Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENT OF EARNINGS ADJUSTED FOR CONVATEC DISCONTINUED OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2008 (Unaudited, amounts in millions except per share data) | ||||
As reported | ||||
Net Sales | $ | 10,094 | ||
Cost of products sold | 3,240 | |||
Marketing, selling and administrative | 2,299 | |||
Advertising and product promotion | 739 | |||
Research and development | 1,608 | |||
Acquired in-process research and development | 32 | |||
Provision for restructuring, net | 41 | |||
Litigation expense, net | 2 | |||
Equity in net income of affiliates | (314 | ) | ||
Other expense, net | 19 | |||
Total expenses, net | 7,666 | |||
Earnings from Continuing Operations Before Minority Interest & Taxes | 2,428 | |||
Provision for income taxes | 588 | |||
Minority Interest, net of taxes | 471 | |||
Net Earnings - Continuing Operations | 1,369 | |||
Discontinued Operations: | ||||
Earnings, net of taxes (1) | 99 | |||
Loss on Disposal, net of taxes | (43 | ) | ||
56 | ||||
Net Earnings | $ | 1,425 | ||
Earnings per Common Share | ||||
Basic: | ||||
Net Earnings from Continuing Operations | $ | 0.69 | ||
Discontinued Operations: | ||||
Earnings, net of taxes (2) | 0.05 | |||
Loss on Disposal, net of taxes | (0.02 | ) | ||
Net Earnings per Common Share | $ | 0.72 | ||
Diluted: | ||||
Net Earnings from Continuing Operations | $ | 0.69 | ||
Discontinued Operations: | ||||
Earnings, net of taxes (2) | 0.05 | |||
Loss on Disposal, net of taxes | (0.02 | ) | ||
Net Earnings per Common Share | $ | 0.72 | ||
Average Common Shares Outstanding: | ||||
Basic | 1,976 | |||
Diluted | 2,007 | |||
(1) The Business' net earnings of $95 million is included within Discontinued Operations Earnings, net of taxes. | ||||
(2) Basic and Diluted Earnings, net of taxes relating to the Business amounted to $0.05 and $0.05, respectively. |
BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENT OF EARNINGS ADJUSTED FOR CONVATEC DISCONTINUED OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2007 (Unaudited, amounts in millions except per share data) | ||||||||||||
As reported | Amounts Transferred to Discontinued Operations | As Adjusted | ||||||||||
Net Sales | $ | 19,348 | $ | 1,155 | $ | 18,193 | ||||||
Cost of products sold | 6,218 | 350 | 5,868 | |||||||||
Marketing, selling and administrative | 4,855 | 339 | 4,516 | |||||||||
Advertising and product promotion | 1,465 | 50 | 1,415 | |||||||||
Research and development | 3,282 | 55 | 3,227 | |||||||||
Acquired in-process research and development | 230 | – | 230 | |||||||||
Provision for restructuring, net | 183 | – | 183 | |||||||||
Litigation expense, net | 14 | – | 14 | |||||||||
Gain on sale of product assets and businesses | (273 | ) | – | (273 | ) | |||||||
Equity in net income of affiliates | (524 | ) | – | (524 | ) | |||||||
Other expense, net | 364 | 13 | 351 | |||||||||
Total expenses, net | 15,814 | 807 | 15,007 | |||||||||
Earnings from Continuing Operations Before Minority Interest & Taxes | 3,534 | 348 | 3,186 | |||||||||
Provision for income taxes | 803 | 121 | 682 | |||||||||
Minority Interest, net of taxes | 763 | – | 763 | |||||||||
Net Earnings - Continuing Operations | 1,968 | 227 | 1,741 | |||||||||
Discontinued Operations: | ||||||||||||
Earnings, net of taxes | 197 | 227 | 424 | |||||||||
Gain on Disposal, net of taxes | – | – | – | |||||||||
197 | 227 | 424 | ||||||||||
Net Earnings | $ | 2,165 | $ | – | $ | 2,165 | ||||||
Earnings per Common Share | ||||||||||||
Basic: | ||||||||||||
Net Earnings from Continuing Operations | $ | 1.00 | $ | (0.12 | ) | $ | 0.88 | |||||
Discontinued Operations: | ||||||||||||
Earnings, net of taxes | 0.10 | 0.12 | 0.22 | |||||||||
Gain on Disposal, net of taxes | – | – | – | |||||||||
Net Earnings per Common Share | $ | 1.10 | $ | – | $ | 1.10 | ||||||
Diluted: | ||||||||||||
Net Earnings from Continuing Operations | $ | 0.99 | $ | (0.11 | ) | $ | 0.88 | |||||
Discontinued Operations: | ||||||||||||
Earnings, net of taxes | 0.10 | 0.11 | 0.21 | |||||||||
Gain on Disposal, net of taxes | – | – | – | |||||||||
Net Earnings per Common Share | $ | 1.09 | $ | – | $ | 1.09 | ||||||
Average Common Shares Outstanding: | ||||||||||||
Basic | 1,970 | 1,970 | ||||||||||
Diluted | 1,980 | 1,980 |
BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENT OF EARNINGS ADJUSTED FOR CONVATEC DISCONTINUED OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2006 (Unaudited, amounts in millions except per share data) | ||||||||||||
As reported | Amounts Transferred to Discontinued Operations | As Adjusted | ||||||||||
Net Sales | $ | 17,256 | $ | 1,048 | $ | 16,208 | ||||||
Cost of products sold | 5,739 | 319 | 5,420 | |||||||||
Marketing, selling and administrative | 4,800 | 331 | 4,469 | |||||||||
Advertising and product promotion | 1,340 | 36 | 1,304 | |||||||||
Research and development | 2,991 | 40 | 2,951 | |||||||||
Provision for restructuring, net | 59 | – | 59 | |||||||||
Litigation expense, net | 302 | – | 302 | |||||||||
Gain on sale of product assets and businesses | (200 | ) | – | (200 | ) | |||||||
Equity in net income of affiliates | (474 | ) | – | (474 | ) | |||||||
Other expense, net | 299 | 7 | 292 | |||||||||
Total expenses, net | 14,856 | 733 | 14,123 | |||||||||
Earnings from Continuing Operations Before Minority Interest & Taxes | 2,400 | 315 | 2,085 | |||||||||
Provision for income taxes | 538 | 107 | 431 | |||||||||
Minority Interest, net of taxes | 440 | – | 440 | |||||||||
Net Earnings - Continuing Operations | 1,422 | 208 | 1,214 | |||||||||
Discontinued Operations: | ||||||||||||
Earnings, net of taxes | 163 | 208 | 371 | |||||||||
Gain on Disposal, net of taxes | – | – | – | |||||||||
163 | 208 | 371 | ||||||||||
Net Earnings | $ | 1,585 | $ | – | $ | 1,585 | ||||||
Earnings per Common Share | ||||||||||||
Basic: | ||||||||||||
Net Earnings from Continuing Operations | $ | 0.73 | $ | (0.11 | ) | $ | 0.62 | |||||
Discontinued Operations: | ||||||||||||
Earnings, net of taxes | 0.08 | 0.11 | 0.19 | |||||||||
Gain on Disposal, net of taxes | – | – | – | |||||||||
Net Earnings per Common Share | $ | 0.81 | $ | – | $ | 0.81 | ||||||
Diluted: | ||||||||||||
Net Earnings from Continuing Operations | $ | 0.73 | $ | (0.11 | ) | $ | 0.62 | |||||
Discontinued Operations: | ||||||||||||
Earnings, net of taxes | 0.08 | 0.11 | 0.19 | |||||||||
Gain on Disposal, net of taxes | – | – | – | |||||||||
Net Earnings per Common Share | $ | 0.81 | $ | – | $ | 0.81 | ||||||
Average Common Shares Outstanding: | ||||||||||||
Basic | 1,960 | 1,960 | ||||||||||
Diluted | 1,963 | 1,963 |
BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENT OF EARNINGS ADJUSTED FOR CONVATEC DISCONTINUED OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2005 (Unaudited, amounts in millions except per share data) | ||||||||||||
As reported | Amounts Transferred to Discontinued Operations | As Adjusted | ||||||||||
Net Sales | $ | 18,605 | $ | 992 | $ | 17,613 | ||||||
Cost of products sold | 5,737 | 291 | 5,446 | |||||||||
Marketing, selling and administrative | 4,989 | 315 | 4,674 | |||||||||
Advertising and product promotion | 1,464 | 40 | 1,424 | |||||||||
Research and development | 2,678 | 40 | 2,638 | |||||||||
Provision for restructuring, net | 32 | – | 32 | |||||||||
Litigation expense, net | 269 | – | 269 | |||||||||
Gain on sale of product assets and businesses | (569 | ) | – | (569 | ) | |||||||
Equity in net income of affiliates | (334 | ) | – | (334 | ) | |||||||
Other expense, net | 35 | 18 | 17 | |||||||||
Total expenses, net | 14,301 | 704 | 13,597 | |||||||||
Earnings from Continuing Operations Before Minority Interest & Taxes | 4,304 | 288 | 4,016 | |||||||||
Provision for income taxes | 870 | 98 | 772 | |||||||||
Minority Interest, net of taxes | 592 | – | 592 | |||||||||
Net Earnings - Continuing Operations | 2,842 | 190 | 2,652 | |||||||||
Discontinued Operations: | ||||||||||||
Earnings, net of taxes | 145 | 190 | 335 | |||||||||
Gain on Disposal, net of taxes | 13 | – | 13 | |||||||||
158 | 190 | 348 | ||||||||||
Net Earnings | $ | 3,000 | $ | – | $ | 3,000 | ||||||
Earnings per Common Share | ||||||||||||
Basic: | ||||||||||||
Net Earnings from Continuing Operations | $ | 1.45 | $ | (0.09 | ) | $ | 1.36 | |||||
Discontinued Operations: | ||||||||||||
Earnings, net of taxes | 0.07 | 0.09 | 0.16 | |||||||||
Gain on Disposal, net of taxes | 0.01 | – | 0.01 | |||||||||
Net Earnings per Common Share | $ | 1.53 | $ | – | $ | 1.53 | ||||||
Diluted: | ||||||||||||
Net Earnings from Continuing Operations | $ | 1.44 | $ | (0.09 | ) | $ | 1.35 | |||||
Discontinued Operations: | ||||||||||||
Earnings, net of taxes | 0.07 | 0.09 | 0.16 | |||||||||
Gain on Disposal, net of taxes | 0.01 | – | 0.01 | |||||||||
Net Earnings per Common Share | $ | 1.52 | $ | – | $ | 1.52 | ||||||
Average Common Shares Outstanding: | ||||||||||||
Basic | 1,952 | 1,952 | ||||||||||
Diluted | 1,983 | 1,983 |