- Increases Fourth Quarter Revenues 4%
to $5.4 Billion, 7% for Full Year to $20.8 Billion
- Posts Fourth Quarter GAAP Loss Per
Share of $1.42, Driven by Tax Reform Charges, Non-GAAP EPS of
$0.68
- Achieves Important Clinical and
Regulatory Milestones in Oncology
- Opdivo Plus Yervoy
Demonstrates Superior Progression-Free Survival vs. Chemotherapy in
First-Line Non-Small Cell Lung Cancer Patients with High Tumor
Mutation Burden in CheckMate -227
- Opdivo Approved in the U.S.
for Patients with Completely Resected Melanoma with Lymph Node
Involvement or Metastatic Disease
- Applications for Opdivo Plus Yervoy
Combination for First-Line Renal Cell Carcinoma Accepted for Review
by the FDA, Validated in EU
- Opdivo Study Evaluating
Predominantly Chinese Patients with Previously-Treated Non-Small
Cell Lung Cancer Stopped Early for Demonstrating Superior Overall
Survival
- Provides 2018 GAAP EPS Guidance
Range of $3.00 to $3.15 and Non-GAAP EPS Guidance Range of $3.15 to
$3.30
Bristol-Myers Squibb Company (NYSE:BMY) today reported results
for the fourth quarter and full year of 2017, which were
highlighted by strong sales for Opdivo and Eliquis along with
regulatory and clinical progress in Oncology for Opdivo and the
Opdivo plus Yervoy combination.
“I am proud of our results in 2017, with sales growth driven by
strong commercial performance of our prioritized brands and
important scientific advances we are making across our pipeline,”
said Giovanni Caforio, M.D., chairman and chief executive officer,
Bristol-Myers Squibb. “Additionally, we believe the exciting
results from CheckMate -227 that we announced today are a
meaningful step forward for patients with lung cancer. As we begin
2018, I am confident that we are well positioned for long-term
growth through our strong commercial and R&D capabilities in
bringing transformational medicines to patients with serious
diseases.”
Fourth
Quarter
$ amounts in millions, except per share amounts
2017
2016
Change
Total Revenues $5,449 $5,243 4% GAAP Diluted EPS (1.42) 0.53 **
Non-GAAP Diluted EPS 0.68 0.63 8%
Full
Year
$ amounts in millions, except per share amounts
2017
2016
Change
Total Revenues $20,776 $19,427 7% GAAP Diluted EPS 0.61 2.65 (77)%
Non-GAAP Diluted EPS 3.01 2.83 6%
** In excess of +/- 100%
FOURTH QUARTER FINANCIAL
RESULTS
- Bristol-Myers Squibb posted fourth
quarter 2017 revenues of $5.4 billion, an increase of 4% compared
to the same period a year ago. Revenues increased 2% when adjusted
for the impact of foreign exchange.
- U.S. revenues increased 7% to $2.9
billion in the quarter compared to the same period a year ago.
International revenues increased 1%. When adjusted for foreign
exchange impact, international revenues decreased 3%.
- Gross margin as a percentage of revenue
decreased from 73.6% to 69.3% in the quarter primarily due to
product mix.
- Marketing, selling and administrative
expenses decreased 11% to $1.3 billion in the quarter.
- Research and development expenses
increased 37% to $1.9 billion in the quarter primarily due to
license and asset acquisition charges of $377 million in the fourth
quarter of 2017.
- The effective tax rate increased to
434% in the quarter from 17% in the fourth quarter last year
primarily due to a one-time $2.9 billion charge resulting from U.S.
tax reform.
- The company reported net loss
attributable to Bristol-Myers Squibb of $2.3 billion, or $1.42 per
share, in the fourth quarter compared to net earnings of $894
million, or $0.53 per share, for the same period in 2016. The
results in the current quarter include the significant transitional
impact from U.S. tax reform.
- The company reported non-GAAP net
earnings attributable to Bristol-Myers Squibb of $1.1 billion, or
$0.68 per share, in the fourth quarter, compared to $1.1 billion,
or $0.63 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 $9.3 billion, with a net cash position of $1.3
billion, as of December 31, 2017.
FOURTH QUARTER PRODUCT AND PIPELINE
UPDATE
Product Sales/Business Highlights
The increase in global revenues for the fourth quarter of 2017,
compared to the fourth quarter of 2016, was driven by:
Product
Growth
%
Eliquis 44%
Opdivo
4% Orencia 6%
Sprycel
7%
Yervoy
2%
Opdivo
Regulatory
- In December, the company announced the
U.S. Food and Drug Administration (FDA) accepted its supplemental
Biologics License Application for priority review
of Opdivo plus Yervoy to treat intermediate-
and poor-risk patients with advanced renal cell carcinoma (RCC).
The application has an action date of April 16, 2018.
- In December, the company announced the
FDA approved Opdivo injection for intravenous use for the adjuvant
treatment of patients with melanoma with involvement of lymph nodes
or metastatic disease who have undergone complete resection.
- In November, the company announced the
European Medicines Agency (EMA) validated its type II variation
application, which seeks to expand the current indications
for Opdivo plus Yervoy to include the treatment
of intermediate- and poor-risk patients with advanced RCC.
- In October, the company announced the
EMA validated its type II variation application, which seeks to
expand the current indications for Opdivo to include the treatment
of patients with melanoma who are at high risk of disease
recurrence following complete surgical resection. Validation of the
application confirms the submission is complete and begins the
EMA’s centralized review process.
Clinical
- In February, the company announced that
the pivotal Phase 3 Checkmate -227 study demonstrated superior
progression-free survival with the combination of Opdivo plus
Yervoy versus chemotherapy in first-line non-small cell lung cancer
(NSCLC) patients with high tumor mutation burden, regardless of
PD-L1 expression. The company also announced that the trial will
continue as planned to assess the Opdivo plus Yervoy combination
for the co-primary endpoint of overall survival in patients who
express PD-L1. (link)
- In January, the company announced new
data from a cohort of the Phase 2 CheckMate -142 trial
evaluating Opdivo plus Yervoy for the treatment of patients
with DNA mismatch repair deficient (dMMR) or microsatellite
instability-high (MSI-H) metastatic colorectal cancer
(mCRC). (link)
- In December, at the American Society of
Hematology Annual Meeting, the company and Seattle Genetics
announced updated data from an ongoing Phase 1/2 clinical trial
evaluating Adcetris® (brentuximab vedotin) in combination with
Opdivo in relapsed or refractory classical Hodgkin lymphoma.
(link)
- In December, the FDA lifted partial
clinical holds placed on CA209 -039 and CA204142, the Phase 1 and 2
clinical trials investigating Opdivo-based combinations in
patients with relapsed or refractory multiple myeloma,
respectively.
- In November, the Phase 3 study
CheckMate -078, evaluating Opdivo versus docetaxel in previously
treated advanced or metastatic NSCLC, was stopped early because the
study met its primary endpoint, demonstrating superior overall
survival (OS) in patients receiving Opdivo compared with the
control arm. CheckMate -078 is a multinational Phase 3 study with
predominantly Chinese patients. (link)
- In November, at the Society for
Immunotherapy of Cancer Annual Meeting, the company announced
results from CheckMate -214, a Phase 3 trial evaluating the
combination of Opdivo plus Yervoy compared to sunitinib in
intermediate- and poor-risk patients with previously untreated
advanced or metastatic RCC, as well as results from an exploratory
analysis of PD-L1 expression across subgroups. (link)
- In November, at the International
Kidney Cancer Symposium, the company announced a three-year OS
update from its Phase 3 CheckMate -025 study, evaluating patients
treated with Opdivo versus everolimus in previously
treated advanced RCC. (link)
Sprycel
Regulatory
- In November, the company announced the
FDA has expanded the indication for Sprycel tablets to include the
treatment of children with Philadelphia chromosome-positive chronic
myeloid leukemia in chronic phase.
Clinical
- In December, at the American Society of
Hematology Annual Meeting, the company announced data from the
Phase 2 CA180-372 study in pediatric patients with newly diagnosed
Philadelphia chromosome-positive (Ph+) acute lymphoblastic leukemia
(ALL) treated with Sprycel added to a chemotherapy regimen modelled
on a Berlin-Frankfurt-Munster high-risk backbone. (link)
Yervoy
Regulatory
- In January, the company announced that
the European Commission expanded the indication of Yervoy to
include treatment of advanced (unresectable or metastatic) melanoma
in pediatric patients 12 years of age and older.
Investigational Compound Highlights
Oncology
- In November, at the Society for
Immunotherapy of Cancer Annual Meeting, the company announced
results from studies evaluating BMS-986205, an investigational IDO1
inhibitor, and cabiralizumab (FPA008), an investigational
anti-CSF-1 receptor antibody, in combination with Opdivo.
- CA017-003: Data from a Phase 1/2a dose
escalation and expansion study of BMS-986205 in combination with
Opdivo in heavily pre-treated bladder and cervical cancer patients.
(link)
- NCT02526017: Results from a Phase 1a/1b
dose escalation and expansion study with Five Prime Therapeutics,
Inc. evaluating the safety, pharmacokinetics and pharmacodynamics
of cabiralizumab in combination with Opdivo in patients with
advanced solid tumors. (link)
FOURTH QUARTER BUSINESS DEVELOPMENT
UPDATE
- In December, the company and TARIS
Biomedical LLC announced that the companies entered into a clinical
trial collaboration to evaluate the safety, tolerability and
preliminary efficacy of TARIS’ investigational product, TAR-200
(GemRIS™), in combination with Opdivo in patients with Muscle
Invasive Bladder Cancer who are scheduled for radical
cystectomy.
- In December, the company and Ono
Pharmaceutical Co., Ltd. announced an agreement that grants
Bristol-Myers Squibb an exclusive license for the development and
commercialization of ONO-4578, Ono’s selective Prostaglandin E2
receptor 4 antagonist.
Adcetris® is a trademark of Seattle Genetics, Inc.
GemRIS™ is a trademark of TARIS Biomedical LLC.
2018 FINANCIAL GUIDANCE
Bristol-Myers Squibb is setting its 2018 GAAP EPS guidance range
at $3.00 to $3.15 and non-GAAP EPS guidance range at $3.15 to
$3.30. Key 2018 GAAP and non-GAAP guidance assumptions include:
- Worldwide revenues increasing in the
low- to mid-single digits.
- Gross margin as a percentage of revenue
to be approximately 70% for both GAAP and non-GAAP.
- Marketing, selling and administrative
expenses decreasing in the low- to mid-single digit range for both
GAAP and non-GAAP.
- Research and development expenses
decreasing in the low-double digits for GAAP and increasing in the
high-single digits for non-GAAP.
- An effective tax rate between 20% to
21% for both GAAP and non-GAAP.
The financial guidance for 2018 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 2018 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 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, jurisdictional tax rates and
the transitional impact of U.S. tax reform. 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 current and
future financial position, results of operations, market position,
product development and business strategy. Some of 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, including 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, actions and
decisions by our collaboration and marketing partners, 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, or to realize
the anticipated benefits of any business development transactions,
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 the outcome of research and development activities,
including the outcome of current and future clinical trials on
in-line and other products and product candidates, that the
compounds will receive necessary regulatory approvals or achieve
successful commercial launch and marketing or the timing or scope
of any of the foregoing, 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. Should known or unknown
risks or uncertainties materialize or should underlying assumptions
prove inaccurate, actual results could vary materially from past
results and those anticipated, estimated or projected. Investors
should bear this in mind as they consider forward-looking
statements, and are cautioned not to put undue reliance on
forward-looking statements. 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. This release may include discussion of certain clinical
studies relating to various in-line products and/or product
candidates. These studies typically are part of a larger body of
clinical data relating to such products or product candidates, and
the discussion herein should be considered in the context of the
larger body of data. In addition, clinical trial data are subject
to differing interpretations, and, even when we view data as
sufficient to support the safety and/or effectiveness of a product
candidate or a new indication for an in-line product, regulatory
authorities may not share our views and may require additional data
or may deny approval altogether.
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 February 5, 2018 at 8:00 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 866-548-4713 or international 323-794-2093,
confirmation code: 4392051. Slides and other 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 11:00 a.m. EST on February 5, 2018 through 11:00 a.m. EST on
February 19, 2018. 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:
4392051.
For more information, contact: Communications: Ken Dominski,
609-252-5251, ken.dominski@bms.com or Lisa McCormick Lavery,
609-252-7602, lisa.mccormicklavery@bms.com; Investor Relations:
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.
BRISTOL-MYERS SQUIBB COMPANYPRODUCT
REVENUEFOR THE THREE MONTHS ENDED DECEMBER 31, 2017 AND
2016(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues
2017 2016
%Change
2017 2016
%Change
Three Months Ended
December 31,
Prioritized Brands Opdivo $ 1,361 $ 1,310 4% $ 795 $ 715 11%
Eliquis 1,363 948 44% 768 539 42% Orencia 662 625 6% 461 423 9%
Sprycel 527 494 7% 299 267 12% Yervoy 269 264 2% 181 202 (10)%
Empliciti 63 47 34% 39 36 8%
Established Brands
Baraclude 233 296 (21)% 13 17 (24)% Sustiva Franchise 174 246 (29)%
151 212 (29)% Reyataz Franchise 143 206 (31)% 67 117 (43)%
Hepatitis C Franchise 59 226 (74)% 13 82 (84)% Other Brands 595 581
2% 104 95 9%
Total $ 5,449 $ 5,243 4% $ 2,891 $ 2,705
7%
BRISTOL-MYERS SQUIBB COMPANYPRODUCT
REVENUEFOR THE TWELVE MONTHS ENDED DECEMBER 31, 2017 AND
2016(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2017
2016
%Change
2017 2016
%Change
Twelve Months Ended
December 31,
Prioritized Brands Opdivo $ 4,948 $ 3,774 31% $ 3,102 $
2,664 16% Eliquis 4,872 3,343 46% 2,887 1,963 47% Orencia 2,479
2,265 9% 1,704 1,532 11% Sprycel 2,005 1,824 10% 1,105 969 14%
Yervoy 1,244 1,053 18% 908 802 13% Empliciti 231 150 54% 151 133
14%
Established Brands Baraclude 1,052 1,192 (12)% 53
66 (20)% Sustiva Franchise 729 1,065 (32)% 622 901 (31)% Reyataz
Franchise 698 912 (23)% 327 484 (32)% Hepatitis C Franchise 406
1,578 (74)% 109 827 (87)% Other Brands 2,112 2,271 (7)% 390 379 3%
Total $ 20,776 $ 19,427 7% $ 11,358 $ 10,720 6%
BRISTOL-MYERS SQUIBB COMPANYCONSOLIDATED
STATEMENTS OF EARNINGSFOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 31, 2017 AND 2016(Unaudited, dollars and shares in
millions except per share data)
Three Months EndedDecember 31,
Twelve Months EndedDecember 31,
2017 2016 2017 2016 Net product sales $ 5,046 $ 4,814
$ 19,258 $ 17,702 Alliance and other revenues 403 429
1,518 1,725 Total Revenues 5,449 5,243
20,776 19,427 Cost of products sold 1,673
1,383 6,066 4,946 Marketing, selling and administrative 1,299 1,461
4,687 4,911 Research and development 1,921 1,400 6,411 4,940 Other
income (net) (142 ) (87 ) (1,519 ) (1,285 ) Total Expenses 4,751
4,157 15,645 13,512 Earnings
Before Income Taxes 698 1,086 5,131 5,915 Provision for Income
Taxes 3,027 188 4,156 1,408 Net
Earnings/(Loss) (2,329 ) 898 975 4,507 Net Earnings/(Loss)
Attributable to Noncontrolling Interest (1 ) 4 (32 ) 50
Net Earnings/(Loss) Attributable to BMS $ (2,328 ) $ 894
$ 1,007 $ 4,457 Average Common Shares
Outstanding: Basic 1,635 1,672 1,645 1,671 Diluted 1,635 1,680
1,652 1,680 Earnings per Common Share Basic $ (1.42 ) $ 0.53
$ 0.61 $ 2.67 Diluted $ (1.42 ) $ 0.53 $ 0.61 $ 2.65 Other
income (net) Interest expense $ 51 $ 40 $ 196 $ 167 Investment
income (50 ) (24 ) (154 ) (105 ) Provision for restructuring 86 68
293 109 Litigation and other settlements 2 (1 ) (487 ) 47 Equity in
net income of affiliates (16 ) (12 ) (75 ) (77 ) Divestiture gains
(38 ) (2 ) (164 ) (576 ) Royalties and licensing income (258 ) (140
) (1,351 ) (719 ) Transition and other service fees (5 ) (54 ) (37
) (238 ) Pension charges 71 25 162 91 Intangible asset impairments
— — — 15 Equity investment impairment 5 — 5 45 Loss on debt
redemption — — 109 — Other 10 13 (16 ) (44 ) Other
income (net) $ (142 ) $ (87 ) $ (1,519 ) $ (1,285 )
BRISTOL-MYERS SQUIBB COMPANYSPECIFIED
ITEMSFOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2017
AND 2016(Unaudited, dollars in millions)
Three Months EndedDecember 31,
Twelve Months EndedDecember 31,
2017 2016 2017 2016 Impairment charges $ 18 $ — $ 146
$ — Accelerated depreciation and other shutdown costs — 6
3 21
Cost of products sold 18 6 149 21
Marketing, selling and administrative 1 — 1 —
License and asset acquisition charges 377 130 1,130 439 IPRD
impairments — 13 75 13 Site exit costs and other 151 43
383 83
Research and development 528 186
1,588 535 Provision for restructuring 86 68 293 109
Litigation and other settlements — — (481 ) 40 Divestiture gains
(26 ) — (126 ) (559 ) Royalties and licensing income — (10 ) (497 )
(10 ) Pension charges 71 25 162 91 Intangible asset impairments — —
— 15 Loss on debt redemption — — 109 —
Other income (net) 131 83 (540 ) (314 )
Increase
to pretax income 678 275 1,198 242 Income taxes on
specified items (138 ) (105 ) (87 ) 51 Income taxes attributed to
U.S. tax reform 2,911 — 2,911 —
Income taxes 2,773 (105 ) 2,824 51
Increase to net
earnings 3,451 170 4,022 293 Noncontrolling interest —
— (59 ) —
Increase to net earnings
used for diluted Non-GAAP EPS calculation $ 3,451 $ 170
$ 3,963 $ 293
BRISTOL-MYERS SQUIBB COMPANYRECONCILIATION
OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMSFOR THE
THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2017 AND 2016(Unaudited,
dollars in millions)
Three Months Ended December 31, 2017
Twelve Months Ended December 31, 2017 GAAP
SpecifiedItems(a)
Non-GAAP
GAAP
SpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,776 $ 18 $ 3,794 $ 14,710 $ 149 $ 14,859 Research
and development 1,921 (528 ) 1,393 6,411 (1,588 ) 4,823 Other
income (net) (142 ) (131 ) (273 ) (1,519 ) 540 (979 ) Earnings
Before Income Taxes 698 678 1,376 5,131 1,198 6,329 Provision for
Income Taxes 3,027 2,773 254 4,156 2,824 1,332 Noncontrolling
interest (1 ) — (1 ) (32 ) (59 ) 27 Net Earnings/(Loss)
Attributable to BMS used for Diluted EPS Calculation $ (2,328 ) $
3,451 $ 1,123 $ 1,007 $ 3,963 $ 4,970 Average Common Shares
Outstanding - Diluted 1,635 1,642 1,642 1,652 1,652 1,652 Diluted
Earnings/(Loss) Per Share $ (1.42 ) $ 2.10 $ 0.68 $ 0.61 $ 2.40 $
3.01 Effective Tax Rate 433.7 % (415.2 )% 18.5 % 81.0 %
(60.0 )% 21.0 % Three Months Ended December 31, 2016 Twelve
Months Ended December 31, 2016 GAAP
SpecifiedItems(a)
Non-GAAP
GAAP
SpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,860 $ 6 $ 3,866 $ 14,481 $ 21 $ 14,502 Research
and development 1,400 (186 ) 1,214 4,940 (535 ) 4,405 Other income
(net) (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 Noncontrolling interest 4 — 4 50 — 50
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 % (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 DECEMBER 31, 2017 AND SEPTEMBER
30, 2017(Unaudited, dollars in millions)
December 31, 2017 September 30,
2017 Cash and cash equivalents $ 5,421 $ 4,644 Marketable
securities - current 1,391 2,478 Marketable securities -
non-current 2,480 2,526
Cash, cash equivalents and
marketable securities 9,292 9,648 Short-term debt obligations
(987 ) (1,461 ) Long-term debt (6,975 ) (6,982 )
Net cash
position $ 1,330 $ 1,205
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180205005337/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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