Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
NET SALES
FOR THE PERIOD ENDED MARCH 31, 2004
($ in millions)
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| Percentage Change |
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| Including |
| Excluding |
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| 2004 |
| 2003 |
| Foreign |
| Foreign |
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Year-to-Date |
| Amount |
| % of Total |
| Amount |
| % of Total |
| Exchange |
| Exchange |
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Pharmaceuticals |
| $ | 3,691 |
| 71.2 | % | $ | 3,365 |
| 71.2 | % | 10 | % | 4 | % |
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US Pharmaceuticals |
| 1,926 |
| 37.2 | % | 1,889 |
| 40.0 | % | 2 | % | 2 | % | ||
Primary Care |
| 1,381 |
| 26.7 | % | 1,417 |
| 30.0 | % | -3 | % | -3 | % | ||
Oncology/Virology |
| 432 |
| 8.3 | % | 435 |
| 9.2 | % | -1 | % | -1 | % | ||
Neuroscience |
| 113 |
| 2.2 | % | 37 |
| 0.8 | % | * |
| * |
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Latin America/Canada |
| 251 |
| 4.8 | % | 214 |
| 4.5 | % | 17 | % | 10 | % | ||
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Europe and Middle East Medicines |
| 1,189 |
| 22.9 | % | 985 |
| 20.8 | % | 21 | % | 4 | % | ||
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Asia/Pacific Medicines |
| 268 |
| 5.2 | % | 226 |
| 4.8 | % | 19 | % | 7 | % | ||
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Oncology Therapeutics Network |
| 555 |
| 10.7 | % | 520 |
| 11.0 | % | 7 | % | 7 | % | ||
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Nutritionals |
| 502 |
| 9.7 | % | 458 |
| 9.7 | % | 10 | % | 9 | % | ||
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Other Healthcare |
| 433 |
| 8.4 | % | 385 |
| 8.1 | % | 12 | % | 6 | % | ||
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ConvaTec |
| 217 |
| 4.2 | % | 181 |
| 3.8 | % | 20 | % | 9 | % | ||
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Medical Imaging |
| 139 |
| 2.7 | % | 121 |
| 2.5 | % | 15 | % | 13 | % | ||
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Consumer Medicines |
| 77 |
| 1.5 | % | 83 |
| 1.8 | % | -7 | % | -10 | % | ||
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Total Company |
| $ | 5,181 |
| 100.0 | % | $ | 4,728 |
| 100.0 | % | 10 | % | 5 | % |
BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES
FOR THE PERIOD ENDED MARCH 31, 2004
(DOLLARS IN MILLIONS)
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| Therapeutics |
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| Medical |
| Consumer |
| Total |
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YEAR-TO-DATE |
| Pharmaceuticals |
| Network |
| Nutritionals |
| Convatec |
| Imaging |
| Medicines |
| Company |
| |||||||
Price Increases(Decreases) |
| -2 | % | — |
| 2 | % | — |
| 6 | % | — |
| -1 | % | |||||||
Foreign Exchange |
| 6 | % | — |
| 1 | % | 11 | % | 2 | % | 3 | % | 5 | % | |||||||
Volume |
| 6 | % | 7 | % | 7 | % | 9 | % | 7 | % | -10 | % | 6 | % | |||||||
Total Change |
| 10 | % | 7 | % | 10 | % | 20 | % | 15 | % | -7 | % | 10 | % | |||||||
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Total 2004 Period to Date Sales |
| $ | 3,691 |
| $ | 555 |
| $ | 502 |
| $ | 217 |
| $ | 139 |
| $ | 77 |
| $ | 5,181 |
|
Total 2003 Period to Date Sales |
| $ | 3,365 |
| $ | 520 |
| $ | 458 |
| $ | 181 |
| $ | 121 |
| $ | 83 |
| $ | 4,728 |
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BRISTOL-MYERS SQUIBB COMPANY
2004 THREE MONTH REVIEW
($ in Millions)
Corporate Overview
|
| 2004 |
| % of Total |
| 2003 |
| % of Total |
| % Var. |
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Revenues: |
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Pharmaceuticals |
| $ | 3,691 |
| 71.2 | % | $ | 3,365 |
| 71.2 | % | 10 | % |
Oncology Therapeutics Network |
| 555 |
| 10.7 | % | 520 |
| 11.0 | % | 7 | % | ||
Nutritionals |
| 502 |
| 9.7 | % | 458 |
| 9.7 | % | 10 | % | ||
Other Healtcare |
| 433 |
| 8.4 | % | 385 |
| 8.1 | % | 12 | % | ||
ConvaTec |
| 217 |
| 4.2 | % | 181 |
| 3.8 | % | 20 | % | ||
Medical Imaging |
| 139 |
| 2.7 | % | 121 |
| 2.5 | % | 15 | % | ||
Consumer Medicines |
| 77 |
| 1.5 | % | 83 |
| 1.8 | % | -7 | % | ||
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| 5,181 |
| 100.0 | % | 4,728 |
| 100.0 | % | 10 | % | ||
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| % of Sales |
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| % of Sales |
| % Var. |
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Expenses: |
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COGS |
| 1,899 |
| 36.7 | % | 1,709 |
| 36.1 | % | 11 | % | ||
SG&A |
| 1,234 |
| 23.8 | % | 1,100 |
| 23.3 | % | 12 | % | ||
Adv. & Promo. |
| 316 |
| 6.1 | % | 315 |
| 6.7 | % | — |
| ||
R&D |
| 583 |
| 11.3 | % | 475 |
| 10.0 | % | 23 | % | ||
Gain on sale of businesses |
| (295 | ) | -5.7 | % | — |
| — |
| -100 | % | ||
Provision for restructuring and other items |
| 12 |
| 0.2 | % | 12 |
| 0.3 | % | — |
| ||
Litigation income |
| — |
| — |
| (21 | ) | -0.4 | % | 100 | % | ||
Equity in net income of affiliates |
| (75 | ) | -1.5 | % | (22 | ) | -0.5 | % | * |
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Other (Inc)/Exp, net |
| 38 |
| 0.7 | % | (3 | ) | -0.1 | % | * |
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| 3,712 |
| 71.6 | % | 3,565 |
| 75.4 | % | 4 | % | ||
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Earnings Before Minority Interest and Income Taxes |
| 1,469 |
| 28.4 | % | 1,163 |
| 24.6 | % | 26 | % | ||
Provision for income taxes |
| 398 |
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| 316 |
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Minority interest, net of taxes |
| 107 |
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| 55 |
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Net Earnings |
| $ | 964 |
| 18.6 | % | $ | 792 |
| 16.8 | % | 22 | % |
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Earnings Per Share - Basic |
| $ | 0.50 |
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| $ | 0.41 |
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| 22 | % |
Average Shares - Basic |
| 1,939 |
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| 1,936 |
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Earnings Per Share - Diluted |
| $ | 0.49 |
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| $ | 0.41 |
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| 20 | % |
Average Shares - Diluted |
| 1,976 |
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| 1,940 |
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* in excess of 200%
Selected Products |
| Worldwide |
| % Var. |
| Change in U.S. |
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Plavix |
| $ | 697 |
| 71 | % | 30 | % |
Pravachol/Pravigard Pac |
| 671 |
| 9 | % | -1 | % | |
Enfamil |
| 208 |
| 26 | % | N/A |
| |
Avapro/Avalide |
| 197 |
| 13 | % | 17 | % | |
Sustiva |
| 139 |
| -7 | % | 7 | % | |
Ostomy |
| 127 |
| 14 | % | N/A |
| |
Glucovance |
| 102 |
| -6 | % | — |
| |
Wound Therapeutics |
| 87 |
| 28 | % | N/A |
| |
Videx/Videx EC |
| 71 |
| -1 | % | -1 | % | |
Zerit |
| 58 |
| -50 | % | -30 | % | |
Coumadin |
| 37 |
| -58 | % | -18 | % | |
Glucophage XR |
| 19 |
| -81 | % | -70 | % | |
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Other (Income)/Expense |
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| 2004 |
| 2003 |
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Interest Expense |
| 69 |
| 81 |
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Interest Income |
| (17 | ) | (20 | ) |
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Foreign Exchange |
| 17 |
| (40 | ) |
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Other - net |
| (31 | ) | (24 | ) |
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| 38 |
| (3 | ) |
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| |
BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE SALES BY PRODUCT
FOR THE THREE MONTHS ENDED MARCH 31, 2004
($ in millions)
|
| WORLDWIDE |
| INTERNATIONAL * |
| DOMESTIC * |
| ||||||||||||||||||
|
| 2004 |
| 2003 |
| % growth |
| 2004 |
| 2003 |
| % growth |
| 2004 |
| 2003 |
| % growth |
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Total Company |
| $ | 5,181 |
| $ | 4,728 |
| 10 | % | $ | 2,118 |
| $ | 1,798 |
| 18 | % | $ | 3,063 |
| $ | 2,930 |
| 5 | % |
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PHARMACEUTICALS |
| 3,691 |
| 3,365 |
| 10 | % | 1,725 |
| 1,451 |
| 19 | % | 1,966 |
| 1,914 |
| 3 | % | ||||||
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Cardiovasculars |
| 1,748 |
| 1,489 |
| 17 | % | 674 |
| 545 |
| 24 | % | 1,074 |
| 944 |
| 14 | % | ||||||
Plavix |
| 697 |
| 408 |
| 71 | % | 112 |
| 73 |
| 53 | % | 585 |
| 335 |
| 75 | % | ||||||
Pravachol/Pravigard Pac |
| 671 |
| 613 |
| 9 | % | 328 |
| 271 |
| 21 | % | 343 |
| 342 |
| — |
| ||||||
Avapro/ Avalide |
| 197 |
| 175 |
| 13 | % | 81 |
| 58 |
| 40 | % | 116 |
| 117 |
| -1 | % | ||||||
Monopril |
| 65 |
| 123 |
| -47 | % | 66 |
| 58 |
| 14 | % | (1 | ) | 65 |
| -102 | % | ||||||
Capoten/Captopril |
| 46 |
| 49 |
| -6 | % | 46 |
| 49 |
| -6 | % | — |
| — |
| — |
| ||||||
Coumadin |
| 37 |
| 88 |
| -58 | % | 6 |
| 5 |
| 20 | % | 31 |
| 83 |
| -63 | % | ||||||
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Anti-Cancer |
| 543 |
| 483 |
| 12 | % | 303 |
| 258 |
| 17 | % | 240 |
| 225 |
| 7 | % | ||||||
TAXOL |
| 243 |
| 209 |
| 16 | % | 229 |
| 192 |
| 19 | % | 14 |
| 17 |
| -18 | % | ||||||
Paraplatin |
| 228 |
| 209 |
| 9 | % | 30 |
| 27 |
| 11 | % | 198 |
| 182 |
| 9 | % | ||||||
Erbitux |
| 17 |
| — |
| — |
| — |
| — |
| — |
| 17 |
| — |
| — |
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Anti-Infectives |
| 649 |
| 700 |
| -7 | % | 384 |
| 349 |
| 10 | % | 265 |
| 351 |
| -25 | % | ||||||
Sustiva |
| 139 |
| 150 |
| -7 | % | 63 |
| 46 |
| 37 | % | 76 |
| 104 |
| -27 | % | ||||||
Reyataz |
| 75 |
| — |
| — |
| 9 |
| — |
| — |
| 66 |
| — |
| — |
| ||||||
Cefzil |
| 72 |
| 113 |
| -36 | % | 30 |
| 25 |
| 20 | % | 42 |
| 88 |
| -52 | % | ||||||
Videx/ Videx EC |
| 71 |
| 72 |
| -1 | % | 42 |
| 37 |
| 14 | % | 29 |
| 35 |
| -17 | % | ||||||
Zerit |
| 58 |
| 115 |
| -50 | % | 42 |
| 48 |
| -13 | % | 16 |
| 67 |
| -76 | % | ||||||
Maxipime |
| 44 |
| 42 |
| 5 | % | 44 |
| 42 |
| 5 | % | — |
| — |
| — |
| ||||||
Tequin |
| 39 |
| 58 |
| -33 | % | 11 |
| 8 |
| 38 | % | 28 |
| 50 |
| -44 | % | ||||||
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Central Nervous System |
| 46 |
| 82 |
| -44 | % | 40 |
| 40 |
| — |
| 6 |
| 42 |
| -86 | % | ||||||
Sinemet |
| 23 |
| 23 |
| — |
| 21 |
| 19 |
| 11 | % | 2 |
| 4 |
| -50 | % | ||||||
BuSpar |
| 5 |
| 14 |
| -64 | % | 7 |
| 8 |
| -13 | % | (2 | ) | 6 |
| -133 | % | ||||||
Serzone |
| (1 | ) | 29 |
| -103 | % | — |
| 4 |
| -100 | % | (1 | ) | 25 |
| -104 | % | ||||||
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Other Pharmaceuticals |
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Glucophage Franchise |
| 161 |
| 247 |
| -35 | % | 6 |
| 4 |
| 50 | % | 155 |
| 243 |
| -36 | % | ||||||
Glucovance |
| 102 |
| 108 |
| -6 | % | 2 |
| 1 |
| 100 | % | 100 |
| 107 |
| -7 | % | ||||||
Glucophage |
| 31 |
| 37 |
| -16 | % | 4 |
| 3 |
| 33 | % | 27 |
| 34 |
| -21 | % | ||||||
Glucophage XR |
| 19 |
| 101 |
| -81 | % | — |
| — |
| — |
| 19 |
| 101 |
| -81 | % | ||||||
Metaglip |
| 9 |
| 1 |
| *** |
| — |
| — |
| — |
| 9 |
| 1 |
| *** |
| ||||||
Abilify** |
| 115 |
| 37 |
| *** |
| 2 |
| — |
| — |
| 113 |
| 37 |
| *** |
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ONCOLOGY THERAPEUTICS NETWORK |
| 555 |
| 520 |
| 7 | % | — |
| — |
| — |
| 555 |
| 520 |
| 7 | % | ||||||
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NUTRITIONALS |
| 502 |
| 458 |
| 10 | % | 252 |
| 228 |
| 11 | % | 250 |
| 230 |
| 9 | % | ||||||
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Infant Formulas |
| 339 |
| 274 |
| 24 | % | 121 |
| 101 |
| 20 | % | 218 |
| 173 |
| 26 | % | ||||||
Enfamil |
| 208 |
| 165 |
| 26 | % | 66 |
| 55 |
| 20 | % | 142 |
| 110 |
| 29 | % | ||||||
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Other Nutritional Products |
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Toddler/Children’s Nutritionals |
| 114 |
| 101 |
| 13 | % | 114 |
| 101 |
| 13 | % | — |
| — |
| — |
| ||||||
Adult Consumer Nutritionals |
| 22 |
| 33 |
| -33 | % | 9 |
| 11 |
| -18 | % | 13 |
| 22 |
| -41 | % | ||||||
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OTHER HEALTHCARE |
| 433 |
| 385 |
| 12 | % | 188 |
| 165 |
| 14 | % | 245 |
| 220 |
| 11 | % | ||||||
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CONVATEC PRODUCTS |
| 217 |
| 181 |
| 20 | % | 146 |
| 118 |
| 24 | % | 71 |
| 63 |
| 13 | % | ||||||
Ostomy |
| 127 |
| 111 |
| 14 | % | 87 |
| 74 |
| 18 | % | 40 |
| 37 |
| 8 | % | ||||||
Wound Therapeutics |
| 87 |
| 68 |
| 28 | % | 57 |
| 43 |
| 33 | % | 30 |
| 25 |
| 20 | % | ||||||
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MEDICAL IMAGING |
| 139 |
| 121 |
| 15 | % | 19 |
| 19 |
| — |
| 120 |
| 102 |
| 18 | % | ||||||
Cardiolite |
| 92 |
| 75 |
| 23 | % | 9 |
| 10 |
| -10 | % | 83 |
| 65 |
| 28 | % | ||||||
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CONSUMER MEDICINES |
| 77 |
| 83 |
| -7 | % | 23 |
| 28 |
| -18 | % | 54 |
| 55 |
| -2 | % | ||||||
* | This table presents Total Company sales on a legal entity source basis and segment and product sales on a country management reported basis. As a result, the sum of segment sales for International and for Domestic do not tie to the Total Company International and Domestic sales shown above. |
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** | Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. |
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*** | In Excess of 200% |
BRISTOL-MYERS SQUIBB COMPANY
EARNINGS BEFORE MINORITY INTEREST AND INCOME TAXES
EXCLUDING SPECIFIED ITEMS
|
| 2003 |
| ||||||||||||||
|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
| TOTAL YEAR |
| ||||||
Earnings Before Minority Interest and Income Taxes |
| $ | 1,163 |
| $ | 1,247 |
| $ | 1,361 |
| $ | 923 |
| $ | 4,694 |
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Specified items: |
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|
|
| ||||||
Provision for restructuring / other |
| 26 |
| 4 |
| 55 |
| 110 |
| 195 |
| ||||||
Litigation (recoveries) / charges |
| (21 | ) | (41 | ) | (4 | ) | 265 |
| 199 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Earnings Before Minority Interest and Income Taxes Excluding Specified Items |
| $ | 1,168 |
| $ | 1,210 |
| $ | 1,412 |
| $ | 1,298 |
| $ | 5,088 |
| |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| 2004 |
| ||||||||||||||
|
| Q1 |
|
|
|
|
|
|
| TOTAL YEAR |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Earnings Before Minority Interest and Income Taxes |
| $ | 1,469 |
|
|
|
|
|
|
| $ | 1,469 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Specified items: |
|
|
|
|
|
|
|
|
|
|
| ||||||
Gain on sale of businesses |
| (295 | ) |
|
|
|
|
|
| (295 | ) | ||||||
Provision for restructuring / other |
| 34 |
|
|
|
|
|
|
| 34 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Earnings Before Minority Interest and Income Taxes Excluding Specified Items |
| $ | 1,208 |
|
|
|
|
|
|
| $ | 1,208 |
| ||||
BRISTOL-MYERS SQUIBB COMPANY
DILUTED EARNINGS PER COMMON SHARE
EXCLUDING SPECIFIED ITEMS
|
| 2003 |
| |||||||||||||
|
| Q1 |
| Q2 |
| Q3 * |
| Q4 |
| TOTAL YEAR * |
| |||||
Diluted Earnings per Common Share |
| $ | 0.41 |
| $ | 0.46 |
| $ | 0.47 |
| $ | 0.26 |
| $ | 1.59 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Specified items: |
|
|
|
|
|
|
|
|
|
|
| |||||
Provision for restructuring / other |
| 0.01 |
| — |
| 0.02 |
| 0.04 |
| 0.07 |
| |||||
Litigation (recoveries) / charges |
| (0.01 | ) | (0.01 | ) | — |
| 0.13 |
| 0.11 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Diluted Earnings per Common Share |
| $ | 0.41 |
| $ | 0.45 |
| $ | 0.48 |
| $ | 0.43 |
| $ | 1.78 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| 2004 |
| |||||||||||||
|
| Q1 |
|
|
|
|
|
|
| TOTAL YEAR |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Diluted Earnings per Common Share |
| $ | 0.49 |
|
|
|
|
|
|
| $ | 0.49 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Specified items: |
|
|
|
|
|
|
|
|
|
|
| |||||
Gain on sale of businesses |
| (0.09 | ) |
|
|
|
|
|
| (0.09 | ) | |||||
Provision for restructuring / other |
| 0.01 |
|
|
|
|
|
|
| 0.01 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Diluted Earnings per Common Share |
| $ | 0.41 |
|
|
|
|
|
|
| $ | 0.41 |
|
* amounts may not add due to rounding of individual calculations.
BRISTOL-MYERS SQUIBB COMPANY
SELECT ADDITIONAL FINANCIAL INFORMATION
|
| ($ in Millions) |
| ||||
|
| March 31, |
| December 31, |
| ||
Balance Sheet Items |
|
|
|
|
| ||
|
|
|
|
|
| ||
Cash, cash equivalents and marketable debt securities |
| $ | 6,617 |
| $ | 5,457 |
|
Receivables, net of allowances |
| 3,106 |
| 3,646 |
| ||
|
|
|
|
|
| ||
Short-term borrowings |
| 776 |
| 127 |
| ||
Long-term debt |
| 8,635 |
| 8,522 |
| ||
|
|
|
|
|
| ||
Stockholders’ equity |
| $ | 10,533 |
| $ | 9,786 |
|
|
|
|
|
|
| ||
Other Items |
|
|
|
|
| ||
|
|
|
|
|
| ||
For the three months ended March 31, 2004: |
|
|
|
|
| ||
|
|
|
|
|
| ||
Quarterly Dividend |
| $ | .28/share |
|
|
| |
|
|
|
|
|
| ||
Gross Margin |
| 63.3% |
|
|
| ||
|
|
|
|
|
| ||
Capital Expenditures and Capitalized Software |
| $ | 163 million |
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
2004 DILUTED EPS IMPACT OF PROJECTED SPECIFIED ITEMS
|
| Diluted EPS |
| |
|
|
|
| |
Estimated Gain on sale of Adult Nutritional Business |
| $ | 0.10 |
|
|
|
|
| |
Anticipated restructuring/relocation |
| (0.07 | ) | |
|
|
|
| |
Preliminary estimate of charge for in-process research and development from acquisition of Acordis |
| (0.03 | ) | |
|
|
|
| |
Licensing Milestones |
| (0.01 | ) | |
|
|
|
| |
Total |
| $ | (0.01 | ) |