BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF REVENUES
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Revenues | | 2016 | | 2017 | | % 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 | | $ | 2,537 |
| | $ | 2,688 |
| | $ | 5,225 |
| | $ | 2,790 |
| | $ | 8,015 |
| | $ | 2,705 |
| | $ | 10,720 |
| | $ | 2,738 |
| | $ | 2,865 |
| | $ | 5,603 |
| | $ | 2,864 |
| | $ | 8,467 |
| | | | | | 3 | % | | 6 | % | | — |
| | — |
|
| Europe | | 870 |
| | 1,039 |
| | 1,909 |
| | 946 |
| | 2,855 |
| | 1,360 |
| | 4,215 |
| | 1,146 |
| | 1,188 |
| | 2,334 |
| | 1,262 |
| | 3,596 |
| | | | | | 33 | % | | 26 | % | | 5 | % | | (1 | )% |
| Rest of the World | | 840 |
| | 1,013 |
| | 1,853 |
| | 1,069 |
| | 2,922 |
| | 1,042 |
| | 3,964 |
| | 925 |
| | 963 |
| | 1,888 |
| | 970 |
| | 2,858 |
| | | | | | (9 | )% | | (2 | )% | | (2 | )% | | (1 | )% |
| Other | | 144 |
| | 131 |
| | 275 |
| | 117 |
| | 392 |
| | 136 |
| | 528 |
| | 120 |
| | 128 |
| | 248 |
| | 158 |
| | 406 |
| | | | | | 35 | % | | 4 | % | | N/A |
| | N/A |
|
| Total | | $ | 4,391 |
| | $ | 4,871 |
| | $ | 9,262 |
| | $ | 4,922 |
| | $ | 14,184 |
| | $ | 5,243 |
| | $ | 19,427 |
| | $ | 4,929 |
| | $ | 5,144 |
| | $ | 10,073 |
| | $ | 5,254 |
| | $ | 15,327 |
| | | | | | 7 | % | | 8 | % | | 1 | % | | (1 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| % of Revenues | | 2016 | | 2017 | | | | | | | | |
| | | 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 | | 57.8 | % | | 55.2 | % | | 56.4 | % | | 56.7 | % | | 56.5 | % | | 51.6 | % | | 55.2 | % | | 55.5 | % | | 55.7 | % | | 55.6 | % | | 54.5 | % | | 55.2 | % | | | | | | | | | | | | |
| Europe | | 19.8 | % | | 21.3 | % | | 20.6 | % | | 19.2 | % | | 20.1 | % | | 25.9 | % | | 21.7 | % | | 23.3 | % | | 23.1 | % | | 23.2 | % | | 24.0 | % | | 23.5 | % | | | | | | | | | | | | |
| Rest of the World | | 19.1 | % | | 20.8 | % | | 20.0 | % | | 21.7 | % | | 20.6 | % | | 19.9 | % | | 20.4 | % | | 18.8 | % | | 18.7 | % | | 18.7 | % | | 18.5 | % | | 18.6 | % | | | | | | | | | | | | |
| Other | | 3.3 | % | | 2.7 | % | | 3.0 | % | | 2.4 | % | | 2.8 | % | | 2.6 | % | | 2.7 | % | | 2.4 | % | | 2.5 | % | | 2.5 | % | | 3.0 | % | | 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 | % | | | | | | | | | | | | |
BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM OPERATIONS
(Unaudited, dollars and shares in millions except per share data)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2016 | | 2017 | | % 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 | | $ | 3,964 |
| | $ | 4,432 |
| | $ | 8,396 |
| | $ | 4,492 |
| | $ | 12,888 |
| | $ | 4,814 |
| | $ | 17,702 |
| | $ | 4,580 |
| | $ | 4,770 |
| | $ | 9,350 |
| | $ | 4,862 |
| | $ | 14,212 |
| | | | | | 8 | % | | 10 | % |
| Alliance and other revenues | | 427 |
| | 439 |
| | 866 |
| | 430 |
| | 1,296 |
| | 429 |
| | 1,725 |
| | 349 |
| | 374 |
| | 723 |
| | 392 |
| | 1,115 |
| | | | | | (9 | )% | | (14 | )% |
| Total Revenues | | $ | 4,391 |
| | $ | 4,871 |
| | $ | 9,262 |
| | $ | 4,922 |
| | $ | 14,184 |
| | $ | 5,243 |
| | $ | 19,427 |
| | $ | 4,929 |
| | $ | 5,144 |
| | $ | 10,073 |
| | $ | 5,254 |
| | $ | 15,327 |
| | | | | | 7 | % | | 8 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cost of products sold | | 1,052 |
| | 1,206 |
| | 2,258 |
| | 1,305 |
| | 3,563 |
| | 1,383 |
| | 4,946 |
| | 1,259 |
| | 1,562 |
| | 2,821 |
| | 1,572 |
| | 4,393 |
| | | | | | 20 | % | | 23 | % |
| Marketing, selling and administrative | | 1,068 |
| | 1,238 |
| | 2,306 |
| | 1,144 |
| | 3,450 |
| | 1,461 |
| | 4,911 |
| | 1,074 |
| | 1,167 |
| | 2,241 |
| | 1,147 |
| | 3,388 |
| | | | | | — |
| | (2 | )% |
| Research and development | | 1,136 |
| | 1,266 |
| | 2,402 |
| | 1,138 |
| | 3,540 |
| | 1,400 |
| | 4,940 |
| | 1,288 |
| | 1,659 |
| | 2,947 |
| | 1,543 |
| | 4,490 |
| | | | | | 36 | % | | 27 | % |
| Other (income)/expense | | (520 | ) | | (454 | ) | | (974 | ) | | (224 | ) | | (1,198 | ) | | (87 | ) | | (1,285 | ) | | (647 | ) | | (539 | ) | | (1,186 | ) | | (191 | ) | | (1,377 | ) | | | | | | (15 | )% | | 15 | % |
| Total Expenses | | 2,736 |
| | 3,256 |
| | 5,992 |
| | 3,363 |
| | 9,355 |
| | 4,157 |
| | 13,512 |
| | 2,974 |
| | 3,849 |
| | 6,823 |
| | 4,071 |
| | 10,894 |
| | | | | | 21 | % | | 16 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Earnings Before Income Taxes | | $ | 1,655 |
| | $ | 1,615 |
| | $ | 3,270 |
| | $ | 1,559 |
| | $ | 4,829 |
| | $ | 1,086 |
| | $ | 5,915 |
| | $ | 1,955 |
| | $ | 1,295 |
| | $ | 3,250 |
| | $ | 1,183 |
| | $ | 4,433 |
| | | | | | (24 | )% | | (8 | )% |
| Provision for Income Taxes | | 449 |
| | 427 |
| | 876 |
| | 344 |
| | 1,220 |
| | 188 |
| | 1,408 |
| | 429 |
| | 373 |
| | 802 |
| | 327 |
| | 1,129 |
| | | | | | (5 | )% | | (7 | )% |
| Net Earnings | | $ | 1,206 |
| | $ | 1,188 |
| | $ | 2,394 |
| | $ | 1,215 |
| | $ | 3,609 |
| | $ | 898 |
| | $ | 4,507 |
| | $ | 1,526 |
| | $ | 922 |
| | $ | 2,448 |
| | $ | 856 |
| | $ | 3,304 |
| | | | | | (30 | )% | | (8 | )% |
| Net Earnings/(Loss) Attributable to Noncontrolling Interest | | 11 |
| | 22 |
| | 33 |
| | 13 |
| | 46 |
| | 4 |
| | 50 |
| | (48 | ) | | 6 |
| | (42 | ) | | 11 |
| | (31 | ) | | | | | | (15 | )% | | ** |
|
| Net Earnings Attributable to BMS | | $ | 1,195 |
| | $ | 1,166 |
| | $ | 2,361 |
| | $ | 1,202 |
| | $ | 3,563 |
| | $ | 894 |
| | $ | 4,457 |
| | $ | 1,574 |
| | $ | 916 |
| | $ | 2,490 |
| | $ | 845 |
| | $ | 3,335 |
| | | | | | (30 | )% | | (6 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Diluted Earnings per Common Share* | | $ | 0.71 |
| | $ | 0.69 |
| | $ | 1.41 |
| | $ | 0.72 |
| | $ | 2.12 |
| | $ | 0.53 |
| | $ | 2.65 |
| | $ | 0.94 |
| | $ | 0.56 |
| | $ | 1.50 |
| | $ | 0.51 |
| | $ | 2.02 |
| | | | | | (29 | )% | | (5 | )% |
| Average Common Shares Outstanding - Diluted | | 1,680 |
| | 1,679 |
| | 1,679 |
| | 1,679 |
| | 1,679 |
| | 1,680 |
| | 1,680 |
| | 1,671 |
| | 1,650 |
| | 1,660 |
| | 1,645 |
| | 1,655 |
| | | | | | (2 | )% | | (1 | )% |
| Dividends declared per common share | | $ | 0.38 |
| | $ | 0.38 |
| | $ | 0.76 |
| | $ | 0.38 |
| | $ | 1.14 |
| | $ | 0.39 |
| | $ | 1.53 |
| | $ | 0.39 |
| | $ | 0.39 |
| | $ | 0.78 |
| | $ | 0.39 |
| | $ | 1.17 |
| | | | | | 3 | % | | 3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2016 | | 2017 | | | | |
| % 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 | | 76.0 | % | | 75.2 | % | | 75.6 | % | | 73.5 | % | | 74.9 | % | | 73.6 | % | | 74.5 | % | | 74.5 | % | | 69.6 | % | | 72.0 | % | | 70.1 | % | | 71.3 | % | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Ratios | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Effective tax rate | | 27.1 | % | | 26.4 | % | | 26.8 | % | | 22.1 | % | | 25.3 | % | | 17.3 | % | | 23.8 | % | | 21.9 | % | | 28.8 | % | | 24.7 | % | | 27.6 | % | | 25.5 | % | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other (Income)/Expense | | 2016 | | 2017 | | % 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 | | $ | 43 |
| | $ | 42 |
| | $ | 85 |
| | $ | 42 |
| | $ | 127 |
| | $ | 40 |
| | $ | 167 |
| | $ | 45 |
| | $ | 52 |
| | $ | 97 |
| | $ | 48 |
| | $ | 145 |
| | | | | | 14 | % | | 14 | % |
| Investment income | | (24 | ) | | (25 | ) | | (49 | ) | | (32 | ) | | (81 | ) | | (24 | ) | | (105 | ) | | (33 | ) | | (34 | ) | | (67 | ) | | (37 | ) | | (104 | ) | | | | | | 16 | % | | 28 | % |
| Provision for restructuring | | 4 |
| | 18 |
| | 22 |
| | 19 |
| | 41 |
| | 68 |
| | 109 |
| | 164 |
| | 15 |
| | 179 |
| | 28 |
| | 207 |
| | | | | | 47 | % | | ** |
|
| Litigation and other settlements | | 43 |
| | 6 |
| | 49 |
| | (1 | ) | | 48 |
| | (1 | ) | | 47 |
| | (484 | ) | | (5 | ) | | (489 | ) | | — |
| | (489 | ) | | | | | | (100 | )% | | ** |
|
| Equity in net income of affiliates | | (26 | ) | | (20 | ) | | (46 | ) | | (19 | ) | | (65 | ) | | (12 | ) | | (77 | ) | | (18 | ) | | (20 | ) | | (38 | ) | | (21 | ) | | (59 | ) | | | | | | 11 |
| | (9 | )% |
| Divestiture (gains)/losses | | (270 | ) | | (283 | ) | | (553 | ) | | (21 | ) | | (574 | ) | | (2 | ) | | (576 | ) | | (127 | ) | | — |
| | (127 | ) | | 1 |
| | (126 | ) | | | | | | ** |
| | (78 | )% |
| Royalties and licensing income | | (254 | ) | | (167 | ) | | (421 | ) | | (158 | ) | | (579 | ) | | (140 | ) | | (719 | ) | | (199 | ) | | (685 | ) | | (884 | ) | | (209 | ) | | (1,093 | ) | | | | | | 32 | % | | 89 | % |
| Transition and other service fees | | (53 | ) | | (74 | ) | | (127 | ) | | (57 | ) | | (184 | ) | | (54 | ) | | (238 | ) | | (7 | ) | | (13 | ) | | (20 | ) | | (12 | ) | | (32 | ) | | | | | | (79 | )% | | (83 | )% |
| Pension charges | | 22 |
| | 25 |
| | 47 |
| | 19 |
| | 66 |
| | 25 |
| | 91 |
| | 33 |
| | 36 |
| | 69 |
| | 22 |
| | 91 |
| | | | | | 16 | % | | 38 | % |
| Intangible asset impairments | | 15 |
| | — |
| | 15 |
| | — |
| | 15 |
| | — |
| | 15 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | | | | | — |
| | (100 | )% |
| Equity investment impairment | | — |
| | 45 |
| | 45 |
| | — |
| | 45 |
| | — |
| | 45 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | | | | | — |
| | (100 | )% |
| Loss on debt redemption | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 109 |
| | 109 |
| | — |
| | 109 |
| | | | | | — |
| | N/A |
|
| Other | | (20 | ) | | (21 | ) | | (41 | ) | | (16 | ) | | (57 | ) | | 13 |
| | (44 | ) | | (21 | ) | | 6 |
| | (15 | ) | | (11 | ) | | (26 | ) | | | | | | (31 | )% | | (54 | )% |
| | | $ | (520 | ) | | $ | (454 | ) | | $ | (974 | ) | | $ | (224 | ) | | $ | (1,198 | ) | | $ | (87 | ) | | $ | (1,285 | ) | | $ | (647 | ) | | $ | (539 | ) | | $ | (1,186 | ) | | $ | (191 | ) | | $ | (1,377 | ) | | | | | | (15 | )% | | 15 | % |
|
| | | | | | | | | | | | |
| * | 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 SEPTEMBER 30, 2017
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| QUARTER-TO-DATE | | 2017 | | 2016 | | Growth $ | | Growth % | | Favorable / (Unfavorable) FX Impact $ * | | 2017 Excluding FX | | Favorable / (Unfavorable) FX Impact % * | | Growth % Excluding FX |
| Revenues | | $ | 5,254 |
| | $ | 4,922 |
| | $ | 332 |
| | 7 | % | | $ | 32 |
| | $ | 5,222 |
| | 1 | % | | 6 | % |
| Gross profit | | 3,682 |
| | 3,617 |
| | 65 |
| | 2 | % | | N/A |
| | N/A |
| | N/A |
| | N/A |
|
Gross profit excluding specified items(a) | | 3,683 |
| | 3,624 |
| | 59 |
| | 2 | % | | N/A |
| | N/A |
| | N/A |
| | N/A |
|
| Gross profit excluding specified items as a % of revenues | | 70.1 | % | | 73.6 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Research and development | | 1,543 |
| | 1,138 |
| | 405 |
| | 36 | % | | — |
| | 1,543 |
| | — |
| | 36 | % |
Research and development excluding specified items(a) | | 1,169 |
| | 1,079 |
| | 90 |
| | 8 | % | | — |
| | 1,169 |
| | — |
| | 8 | % |
| | | | | | | | | | | | | | | | | |
| Research and development excluding specified items as a % of revenues | | 22.2 | % | | 21.9 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| YEAR-TO-DATE | | 2017 | | 2016 | | Growth $ | | Growth % | | Favorable /
(Unfavorable)
FX Impact $ * | | 2017 Excluding FX | | Favorable /
(Unfavorable)
FX Impact % * | | Growth %
Excluding FX |
| Revenues | | $ | 15,327 |
| | $ | 14,184 |
| | $ | 1,143 |
| | 8 | % | | $ | (65 | ) | | $ | 15,392 |
| | (1 | )% | | 9 | % |
| Gross profit | | 10,934 |
| | 10,621 |
| | 313 |
| | 3 | % | | N/A |
| | N/A |
| | N/A |
| | N/A |
|
Gross profit excluding specified items(a) | | 11,065 |
| | 10,636 |
| | 429 |
| | 4 | % | | N/A |
| | N/A |
| | N/A |
| | N/A |
|
| Gross profit excluding specified items as a % of revenues | | 72.2 | % | | 75.0 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Research and development | | 4,490 |
| | 3,540 |
| | 950 |
| | 27 | % | | 8 |
| | 4,498 |
| | — |
| | 27 | % |
Research and development excluding specified items(a) | | 3,430 |
| | 3,191 |
| | 239 |
| | 7 | % | | 8 |
| | 3,438 |
| | 1 | % | | 8 | % |
| | | | | | | | | | | | | | | | | |
| Research and development excluding specified items as a % of revenues | | 22.4 | % | | 22.5 | % | | | | | | | | | | | | |
|
| | | | | | | | | | | | |
| (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. |
BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2016 | | 2017 | | 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 |
| Prioritized Brands | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Opdivo | | $ | 704 |
| | $ | 840 |
| | $ | 1,544 |
| | $ | 920 |
| | $ | 2,464 |
| | $ | 1,310 |
| | $ | 3,774 |
| | $ | 1,127 |
| | $ | 1,195 |
| | $ | 2,322 |
| | $ | 1,265 |
| | $ | 3,587 |
| | | | | | $ | 345 |
| | $ | 1,123 |
| | 38 | % | | 46 | % |
| Eliquis | | 734 |
| | 777 |
| | 1,511 |
| | 884 |
| | 2,395 |
| | 948 |
| | 3,343 |
| | 1,101 |
| | 1,176 |
| | 2,277 |
| | 1,232 |
| | 3,509 |
| | | | | | 348 |
| | 1,114 |
| | 39 | % | | 47 | % |
Orencia(a) | | 475 |
| | 593 |
| | 1,068 |
| | 572 |
| | 1,640 |
| | 625 |
| | 2,265 |
| | 535 |
| | 650 |
| | 1,185 |
| | 632 |
| | 1,817 |
| | | | | | 60 |
| | 177 |
| | 10 | % | | 11 | % |
| Sprycel | | 407 |
| | 451 |
| | 858 |
| | 472 |
| | 1,330 |
| | 494 |
| | 1,824 |
| | 463 |
| | 506 |
| | 969 |
| | 509 |
| | 1,478 |
| | | | | | 37 |
| | 148 |
| | 8 | % | | 11 | % |
| Yervoy | | 263 |
| | 241 |
| | 504 |
| | 285 |
| | 789 |
| | 264 |
| | 1,053 |
| | 330 |
| | 322 |
| | 652 |
| | 323 |
| | 975 |
| | | | | | 38 |
| | 186 |
| | 13 | % | | 24 | % |
| Empliciti | | 28 |
| | 34 |
| | 62 |
| | 41 |
| | 103 |
| | 47 |
| | 150 |
| | 53 |
| | 55 |
| | 108 |
| | 60 |
| | 168 |
| | | | | | 19 |
| | 65 |
| | 46 | % | | 63 | % |
| Established Brands | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hepatitis C Franchise(b) | | 427 |
| | 546 |
| | 973 |
| | 379 |
| | 1,352 |
| | 226 |
| | 1,578 |
| | 162 |
| | 112 |
| | 274 |
| | 73 |
| | 347 |
| | | | | | (306 | ) | | (1,005 | ) | | (81 | )% | | (74 | )% |
| Baraclude | | 291 |
| | 299 |
| | 590 |
| | 306 |
| | 896 |
| | 296 |
| | 1,192 |
| | 282 |
| | 273 |
| | 555 |
| | 264 |
| | 819 |
| | | | | | (42 | ) | | (77 | ) | | (14 | )% | | (9 | )% |
Sustiva Franchise(c) | | 273 |
| | 271 |
| | 544 |
| | 275 |
| | 819 |
| | 246 |
| | 1,065 |
| | 184 |
| | 188 |
| | 372 |
| | 183 |
| | 555 |
| | | | | | (92 | ) | | (264 | ) | | (33 | )% | | (32 | )% |
| Reyataz Franchise | | 221 |
| | 247 |
| | 468 |
| | 238 |
| | 706 |
| | 206 |
| | 912 |
| | 193 |
| | 188 |
| | 381 |
| | 174 |
| | 555 |
| | | | | | (64 | ) | | (151 | ) | | (27 | )% | | (21 | )% |
| Other Brands | | 568 |
| | 572 |
| | 1,140 |
| | 550 |
| | 1,690 |
| | 581 |
| | 2,271 |
| | 499 |
| | 479 |
| | 978 |
| | 539 |
| | 1,517 |
| | | | | | (11 | ) | | (173 | ) | | (2 | )% | | (10 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | $ | 4,391 |
| | $ | 4,871 |
| | $ | 9,262 |
| | $ | 4,922 |
| | $ | 14,184 |
| | $ | 5,243 |
| | $ | 19,427 |
| | $ | 4,929 |
| | $ | 5,144 |
| | $ | 10,073 |
| | $ | 5,254 |
| | $ | 15,327 |
| | | | | | $ | 332 |
| | $ | 1,143 |
| | 7 | % | | 8 | % |
|
| |
| (a) | Includes Orencia SubQ revenues of $313 million and $276 million for the three months ended September 30, 2017 and 2016, respectively, and $893 million and $784 million for the nine months ended September 30, 2017 and 2016, respectively. |
| (b) | Includes Daklinza (daclatasvir) revenues of $66 million and $372 million for the three months ended September 30, 2017 and 2016, respectively, and $329 million and $1,329 million for the nine months ended September 30, 2017 and 2016, respectively. |
| (c) | The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. Includes alliance revenue of $155 million and $239 million for the three months ended September 30, 2017 and 2016, respectively, and $476 million and $717 million for the nine months ended September 30, 2017 and 2016, respectively. |
BRISTOL-MYERS SQUIBB COMPANY
U.S. REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2016 | | 2017 | | % 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 |
| Prioritized Brands | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Opdivo | | $ | 594 |
| | $ | 643 |
| | $ | 1,237 |
| | $ | 712 |
| | $ | 1,949 |
| | $ | 715 |
| | $ | 2,664 |
| | $ | 761 |
| | $ | 768 |
| | $ | 1,529 |
| | $ | 778 |
| | $ | 2,307 |
| | | | | | 9 | % | | 18 | % |
| Eliquis | | 468 |
| | 444 |
| | 912 |
| | 512 |
| | 1,424 |
| | 539 |
| | 1,963 |
| | 699 |
| | 703 |
| | 1,402 |
| | 717 |
| | 2,119 |
| | | | | | 40 | % | | 49 | % |
Orencia(a) | | 321 |
| | 401 |
| | 722 |
| | 387 |
| | 1,109 |
| | 423 |
| | 1,532 |
| | 362 |
| | 449 |
| | 811 |
| | 432 |
| | 1,243 |
| | | | | | 12 | % | | 12 | % |
| Sprycel | | 210 |
| | 233 |
| | 443 |
| | 259 |
| | 702 |
| | 267 |
| | 969 |
| | 247 |
| | 281 |
| | 528 |
| | 278 |
| | 806 |
| | | | | | 7 | % | | 15 | % |
| Yervoy | | 199 |
| | 179 |
| | 378 |
| | 222 |
| | 600 |
| | 202 |
| | 802 |
| | 243 |
| | 245 |
| | 488 |
| | 239 |
| | 727 |
| | | | | | 8 | % | | 21 | % |
| Empliciti | | 28 |
| | 33 |
| | 61 |
| | 36 |
| | 97 |
| | 36 |
| | 133 |
| | 36 |
| | 37 |
| | 73 |
| | 39 |
| | 112 |
| | | | | | 8 | % | | 15 | % |
| Established Brands | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hepatitis C Franchise(b) | | 259 |
| | 294 |
| | 553 |
| | 192 |
| | 745 |
| | 82 |
| | 827 |
| | 42 |
| | 30 |
| | 72 |
| | 24 |
| | 96 |
| | | | | | (88 | )% | | (87 | )% |
| Baraclude | | 17 |
| | 15 |
| | 32 |
| | 17 |
| | 49 |
| | 17 |
| | 66 |
| | 14 |
| | 12 |
| | 26 |
| | 14 |
| | 40 |
| | | | | | (18 | )% | | (18 | )% |
Sustiva Franchise(c) | | 228 |
| | 227 |
| | 455 |
| | 234 |
| | 689 |
| | 212 |
| | 901 |
| | 153 |
| | 161 |
| | 314 |
| | 157 |
| | 471 |
| | | | | | (33 | )% | | (32 | )% |
| Reyataz Franchise | | 120 |
| | 122 |
| | 242 |
| | 125 |
| | 367 |
| | 117 |
| | 484 |
| | 88 |
| | 87 |
| | 175 |
| | 85 |
| | 260 |
| | | | | | (32 | )% | | (29 | )% |
| Other Brands | | 93 |
| | 97 |
| | 190 |
| | 94 |
| | 284 |
| | 95 |
| | 379 |
| | 93 |
| | 92 |
| | 185 |
| | 101 |
| | 286 |
| | | | | | 7 | % | | 1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total(d) | | $ | 2,537 |
| | $ | 2,688 |
| | $ | 5,225 |
| | $ | 2,790 |
| | $ | 8,015 |
| | $ | 2,705 |
| | $ | 10,720 |
| | $ | 2,738 |
| | $ | 2,865 |
| | $ | 5,603 |
| | $ | 2,864 |
| | $ | 8,467 |
| | | | | | 3 | % | | 6 | % |
|
| |
| (a) | Includes Orencia SubQ revenues of $198 million and $174 million for the three months ended September 30, 2017 and 2016, respectively, and $562 million and $490 million for the nine months ended September 30, 2017 and 2016, respectively. |
| (b) | Includes revenues of Daklinza (daclastasvir) only. |
| (c) | The Sustiva Franchise includes sales of Sustiva, as well as revenue from sales of bulk efavirenz included in the combination therapy, Atripla. |
| (d) | Includes United States and Puerto Rico. |
BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2016 | | 2017 | | % 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 |
| Prioritized Brands | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Opdivo | | $ | 110 |
| | $ | 197 |
| | $ | 307 |
| | $ | 208 |
| | $ | 515 |
| | $ | 595 |
| | $ | 1,110 |
| | $ | 366 |
| | $ | 427 |
| | $ | 793 |
| | $ | 487 |
| | $ | 1,280 |
| | | | | | ** |
| | ** |
|
| Eliquis | | 266 |
| | 333 |
| | 599 |
| | 372 |
| | 971 |
| | 409 |
| | 1,380 |
| | 402 |
| | 473 |
| | 875 |
| | 515 |
| | 1,390 |
| | | | | | 38 | % | | 43 | % |
| Orencia | | 154 |
| | 192 |
| | 346 |
| | 185 |
| | 531 |
| | 202 |
| | 733 |
| | 173 |
| | 201 |
| | 374 |
| | 200 |
| | 574 |
| | | | | | 8 | % | | 8 | % |
| Sprycel | | 197 |
| | 218 |
| | 415 |
| | 213 |
| | 628 |
| | 227 |
| | 855 |
| | 216 |
| | 225 |
| | 441 |
| | 231 |
| | 672 |
| | | | | | 8 | % | | 7 | % |
| Yervoy | | 64 |
| | 62 |
| | 126 |
| | 63 |
| | 189 |
| | 62 |
| | 251 |
| | 87 |
| | 77 |
| | 164 |
| | 84 |
| | 248 |
| | | | | | 33 | % | | 31 | % |
| Empliciti | | — |
| | 1 |
| | 1 |
| | 5 |
| | 6 |
| | 11 |
| | 17 |
| | 17 |
| | 18 |
| | 35 |
| | 21 |
| | 56 |
| | | | | | ** |
| | ** |
|
| Established Brands | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hepatitis C Franchise(a) | | 168 |
| | 252 |
| | 420 |
| | 187 |
| | 607 |
| | 144 |
| | 751 |
| | 120 |
| | 82 |
| | 202 |
| | 49 |
| | 251 |
| | | | | | (74 | )% | | (59 | )% |
| Baraclude | | 274 |
| | 284 |
| | 558 |
| | 289 |
| | 847 |
| | 279 |
| | 1,126 |
| | 268 |
| | 261 |
| | 529 |
| | 250 |
| | 779 |
| | | | | | (13 | )% | | (8 | )% |
Sustiva Franchise(b) | | 45 |
| | 44 |
| | 89 |
| | 41 |
| | 130 |
| | 34 |
| | 164 |
| | 31 |
| | 27 |
| | 58 |
| | 26 |
| | 84 |
| | | | | | (37 | )% | | (35 | )% |
| Reyataz Franchise | | 101 |
| | 125 |
| | 226 |
| | 113 |
| | 339 |
| | 89 |
| | 428 |
| | 105 |
| | 101 |
| | 206 |
| | 89 |
| | 295 |
| | | | | | (21 | )% | | (13 | )% |
| Other Brands | | 475 |
| | 475 |
| | 950 |
| | 456 |
| | 1,406 |
| | 486 |
| | 1,892 |
| | 406 |
| | 387 |
| | 793 |
| | 438 |
| | 1,231 |
| | | | | | (4 | )% | | (12 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total(c) | | $ | 1,854 |
| | $ | 2,183 |
| | $ | 4,037 |
| | $ | 2,132 |
| | $ | 6,169 |
| | $ | 2,538 |
| | $ | 8,707 |
| | $ | 2,191 |
| | $ | 2,279 |
| | $ | 4,470 |
| | $ | 2,390 |
| | $ | 6,860 |
| | | | | | 12 | % | | 11 | % |
|
| |
| ** | In excess of +/- 100% |
| (a) | Includes Daklinza (daclatasvir) revenues of $42 million and $180 million for the three months ended September 30, 2017 and 2016, respectively, and $233 million and $584 million for the nine months ended September 30, 2017 and 2016, respectively. |
| (b) | The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. |
| (c) | When adjusted for foreign exchange impact, total revenues increased 11% for the third quarter and 12% year to date. |
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2016 | | 2017 |
| | | 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 |
| Impairment charges | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 127 |
| | $ | 127 |
| | $ | 1 |
| | $ | 128 |
| | | | |
| Accelerated depreciation and other shutdown costs | | 4 |
| | 4 |
| | 8 |
| | 7 |
| | 15 |
| | 6 |
| | 21 |
| | — |
| | 3 |
| | 3 |
| | — |
| | 3 |
| | | | |
| Cost of products sold | | 4 |
| | 4 |
| | 8 |
| | 7 |
| | 15 |
| | 6 |
| | 21 |
| | — |
| | 130 |
| | 130 |
| | 1 |
| | 131 |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| License and asset acquisition charges | | 125 |
| | 139 |
| | 264 |
| | 45 |
| | 309 |
| | 130 |
| | 439 |
| | 50 |
| | 393 |
| | 443 |
| | 310 |
| | 753 |
| | | | |
| IPRD impairments | | — |
| | — |
| | — |
| | — |
| | — |
| | 13 |
| | 13 |
| | 75 |
| | — |
| | 75 |
| | — |
| | 75 |
| | | | |
| Accelerated depreciation and other | | 13 |
| | 13 |
| | 26 |
| | 14 |
| | 40 |
| | 43 |
| | 83 |
| | 72 |
| | 96 |
| | 168 |
| | 64 |
| | 232 |
| | | | |
| Research and development | | 138 |
| | 152 |
| | 290 |
| | 59 |
| | 349 |
| | 186 |
| | 535 |
| | 197 |
| | 489 |
| | 686 |
| | 374 |
| | 1,060 |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Provision for restructuring | | 4 |
| | 18 |
| | 22 |
| | 19 |
| | 41 |
| | 68 |
| | 109 |
| | 164 |
| | 15 |
| | 179 |
| | 28 |
| | 207 |
| | | | |
| Divestiture gains | | (269 | ) | | (277 | ) | | (546 | ) | | (13 | ) | | (559 | ) | | — |
| | (559 | ) | | (100 | ) | | — |
| | (100 | ) | | — |
| | (100 | ) | | | | |
| Pension charges | | 22 |
| | 25 |
| | 47 |
| | 19 |
| | 66 |
| | 25 |
| | 91 |
| | 33 |
| | 36 |
| | 69 |
| | 22 |
| | 91 |
| | | | |
| Litigation and other settlements | | 43 |
| | — |
| | 43 |
| | (3 | ) | | 40 |
| | — |
| | 40 |
| | (481 | ) | | — |
| | (481 | ) | | — |
| | (481 | ) | | | | |
| Intangible asset impairments | | 15 |
| | — |
| | 15 |
| | — |
| | 15 |
| | — |
| | 15 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | | | |
| Loss on debt redemption | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 109 |
| | 109 |
| | — |
| | 109 |
| | | | |
| Royalties and licensing income | | — |
| | — |
| | — |
| | — |
| | — |
| | (10 | ) | | (10 | ) | | — |
| | (497 | ) | | (497 | ) | | — |
| | (497 | ) | | | | |
| Other (income)/expense | | (185 | ) | | (234 | ) | | (419 | ) | | 22 |
| | (397 | ) | | 83 |
| | (314 | ) | | (384 | ) | | (337 | ) | | (721 | ) | | 50 |
| | (671 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Increase/(decrease) to pretax income | | (43 | ) | | (78 | ) | | (121 | ) | | 88 |
| | (33 | ) | | 275 |
| | 242 |
| | (187 | ) | | 282 |
| | 95 |
| | 425 |
| | 520 |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Income taxes on specified items | | 83 |
| | 76 |
| | 159 |
| | (3 | ) | | 156 |
| | (105 | ) | | 51 |
| | 72 |
| | 20 |
| | 92 |
| | (41 | ) | | 51 |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Increase/(decrease) to net earnings | | 40 |
| | (2 | ) | | 38 |
| | 85 |
| | 123 |
| | 170 |
| | 293 |
| | (115 | ) | | 302 |
| | 187 |
| | 384 |
| | 571 |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Noncontrolling interest | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (59 | ) | | — |
| | (59 | ) | | — |
| | (59 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Increase/(decrease) to net earnings used for diluted Non-GAAP EPS calculation | | $ | 40 |
| | $ | (2 | ) | | $ | 38 |
| | $ | 85 |
| | $ | 123 |
| | $ | 170 |
| | $ | 293 |
| | $ | (174 | ) | | $ | 302 |
| | $ | 128 |
| | $ | 384 |
| | $ | 512 |
| | | | |
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2016 | | 2017 |
| | | 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 | | $ | 3,339 |
| | $ | 3,665 |
| | $ | 7,004 |
| | $ | 3,617 |
| | $ | 10,621 |
| | $ | 3,860 |
| | $ | 14,481 |
| | $ | 3,670 |
| | $ | 3,582 |
| | $ | 7,252 |
| | $ | 3,682 |
| | $ | 10,934 |
| | | | |
Specified items(a) | | 4 |
| | 4 |
| | 8 |
| | 7 |
| | 15 |
| | 6 |
| | 21 |
| | — |
| | 130 |
| | 130 |
| | 1 |
| | 131 |
| | | | |
| Gross profit excluding specified items | | 3,343 |
| | 3,669 |
| | 7,012 |
| | 3,624 |
| | 10,636 |
| | 3,866 |
| | 14,502 |
| | 3,670 |
| | 3,712 |
| | 7,382 |
| | 3,683 |
| | 11,065 |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Research and development | | 1,136 |
| | 1,266 |
| | 2,402 |
| | 1,138 |
| | 3,540 |
| | 1,400 |
| | 4,940 |
| | 1,288 |
| | 1,659 |
| | 2,947 |
| | 1,543 |
| | 4,490 |
| | | | |
Specified items(a) | | (138 | ) | | (152 | ) | | (290 | ) | | (59 | ) | | (349 | ) | | (186 | ) | | (535 | ) | | (197 | ) | | (489 | ) | | (686 | ) | | (374 | ) | | (1,060 | ) | | | | |
| Research and development excluding specified items | | 998 |
| | 1,114 |
| | 2,112 |
| | 1,079 |
| | 3,191 |
| | 1,214 |
| | 4,405 |
| | 1,091 |
| | 1,170 |
| | 2,261 |
| | 1,169 |
| | 3,430 |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other (income)/expense | | (520 | ) | | (454 | ) | | (974 | ) | | (224 | ) | | (1,198 | ) | | (87 | ) | | (1,285 | ) | | (647 | ) | | (539 | ) | | (1,186 | ) | | (191 | ) | | (1,377 | ) | | | | |
Specified items(a) | | 185 |
| | 234 |
| | 419 |
| | (22 | ) | | 397 |
| | (83 | ) | | 314 |
| | 384 |
| | 337 |
| | 721 |
| | (50 | ) | | 671 |
| | | | |
| Other (income)/expense excluding specified items | | (335 | ) | | (220 | ) | | (555 | ) | | (246 | ) | | (801 | ) | | (170 | ) | | (971 | ) | | (263 | ) | | (202 | ) | | (465 | ) | | (241 | ) | | (706 | ) | | | | |
|
| | | | |
| (a) | Refer to the Specified Items schedule for further details. |
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP TO NON-GAAP EPS
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2016 | | 2017 |
| | | 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 before income taxes | | $ | 1,655 |
| | $ | 1,615 |
| | $ | 3,270 |
| | $ | 1,559 |
| | $ | 4,829 |
| | $ | 1,086 |
| | $ | 5,915 |
| | $ | 1,955 |
| | $ | 1,295 |
| | $ | 3,250 |
| | $ | 1,183 |
| | $ | 4,433 |
| | | | |
Specified items(a) | | (43 | ) | | (78 | ) | | (121 | ) | | 88 |
| | (33 | ) | | 275 |
| | 242 |
| | (187 | ) | | 282 |
| | 95 |
| | 425 |
| | 520 |
| | | | |
| Earnings before income taxes excluding specified items | | 1,612 |
| | 1,537 |
| | 3,149 |
| | 1,647 |
| | 4,796 |
| | 1,361 |
| | 6,157 |
| | 1,768 |
| | 1,577 |
| | 3,345 |
| | 1,608 |
| | 4,953 |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Provision for income taxes | | 449 |
| | 427 |
| | 876 |
| | 344 |
| | 1,220 |
| | 188 |
| | 1,408 |
| | 429 |
| | 373 |
| | 802 |
| | 327 |
| | 1,129 |
| | | | |
Tax on specified items(a) | | 83 |
| | 76 |
| | 159 |
| | (3 | ) | | 156 |
| | (105 | ) | | 51 |
| | 72 |
| | 20 |
| | 92 |
| | (41 | ) | | 51 |
| | | | |
| Provision for income taxes excluding tax on specified items | | 366 |
| | 351 |
| | 717 |
| | 347 |
| | 1,064 |
| | 293 |
| | 1,357 |
| | 357 |
| | 353 |
| | 710 |
| | 368 |
| | 1,078 |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Earnings/(Loss) Attributable to Noncontrolling Interest | | 11 |
| | 22 |
| | 33 |
| | 13 |
| | 46 |
| | 4 |
| | 50 |
| | (48 | ) | | 6 |
| | (42 | ) | | 11 |
| | (31 | ) | | | | |
Specified items(a) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (59 | ) | | — |
| | (59 | ) | | — |
| | (59 | ) | | | | |
| Net Earnings Attributable to Noncontrolling Interest excluding specified items | | 11 |
| | 22 |
| | 33 |
| | 13 |
| | 46 |
| | 4 |
| | 50 |
| | 11 |
| | 6 |
| | 17 |
| | 11 |
| | 28 |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net earnings attributable to BMS used for Diluted EPS Calculation - GAAP | | 1,195 |
| | 1,166 |
| | 2,361 |
| | 1,202 |
| | 3,563 |
| | 894 |
| | 4,457 |
| | 1,574 |
| | 916 |
| | 2,490 |
| | 845 |
| | 3,335 |
| | | | |
Specified items(a) | | 40 |
| | (2 | ) | | 38 |
| | 85 |
| | 123 |
| | 170 |
| | 293 |
| | (174 | ) | | 302 |
| | 128 |
| | 384 |
| | 512 |
| | | | |
| Net earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP | | 1,235 |
| | 1,164 |
| | 2,399 |
| | 1,287 |
| | 3,686 |
| | 1,064 |
| | 4,750 |
| | 1,400 |
| | 1,218 |
| | 2,618 |
| | 1,229 |
| | 3,847 |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Weighted-average Common shares Outstanding - Diluted- GAAP | | 1,680 |
| | 1,679 |
| | 1,679 |
| | 1,679 |
| | 1,679 |
| | 1,680 |
| | 1,680 |
| | 1,671 |
| | 1,650 |
| | 1,660 |
| | 1,645 |
| | 1,655 |
| | | | |
| Weighted-average Common shares Outstanding - Diluted- Non-GAAP | | 1,680 |
| | 1,679 |
| | 1,679 |
| | 1,679 |
| | 1,679 |
| | 1,680 |
| | 1,680 |
| | 1,671 |
| | 1,650 |
| | 1,660 |
| | 1,645 |
| | 1,655 |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Diluted Earnings Per Share - GAAP | | $ | 0.71 |
| | $ | 0.69 |
| | $ | 1.41 |
| | $ | 0.72 |
| | $ | 2.12 |
| | $ | 0.53 |
| | $ | 2.65 |
| | $ | 0.94 |
| | $ | 0.56 |
| | $ | 1.50 |
| | $ | 0.51 |
| | $ | 2.02 |
| | | | |
| Diluted Earnings Per Share attributable to specified items | | 0.03 |
| | — |
| | 0.02 |
| | 0.05 |
| | 0.08 |
| | 0.10 |
| | 0.18 |
| | (0.10 | ) | | 0.18 |
| | 0.08 |
| | 0.24 |
| | 0.30 |
| | | | |
| Diluted Earnings Per Share - Non-GAAP | | $ | 0.74 |
| | $ | 0.69 |
| | $ | 1.43 |
| | $ | 0.77 |
| | $ | 2.20 |
| | $ | 0.63 |
| | $ | 2.83 |
| | $ | 0.84 |
| | $ | 0.74 |
| | $ | 1.58 |
| | $ | 0.75 |
| | $ | 2.32 |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Effective Tax Rate | | 27.1 | % | | 26.4 | % | | 26.8 | % | | 22.1 | % | | 25.3 | % | | 17.3 | % | | 23.8 | % | | 21.9 | % | | 28.8 | % | | 24.7 | % | | 27.6 | % | | 25.5 | % | | | | |
Specified items (a) | | (4.4 | )% | | (3.6 | )% | | (4.0 | )% | | (1.0 | )% | | (3.1 | )% | | 4.2 | % | | (1.8 | )% | | (1.7 | )% | | (6.4 | )% | | (3.5 | )% | | (4.7 | )% | | (3.7 | )% | | | | |
| Effective Tax Rate excluding specified items | | 22.7 | % | | 22.8 | % | | 22.8 | % | | 21.1 | % | | 22.2 | % | | 21.5 | % | | 22.0 | % | | 20.2 | % | | 22.4 | % | | 21.2 | % | | 22.9 | % | | 21.8 | % | | | | |
|
| | | | | | | | | | | | | | |
| (a) | Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate. |
BRISTOL-MYERS SQUIBB COMPANY
SELECTED BALANCE SHEET INFORMATION
(Unaudited, dollars in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | March 31,
2016 | | June 30,
2016 | | September 30,
2016 | | December 31,
2016 | | March 31, 2017 | | June 30, 2017 | | September 30, 2017 | | December 31, 2017 |
| Cash and cash equivalents | | $ | 2,644 |
| | $ | 2,934 |
| | $ | 3,432 |
| | $ | 4,237 |
| | $ | 3,910 |
| | $ | 3,470 |
| | $ | 4,644 |
| | |
| Marketable securities - current | | 1,663 |
| | 1,717 |
| | 2,128 |
| | 2,113 |
| | 2,199 |
| | 3,035 |
| | 2,478 |
| | |
| Marketable securities - non-current | | 3,689 |
| | 3,281 |
| | 3,035 |
| | 2,719 |
| | 2,685 |
| | 2,580 |
| | 2,526 |
| | |
| Cash, cash equivalents and marketable securities | | 7,996 |
| | 7,932 |
| | 8,595 |
| | 9,069 |
| | 8,794 |
| | 9,085 |
| | 9,648 |
| | |
| | | | | | | | | | | | | | | | | |
| Short-term debt obligations | | (106 | ) | | (155 | ) | | (990 | ) | | (992 | ) | | (1,197 | ) | | (1,306 | ) | | (1,461 | ) | | |
| Long-term debt | | (6,593 | ) | | (6,581 | ) | | (5,836 | ) | | (5,716 | ) | | (7,237 | ) | | (6,911 | ) | | (6,982 | ) | | |
| Net cash position | | $ | 1,297 |
| | $ | 1,196 |
| | $ | 1,769 |
| | $ | 2,361 |
| | $ | 360 |
| | $ | 868 |
| | $ | 1,205 |
| | |
|
| | | | |
| 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 | | | | | $2.36 to $2.46 |
|
| | | | | | | | | |
| | Projected Specified Items: | | | | | |
| | Restructuring, accelerated depreciation and other shutdown costs (1) | 0.42 |
| | 0.12 |
| | 0.30 |
|
| | Divestiture gains and licensing income | (0.38 | ) | | (0.15 | ) | | (0.23 | ) |
| | Research and development license and asset acquisition charges | 0.67 |
| | 0.07 |
| | 0.60 |
|
| | Pension charges | 0.11 |
| | 0.04 |
| | 0.07 |
|
| | Litigation and other settlements | (0.29 | ) | | (0.10 | ) | | (0.19 | ) |
| | Debt redemption loss and other | 0.08 |
| | 0.04 |
| | 0.04 |
|
| | Total | 0.61 |
| | 0.02 |
| | 0.59 |
|
| | | | | | | | | |
| | Projected Diluted Earnings Attributable to Shareholders per Common Share - non-GAAP | | | | | $2.95 to $3.05 |
|
| | | | | | | | | |
| | (1) Includes items recognized in Cost of products sold, Research and development and Other (income)/expense. | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | |
| The following table summarizes the company's 2017 financial guidance: |
| |
| Line item | | GAAP | | Non-GAAP |
| |
| Gross margin as a percent of revenue | | Approximately 71.5% | | 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 | | Increasing approximately 25%-30% compared to 2016 | | Increase in the low double digits compared to 2016 |
| | | | | | | | | | | | | | | | | | | | | | | |
| Effective tax rate | | Approximately 25%-26% | | Approximately 22% |
|
| | | | |
The GAAP financial results for the full year 2017 will include specified items, including gains on divestitures, upfront payments from out-licensed assets, charges associated with restructuring, downsizing and streamlining worldwide operations, license and asset acquisition charges, litigation and other settlements, licensed asset impairments, pension charges and loss on debt redemption. 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, licensed asset impairments, litigation and other settlements and significant tax events, among other items. 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 Third Quarter 2017 Financial Results, October 26, 2017 including “2017 Financial Guidance” and “Use of non-GAAP Financial Information” therein. |
