- Posts Third Quarter GAAP EPS of
$0.43 and Non-GAAP EPS of $0.45
- Achieves Significant Regulatory
Milestones for PD-1 Inhibitor Opdivo
- Launches Daklinza-Based Regimens for
HCV Patients in Japan and Europe
- Adjusts 2014 GAAP EPS Guidance Range
to $1.15 - $1.25 and Confirms Non-GAAP EPS Guidance Range of $1.70
- $1.80
Bristol-Myers Squibb Company (NYSE:BMY) today reported strong
financial results for the third quarter of 2014, adjusted 2014 GAAP
guidance and confirmed 2014 non-GAAP guidance. The quarter was
highlighted by strong performance by key brands, significant data
and regulatory milestones for Opdivo, the launch of the company’s
hepatitis C regimens in Japan and Europe and the completion of
several business development transactions supporting the company’s
oncology portfolio.
“Our financial results in the third quarter reflect our
continued focus on balancing long-term growth with short-term
performance, as we achieved significant progress in our pipeline
and saw strong in-market performance for key products including
Eliquis, Yervoy, Sprycel and Orencia,” said Lamberto Andreotti,
chief executive officer, Bristol-Myers Squibb. “We continue to
build a solid foundation for our future as a Diversified Specialty
BioPharma by advancing our own R&D efforts and investing in
strategic business development to build a sustainable
pipeline.”
Third Quarter $ amounts
in millions, except per share amounts
2014 2013
Change Total Revenues $3,921 $4,065 (4)% GAAP
Diluted EPS 0.43 0.42 2% Non-GAAP Diluted EPS 0.45 0.46 (2)%
THIRD QUARTER FINANCIAL
RESULTS
- Bristol-Myers Squibb posted third
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 3% to $2.0
billion in the quarter compared to the same period a year ago.
International revenues decreased 4%.
- Gross margin as a percentage of
revenues was 74.3% in the quarter compared to 71.1% in the same
period a year ago.
- Marketing, selling and administrative
expenses increased 5% to $1.0 billion in the quarter.
- Advertising and product promotion
spending decreased 12% to $171 million in the quarter.
- Research and development expenses
increased 10% to $983 million in the quarter.
- The effective tax rate on earnings
before income taxes was 27.4% in the quarter, compared to 15.4% in
the third quarter last year.
- The company reported net earnings
attributable to Bristol-Myers Squibb of $721 million, or $0.43 per
share, in the quarter compared to $692 million, or $0.42 per share,
a year ago.
- The company reported non-GAAP net
earnings attributable to Bristol-Myers Squibb of $750 million, or
$0.45 per share, in the third quarter, compared to $768 million, or
$0.46 per share, for the same period in 2013. Among other specified
items, the non-GAAP earnings in the current period exclude a $0.07
per share impact of additional charges related to the Branded
Prescription Drug Fee resulting from the issuance of final rules by
the IRS. An overview of specified items is discussed under the “Use
of Non-GAAP Financial Information” section.
- Cash, cash equivalents and marketable
securities were $11.5 billion, with a net cash position of $3.9
billion, as of September 30, 2014.
THIRD QUARTER PRODUCT AND PIPELINE
UPDATE
Bristol-Myers Squibb’s global sales in the third quarter
included Eliquis, which grew by $175 million, Yervoy, which grew
47%, Sprycel, which grew 22%, Orencia, which grew 18%, and Daklinza
and Sunvepra, which had combined sales of $49 million.
Opdivo
- In September, the company announced
multiple regulatory milestones for Opdivo (nivolumab), an
investigational PD-1 immune checkpoint inhibitor, in the U.S. and
European Union (EU):
- In the U.S., the Food and Drug
Administration (FDA) has accepted for priority review the Biologics
License Application for previously treated advanced melanoma and
set a Prescription Drug User Fee Act decision goal date of March
30, 2015. The FDA granted Opdivo Breakthrough Therapy designation
for this indication. Bristol-Myers Squibb has proposed the
name Opdivo, which, if approved by health authorities, will
serve as the trademark for nivolumab.
- In the EU, the European Medicines
Agency (EMA) has validated for review the Marketing Authorization
Applications for nivolumab in non-small cell lung cancer (NSLC) –
the first completed regulatory submission for a PD-1 immune
checkpoint inhibitor in this tumor type – and in advanced melanoma.
The application for advanced melanoma was granted accelerated
assessment by the EMA’s Committee for Medicinal Products for Human
Use.
- Also in September, at the European
Society for Medical Oncology Congress in Madrid, the company
announced positive results from CheckMate -037, a Phase III
randomized, controlled open-label study of Opdivo versus
investigator’s choice chemotherapy (ICC) in patients with advanced
melanoma who were previously treated with Yervoy. Based on a
planned interim analysis of the co-primary endpoint, the objective
response rate was 32% (95% CI = 24, 41) in the Opdivo arm (n=120)
and 11% (95% CI = 4, 23) in the ICC reference arm (n=47) in
patients with at least six months of follow up. The majority (95%)
of responses were ongoing in the Opdivo arm and the median duration
of response was not reached.
Eliquis
- In August, the company and its partner,
Pfizer, announced that the FDA approved a Supplemental New Drug
Application for Eliquis for the treatment of deep vein thrombosis
(DVT) and pulmonary embolism (PE), and for the reduction in the
risk of recurrent DVT and PE following initial therapy.
- In July, the company and its partner,
Pfizer, announced that the European Commission (EC) approved
Eliquis for the treatment of DVT and PE, and the prevention of DVT
and PE in adults. The approval applies to all EU member states as
well as Iceland and Norway.
- In August, at the European Society of
Cardiology Congress in Barcelona, Spain, the company and its
partner, Pfizer, announced results of a pre-specified secondary
analysis of the Eliquis Phase III AMPLIFY-EXT trial. The analysis
evaluated clinical and demographic predictors of all-cause
hospitalization in patients with VTE. Results from this analysis
demonstrated that during the 12-month extended treatment of VTE,
Eliquis significantly reduced the risk of hospitalization versus
placebo. This effect was independent of other variables including
renal function, the only other significant predictor of
hospitalization in the AMPLIFY-EXT population.
Daklinza
- In August, the company announced that
the EC approved Daklinza (daclatasvir), a potent, pan-genotypic
NS5A replication complex inhibitor (in vitro), for use in
combination with other medicinal products across genotypes 1, 2, 3
and 4 for the treatment of chronic hepatitis C virus (HCV)
infection in adults. The approval allows for the marketing of
Daklinza in all 28 EU member states.
Asunaprevir
- In October, the company announced that
it will not pursue FDA approval of the dual regimen of daclatasvir
and asunaprevir for the treatment of HCV genotype 1b patients in
the U.S. and has withdrawn its New Drug Application for
asunaprevir, an NS3/4A protease inhibitor. The company will
continue to pursue FDA approval for daclatasvir, which is currently
being investigated globally in multiple treatment regimens for HCV
patients with high unmet needs.
Sustiva
- In October, the company announced that
it has successfully resolved all outstanding U.S. patent litigation
relating to efavirenz, an active ingredient contained in our
Sustiva (efavirenz) and Atripla (efavirenz/emtricitabine/tenofovir
disoproxil fumarate) products, and that loss of patent exclusivity
in the U.S. for efavirenz is not expected to occur until December
2017.
THIRD QUARTER FINANCIAL
UPDATE
In September, the company announced that it will settle $1.4
billion in pension obligations through the purchase of a group
annuity contract from The Prudential Insurance Company of America
(Prudential) for approximately 8,000 U.S. retirees and their
beneficiaries who started receiving their monthly retirement
benefit payments on or before June 1, 2014. The transaction reduces
risk in the retirement plan and better manages the ongoing
variations in cost associated with its maintenance while entrusting
current retirees and their beneficiaries’ pensions to a financial
institution with expertise in the long-term management of
retirement benefits. The transaction with Prudential is expected to
occur in December 2014 and is subject to satisfaction of closing
conditions.
THIRD QUARTER BUSINESS DEVELOPMENT
UPDATE
- In October, the company announced a
clinical trial collaboration agreement with Janssen and
Pharmacyclics to evaluate the safety, tolerability and preliminary
efficacy of Opdivo in combination with Janssen and Pharmacyclics’
oral Bruton's tyrosine kinase inhibitor Imbruvica® (ibrutinib) to
treat patients with non-Hodgkin lymphoma.
- In October, the company and The
University of Texas MD Anderson Cancer Center announced a clinical
research collaboration to evaluate Yervoy, Opdivo and three
early-stage clinical immuno-oncology assets as potential treatment
options for acute and chronic leukemia as well as other hematologic
malignancies.
- In October, the company announced a
clinical trial collaboration with Novartis to evaluate the safety,
tolerability and preliminary efficacy of combining Opdivo with
three molecularly targeted oncology therapies from Novartis –
Zykadia™ (ceritinib), INC280 and EGF816 – to treat NSLC.
- In August, the company and Celgene
Corporation announced the establishment of a clinical trial
collaboration to evaluate the safety, tolerability and preliminary
efficacy of a combination regimen of Opdivo and Celgene’s nab®
technology-based chemotherapy Abraxane® (paclitaxel protein-bound
particles for injectable suspension) (albumin-bound) in a Phase I
study. Multiple tumor types will be explored in the study.
- In August, the company and Allied Minds
announced the formation of Allied-Bristol Life Sciences LLC, a new
jointly owned enterprise created to identify and foster research
and pre-clinical development of biopharmaceutical innovations from
leading university research institutions across the U.S. The new
enterprise will focus on converting discoveries from university
research institutions into therapeutic candidates for clinical
development and, ultimately, approved therapies that address
serious diseases.
Abraxane® and nab® are trademarks of Abraxis BioScience LLC, a
wholly owned subsidiary of Celgene Corporation.Imbruvica® is a
trademark of Pharmacyclics, Inc.Zykadia™ is a trademark of Novartis
AG.
2014 FINANCIAL GUIDANCE
Bristol-Myers Squibb is adjusting its 2014 GAAP EPS guidance
range to $1.15 - $1.25 from $1.50 - $1.60 and confirming its
non-GAAP EPS guidance range of $1.70 - $1.80. Both GAAP and
non-GAAP guidance assume current exchange rates and that the
R&D tax credit will be extended by Congress in 2014. Key 2014
non-GAAP guidance assumptions include:
• Worldwide revenues between $15.2 billion and
$15.8 billion. • Full-year gross margin as a percentage of
revenues between 75% and 76%. • Advertising and promotion
expense decreasing in the mid-teen-digit range. • Marketing,
sales and administrative expenses decreasing in the
mid-single-digit range. • Research and development expenses
growing in the mid-single-digit range. • An effective tax
rate of 19% - 20%.
The financial guidance for 2014 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 2014 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; 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; significant tax
events and additional charges related to the Branded Prescription
Drug Fee. 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 www.bms.com or follow us on Twitter at
http://twitter.com/bmsnews.
There will be a conference call on October 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
913-312-0964, confirmation code: 1193919. 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
SEPTEMBER 30, 2014 AND 2013 (Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2014 2013
%Change
2014 2013
%Change
Three Months Ended
September 30,
Key Products
Virology
Baraclude $ 325 $ 378
(14)
%
$ 40 $ 67
(40)
%
Hepatitis C Franchise 49 — N/A — — N/A Reyataz 338 375
(10)
%
169 189
(11)
%
Sustiva Franchise 357 389
(8)
%
284 259 10 %
Oncology Erbitux(a) 187 183 2 % 175 180
(3)
%
Opdivo 1 — N/A — — N/A Sprycel 385 316 22 % 179 134 34 % Yervoy 350
238 47 % 191 130 47 %
Neuroscience Abilify(b) 449 569
(21)
%
407 378 8 %
Immunoscience Orencia 444 375 18 % 292 246 19 %
Cardiovascular Eliquis 216 41 ** 113 27 ** Diabetes
Alliance 42 432
(90)
%
— 308
(100)
%
Mature Products and All Other 778 769 1 % 118 119
(1)
%
Total 3,921 4,065
(4)
%
1,968 2,037
(3)
%
Total Excluding Diabetes Alliance 3,879 3,633 7 % 1,968
1,729 14 % ** 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 NINE MONTHS ENDED SEPTEMBER 30, 2014 AND
2013 (Unaudited, dollars in millions) Worldwide Revenues
U.S. Revenues 2014 2013
%Change
2014 2013
%Change
Nine Months Ended
September 30,
Key Products
Virology Baraclude $ 1,100 $
1,115
(1)
%
$ 194 $ 208
(7)
%
Hepatitis C Franchise 49 — N/A — — N/A Reyataz 1,044 1,167
(11)
%
513 582
(12)
%
Sustiva Franchise 1,037 1,187
(13)
%
778 785
(1)
%
Oncology Erbitux 542 516 5 % 511 506 1 % Opdivo 1 — N/A — —
N/A Sprycel 1,095 915 20 % 487 384 27 % Yervoy 942 700 35 % 510 429
19 %
Neuroscience Abilify 1,544 1,654
(7)
%
1,149 1,084 6 %
Immunoscience Orencia 1,209 1,047 15 % 775
698 11 %
Cardiovascular Eliquis 493 75 ** 268 49 **
Diabetes Alliance 248 1,228
(80)
%
114 920
(88)
%
Mature Products and All Other 2,317 2,340
(1)
%
335 408
(18)
%
Total 11,621 11,944
(3)
%
5,634 6,053
(7)
%
Total Excluding Diabetes Alliance 11,373 10,716 6 % 5,520
5,133 8 % ** In excess of 100%
BRISTOL-MYERS
SQUIBB COMPANY CONSOLIDATED STATEMENTS OF EARNINGS FOR THE THREE
AND NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 (Unaudited,
dollars and shares in millions except per share data)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2014 2013 2014
2013 Net product sales $ 2,843 $ 3,025 $
8,420 $ 9,006 Alliance and other revenues 1,078
1,040 3,201 2,938 Total Revenues 3,921
4,065 11,621 11,944 Cost of
products sold 1,007 1,175 2,966 3,346 Marketing, selling and
administrative 1,029 980 2,937 3,016 Advertising and product
promotion 171 194 521 601 Research and development 983 893 3,345
2,774 Other (income)/expense (277 ) 5 (589 ) 185
Total Expenses 2,913 3,247 9,180 9,922
Earnings Before Income Taxes 1,008 818 2,441 2,022 Provision
for Income Taxes 276 126 439 177
Net Earnings 732 692 2,002 1,845 Net Earnings Attributable to
Noncontrolling Interest 11 — 11 8 Net
Earnings Attributable to BMS $ 721 $ 692
$ 1,991 $ 1,837 Earnings
per Common Share Basic $ 0.43 $ 0.42 $ 1.20 $ 1.12 Diluted $ 0.43 $
0.42 $ 1.19 $ 1.11 Average Common Shares Outstanding: Basic
1,658 1,646 1,656 1,643 Diluted 1,670 1,662 1,668 1,659
Other (Income)/Expense Interest expense $ 50 $ 46 $ 150 $
146 Investment income (20 ) (23 ) (71 ) (76 ) Provision for
restructuring 35 6 72 212 Litigation charges/(recoveries) 10 17 19
(5 ) Equity in net income of affiliates (12 ) (42 ) (81 ) (128 )
Out-licensed intangible asset impairment 18 — 18 — Gain on sale of
product lines, businesses and assets (315 ) — (567 ) (1 ) Other
alliance and licensing income (102 ) (31 ) (354 ) (120 ) Pension
curtailments, settlements and special termination benefits 28 37
137 138 Other 31 (5 ) 88 19 Other
(income)/expense $ (277 ) $ 5 $ (589 )
$ 185
BRISTOL-MYERS SQUIBB COMPANY SPECIFIED ITEMS FOR THE
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 (Unaudited,
dollars in millions)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2014 2013 2014 2013 Accelerated
depreciation, asset impairment and other shutdown costs $
36 $ — $ 120 $ —
Amortization of acquired Amylin intangible assets — 137 — 412
Amortization of Amylin alliance proceeds — (68 ) — (202 )
Amortization of Amylin inventory adjustment — — —
14
Cost of products sold 36 69 120 224
Additional year of Branded Prescription Drug Fee 96 — 96 — Process
standardization implementation costs 2 4 8 6
Marketing, selling and administrative 98 4 104 6
Upfront, milestone and other payments 65 — 228 — IPRD
impairments — — 343 —
Research and
development 65 — 571 — Provision for restructuring 35 6
72 212 Gain on sale of product lines, businesses and assets (315 )
— (562 ) — Pension curtailments, settlements and special
termination benefits 28 37 137 136 Acquisition and alliance related
items(a) 39 — 72 (10 ) Litigation charges/(recoveries) 10 — 12 (23
) Loss on debt redemption — — 45 — Upfront, milestone and other
licensing receipts — — — (14 )
Other
(income)/expense (203 ) 43 (224 ) 301
Increase/(decrease) to pretax income (4 ) 116 571 531 Income
tax on items above 33 (40 ) (248 ) (191 )
Increase to net
earnings $ 29 $ 76 $
323 $ 340 (a)
Includes $16 million of additional year of Branded Prescription
Drug Fee.
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE
ITEMS TO CERTAIN GAAP LINE ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 (Unaudited,
dollars in millions) Three Months Ended September 30, 2014
GAAP
SpecifiedItems*
NonGAAP
Gross Profit $ 2,914 $ 36 $
2,950 Marketing, selling and administrative 1,029
(98
)
931 Research and development 983
(65
)
918 Other (income)/expense (277 ) 203
(74
)
Effective Tax Rate 27.4 %
(3.2
)
%
24.2 % Three Months Ended September 30, 2013 GAAP
SpecifiedItems*
NonGAAP
Gross Profit $ 2,890 $ 69 $ 2,959 Marketing, selling and
administrative 980
(4
)
976 Research and development 893 — 893 Other (income)/expense 5
(43
)
(38
)
Effective Tax Rate 15.4 % 2.4 % 17.8 % * 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 NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013
(Unaudited, dollars in millions) Nine Months Ended September
30, 2014 GAAP
SpecifiedItems*
NonGAAP
Gross Profit $ 8,655 $ 120 $
8,775 Marketing, selling and administrative 2,937
(104
)
2,833 Research and development 3,345
(571
)
2,774 Other (income)/expense (589 ) 224
(365
)
Effective Tax Rate 18.0 % 4.8 % 22.8 % Nine Months Ended
September 30, 2013 GAAP
SpecifiedItems*
NonGAAP
Gross Profit $ 8,598 $ 224 $ 8,822 Marketing, selling and
administrative 3,016
(6
)
3,010 Research and development 2,774 — 2,774 Other (income)/expense
185
(301
)
(116
)
Effective Tax Rate 8.8 % 5.6 % 14.4 % * 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 NINE
MONTHS ENDED SEPTEMBER 30, 2014 AND 2013 (Unaudited, dollars and
shares in millions except per share data) Three Months Ended
September 30, Nine Months Ended September 30, 2014
2013 2014 2013 Net Earnings Attributable to BMS used
for Diluted EPS Calculation - GAAP $ 721 $ 692 $
1,991 $ 1,837 Less Specified Items* 29 76
323 340 Net Earnings used for Diluted EPS Calculation
– Non-GAAP $ 750 $ 768 $ 2,314
$ 2,177 Average Common Shares Outstanding –
Diluted 1,670 1,662 1,668 1,659 Diluted Earnings Per Share —
GAAP $ 0.43 $ 0.42 $ 1.19 $ 1.11 Diluted EPS Attributable to
Specified Items 0.02 0.04 0.20 0.20 Diluted
Earnings Per Share — Non-GAAP $ 0.45 $ 0.46
$ 1.39 $ 1.31 *
Refer to the Specified Items schedule for further details.
BRISTOL-MYERS SQUIBB
COMPANY NET CASH/(DEBT) CALCULATION AS OF SEPTEMBER 30, 2014 AND
JUNE 30, 2014 (Unaudited, dollars in millions) September 30,
2014 June 30, 2014 Cash and cash equivalents $ 4,851 $ 4,282
Marketable securities - current 2,370 2,893 Marketable securities -
long term 4,328 3,876
Cash, cash equivalents and
marketable securities 11,549 11,051 Short-term borrowings and
current portion of long-term debt (401 ) (365 ) Long-term debt
(7,267 ) (7,372 )
Net cash position $ 3,881 $ 3,314
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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