Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
NET SALES FROM CONTINUING OPERATIONS
QUARTERLY SALES TREND ANALYSIS
($ in millions)
Net Sales | 2005 | 2006 | % 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 | |||||||||||||||||||||||||||||||||||
Pharmaceuticals Group | $ | 3,578 | $ | 3,886 | $ | 7,464 | $ | 3,778 | $ | 11,242 | $ | 4,012 | $ | 15,254 | $ | 3,700 | 3 | % | 3 | % | ||||||||||||||||||||||||||||||
US Pharmaceuticals | 1,767 | 2,084 | 3,851 | 2,069 | 5,920 | 2,220 | 8,140 | 2,064 | 17 | % | 17 | % | ||||||||||||||||||||||||||||||||||||||
Primary Care | 1,258 | 1,539 | 2,797 | 1,486 | 4,283 | 1,653 | 5,936 | 1,409 | 12 | % | 12 | % | ||||||||||||||||||||||||||||||||||||||
Oncology/Virology | 348 | 345 | 693 | 370 | 1,063 | 391 | 1,454 | 419 | 20 | % | 20 | % | ||||||||||||||||||||||||||||||||||||||
Neuroscience | 161 | 200 | 361 | 213 | 574 | 176 | 750 | 231 | 43 | % | 43 | % | ||||||||||||||||||||||||||||||||||||||
Immunoscience | — | — | — | — | — | — | — | 5 | — | — | ||||||||||||||||||||||||||||||||||||||||
Latin America/Canada | 258 | 306 | 564 | 285 | 849 | 325 | 1,174 | 288 | 12 | % | 12 | % | ||||||||||||||||||||||||||||||||||||||
Europe and Middle East Medicines | 1,201 | 1,112 | 2,313 | 1,030 | 3,343 | 1,053 | 4,396 | 1,024 | -15 | % | -15 | % | ||||||||||||||||||||||||||||||||||||||
Asia/Pacific Medicines | 299 | 329 | 628 | 342 | 970 | 354 | 1,324 | 279 | -7 | % | -7 | % | ||||||||||||||||||||||||||||||||||||||
Nutritionals | 526 | 548 | 1,074 | 547 | 1,621 | 584 | 2,205 | 565 | 7 | % | 7 | % | ||||||||||||||||||||||||||||||||||||||
Other Healthcare | 428 | 455 | 883 | 442 | 1,325 | 423 | 1,748 | 411 | -4 | % | -4 | % | ||||||||||||||||||||||||||||||||||||||
ConvaTec | 228 | 247 | 475 | 250 | 725 | 267 | 992 | 230 | 1 | % | 1 | % | ||||||||||||||||||||||||||||||||||||||
Medical Imaging | 145 | 151 | 296 | 150 | 446 | 156 | 602 | 181 | 25 | % | 25 | % | ||||||||||||||||||||||||||||||||||||||
Consumer Medicines | 55 | 57 | 112 | 42 | 154 | — | 154 | — | -100 | % | -100 | % | ||||||||||||||||||||||||||||||||||||||
Total Company | $ | 4,532 | $ | 4,889 | $ | 9,421 | $ | 4,767 | $ | 14,188 | $ | 5,019 | $ | 19,207 | $ | 4,676 | 3 | % | 3 | % | ||||||||||||||||||||||||||||||
% of Total Sales | 2005 | 2006 | Basis Point 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 | |||||||||||||||||||||||||||||||||||
Pharmaceuticals Group | 79.0 | % | 79.5 | % | 79.2 | % | 79.3 | % | 79.2 | % | 79.9 | % | 79.4 | % | 79.1 | % | 10 | 10 | ||||||||||||||||||||||||||||||||
US Pharmaceuticals | 39.0 | % | 42.6 | % | 40.9 | % | 43.4 | % | 41.7 | % | 44.2 | % | 42.4 | % | 44.1 | % | 510 | 510 | ||||||||||||||||||||||||||||||||
Primary Care | 27.8 | % | 31.4 | % | 29.7 | % | 31.2 | % | 30.2 | % | 32.9 | % | 30.9 | % | 30.1 | % | 230 | 230 | ||||||||||||||||||||||||||||||||
Oncology/Virology | 7.7 | % | 7.1 | % | 7.4 | % | 7.8 | % | 7.5 | % | 7.8 | % | 7.6 | % | 9.0 | % | 130 | 130 | ||||||||||||||||||||||||||||||||
Neuroscience | 3.5 | % | 4.1 | % | 3.8 | % | 4.4 | % | 4.0 | % | 3.5 | % | 3.9 | % | 4.9 | % | 140 | 140 | ||||||||||||||||||||||||||||||||
Immunoscience | — | — | — | — | — | — | — | 0.1 | % | 10 | 10 | |||||||||||||||||||||||||||||||||||||||
Latin America/Canada | 5.7 | % | 6.3 | % | 6.0 | % | 6.0 | % | 6.0 | % | 6.5 | % | 6.1 | % | 6.2 | % | 50 | 50 | ||||||||||||||||||||||||||||||||
Europe and Middle East Medicines | 26.5 | % | 22.7 | % | 24.6 | % | 21.6 | % | 23.6 | % | 21.0 | % | 22.9 | % | 21.9 | % | (460 | ) | (460 | ) | ||||||||||||||||||||||||||||||
Asia/Pacific Medicines | 6.6 | % | 6.7 | % | 6.7 | % | 7.2 | % | 6.8 | % | 7.1 | % | 6.9 | % | 6.0 | % | (60 | ) | (60 | ) | ||||||||||||||||||||||||||||||
Nutritionals | 11.6 | % | 11.2 | % | 11.4 | % | 11.5 | % | 11.4 | % | 11.7 | % | 11.5 | % | 12.1 | % | 50 | 50 | ||||||||||||||||||||||||||||||||
Other Healthcare | 9.4 | % | 9.3 | % | 9.4 | % | 9.2 | % | 9.4 | % | 8.4 | % | 9.1 | % | 8.8 | % | (60 | ) | (60 | ) | ||||||||||||||||||||||||||||||
ConvaTec | 5.0 | % | 5.0 | % | 5.1 | % | 5.2 | % | 5.1 | % | 5.3 | % | 5.2 | % | 4.9 | % | (10 | ) | (10 | ) | ||||||||||||||||||||||||||||||
Medical Imaging | 3.2 | % | 3.1 | % | 3.1 | % | 3.1 | % | 3.2 | % | 3.1 | % | 3.1 | % | 3.9 | % | 70 | 70 | ||||||||||||||||||||||||||||||||
Consumer Medicines | 1.2 | % | 1.2 | % | 1.2 | % | 0.9 | % | 1.1 | % | — | 0.8 | % | — | (120 | ) | (120 | ) | ||||||||||||||||||||||||||||||||
Total Company | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE PERIOD ENDED MARCH 31, 2006
(DOLLARS IN MILLIONS)
YEAR-TO-DATE
Pharmaceuticals Group | Nutritionals | Convatec | Medical Imaging | Consumer Medicines | Continuing Operations | |||||||||||||||||||
Price Increases(Decreases) | 5 | % | 3 | % | -1 | % | 5 | % | — | 5 | % | |||||||||||||
Foreign Exchange | -2 | % | 1 | % | -5 | % | — | — | -2 | % | ||||||||||||||
Volume | — | 3 | % | 7 | % | 20 | % | -100 | % | — | ||||||||||||||
Total Change | 3 | % | 7 | % | 1 | % | 25 | % | -100 | % | 3 | % | ||||||||||||
Total 2006 Period to Date Sales | $ | 3,700 | $ | 565 | $ | 230 | $ | 181 | $ | 0 | $ | 4,676 | ||||||||||||
Total 2005 Period to Date Sales | $ | 3,578 | $ | 526 | $ | 228 | $ | 145 | $ | 55 | $ | 4,532 |
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENT OF EARNINGS
CONTINUING OPERATIONS
($ in Millions, except per share amounts)
2005 | 2006 | % 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 Sales | $ | 4,532 | $ | 4,889 | $ | 9,421 | $ | 4,767 | $ | 14,188 | $ | 5,019 | $ | 19,207 | $ | 4,676 | 3 | % | 3 | % | ||||||||||||||||||||||||||||||
Cost of products sold | 1,367 | 1,483 | 2,850 | 1,483 | 4,333 | 1,595 | 5,928 | 1,476 | 8 | % | 8 | % | ||||||||||||||||||||||||||||||||||||||
Marketing, selling and administrative | 1,183 | 1,268 | 2,451 | 1,286 | 3,737 | 1,369 | 5,106 | 1,238 | 5 | % | 5 | % | ||||||||||||||||||||||||||||||||||||||
Advertising and product promotion | 318 | 365 | 683 | 349 | 1,032 | 444 | 1,476 | 295 | -7 | % | -7 | % | ||||||||||||||||||||||||||||||||||||||
Research and development | 653 | 649 | 1,302 | 669 | 1,971 | 775 | 2,746 | 750 | 15 | % | 15 | % | ||||||||||||||||||||||||||||||||||||||
Provision for restructuring and other items, net | 3 | 2 | 5 | (5 | ) | — | 32 | 32 | 1 | -67 | % | -67 | % | |||||||||||||||||||||||||||||||||||||
Litigation (income)/charges, net | 124 | (26 | ) | 98 | (26 | ) | 72 | 197 | 269 | (21 | ) | -117 | % | -117 | % | |||||||||||||||||||||||||||||||||||
Gain on sale of business and product asset | — | — | — | (569 | ) | (569 | ) | — | (569 | ) | (200 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Equity in net income of affiliates | (69 | ) | (87 | ) | (156 | ) | (84 | ) | (240 | ) | (94 | ) | (334 | ) | (93 | ) | -35 | % | -35 | % | ||||||||||||||||||||||||||||||
Other (income)/expense, net | 25 | 105 | 130 | 38 | 168 | (131 | ) | 37 | 37 | 48 | % | 48 | % | |||||||||||||||||||||||||||||||||||||
Total expenses | 3,604 | 3,759 | 7,363 | 3,141 | 10,504 | 4,187 | 14,691 | 3,483 | -3 | % | -3 | % | ||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Minority Interest and Income Taxes | 928 | 1,130 | 2,058 | 1,626 | 3,684 | 832 | 4,516 | 1,193 | 29 | % | 29 | % | ||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 268 | (21 | ) | 247 | 507 | 754 | 178 | 932 | 328 | 22 | % | 22 | % | |||||||||||||||||||||||||||||||||||||
Minority interest, net of taxes | 122 | 160 | 282 | 155 | 437 | 155 | 592 | 151 | 24 | % | 24 | % | ||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations | $ | 538 | $ | 991 | $ | 1,529 | $ | 964 | $ | 2,493 | $ | 499 | $ | 2,992 | $ | 714 | 33 | % | 33 | % | ||||||||||||||||||||||||||||||
Interest expense on conversion of convertible debt bonds, net of tax | 4 | 5 | 9 | 6 | 15 | 7 | 22 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Earnings from continuing operations used for diluted earnings per common share calculation | $ | 542 | $ | 996 | $ | 1,538 | $ | 970 | $ | 2,508 | $ | 506 | $ | 3,014 | $ | 722 | ||||||||||||||||||||||||||||||||||
Diluted Earnings per Common ShareContinuing Operations** | $ | 0.27 | $ | 0.50 | $ | 0.78 | $ | 0.49 | $ | 1.27 | $ | 0.26 | $ | 1.52 | $ | 0.36 | 33 | % | 33 | % | ||||||||||||||||||||||||||||||
Average Common Shares Outstanding - Diluted | 1,981 | 1,984 | 1,982 | 1,984 | 1,983 | 1,983 | 1,983 | 1,988 | — | — | ||||||||||||||||||||||||||||||||||||||||
Dividends declared per common share | $ | 0.28 | $ | 0.28 | $ | 0.56 | $ | 0.28 | $ | 0.84 | $ | 0.28 | $ | 1.12 | $ | 0.28 | — | — | ||||||||||||||||||||||||||||||||
% of Net Sales | 2005 | 2006 | Basis Point 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 | |||||||||||||||||||||||||||||||||||
Gross Margin | 69.8 | % | 69.7 | % | 69.7 | % | 68.9 | % | 69.5 | % | 68.2 | % | 69.1 | % | 68.4 | % | (140 | ) | (140 | ) | ||||||||||||||||||||||||||||||
Cost of products sold | 30.2 | % | 30.3 | % | 30.3 | % | 31.1 | % | 30.5 | % | 31.8 | % | 30.9 | % | 31.6 | % | 140 | 140 | ||||||||||||||||||||||||||||||||
Marketing, selling and administrative | 26.1 | % | 25.9 | % | 26.0 | % | 27.0 | % | 26.3 | % | 27.3 | % | 26.6 | % | 26.5 | % | 40 | 40 | ||||||||||||||||||||||||||||||||
Advertising and product promotion | 7.0 | % | 7.5 | % | 7.2 | % | 7.3 | % | 7.3 | % | 8.8 | % | 7.7 | % | 6.3 | % | (70 | ) | (70 | ) | ||||||||||||||||||||||||||||||
Research and development | 14.4 | % | 13.3 | % | 13.8 | % | 14.0 | % | 13.9 | % | 15.4 | % | 14.3 | % | 16.0 | % | 160 | 160 | ||||||||||||||||||||||||||||||||
Total expenses | 79.5 | % | 76.9 | % | 78.2 | % | 65.9 | % | 74.0 | % | 83.4 | % | 76.5 | % | 74.5 | % | (500 | ) | (500 | ) | ||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes | 20.5 | % | 23.1 | % | 21.8 | % | 34.1 | % | 26.0 | % | 16.6 | % | 23.5 | % | 25.5 | % | 500 | 500 | ||||||||||||||||||||||||||||||||
Earnings from Continuing Operations | 11.9 | % | 20.3 | % | 16.2 | % | 20.2 | % | 17.6 | % | 9.9 | % | 15.6 | % | 15.3 | % | 340 | 340 | ||||||||||||||||||||||||||||||||
Other Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Tax Rate | 28.9 | % | -1.9 | % | 12.0 | % | 31.2 | % | 20.5 | % | 21.4 | % | 20.6 | % | 27.5 | % | ||||||||||||||||||||||||||||||||||
Other (Income)/ | 2005 | 2006 | % 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 | $ | 97 | $ | 73 | $ | 170 | $ | 79 | $ | 249 | $ | 100 | $ | 349 | $ | 116 | 20 | % | 20 | % | ||||||||||||||||||||||||||||||
Interest income | (45 | ) | (23 | ) | (68 | ) | (28 | ) | (96 | ) | (52 | ) | (148 | ) | (62 | ) | -38 | % | -38 | % | ||||||||||||||||||||||||||||||
Foreign exchange transaction (gains)/losses | 12 | 35 | 47 | — | 47 | 11 | 58 | (12 | ) | -200 | % | -200 | % | |||||||||||||||||||||||||||||||||||||
Other, net | (39 | ) | 20 | (19 | ) | (13 | ) | (32 | ) | (190 | ) | (222 | ) | (5 | ) | 87 | % | 87 | % | |||||||||||||||||||||||||||||||
$ | 25 | $ | 105 | $ | 130 | $ | 38 | $ | 168 | $ | (131 | ) | $ | 37 | $ | 37 | 48 | % | 48 | % | ||||||||||||||||||||||||||||||
* | in excess of +/- 200% |
** | amounts may not calculate due to rounding differences between continuing and discontinued operations. |
BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)
2005 | 2006 | % Change | ||||||||||||||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||
Total Company | $ | 4,532 | $ | 4,889 | $ | 9,421 | $ | 4,767 | $ | 14,188 | $ | 5,019 | $ | 19,207 | $ | 4,676 | 3 | % | 3 | % | ||||||||||||||||||||||
PHARMACEUTICALS | 3,578 | 3,886 | 7,464 | 3,778 | 11,242 | 4,012 | 15,254 | 3,700 | 3 | % | 3 | % | ||||||||||||||||||||||||||||||
Cardiovascular | 1,712 | 2,031 | 3,743 | 1,935 | 5,678 | 2,090 | 7,768 | 1,917 | 12 | % | 12 | % | ||||||||||||||||||||||||||||||
Plavix | 814 | 968 | 1,782 | 980 | 2,762 | 1,061 | 3,823 | 986 | 21 | % | 21 | % | ||||||||||||||||||||||||||||||
Pravachol | 520 | 625 | 1,145 | 527 | 1,672 | 584 | 2,256 | 536 | 3 | % | 3 | % | ||||||||||||||||||||||||||||||
Avapro/ Avalide | 196 | 258 | 454 | 251 | 705 | 277 | 982 | 233 | 19 | % | 19 | % | ||||||||||||||||||||||||||||||
Coumadin | 49 | 50 | 99 | 57 | 156 | 56 | 212 | 55 | 12 | % | 12 | % | ||||||||||||||||||||||||||||||
Monopril | 59 | 54 | 113 | 49 | 162 | 46 | 208 | 48 | -19 | % | -19 | % | ||||||||||||||||||||||||||||||
Virology | 430 | 457 | 887 | 440 | 1,327 | 450 | 1,777 | 468 | 9 | % | 9 | % | ||||||||||||||||||||||||||||||
Reyataz | 149 | 183 | 332 | 176 | 508 | 188 | 696 | 207 | 39 | % | 39 | % | ||||||||||||||||||||||||||||||
Sustiva | 173 | 167 | 340 | 170 | 510 | 170 | 680 | 175 | 1 | % | 1 | % | ||||||||||||||||||||||||||||||
Zerit | 59 | 59 | 118 | 51 | 169 | 47 | 216 | 40 | -32 | % | -32 | % | ||||||||||||||||||||||||||||||
Baraclude | — | 5 | 5 | 2 | 7 | 5 | 12 | 11 | — | — | ||||||||||||||||||||||||||||||||
Infectious Diseases | 293 | 261 | 554 | 239 | 793 | 286 | 1,079 | 199 | -32 | % | -32 | % | ||||||||||||||||||||||||||||||
Cefzil | 82 | 54 | 136 | 48 | 184 | 75 | 259 | 23 | -72 | % | -72 | % | ||||||||||||||||||||||||||||||
Oncology | 387 | 371 | 758 | 380 | 1,138 | 395 | 1,533 | 361 | -7 | % | -7 | % | ||||||||||||||||||||||||||||||
Taxol | 205 | 186 | 391 | 175 | 566 | 181 | 747 | 147 | -28 | % | -28 | % | ||||||||||||||||||||||||||||||
Erbitux | 87 | 98 | 185 | 107 | 292 | 121 | 413 | 138 | 59 | % | 59 | % | ||||||||||||||||||||||||||||||
Affective (Psychiatric) Disorders | 232 | 284 | 516 | 306 | 822 | 267 | 1,089 | 323 | 39 | % | 39 | % | ||||||||||||||||||||||||||||||
Abilify** | 188 | 240 | 428 | 260 | 688 | 224 | 912 | 283 | 51 | % | 51 | % | ||||||||||||||||||||||||||||||
Immunoscience | — | — | — | — | — | — | — | 5 | — | — | ||||||||||||||||||||||||||||||||
Orencia | — | — | — | — | — | — | — | 5 | — | — | ||||||||||||||||||||||||||||||||
Other Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||
Efferalgan | 88 | 55 | 143 | 66 | 209 | 74 | 283 | 68 | -23 | % | -23 | % | ||||||||||||||||||||||||||||||
NUTRITIONALS | 526 | 548 | 1,074 | 547 | 1,621 | 584 | 2,205 | 565 | 7 | % | 7 | % | ||||||||||||||||||||||||||||||
Enfamil | 235 | 250 | 485 | 230 | 715 | 277 | 992 | 237 | 1 | % | 1 | % | ||||||||||||||||||||||||||||||
Enfagrow | 50 | 49 | 99 | 54 | 153 | 53 | 206 | 67 | 34 | % | 34 | % | ||||||||||||||||||||||||||||||
OTHER HEALTHCARE | 428 | 455 | 883 | 442 | 1,325 | 423 | 1,748 | 411 | -4 | % | -4 | % | ||||||||||||||||||||||||||||||
CONVATEC | 228 | 247 | 475 | 250 | 725 | 267 | 992 | 230 | 1 | % | 1 | % | ||||||||||||||||||||||||||||||
Ostomy | 127 | 139 | 266 | 139 | 405 | 145 | 550 | 123 | -3 | % | -3 | % | ||||||||||||||||||||||||||||||
Wound Therapeutics | 97 | 103 | 200 | 104 | 304 | 112 | 416 | 105 | 8 | % | 8 | % | ||||||||||||||||||||||||||||||
MEDICAL IMAGING | 145 | 151 | 296 | 150 | 446 | 156 | 602 | 181 | 25 | % | 25 | % | ||||||||||||||||||||||||||||||
Cardiolite | 102 | 108 | 210 | 106 | 316 | 100 | 416 | 103 | 1 | % | 1 | % | ||||||||||||||||||||||||||||||
CONSUMER MEDICINES | 55 | 57 | 112 | 42 | 154 | — | 154 | — | -100 | % | -100 | % |
** | Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. |
*** | In excess of +/- 200% |
BRISTOL-MYERS SQUIBB COMPANY
DOMESTIC* NET SALES FROM CONTINUING OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)
% Change in U.S. Total Prescription**** | ||||||||||||||||||||||||||||||||||||||||||||||
2005 | 2006 | % Change | NPA | NGPS | ||||||||||||||||||||||||||||||||||||||||||
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 | Qtr vs. Qtr | Qtr vs. Qtr | ||||||||||||||||||||||||||||||
Total Company | $ | 2,310 | $ | 2,668 | $ | 4,978 | $ | 2,638 | $ | 7,616 | $ | 2,845 | $ | 10,461 | $ | 2,638 | 14 | % | ||||||||||||||||||||||||||||
PHARMACEUTICALS | 1,777 | 2,097 | 3,874 | 2,082 | 5,956 | 2,234 | 8,190 | 2,076 | 17 | % | ||||||||||||||||||||||||||||||||||||
Cardiovascular | 1,080 | 1,377 | 2,457 | 1,328 | 3,785 | 1,496 | 5,281 | 1,341 | 24 | % | ||||||||||||||||||||||||||||||||||||
Plavix | 673 | 823 | 1,496 | 833 | 2,329 | 906 | 3,235 | 850 | 26 | % | 15 | % | 13 | % | ||||||||||||||||||||||||||||||||
Pravachol | 258 | 353 | 611 | 297 | 908 | 366 | 1,274 | 302 | 17 | % | -18 | % | -17 | % | ||||||||||||||||||||||||||||||||
Avapro/ Avalide | 102 | 157 | 259 | 147 | 406 | 168 | 574 | 139 | 36 | % | 6 | % | 4 | % | ||||||||||||||||||||||||||||||||
Coumadin | 42 | 42 | 84 | 49 | 133 | 50 | 183 | 47 | 12 | % | -25 | % | -28 | % | ||||||||||||||||||||||||||||||||
Monopril | 3 | 2 | 5 | 1 | 6 | 3 | 9 | 2 | -33 | % | -55 | % | -56 | % | ||||||||||||||||||||||||||||||||
Virology | 231 | 231 | 462 | 239 | 701 | 244 | 945 | 259 | 12 | % | ||||||||||||||||||||||||||||||||||||
Reyataz | 92 | 98 | 190 | 105 | 295 | 110 | 405 | 119 | 29 | % | 19 | % | 17 | % | ||||||||||||||||||||||||||||||||
Sustiva | 103 | 97 | 200 | 101 | 301 | 102 | 403 | 108 | 5 | % | 4 | % | 3 | % | ||||||||||||||||||||||||||||||||
Zerit | 26 | 26 | 52 | 24 | 76 | 21 | 97 | 19 | -27 | % | -33 | % | -33 | % | ||||||||||||||||||||||||||||||||
Baraclude | — | 5 | 5 | 2 | 7 | 4 | 11 | 9 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||
Infectious Diseases | 91 | 57 | 148 | 53 | 201 | 75 | 276 | 12 | -87 | % | ||||||||||||||||||||||||||||||||||||
Cefzil | 50 | 30 | 80 | 27 | 107 | 46 | 153 | (5 | ) | -110 | % | -83 | % | -84 | % | |||||||||||||||||||||||||||||||
Oncology | 115 | 112 | 227 | 131 | 358 | 144 | 502 | 159 | 38 | % | ||||||||||||||||||||||||||||||||||||
Taxol | 4 | 4 | 8 | 4 | 12 | 5 | 17 | 4 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||
Erbitux | 87 | 97 | 184 | 106 | 290 | 121 | 411 | 136 | 56 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||
Affective (Psychiatric) Disorders | 167 | 206 | 373 | 221 | 594 | 183 | 777 | 237 | 42 | % | ||||||||||||||||||||||||||||||||||||
Abilify** | 161 | 200 | 361 | 214 | 575 | 175 | 750 | 231 | 43 | % | 29 | % | 29 | % | ||||||||||||||||||||||||||||||||
Immunoscience | — | — | — | — | — | — | — | 5 | — | |||||||||||||||||||||||||||||||||||||
Orencia | — | — | — | — | — | — | — | 5 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||
Other Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||||||||||
Efferalgan | — | — | — | — | — | — | — | — | — | N/A | N/A | |||||||||||||||||||||||||||||||||||
NUTRITIONALS | 255 | 267 | 522 | 266 | 788 | 282 | 1,070 | 247 | -3 | % | ||||||||||||||||||||||||||||||||||||
Enfamil | 162 | 171 | 333 | 168 | 501 | 184 | 685 | 155 | -4 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||
Enfagrow | — | — | — | — | — | — | — | — | — | N/A | N/A | |||||||||||||||||||||||||||||||||||
OTHER HEALTHCARE | 242 | 253 | 495 | 252 | 747 | 225 | 972 | 231 | -5 | % | ||||||||||||||||||||||||||||||||||||
CONVATEC | 66 | 71 | 137 | 82 | 219 | 93 | 312 | 73 | 11 | % | ||||||||||||||||||||||||||||||||||||
Ostomy | 34 | 38 | 72 | 43 | 115 | 46 | 161 | 34 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||
Wound Therapeutics | 30 | 29 | 59 | 34 | 93 | 40 | 133 | 37 | 23 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||
MEDICAL IMAGING | 124 | 127 | 251 | 129 | 380 | 132 | 512 | 158 | 27 | % | ||||||||||||||||||||||||||||||||||||
Cardiolite | 91 | 96 | 187 | 95 | 282 | 88 | 370 | 91 | — | N/A | N/A | |||||||||||||||||||||||||||||||||||
CONSUMER MEDICINES | 52 | 55 | 107 | 41 | 148 | — | 148 | — | -100 | % |
* | 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 does not tie to Total Company sales. |
** | Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. |
*** | In excess of +/- 200% |
**** | The estimated total U.S. prescription growth for the retail and mail order channels are calculated based on National Prescription Audit (NPA) and Next-Generation Prescription Services (NGPS) data provided by IMS Health, a supplier of market research for the pharmaceutical industry. The NPA data is based on a simple average of the estimated number of prescriptions in the retail and mail order channels, and the NGPS data is based on a weighted average of the estimated number of prescription units (pills) in each of the retail and mail order channels as provided by IMS. |
BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL* NET SALES FROM CONTINUING OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)
2005 | 2006 | % 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 | |||||||||||||||||||||||||
Total Company | $ | 2,222 | $ | 2,221 | $ | 4,443 | $ | 2,129 | $ | 6,572 | $ | 2,174 | $ | 8,746 | $ | 2,038 | -8 | % | |||||||||||||||||||||
PHARMACEUTICALS | 1,801 | 1,789 | 3,590 | 1,696 | 5,286 | 1,778 | 7,064 | 1,624 | -10 | % | |||||||||||||||||||||||||||||
Cardiovascular | 632 | 654 | 1,286 | 607 | 1,893 | 594 | 2,487 | 576 | -9 | % | |||||||||||||||||||||||||||||
Plavix | 141 | 145 | 286 | 147 | 433 | 155 | 588 | 136 | -4 | % | |||||||||||||||||||||||||||||
Pravachol | 262 | 272 | 534 | 230 | 764 | 218 | 982 | 234 | -11 | % | |||||||||||||||||||||||||||||
Avapro/ Avalide | 94 | 101 | 195 | 104 | 299 | 109 | 408 | 94 | — | ||||||||||||||||||||||||||||||
Coumadin | 7 | 8 | 15 | 8 | 23 | 6 | 29 | 8 | 14 | % | |||||||||||||||||||||||||||||
Monopril | 56 | 52 | 108 | 48 | 156 | 43 | 199 | 46 | -18 | % | |||||||||||||||||||||||||||||
Virology | 199 | 226 | 425 | 201 | 626 | 206 | 832 | 209 | 5 | % | |||||||||||||||||||||||||||||
Reyataz | 57 | 85 | 142 | 71 | 213 | 78 | 291 | 88 | 54 | % | |||||||||||||||||||||||||||||
Sustiva | 70 | 70 | 140 | 69 | 209 | 68 | 277 | 67 | -4 | % | |||||||||||||||||||||||||||||
Zerit | 33 | 33 | 66 | 27 | 93 | 26 | 119 | 21 | -36 | % | |||||||||||||||||||||||||||||
Baraclude | — | — | — | — | — | 1 | 1 | 2 | — | ||||||||||||||||||||||||||||||
Infectious Diseases | 202 | 204 | 406 | 186 | 592 | 211 | 803 | 187 | -7 | % | |||||||||||||||||||||||||||||
Cefzil | 32 | 24 | 56 | 21 | 77 | 29 | 106 | 28 | -13 | % | |||||||||||||||||||||||||||||
Oncology | 272 | 259 | 531 | 249 | 780 | 251 | 1,031 | 202 | -26 | % | |||||||||||||||||||||||||||||
Taxol | 201 | 182 | 383 | 171 | 554 | 176 | 730 | 143 | -29 | % | |||||||||||||||||||||||||||||
Erbitux | — | 1 | 1 | 1 | 2 | — | 2 | 2 | — | ||||||||||||||||||||||||||||||
Affective (Psychiatric) Disorders | 65 | 78 | 143 | 85 | 228 | 84 | 312 | 86 | 32 | % | |||||||||||||||||||||||||||||
Abilify** | 27 | 40 | 67 | 46 | 113 | 49 | 162 | 52 | 93 | % | |||||||||||||||||||||||||||||
Immunoscience | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Orencia | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other Pharmaceuticals | |||||||||||||||||||||||||||||||||||||||
Efferalgan | 88 | 55 | 143 | 66 | 209 | 74 | 283 | 68 | -23 | % | |||||||||||||||||||||||||||||
NUTRITIONALS | 271 | 281 | 552 | 281 | 833 | 302 | 1,135 | 318 | 17 | % | |||||||||||||||||||||||||||||
Enfamil | 73 | 79 | 152 | 62 | 214 | 93 | 307 | 82 | 12 | % | |||||||||||||||||||||||||||||
Enfagrow | 50 | 49 | 99 | 54 | 153 | 53 | 206 | 67 | 34 | % | |||||||||||||||||||||||||||||
OTHER HEALTHCARE | 186 | 202 | 388 | 190 | 578 | 198 | 776 | 180 | -3 | % | |||||||||||||||||||||||||||||
CONVATEC | 162 | 176 | 338 | 168 | 506 | 174 | 680 | 157 | -3 | % | |||||||||||||||||||||||||||||
Ostomy | 93 | 101 | 194 | 96 | 290 | 99 | 389 | 89 | -4 | % | |||||||||||||||||||||||||||||
Wound Therapeutics | 67 | 74 | 141 | 70 | 211 | 72 | 283 | 68 | 1 | % | |||||||||||||||||||||||||||||
MEDICAL IMAGING | 21 | 24 | 45 | 21 | 66 | 24 | 90 | 23 | 10 | % | |||||||||||||||||||||||||||||
Cardiolite | 11 | 12 | 23 | 11 | 34 | 12 | 46 | 12 | 9 | % | |||||||||||||||||||||||||||||
CONSUMER MEDICINES | 3 | 2 | 5 | 1 | 6 | — | 6 | — | -100 | % |
* | 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 does not tie to Total Company sales. |
** | Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. |
*** | In excess of +/- 200% |
BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST AND INCOME TAXES
EXCLUDING SPECIFIED ITEMS
($ in millions)
2006 | ||||||||||||||||||||
Q1 | TOTAL YEAR | |||||||||||||||||||
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes | $ | 1,193 | $ | 1,193 | ||||||||||||||||
Specified items: | ||||||||||||||||||||
Gain on sale of product asset | (200 | ) | (200 | ) | ||||||||||||||||
Litigation matters | 40 | 40 | ||||||||||||||||||
Insurance recoveries | (21 | ) | (21 | ) | ||||||||||||||||
Provision for restructuring / other | 69 | 69 | ||||||||||||||||||
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items | $ | 1,081 | $ | 1,081 | ||||||||||||||||
2005 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | TOTAL YEAR | ||||||||||||||||
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes | $ | 928 | $ | 1,130 | $ | 1,626 | $ | 832 | $ | 4,516 | ||||||||||
Specified items: | ||||||||||||||||||||
Gain on sale of equity investment | (18 | ) | (9 | ) | — | — | (27 | ) | ||||||||||||
Litigation matters | 124 | �� | 269 | — | 197 | 590 | ||||||||||||||
Insurance recoveries | — | (295 | ) | (26 | ) | — | (321 | ) | ||||||||||||
Provision for restructuring / other | 68 | 94 | 31 | 95 | 288 | |||||||||||||||
Termination of muraglitizar agreement | — | — | — | (138 | ) | (138 | ) | |||||||||||||
Gain on sale of businesses | — | — | (569 | ) | — | (569 | ) | |||||||||||||
Earnings from Continuing Operations Before Minority Interest and Provision for Income Taxes Excluding Specified Items | $ | 1,102 | $ | 1,189 | $ | 1,062 | $ | 986 | $ | 4,339 | ||||||||||
BRISTOL-MYERS SQUIBB COMPANY
DILUTED EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS
EXCLUDING SPECIFIED ITEMS
2006 | ||||||||||||||||||||
Q1 | TOTAL YEAR * | |||||||||||||||||||
Diluted Earnings per Common Share from Continuing Operations | $ | 0.36 | $ | 0.36 | ||||||||||||||||
Specified items: | ||||||||||||||||||||
Gain on sale of product asset | (0.06 | ) | (0.06 | ) | ||||||||||||||||
Litigation matters | 0.01 | 0.01 | ||||||||||||||||||
Insurance recoveries | (0.01 | ) | (0.01 | ) | ||||||||||||||||
Provision for restructuring / other | 0.02 | 0.02 | ||||||||||||||||||
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items | $ | 0.32 | $ | 0.32 | ||||||||||||||||
2005 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | TOTAL YEAR * | ||||||||||||||||
Diluted Earnings per Common Share from Continuing Operations | $ | 0.27 | $ | 0.50 | $ | 0.49 | $ | 0.26 | $ | 1.52 | ||||||||||
Specified items: | ||||||||||||||||||||
Gain on sale of equity investment | (0.01 | ) | — | — | — | (0.01 | ) | |||||||||||||
Litigation matters | 0.05 | 0.10 | — | 0.06 | 0.22 | |||||||||||||||
Insurance recoveries | — | (0.09 | ) | (0.01 | ) | — | (0.10 | ) | ||||||||||||
Provision for restructuring / other | 0.03 | 0.03 | 0.02 | 0.03 | 0.10 | |||||||||||||||
Termination of muraglitizar agreement | — | — | — | (0.04 | ) | (0.04 | ) | |||||||||||||
Gain on sale of businesses | — | — | (0.19 | ) | — | (0.19 | ) | |||||||||||||
Tax items | — | (0.07 | ) | — | — | (0.07 | ) | |||||||||||||
Diluted Earnings per Common Share from Continuing Operations Excluding Specified Items | $ | 0.34 | $ | 0.47 | $ | 0.31 | $ | 0.31 | $ | 1.43 | ||||||||||
* | quarterly amounts may not add to the annual total due to rounding of individual calculations. |
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
($ in millions)
Three months ended March 31, 2006
Cost of products sold | Research and development | Sales Force | Provision for restructuring and other items, net | Litigation settlement income | Other (income)/ expense, net | Gain on sale of product asset | Total | ||||||||||||||||||||
Litigation Matters: | |||||||||||||||||||||||||||
Insurance recovery | $ | — | $ | — | $ | — | $ | — | $ | (21 | ) | $ | — | $ | — | $ | (21 | ) | |||||||||
Commercial litigation | — | — | — | — | — | 40 | — | 40 | |||||||||||||||||||
— | — | — | — | (21 | ) | 40 | — | 19 | |||||||||||||||||||
Other: | |||||||||||||||||||||||||||
Accelerated depreciation, asset impairment and contract termination | 46 | — | 4 | — | — | — | — | 50 | |||||||||||||||||||
Downsizing and streamlining of worldwide operations | — | — | — | 1 | — | — | — | 1 | |||||||||||||||||||
Upfront and milestone payments | — | 18 | — | — | — | — | — | 18 | |||||||||||||||||||
Gain on sale of product asset | — | — | — | — | — | — | (200 | ) | (200 | ) | |||||||||||||||||
$ | 46 | $ | 18 | $ | 4 | $ | 1 | $ | (21 | ) | $ | 40 | $ | (200 | ) | (112 | ) | ||||||||||
Income taxes on items above | 48 | ||||||||||||||||||||||||||
Minority interest, net of taxes | (13 | ) | |||||||||||||||||||||||||
Increase to Net Earnings from Continuing Operations | $ | (77 | ) | ||||||||||||||||||||||||
Three months ended March 31, 2005
Cost of products sold | Research and development | Provision for restructuring and other items, net | Litigation settlement | Other (income)/ expense, net | Total | |||||||||||||||
Litigation Matters: | ||||||||||||||||||||
Private litigations and governmental investigations | $ | — | $ | — | $ | — | $ | 124 | $ | — | $ | 124 | ||||||||
Other: | ||||||||||||||||||||
Gain on sale of equity investment | — | — | — | — | (18 | ) | (18 | ) | ||||||||||||
Loss on sale of fixed assets | — | — | — | — | 16 | 16 | ||||||||||||||
Accelerated depreciation | 13 | 1 | — | — | — | 14 | ||||||||||||||
Downsizing and streamlining of worldwide operations | — | — | 3 | — | — | 3 | ||||||||||||||
Upfront and milestone payments | — | 35 | — | — | — | 35 | ||||||||||||||
$ | 13 | $ | 36 | $ | 3 | $ | 124 | $ | (2 | ) | 174 | |||||||||
Income taxes on items above | (42 | ) | ||||||||||||||||||
Reduction to Net Earnings from Continuing Operations | $ | 132 | ||||||||||||||||||
BRISTOL-MYERS SQUIBB COMPANY
SELECT BALANCE SHEET INFORMATION
($ in millions)
March 31, 2005 | June 30, 2005 | September 30, 2005 | December 31, 2005 | March 31, 2006 | June 30, 2006 | September 30, 2006 | December 31, 2006 | |||||||||||||||||
Cash, cash equivalents and marketable debt securities | $ | 5,982 | $ | 3,040 | $ | 3,781 | $ | 5,799 | $ | 5,281 | $ | — | $ | — | $ | — | ||||||||
Receivables, net of allowances | 3,647 | 3,315 | 3,306 | 3,378 | 3,236 | — | — | — | ||||||||||||||||
Short-term borrowings | 244 | 292 | 277 | 231 | 234 | — | — | — | ||||||||||||||||
Long-term debt | 8,326 | 6,008 | 5,895 | 8,364 | 8,278 | — | — | — | ||||||||||||||||
Stockholders’ equity | 10,381 | 10,801 | 11,268 | 11,208 | 11,556 | — | — | — | ||||||||||||||||
Capital expenditures and capitalized software (for the quarter ended) | 181 | 171 | 185 | 201 | 202 | — | — | — |
BRISTOL-MYERS SQUIBB COMPANY
2006 DILUTED EPS FROM CONTINUING OPERATIONS
IMPACT OF PROJECTED SPECIFIED ITEMS
Diluted EPS Impact | ||||
Downsizing and streamlining of worldwide operations | $ | 0.03 | ||
Milestone payments | 0.03 | |||
Gain on sale of product asset | (0.06 | ) | ||
Litigation Matters | 0.01 | |||
Insurance recoveries | (0.01 | ) | ||
Total | $ | — | ||
BRISTOL-MYERS SQUIBB COMPANY
ESTIMATED MONTHS ON HAND OF TOP 15 U.S. PHARMACEUTICAL PRODUCTS
IN THE U.S. WHOLESALER DISTRIBUTION CHANNEL
The following table sets forth, for each of the Company’s top 15 pharmaceutical products (based on 2005 annual net sales) and products that the Company views as current and future growth drivers sold by the Company’s U.S. Pharmaceuticals business, the U.S. Pharmaceuticals net sales and the estimated number of months on hand of the applicable product in the U.S. wholesaler distribution channel for each of the six quarters ended December 31, 2004 through March 31, 2006.
December 31, 2004 | March 31, 2005 | June 30, 2005 | September 30, 2005 | December 31, 2005 | March 31, 2006 | ||||||||||||||||||||||||||||
Net Sales | Months on Hand | Net Sales | Months on Hand | Net Sales | Months on Hand | Net Sales | Months on Hand | Net Sales | Months on Hand | Net Sales | Months on Hand | ||||||||||||||||||||||
($ in millions) | ($ in millions) | ($ in millions) | ($ in millions) | ($ in millions) | ($ in millions) | ||||||||||||||||||||||||||||
Abilify (total revenue) | $ | 170 | 0.9 | $ | 161 | 0.7 | $ | 200 | 0.7 | $ | 214 | 0.9 | $ | 175 | 0.6 | $ | 231 | 0.5 | |||||||||||||||
Avapro/Avalide | 154 | 0.9 | 102 | 0.8 | 157 | 0.6 | 147 | 0.5 | 168 | 0.6 | 139 | 0.4 | |||||||||||||||||||||
Baraclude | — | — | — | — | 5 | 4.7 | 2 | 1.2 | 4 | 0.7 | 9 | 1.0 | |||||||||||||||||||||
Cefzil | 60 | 1.1 | 50 | 0.7 | 30 | 0.8 | 27 | 0.7 | 46 | 0.7 | (5 | ) | 9.8 | ||||||||||||||||||||
Coumadin | 69 | 1.0 | 42 | 1.0 | 42 | 0.7 | 49 | 0.6 | 50 | 0.8 | 47 | 0.6 | |||||||||||||||||||||
Erbitux* | 88 | 0.2 | 87 | ** | 97 | — | 106 | — | 121 | — | 136 | — | |||||||||||||||||||||
Glucophage Franchise | 48 | 1.1 | 39 | 1.0 | 44 | 0.8 | 38 | 0.7 | 29 | 0.7 | 25 | 0.7 | |||||||||||||||||||||
Kenalog | 18 | 1.3 | 11 | 0.9 | 15 | 0.5 | 19 | 0.7 | 23 | 0.9 | 23 | 0.7 | |||||||||||||||||||||
Orencia | — | — | — | — | — | — | — | — | — | — | 5 | 0.9 | |||||||||||||||||||||
Paraplatin | (12 | ) | 1.2 | 15 | 0.9 | (1 | ) | 0.8 | 9 | 1.1 | 5 | 0.9 | 7 | 1.2 | |||||||||||||||||||
Plavix | 816 | 0.9 | 673 | 0.8 | 823 | 0.6 | 833 | 0.4 | 906 | 0.6 | 850 | 0.4 | |||||||||||||||||||||
Pravachol | 433 | 1.0 | 258 | 0.8 | 353 | 0.7 | 297 | 0.5 | 366 | 0.6 | 302 | 0.4 | |||||||||||||||||||||
Reyataz | 99 | 0.9 | 92 | 0.8 | 98 | 0.8 | 105 | 0.6 | 110 | 0.5 | 119 | 0.6 | |||||||||||||||||||||
Sustiva | 103 | 0.8 | 103 | 0.8 | 97 | 0.8 | 101 | 0.6 | 102 | 0.6 | 108 | 0.5 | |||||||||||||||||||||
Tequin | 39 | 0.9 | 38 | 0.7 | 22 | 0.8 | 21 | 0.9 | 22 | 0.9 | 13 | 0.8 | |||||||||||||||||||||
Videx/Videx EC | 25 | 0.9 | 10 | 1.2 | 5 | 1.0 | 7 | 1.1 | 7 | 0.9 | 4 | 0.9 | |||||||||||||||||||||
Zerit | 31 | 0.9 | 26 | 0.8 | 26 | 0.8 | 24 | 0.8 | 21 | 0.8 | 19 | 0.7 |
For all products other than Erbitux, the Company determines the above months on hand estimates by dividing the estimated amount of the product in the U.S. wholesaler distribution channel by the estimated amount of out-movement of the product from the U.S. wholesaler distribution channel over a period of thirty-one days, all calculated as described below. Factors that may influence the Company’s estimates include generic competition, seasonality of products, wholesaler purchases in light of increases in wholesaler list prices, new product launches, new warehouse openings by wholesalers and new customer stockings by wholesalers. In addition, such estimates are calculated using third party data, which represent their own record-keeping processes and as such, may also reflect estimates.
Estimates of product in the wholesaler distribution channel and out-movement are based on weekly information received directly from third-parties, and excludes any inventory held by intermediaries such as retailers and hospitals, and excludes goods in transit to such wholesalers. The Company determines the amount of out-movement of a product over a period of thirty-one days by using the most recent out-movement of a product as provided by these third parties, adjusted to reflect the Company’s estimate of goods in transit to these wholesalers. The Company estimates the amount of goods in transit by using information provided by these wholesalers with respect to their open orders and the Company’s records of sales to these wholesalers with respect to such open orders.
* | To help maintain the product quality of the Company’s biologic oncology product, ERBITUX, the product is shipped only to end-users and not to other intermediaries (such as wholesalers) to hold for later sales. During 2004 and through May 2005, one of the Company’s wholesalers provided warehousing, packing and shipping services for ERBITUX. Such wholesaler held ERBITUX inventory on consignment and, under the Company’s revenue recognition policy, the Company recognized revenue when such inventory was shipped by the wholesaler to the end-user. The above estimates of months on hand for the three months ended March 31, 2005, were calculated by dividing the inventories of ERBITUX held by the wholesaler for its own account as reported by the wholesaler as of the end of the quarter by the Company’s net sales for the last calendar month of the quarter. The inventory levels reported by the wholesaler are a product of the wholesaler’s own record-keeping process. Upon the divestiture of OTN in May 2005, the Company discontinued the consignment arrangement with the wholesaler, and thereafter did not have ERBITUX consignment inventory. Following the divesture, the Company sells ERBITUX to intermediaries (such as specialty oncology distributors) and ships ERBITUX directly to the end users of product who are the customers of those intermediaries. The company recognizes revenue upon such shipment consistent with its revenue recognition policy. Accordingly, subsequent to June 30, 2005, there was no ERBITUX inventory held by wholesalers. |
** | Less than 0.1 months on hand. |
BRISTOL-MYERS SQUIBB COMPANY
ESTIMATED MONTHS ON HAND OF TOP INTERNATIONAL PHARMACEUTICAL AND WORLDWIDE NON-PHARMACEUTICAL PRODUCTS
The following table, which was posted on the Company’s website and furnished on Form 8-K, sets forth for each of the Company’s key products sold by the reporting segments listed below, the net sales of the applicable product for each of the four quarters ended March 31, 2005, through December 31, 2005, and the estimated number of months on hand of the applicable product in the direct customer distribution channel for the reporting segment as of the end of each of the four quarters. The estimates of months on hand for key products described below for the International Pharmaceuticals reporting segment are based on data collected for all of the Company’s significant business units outside of the United States. Also described further below is information on non-key product(s) where the amount of inventory on hand at direct customers is more than approximately one month and the impact is not de minimus. For the other reporting segments, estimates are based on data collected for the United States and all significant business units outside of the United States.
March 31, 2005 | June 30, 2005 | September 30, 2005 | December 31, 2005 | |||||||||||||||||
Net Sales | Months on Hand | Net Sales | Months on Hand | Net Sales | Months on Hand | Net Sales | Months on Hand | |||||||||||||
(dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | |||||||||||||||||
International Pharmaceuticals | ||||||||||||||||||||
Abilify (total revenue) | $ | 27 | 0.6 | $ | 40 | 0.6 | $ | 46 | 0.8 | $ | 49 | 0.6 | ||||||||
Avapro/Avalide | 94 | 0.4 | 101 | 0.4 | 104 | 0.5 | 109 | 0.6 | ||||||||||||
Bufferin | 26 | 0.5 | 32 | 1.0 | 31 | 0.6 | 36 | 0.7 | ||||||||||||
Capoten | 42 | 0.8 | 42 | 0.8 | 38 | 0.9 | 38 | 0.8 | ||||||||||||
Dafalgan | 40 | 1.3 | 33 | 0.8 | 34 | 1.3 | 34 | 1.2 | ||||||||||||
Efferalgan | 88 | 0.9 | 55 | 0.5 | 66 | 1.1 | 74 | 1.0 | ||||||||||||
Maxipime | 46 | 0.7 | 52 | 0.8 | 40 | 0.7 | 48 | 0.8 | ||||||||||||
Monopril | 56 | 0.6 | 52 | 0.7 | 48 | 1.0 | 43 | 0.9 | ||||||||||||
Paraplatin | 29 | 0.6 | 34 | 0.6 | 33 | 0.6 | 33 | 0.8 | ||||||||||||
Perfalgan | 42 | 0.5 | 42 | 0.6 | 38 | 0.7 | 43 | 0.6 | ||||||||||||
Plavix | 141 | 0.7 | 145 | 0.5 | 147 | 0.6 | 155 | 0.6 | ||||||||||||
Pravachol | 262 | 0.7 | 272 | 0.7 | 230 | 0.8 | 218 | 0.8 | ||||||||||||
Reyataz | 57 | 0.6 | 85 | 0.8 | 71 | 0.9 | 78 | 0.6 | ||||||||||||
Sustiva | 70 | 0.5 | 70 | 0.6 | 69 | 0.6 | 68 | 0.6 | ||||||||||||
Taxol | 201 | 0.5 | 182 | 0.5 | 171 | 0.5 | 176 | 0.8 | ||||||||||||
Videx/Videx EC | 39 | 0.8 | 38 | 0.9 | 34 | 0.9 | 34 | 0.9 | ||||||||||||
Nutritionals | ||||||||||||||||||||
Enfamil | 235 | 0.9 | 250 | 0.9 | 230 | 0.9 | 277 | 1.0 | ||||||||||||
Nutramigen | 44 | 1.0 | 47 | 1.0 | 44 | 1.1 | 48 | 1.1 | ||||||||||||
Other Healthcare | ||||||||||||||||||||
ConvaTec | ||||||||||||||||||||
Ostomy | 127 | 0.9 | 139 | 0.9 | 139 | 0.9 | 145 | 1.0 | ||||||||||||
Wound Therapeutics | 97 | 0.8 | 103 | 0.8 | 104 | 0.8 | 112 | 0.9 | ||||||||||||
Medical Imaging | ||||||||||||||||||||
Cardiolite | 102 | 0.7 | 108 | 0.7 | 106 | 0.8 | 100 | 1.0 |
The above months on hand information represents the Company’s estimates of aggregate product level inventory on hand at direct customers at the end of each quarter divided by the expected demand for the applicable product. Expected demand is the estimated ultimate patient/consumer demand calculated based on estimated end-user consumption or direct customer out-movement data over the most recent thirty-one day period or other reasonable period. Factors that may affect the Company’s estimates include generic competition, seasonality of products, direct customer purchases in light of price increases, new product launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations.
International Pharmaceuticals, Nutritionals and Other Health Care
Estimated End-User Demand
The following table sets forth for each of the Company’s key pharmaceutical products and growth drivers sold by the Company’s International Pharmaceuticals reporting segment, including the top 15 pharmaceutical products sold in the Company’s major non-U.S. countries (based on 2005 net sales), and for each of the key products sold by the other reporting segments listed below, the percentage change in the Company’s estimated ultimate patient/consumer demand for the month of March 2006 compared to the month of March 2005. The Company commenced collecting the estimated ultimate patient/consumer demand for these reporting segments with the March 2005 period. The Company believes the year-to-year comparison below provides a more meaningful comparison to changes in sales for the quarter than the quarter-to-prior quarter comparisons previously provided.
% Change in Demand on a Constant U.S. Dollar Basis | |||
March 2006 vs. March 2005 | |||
International Pharmaceuticals | |||
ABILIFY* (total revenue) | 78 | ||
AVAPRO*/AVALIDE* | 8 | ||
BUFFERIN* | (7 | ) | |
CAPOTEN | (27 | ) | |
DAFALGAN | (2 | ) | |
EFFERALGAN | (28 | ) | |
MAXIPIME | (26 | ) | |
MONOPRIL | (28 | ) | |
PARAPLATIN | (14 | ) | |
PERFALGAN | 24 | ||
PLAVIX* | (4 | ) | |
PRAVACHOL | (5 | ) | |
REYATAZ | 25 | ||
SUSTIVA | (6 | ) | |
TAXOL® (paclitaxel) | (24 | ) | |
VIDEX/VIDEX EC | (29 | ) | |
BARACLUDE | NA | ||
Nutritionals | |||
ENFAMIL/ENFAGROW | 10 | ||
NUTRAMIGEN | 13 | ||
Other Health Care | |||
ConvaTec | |||
Ostomy | 8 | ||
Wound Therapeutics | 19 | ||
Medical Imaging | |||
CARDIOLITE | 4 |
Estimated Inventory Months on Hand in the Distribution Channel
As previously disclosed, for the Company’s Pharmaceuticals business outside of the United States, Nutritionals and Other Health Care business units around the world, the Company has significantly more direct customers, limited information on direct customer product level inventory and corresponding out-movement information and the reliability of third party demand information, where available, varies widely. Accordingly, the Company relies on a variety of methods to estimate direct customer product level inventory and to calculate months on hand for these business units.
The following table sets forth for each of the Company’s key products sold by the reporting segments listed below, the net sales of the applicable product for each of the quarters ended March 31, 2006, December 31, 2005 and March 31, 2005, and the estimated number of months on hand of the applicable product in the direct customer distribution channel for the reporting segment as of the end of each of the three quarters. The estimates of months on hand for key products described below for the International Pharmaceuticals reporting segment are based on data collected for all of the Company’s significant business units outside of the United States. Also described further below is information on non-key product(s) where the amount of inventory on hand at direct customers is more than approximately one month and the impact is not de minimis. For the other reporting segments, estimates are based on data collected for the United States and all significant business units outside of the United States.
March 31, 2006 | December 31, 2005 | March 31, 2005 | |||||||||||||
Net Sales (Dollars in | Months on Hand | Net Sales (Dollars in | Months on Hand | Net Sales (Dollars in | Months on Hand | ||||||||||
International Pharmaceuticals | |||||||||||||||
ABILIFY* (total revenue) | $ | 52 | 0.6 | $ | 49 | 0.6 | $ | 27 | 0.6 | ||||||
AVAPRO*/AVALIDE* | 94 | 0.5 | 109 | 0.6 | 94 | 0.4 | |||||||||
BARACLUDE | 2 | 1.1 | — | — | — | — | |||||||||
BUFFERIN* | 22 | 0.6 | 36 | 0.7 | 26 | 0.5 | |||||||||
CAPOTEN | 35 | 0.8 | 38 | 0.8 | 42 | 0.8 | |||||||||
DAFALGAN | 37 | 1.4 | 34 | 1.2 | 40 | 1.3 | |||||||||
EFFERALGAN | 68 | 1.2 | 74 | 1.0 | 88 | 0.9 | |||||||||
MAXIPIME | 40 | 0.8 | 48 | 0.8 | 46 | 0.7 | |||||||||
MONOPRIL | 46 | 1.1 | 43 | 0.9 | 56 | 0.6 | |||||||||
PARAPLATIN | 26 | 0.6 | 33 | 0.8 | 29 | 0.6 | |||||||||
PERFALGAN | 46 | 0.6 | 43 | 0.6 | 42 | 0.5 | |||||||||
PLAVIX* | 136 | 0.5 | 155 | 0.6 | 141 | 0.7 | |||||||||
PRAVACHOL | 234 | 1.5 | 218 | 0.8 | 262 | 0.7 | |||||||||
REYATAZ | 88 | 0.6 | 78 | 0.6 | 57 | 0.6 | |||||||||
SUSTIVA | 67 | 0.5 | 68 | 0.6 | 70 | 0.5 | |||||||||
TAXOL®(paclitaxel) | 143 | 0.6 | 176 | 0.8 | 201 | 0.5 | |||||||||
VIDEX/VIDEX EC | 31 | 0.8 | 34 | 0.9 | 39 | 0.8 | |||||||||
Nutritionals | |||||||||||||||
ENFAMIL/ENFAGROW | 304 | 0.9 | 330 | 1.0 | 285 | 0.9 | |||||||||
NUTRAMIGEN | 48 | 1.0 | 48 | 1.1 | 44 | 1.0 | |||||||||
Other Health Care | |||||||||||||||
ConvaTec | |||||||||||||||
Ostomy | 123 | 0.9 | 145 | 1.0 | 127 | 0.9 | |||||||||
Wound Therapeutics | 105 | 0.8 | 112 | 0.9 | 97 | 0.8 | |||||||||
Medical Imaging | |||||||||||||||
CARDIOLITE | 103 | 0.7 | 100 | 1.0 | 102 | 0.7 |
The above months on hand information represents the Company’s estimates of aggregate product level inventory on hand at direct customers divided by the expected demand for the applicable product. Expected demand is the estimated ultimate patient/consumer demand calculated based on estimated end-user consumption or direct customer out-movement data over the most recent 31 day period or other reasonable period. Factors that may affect the Company’s estimates include generic competition, seasonality of products, direct customer purchases in light of price increases, new product or product presentation launches, new warehouse openings by direct customers, new customer stockings by direct customers and expected direct customer purchases for governmental bidding situations.
The Company relies on a variety of methods to calculate months on hand for these reporting segments. Where available, the Company relies on information provided by third parties to determine estimates of aggregate product level inventory on hand at direct customers and expected demand. For the reporting segments listed above, however, the Company has limited information on direct customer product level inventory, end-user consumption and direct customer out-movement data. Further, the quality of third party information, where available, varies widely. In some circumstances, such as the case with new products or seasonal products, such historical end-user consumption or out-movement information may not be available or applicable. In such cases, the Company uses estimated prospective demand. In cases where direct customer product level inventory, ultimate patient/consumer demand or out-movement data do not exist or are otherwise not available, the Company has developed a variety of other methodologies to calculate estimates of such data, including using such factors as historical sales made to direct customers and third party market research data related to prescription trends and end-user demand.
As of March 31, 2006, BARACLUDE, an antiviral product, had approximately 1.1 months of inventory on hand at direct customers. The level of inventory on hand is due primarily to stocking of the product in support of the recent launch in China.
As of March 31, 2006, December 31, 2005 and March 31, 2005, DAFALGAN, an analgesic product sold principally in Europe, had approximately 1.4, 1.2 and 1.3 months of inventory on hand, respectively, at direct customers. The level of inventory on hand is due primarily to private pharmacists purchasing DAFALGAN approximately once every eight weeks and the seasonality of the product.
As of March 31, 2006, EFFERALGAN, an analgesic product sold principally in Europe, had approximately 1.2 months of inventory on hand, at direct customers. The level of inventory on hand is due primarily to private pharmacists purchasing EFFERALGAN approximately once every eight weeks and the seasonality of the product.
As of March 31, 2006, MONOPRIL, a cardiovascular product, had approximately 1.1 months of inventory on hand at direct customers. The level of inventory on hand is due primarily to supply of the product in support of its inclusion in a government program in Russia.
As of March 31, 2006, PRAVACHOL, a cardiovascular product, had approximately 1.5 months of inventory on hand at direct customers. The increased level of inventory on hand is due primarily to an increase in orders from a significant direct customer in France. It is anticipated that the inventory levels for this customer will be worked down during the second and third quarters.
As of December 31, 2005, NUTRAMIGEN and PROSOBEE, infant nutritional products sold principally in the United States, each had approximately 1.1 months of inventory on hand at direct customers. The level of inventory on hand at the end of December 2005 was due primarily to holiday stocking by retailers. The levels of inventory on hand of NUTRAMIGEN and PROSOBEE as of March 31, 2006 were approximately 1 month for each.
The Company continuously seeks to improve the quality of its estimates of months on hand of inventories held by its direct customers including thorough review of its methodologies and processes for calculation of these estimates and review and analysis of its own and third parties’ data used in such calculations. The Company expects that it will continue to review and refine its methodologies and processes for calculation of these estimates and will continue to review and analyze its own and third parties’ data in such calculations. The Company also has and will continue to take steps to expedite the receipt and processing of data for the non-U.S. Pharmaceuticals business.
*Indicates brand names of products which are registered trademarks not owned by the Company or its subsidiaries. ERBITUX is a trademark of ImClone Systems Inc.; AVAPRO, AVALIDE, and PLAVIX are trademarks of Sanofi-Aventis Corp.; and ABILIFY is a trademark of Otsuka Pharmaceuticals, Ltd.