 0.32
$ 0.76 $ 0.69 Diluted EPS Attributable to Specified Items 0.28
0.12 0.18 0.16 Diluted Earnings Per
Share — Non-GAAP $ 0.48 $ 0.44 $ 0.94 $ 0.85
* Refer to the Specified Items schedule for
further details. BRISTOL-MYERS SQUIBB COMPANY NET
CASH/(DEBT) CALCULATION AS OF JUNE 30, 2014 AND MARCH 31, 2014
(Unaudited, dollars in millions) June 30, 2014
March 31, 2014 Cash and cash equivalents $ 4,282 $ 5,225 Marketable
securities - current 2,893 1,834 Marketable securities - long term
3,876 3,558
Cash, cash equivalents and marketable
securities 11,051 10,617 Short-term borrowings and current
portion of long-term debt (365 ) (281 ) Long-term debt (7,372 )
(7,367 )
Net cash position $ 3,314 $ 2,969
Bristol-Myers SquibbCommunicationsLaura Hortas,
609-252-4587laura.hortas@bms.comorInvestor RelationsJohn Elicker,
609-252-4611john.elicker@bms.comRanya Dajani,
609-252-5330ranya.dajani@bms.comRyan Asay,
609-252-5020ryan.asay@bms.com
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