BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF REVENUES
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenues | | 2013 | | 2014 | | % Change | | FX Impact |
| | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | Qtr vs. Qtr | | YTD vs. YTD | | Qtr vs. Qtr | | YTD vs. YTD |
| Total | | $ | 3,831 |
| | $ | 4,048 |
| | $ | 7,879 |
| | $ | 4,065 |
| | $ | 11,944 |
| | $ | 4,441 |
| | $ | 16,385 |
| | $ | 3,811 |
| | $ | 3,889 |
| | $ | 7,700 |
| | $ | 3,921 |
| | $ | 11,621 |
| | $ | 4,258 |
| | $ | 15,879 |
| | (4)% | | (3)% | | (3)% | | (1)% |
| US and Puerto Rico | | 1,971 |
| | 2,045 |
| | 4,016 |
| | 2,037 |
| | 6,053 |
| | 2,265 |
| | 8,318 |
| | 1,765 |
| | 1,901 |
| | 3,666 |
| | 1,968 |
| | 5,634 |
| | 2,082 |
| | 7,716 |
| | (8)% | | (7)% | | — | | — |
| Europe | | 946 |
| | 950 |
| | 1,896 |
| | 985 |
| | 2,881 |
| | 1,049 |
| | 3,930 |
| | 948 |
| | 908 |
| | 1,856 |
| | 814 |
| | 2,670 |
| | 922 |
| | 3,592 |
| | (12)% | | (9)% | | (6)% | | — |
| Rest of the World | | 765 |
| | 835 |
| | 1,600 |
| | 805 |
| | 2,405 |
| | 890 |
| | 3,295 |
| | 830 |
| | 811 |
| | 1,641 |
| | 838 |
| | 2,479 |
| | 980 |
| | 3,459 |
| | 10% | | 5% | | (8)% | | (5)% |
| Other | | 149 |
| | 218 |
| | 367 |
| | 238 |
| | 605 |
| | 237 |
| | 842 |
| | 268 |
| | 269 |
| | 537 |
| | 301 |
| | 838 |
| | 274 |
| | 1,112 |
| | 16% | | 32% | | N/A | | N/A |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| % of Revenues | | 2013 | | 2014 | | | | | | | | |
| | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | | | | | | | |
| Total | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | | | | | | | |
| US and Puerto Rico | | 51.4 | % | | 50.5 | % | | 51.0 | % | | 50.1 | % | | 50.7 | % | | 51.0 | % | | 50.8 | % | | 46.3 | % | | 48.9 | % | | 47.6 | % | | 50.2 | % | | 48.5 | % | | 48.9 | % | | 48.6 | % | | | | | | | | |
| Europe | | 24.7 | % | | 23.5 | % | | 24.1 | % | | 24.2 | % | | 24.1 | % | | 23.6 | % | | 24.0 | % | | 24.9 | % | | 23.3 | % | | 24.1 | % | | 20.8 | % | | 23.0 | % | | 21.7 | % | | 22.6 | % | | | | | | | | |
| Rest of the World | | 20.0 | % | | 20.6 | % | | 20.3 | % | | 19.8 | % | | 20.1 | % | | 20.0 | % | | 20.1 | % | | 21.8 | % | | 20.9 | % | | 21.3 | % | | 21.4 | % | | 21.3 | % | | 23.0 | % | | 21.8 | % | | | | | | | | |
| Other | | 3.9 | % | | 5.4 | % | | 4.6 | % | | 5.9 | % | | 5.1 | % | | 5.4 | % | | 5.1 | % | | 7.0 | % | | 6.9 | % | | 7.0 | % | | 7.6 | % | | 7.2 | % | | 6.4 | % | | 7.0 | % | | | | | | | | |
BRISTOL-MYERS SQUIBB COMPANY
REVENUES AND COMPOSITION OF CHANGE IN REVENUES
FOR THE PERIOD ENDED DECEMBER 31, 2014
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | |
| QUARTER-TO-DATE | | Revenues | | Analysis of % Change |
| | | 2014 | | 2013 | | Total Change | | Volume | | Price | | Foreign Exchange |
| US and Puerto Rico | | $ | 2,082 |
| | $ | 2,265 |
| | (8)% | | (9)% | | 1% | | — |
| Europe | | 922 |
| | 1,049 |
| | (12)% | | 1% | | (7)% | | (6)% |
| Rest of the World | | 980 |
| | 890 |
| | 10% | | 17% | | 1% | | (8)% |
| Other | | 274 |
| | 237 |
| | 16% | | N/A | | N/A | | N/A |
| Total | | $ | 4,258 |
| | $ | 4,441 |
| | (4)% | | — | | (1)% | | (3)% |
| | | | | | | | | | | | | |
| YEAR-TO-DATE | | Revenues | | Analysis of % Change |
| | | 2014 | | 2013 | | Total Change | | Volume | | Price | | Foreign Exchange |
| US and Puerto Rico | | $ | 7,716 |
| | $ | 8,318 |
| | (7)% | | (10)% | | 3% | | — |
| Europe | | 3,592 |
| | 3,930 |
| | (9)% | | (2)% | | (7)% | | — |
| Rest of the World | | 3,459 |
| | 3,295 |
| | 5% | | 11% | | (1)% | | (5)% |
| Other | | 1,112 |
| | 842 |
| | 32% | | N/A | | N/A | | N/A |
| Total | | $ | 15,879 |
| | $ | 16,385 |
| | (3)% | | (2)% | | — | | (1)% |
BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM OPERATIONS
(Unaudited, dollars and shares in millions except per share data)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2013 | | 2014 | | % Change |
| | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | Qtr vs. Qtr | | YTD vs. YTD |
| Net product sales | | $ | 2,957 |
| | $ | 3,024 |
| | $ | 5,981 |
| | $ | 3,025 |
| | $ | 9,006 |
| | $ | 3,298 |
| | $ | 12,304 |
| | $ | 2,807 |
| | $ | 2,770 |
| | $ | 5,577 |
| | $ | 2,843 |
| | $ | 8,420 |
| | $ | 3,240 |
| | $ | 11,660 |
| | (2)% | | (5)% |
| Alliance and other revenues | | 874 |
| | 1,024 |
| | 1,898 |
| | 1,040 |
| | 2,938 |
| | 1,143 |
| | 4,081 |
| | 1,004 |
| | 1,119 |
| | 2,123 |
| | 1,078 |
| | 3,201 |
| | 1,018 |
| | 4,219 |
| | (11)% | | 3% |
| Total Revenues | | $ | 3,831 |
| | $ | 4,048 |
| | $ | 7,879 |
| | $ | 4,065 |
| | $ | 11,944 |
| | $ | 4,441 |
| | $ | 16,385 |
| | $ | 3,811 |
| | $ | 3,889 |
| | $ | 7,700 |
| | $ | 3,921 |
| | $ | 11,621 |
| | $ | 4,258 |
| | $ | 15,879 |
| | (4)% | | (3)% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cost of products sold | | 1,063 |
| | 1,108 |
| | 2,171 |
| | 1,175 |
| | 3,346 |
| | 1,273 |
| | 4,619 |
| | 968 |
| | 991 |
| | 1,959 |
| | 1,007 |
| | 2,966 |
| | 966 |
| | 3,932 |
| | (24)% | | (15)% |
| Marketing, selling and administrative | | 994 |
| | 1,042 |
| | 2,036 |
| | 980 |
| | 3,016 |
| | 1,068 |
| | 4,084 |
| | 957 |
| | 951 |
| | 1,908 |
| | 1,029 |
| | 2,937 |
| | 1,151 |
| | 4,088 |
| | 8% | | — |
| Advertising and product promotion | | 189 |
| | 218 |
| | 407 |
| | 194 |
| | 601 |
| | 254 |
| | 855 |
| | 163 |
| | 187 |
| | 350 |
| | 171 |
| | 521 |
| | 213 |
| | 734 |
| | (16)% | | (14)% |
| Research and development | | 930 |
| | 951 |
| | 1,881 |
| | 893 |
| | 2,774 |
| | 957 |
| | 3,731 |
| | 946 |
| | 1,416 |
| | 2,362 |
| | 983 |
| | 3,345 |
| | 1,189 |
| | 4,534 |
| | 24% | | 22% |
| Other (income)/expense | | (19 | ) | | 199 |
| | 180 |
| | 5 |
| | 185 |
| | 20 |
| | 205 |
| | (208 | ) | | (104 | ) | | (312 | ) | | (277 | ) | | (589 | ) | | 799 |
| | 210 |
| | ** | | 2% |
| Total Expenses | | 3,157 |
| | 3,518 |
| | 6,675 |
| | 3,247 |
| | 9,922 |
| | 3,572 |
| | 13,494 |
| | 2,826 |
| | 3,441 |
| | 6,267 |
| | 2,913 |
| | 9,180 |
| | 4,318 |
| | 13,498 |
| | 21% | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Earnings Before Income Taxes | | $ | 674 |
| | $ | 530 |
| | $ | 1,204 |
| | $ | 818 |
| | $ | 2,022 |
| | $ | 869 |
| | $ | 2,891 |
| | $ | 985 |
| | $ | 448 |
| | $ | 1,433 |
| | $ | 1,008 |
| | $ | 2,441 |
| | $ | (60 | ) | | $ | 2,381 |
| | ** | | (18)% |
| Provision for Income Taxes | | 51 |
| | — |
| | 51 |
| | 126 |
| | 177 |
| | 134 |
| | 311 |
| | 49 |
| | 114 |
| | 163 |
| | 276 |
| | 439 |
| | (87 | ) | | 352 |
| | ** | | 13% |
| Net Earnings | | $ | 623 |
| | $ | 530 |
| | $ | 1,153 |
| | $ | 692 |
| | $ | 1,845 |
| | $ | 735 |
| | $ | 2,580 |
| | $ | 936 |
| | $ | 334 |
| | $ | 1,270 |
| | $ | 732 |
| | $ | 2,002 |
| | $ | 27 |
| | $ | 2,029 |
| | (96)% | | (21)% |
| Net Earnings/(Loss) Attributable to Noncontrolling Interest | | 14 |
| | (6 | ) | | 8 |
| | — |
| | 8 |
| | 9 |
| | 17 |
| | (1 | ) | | 1 |
| | — |
| | 11 |
| | 11 |
| | 14 |
| | 25 |
| | 56% | | 47% |
| Net Earnings Attributable to BMS | | $ | 609 |
| | $ | 536 |
| | $ | 1,145 |
| | $ | 692 |
| | $ | 1,837 |
| | $ | 726 |
| | $ | 2,563 |
| | $ | 937 |
| | $ | 333 |
| | $ | 1,270 |
| | $ | 721 |
| | $ | 1,991 |
| | $ | 13 |
| | $ | 2,004 |
| | (98)% | | (22)% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Diluted Earnings per Common Share* | | $ | 0.37 |
| | $ | 0.32 |
| | $ | 0.69 |
| | $ | 0.42 |
| | $ | 1.11 |
| | $ | 0.44 |
| | $ | 1.54 |
| | $ | 0.56 |
| | $ | 0.20 |
| | $ | 0.76 |
| | $ | 0.43 |
| | $ | 1.19 |
| | $ | 0.01 |
| | $ | 1.20 |
| | (98)% | | (22)% |
| Average Common Shares Outstanding - Diluted | | 1,655 |
| | 1,660 |
| | 1,658 |
| | 1,662 |
| | 1,659 |
| | 1,666 |
| | 1,662 |
| | 1,666 |
| | 1,669 |
| | 1,668 |
| | 1,670 |
| | 1,668 |
| | 1,673 |
| | 1,670 |
| | — | | — |
| Dividends declared per common share | | $ | 0.35 |
| | $ | 0.35 |
| | $ | 0.70 |
| | $ | 0.35 |
| | $ | 1.05 |
| | $ | 0.36 |
| | $ | 1.41 |
| | $ | 0.36 |
| | $ | 0.36 |
| | $ | 0.72 |
| | $ | 0.36 |
| | $ | 1.08 |
| | $ | 0.37 |
| | $ | 1.45 |
| | 3% | | 3% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2013 | | 2014 | | | | |
| % of Total Revenues | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | | | |
| Gross Margin | | 72.3 | % | | 72.6 | % | | 72.4 | % | | 71.1 | % | | 72.0 | % | | 71.3 | % | | 71.8 | % | | 74.6 | % | | 74.5 | % | | 74.6 | % | | 74.3 | % | | 74.5 | % | | 77.3 | % | | 75.2 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Ratios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Effective tax rate | | 7.6 | % | | — |
| | 4.2 | % | | 15.4 | % | | 8.8 | % | | 15.4 | % | | 10.8 | % | | 5.0 | % | | 25.4 | % | | 11.4 | % | | 27.4 | % | | 18.0 | % | | 145.0 | % | | 14.8 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other (Income)/Expense | | 2013 | | 2014 | | % Change |
| | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | Qtr vs. Qtr | | YTD vs. YTD |
| Interest expense | | $ | 50 |
| | $ | 50 |
| | $ | 100 |
| | $ | 46 |
| | $ | 146 |
| | $ | 53 |
| | $ | 199 |
| | $ | 54 |
| | $ | 46 |
| | $ | 100 |
| | $ | 50 |
| | $ | 150 |
| | $ | 53 |
| | $ | 203 |
| | — | | 2% |
| Investment income | | (25 | ) | | (28 | ) | | (53 | ) | | (23 | ) | | (76 | ) | | (28 | ) | | (104 | ) | | (23 | ) | | (28 | ) | | (51 | ) | | (20 | ) | | (71 | ) | | (30 | ) | | (101 | ) | | 7% | | (3)% |
| Provision for restructuring | | 33 |
| | 173 |
| | 206 |
| | 6 |
| | 212 |
| | 14 |
| | 226 |
| | 21 |
| | 16 |
| | 37 |
| | 35 |
| | 72 |
| | 91 |
| | 163 |
| | ** | | (28)% |
| Litigation charges/(recoveries) | | — |
| | (22 | ) | | (22 | ) | | 17 |
| | (5 | ) | | 25 |
| | 20 |
| | 29 |
| | (20 | ) | | 9 |
| | 10 |
| | 19 |
| | 4 |
| | 23 |
| | (84)% | | 15% |
| Equity in net income of affiliates | | (36 | ) | | (50 | ) | | (86 | ) | | (42 | ) | | (128 | ) | | (38 | ) | | (166 | ) | | (36 | ) | | (33 | ) | | (69 | ) | | (12 | ) | | (81 | ) | | (26 | ) | | (107 | ) | | (32)% | | (36)% |
| Out-licensed intangible asset impairment | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 18 |
| | 18 |
| | 11 |
| | 29 |
| | ** | | ** |
| Gain on sale of product lines, businesses and assets | | (1 | ) | | — |
| | (1 | ) | | — |
| | (1 | ) | | (1 | ) | | (2 | ) | | (259 | ) | | 7 |
| | (252 | ) | | (315 | ) | | (567 | ) | | 3 |
| | (564 | ) | | ** | | ** |
| Other alliance and licensing income | | (57 | ) | | (32 | ) | | (89 | ) | | (31 | ) | | (120 | ) | | (28 | ) | | (148 | ) | | (108 | ) | | (144 | ) | | (252 | ) | | (102 | ) | | (354 | ) | | (50 | ) | | (404 | ) | | 79% | | ** |
| Pension curtailments, settlements and special termination benefits | | — |
| | 101 |
| | 101 |
| | 37 |
| | 138 |
| | 27 |
| | 165 |
| | 64 |
| | 45 |
| | 109 |
| | 28 |
| | 137 |
| | 740 |
| | 877 |
| | ** | | ** |
| Other | | 17 |
| | 7 |
| | 24 |
| | (5 | ) | | 19 |
| | (4 | ) | | 15 |
| | 50 |
| | 7 |
| | 57 |
| | 31 |
| | 88 |
| | 3 |
| | 91 |
| | ** | | ** |
| | | $ | (19 | ) | | $ | 199 |
| | $ | 180 |
| | $ | 5 |
| | $ | 185 |
| | $ | 20 |
| | $ | 205 |
| | $ | (208 | ) | | $ | (104 | ) | | $ | (312 | ) | | $ | (277 | ) | | $ | (589 | ) | | $ | 799 |
| | $ | 210 |
| | ** | | 2% |
|
|
| * Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations. |
| ** In excess of 100% |
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED DECEMBER 31, 2014
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| QUARTER-TO-DATE | | 2014 | | 2013 | | Growth $ | | Growth % | | Favorable / (Unfavorable) FX Impact $ * | | 2014 Excluding FX | | Favorable / (Unfavorable) FX Impact % * | | Growth % Excluding FX |
| Revenues | | $ | 4,258 |
| | $ | 4,441 |
| | $ | (183 | ) | | (4)% | | $ | (139 | ) | | $ | 4,397 |
| | (3)% | | (1)% |
| Gross profit | | 3,292 |
| | 3,168 |
| | 124 |
| | 4% | | N/A |
| | N/A |
| | N/A | | N/A |
Gross profit excluding specified items(a) | | 3,323 |
| | 3,270 |
| | 53 |
| | 2% | | N/A |
| | N/A |
| | N/A | | N/A |
| Gross profit excluding specified items as a % of revenues | | 78.0 | % | | 73.6 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Marketing, selling and administrative | | 1,151 |
| | 1,068 |
| | 83 |
| | 8% | | 42 |
| | 1,193 |
| | 4% | | 12% |
Marketing, selling and administrative excluding specified items(a) | | 1,150 |
| | 1,058 |
| | 92 |
| | 9% | | 41 |
| | 1,191 |
| | 4% | | 13% |
| | | | | | | | | | | | | | | | | |
| Advertising and product promotion | | 213 |
| | 254 |
| | (41 | ) | | (16)% | | 9 |
| | 222 |
| | 3% | | (13)% |
| | | | | | | | | | | | | | | | | |
| SG&A excluding specified items as a % of revenues | | 32.0 | % | | 29.5 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Research and development | | 1,189 |
| | 957 |
| | 232 |
| | 24% | | 27 |
| | 1,216 |
| | 3% | | 27% |
Research and development excluding specified items(a) | | 1,139 |
| | 941 |
| | 198 |
| | 21% | | 27 |
| | 1,166 |
| | 3% | | 24% |
| | | | | | | | | | | | | | | | | |
| Research and development excluding specified items as a % of revenues | | 26.7 | % | | 21.2 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| YEAR-TO-DATE | | 2014 | | 2013 | | Growth $ | | Growth % | | Favorable /
(Unfavorable)
FX Impact $ * | | 2014
Excluding FX | | Favorable /
(Unfavorable)
FX Impact % * | | Growth %
Excluding FX |
| Revenues | | $ | 15,879 |
| | $ | 16,385 |
| | $ | (506 | ) | | (3)% | | $ | (184 | ) | | $ | 16,063 |
| | (1)% | | (2)% |
| Gross profit | | 11,947 |
| | 11,766 |
| | 181 |
| | 2% | | N/A |
| | N/A |
| | N/A | | N/A |
Gross profit excluding specified items(a) | | 12,098 |
| | 12,092 |
| | 6 |
| | — | | N/A |
| | N/A |
| | N/A | | N/A |
| Gross profit excluding specified items as a % of revenues | | 76.2 | % | | 73.8 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Marketing, selling and administrative | | 4,088 |
| | 4,084 |
| | 4 |
| | — | | 58 |
| | 4,146 |
| | 2% | | 2% |
Marketing, selling and administrative excluding specified items(a) | | 3,983 |
| | 4,068 |
| | (85 | ) | | (2)% | | 57 |
| | 4,040 |
| | 1% | | (1)% |
| | | | | | | | | | | | | | | | | |
| Advertising and product promotion | | 734 |
| | 855 |
| | (121 | ) | | (14)% | | 13 |
| | 747 |
| | 1% | | (13)% |
| | | | | | | | | | | | | | | | | |
| SG&A excluding specified items as a % of revenues | | 29.7 | % | | 30.0 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Research and development | | 4,534 |
| | 3,731 |
| | 803 |
| | 22% | | 33 |
| | 4,567 |
| | — | | 22% |
Research and development excluding specified items(a) | | 3,913 |
| | 3,715 |
| | 198 |
| | 5% | | 33 |
| | 3,946 |
| | 1% | | 6% |
| | | | | | | | | | | | | | | | | |
| Research and development excluding specified items as a % of revenues | | 24.6 | % | | 22.7 | % | | | | | | | | | | | | |
|
| | | |
| (a) Refer to the Specified Items schedule for further details. |
| * Foreign exchange (FX) impact determined by the change in a line item's current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact. |
BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE REVENUES FROM OPERATIONS BY PRODUCT
QUARTERLY REVENUES TREND ANALYSIS AND RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2013 | | 2014 | | Growth $ | | % Change | | EX-FX | | FX Impact |
| | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | Qtr vs. Qtr | | YTD vs. YTD | | Qtr vs. Qtr | | YTD vs. YTD | | QTD EX-FX $ | | YTD EX-FX $ | | Qtr vs. Qtr % | | YTD vs. YTD % | | Qtr vs. Qtr | | YTD vs. YTD |
| TOTAL | | $ | 3,831 |
| | $ | 4,048 |
| | $ | 7,879 |
| | $ | 4,065 |
| | $ | 11,944 |
| | $ | 4,441 |
| | $ | 16,385 |
| | $ | 3,811 |
| | $ | 3,889 |
| | $ | 7,700 |
| | $ | 3,921 |
| | $ | 11,621 |
| | $ | 4,258 |
| | $ | 15,879 |
| | $ | (183 | ) | | $ | (506 | ) | | (4)% | | (3)% | | $ | 4,397 |
| | $ | 16,063 |
| | (1)% | | (2)% | | (3)% | | (1)% |
Virology(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Baraclude | | 366 |
| | 371 |
| | 737 |
| | 378 |
| | 1,115 |
| | 412 |
| | 1,527 |
| | 406 |
| | 369 |
| | 775 |
| | 325 |
| | 1,100 |
| | 341 |
| | 1,441 |
| | (71 | ) | | (86 | ) | | (17)% | | (6)% | | 359 |
| | 1,463 |
| | (13)% | | (4)% | | (4)% | | (2)% |
Hepatitis C Franchise(b) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 49 |
| | 49 |
| | 207 |
| | 256 |
| | 207 |
| | 256 |
| | N/A | | N/A | | 207 |
| | 256 |
| | N/A | | N/A | | N/A | | N/A |
| Reyataz | | 361 |
| | 431 |
| | 792 |
| | 375 |
| | 1,167 |
| | 384 |
| | 1,551 |
| | 344 |
| | 362 |
| | 706 |
| | 338 |
| | 1,044 |
| | 318 |
| | 1,362 |
| | (66 | ) | | (189 | ) | | (17)% | | (12)% | | 333 |
| | 1,387 |
| | (13)% | | (11)% | | (4)% | | (1)% |
Sustiva Franchise(c) | | 387 |
| | 411 |
| | 798 |
| | 389 |
| | 1,187 |
| | 427 |
| | 1,614 |
| | 319 |
| | 361 |
| | 680 |
| | 357 |
| | 1,037 |
| | 407 |
| | 1,444 |
| | (20 | ) | | (170 | ) | | (5)% | | (11)% | | 408 |
| | 1,443 |
| | (4)% | | (11)% | | (1)% | | — |
Oncology(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Erbitux | | 162 |
| | 171 |
| | 333 |
| | 183 |
| | 516 |
| | 180 |
| | 696 |
| | 169 |
| | 186 |
| | 355 |
| | 187 |
| | 542 |
| | 181 |
| | 723 |
| | 1 |
| | 27 |
| | 1% | | 4% | | 181 |
| | 723 |
| | 1% | | 4% | | — | | — |
| Opdivo | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1 |
| | 1 |
| | 5 |
| | 6 |
| | 5 |
| | 6 |
| | N/A | | N/A | | 5 |
| | 6 |
| | N/A | | N/A | | N/A | | N/A |
| Sprycel | | 287 |
| | 312 |
| | 599 |
| | 316 |
| | 915 |
| | 365 |
| | 1,280 |
| | 342 |
| | 368 |
| | 710 |
| | 385 |
| | 1,095 |
| | 398 |
| | 1,493 |
| | 33 |
| | 213 |
| | 9% | | 17% | | 419 |
| | 1,527 |
| | 15% | | 19% | | (6)% | | (2)% |
| Yervoy | | 229 |
| | 233 |
| | 462 |
| | 238 |
| | 700 |
| | 260 |
| | 960 |
| | 271 |
| | 321 |
| | 592 |
| | 350 |
| | 942 |
| | 366 |
| | 1,308 |
| | 106 |
| | 348 |
| | 41% | | 36% | | 380 |
| | 1,320 |
| | 46% | | 38% | | (5)% | | (2)% |
Neuroscience(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Abilify(d) | | 522 |
| | 563 |
| | 1,085 |
| | 569 |
| | 1,654 |
| | 635 |
| | 2,289 |
| | 540 |
| | 555 |
| | 1,095 |
| | 449 |
| | 1,544 |
| | 476 |
| | 2,020 |
| | (159 | ) | | (269 | ) | | (25)% | | (12)% | | 479 |
| | 2,023 |
| | (25)% | | (12)% | | — | | — |
Immunoscience(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Orencia(e) | | 320 |
| | 352 |
| | 672 |
| | 375 |
| | 1,047 |
| | 397 |
| | 1,444 |
| | 363 |
| | 402 |
| | 765 |
| | 444 |
| | 1,209 |
| | 443 |
| | 1,652 |
| | 46 |
| | 208 |
| | 12% | | 14% | | 459 |
| | 1,682 |
| | 16% | | 16% | | (4)% | | (2)% |
Cardiovascular(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Eliquis | | 22 |
| | 12 |
| | 34 |
| | 41 |
| | 75 |
| | 71 |
| | 146 |
| | 106 |
| | 171 |
| | 277 |
| | 216 |
| | 493 |
| | 281 |
| | 774 |
| | 210 |
| | 628 |
| | ** | | ** | | 296 |
| | 791 |
| | ** | | ** | | N/A | | N/A |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diabetes Alliance(f) | | 358 |
| | 438 |
| | 796 |
| | 432 |
| | 1,228 |
| | 455 |
| | 1,683 |
| | 179 |
| | 27 |
| | 206 |
| | 42 |
| | 248 |
| | 47 |
| | 295 |
| | (408 | ) | | (1,388 | ) | | (90)% | | (82)% | | 47 |
| | 297 |
| | (90)% | | (82)% | | — | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mature Products and All Other(g) | | 817 |
| | 754 |
| | 1,571 |
| | 769 |
| | 2,340 |
| | 855 |
| | 3,195 |
| | 772 |
| | 767 |
| | 1,539 |
| | 778 |
| | 2,317 |
| | 788 |
| | 3,105 |
| | (67 | ) | | (90 | ) | | (8)% | | (3)% | | 824 |
| | 3,145 |
| | (4)% | | (2)% | | (4)% | | (1)% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Excluding Diabetes Alliance | | 3,473 |
| | 3,610 |
| | 7,083 |
| | 3,633 |
| | 10,716 |
| | 3,986 |
| | 14,702 |
| | 3,632 |
| | 3,862 |
| | 7,494 |
| | 3,879 |
| | 11,373 |
| | 4,211 |
| | 15,584 |
| | 225 |
| | 882 |
| | 6% | | 6% | | 4,350 |
| | 15,766 |
| | 9% | | 7% | | (3)% | | (1)% |
|
| |
| ** | In excess of 100% |
| (a) | Key products listed do not represent all products in the respective therapeutic areas. |
| (b) | Includes Daklinza (daclatasvir) revenues of $163M and $201M for the three and twelve months ended December 31, 2014 and includes Sunvepra (asunaprevir) revenues of $44M and $55M for the three and twelve months ended December 31, 2014.
|
| (c) | The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. Includes alliance and other revenue of $361M and $368M for the three months ended December 31, 2014 and 2013, respectively, and $1,255M and $1,366M for the twelve months ended December 31, 2014 and 2013, respectively. |
| (d) | Includes alliance and other revenue of $428M and $527M for three months ended December 31, 2014 and 2013, respectively, and $1,778M and $1,840M for the twelve months ended December 31, 2014 and 2013, respectively. |
| (e) | Includes Orencia SubQ revenues of $200M and $139M for three months ended December 31, 2014 and 2013, respectively, and $688M and $441M for the twelve months ended December 30, 2014 and 2013, respectively. |
| (f) | The twelve months ended December 31, 2014 includes pre-divestiture revenues of Bydureon, Byetta, Farxiga/Forxiga/Xigduo, Onglyza/Kombiglyze, Symlin and Myalept of $153M and post-divestiture revenues of $142M. |
| (g) | Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. Includes Plavix revenues of $71M and $81M for the three months ended December 31, 2014 and 2013, respectively, and $208M and $258M for the twelve months ended December 31, 2014 and 2013, respectively. Additionally, includes Avapro/Avalide revenues of $40M and $58M for the three months ended December 31, 2014 and 2013, respectively, and $211M and $231M for the twelve months ended December 31, 2014 and 2013, respectively. |
BRISTOL-MYERS SQUIBB COMPANY
DOMESTIC REVENUES FROM OPERATIONS BY PRODUCT
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2013 | | 2014 | | % Change |
| | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | Qtr vs. Qtr | | YTD vs. YTD |
TOTAL(a) | | $ | 1,971 |
| | $ | 2,045 |
| | $ | 4,016 |
| | $ | 2,037 |
| | $ | 6,053 |
| | $ | 2,265 |
| | $ | 8,318 |
| | $ | 1,765 |
| | $ | 1,901 |
| | $ | 3,666 |
| | $ | 1,968 |
| | $ | 5,634 |
| | $ | 2,082 |
| | $ | 7,716 |
| | (8)% | | (7)% |
| Virology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Baraclude | | 68 |
| | 73 |
| | 141 |
| | 67 |
| | 208 |
| | 81 |
| | 289 |
| | 70 |
| | 84 |
| | 154 |
| | 40 |
| | 194 |
| | 21 |
| | 215 |
| | (74)% | | (26)% |
| Reyataz | | 193 |
| | 200 |
| | 393 |
| | 189 |
| | 582 |
| | 187 |
| | 769 |
| | 176 |
| | 168 |
| | 344 |
| | 169 |
| | 513 |
| | 176 |
| | 689 |
| | (6)% | | (10)% |
Sustiva Franchise(b) | | 251 |
| | 275 |
| | 526 |
| | 259 |
| | 785 |
| | 307 |
| | 1,092 |
| | 228 |
| | 266 |
| | 494 |
| | 284 |
| | 778 |
| | 340 |
| | 1,118 |
| | 11% | | 2% |
| Oncology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Erbitux | | 158 |
| | 168 |
| | 326 |
| | 180 |
| | 506 |
| | 176 |
| | 682 |
| | 158 |
| | 178 |
| | 336 |
| | 175 |
| | 511 |
| | 171 |
| | 682 |
| | (3)% | | — |
| Opdivo | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1 |
| | 1 |
| | N/A | | N/A |
| Sprycel | | 115 |
| | 135 |
| | 250 |
| | 134 |
| | 384 |
| | 157 |
| | 541 |
| | 145 |
| | 163 |
| | 308 |
| | 179 |
| | 487 |
| | 184 |
| | 671 |
| | 17% | | 24% |
Yervoy(c) | | 159 |
| | 140 |
| | 299 |
| | 130 |
| | 429 |
| | 148 |
| | 577 |
| | 146 |
| | 173 |
| | 319 |
| | 191 |
| | 510 |
| | 199 |
| | 709 |
| | 34% | | 23% |
| Neuroscience | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Abilify | | 328 |
| | 378 |
| | 706 |
| | 378 |
| | 1,084 |
| | 435 |
| | 1,519 |
| | 325 |
| | 417 |
| | 742 |
| | 407 |
| | 1,149 |
| | 423 |
| | 1,572 |
| | (3)% | | 3% |
| Immunoscience | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Orencia(d) | | 214 |
| | 238 |
| | 452 |
| | 246 |
| | 698 |
| | 256 |
| | 954 |
| | 229 |
| | 254 |
| | 483 |
| | 292 |
| | 775 |
| | 289 |
| | 1,064 |
| | 13% | | 12% |
| Cardiovascular | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Eliquis | | 17 |
| | 5 |
| | 22 |
| | 27 |
| | 49 |
| | 48 |
| | 97 |
| | 61 |
| | 94 |
| | 155 |
| | 113 |
| | 268 |
| | 136 |
| | 404 |
| | ** | | ** |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diabetes Alliance(e) | | 292 |
| | 320 |
| | 612 |
| | 308 |
| | 920 |
| | 322 |
| | 1,242 |
| | 114 |
| | — |
| | 114 |
| | — |
| | 114 |
| | (4 | ) | | 110 |
| | ** | | (91)% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mature Products and All Other(f) | | 176 |
| | 113 |
| | 289 |
| | 119 |
| | 408 |
| | 148 |
| | 556 |
| | 113 |
| | 104 |
| | 217 |
| | 118 |
| | 335 |
| | 146 |
| | 481 |
| | (1)% | | (13)% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Excluding Diabetes Alliance | | 1,679 |
| | 1,725 |
| | 3,404 |
| | 1,729 |
| | 5,133 |
| | 1,943 |
| | 7,076 |
| | 1,651 |
| | 1,901 |
| | 3,552 |
| | 1,968 |
| | 5,520 |
| | 2,086 |
| | 7,606 |
| | 7% | | 7% |
|
| |
| ** | In excess of 100% |
| (a) | Domestic revenues include United States and Puerto Rico. |
| (b) | The Sustiva Franchise includes sales of Sustiva, as well as revenue from sales of bulk efavirenz included in the combination therapy, Atripla. |
| (c) | Twelve months ended December 31, 2013 includes $25 million of net sales that were previously deferred until sufficient historical experience to estimate sales returns was developed. The following table provides a reconciliation of the net impact of reversal of previously deferred net sales. |
|
| | | | | | | | | |
| | | 2014 | | 2013 | | % Change |
| | | 4th Qtr | Year | | 4th Qtr | Year | | Qtr vs. Qtr | YTD vs. YTD |
| | | | | | | | | | |
| Yervoy Revenues As Reported | | 199 | 709 | | 148 | 577 | | 34% | 23% |
| Reversal of deferred revenues, net | | — | — | | — | (25) | | — | (100)% |
| Yervoy Revenues - Adjusted | | 199 | 709 | | 148 | 552 | | 34% | 28% |
| | | | | | | | | | |
|
| |
| (d) | Includes Orencia SubQ revenues of $131M and $101M for three months ended December 31, 2014 and 2013, respectively, and $458M and $345M for the twelve months ended December 31, 2014 and 2013, respectively. |
| (e) | Includes Bydureon, Byetta, Farxiga, Onglyza/Kombiglyze and Symlin and Myalept. |
| (f) | Represents all other products sold in the U.S., including those which have lost exclusivity in major markets. |
BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES FROM OPERATIONS BY PRODUCT
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2013 | | 2014 | | % Change | | FX Impact |
| | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | Qtr vs. Qtr | | YTD vs. YTD | | Qtr vs. Qtr | | YTD vs. YTD |
| TOTAL | | $ | 1,860 |
| | $ | 2,003 |
| | $ | 3,863 |
| | $ | 2,028 |
| | $ | 5,891 |
| | $ | 2,176 |
| | $ | 8,067 |
| | $ | 2,046 |
| | $ | 1,988 |
| | $ | 4,034 |
| | $ | 1,953 |
| | $ | 5,987 |
| | $ | 2,176 |
| | $ | 8,163 |
| | — | | 1% | | (6)% | | (2)% |
| Virology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Baraclude | | 298 |
| | 298 |
| | 596 |
| | 311 |
| | 907 |
| | 331 |
| | 1,238 |
| | 336 |
| | 285 |
| | 621 |
| | 285 |
| | 906 |
| | 320 |
| | 1,226 |
| | (3)% | | (1)% | | (5)% | | (2)% |
Hepatitis C Franchise(a) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 49 |
| | 49 |
| | 207 |
| | 256 |
| | N/A | | N/A | | N/A | | N/A |
| Reyataz | | 168 |
| | 231 |
| | 399 |
| | 186 |
| | 585 |
| | 197 |
| | 782 |
| | 168 |
| | 194 |
| | 362 |
| | 169 |
| | 531 |
| | 142 |
| | 673 |
| | (28)% | | (14)% | | (8)% | | (3)% |
Sustiva Franchise(b) | | 136 |
| | 136 |
| | 272 |
| | 130 |
| | 402 |
| | 120 |
| | 522 |
| | 91 |
| | 95 |
| | 186 |
| | 73 |
| | 259 |
| | 67 |
| | 326 |
| | (44)% | | (38)% | | — | | — |
| Oncology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Erbitux | | 4 |
| | 3 |
| | 7 |
| | 3 |
| | 10 |
| | 4 |
| | 14 |
| | 11 |
| | 8 |
| | 19 |
| | 12 |
| | 31 |
| | 10 |
| | 41 |
| | ** | | ** | | N/A | | N/A |
| Opdivo | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1 |
| | 1 |
| | 4 |
| | 5 |
| | N/A | | N/A | | N/A | | N/A |
| Sprycel | | 172 |
| | 177 |
| | 349 |
| | 182 |
| | 531 |
| | 208 |
| | 739 |
| | 197 |
| | 205 |
| | 402 |
| | 206 |
| | 608 |
| | 214 |
| | 822 |
| | 3% | | 11% | | (10)% | | (5)% |
| Yervoy | | 70 |
| | 93 |
| | 163 |
| | 108 |
| | 271 |
| | 112 |
| | 383 |
| | 125 |
| | 148 |
| | 273 |
| | 159 |
| | 432 |
| | 167 |
| | 599 |
| | 49% | | 56% | | (13)% | | (4)% |
| Neuroscience | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Abilify(c) | | 194 |
| | 185 |
| | 379 |
| | 191 |
| | 570 |
| | 200 |
| | 770 |
| | 215 |
| | 138 |
| | 353 |
| | 42 |
| | 395 |
| | 53 |
| | 448 |
| | (74)% | | (42)% | | (2)% | | — |
| Immunoscience | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Orencia | | 106 |
| | 114 |
| | 220 |
| | 129 |
| | 349 |
| | 141 |
| | 490 |
| | 134 |
| | 148 |
| | 282 |
| | 152 |
| | 434 |
| | 154 |
| | 588 |
| | 9% | | 20% | | (12)% | | (6)% |
| Cardiovascular | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Eliquis | | 5 |
| | 7 |
| | 12 |
| | 14 |
| | 26 |
| | 23 |
| | 49 |
| | 45 |
| | 77 |
| | 122 |
| | 103 |
| | 225 |
| | 145 |
| | 370 |
| | ** | | ** | | N/A | | N/A |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diabetes Alliance(d) | | 66 |
| | 118 |
| | 184 |
| | 124 |
| | 308 |
| | 133 |
| | 441 |
| | 65 |
| | 27 |
| | 92 |
| | 42 |
| | 134 |
| | 51 |
| | 185 |
| | (62)% | | (58)% | | — | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mature Products and All Other(e) | | 641 |
| | 641 |
| | 1,282 |
| | 650 |
| | 1,932 |
| | 707 |
| | 2,639 |
| | 659 |
| | 663 |
| | 1,322 |
| | 660 |
| | 1,982 |
| | 642 |
| | 2,624 |
| | (9)% | | (1)% | | (5)% | | (2)% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Excluding Diabetes Alliance | | 1,794 |
| | 1,885 |
| | 3,679 |
| | 1,904 |
| | 5,583 |
| | 2,043 |
| | 7,626 |
| | 1,981 |
| | 1,961 |
| | 3,942 |
| | 1,911 |
| | 5,853 |
| | 2,125 |
| | 7,978 |
| | 4% | | 5% | | (7)% | | (2)% |
|
| |
| ** | In excess of 100% |
| (a) | Includes Daklinza (daclatasvir) revenues of $163M and $201M for the three and twelve months ended December 31, 2014, and includes Sunvepra (asunaprevir) revenues of $44M and $55M for the three and twelve months ended December 31, 2014.
|
| (b) | The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. |
| (c) | Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. |
| (d) | Includes Bydureon, Byetta, Forxiga/Xigduo, Onglyza/Kombiglyze, Symlin and Myalept. |
| (e) | Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. |
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2013 | | 2014 |
| | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year |
| Gross Profit | | $ | 2,768 |
| | $ | 2,940 |
| | $ | 5,708 |
| | $ | 2,890 |
| | $ | 8,598 |
| | $ | 3,168 |
| | $ | 11,766 |
| | $ | 2,843 |
| | $ | 2,898 |
| | $ | 5,741 |
| | $ | 2,914 |
| | $ | 8,655 |
| | $ | 3,292 |
| | $ | 11,947 |
|
Specified items(a) | | 85 |
| | 70 |
| | 155 |
| | 69 |
| | 224 |
| | 102 |
| | 326 |
| | 45 |
| | 39 |
| | 84 |
| | 36 |
| | 120 |
| | 31 |
| | 151 |
|
| Gross profit excluding specified items | | 2,853 |
| | 3,010 |
| | 5,863 |
| | 2,959 |
| | 8,822 |
| | 3,270 |
| | 12,092 |
| | 2,888 |
| | 2,937 |
| | 5,825 |
| | 2,950 |
| | 8,775 |
| | 3,323 |
| | 12,098 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Marketing, selling and administrative | | 994 |
| | 1,042 |
| | 2,036 |
| | 980 |
| | 3,016 |
| | 1,068 |
| | 4,084 |
| | 957 |
| | 951 |
| | 1,908 |
| | 1,029 |
| | 2,937 |
| | 1,151 |
| | 4,088 |
|
Specified items(a) | | (1 | ) | | (1 | ) | | (2 | ) | | (4 | ) | | (6 | ) | | (10 | ) | | (16 | ) | | (3 | ) | | (3 | ) | | (6 | ) | | (98 | ) | | (104 | ) | | (1 | ) | | (105 | ) |
| Marketing, selling and administrative excluding specified items | | 993 |
| | 1,041 |
| | 2,034 |
| | 976 |
| | 3,010 |
| | 1,058 |
| | 4,068 |
| | 954 |
| | 948 |
| | 1,902 |
| | 931 |
| | 2,833 |
| | 1,150 |
| | 3,983 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Research and development | | 930 |
| | 951 |
| | 1,881 |
| | 893 |
| | 2,774 |
| | 957 |
| | 3,731 |
| | 946 |
| | 1,416 |
| | 2,362 |
| | 983 |
| | 3,345 |
| | 1,189 |
| | 4,534 |
|
Specified items(a) | | — |
| | — |
| | — |
| | — |
| | — |
| | (16 | ) | | (16 | ) | | (48 | ) | | (458 | ) | | (506 | ) | | (65 | ) | | (571 | ) | | (50 | ) | | (621 | ) |
| Research and development excluding specified items | | 930 |
| | 951 |
| | 1,881 |
| | 893 |
| | 2,774 |
| | 941 |
| | 3,715 |
| | 898 |
| | 958 |
| | 1,856 |
| | 918 |
| | 2,774 |
| | 1,139 |
| | 3,913 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other (income)/expense | | (19 | ) | | 199 |
| | 180 |
| | 5 |
| | 185 |
| | 20 |
| | 205 |
| | (208 | ) | | (104 | ) | | (312 | ) | | (277 | ) | | (589 | ) | | 799 |
| | 210 |
|
Specified items(a) | | (19 | ) | | (239 | ) | | (258 | ) | | (43 | ) | | (301 | ) | | (39 | ) | | (340 | ) | | 88 |
| | (67 | ) | | 21 |
| | 203 |
| | 224 |
| | (850 | ) | | (626 | ) |
| Other (income)/expense excluding specified items | | (38 | ) | | (40 | ) | | (78 | ) | | (38 | ) | | (116 | ) | | (19 | ) | | (135 | ) | | (120 | ) | | (171 | ) | | (291 | ) | | (74 | ) | | (365 | ) | | (51 | ) | | (416 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Effective Tax Rate | | 7.6 | % | | — |
| | 4.2 | % | | 15.4 | % | | 8.8 | % | | 15.4 | % | | 10.8 | % | | 5.0 | % | | 25.4 | % | | 11.4 | % | | 27.4 | % | | 18.0 | % | | 145.0 | % | | 14.8 | % |
Specified items(a) | | 3.4 | % | | 13.8 | % | | 8.3 | % | | 2.4 | % | | 5.6 | % | | 2.5 | % | | 4.6 | % | | 18.0 | % | | (4.1 | )% | | 10.7 | % | | (3.2 | )% | | 4.8 | % | | (135.0 | )% | | 5.1 | % |
| Effective Tax Rate excluding specified items | | 11.0 | % | | 13.8 | % | | 12.5 | % | | 17.8 | % | | 14.4 | % | | 17.9 | % | | 15.4 | % | | 23.0 | % | | 21.3 | % | | 22.1 | % | | 24.2 | % | | 22.8 | % | | 10.0 | % | | 19.9 | % |
|
|
| (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 COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2013 | | 2014 |
| | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year | | 1st Qtr | | 2nd Qtr | | 6 Months | | 3rd Qtr | | 9 Months | | 4th Qtr | | Year |
| Accelerated depreciation, asset impairment and other shutdown costs | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 36 |
| | $ | 36 |
| | $ | 45 |
| | $ | 39 |
| | $ | 84 |
| | $ | 36 |
| | $ | 120 |
| | $ | 31 |
| | $ | 151 |
|
| Amortization of acquired Amylin intangible assets | | 138 |
| | 137 |
| | 275 |
| | 137 |
| | 412 |
| | 137 |
| | 549 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Amortization of Amylin alliance proceeds | | (67 | ) | | (67 | ) | | (134 | ) | | (68 | ) | | (202 | ) | | (71 | ) | | (273 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Amortization of Amylin inventory adjustment | | 14 |
| | — |
| | 14 |
| | — |
| | 14 |
| | — |
| | 14 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Cost of products sold | | 85 |
| | 70 |
| | 155 |
| | 69 |
| | 224 |
| | 102 |
| | 326 |
| | 45 |
| | 39 |
| | 84 |
| | 36 |
| | 120 |
| | 31 |
| | 151 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Additional year of Branded Prescription Drug Fee | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 96 |
| | 96 |
| | — |
| | 96 |
|
| Process standardization implementation costs | | 1 |
| | 1 |
| | 2 |
| | 4 |
| | 6 |
| | 10 |
| | 16 |
| | 3 |
| | 3 |
| | 6 |
| | 2 |
| | 8 |
| | 1 |
| | 9 |
|
| Marketing, selling and administrative | | 1 |
| | 1 |
| | 2 |
| | 4 |
| | 6 |
| | 10 |
| | 16 |
| | 3 |
| | 3 |
| | 6 |
| | 98 |
| | 104 |
| | 1 |
| | 105 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Upfront, milestone and other payments | | — |
| | — |
| | — |
| | — |
| | — |
| | 16 |
| | 16 |
| | 15 |
| | 148 |
| | 163 |
| | 65 |
| | 228 |
| | 50 |
| | 278 |
|
| IPRD impairments | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 33 |
| | 310 |
| | 343 |
| | — |
| | 343 |
| | — |
| | 343 |
|
| Research and development | | — |
| | — |
| | — |
| | — |
| | — |
| | 16 |
| | 16 |
| | 48 |
| | 458 |
| | 506 |
| | 65 |
| | 571 |
| | 50 |
| | 621 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Provision for restructuring | | 33 |
| | 173 |
| | 206 |
| | 6 |
| | 212 |
| | 14 |
| | 226 |
| | 21 |
| | 16 |
| | 37 |
| | 35 |
| | 72 |
| | 91 |
| | 163 |
|
| Gain on sale of product lines, businesses and assets | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (259 | ) | | 12 |
| | (247 | ) | | (315 | ) | | (562 | ) | | 3 |
| | (559 | ) |
| Pension curtailments, settlements and special termination benefits | | — |
| | 99 |
| | 99 |
| | 37 |
| | 136 |
| | 25 |
| | 161 |
| | 64 |
| | 45 |
| | 109 |
| | 28 |
| | 137 |
| | 740 |
| | 877 |
|
Acquisition and alliance related items(a) | | — |
| | (10 | ) | | (10 | ) | | — |
| | (10 | ) | | — |
| | (10 | ) | | 16 |
| | 17 |
| | 33 |
| | 39 |
| | 72 |
| | — |
| | 72 |
|
| Litigation charges/(recoveries) | | — |
| | (23 | ) | | (23 | ) | | — |
| | (23 | ) | | — |
| | (23 | ) | | 25 |
| | (23 | ) | | 2 |
| | 10 |
| | 12 |
| | 15 |
| | 27 |
|
| Out-licensed intangible asset impairment | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 11 |
| | 11 |
|
| Loss on debt redemption | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 45 |
| | — |
| | 45 |
| | — |
| | 45 |
| | — |
| | 45 |
|
| Upfront, milestone and other licensing receipts | | (14 | ) | | — |
| | (14 | ) | | — |
| | (14 | ) | | — |
| | (14 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (10 | ) | | (10 | ) |
| Other (income)/expense | | 19 |
| | 239 |
| | 258 |
| | 43 |
| | 301 |
| | 39 |
| | 340 |
| | (88 | ) | | 67 |
| | (21 | ) | | (203 | ) | | (224 | ) | | 850 |
| | 626 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Increase/(decrease) to pretax income | | 105 |
| | 310 |
| | 415 |
| | 116 |
| | 531 |
| | 167 |
| | 698 |
| | 8 |
| | 567 |
| | 575 |
| | (4 | ) | | 571 |
| | 932 |
| | 1,503 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Income tax on items above | | (35 | ) | | (116 | ) | | (151 | ) | | (40 | ) | | (191 | ) | | (51 | ) | | (242 | ) | | (179 | ) | | (102 | ) | | (281 | ) | | 33 |
| | (248 | ) | | (297 | ) | | (545 | ) |
Specified tax charge(b) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 123 |
| | 123 |
|
| Income taxes | | (35 | ) | | (116 | ) | | (151 | ) | | (40 | ) | | (191 | ) | | (51 | ) | | (242 | ) | | (179 | ) | | (102 | ) | | (281 | ) | | 33 |
| | (248 | ) | | (174 | ) | | (422 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Increase/(decrease) to net earnings | | $ | 70 |
| | $ | 194 |
| | $ | 264 |
| | $ | 76 |
| | $ | 340 |
| | $ | 116 |
| | $ | 456 |
| | $ | (171 | ) | | $ | 465 |
| | $ | 294 |
| | $ | 29 |
| | $ | 323 |
| | $ | 758 |
| | $ | 1,081 |
|
|
|
| (a) Includes $16 million of additional year of Branded Prescription Drug Fee. |
| (b) The 2014 specified tax charge relates to transfer pricing matters. |
BRISTOL-MYERS SQUIBB COMPANY
SELECTED BALANCE SHEET INFORMATION
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | March 31, 2013 | | June 30, 2013 | | September 30, 2013 | | December 31, 2013 | | March 31, 2014 | | June 30, 2014 | | September 30, 2014 | | December 31, 2014 |
| Cash and cash equivalents | | $ | 1,355 |
| | $ | 1,821 |
| | $ | 1,771 |
| | $ | 3,586 |
| | $ | 5,225 |
| | $ | 4,282 |
| | $ | 4,851 |
| | $ | 5,571 |
|
| Marketable securities - current | | 1,178 |
| | 978 |
| | 951 |
| | 939 |
| | 1,834 |
| | 2,893 |
| | 2,370 |
| | 1,864 |
|
| Marketable securities - long term | | 3,242 |
| | 3,223 |
| | 3,623 |
| | 3,747 |
| | 3,558 |
| | 3,876 |
| | 4,328 |
| | 4,408 |
|
| Cash, cash equivalents and marketable securities | | 5,775 |
| | 6,022 |
| | 6,345 |
| | 8,272 |
| | 10,617 |
| | 11,051 |
| | 11,549 |
| | 11,843 |
|
| | | | | | | | | | | | | | | | | |
| Short-term borrowings and current portion of long-term debt | | (1,372 | ) | | (764 | ) | | (680 | ) | | (359 | ) | | (281 | ) | | (365 | ) | | (401 | ) | | (590 | ) |
| Long-term debt | | (6,522 | ) | | (6,442 | ) | | (6,532 | ) | | (7,981 | ) | | (7,367 | ) | | (7,372 | ) | | (7,267 | ) | | (7,242 | ) |
| Net cash/(debt) position | | $ | (2,119 | ) | | $ | (1,184 | ) | | $ | (867 | ) | | $ | (68 | ) | | $ | 2,969 |
| | $ | 3,314 |
| | $ | 3,881 |
| | $ | 4,011 |
|
BRISTOL-MYERS SQUIBB COMPANY
2015 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS
|
| | |
| | Full Year 2015 |
| Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP | $1.55 to $1.70 |
|
| Projected Specified Items: | |
| Downsizing and streamlining of worldwide operations | (0.04 | ) |
| Upfront and milestone payments, net | 0.02 |
|
| Pension Related items | 0.04 |
|
| Other | — |
|
| Total | 0.02 |
|
| | |
| Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP | $1.55 to $1.70 |
|
|
| | | | | | | | | |
| Gross margin as a percentage of revenues on a GAAP and non-GAAP basis for the twelve months ended December 31, 2014 was 75.2% and 76.2%, respectively. On a non-GAAP basis, the Company projects gross margin as a percentage of revenues for the full year 2015 to be approximately 74%. There is no reliable comparable GAAP measure for this forward-looking information on gross margin. See "—Reconciliation of GAAP and non-GAAP Growth Dollars and Percentages Excluding Foreign Exchange Impact". |
| | | | | | | | | | |
| Research and development expenses on a GAAP and non-GAAP basis for the twelve months ended December 31, 2014 were $4.5 billion and $3.9 billion, respectively. On a non-GAAP basis, the Company projects research and development expense for the full year 2015 to decrease in the low-single-digit range compared to 2014. It is estimated that 30% to 45% of the research and development expenses in 2015 will be incurred on late-stage development programs. There is no reliable comparable GAAP measure for this forward-looking information on research and development. See "—Reconciliation of Certain non-GAAP Line Items to Certain GAAP Line Items". |
| | | | | | | | | | |
| Marketing, selling and administrative expenses on a GAAP and non-GAAP basis for the twelve months ended December 31, 2014 were $4.1 billion and $4.0 billion, respectively. On a GAAP basis, expenses for the twelve months ended December 31, 2014 included specified items of $105 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2015 to decrease in the mid- to high-single-digit range compared to 2014. There is no reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See "—Reconciliation of Certain non-GAAP Line Items to Certain GAAP Line Items". |
| | | | | | | | | | |
| The effective tax rate on a GAAP basis for the twelve months ended December 31, 2014 was 14.8%. On a non-GAAP basis, for the twelve months ended December 31, 2014 the effective tax rate was 19.9%. On a non-GAAP basis, the Company projects an annual effective tax rate of approximately 19%. There is no reliable comparable GAAP measure for this forward-looking information on the tax rate. See "—Reconciliation of Certain non-GAAP Line Items to Certain GAAP Line Items". |
| | | | | | | | | | |
The GAAP financial results for the full year 2015 will include specified items, including gains on divestitures, expected charges associated with downsizing and streamlining worldwide operations, in-process research and development (IPRD) , upfront and milestone payments, restructuring and pension related items. The GAAP financial results for the full year 2015 could also include other specified items that have not yet been identified and quantified, including any gains or losses from acquisitions or divestitures, additional upfront, milestone and other licensing payments, charges for IPRD and licensed asset impairments, charges and recoveries relating to significant legal proceedings, restructuring activities and significant tax events. For a fuller discussion of certain litigation and other matters that could impact full year GAAP results, as well as the use of non-GAAP financial information, see Bristol-Myers Squibb Reports Fourth Quarter 2014 Financial Results, January 27, 2015 including “2015 Financial Guidance” and “Use of non-GAAP Financial Information” therein. |
| | | | | | | | | | |
