- Increases Second Quarter Revenues 6%
to $5.1 Billion
- Posts Second Quarter GAAP EPS of
$0.56 and Non-GAAP EPS of $0.74
- Achieves Important Clinical and
Regulatory Milestones in Immuno-Oncology
- Opdivo Approved in Europe for
Advanced Form of Bladder Cancer and Squamous Cell Carcinoma of the
Head and Neck
- Opdivo Application for
Previously Treated Hepatocellular Carcinoma Granted Priority Review
in the U.S.
- Yervoy Approved in the U.S.
for Pediatric Patients with Metastatic Melanoma
- Opdivo Meets Primary Endpoint
in CheckMate -238, demonstrating superior recurrence-free survival
versus Yervoy in Resected High-Risk Melanoma
- Announces Approvals of Daklinza and
Sunvepra Regimen in China for Chronic Hepatitis C and Orencia in
Europe and the U.S. for Psoriatic Arthritis
- Updates 2017 GAAP and Non-GAAP EPS
Guidance
Bristol-Myers Squibb Company (NYSE:BMY) today reported results
for the second quarter of 2017 which were highlighted by strong
sales for key products Opdivo and Eliquis and regulatory approvals
for Opdivo, the Daklinza and Sunvepra regimen and Orencia.
“We had a strong quarter, particularly for Opdivo and Eliquis,
and also advanced our portfolio with important clinical and
regulatory milestones across multiple therapeutic areas,” said
Giovanni Caforio, M.D., chairman and chief executive officer,
Bristol-Myers Squibb. “Looking forward, I am excited by our
opportunity to continue delivering across our portfolio,
maintaining our focus on strong commercial performance and
advancing our diversified pipeline.”
Second
Quarter
$ amounts in millions, except per share amounts
2017
2016
Change
Total Revenues $5,144 $4,871 6% GAAP Diluted EPS 0.56 0.69 (19)%
Non-GAAP Diluted EPS 0.74 0.69 7%
SECOND QUARTER FINANCIAL
RESULTS
- Bristol-Myers Squibb posted second
quarter 2017 revenues of $5.1 billion, an increase of 6% compared
to the same period a year ago. Revenues increased 7% when adjusted
for foreign exchange impact.
- U.S. revenues increased 7% to $2.9
billion in the quarter compared to the same period a year ago.
International revenues increased 4%. When adjusted for foreign
exchange impact, international revenues increased 7%.
- Gross margin as a percentage of revenue
decreased from 75.2% to 69.6% in the quarter primarily due to
product mix and a $127 million impairment charge in connection with
the expected sale of manufacturing operations in Swords,
Ireland.
- Marketing, selling and administrative
expenses decreased 6% to $1.2 billion in the quarter.
- Research and development expenses
increased 31% to $1.7 billion in the quarter primarily due to
license and asset acquisition charges of $393 million in the second
quarter of 2017.
- The effective tax rate was 28.8% in the
quarter, compared to 26.4% in the second quarter last year.
- The company reported net earnings
attributable to Bristol-Myers Squibb of $916 million, or $0.56 per
share, in the second quarter compared to net earnings of $1.2
billion, or $0.69 per share, for the same period in 2016.
- The company reported non-GAAP net
earnings attributable to Bristol-Myers Squibb of $1.2 billion, or
$0.74 per share, in the second quarter, compared to $1.2 billion,
or $0.69 per share, for the same period in 2016. 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 $868
million, as of June 30, 2017.
SECOND QUARTER PRODUCT AND PIPELINE
UPDATE
Product Sales/Business Highlights
The increase in global revenues for the second quarter of 2017,
compared to the second quarter of 2016, was driven by:
Product
Growth
%
Eliquis 51% Opdivo 42%
Yervoy
34%
Sprycel
12% Orencia 10%
Opdivo
Regulatory
- In July, the U.S. Food and Drug
Administration (FDA) accepted the company’s supplemental Biologics
License Applications to update Opdivo dosing to include 480 mg
infused over 30 minutes every four weeks for all currently approved
monotherapy indications. The applications are under review with an
action date of March 5, 2018.
- In June, the company announced the
European Commission (EC) approved Opdivo for the treatment of
locally advanced unresectable or metastatic urothelial carcinoma in
adults after failure of prior platinum-containing therapy.
- In May, the company announced the FDA
accepted a supplemental Biologics License Application to extend the
use of Opdivo to patients with hepatocellular carcinoma (HCC) after
prior sorafenib therapy. The FDA granted the application priority
review and previously granted Opdivo orphan-drug designation for
the treatment of HCC. The FDA action date is September 24,
2017.
- In April, the company announced the EC
approval of Opdivo as monotherapy for the treatment of squamous
cell cancer of the head and neck in adults progressing on or after
platinum-based therapy.
Clinical
- In July, the company announced interim
analysis of results from a Phase 3 study evaluating
Opdivo versus Yervoy in patients with stage IIIb/c
or stage IV melanoma who are at high risk of recurrence following
complete surgical resection. More detail from study results is
included in the original press release for this and other data
announced in the second quarter. (link)
- In June, at the 14th International
Conference on Malignant Lymphoma, the company announced data and
analysis from studies evaluating Opdivo monotherapy and Opdivo
combination therapy:
- CheckMate -205: Extended follow-up data
from the Phase 2 study of Opdivo monotherapy in adult patients with
relapsed or progressed classical Hodgkin lymphoma (cHL) after
autologous stem cell transplant, irrespective of brentuximab
vedotin therapy history. (link)
- Updated interim analysis from the
ongoing Phase 1/2 clinical study evaluating Seattle Genetics’
ADCETRIS® (brentuximab vedotin) and Opdivo in relapsed or
refractory cHL patients. (link)
- In June, during ASCO in Chicago, the
company announced results from five studies for Opdivo and the
Opdivo + Yervoy regimen:
- CheckMate -204: First presentation of
efficacy data from the Phase 2 study to evaluate the Opdivo +
Yervoy regimen in patients with melanoma metastatic to the brain.
(link)
- CheckMate -142: Interim data from the
Phase 2 study evaluating Opdivo monotherapy or the Opdivo + Yervoy
regimen in patients with DNA mismatch repair deficient or
microsatellite instability-high metastatic colorectal cancer.
(link)
- CheckMate -358: First disclosure of
data from the Phase 1/2 study evaluating Opdivo in patients with
advanced cervical, vaginal and vulvar cancers, all associated with
infection by the human papillomavirus (HPV). (link)
- ECHO-204: Updated data from the Phase
1/2 study evaluating the safety and efficacy of Incyte
Corporation’s investigational oral selective IDO1 enzyme inhibitor,
epacadostat, in combination with Opdivo in multiple advanced solid
tumors. (link)
- IFCT-1501 MAPS-2: The first report of
data evaluating the safety and efficacy of Opdivo or the Opdivo +
Yervoy regimen for previously treated unresectable malignant
pleural mesothelioma patients. (link)
Yervoy
Regulatory
- In July, the company announced the FDA
approved an expanded indication for Yervoy to include the treatment
of unresectable or metastatic melanoma in pediatric patients.
Clinical
- In June, at ASCO, the company presented
results of an interim descriptive analysis from an ongoing National
Cancer Institute Phase 3 study evaluating Yervoy 3 mg/kg and Yervoy
10 mg/kg in patients with stage III or resectable stage IV melanoma
who are at high risk of recurrence following complete surgical
resection. (link)
Empliciti
- In June, at the annual Congress of the
European Hematology Association, the company presented four-year
follow-up data from the Phase 3 ELOQUENT-2 study evaluating
Empliciti plus lenalidomide/dexamethasone versus
lenalidomide/dexamethasone alone in patients with
relapsed/refractory multiple myeloma. (link)
Sprycel
Regulatory
- In July, the company announced the FDA
accepted its supplemental New Drug Application to include an
indication for Sprycel to treat children with Philadelphia
chromosome-positive chronic phase (CP) chronic myeloid leukemia
(CML), as well as a powder for oral suspension (PFOS) formulation
of Sprycel. The application is under priority review with
an action date of November 9, 2017.
- In May, the company announced the
European Medicines Agency (EMA) validated its grouped Type II
variation/Extension of Application for Sprycel to treat children
and adolescents aged one year to 18 years with CP-CML and to
include the PFOS. Validation of the application confirms the
submission is complete and begins the EMA’s centralized review
process.
Clinical
- In June, at ASCO, the company presented
data from the Phase 2 CA180-226 study evaluating Sprycel in
imatinib-resistant or -intolerant and newly diagnosed pediatric
patients with CP-CML. (link)
Orencia
Regulatory
- In July, the EC approved Orencia for
the treatment of active Psoriatic Arthritis (PsA) in adult patients
for whom the response to previous disease-modifying antirheumatic
drug therapy, including methotrexate, has been inadequate, and
additional systemic therapy for psoriatic skin lesions is not
required.
- In July, the company announced the FDA
approved Orencia in intravenous and subcutaneous injection
formulation for the treatment of adults with active PsA.
- In June, the company announced the
availability of a new FDA-approved subcutaneous Orencia
administration option for use in patients two years of age and
older with moderately to severely active polyarticular Juvenile
Idiopathic Arthritis, providing the option of Orencia treatment
that can be administered at home.
Clinical
- In June, at the Annual European
Congress of Rheumatology (EULAR 2017), the company presented 23
abstracts related to Orencia, including new data on the role of
biomarkers and magnetic resonance imaging in rheumatoid arthritis
patient identification and treatment. (link)
Daklinza
- In April, the company announced the
China Food and Drug Administration approved a direct-acting
antiviral regimen comprised of Daklinza and Sunvepra, for the
treatment of treatment-naive or -experienced patients, with or
without compensated cirrhosis, infected with genotype 1b chronic
hepatitis C virus (HCV). Daklinza was also approved in China for
use in combination with other agents, including sofosbuvir, for
adult patients with HCV genotypes 1-6.
Investigational Compound Highlights
Oncology
- In June, during ASCO in Chicago, the
company announced results from a study for the company’s
anti-lymphocyte activation gene-3 (LAG-3) monoclonal antibody
(BMS-986016):
- CA224-020: Proof-of-Concept data from
the Phase 1/2a study combining BMS-986016 with Opdivo in heavily
pretreated advanced melanoma patients who were relapsed or
refractory on anti-PD-1/PD-L1 therapy. (link)
SECOND QUARTER BUSINESS DEVELOPMENT
UPDATE
- In June, the company and SK Biotek Co.,
Ltd announced the signing of a definitive purchase agreement to
sell Bristol-Myers Squibb’s manufacturing operations in Swords,
Ireland, to SK Biotek, a wholly-owned subsidiary of SK Holdings,
based in Seoul, South Korea. The companies intend to complete the
deal by the fourth quarter of 2017.
- In June, the company and Novartis
announced a clinical research collaboration to investigate the
safety, tolerability and efficacy of Opdivo and the Opdivo + Yervoy
regimen in combination with Novartis’ Mekinist®, as a potential
treatment option for metastatic colorectal cancer in patients with
microsatellite stable tumors where the tumors are proficient in
mismatch repair.
- In June, the company and QIAGEN
announced an agreement to explore the use of next-generation
sequencing technology to develop gene expression profiles as
predictive or prognostic tools for use with Bristol-Myers Squibb
novel immuno-oncology therapies in cancer treatment.
- In June, the company and Seattle
Genetics, Inc. announced an expanded clinical collaboration
agreement for a Phase 3 study to evaluate the combination of Opdivo
and Seattle Genetics’ antibody-drug conjugate ADCETRIS® versus
ADCETRIS® alone as a potential treatment option for patients with
relapsed/refractory or transplant-ineligible advanced cHL.
- In May, the company and Array BioPharma
announced a clinical research collaboration to investigate the
safety, tolerability and efficacy of Array’s investigational MEK
inhibitor, binimetinib, in combination with Opdivo and the Opdivo +
Yervoy regimen as a potential treatment for metastatic colorectal
cancer in patients with microsatellite stable tumors.
- In May, the company and Advaxis, Inc.
announced a clinical development collaboration to evaluate Opdivo
and Advaxis’ ADXS-DUAL, an investigational immunotherapy targeting
HPV-associated cancers, as a potential combination treatment option
for women with metastatic cervical cancer.
- In May, the company and Calithera
Biosciences, Inc. announced an expansion of their existing
collaboration to evaluate Opdivo in combination with Calithera’s
CB-839, an investigational orally administered glutaminase
inhibitor, in patients with non-small cell lung cancer and
melanoma.
ADCETRIS® is a trademark of Seattle Genetics, Inc.
Mekinist® is a trademark of Novartis.
2017 FINANCIAL GUIDANCE
Bristol-Myers Squibb is updating its 2017 GAAP EPS guidance
range from $2.72 - $2.87 to $2.66 - $2.76 and raising the lower end
of its non-GAAP EPS guidance range from $2.85 - $3.00 to $2.90 -
$3.00. Both GAAP and non-GAAP guidance assume current exchange
rates. Key revised 2017 GAAP and non-GAAP line-item guidance
assumptions are:
- An effective tax rate of approximately
23% for GAAP with non-GAAP remaining at approximately 21%.
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
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.
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, upfront payments from
out-licensed assets, pension charges, legal and other contractual
settlements 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 July 27, 2017 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 calling the
U.S. toll free 888-394-8218 or international 323-701-0225,
confirmation code: 1575949. 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
July 27, 2017 through 1:30 p.m. EDT on August 10, 2017. The replay
will also be available through http://investor.bms.com or by
calling the U.S. toll free 888-203-1112 or international
719-457-0820, confirmation code: 1575949.
BRISTOL-MYERS SQUIBB COMPANYPRODUCT
REVENUEFOR THE THREE MONTHS ENDED JUNE 30, 2017 AND
2016(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues
2017 2016
%Change
2017 2016
%Change
Three Months Ended
June 30,
Prioritized Brands Opdivo $ 1,195 $ 840 42 % $ 768 $ 643 19
% Eliquis 1,176 777 51 % 703 444 58 % Orencia 650 593 10 % 449 401
12 % Sprycel 506 451 12 % 281 233 21 % Yervoy 322 241 34 % 245 179
37 % Empliciti 55 34 62 % 37 33 12 %
Established
Brands Hepatitis C Franchise 112 546 (79 )% 30 294 (90 )%
Baraclude 273 299 (9 )% 12 15 (20 )% Sustiva Franchise 188 271 (31
)% 161 227 (29 )% Reyataz Franchise 188 247 (24 )% 87 122 (29 )%
Other Brands 479 572 (16 )% 92 97 (5 )%
Total $ 5,144
$ 4,871 6 % $ 2,865 $ 2,688 7 %
BRISTOL-MYERS SQUIBB COMPANYPRODUCT
REVENUEFOR THE SIX MONTHS ENDED JUNE 30, 2017 AND
2016(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues
2017 2016
%Change
2017 2016
%Change
Six Months Ended
June 30,
Prioritized Brands Opdivo $ 2,322 $ 1,544 50 % $ 1,529 $
1,237 24 % Eliquis 2,277 1,511 51 % 1,402 912 54 % Orencia 1,185
1,068 11 % 811 722 12 % Sprycel 969 858 13 % 528 443 19 % Yervoy
652 504 29 % 488 378 29 % Empliciti 108 62 74 % 73 61 20 %
Established Brands Hepatitis C Franchise 274 973 (72 )% 72
553 (87 )% Baraclude 555 590 (6 )% 26 32 (19 )% Sustiva Franchise
372 544 (32 )% 314 455 (31 )% Reyataz Franchise 381 468 (19 )% 175
242 (28 )% Other Brands 978 1,140 (14 )% 185 190 (3 )%
Total $ 10,073 $ 9,262 9 % $ 5,603 $ 5,225 7 %
BRISTOL-MYERS SQUIBB COMPANYCONSOLIDATED
STATEMENTS OF EARNINGSFOR THE THREE AND SIX MONTHS ENDED JUNE 30,
2017 AND 2016(Unaudited, dollars and shares in millions except per
share data)
Three Months EndedJune 30,
Six Months EndedJune 30,
2017 2016 2017 2016 Net product sales $ 4,770 $ 4,432
$ 9,350 $ 8,396 Alliance and other revenues 374 439
723 866 Total Revenues 5,144 4,871
10,073 9,262 Cost of products sold 1,562 1,206
2,821 2,258 Marketing, selling and administrative 1,167 1,238 2,241
2,306 Research and development 1,659 1,266 2,947 2,402 Other
(income)/expense (539 ) (454 ) (1,186 ) (974 ) Total Expenses 3,849
3,256 6,823 5,992 Earnings
Before Income Taxes 1,295 1,615 3,250 3,270 Provision for Income
Taxes 373 427 802 876 Net
Earnings 922 1,188 2,448 2,394 Net Earnings/(Loss) Attributable to
Noncontrolling Interest 6 22 (42 ) 33 Net
Earnings Attributable to BMS $ 916 $ 1,166 $ 2,490
$ 2,361 Average Common Shares Outstanding:
Basic 1,644 1,670 1,653 1,670 Diluted 1,650 1,679 1,660 1,679
Earnings per Common Share Basic $ 0.56 $ 0.70 $ 1.51 $ 1.41
Diluted $ 0.56 $ 0.69 $ 1.50 $ 1.41
Other (Income)/Expense
Interest expense $ 52 $ 42 $ 97 $ 85 Investment income (34 ) (25 )
(67 ) (49 ) Provision for restructuring 15 18 179 22 Litigation and
other settlements (5 ) 6 (489 ) 49 Equity in net income of
affiliates (20 ) (20 ) (38 ) (46 ) Divestiture gains — (283 ) (127
) (553 ) Royalties and licensing income (685 ) (167 ) (884 ) (421 )
Transition and other service fees (13 ) (74 ) (20 ) (127 ) Pension
charges 36 25 69 47 Intangible asset impairments — — — 15 Equity
investment impairment — 45 — 45 Loss on debt redemption 109 — 109 —
Other 6 (21 ) (15 ) (41 ) Other (income)/expense $ (539 ) $
(454 ) $ (1,186 ) $ (974 )
BRISTOL-MYERS SQUIBB COMPANYSPECIFIED
ITEMSFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2017 AND
2016(Unaudited, dollars in millions)
Three Months EndedJune 30,
Six Months EndedJune 30,
2017 2016 2017 2016 Impairment charges $ 127 $ — $
127 $ — Accelerated depreciation and other shutdown costs 3
4 3 8
Cost of products sold 130 4 130 8
License and asset acquisition charges 393 139 443 264 IPRD
impairments — — 75 — Accelerated depreciation and other 96
13 168 26
Research and development 489
152 686 290 Provision for restructuring 15 18 179 22
Divestiture gains — (277 ) (100 ) (546 ) Pension charges 36 25 69
47 Litigation and other settlements — — (481 ) 43 Intangible asset
impairments — — — 15 Loss on debt redemption 109 — 109 — Royalties
and licensing income (497 ) — (497 ) —
Other
(income)/expense (337 ) (234 ) (721 ) (419 )
Increase/(decrease) to pretax income 282 (78 ) 95 (121 )
Income taxes on specified items 20 76 92
159
Increase/(decrease) to net earnings
302 (2 ) 187 38 Noncontrolling interest — —
(59 ) —
Increase/(decrease) to net earnings used
for diluted Non-GAAP EPS calculation $ 302 $ (2 ) $ 128
$ 38
BRISTOL-MYERS SQUIBB COMPANYRECONCILIATION
OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMSFOR THE
THREE AND SIX MONTHS ENDED JUNE 30, 2017 AND 2016(Unaudited,
dollars in millions)
Three Months Ended June 30, 2017 Six
Months Ended June 30, 2017 GAAP
SpecifiedItems(a)
Non-GAAP
GAAP
SpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,582 $ 130 $ 3,712 $ 7,252 $ 130 $ 7,382 Research
and development 1,659 (489 ) 1,170 2,947 (686 ) 2,261 Other
(income)/expense (539 ) 337 (202 ) (1,186 ) 721 (465 ) Earnings
Before Income Taxes 1,295 282 1,577 3,250 95 3,345 Provision for
Income Taxes 373 20 353 802 92 710 Noncontrolling interest 6 — 6
(42 ) (59 ) 17 Net Earnings Attributable to BMS used for
Diluted EPS Calculation $ 916 $ 302 $ 1,218 $ 2,490 $ 128 $ 2,618
Average Common Shares Outstanding - Diluted 1,650 1,650
1,650 1,660 1,660 1,660 Diluted Earnings Per Share $ 0.56 $ 0.18 $
0.74 $ 1.50 $ 0.08 $ 1.58 Effective Tax Rate 28.8 % (6.4 )%
22.4 % 24.7 % (3.5 )% 21.2 % Three Months Ended June
30, 2016 Six Months Ended June 30, 2016 GAAP
SpecifiedItems(a)
Non-GAAP
GAAP
SpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,665 $ 4 $ 3,669 $ 7,004 $ 8 $ 7,012 Research and
development 1,266 (152 ) 1,114 2,402 (290 ) 2,112 Other
(income)/expense (454 ) 234 (220 ) (974 ) 419 (555 ) Earnings
Before Income Taxes 1,615 (78 ) 1,537 3,270 (121 ) 3,149 Provision
for Income Taxes 427 76 351 876 159 717 Noncontrolling interest 22
— 22 33 — 33 Net Earnings Attributable to BMS used for
Diluted EPS Calculation $ 1,166 $ (2 ) $ 1,164 $ 2,361 $ 38 $ 2,399
Average Common Shares Outstanding - Diluted 1,679 1,679
1,679 1,679 1,679 1,679 Diluted Earnings Per Share $ 0.69 $ — $
0.69 $ 1.41 $ 0.02 $ 1.43 Effective Tax Rate 26.4 % (3.6 )%
22.8 % 26.8 % (4.0 )% 22.8 % (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 COMPANYNET
CASH/(DEBT) CALCULATIONAS OF JUNE 30, 2017 AND MARCH 31,
2017(Unaudited, dollars in millions)
June 30, 2017 March 31, 2017
Cash and cash equivalents $ 3,470 $ 3,910 Marketable securities -
current 3,035 2,199 Marketable securities - non-current 2,580
2,685
Cash, cash equivalents and marketable
securities 9,085 8,794 Short-term debt obligations (1,306 )
(1,197 ) Long-term debt (6,911 ) (7,237 )
Net cash position
$ 868 $ 360
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170727005162/en/
Bristol-Myers Squibb CompanyCommunications:Ken Dominski,
609-252-5251ken.dominski@bms.comorLisa McCormick Lavery,
609-252-7602lisa.mccormicklavery@bms.comorInvestor Relations:John
Elicker, 609-252-4611john.elicker@bms.comorTim Power,
609-252-7509timothy.power@bms.comorBill Szablewski,
609-252-5894william.szablewski@bms.com
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