Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF REVENUES
(Unaudited, dollars in millions)
Revenues | 2015 | 2016 | % 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 | |||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 2,044 | $ | 1,837 | $ | 3,881 | $ | 2,044 | $ | 5,925 | $ | 2,263 | $ | 8,188 | $ | 2,537 | $ | 2,688 | $ | 5,225 | $ | 2,790 | $ | 8,015 | $ | 2,705 | $ | 10,720 | 20% | 31% | — | — | ||||||||||||||||||||||||||||||||
Europe | 782 | 974 | 1,756 | 813 | 2,569 | 922 | 3,491 | 870 | 1,039 | 1,909 | 946 | 2,855 | 1,360 | 4,215 | 48% | 21% | (3)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||
Rest of the World | 1,019 | 1,124 | 2,143 | 1,027 | 3,170 | 972 | 4,142 | 840 | 1,013 | 1,853 | 1,069 | 2,922 | 1,042 | 3,964 | 7% | (4)% | (3)% | (4)% | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 196 | 228 | 424 | 185 | 609 | 130 | 739 | 144 | 131 | 275 | 117 | 392 | 136 | 528 | 5% | (29)% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,041 | $ | 4,163 | $ | 8,204 | $ | 4,069 | $ | 12,273 | $ | 4,287 | $ | 16,560 | $ | 4,391 | $ | 4,871 | $ | 9,262 | $ | 4,922 | $ | 14,184 | $ | 5,243 | $ | 19,427 | 22% | 17% | (2)% | (2)% | ||||||||||||||||||||||||||||||||
% of Revenues | 2015 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 50.6 | % | 44.1 | % | 47.3 | % | 50.2 | % | 48.3 | % | 52.8 | % | 49.4 | % | 57.8 | % | 55.2 | % | 56.4 | % | 56.7 | % | 56.5 | % | 51.6 | % | 55.2 | % | ||||||||||||||||||||||||||||||||||||
Europe | 19.4 | % | 23.4 | % | 21.4 | % | 20.0 | % | 20.9 | % | 21.5 | % | 21.1 | % | 19.8 | % | 21.3 | % | 20.6 | % | 19.2 | % | 20.1 | % | 25.9 | % | 21.7 | % | ||||||||||||||||||||||||||||||||||||
Rest of the World | 25.2 | % | 27.0 | % | 26.1 | % | 25.2 | % | 25.8 | % | 22.7 | % | 25.0 | % | 19.1 | % | 20.8 | % | 20.0 | % | 21.7 | % | 20.6 | % | 19.9 | % | 20.4 | % | ||||||||||||||||||||||||||||||||||||
Other | 4.8 | % | 5.5 | % | 5.2 | % | 4.6 | % | 5.0 | % | 3.0 | % | 4.5 | % | 3.3 | % | 2.7 | % | 3.0 | % | 2.4 | % | 2.8 | % | 2.6 | % | 2.7 | % | ||||||||||||||||||||||||||||||||||||
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 | % |
1
BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM OPERATIONS
(Unaudited, dollars and shares in millions except per share data)
2015 | 2016 | % 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 | $ | 3,059 | $ | 3,572 | $ | 6,631 | $ | 3,552 | $ | 10,183 | $ | 3,862 | $ | 14,045 | $ | 3,964 | $ | 4,432 | $ | 8,396 | $ | 4,492 | $ | 12,888 | $ | 4,814 | $ | 17,702 | 25% | 26% | ||||||||||||||||||||||||||||||||
Alliance and other revenues | 982 | 591 | 1,573 | 517 | 2,090 | 425 | 2,515 | 427 | 439 | 866 | 430 | 1,296 | 429 | 1,725 | 1% | (31)% | ||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 4,041 | $ | 4,163 | $ | 8,204 | $ | 4,069 | $ | 12,273 | $ | 4,287 | $ | 16,560 | $ | 4,391 | $ | 4,871 | $ | 9,262 | $ | 4,922 | $ | 14,184 | $ | 5,243 | $ | 19,427 | 22% | 17% | ||||||||||||||||||||||||||||||||
Cost of products sold | 847 | 1,013 | 1,860 | 1,097 | 2,957 | 952 | 3,909 | 1,052 | 1,206 | 2,258 | 1,305 | 3,563 | 1,383 | 4,946 | 45% | 27% | ||||||||||||||||||||||||||||||||||||||||||||||
Marketing, selling and administrative | 1,029 | 1,135 | 2,164 | 1,176 | 3,340 | 1,501 | 4,841 | 1,068 | 1,238 | 2,306 | 1,144 | 3,450 | 1,461 | 4,911 | (3)% | 1% | ||||||||||||||||||||||||||||||||||||||||||||||
Research and development | 1,016 | 1,856 | 2,872 | 1,132 | 4,004 | 1,916 | 5,920 | 1,136 | 1,266 | 2,402 | 1,138 | 3,540 | 1,400 | 4,940 | (27)% | (17)% | ||||||||||||||||||||||||||||||||||||||||||||||
Other (income)/expense | (299 | ) | 107 | (192 | ) | (323 | ) | (515 | ) | 328 | (187 | ) | (520 | ) | (454 | ) | (974 | ) | (224 | ) | (1,198 | ) | (87 | ) | (1,285 | ) | ** | ** | ||||||||||||||||||||||||||||||||||
Total Expenses | 2,593 | 4,111 | 6,704 | 3,082 | 9,786 | 4,697 | 14,483 | 2,736 | 3,256 | 5,992 | 3,363 | 9,355 | 4,157 | 13,512 | (11)% | (7)% | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings/(Loss) Before Income Taxes | $ | 1,448 | $ | 52 | $ | 1,500 | $ | 987 | $ | 2,487 | $ | (410 | ) | $ | 2,077 | $ | 1,655 | $ | 1,615 | $ | 3,270 | $ | 1,559 | $ | 4,829 | $ | 1,086 | $ | 5,915 | ** | ** | |||||||||||||||||||||||||||||||
Provision for/(Benefit from) Income Taxes | 249 | 162 | 411 | 257 | 668 | (222 | ) | 446 | 449 | 427 | 876 | 344 | 1,220 | 188 | 1,408 | ** | ** | |||||||||||||||||||||||||||||||||||||||||||||
Net Earnings/(Loss) | $ | 1,199 | $ | (110 | ) | $ | 1,089 | $ | 730 | $ | 1,819 | $ | (188 | ) | $ | 1,631 | $ | 1,206 | $ | 1,188 | $ | 2,394 | $ | 1,215 | $ | 3,609 | $ | 898 | $ | 4,507 | ** | ** | ||||||||||||||||||||||||||||||
Net Earnings Attributable to Noncontrolling Interest | 13 | 20 | 33 | 24 | 57 | 9 | 66 | 11 | 22 | 33 | 13 | 46 | 4 | 50 | (56)% | (24)% | ||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings/(Loss) Attributable to BMS | $ | 1,186 | $ | (130 | ) | $ | 1,056 | $ | 706 | $ | 1,762 | $ | (197 | ) | $ | 1,565 | $ | 1,195 | $ | 1,166 | $ | 2,361 | $ | 1,202 | $ | 3,563 | $ | 894 | $ | 4,457 | ** | ** | ||||||||||||||||||||||||||||||
Diluted Earnings/(Loss) per Common Share* | $ | 0.71 | $ | (0.08 | ) | $ | 0.63 | $ | 0.42 | $ | 1.05 | $ | (0.12 | ) | $ | 0.93 | $ | 0.71 | $ | 0.69 | $ | 1.41 | $ | 0.72 | $ | 2.12 | $ | 0.53 | $ | 2.65 | ** | ** | ||||||||||||||||||||||||||||||
Average Common Shares Outstanding - Diluted | 1,676 | 1,667 | 1,677 | 1,678 | 1,677 | 1,669 | 1,679 | 1,680 | 1,679 | 1,679 | 1,679 | 1,679 | 1,680 | 1,680 | 1% | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared per common share | $ | 0.37 | $ | 0.37 | $ | 0.74 | $ | 0.37 | $ | 1.11 | $ | 0.38 | $ | 1.49 | $ | 0.38 | $ | 0.38 | $ | 0.76 | $ | 0.38 | $ | 1.14 | $ | 0.39 | $ | 1.53 | 3% | 3% | ||||||||||||||||||||||||||||||||
2015 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% 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 | 79.0 | % | 75.7 | % | 77.3 | % | 73.0 | % | 75.9 | % | 77.8 | % | 76.4 | % | 76.0 | % | 75.2 | % | 75.6 | % | 73.5 | % | 74.9 | % | 73.6 | % | 74.5 | % | ||||||||||||||||||||||||||||||||||
Other Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective tax rate | 17.2 | % | 311.5 | % | 27.4 | % | 26.0 | % | 26.9 | % | 54.1 | % | 21.5 | % | 27.1 | % | 26.4 | % | 26.8 | % | 22.1 | % | 25.3 | % | 17.3 | % | 23.8 | % | ||||||||||||||||||||||||||||||||||
Other (Income)/Expense | 2015 | 2016 | % 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 | $ | 51 | $ | 49 | $ | 100 | $ | 41 | $ | 141 | $ | 43 | $ | 184 | $ | 43 | $ | 42 | $ | 85 | $ | 42 | $ | 127 | $ | 40 | $ | 167 | (7 | )% | (9 | )% | ||||||||||||||||||||||||||||||
Investment income | (30 | ) | (26 | ) | (56 | ) | (18 | ) | (74 | ) | (27 | ) | (101 | ) | (24 | ) | (25 | ) | (49 | ) | (32 | ) | (81 | ) | (24 | ) | (105 | ) | (11 | )% | 4 | % | ||||||||||||||||||||||||||||||
Provision for restructuring | 12 | 28 | 40 | 10 | 50 | 68 | 118 | 4 | 18 | 22 | 19 | 41 | 68 | 109 | — | (8 | )% | |||||||||||||||||||||||||||||||||||||||||||||
Litigation and other settlements | 12 | 4 | 16 | (2 | ) | 14 | 145 | 159 | 43 | 6 | 49 | (1 | ) | 48 | (1 | ) | 47 | ** | (70 | )% | ||||||||||||||||||||||||||||||||||||||||||
Equity in net income of affiliates | (26 | ) | (22 | ) | (48 | ) | (19 | ) | (67 | ) | (16 | ) | (83 | ) | (26 | ) | (20 | ) | (46 | ) | (19 | ) | (65 | ) | (12 | ) | (77 | ) | (25 | )% | (7 | )% | ||||||||||||||||||||||||||||||
Divestiture (gains)/losses | (154 | ) | (8 | ) | (162 | ) | (208 | ) | (370 | ) | 174 | (196 | ) | (270 | ) | (283 | ) | (553 | ) | (21 | ) | (574 | ) | (2 | ) | (576 | ) | ** | ** | |||||||||||||||||||||||||||||||||
Royalties and licensing income | (98 | ) | (97 | ) | (195 | ) | (63 | ) | (258 | ) | (125 | ) | (383 | ) | (254 | ) | (167 | ) | (421 | ) | (158 | ) | (579 | ) | (140 | ) | (719 | ) | 12 | % | 88 | % | ||||||||||||||||||||||||||||||
Transition and other service fees | (27 | ) | (27 | ) | (54 | ) | (37 | ) | (91 | ) | (31 | ) | (122 | ) | (53 | ) | (74 | ) | (127 | ) | (57 | ) | (184 | ) | (54 | ) | (238 | ) | 74 | % | 95 | % | ||||||||||||||||||||||||||||||
Pension charges | 27 | 36 | 63 | 48 | 111 | 49 | 160 | 22 | 25 | 47 | 19 | 66 | 25 | 91 | (49 | )% | (43 | )% | ||||||||||||||||||||||||||||||||||||||||||||
Intangible asset impairment | 13 | — | 13 | — | 13 | — | 13 | 15 | — | 15 | — | 15 | — | 15 | — | 15 | % | |||||||||||||||||||||||||||||||||||||||||||||
Equity investment impairment | — | — | — | — | — | — | — | — | 45 | 45 | — | 45 | — | 45 | — | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
Written option adjustment | (36 | ) | — | (36 | ) | (87 | ) | (123 | ) | — | (123 | ) | — | — | — | — | — | — | — | — | (100 | )% | ||||||||||||||||||||||||||||||||||||||||
Loss on debt redemption | — | 180 | 180 | — | 180 | — | 180 | — | — | — | — | — | — | — | — | (100 | )% | |||||||||||||||||||||||||||||||||||||||||||||
Other | (43 | ) | (10 | ) | (53 | ) | 12 | (41 | ) | 48 | 7 | (20 | ) | (21 | ) | (41 | ) | (16 | ) | (57 | ) | 13 | (44 | ) | (73 | )% | ** | |||||||||||||||||||||||||||||||||||
$ | (299 | ) | $ | 107 | $ | (192 | ) | $ | (323 | ) | $ | (515 | ) | $ | 328 | $ | (187 | ) | $ | (520 | ) | $ | (454 | ) | $ | (974 | ) | $ | (224 | ) | $ | (1,198 | ) | $ | (87 | ) | $ | (1,285 | ) | ** | ** |
* | Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations. | |||||||||||
** | In excess of +/- 100% |
2
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED DECEMBER 31, 2016
(Unaudited, dollars in millions)
QUARTER-TO-DATE | 2016 | 2015 | Growth $ | Growth % | Favorable / (Unfavorable) FX Impact $ * | 2016 Excluding FX | Favorable / (Unfavorable) FX Impact % * | Growth % Excluding FX | ||||||||||||||||||
Revenues | $ | 5,243 | $ | 4,287 | $ | 956 | 22% | $ | (60 | ) | $ | 5,303 | (2)% | 24% | ||||||||||||
Gross profit | 3,860 | 3,335 | 525 | 16% | N/A | N/A | N/A | N/A | ||||||||||||||||||
Gross profit excluding specified items(a) | 3,866 | 3,345 | 521 | 16% | N/A | N/A | N/A | N/A | ||||||||||||||||||
Gross profit excluding specified items as a % of revenues | 73.7 | % | 78.0 | % | ||||||||||||||||||||||
Marketing, selling and administrative | 1,461 | 1,501 | (40 | ) | (3)% | 31 | 1,492 | 2% | (1)% | |||||||||||||||||
Marketing, selling and administrative excluding specified items(a) | 1,461 | 1,497 | (36 | ) | (2)% | 31 | 1,492 | 2% | — | |||||||||||||||||
MS&A excluding specified items as a % of revenues | 27.9 | % | 34.9 | % | ||||||||||||||||||||||
Research and development | 1,400 | 1,916 | (516 | ) | (27)% | 7 | 1,407 | — | (27)% | |||||||||||||||||
Research and development excluding specified items(a) | 1,214 | 1,175 | 39 | 3% | 8 | 1,222 | 1% | 4% | ||||||||||||||||||
Research and development excluding specified items as a % of revenues | 23.2 | % | 27.4 | % | ||||||||||||||||||||||
YEAR-TO-DATE | 2016 | 2015 | Growth $ | Growth % | Favorable / (Unfavorable) FX Impact $ * | 2016 Excluding FX | Favorable / (Unfavorable) FX Impact % * | Growth % Excluding FX | ||||||||||||||||||
Revenues | $ | 19,427 | $ | 16,560 | $ | 2,867 | 17% | $ | (237 | ) | $ | 19,664 | (2)% | 19% | ||||||||||||
Gross profit | 14,481 | 12,651 | 1,830 | 14% | N/A | N/A | N/A | N/A | ||||||||||||||||||
Gross profit excluding specified items(a) | 14,502 | 12,735 | 1,767 | 14% | N/A | N/A | N/A | N/A | ||||||||||||||||||
Gross profit excluding specified items as a % of revenues | 74.6 | % | 76.9 | % | ||||||||||||||||||||||
Marketing, selling and administrative | 4,911 | 4,841 | 70 | 1% | 80 | 4,991 | 2% | 3% | ||||||||||||||||||
Marketing, selling and administrative excluding specified items(a) | 4,911 | 4,831 | 80 | 2% | 80 | 4,991 | 1% | 3% | ||||||||||||||||||
MS&A excluding specified items as a % of revenues | 25.3 | % | 29.2 | % | ||||||||||||||||||||||
Research and development | 4,940 | 5,920 | (980 | ) | (17)% | 19 | 4,959 | 1% | (16)% | |||||||||||||||||
Research and development excluding specified items(a) | 4,405 | 4,037 | 368 | 9% | 20 | 4,425 | 1% | 10% | ||||||||||||||||||
Research and development excluding specified items as a % of revenues | 22.7 | % | 24.4 | % |
(a) | Refer to the Specified Items schedule for further details. | |||||||||||
* | Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales and expenses. |
3
BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
2015 | 2016 | Growth $ | % 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 | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Oncology(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Empliciti | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | 3 | $ | 28 | $ | 34 | $ | 62 | $ | 41 | $ | 103 | $ | 47 | $ | 150 | $ | 44 | $ | 147 | ** | ** | ||||||||||||||||||||||||||||||||||||
Erbitux | 165 | 169 | 334 | 167 | 501 | — | 501 | — | — | — | — | — | — | — | — | (501 | ) | — | (100 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Opdivo | 40 | 122 | 162 | 305 | 467 | 475 | 942 | 704 | 840 | 1,544 | 920 | 2,464 | 1,310 | 3,774 | 835 | 2,832 | ** | ** | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sprycel | 375 | 405 | 780 | 411 | 1,191 | 429 | 1,620 | 407 | 451 | 858 | 472 | 1,330 | 494 | 1,824 | 65 | 204 | 15 | % | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Yervoy | 325 | 296 | 621 | 240 | 861 | 265 | 1,126 | 263 | 241 | 504 | 285 | 789 | 264 | 1,053 | (1 | ) | (73 | ) | — | (6 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||
Cardiovascular(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eliquis | 355 | 437 | 792 | 466 | 1,258 | 602 | 1,860 | 734 | 777 | 1,511 | 884 | 2,395 | 948 | 3,343 | 346 | 1,483 | 57 | % | 80 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Immunoscience(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orencia(b) | 400 | 461 | 861 | 484 | 1,345 | 540 | 1,885 | 475 | 593 | 1,068 | 572 | 1,640 | 625 | 2,265 | 85 | 380 | 16 | % | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Virology(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 340 | 343 | 683 | 320 | 1,003 | 309 | 1,312 | 291 | 299 | 590 | 306 | 896 | 296 | 1,192 | (13 | ) | (120 | ) | (4 | )% | (9 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Hepatitis C Franchise(c) | 264 | 479 | 743 | 402 | 1,145 | 458 | 1,603 | 427 | 546 | 973 | 379 | 1,352 | 226 | 1,578 | (232 | ) | (25 | ) | (51 | )% | (2 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Reyataz Franchise | 294 | 303 | 597 | 270 | 867 | 272 | 1,139 | 221 | 247 | 468 | 238 | 706 | 206 | 912 | (66 | ) | (227 | ) | (24 | )% | (20 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise(d) | 290 | 317 | 607 | 333 | 940 | 312 | 1,252 | 273 | 271 | 544 | 275 | 819 | 246 | 1,065 | (66 | ) | (187 | ) | (21 | )% | (15 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Neuroscience(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Abilify(e) | 554 | 107 | 661 | 46 | 707 | 39 | 746 | 33 | 35 | 68 | 29 | 97 | 31 | 128 | (8 | ) | (618 | ) | (21 | )% | (83 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Mature Products and All Other(f) | 639 | 724 | 1,363 | 625 | 1,988 | 583 | 2,571 | 535 | 537 | 1,072 | 521 | 1,593 | 550 | 2,143 | (33 | ) | (428 | ) | (6 | )% | (17 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,041 | $ | 4,163 | $ | 8,204 | $ | 4,069 | $ | 12,273 | $ | 4,287 | $ | 16,560 | $ | 4,391 | $ | 4,871 | $ | 9,262 | $ | 4,922 | $ | 14,184 | $ | 5,243 | $ | 19,427 | $ | 956 | $ | 2,867 | 22 | % | 17 | % | ||||||||||||||||||||||||||||||||||
** | In excess of +/- 100% |
(a) | Key products listed do not represent all products in the respective therapeutic areas. |
(b) | Includes Orencia SubQ revenues of $323 million and $262 million for the three months ended December 31, 2016 and 2015, respectively, and $1,107 million and $872 million for the twelve months ended December 31, 2016 and 2015, respectively. |
(c) | Includes Daklinza (daclatasvir) revenues of $221 million and $423 million for the three months ended December 31, 2016 and 2015, respectively, and $1,550 million and $1,315 million for the twelve months ended December 31, 2016 and 2015, respectively. |
(d) | The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. Includes alliance revenue of $217 million and $273 million for the three months ended December 31, 2016 and 2015, respectively, and $934 million and $1,096 million for the twelve months ended December 31, 2016 and 2015, respectively. |
(e) | Includes alliance revenue of $7 million for the three months ended December 31, 2015 and $604 million for the twelve months ended December 31, 2015. BMS's U.S. commercialization rights to Abilify expired in April 2015. |
(f) | Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. |
Note: 2015 year-to-date revenues of new and inline brands grew 41% excluding Abilify, Baraclude and the Sustiva Franchise. |
4
BRISTOL-MYERS SQUIBB COMPANY
U.S. REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
2015 | 2016 | % 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 | |||||||||||||||||||||||||||||||||||||||||||||
Oncology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Empliciti | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | 3 | $ | 28 | $ | 33 | $ | 61 | $ | 36 | $ | 97 | $ | 36 | $ | 133 | ** | ** | ||||||||||||||||||||||||||||||
Erbitux | 157 | 165 | 322 | 165 | 487 | — | 487 | — | — | — | — | — | — | — | — | (100)% | ||||||||||||||||||||||||||||||||||||||||||||
Opdivo | 38 | 107 | 145 | 268 | 413 | 410 | 823 | 594 | 643 | 1,237 | 712 | 1,949 | 715 | 2,664 | 74% | ** | ||||||||||||||||||||||||||||||||||||||||||||
Sprycel | 181 | 205 | 386 | 215 | 601 | 228 | 829 | 210 | 233 | 443 | 259 | 702 | 267 | 969 | 17% | 17% | ||||||||||||||||||||||||||||||||||||||||||||
Yervoy | 181 | 136 | 317 | 121 | 438 | 164 | 602 | 199 | 179 | 378 | 222 | 600 | 202 | 802 | 23% | 33% | ||||||||||||||||||||||||||||||||||||||||||||
Cardiovascular | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eliquis | 200 | 243 | 443 | 245 | 688 | 335 | 1,023 | 468 | 444 | 912 | 512 | 1,424 | 539 | 1,963 | 61% | 92% | ||||||||||||||||||||||||||||||||||||||||||||
Immunoscience | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orencia(a) | 259 | 310 | 569 | 330 | 899 | 372 | 1,271 | 321 | 401 | 722 | 387 | 1,109 | 423 | 1,532 | 14% | 21% | ||||||||||||||||||||||||||||||||||||||||||||
Virology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 46 | 37 | 83 | 25 | 108 | 27 | 135 | 17 | 15 | 32 | 17 | 49 | 17 | 66 | (37)% | (51)% | ||||||||||||||||||||||||||||||||||||||||||||
Hepatitis C Franchise(b) | — | — | — | 111 | 111 | 212 | 323 | 259 | 294 | 553 | 192 | 745 | 82 | 827 | (61)% | ** | ||||||||||||||||||||||||||||||||||||||||||||
Reyataz Franchise | 143 | 157 | 300 | 149 | 449 | 142 | 591 | 120 | 122 | 242 | 125 | 367 | 117 | 484 | (18)% | (18)% | ||||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise(c) | 234 | 258 | 492 | 280 | 772 | 269 | 1,041 | 228 | 227 | 455 | 234 | 689 | 212 | 901 | (21)% | (13)% | ||||||||||||||||||||||||||||||||||||||||||||
Neuroscience | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Abilify | 508 | 67 | 575 | 18 | 593 | 7 | 600 | — | — | — | — | — | — | — | (100)% | (100)% | ||||||||||||||||||||||||||||||||||||||||||||
Mature Products and All Other(d) | 97 | 152 | 249 | 117 | 366 | 94 | 460 | 93 | 97 | 190 | 94 | 284 | 95 | 379 | 1% | (18)% | ||||||||||||||||||||||||||||||||||||||||||||
Total(e) | $ | 2,044 | $ | 1,837 | $ | 3,881 | $ | 2,044 | $ | 5,925 | $ | 2,263 | $ | 8,188 | $ | 2,537 | $ | 2,688 | $ | 5,225 | $ | 2,790 | $ | 8,015 | $ | 2,705 | $ | 10,720 | 20% | 31% | ||||||||||||||||||||||||||||||
** | In excess of +/- 100% |
(a) | Includes Orencia SubQ revenues of $203 million and $174 million for the three months ended December 31, 2016 and 2015, respectively, and $693 million and $567 million for the twelve months ended December 31, 2016 and 2015, respectively. |
(b) | Includes revenues of Daklinza (daclastasvir) only, which was launched in the U.S. in the third quarter of 2015. |
(c) | The Sustiva Franchise includes sales of Sustiva, as well as revenue from sales of bulk efavirenz included in the combination therapy, Atripla. |
(d) | Represents all other products sold in the U.S., including those which have lost exclusivity. |
(e) | Includes United States and Puerto Rico. |
5
BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
2015 | 2016 | % 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 | |||||||||||||||||||||||||||||||||||||||||||||
Oncology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Empliciti | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | 1 | $ | 5 | $ | 6 | $ | 11 | $ | 17 | N/A | N/A | ||||||||||||||||||||||||||||||
Erbitux | 8 | 4 | 12 | 2 | 14 | — | 14 | — | — | — | — | — | — | — | — | (100)% | ||||||||||||||||||||||||||||||||||||||||||||
Opdivo | 2 | 15 | 17 | 37 | 54 | 65 | 119 | 110 | 197 | 307 | 208 | 515 | 595 | 1,110 | ** | ** | ||||||||||||||||||||||||||||||||||||||||||||
Sprycel | 194 | 200 | 394 | 196 | 590 | 201 | 791 | 197 | 218 | 415 | 213 | 628 | 227 | 855 | 13% | 8% | ||||||||||||||||||||||||||||||||||||||||||||
Yervoy | 144 | 160 | 304 | 119 | 423 | 101 | 524 | 64 | 62 | 126 | 63 | 189 | 62 | 251 | (39)% | (52)% | ||||||||||||||||||||||||||||||||||||||||||||
Cardiovascular | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eliquis | 155 | 194 | 349 | 221 | 570 | 267 | 837 | 266 | 333 | 599 | 372 | 971 | 409 | 1,380 | 53% | 65% | ||||||||||||||||||||||||||||||||||||||||||||
Immunoscience | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orencia | 141 | 151 | 292 | 154 | 446 | 168 | 614 | 154 | 192 | 346 | 185 | 531 | 202 | 733 | 20% | 19% | ||||||||||||||||||||||||||||||||||||||||||||
Virology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 294 | 306 | 600 | 295 | 895 | 282 | 1,177 | 274 | 284 | 558 | 289 | 847 | 279 | 1,126 | (1)% | (4)% | ||||||||||||||||||||||||||||||||||||||||||||
Hepatitis C Franchise(a) | 264 | 479 | 743 | 291 | 1,034 | 246 | 1,280 | 168 | 252 | 420 | 187 | 607 | 144 | 751 | (41)% | (41)% | ||||||||||||||||||||||||||||||||||||||||||||
Reyataz Franchise | 151 | 146 | 297 | 121 | 418 | 130 | 548 | 101 | 125 | 226 | 113 | 339 | 89 | 428 | (32)% | (22)% | ||||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise(b) | 56 | 59 | 115 | 53 | 168 | 43 | 211 | 45 | 44 | 89 | 41 | 130 | 34 | 164 | (21)% | (22)% | ||||||||||||||||||||||||||||||||||||||||||||
Neuroscience | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Abilify(c) | 46 | 40 | 86 | 28 | 114 | 32 | 146 | 33 | 35 | 68 | 29 | 97 | 31 | 128 | (3)% | (12)% | ||||||||||||||||||||||||||||||||||||||||||||
Mature Products and All Other(d) | 542 | 572 | 1,114 | 508 | 1,622 | 489 | 2,111 | 442 | 440 | 882 | 427 | 1,309 | 455 | 1,764 | (7)% | (16)% | ||||||||||||||||||||||||||||||||||||||||||||
Total(e) | $ | 1,997 | $ | 2,326 | $ | 4,323 | $ | 2,025 | $ | 6,348 | $ | 2,024 | $ | 8,372 | $ | 1,854 | $ | 2,183 | $ | 4,037 | $ | 2,132 | $ | 6,169 | $ | 2,538 | $ | 8,707 | 25% | 4% |
** | In excess of +/- 100% |
(a) | Includes Daklinza (daclatasvir) revenues of $139 million and $211 million for the three months ended December 31, 2016 and 2015, respectively, and $723 million and $992 million for the twelve months ended December 31, 2016 and 2015, respectively. |
(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) | Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. |
(e) | When adjusted for foreign exchange impact, total revenues increased 28% for the fourth quarter and increased 7% year to date. |
6
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)
2015 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||
Cost of products sold(a) | $ | 34 | $ | 25 | $ | 59 | $ | 15 | $ | 74 | $ | 10 | $ | 84 | $ | 4 | $ | 4 | $ | 8 | $ | 7 | $ | 15 | $ | 6 | $ | 21 | ||||||||||||||||||||||||||||
Marketing, selling and administrative | 1 | 3 | 4 | 2 | 6 | 4 | 10 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
License and asset acquisition charges | 162 | 869 | 1,031 | 94 | 1,125 | 554 | 1,679 | 125 | 139 | 264 | 45 | 309 | 130 | 439 | ||||||||||||||||||||||||||||||||||||||||||
IPRD impairments | — | — | — | — | — | 160 | 160 | — | — | — | — | — | 13 | 13 | ||||||||||||||||||||||||||||||||||||||||||
Accelerated depreciation and other | — | 2 | 2 | 15 | 17 | 27 | 44 | 13 | 13 | 26 | 14 | 40 | 43 | 83 | ||||||||||||||||||||||||||||||||||||||||||
Research and development | 162 | 871 | 1,033 | 109 | 1,142 | 741 | 1,883 | 138 | 152 | 290 | 59 | 349 | 186 | 535 | ||||||||||||||||||||||||||||||||||||||||||
Provision for restructuring | 12 | 28 | 40 | 10 | 50 | 65 | 115 | 4 | 18 | 22 | 19 | 41 | 68 | 109 | ||||||||||||||||||||||||||||||||||||||||||
Divestiture (gains)/losses | (152 | ) | (8 | ) | (160 | ) | (198 | ) | (358 | ) | 171 | (187 | ) | (269 | ) | (277 | ) | (546 | ) | (13 | ) | (559 | ) | — | (559 | ) | ||||||||||||||||||||||||||||||
Pension charges | 27 | 36 | 63 | 48 | 111 | 49 | 160 | 22 | 25 | 47 | 19 | 66 | 25 | 91 | ||||||||||||||||||||||||||||||||||||||||||
Written option adjustment | (36 | ) | — | (36 | ) | (87 | ) | (123 | ) | — | (123 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Litigation and other settlements | 14 | 1 | 15 | — | 15 | 143 | 158 | 43 | — | 43 | (3 | ) | 40 | — | 40 | |||||||||||||||||||||||||||||||||||||||||
Intangible asset impairment | 13 | — | 13 | — | 13 | — | 13 | 15 | — | 15 | — | 15 | — | 15 | ||||||||||||||||||||||||||||||||||||||||||
Loss on debt redemption | — | 180 | 180 | — | 180 | — | 180 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Royalties and licensing income | — | — | — | — | — | — | — | — | — | — | — | — | (10 | ) | (10 | ) | ||||||||||||||||||||||||||||||||||||||||
Other (income)/expense | (122 | ) | 237 | 115 | (227 | ) | (112 | ) | 428 | 316 | (185 | ) | (234 | ) | (419 | ) | 22 | (397 | ) | 83 | (314 | ) | ||||||||||||||||||||||||||||||||||
Increase/(decrease) to pretax income | 75 | 1,136 | 1,211 | (101 | ) | 1,110 | 1,183 | 2,293 | (43 | ) | (78 | ) | (121 | ) | 88 | (33 | ) | 275 | 242 | |||||||||||||||||||||||||||||||||||||
Income tax on items above | (68 | ) | (116 | ) | (184 | ) | 43 | (141 | ) | (339 | ) | (480 | ) | 83 | 76 | 159 | (3 | ) | 156 | (105 | ) | 51 | ||||||||||||||||||||||||||||||||||
Increase/(decrease) to net earnings | $ | 7 | $ | 1,020 | $ | 1,027 | $ | (58 | ) | $ | 969 | $ | 844 | $ | 1,813 | $ | 40 | $ | (2 | ) | $ | 38 | $ | 85 | $ | 123 | $ | 170 | $ | 293 |
(a) | Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs. |
7
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars in millions)
2015 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 3,194 | $ | 3,150 | $ | 6,344 | $ | 2,972 | $ | 9,316 | $ | 3,335 | $ | 12,651 | $ | 3,339 | $ | 3,665 | $ | 7,004 | $ | 3,617 | $ | 10,621 | $ | 3,860 | $ | 14,481 | ||||||||||||||||||||||||||||
Specified items(a) | 34 | 25 | 59 | 15 | 74 | 10 | 84 | 4 | 4 | 8 | 7 | 15 | 6 | 21 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit excluding specified items | 3,228 | 3,175 | 6,403 | 2,987 | 9,390 | 3,345 | 12,735 | 3,343 | 3,669 | 7,012 | 3,624 | 10,636 | 3,866 | 14,502 | ||||||||||||||||||||||||||||||||||||||||||
Marketing, selling and administrative | 1,029 | 1,135 | 2,164 | 1,176 | 3,340 | 1,501 | 4,841 | 1,068 | 1,238 | 2,306 | 1,144 | 3,450 | 1,461 | 4,911 | ||||||||||||||||||||||||||||||||||||||||||
Specified items(a) | (1 | ) | (3 | ) | (4 | ) | (2 | ) | (6 | ) | (4 | ) | (10 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Marketing, selling and administrative excluding specified items | 1,028 | 1,132 | 2,160 | 1,174 | 3,334 | 1,497 | 4,831 | 1,068 | 1,238 | 2,306 | 1,144 | 3,450 | 1,461 | 4,911 | ||||||||||||||||||||||||||||||||||||||||||
Research and development | 1,016 | 1,856 | 2,872 | 1,132 | 4,004 | 1,916 | 5,920 | 1,136 | 1,266 | 2,402 | 1,138 | 3,540 | 1,400 | 4,940 | ||||||||||||||||||||||||||||||||||||||||||
Specified items(a) | (162 | ) | (871 | ) | (1,033 | ) | (109 | ) | (1,142 | ) | (741 | ) | (1,883 | ) | (138 | ) | (152 | ) | (290 | ) | (59 | ) | (349 | ) | (186 | ) | (535 | ) | ||||||||||||||||||||||||||||
Research and development excluding specified items | 854 | 985 | 1,839 | 1,023 | 2,862 | 1,175 | 4,037 | 998 | 1,114 | 2,112 | 1,079 | 3,191 | 1,214 | 4,405 | ||||||||||||||||||||||||||||||||||||||||||
Other (income)/expense | (299 | ) | 107 | (192 | ) | (323 | ) | (515 | ) | 328 | (187 | ) | (520 | ) | (454 | ) | (974 | ) | (224 | ) | (1,198 | ) | (87 | ) | (1,285 | ) | ||||||||||||||||||||||||||||||
Specified items(a) | 122 | (237 | ) | (115 | ) | 227 | 112 | (428 | ) | (316 | ) | 185 | 234 | 419 | (22 | ) | 397 | (83 | ) | 314 | ||||||||||||||||||||||||||||||||||||
Other (income)/expense excluding specified items | (177 | ) | (130 | ) | (307 | ) | (96 | ) | (403 | ) | (100 | ) | (503 | ) | (335 | ) | (220 | ) | (555 | ) | (246 | ) | (801 | ) | (170 | ) | (971 | ) |
(a) | Refer to the Specified Items schedule for further details. |
8
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP TO NON-GAAP EPS
(Unaudited, dollars in millions)
2015 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||
Earnings/(loss) before income taxes | $ | 1,448 | $ | 52 | $ | 1,500 | $ | 987 | $ | 2,487 | $ | (410 | ) | $ | 2,077 | $ | 1,655 | $ | 1,615 | $ | 3,270 | $ | 1,559 | $ | 4,829 | $ | 1,086 | $ | 5,915 | |||||||||||||||||||||||||||
Specified items(a) | 75 | 1,136 | 1,211 | (101 | ) | 1,110 | 1,183 | 2,293 | (43 | ) | (78 | ) | (121 | ) | 88 | (33 | ) | 275 | 242 | |||||||||||||||||||||||||||||||||||||
Earnings before income taxes excluding specified items | 1,523 | 1,188 | 2,711 | 886 | 3,597 | 773 | 4,370 | 1,612 | 1,537 | 3,149 | 1,647 | 4,796 | 1,361 | 6,157 | ||||||||||||||||||||||||||||||||||||||||||
Provision for/(benefit from) income taxes | 249 | 162 | 411 | 257 | 668 | (222 | ) | 446 | 449 | 427 | 876 | 344 | 1,220 | 188 | 1,408 | |||||||||||||||||||||||||||||||||||||||||
Tax on specified items(a) | (68 | ) | (116 | ) | (184 | ) | 43 | (141 | ) | (339 | ) | (480 | ) | 83 | 76 | 159 | (3 | ) | 156 | (105 | ) | 51 | ||||||||||||||||||||||||||||||||||
Provision for income taxes excluding tax on specified items | 317 | 278 | 595 | 214 | 809 | 117 | 926 | 366 | 351 | 717 | 347 | 1,064 | 293 | 1,357 | ||||||||||||||||||||||||||||||||||||||||||
Net earnings/(loss) attributable to BMS used for Diluted EPS Calculation - GAAP | 1,186 | (130 | ) | 1,056 | 706 | 1,762 | (197 | ) | 1,565 | 1,195 | 1,166 | 2,361 | 1,202 | 3,563 | 894 | 4,457 | ||||||||||||||||||||||||||||||||||||||||
Specified items(a) | 7 | 1,020 | 1,027 | (58 | ) | 969 | 844 | 1,813 | 40 | (2 | ) | 38 | 85 | 123 | 170 | 293 | ||||||||||||||||||||||||||||||||||||||||
Net earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP | 1,193 | 890 | 2,083 | 648 | 2,731 | 647 | 3,378 | 1,235 | 1,164 | 2,399 | 1,287 | 3,686 | 1,064 | 4,750 | ||||||||||||||||||||||||||||||||||||||||||
Weighted-average Common shares Outstanding - Diluted- GAAP | 1,676 | 1,667 | 1,677 | 1,678 | 1,677 | 1,669 | 1,679 | 1,680 | 1,679 | 1,679 | 1,679 | 1,679 | 1,680 | 1,680 | ||||||||||||||||||||||||||||||||||||||||||
Incremental shares Attributable to Share-Based compensation Plans | — | 10 | — | — | — | 12 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Weighted-average Common shares Outstanding - Diluted- Non-GAAP | 1,676 | 1,677 | 1,677 | 1,678 | 1,677 | 1,681 | 1,679 | 1,680 | 1,679 | 1,679 | 1,679 | 1,679 | 1,680 | 1,680 | ||||||||||||||||||||||||||||||||||||||||||
Diluted Earnings/(loss) Per Share - GAAP | $ | 0.71 | $ | (0.08 | ) | $ | 0.63 | $ | 0.42 | $ | 1.05 | $ | (0.12 | ) | $ | 0.93 | $ | 0.71 | $ | 0.69 | $ | 1.41 | $ | 0.72 | $ | 2.12 | $ | 0.53 | $ | 2.65 | ||||||||||||||||||||||||||
Diluted Earnings/(loss) Per Share attributable to specified items | — | 0.61 | 0.61 | (0.03 | ) | 0.58 | 0.50 | 1.08 | 0.03 | — | 0.02 | 0.05 | 0.08 | 0.10 | 0.18 | |||||||||||||||||||||||||||||||||||||||||
Diluted Earnings Per Share - Non-GAAP | $ | 0.71 | $ | 0.53 | $ | 1.24 | $ | 0.39 | $ | 1.63 | $ | 0.38 | $ | 2.01 | $ | 0.74 | $ | 0.69 | $ | 1.43 | $ | 0.77 | $ | 2.20 | $ | 0.63 | $ | 2.83 | ||||||||||||||||||||||||||||
Effective Tax Rate | 17.2 | % | 311.5 | % | 27.4 | % | 26.0 | % | 26.9 | % | 54.1 | % | 21.5 | % | 27.1 | % | 26.4 | % | 26.8 | % | 22.1 | % | 25.3 | % | 17.3 | % | 23.8 | % | ||||||||||||||||||||||||||||
Specified items (a) | 3.6 | % | (288.1 | )% | (5.5 | )% | (1.8 | )% | (4.4 | )% | (39.0 | )% | (0.3 | )% | (4.4 | )% | (3.6 | )% | (4.0 | )% | (1.0 | )% | (3.1 | )% | 4.2 | % | (1.8 | )% | ||||||||||||||||||||||||||||
Effective Tax Rate excluding specified items | 20.8 | % | 23.4 | % | 21.9 | % | 24.2 | % | 22.5 | % | 15.1 | % | 21.2 | % | 22.7 | % | 22.8 | % | 22.8 | % | 21.1 | % | 22.2 | % | 21.5 | % | 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. |
9
BRISTOL-MYERS SQUIBB COMPANY
SELECTED BALANCE SHEET INFORMATION
(Unaudited, dollars in millions)
March 31, 2015 | June 30, 2015 | September 30, 2015 | December 31, 2015 | March 31, 2016 | June 30, 2016 | September 30, 2016 | December 31, 2016 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 6,294 | $ | 4,199 | $ | 3,975 | $ | 2,385 | $ | 2,644 | $ | 2,934 | $ | 3,432 | $ | 4,237 | ||||||||||||||||
Marketable securities - current | 1,313 | 1,277 | 1,438 | 1,885 | 1,663 | 1,717 | 2,128 | 2,113 | ||||||||||||||||||||||||
Marketable securities - non-current | 4,279 | 4,632 | 4,627 | 4,660 | 3,689 | 3,281 | 3,035 | 2,719 | ||||||||||||||||||||||||
Cash, cash equivalents and marketable securities | 11,886 | 10,108 | 10,040 | 8,930 | 7,996 | 7,932 | 8,595 | 9,069 | ||||||||||||||||||||||||
Short-term borrowings and current portion of long-term debt | (330 | ) | (755 | ) | (642 | ) | (139 | ) | (106 | ) | (155 | ) | (990 | ) | (992 | ) | ||||||||||||||||
Long-term debt | (7,127 | ) | (6,615 | ) | (6,632 | ) | (6,550 | ) | (6,593 | ) | (6,581 | ) | (5,836 | ) | (5,716 | ) | ||||||||||||||||
Net cash position | $ | 4,429 | $ | 2,738 | $ | 2,766 | $ | 2,241 | $ | 1,297 | $ | 1,196 | $ | 1,769 | $ | 2,361 |
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BRISTOL-MYERS SQUIBB COMPANY | ||||
2017 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS | ||||
EXCLUDING PROJECTED SPECIFIED ITEMS |
Full Year 2017 | |||||||||||
Pre-tax | Tax | After-tax | |||||||||
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP | $2.47 to $2.67 | ||||||||||
Projected Specified Items: | |||||||||||
Restructuring, accelerated depreciation and other shutdown costs (1) | 0.33 | 0.11 | 0.22 | ||||||||
Divestiture gains | (0.06 | ) | (0.02 | ) | (0.04 | ) | |||||
Research and development license and asset acquisition charges | 0.19 | 0.01 | 0.18 | ||||||||
Pension charges | 0.08 | 0.03 | 0.05 | ||||||||
Litigation and other settlements | (0.28 | ) | (0.10 | ) | (0.18 | ) | |||||
Total | 0.26 | 0.03 | 0.23 | ||||||||
Projected Diluted Earnings Attributable to Shareholders per Common Share - non-GAAP | $2.70 to $2.90 | ||||||||||
(1) Includes items recognized in Research and development and Other (income)/expense. | |||||||||||
Note - The above per-share amounts include certain rounding adjustments. |
The following table summarizes the company's 2017 financial guidance: | ||||||||||||||||||||||
Line item | GAAP | Non-GAAP | ||||||||||||||||||||
Gross margin as a percent of revenue | Approximately 72%-73% | Approximately 72%-73% | ||||||||||||||||||||
Marketing, selling and administrative expense | Decrease in mid to high-single digits compared to 2016 | Decrease in mid to high-single digits compared to 2016 | ||||||||||||||||||||
Research and development expense | Increase in the high-single digits compared to 2016 | Increase in the high-single digits compared to 2016 | ||||||||||||||||||||
Effective tax rate | Approximately 21% | Approximately 21% |
The GAAP financial results for the full year 2017 will include specified items, including gains on divestitures, charges associated with downsizing and streamlining worldwide operations, in-process research and development (IPRD), license and asset acquisition charges, charges related to significant legal proceedings, licensed asset impairments, restructuring and pension charges. The GAAP financial results for 2017 could also include other specified items that have not yet been identified and quantified, including any additional gains or losses from divestitures, license and asset acquisition charges, charges for IPRD and licensed asset impairments, recoveries relating to significant legal proceedings 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 2016 Financial Results, January 26, 2017 including “2017 Financial Guidance” and “Use of non-GAAP Financial Information” therein. |
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