Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF SALES BY SEGMENT
($ in millions)
Net Sales | 2008 | 2009 | % 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 | |||||||||||||||||||||||||||||||
Bio Pharmaceuticals | $ | 4,188 | $ | 4,475 | $ | 8,663 | $ | 4,510 | $ | 13,173 | $ | 4,542 | $ | 17,715 | $ | 4,322 | $ | 4,665 | $ | 8,987 | $ | 4,788 | $ | 13,775 | 6% | 5% | -3% | -4% | ||||||||||||||||||||
US Pharmaceuticals | 2,451 | 2,610 | 5,061 | 2,695 | 7,756 | 2,809 | 10,565 | 2,766 | 2,974 | 5,740 | 3,012 | 8,752 | 12% | 13% | N/A | N/A | ||||||||||||||||||||||||||||||||
CV/Metabolics | 1,407 | 1,483 | 2,890 | 1,517 | 4,407 | 1,552 | 5,959 | 1,554 | 1,699 | 3,253 | 1,707 | 4,960 | 13% | 13% | N/A | N/A | ||||||||||||||||||||||||||||||||
Oncology/Virology | 619 | 633 | 1,252 | 641 | 1,893 | 655 | 2,548 | 627 | 638 | 1,265 | 659 | 1,924 | 3% | 2% | N/A | N/A | ||||||||||||||||||||||||||||||||
Neuroscience | 352 | 407 | 759 | 440 | 1,199 | 497 | 1,696 | 486 | 520 | 1,006 | 521 | 1,527 | 18% | 27% | N/A | N/A | ||||||||||||||||||||||||||||||||
Immunoscience | 73 | 87 | 160 | 97 | 257 | 105 | 362 | 99 | 117 | 216 | 125 | 341 | 29% | 33% | N/A | N/A | ||||||||||||||||||||||||||||||||
Intercon Pharmaceuticals | 384 | 401 | 785 | 411 | 1,196 | 385 | 1,581 | 309 | 341 | 650 | 354 | 1,004 | -14% | -16% | -7% | -11% | ||||||||||||||||||||||||||||||||
EMAP Pharmaceuticals | 398 | 436 | 834 | 437 | 1,271 | 437 | 1,708 | 379 | 420 | 799 | 457 | 1,256 | 5% | -1% | -3% | -6% | ||||||||||||||||||||||||||||||||
Europe Pharmaceuticals | 933 | 996 | 1,929 | 935 | 2,864 | 886 | 3,750 | 827 | 883 | 1,710 | 911 | 2,621 | -3% | -8% | -8% | -12% | ||||||||||||||||||||||||||||||||
Mead Johnson | 703 | 728 | 1,431 | 744 | 2,175 | 707 | 2,882 | 693 | 719 | 1,412 | 699 | 2,111 | -6% | -3% | -4% | -6% | ||||||||||||||||||||||||||||||||
Continuing Operations | 4,891 | 5,203 | 10,094 | 5,254 | 15,348 | 5,249 | 20,597 | 5,015 | 5,384 | 10,399 | 5,487 | 15,886 | 4% | 4% | -3% | -4% | ||||||||||||||||||||||||||||||||
Discontinued Operations | 308 | 330 | 638 | 127 | 765 | 5 | 770 | - | - | - | - | - | -100% | -100% | - | - | ||||||||||||||||||||||||||||||||
Total Company | $ | 5,199 | $ | 5,533 | $ | 10,732 | $ | 5,381 | $ | 16,113 | $ | 5,254 | $ | 21,367 | $ | 5,015 | $ | 5,384 | $ | 10,399 | $ | 5,487 | $ | 15,886 | 2% | -1% | -3% | -4% |
% of Total Sales | 2008 | 2009 | 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 | |||||||||||||||||||||||||||||||
Bio Pharmaceuticals | 80.6 | % | 80.9 | % | 80.7 | % | 83.8 | % | 81.8 | % | 86.4 | % | 82.9 | % | 86.2 | % | 86.6 | % | 86.4 | % | 87.3 | % | 86.7 | % | 350 | 490 | ||||||||||||||||||||
US Pharmaceuticals | 47.2 | % | 47.2 | % | 47.2 | % | 50.1 | % | 48.1 | % | 53.5 | % | 49.4 | % | 55.2 | % | 55.2 | % | 55.2 | % | 54.9 | % | 55.1 | % | 480 | 700 | ||||||||||||||||||||
CV/Metabolics | 27.1 | % | 26.8 | % | 26.9 | % | 28.2 | % | 27.4 | % | 29.5 | % | 27.9 | % | 31.0 | % | 31.5 | % | 31.3 | % | 31.1 | % | 31.2 | % | 290 | 380 | ||||||||||||||||||||
Oncology/Virology | 11.9 | % | 11.4 | % | 11.7 | % | 11.9 | % | 11.7 | % | 12.5 | % | 11.9 | % | 12.5 | % | 11.8 | % | 12.1 | % | 12.0 | % | 12.1 | % | 10 | 40 | ||||||||||||||||||||
Neuroscience | 6.8 | % | 7.4 | % | 7.1 | % | 8.2 | % | 7.4 | % | 9.5 | % | 7.9 | % | 9.7 | % | 9.7 | % | 9.7 | % | 9.5 | % | 9.6 | % | 130 | 220 | ||||||||||||||||||||
Immunoscience | 1.4 | % | 1.6 | % | 1.5 | % | 1.8 | % | 1.6 | % | 2.0 | % | 1.7 | % | 2.0 | % | 2.2 | % | 2.1 | % | 2.3 | % | 2.2 | % | 50 | 60 | ||||||||||||||||||||
Intercon Pharmaceuticals | 7.4 | % | 7.2 | % | 7.3 | % | 7.6 | % | 7.4 | % | 7.3 | % | 7.4 | % | 6.2 | % | 6.3 | % | 6.3 | % | 6.5 | % | 6.3 | % | (110 | ) | (110 | ) | ||||||||||||||||||
EMAP Pharmaceuticals | 7.7 | % | 7.9 | % | 7.8 | % | 8.1 | % | 7.9 | % | 8.3 | % | 8.0 | % | 7.6 | % | 7.8 | % | 7.7 | % | 8.3 | % | 7.9 | % | 20 | - | ||||||||||||||||||||
Europe Pharmaceuticals | 17.9 | % | 18.0 | % | 18.0 | % | 17.4 | % | 17.8 | % | 16.9 | % | 17.6 | % | 16.5 | % | 16.4 | % | 16.4 | % | 16.6 | % | 16.5 | % | (80 | ) | (130 | ) | ||||||||||||||||||
Mead Johnson | 13.5 | % | 13.1 | % | 13.3 | % | 13.8 | % | 13.5 | % | 13.5 | % | 13.5 | % | 13.8 | % | 13.4 | % | 13.6 | % | 12.7 | % | 13.3 | % | (110 | ) | (20 | ) | ||||||||||||||||||
Continuing Operations | 94.1 | % | 94.0 | % | 94.0 | % | 97.6 | % | 95.3 | % | 99.9 | % | 96.4 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 240 | 470 | ||||||||||||||||||||
Discontinued Operations | 5.9 | % | 6.0 | % | 6.0 | % | 2.4 | % | 4.7 | % | 0.1 | % | 3.6 | % | - | - | - | - | - | (240 | ) | (470 | ) | |||||||||||||||||||||||
Total Company | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
1
BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009
($ in millions)
QUARTER-TO-DATE
CONTINUING OPERATIONS
US* | Non-US* | Total | ||||||||||
Price Increases/(Decreases) | 8 | % | 2 | % | 5 | % | ||||||
Foreign Exchange | - | -7 | % | -3 | % | |||||||
Volume | 1 | % | 3 | % | 2 | % | ||||||
Total Change | 9 | % | -2 | % | 4 | % | ||||||
Total 2009 Period to Date Sales | $ | 3,256 | $ | 2,231 | $ | 5,487 | ||||||
Total 2008 Period to Date Sales | $ | 2,983 | $ | 2,271 | $ | 5,254 | ||||||
BIO PHARMACEUTICALS | ||||||||||||
US | Non-US | Total | ||||||||||
Price Increases/(Decreases) | 9 | % | - | 5 | % | |||||||
Foreign Exchange | - | -7 | % | -3 | % | |||||||
Volume | 3 | % | 5 | % | 4 | % | ||||||
Total Change | 12 | % | -2 | % | 6 | % | ||||||
Total 2009 Period to Date Sales | $ | 3,021 | $ | 1,767 | $ | 4,788 | ||||||
Total 2008 Period to Date Sales | $ | 2,708 | $ | 1,802 | $ | 4,510 | ||||||
MEAD JOHNSON | ||||||||||||
Total | ||||||||||||
Price Increases/(Decreases) | 5 | % | ||||||||||
Foreign Exchange | -4 | % | ||||||||||
Volume | -7 | % | ||||||||||
Total Change | -6 | % | ||||||||||
Total 2009 Period to Date Sales | $ | 699 | ||||||||||
Total 2008 Period to Date Sales | $ | 744 |
* | This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer. |
2
BRISTOL-MYERS SQUIBB COMPANY
SEGMENT SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE PERIOD ENDED SEPTEMBER 30, 2009
($ in millions)
YEAR-TO-DATE
CONTINUING OPERATIONS
US* | Non-US* | Total | ||||||||||
Price Increases/(Decreases) | 7 | % | 3 | % | 5 | % | ||||||
Foreign Exchange | - | -10 | % | -4 | % | |||||||
Volume | 4 | % | 2 | % | 3 | % | ||||||
Total Change | 11 | % | -5 | % | 4 | % | ||||||
Total 2009 Period to Date Sales | $ | 9,534 | $ | 6,352 | $ | 15,886 | ||||||
Total 2008 Period to Date Sales | $ | 8,628 | $ | 6,720 | $ | 15,348 | ||||||
BIO PHARMACEUTICALS | ||||||||||||
US | Non-US | Total | ||||||||||
Price Increases/(Decreases) | 7 | % | - | 5 | % | |||||||
Foreign Exchange | - | -10 | % | -4 | % | |||||||
Volume | 6 | % | 3 | % | 4 | % | ||||||
Total Change | 13 | % | -7 | % | 5 | % | ||||||
Total 2009 Period to Date Sales | $ | 8,782 | $ | 4,993 | $ | 13,775 | ||||||
Total 2008 Period to Date Sales | $ | 7,792 | $ | 5,381 | $ | 13,173 | ||||||
MEAD JOHNSON | ||||||||||||
Total | ||||||||||||
Price Increases/(Decreases) | 6 | % | ||||||||||
Foreign Exchange | -6 | % | ||||||||||
Volume | -3 | % | ||||||||||
Total Change | -3 | % | ||||||||||
Total 2009 Period to Date Sales | $ | 2,111 | ||||||||||
Total 2008 Period to Date Sales | $ | 2,175 |
* | This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer. |
3
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENT OF EARNINGS
($ in millions, except per share amounts)
2008 | 2009 | % 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 | $ | 4,891 | $ | 5,203 | $ | 10,094 | $ | 5,254 | $ | 15,348 | $ | 5,249 | $ | 20,597 | $ | 5,015 | $ | 5,384 | $ | 10,399 | $ | 5,487 | $ | 15,886 | 4 | % | 4 | % | ||||||||||||||||||||||||||||||
Cost of products sold | 1,570 | 1,670 | 3,240 | 1,634 | 4,874 | 1,522 | 6,396 | 1,413 | 1,461 | 2,874 | 1,562 | 4,436 | -4 | % | -9 | % | ||||||||||||||||||||||||||||||||||||||||||
Marketing, selling and administrative | 1,134 | 1,165 | 2,299 | 1,208 | 3,507 | 1,285 | 4,792 | 1,064 | 1,077 | 2,141 | 1,117 | 3,258 | -8 | % | -7 | % | ||||||||||||||||||||||||||||||||||||||||||
Advertising and product promotion | 319 | 420 | 739 | 362 | 1,101 | 449 | 1,550 | 324 | 400 | 724 | 361 | 1,085 | - | -1 | % | |||||||||||||||||||||||||||||||||||||||||||
Research and development | 782 | 826 | 1,608 | 834 | 2,442 | 1,143 | 3,585 | 923 | 829 | 1,752 | 838 | 2,590 | - | 6 | % | |||||||||||||||||||||||||||||||||||||||||||
Acquired in-process research and development | - | 32 | 32 | - | 32 | - | 32 | - | - | - | - | - | - | -100 | % | |||||||||||||||||||||||||||||||||||||||||||
Provision for restructuring, net | 11 | 30 | 41 | 26 | 67 | 151 | 218 | 27 | 20 | 47 | 54 | 101 | 108 | % | 51 | % | ||||||||||||||||||||||||||||||||||||||||||
Litigation expense, net | - | 2 | 2 | 30 | 32 | 1 | 33 | 104 | 28 | 132 | - | 132 | -100 | % | * | |||||||||||||||||||||||||||||||||||||||||||
Equity in net income of affiliates | (164 | ) | (150 | ) | (314 | ) | (164 | ) | (478 | ) | (139 | ) | (617 | ) | (146 | ) | (150 | ) | (296 | ) | (139 | ) | (435 | ) | -15 | % | -9 | % | ||||||||||||||||||||||||||||||
Gain on sale of Imclone shares | - | - | - | - | - | (895 | ) | (895 | ) | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Other (income)/ | 32 | (13 | ) | 19 | 169 | 188 | (156 | ) | 32 | (78 | ) | (22 | ) | (100 | ) | (30 | ) | (130 | ) | -118 | % | -169 | % | |||||||||||||||||||||||||||||||||||
Total expenses | 3,684 | 3,982 | 7,666 | 4,099 | 11,765 | 3,361 | 15,126 | 3,631 | 3,643 | 7,274 | 3,763 | 11,037 | -8 | % | -6 | % | ||||||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Income Taxes | $ | 1,207 | $ | 1,221 | $ | 2,428 | $ | 1,155 | $ | 3,583 | $ | 1,888 | $ | 5,471 | $ | 1,384 | $ | 1,741 | $ | 3,125 | $ | 1,724 | $ | 4,849 | 49 | % | 35 | % | ||||||||||||||||||||||||||||||
Provision for income taxes | 330 | 258 | 588 | 308 | 896 | 424 | 1,320 | 463 | 443 | 906 | 434 | 1,340 | 41 | % | 50 | % | ||||||||||||||||||||||||||||||||||||||||||
Net Earnings from Continuing Operations | $ | 877 | $ | 963 | $ | 1,840 | $ | 847 | $ | 2,687 | $ | 1,464 | $ | 4,151 | $ | 921 | $ | 1,298 | $ | 2,219 | $ | 1,290 | $ | 3,509 | 52 | % | 31 | % | ||||||||||||||||||||||||||||||
Net Earnings from Discontinued Operations | 14 | 42 | 56 | 1,990 | 2,046 | 46 | 2,092 | - | - | - | - | - | -100 | % | -100 | % | ||||||||||||||||||||||||||||||||||||||||||
Net Earnings | $ | 891 | $ | 1,005 | $ | 1,896 | $ | 2,837 | $ | 4,733 | $ | 1,510 | $ | 6,243 | $ | 921 | $ | 1,298 | $ | 2,219 | $ | 1,290 | $ | 3,509 | -55 | % | -26 | % | ||||||||||||||||||||||||||||||
Net Earnings Attributable to Noncontrolling Interest |
| 230 |
| 241 | 471 | 259 | 730 | 266 | 996 | 283 | 315 | 598 | 324 | 922 | 25 | % | 26 | % | ||||||||||||||||||||||||||||||||||||||||
Net Earnings Attributable to Bristol-Myers Squibb Company | $ | 661 | $ | 764 | $ | 1,425 | $ | 2,578 | $ | 4,003 | $ | 1,244 | $ | 5,247 | $ | 638 | $ | 983 | $ | 1,621 | $ | 966 | $ | 2,587 | -63 | % | -35 | % | ||||||||||||||||||||||||||||||
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company | $ | 647 | $ | 722 | $ | 1,369 | $ | 588 | $ | 1,957 | $ | 1,198 | $ | 3,155 | $ | 638 | $ | 983 | $ | 1,621 | $ | 966 | $ | 2,587 | 64 | % | 32 | % | ||||||||||||||||||||||||||||||
Contingently convertible debt interest expense and dividends attributable to unvested shares | 4 | - | 5 | (9 | ) | (3 | ) | (5 | ) | (6 | ) | (5 | ) | (6 | ) | (9 | ) | (5 | ) | (14 | ) | 44 | % | * | ||||||||||||||||||||||||||||||||||
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company | $ | 651 | $ | 722 | $ | 1,374 | $ | 579 | $ | 1,954 | $ | 1,193 | $ | 3,149 | $ | 633 | $ | 977 | $ | 1,612 | $ | 961 | $ | 2,573 | 66 | % | 32 | % | ||||||||||||||||||||||||||||||
Diluted Earnings Attributable to Bristol-Myers Squibb Company per Common Share** - Continuing Operations | $ | 0.32 | $ | 0.36 | $ | 0.68 | $ | 0.29 | $ | 0.98 | $ | 0.60 | $ | 1.58 | $ | 0.32 | $ | 0.49 | $ | 0.81 | $ | 0.48 | $ | 1.30 | 66 | % | 33 | % | ||||||||||||||||||||||||||||||
Diluted Earnings Attributable to Bristol-Myers Squibb Company per Common Share** - Discontinued Operations | 0.01 | 0.02 | 0.03 | 0.99 | 1.02 | 0.02 | 1.04 | - | - | - | - | - | -100 | % | -100 | % | ||||||||||||||||||||||||||||||||||||||||||
Diluted Earnings Attributable to Bristol-Myers Squibb Company per Common Share** | $ | 0.33 | $ | 0.38 | $ | 0.71 | $ | 1.28 | $ | 2.00 | $ | 0.62 | $ | 2.62 | $ | 0.32 | $ | 0.49 | $ | 0.81 | $ | 0.48 | $ | 1.30 | -63 | % | -35 | % | ||||||||||||||||||||||||||||||
Average Common Shares Outstanding - Diluted | 2,006 | 2,006 | 2,005 | 2,002 | 2,004 | 1,980 | 1,999 | 1,981 | 1,983 | 1,982 | 1,984 | 1,982 | -1 | % | -1 | % | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared per common share | $ | 0.31 | $ | 0.31 | $ | 0.62 | $ | 0.31 | $ | 0.93 | $ | 0.31 | $ | 1.24 | $ | 0.31 | $ | 0.31 | $ | 0.62 | $ | 0.31 | $ | 0.93 | - | - | ||||||||||||||||||||||||||||||||
% of Net Sales | 2008 | 2009 | 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 | 67.9 | % | 67.9 | % | 67.9 | % | 68.9 | % | 68.2 | % | 71.0 | % | 68.9 | % | 71.8 | % | 72.9 | % | 72.4 | % | 71.5 | % | 72.1 | % | 260 | 390 | ||||||||||||||||||||||||||||||||
Cost of products sold | 32.1 | % | 32.1 | % | 32.1 | % | 31.1 | % | 31.8 | % | 29.0 | % | 31.1 | % | 28.2 | % | 27.1 | % | 27.6 | % | 28.5 | % | 27.9 | % | (260 | ) | (390 | ) | ||||||||||||||||||||||||||||||
Marketing, selling and administrative | 23.2 | % | 22.4 | % | 22.8 | % | 23.0 | % | 22.8 | % | 24.5 | % | 23.3 | % | 21.2 | % | 20.0 | % | 20.6 | % | 20.4 | % | 20.5 | % | (260 | ) | (230 | ) | ||||||||||||||||||||||||||||||
Advertising and product promotion | 6.5 | % | 8.1 | % | 7.3 | % | 6.9 | % | 7.2 | % | 8.6 | % | 7.5 | % | 6.5 | % | 7.4 | % | 7.0 | % | 6.6 | % | 6.8 | % | (30 | ) | (40 | ) | ||||||||||||||||||||||||||||||
Research and development | 16.0 | % | 15.9 | % | 15.9 | % | 15.9 | % | 15.9 | % | 21.8 | % | 17.4 | % | 18.4 | % | 15.4 | % | 16.8 | % | 15.3 | % | 16.3 | % | (60 | ) | 40 | |||||||||||||||||||||||||||||||
Acquired in-process research and development | - | 0.6 | % | 0.3 | % | - | 0.2 | % | - | 0.2 | % | - | - | - | - | - | - | (20 | ) | |||||||||||||||||||||||||||||||||||||||
Total expenses | 75.3 | % | 76.5 | % | 75.9 | % | 78.0 | % | 76.7 | % | 64.0 | % | 73.4 | % | 72.4 | % | 67.7 | % | 69.9 | % | 68.6 | % | 69.5 | % | (940 | ) | (720 | ) | ||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Income Taxes | 24.7 | % | 23.5 | % | 24.1 | % | 22.0 | % | 23.3 | % | 36.0 | % | 26.6 | % | 27.6 | % | 32.3 | % | 30.1 | % | 31.4 | % | 30.5 | % | 940 | 720 | ||||||||||||||||||||||||||||||||
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company | 13.2 | % | 13.9 | % | 13.6 | % | 11.2 | % | 12.8 | % | 22.8 | % | 15.3 | % | 12.7 | % | 18.3 | % | 15.6 | % | 17.6 | % | 16.3 | % | 640 | 350 | ||||||||||||||||||||||||||||||||
Other Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Tax Rate | 27.3 | % | 21.1 | % | 24.2 | % | 26.7 | % | 25.0 | % | 22.5 | % | 24.1 | % | 33.5 | % | 25.4 | % | 29.0 | % | 25.2 | % | 27.6 | % | (150 | ) | 260 | |||||||||||||||||||||||||||||||
Other (Income)/ Expense, net | 2008 | 2009 | % 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 | $ | 73 | $ | 80 | $ | 153 | $ | 84 | $ | 237 | $ | 73 | $ | 310 | $ | 52 | $ | 42 | $ | 94 | $ | 47 | $ | 141 | -44 | % | -41 | % | ||||||||||||||||||||||||||||||
Interest income | (43 | ) | (31 | ) | (74 | ) | (37 | ) | (111 | ) | (19 | ) | (130 | ) | (13 | ) | (14 | ) | (27 | ) | (13 | ) | (40 | ) | 65 | % | 64 | % | ||||||||||||||||||||||||||||||
ARS impairment charge | 25 | - | 25 | 224 | 247 | 58 | 305 | - | - | - | - | - | -100 | % | -100 | % | ||||||||||||||||||||||||||||||||||||||||||
(Gain)/Loss on debt buyback and termination of interest rate swap agreements | - | - | - | - | - | (57 | ) | (57 | ) | - | (11 | ) | (11 | ) | 4 | (7 | ) | - | - | |||||||||||||||||||||||||||||||||||||||
Foreign exchange transaction losses/(gains) | 19 | (2 | ) | 17 | (51 | ) | (34 | ) | (42 | ) | (76 | ) | (13 | ) | 17 | 4 | 13 | 17 | 125 | % | 150 | % | ||||||||||||||||||||||||||||||||||||
Gain on sale of product lines, businesses and assets | (9 | ) | - | (9 | ) | - | (9 | ) | (159 | ) | (168 | ) | (44 | ) | (23 | ) | (67 | ) | (17 | ) | (84 | ) | - | * | ||||||||||||||||||||||||||||||||||
Medarex acquisition | - | - | - | - | - | - | - | - | - | - | (10 | ) | (10 | ) | - | - | ||||||||||||||||||||||||||||||||||||||||||
Net royalty income and amortization of upfront and milestone payments received from alliance partners | (41 | ) | (41 | ) | (82 | ) | (42 | ) | (124 | ) | (17 | ) | (141 | ) | (35 | ) | (34 | ) | (69 | ) | (50 | ) | (119 | ) | -19 | % | 4 | % | ||||||||||||||||||||||||||||||
Pension curtailment charge | - | - | - | - | - | 8 | 8 | - | 25 | 25 | - | 25 | - | - | ||||||||||||||||||||||||||||||||||||||||||||
Other, net | 8 | (19 | ) | (11 | ) | (9 | ) | (18 | ) | (1 | ) | (19 | ) | (25 | ) | (24 | ) | (49 | ) | (4 | ) | (53 | ) | 56 | % | -194 | % | |||||||||||||||||||||||||||||||
$ | 32 | $ | (13 | ) | $ | 19 | $ | 169 | $ | 188 | $ | (156 | ) | $ | 32 | $ | (78 | ) | $ | (22 | ) | $ | (100 | ) | $ | (30 | ) | $ | (130 | ) | -118 | % | -169 | % |
* | in excess of +/- 200% |
** | quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations. |
4
BRISTOL-MYERS SQUIBB COMPANY
Biopharmaceuticals segment results
($ in millions, except per share amounts)
2008 | 2009 | % 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 | $ | 4,188 | $ | 4,475 | $ | 8,663 | $ | 4,510 | $ | 13,173 | $ | 4,542 | $ | 17,715 | $ | 4,322 | $ | 4,665 | $ | 8,987 | $ | 4,788 | $ | 13,775 | 6% | 5% | ||||||||||||||||||||||||||||||
Gross Profit | 2,965 | 3,135 | 6,100 | 3,218 | 9,318 | 3,329 | 12,647 | 3,191 | 3,463 | 6,654 | 3,500 | 10,154 | 9% | 9% | ||||||||||||||||||||||||||||||||||||||||||
Gross Margin as a % of Sales | 70.8 | % | 70.1 | % | 70.4 | % | 71.4 | % | 70.7 | % | 73.3 | % | 71.4 | % | 73.8 | % | 74.2 | % | 74.0 | % | 73.1 | % | 73.7 | % | 170 | 300 | ||||||||||||||||||||||||||||||
Total SGA | 1,215 | 1,317 | 2,532 | 1,271 | 3,803 | 1,409 | 5,212 | 1,129 | 1,196 | 2,325 | 1,189 | 3,514 | -6% | -8% | ||||||||||||||||||||||||||||||||||||||||||
SG&A as a % of Sales | 29.0 | % | 29.4 | % | 29.2 | % | 28.2 | % | 28.9 | % | 31.0 | % | 29.4 | % | 26.1 | % | 25.6 | % | 25.9 | % | 24.8 | % | 25.5 | % | -340 | -340 | ||||||||||||||||||||||||||||||
R&D | 746 | 778 | 1,524 | 779 | 2,303 | 848 | 3,151 | 763 | 781 | 1,544 | 820 | 2,364 | 5% | 3% | ||||||||||||||||||||||||||||||||||||||||||
R&D as a % of Sales | 17.8 | % | 17.4 | % | 17.6 | % | 17.3 | % | 17.5 | % | 18.7 | % | 17.8 | % | 17.7 | % | 16.7 | % | 17.2 | % | 17.1 | % | 17.2 | % | -20 | -30 | ||||||||||||||||||||||||||||||
Equity in net income of affiliates | (164 | ) | (150 | ) | (314 | ) | (164 | ) | (478 | ) | (139 | ) | (617 | ) | (146 | ) | (149 | ) | (295 | ) | (138 | ) | (433 | ) | -16% | -9% | ||||||||||||||||||||||||||||||
Other | (3 | ) | (14 | ) | (17 | ) | (71 | ) | (88 | ) | (53 | ) | (141 | ) | (51 | ) | (40 | ) | (91 | ) | (34 | ) | (125 | ) | -52% | 42% | ||||||||||||||||||||||||||||||
Noncontrolling Interest | 339 | 356 | 695 | 381 | 1,076 | 385 | 1,461 | 398 | 433 | 831 | 447 | 1,278 | 17% | 19% | ||||||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Income Taxes | $ | 832 | $ | 848 | $ | 1,680 | $ | 1,022 | $ | 2,702 | $ | 879 | $ | 3,581 | $ | 1,098 | $ | 1,242 | $ | 2,340 | $ | 1,216 | 3,556 | 19% | 32% |
5
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED SEPTEMBER 30, 2009
(Unaudited, amounts in millions except per share data)
QUARTER-TO-DATE
2009 | 2008 | Growth $ | Favorable / (Unfavorable) FX Impact $ | 2009 Excluding FX | Growth % | Favorable / (Unfavorable) FX Impact % | Growth % Excluding FX | ||||||||||||||
Net sales | 5,487 | 5,254 | 233 | (176 | ) | 5,663 | 4 | % | -3 | % | 7 | % | |||||||||
Marketing, selling and administrative (a) | 1,117 | 1,208 | (91 | ) | 40 | 1,157 | -8 | % | 3 | % | -5 | % | |||||||||
Marketing, selling and administrative excluding specified items (b) | 1,090 | 1,171 | (81 | ) | 38 | 1,128 | -7 | % | 2 | % | -5 | % | |||||||||
Advertising and product promotion | 361 | 362 | (1 | ) | 11 | 372 | - | 3 | % | 3 | % | ||||||||||
Advertising and product promotion excluding specified items (b) | 361 | 362 | (1 | ) | 11 | 372 | - | 3 | % | 3 | % | ||||||||||
Research and development | 838 | 834 | 4 | 17 | 855 | - | 2 | % | 2 | % | |||||||||||
Research and development excluding specified items (b) | 838 | 797 | 41 | 17 | 855 | 5 | % | 2 | % | 7 | % | ||||||||||
(a) General and administrative | 432 | 472 | (40 | ) | 11 | 443 | -8 | % | 1 | % | -7 | % | |||||||||
General and administrative excluding specified items (c) | 405 | 435 | (30 | ) | 9 | 414 | -7 | % | 1 | % | -6 | % | |||||||||
(b) Please refer to the Specified Items QTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation. |
| ||||||||||||||||||||
(c) The following table provides a reconciliation table of General and administrative GAAP to Non-GAAP figures: |
|
2009 | 2008 | |||
General and administrative | 432 | 472 | ||
Specified Items: | ||||
Process standardization implementation costs | 21 | 28 | ||
Mead Johnson separation costs | 6 | 9 | ||
General and administrative excluding specified items | 405 | 435 | ||
YEAR-TO-DATE
2009 | 2008 | Growth $ | Favorable / (Unfavorable) FX Impact $ | 2009 Excluding FX | Growth % | Favorable / (Unfavorable) FX Impact % | Growth % Excluding FX | ||||||||||||||
Net sales | 15,886 | 15,348 | 538 | (730 | ) | 16,616 | 4 | % | -4 | % | 8 | % | |||||||||
Marketing, selling and administrative (a) | 3,258 | 3,507 | (249 | ) | 171 | 3,429 | -7 | % | 4 | % | -3 | % | |||||||||
Marketing, selling and administrative excluding specified items (b) | 3,162 | 3,433 | (271 | ) | 169 | 3,331 | -8 | % | 4 | % | -4 | % | |||||||||
Advertising and product promotion | 1,085 | 1,101 | (16 | ) | 46 | 1,131 | -1 | % | 4 | % | 3 | % | |||||||||
Advertising and product promotion excluding specified items (b) | 1,085 | 1,101 | (16 | ) | 46 | 1,131 | -1 | % | 4 | % | 3 | % | |||||||||
Research and development | 2,590 | 2,442 | 148 | 70 | 2,660 | 6 | % | 3 | % | 9 | % | ||||||||||
Research and development excluding specified items (b) | 2,416 | 2,354 | 62 | 70 | 2,486 | 3 | % | 3 | % | 6 | % | ||||||||||
(a) General and administrative | 1,261 | 1,352 | (91 | ) | 49 | 1,310 | -7 | % | 3 | % | -4 | % | |||||||||
General and administrative excluding specified items (c) | 1,165 | 1,278 | (113 | ) | 46 | 1,211 | -9 | % | 3 | % | -6 | % | |||||||||
(b) Please refer to the Specified Items YTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation. |
| ||||||||||||||||||||
(c) The following table provides a reconciliation table of General and administrative GAAP to Non-GAAP figures: |
|
2009 | 2008 | |||
General and administrative | 1,261 | 1,352 | ||
Specified Items: | ||||
Process standardization implementation costs | 65 | 64 | ||
Mead Johnson separation costs | 31 | 10 | ||
General and administrative excluding specified items | 1,165 | 1,278 | ||
6
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED SEPTEMBER 30, 2009
(Unaudited, amounts in millions except per share data)
QUARTER-TO-DATE
2009 | 2008 | Growth $ | Favorable / (Unfavorable) FX Impact $ | 2009 Excluding FX | Growth % | Favorable / (Unfavorable) FX Impact % | Growth % Excluding FX | |||||||||||
Plavix | 1,554 | 1,439 | 115 | (14 | ) | 1,568 | 8% | -1% | 9% | |||||||||
Avapro/Avalide | 329 | 334 | (5 | ) | (12 | ) | 341 | -1% | -2% | 1% | ||||||||
Abilify | 653 | 564 | 89 | (15 | ) | 668 | 16% | -2% | 18% | |||||||||
Reyataz | 360 | 342 | 18 | (18 | ) | 378 | 5% | -4% | 9% | |||||||||
Sustiva Franchise | 315 | 294 | 21 | (13 | ) | 328 | 7% | -4% | 11% | |||||||||
Baraclude | 191 | 144 | 47 | (7 | ) | 198 | 33% | -4% | 37% | |||||||||
Orencia | 162 | 119 | 43 | (4 | ) | 166 | 36% | -2% | 38% | |||||||||
Erbitux | 179 | 184 | (5 | ) | - | 179 | -3% | - | -3% | |||||||||
Sprycel | 107 | 82 | 25 | (8 | ) | 115 | 30% | -8% | 38% | |||||||||
Ixempra | 28 | 25 | 3 | (1 | ) | 29 | 12% | -1% | 13% | |||||||||
Onglyza | 20 | - | 20 | - | 20 | N/A | N/A | N/A | ||||||||||
YEAR-TO-DATE | ||||||||||||||||||
2009 | 2008 | Growth $ | Favorable / (Unfavorable) FX Impact $ | 2009 Excluding FX | Growth % | Favorable / (Unfavorable) FX Impact % | Growth % Excluding FX | |||||||||||
Plavix | 4,528 | 4,134 | 394 | (62 | ) | 4,590 | 10% | -1% | 11% | |||||||||
Avapro/Avalide | 944 | 974 | (30 | ) | (56 | ) | 1,000 | -3% | -5% | 2% | ||||||||
Abilify | 1,885 | 1,547 | 338 | (62 | ) | 1,947 | 22% | -3% | 25% | |||||||||
Reyataz | 1,013 | 963 | 50 | (69 | ) | 1,082 | 5% | -7% | 12% | |||||||||
Sustiva Franchise | 919 | 849 | 70 | (57 | ) | 976 | 8% | -6% | 14% | |||||||||
Baraclude | 522 | 388 | 134 | (34 | ) | 556 | 35% | -7% | 42% | |||||||||
Orencia | 434 | 312 | 122 | (14 | ) | 448 | 39% | -4% | 43% | |||||||||
Erbitux | 516 | 567 | (51 | ) | - | 516 | -9% | - | -9% | |||||||||
Sprycel | 302 | 224 | 78 | (31 | ) | 333 | 35% | -12% | 47% | |||||||||
Ixempra | 81 | 76 | 5 | (1 | ) | 82 | 7% | -1% | 8% | |||||||||
Onglyza | 20 | - | 20 | - | 20 | N/A | N/A | N/A |
7
BRISTOL-MYERS SQUIBB COMPANY
SEGMENT GROSS MARGIN AND PRETAX EARNINGS FROM CONTINUING OPERATIONS EXCLUDING SPECIFIED ITEMS
($ in millions)
Gross Profit | 2008 | 2009 | % 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 | |||||||||||||||||||||||||||||||||
Bio Pharmaceuticals | 2,965 | 3,135 | 6,100 | 3,218 | 9,318 | 3,329 | 12,647 | 3,191 | 3,463 | 6,654 | 3,500 | 10,154 | 9 | % | 9 | % | ||||||||||||||||||||||||||||||||
Mead Johnson | 452 | 456 | 908 | 455 | 1,363 | 440 | 1,803 | 445 | 484 | 929 | 455 | 1,384 | - | 2 | % | |||||||||||||||||||||||||||||||||
Gross Margin % | 2008 | 2009 | 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 | |||||||||||||||||||||||||||||||||
Bio Pharmaceuticals | 70.8 | % | 70.1 | % | 70.4 | % | 71.4 | % | 70.7 | % | 73.3 | % | 71.4 | % | 73.8 | % | 74.2 | % | 74.0 | % | 73.1 | % | 73.7 | % | 170 | 300 | ||||||||||||||||||||||
Mead Johnson | 64.3 | % | 62.6 | % | 63.5 | % | 61.2 | % | 62.7 | % | 62.2 | % | 62.6 | % | 64.2 | % | 67.3 | % | 65.8 | % | 65.1 | % | 65.6 | % | 390 | 290 | ||||||||||||||||||||||
Earnings Before Income Taxes | 2008 | 2009 | % 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 | |||||||||||||||||||||||||||||||||
Bio Pharmaceuticals | 832 | 848 | 1,680 | 1,022 | 2,702 | 879 | 3,581 | 1,098 | 1,242 | 2,340 | 1,216 | 3,556 | 19 | % | 32 | % | ||||||||||||||||||||||||||||||||
Mead Johnson | 208 | 188 | 396 | 159 | 555 | 137 | 692 | 159 | 151 | 310 | 127 | 437 | -20 | % | -21 | % | ||||||||||||||||||||||||||||||||
Net Margin % | 2008 | 2009 | 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 | |||||||||||||||||||||||||||||||||
Bio Pharmaceuticals | 19.9 | % | 18.9 | % | 19.4 | % | 22.7 | % | 20.5 | % | 19.4 | % | 20.2 | % | 25.4 | % | 26.6 | % | 26.0 | % | 25.4 | % | 25.8 | % | 270 | 530 | ||||||||||||||||||||||
Mead Johnson | 29.6 | % | 25.8 | % | 27.7 | % | 21.4 | % | 25.5 | % | 19.4 | % | 24.0 | % | 22.9 | % | 21.0 | % | 22.0 | % | 18.2 | % | 20.7 | % | -320 | -480 |
* | In Excess of +/- 200% |
8
BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)
2008 | 2009 | % 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 | |||||||||||||||||||||||||||||||||||||||||||
Continuing Operations | $ | 4,891 | $ | 5,203 | $ | 10,094 | $ | 5,254 | $ | 15,348 | $ | 5,249 | $ | 20,597 | $ | 5,015 | $ | 5,384 | $ | 10,399 | $ | 5,487 | $ | 15,886 | 4% | 4% | -3% | -4% | ||||||||||||||||||||||||||||||||
BIO PHARMACEUTICALS | 4,188 | 4,475 | 8,663 | 4,510 | 13,173 | 4,542 | 17,715 | 4,322 | 4,665 | 8,987 | 4,788 | 13,775 | 6% | 5% | -3% | -4% | ||||||||||||||||||||||||||||||||||||||||||||
Cardiovascular | 1,828 | 1,933 | 3,761 | 1,948 | 5,709 | 1,942 | 7,651 | 1,892 | 2,050 | 3,942 | 2,055 | 5,997 | 5% | 5% | -1% | -3% | ||||||||||||||||||||||||||||||||||||||||||||
Plavix | 1,308 | 1,387 | 2,695 | 1,439 | 4,134 | 1,469 | 5,603 | 1,435 | 1,539 | 2,974 | 1,554 | 4,528 | 8% | 10% | -1% | -1% | ||||||||||||||||||||||||||||||||||||||||||||
Avapro/Avalide | 305 | 335 | 640 | 334 | 974 | 316 | 1,290 | 302 | 313 | 615 | 329 | 944 | -1% | -3% | -2% | -5% | ||||||||||||||||||||||||||||||||||||||||||||
Virology | 734 | 791 | 1,525 | 824 | 2,349 | 812 | 3,161 | 794 | 848 | 1,642 | 890 | 2,532 | 8% | 8% | -4% | -6% | ||||||||||||||||||||||||||||||||||||||||||||
Reyataz | 297 | 324 | 621 | 342 | 963 | 329 | 1,292 | 322 | 331 | 653 | 360 | 1,013 | 5% | 5% | -4% | -7% | ||||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise(a) | 273 | 282 | 555 | 294 | 849 | 300 | 1,149 | 292 | 312 | 604 | 315 | 919 | 7% | 8% | -4% | -6% | ||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 108 | 136 | 244 | 144 | 388 | 153 | 541 | 152 | 179 | 331 | 191 | 522 | 33% | 35% | -4% | -7% | ||||||||||||||||||||||||||||||||||||||||||||
Oncology | 436 | 474 | 910 | 447 | 1,357 | 462 | 1,819 | 407 | 450 | 857 | 447 | 1,304 | - | -4% | - | -2% | ||||||||||||||||||||||||||||||||||||||||||||
Erbitux | 187 | 196 | 383 | 184 | 567 | 182 | 749 | 164 | 173 | 337 | 179 | 516 | -3% | -9% | - | - | ||||||||||||||||||||||||||||||||||||||||||||
Sprycel | 66 | 76 | 142 | 82 | 224 | 86 | 310 | 88 | 107 | 195 | 107 | 302 | 30% | 35% | -8% | -12% | ||||||||||||||||||||||||||||||||||||||||||||
Ixempra | 25 | 26 | 51 | 25 | 76 | 25 | 101 | 24 | 29 | 53 | 28 | 81 | 12% | 7% | -1% | -1% | ||||||||||||||||||||||||||||||||||||||||||||
Neuroscience | 498 | 575 | 1,073 | 607 | 1,680 | 641 | 2,321 | 621 | 660 | 1,281 | 668 | 1,949 | 10% | 16% | -2% | -4% | ||||||||||||||||||||||||||||||||||||||||||||
Abilify(b) | 454 | 529 | 983 | 564 | 1,547 | 606 | 2,153 | 589 | 643 | 1,232 | 653 | 1,885 | 16% | 22% | -2% | -3% | ||||||||||||||||||||||||||||||||||||||||||||
Immunoscience | 87 | 106 | 193 | 119 | 312 | 129 | 441 | 124 | 148 | 272 | 162 | 434 | 36% | 39% | -2% | -4% | ||||||||||||||||||||||||||||||||||||||||||||
Orencia | 87 | 106 | 193 | 119 | 312 | 129 | 441 | 124 | 148 | 272 | 162 | 434 | 36% | 39% | -2% | -4% | ||||||||||||||||||||||||||||||||||||||||||||
Metabolics | 25 | 27 | 52 | 30 | 82 | 22 | 104 | 25 | 36 | 61 | 52 | 113 | 73% | 38% | 1% | 1% | ||||||||||||||||||||||||||||||||||||||||||||
Onglyza | - | - | - | - | - | - | - | - | - | - | 20 | 20 | N/A | N/A | N/A | N/A |
* | In excess of +/- 200% |
(a) | The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. |
(b) | Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. |
9
BRISTOL-MYERS SQUIBB COMPANY
DOMESTIC** NET SALES FROM CONTINUING OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)
2008 | 2009 | % Change | % Change in U.S. Total Prescription*** | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
Continuing Operations | $ | 2,747 | $ | 2,898 | $ | 5,645 | $ | 2,983 | $ | 8,628 | $ | 3,091 | $ | 11,719 | 3,031 | $ | 3,247 | $ | 6,278 | $ | 3,256 | $ | 9,534 | 9% | 11% | ||||||||||||||||||||||||||||||||||
BIO PHARMACEUTICALS | 2,459 | 2,625 | 5,084 | 2,708 | 7,792 | 2,819 | 10,611 | 2,784 | 2,977 | 5,761 | 3,021 | 8,782 | 12% | 13% | |||||||||||||||||||||||||||||||||||||||||||||
Cardiovascular | 1,366 | 1,437 | 2,803 | 1,474 | 4,277 | 1,521 | 5,798 | 1,515 | 1,652 | 3,167 | 1,650 | 4,817 | 12% | 13% | |||||||||||||||||||||||||||||||||||||||||||||
Plavix | 1,139 | 1,207 | 2,346 | 1,263 | 3,609 | 1,311 | 4,920 | 1,296 | 1,393 | 2,689 | 1,406 | 4,095 | 11% | 13% | 4% | 4% | |||||||||||||||||||||||||||||||||||||||||||
Avapro/Avalide | 174 | 184 | 358 | 189 | 547 | 188 | 735 | 173 | 179 | 352 | 186 | 538 | -2% | -2% | -10% | -9% | |||||||||||||||||||||||||||||||||||||||||||
Virology | 378 | 376 | 754 | 405 | 1,159 | 407 | 1,566 | 406 | 404 | 810 | 424 | 1,234 | 5% | 6% | |||||||||||||||||||||||||||||||||||||||||||||
Reyataz | 160 | 159 | 319 | 176 | 495 | 172 | 667 | 176 | 169 | 345 | 186 | 531 | 6% | 7% | 6% | 7% | |||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise (a) | 175 | 171 | 346 | 185 | 531 | 193 | 724 | 190 | 194 | 384 | 195 | 579 | 5% | 9% | 10% | 9% | |||||||||||||||||||||||||||||||||||||||||||
Baraclude | 29 | 35 | 64 | 36 | 100 | 40 | 140 | 36 | 39 | 75 | 41 | 116 | 14% | 16% | 7% | 12% | |||||||||||||||||||||||||||||||||||||||||||
Oncology | 237 | 254 | 491 | 234 | 725 | 246 | 971 | 218 | 233 | 451 | 233 | 684 | - | -6% | |||||||||||||||||||||||||||||||||||||||||||||
Erbitux | 185 | 193 | 378 | 182 | 560 | 179 | 739 | 162 | 171 | 333 | 175 | 508 | -4% | -9% | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||
Sprycel | 20 | 21 | 41 | 21 | 62 | 30 | 92 | 30 | 33 | 63 | 28 | 91 | 33% | 47% | 23% | 20% | |||||||||||||||||||||||||||||||||||||||||||
Ixempra | 25 | 26 | 51 | 24 | 75 | 23 | 98 | 22 | 26 | 48 | 26 | 74 | 8% | -1% | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||
Neuroscience | 359 | 413 | 772 | 449 | 1,221 | 502 | 1,723 | 491 | 513 | 1,004 | 520 | 1,524 | 16% | 25% | |||||||||||||||||||||||||||||||||||||||||||||
Abilify (b) | 348 | 403 | 751 | 435 | 1,186 | 490 | 1,676 | 481 | 518 | 999 | 520 | 1,519 | 20% | 28% | 25% | 28% | |||||||||||||||||||||||||||||||||||||||||||
Immunoscience | 73 | 87 | 160 | 97 | 257 | 106 | 363 | 99 | 116 | 215 | 126 | 341 | 30% | 33% | |||||||||||||||||||||||||||||||||||||||||||||
Orencia | 73 | 87 | 160 | 97 | 257 | 106 | 363 | 99 | 116 | 215 | 126 | 341 | 30% | 33% | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||
Metabolics | 15 | 16 | 31 | 17 | 48 | 9 | 57 | 11 | 21 | 32 | 36 | 68 | 112% | 42% | |||||||||||||||||||||||||||||||||||||||||||||
Onglyza | - | - | - | - | - | - | - | - | - | - | 20 | 20 | N/A | N/A | N/A | N/A |
* | In excess of +/- 200% |
** | This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer. |
*** | In the first quarter of 2009, the Company changed its service provider for U.S prescription data to Wolters Klumer Health, Inc. (WK) for external reporting purposes and internal demand for most products. Prior to 2009, the Company used prescription data based on the Next-Generation Prescription Service Version 2.0 (NGPS) of the National Prescription Audit provided by IMS Health (IMS). The estimated total U.S. prescription change for the retail and mail order channels are calculated based on WK data on a weighted-average basis. The weighted-average basis reflects the fact that mail order prescriptions include a greater volume of product supplied compared to retail prescriptions, which on average are 90 days for mail order and 30 days for retail. The calculation is derived by multiplying WK mail order prescription data by a factor that approximates three and adding to this the WK retail prescriptions. |
(a) | The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units. |
(b) | Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. |
10
BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL** NET SALES FROM CONTINUING OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)
2008 | 2009 | % 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 | |||||||||||||||||||||||||||||||||||||||||||
Continuing Operations | $ | 2,144 | $ | 2,305 | $ | 4,449 | $ | 2,271 | $ | 6,720 | $ | 2,158 | $ | 8,878 | $ | 1,984 | $ | 2,137 | $ | 4,121 | $ | 2,231 | $ | 6,352 | -2% | -5% | -7% | -10% | ||||||||||||||||||||||||||||||||
BIO PHARMACEUTICALS | 1,729 | 1,850 | 3,579 | 1,802 | 5,381 | 1,723 | 7,104 | 1,538 | 1,688 | 3,226 | 1,767 | 4,993 | -2% | -7% | -7% | -10% | ||||||||||||||||||||||||||||||||||||||||||||
Cardiovascular | 462 | 496 | 958 | 474 | 1,432 | 421 | 1,853 | 377 | 398 | 775 | 405 | 1,180 | -15% | -18% | -6% | -10% | ||||||||||||||||||||||||||||||||||||||||||||
Plavix | 169 | 180 | 349 | 176 | 525 | 158 | 683 | 139 | 146 | 285 | 148 | 433 | -16% | -18% | -5% | -10% | ||||||||||||||||||||||||||||||||||||||||||||
Avapro/Avalide | 131 | 151 | 282 | 145 | 427 | 128 | 555 | 129 | 134 | 263 | 143 | 406 | -1% | -5% | -6% | -11% | ||||||||||||||||||||||||||||||||||||||||||||
Virology | 356 | 415 | 771 | 419 | 1,190 | 405 | 1,595 | 388 | 444 | 832 | 466 | 1,298 | 11% | 9% | -8% | -13% | ||||||||||||||||||||||||||||||||||||||||||||
Reyataz | 137 | 165 | 302 | 166 | 468 | 157 | 625 | 146 | 162 | 308 | 174 | 482 | 5% | 3% | -9% | -13% | ||||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise (a) | 98 | 111 | 209 | 109 | 318 | 107 | 425 | 102 | 118 | 220 | 120 | 340 | 10% | 7% | -10% | -16% | ||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 79 | 101 | 180 | 108 | 288 | 113 | 401 | 116 | 140 | 256 | 150 | 406 | 39% | 41% | -6% | -10% | ||||||||||||||||||||||||||||||||||||||||||||
Oncology | 199 | 220 | 419 | 213 | 632 | 216 | 848 | 189 | 217 | 406 | 214 | 620 | - | -2% | - | -4% | ||||||||||||||||||||||||||||||||||||||||||||
Erbitux | 2 | 3 | 5 | 2 | 7 | 3 | 10 | 2 | 2 | 4 | 4 | 8 | 100% | 14% | -5% | -6% | ||||||||||||||||||||||||||||||||||||||||||||
Sprycel | 46 | 55 | 101 | 61 | 162 | 56 | 218 | 58 | 74 | 132 | 79 | 211 | 30% | 30% | -11% | -17% | ||||||||||||||||||||||||||||||||||||||||||||
Ixempra | - | - | - | 1 | 1 | 2 | 3 | 2 | 3 | 5 | 2 | 7 | 100% | * | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||
Neuroscience | 139 | 162 | 301 | 158 | 459 | 139 | 598 | 130 | 147 | 277 | 148 | 425 | -6% | -7% | -9% | -14% | ||||||||||||||||||||||||||||||||||||||||||||
Abilify (b) | 106 | 126 | 232 | 129 | 361 | 116 | 477 | 108 | 125 | 233 | 133 | 366 | 3% | 1% | -9% | -15% | ||||||||||||||||||||||||||||||||||||||||||||
Immunoscience | 14 | 19 | 33 | 22 | 55 | 23 | 78 | 25 | 32 | 57 | 36 | 93 | 64% | 69% | -11% | -22% | ||||||||||||||||||||||||||||||||||||||||||||
Orencia | 14 | 19 | 33 | 22 | 55 | 23 | 78 | 25 | 32 | 57 | 36 | 93 | 64% | 69% | -11% | -22% | ||||||||||||||||||||||||||||||||||||||||||||
Metabolics | 10 | 11 | 21 | 13 | 34 | 13 | 47 | 14 | 15 | 29 | 16 | 45 | 23% | 32% | - | 2% | ||||||||||||||||||||||||||||||||||||||||||||
Onglyza | - | - | - | - | - | - | - | - | - | - | - | - | N/A | N/A | N/A | N/A |
* | In excess of +/- 200% |
** | This table presents Continuing Operations sales and segment and product sales on a country management reported basis. The U.S and non-U.S net sales are based upon the location of the customer. |
(a) | The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. |
(b) | Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. |
11
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009
(Unaudited, amounts in millions except per share data)
Q3 2009 | |||||||||||
GAAP | Specified Items* | Non GAAP | |||||||||
Net Sales | $ | 5,487 | - | $ | 5,487 | ||||||
Cost of products sold | 1,562 | (30 | ) | 1,532 | |||||||
Gross Profit | 3,925 | 30 | 3,955 | ||||||||
Gross margin as a % of sales | 71.5 | % | 0.6 | % | 72.1 | % | |||||
Marketing, selling and administrative | 1,117 | (27 | ) | 1,090 | |||||||
Advertising and product promotion | 361 | - | 361 | ||||||||
Total SGA | 1,478 | (27 | ) | 1,451 | |||||||
SG&A as a % of sales | 26.9 | % | (0.5 | )% | 26.4 | % | |||||
Research and development | 838 | - | 838 | ||||||||
R&D as a % of sales | 15.3 | % | - | 15.3 | % | ||||||
Provision for restructuring, net | 54 | (54 | ) | - | |||||||
Litigation expense, net | - | - | - | ||||||||
Equity in net income of affiliates | (139 | ) | - | (139 | ) | ||||||
Other income, net | (30 | ) | 23 | (7 | ) | ||||||
Earnings from Continuing Operations Before Income Taxes | $ | 1,724 | 88 | $ | 1,812 | ||||||
Provision for income taxes | 434 | 8 | 442 | ||||||||
Net Earnings - Continuing Operations | $ | 1,290 | 80 | $ | 1,370 | ||||||
Net Earnings - Discontinued Operations | - | - | |||||||||
Net Earnings Attributable to Noncontrolling Interest | 324 | 324 | |||||||||
Net Earnings Attributable to Bristol-Myers Squibb Company | $ | 966 | 80 | $ | 1,046 | ||||||
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company | $ | 966 | 80 | $ | 1,046 | ||||||
Contingently convertible debt interest expense and dividends attributable to unvested shares | (5 | ) | (5 | ) | |||||||
Net Earnings used for Diluted EPS Calc - Continuing Operations | |||||||||||
- Attributable to Bristol-Myers Squibb Company | $ | 961 | 80 | $ | 1,041 | ||||||
Average Common Shares Outstanding - Diluted | 1,984 | 1,984 | |||||||||
Diluted Earnings per Common Share - Continuing Operations | $ | 0.48 | 0.04 | $ | 0.52 | ||||||
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales | 17.6 | % | 1.5 | % | 19.1 | % | |||||
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales | 17.6 | % | 1.5 | % | 19.1 | % | |||||
Effective Tax Rate | 25.2 | % | (0.8 | )% | 24.4 | % |
* | Please refer to the Specified Items QTD tab for detail of specified items. |
12
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009
(Unaudited, amounts in millions except per share data)
SEPTEMBER YTD 2009 | |||||||||||
GAAP | Specified Items* | Non GAAP | |||||||||
Net Sales | $ | 15,886 | - | $ | 15,886 | ||||||
Cost of products sold | 4,436 | (88 | ) | 4,348 | |||||||
Gross Profit | 11,450 | 88 | 11,538 | ||||||||
Gross margin as a % of sales | 72.1 | % | 0.5 | % | 72.6 | % | |||||
Marketing, selling and administrative | 3,258 | (96 | ) | 3,162 | |||||||
Advertising and product promotion | 1,085 | - | 1,085 | ||||||||
Total SGA | 4,343 | (96 | ) | 4,247 | |||||||
SG&A as a % of sales | 27.3 | % | (0.6 | )% | 26.7 | % | |||||
Research and development | 2,590 | (174 | ) | 2,416 | |||||||
R&D as a % of sales | 16.3 | % | (1.1 | )% | 15.2 | % | |||||
Provision for restructuring, net | 101 | (101 | ) | - | |||||||
Litigation expense, net | 132 | (132 | ) | - | |||||||
Equity in net income of affiliates | (435 | ) | - | (435 | ) | ||||||
Other income, net | (130 | ) | 91 | (39 | ) | ||||||
Earnings from Continuing Operations Before Income Taxes | $ | 4,849 | 500 | $ | 5,349 | ||||||
Provision for income taxes | 1,340 | (26 | ) | 1,314 | |||||||
Net Earnings - Continuing Operations | $ | 3,509 | 526 | $ | 4,035 | ||||||
Net Earnings - Discontinued Operations | - | - | |||||||||
Net Earnings Attributable to Noncontrolling Interest | 922 | 922 | |||||||||
Net Earnings Attributable to Bristol-Myers Squibb Company | $ | 2,587 | 526 | $ | 3,113 | ||||||
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company | $ | 2,587 | 526 | $ | 3,113 | ||||||
Contingently convertible debt interest expense and dividends attributable to unvested shares | (14 | ) | (14 | ) | |||||||
Net Earnings used for Diluted EPS Calc - Continuing Operations | |||||||||||
- Attributable to Bristol-Myers Squibb Company | $ | 2,573 | 526 | $ | 3,099 | ||||||
Average Common Shares Outstanding - Diluted | 1,982 | 1,982 | |||||||||
Diluted Earnings per Common Share - Continuing Operations | $ | 1.30 | 0.26 | $ | 1.56 | ||||||
Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales | 16.3 | % | 3.3 | % | 19.6 | % | |||||
Net Earnings Attributable to Bristol-Myers Squibb Company as a % of sales | 16.3 | % | 3.3 | % | 19.6 | % | |||||
Effective Tax Rate | 27.6 | % | (3.0 | )% | 24.6 | % |
* | Please refer to the Specified Items YTD tab for detail of specified items. |
13
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
($ in millions)
Three months ended September 30, 2009
Cost of products sold | Marketing selling and administrative | Provision for restructuring, net | Other (income)/ expense, net | Total | |||||||||||||||||||
Productivity Transformation Initiative: | |||||||||||||||||||||||
Downsizing and streamlining of worldwide operations | $ | - | $ | - | $ | 51 | $ | - | $ | 51 | |||||||||||||
Accelerated depreciation and other shutdown costs | 30 | - | 3 | - | 33 | ||||||||||||||||||
Process standardization implementation costs | - | 21 | - | - | 21 | ||||||||||||||||||
Gain on sale of product lines, businesses and assets | - | - | - | (17 | ) | (17 | ) | ||||||||||||||||
Total PTI | 30 | 21 | 54 | (17 | ) | 88 | |||||||||||||||||
Other: | |||||||||||||||||||||||
Mead Johnson separation costs | - | 6 | - | - | 6 | ||||||||||||||||||
Medarex acquisition | - | - | - | (10 | ) | (10 | ) | ||||||||||||||||
Debt buyback and swap terminations | - | - | - | 4 | 4 | ||||||||||||||||||
Total | $ | 30 | $ | 27 | $ | 54 | $ | (23 | ) | 88 | |||||||||||||
Income taxes on items above | (29 | ) | |||||||||||||||||||||
Income taxes attributable to Mead Johnson separation | 21 | ||||||||||||||||||||||
Decrease to Net Earnings | $ | 80 | |||||||||||||||||||||
Three months ended September 30, 2008 | |||||||||||||||||||||||
Cost of products sold | Marketing selling and administrative | Research and development | Provision for restructuring, net | Litigation expense, net | Other (income)/ expense, net | Total | |||||||||||||||||
Productivity Transformation Initiative: | |||||||||||||||||||||||
Downsizing and streamlining of worldwide operations | $ | - | $ | - | $ | - | $ | 26 | $ | - | $ | - | $ | 26 | |||||||||
Accelerated depreciation and other shutdown costs | 53 | - | - | - | - | - | 53 | ||||||||||||||||
Process standardization implementation costs | - | 28 | - | - | - | - | 28 | ||||||||||||||||
53 | 28 | - | 26 | - | - | 107 | |||||||||||||||||
Other: | |||||||||||||||||||||||
Litigation charges | - | - | - | - | 30 | - | 30 | ||||||||||||||||
Mead Johnson separation costs | - | 9 | - | - | - | - | 9 | ||||||||||||||||
Product liability | - | - | - | - | - | 2 | 2 | ||||||||||||||||
Upfront and milestone payments | - | - | 37 | - | - | - | 37 | ||||||||||||||||
ARS impairment charge | - | - | - | - | - | 224 | 224 | ||||||||||||||||
$ | 53 | $ | 37 | $ | 37 | $ | 26 | $ | 30 | $ | 226 | 409 | |||||||||||
Income taxes on items above | (87 | ) | |||||||||||||||||||||
Decrease to Net Earnings | $ | 322 | |||||||||||||||||||||
14
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
($ in millions)
Nine months ended September 30, 2009
Cost of products sold | Marketing selling and administrative | Research and development | Provision for restructuring, net | Litigation expense, net | Other (income)/ expense, net | Total | |||||||||||||||||
Productivity Transformation Initiative: | |||||||||||||||||||||||
Downsizing and streamlining of worldwide operations | $ | - | $ | - | $ | - | $ | 92 | $ | - | $ | - | $ | 92 | |||||||||
Accelerated depreciation, asset impairment, and other shutdown costs | 80 | - | - | 9 | - | - | 89 | ||||||||||||||||
Pension curtailment charge | - | - | - | - | - | 25 | 25 | ||||||||||||||||
Process standardization implementation costs | - | 65 | - | - | - | - | 65 | ||||||||||||||||
Gain on sale of product lines, businesses and assets | - | - | - | - | - | (72 | ) | (72 | ) | ||||||||||||||
Total PTI | 80 | 65 | - | 101 | - | (47 | ) | 199 | |||||||||||||||
Other: | |||||||||||||||||||||||
Litigation charges | - | - | - | - | 132 | (10 | ) | 122 | |||||||||||||||
Mead Johnson separation costs | - | 31 | - | - | - | - | 31 | ||||||||||||||||
Mead Johnson gain on sale of trademark | - | - | - | - | - | (12 | ) | (12 | ) | ||||||||||||||
Upfront and milestone payments | - | - | 174 | - | - | - | 174 | ||||||||||||||||
Medarex acquisition | - | - | - | - | - | (10 | ) | (10 | ) | ||||||||||||||
Debt buyback and swap terminations | - | - | - | - | - | (7 | ) | (7 | ) | ||||||||||||||
Product liability | 8 | - | - | - | - | (5 | ) | 3 | |||||||||||||||
Total | $ | 88 | $ | 96 | $ | 174 | $ | 101 | $ | 132 | $ | (91 | ) | 500 | |||||||||
Income taxes on items above | (168 | ) | |||||||||||||||||||||
Income taxes attributable to Mead Johnson separation | 194 | ||||||||||||||||||||||
Decrease to Net Earnings | $ | 526 | |||||||||||||||||||||
Nine months ended September 30, 2008 | |||||||||||||||||||||||
Cost of products sold | Marketing selling and administrative | Research and development | Provision for restructuring, net | Litigation expense, net | Other (income)/ expense, net | Total | |||||||||||||||||
Productivity Transformation Initiative: | |||||||||||||||||||||||
Downsizing and streamlining of worldwide operations | $ | - | $ | - | $ | - | $ | 67 | $ | - | $ | - | $ | 67 | |||||||||
Accelerated depreciation and other shutdown costs | 207 | - | - | - | - | - | 207 | ||||||||||||||||
Process standardization implementation costs | - | 64 | - | - | - | - | 64 | ||||||||||||||||
Gain on sales and leaseback of properties | - | - | - | - | - | (9 | ) | (9 | ) | ||||||||||||||
207 | 64 | - | 67 | - | (9 | ) | 329 | ||||||||||||||||
Other: | |||||||||||||||||||||||
Litigation charges | - | - | - | - | 32 | - | 32 | ||||||||||||||||
Mead Johnson separation costs | - | 10 | - | - | - | - | 10 | ||||||||||||||||
Product liability | - | - | - | - | - | 18 | 18 | ||||||||||||||||
Upfront and milestone payments | - | - | 88 | - | - | - | 88 | ||||||||||||||||
Acquired in-process research and development | - | - | 32 | - | - | - | 32 | ||||||||||||||||
ARS impairment charge | - | - | - | - | - | 247 | 247 | ||||||||||||||||
$ | 207 | $ | 74 | $ | 120 | $ | 67 | $ | 32 | $ | 256 | 756 | |||||||||||
Income taxes on items above | (154 | ) | |||||||||||||||||||||
Decrease to Net Earnings | $ | 602 | |||||||||||||||||||||
15
BRISTOL-MYERS SQUIBB COMPANY
SELECT BALANCE SHEET INFORMATION
($ in millions)
March 31, 2008 | June 30, 2008 | September 30, 2008 | December 31, 2008 | March 31, 2009 | June 30, 2009 | September 30, 2009 | December 31, 2009 | |||||||||||||||||||
Cash and cash equivalents | $ | 2,443 | $ | 4,047 | $ | 7,173 | $ | 7,976 | $ | 7,832 | $ | 7,507 | $ | 6,367 | ||||||||||||
Marketable securities - current | 194 | 355 | 258 | 289 | 1,088 | 613 | 302 | |||||||||||||||||||
Marketable securities - long term | 455 | 386 | 297 | 188 | 184 | 983 | 1,202 | |||||||||||||||||||
Short-term borrowings | 1,781 | 1,799 | 135 | 154 | 156 | 124 | 286 | |||||||||||||||||||
Long-term debt | 4,660 | 6,021 | 6,120 | 6,585 | 6,492 | 6,235 | 6,307 | |||||||||||||||||||
Net (debt) / cash | $ | (3,349 | ) | $ | (3,032 | ) | $ | 1,473 | $ | 1,714 | $ | 2,456 | $ | 2,744 | $ | 1,278 | $ | - | ||||||||
Receivables, net of allowances | $ | 4,082 | $ | 3,838 | $ | 3,555 | $ | 3,644 | $ | 3,600 | $ | 3,619 | $ | 3,699 | ||||||||||||
Total equity | 10,567 | 10,766 | 12,934 | 12,208 | 13,129 | 13,936 | 14,371 | |||||||||||||||||||
Capital expenditures and capitalized software (for the quarter ended) | 250 | 210 | 196 | 285 | 201 | 164 | 169 |
16
BRISTOL-MYERS SQUIBB COMPANY
2009 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS
Full Year 2009 | ||||
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP | $ | 1.72 to $1.77 | ||
Projected Specified Items: | ||||
Productivity Transformation Initiative | 0.13 | |||
Productivity Transformation Initiative Gain on Sale of Assets | (0.11 | ) | ||
Upfront and milestone payments | 0.10 | |||
Mead Johnson charges | 0.02 | |||
Litigation Charges | 0.04 | |||
Additional Taxes Related to Mead Johnson IPO | 0.10 | |||
Total | 0.28 | |||
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP | $ | 2.00 to $2.05 | ||
Revenue growth is projected in the mid single digit range, which based on historical trends in 2008 and the nine months ended September 30, 2009 would be in the high single digit range, excluding foreign exchange.
Gross margin on a GAAP basis for the nine months ended September 30, 2009 was 72.1%, which included specified items of $88 million and had a 0.5% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2009 gross margin was 72.6%. On a non-GAAP basis, based on historical trends in 2008 and the nine months ended September 30, 2009 the Company projects gross margin for the full year 2009 to improve approximately 200 basis points compared to 2008. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.
Research and development expenses on a GAAP basis for the nine months ended September 30, 2009 were $2,590 million, which included specified items of $174 million. On a non-GAAP basis, for the nine months ended September 30, 2009 research and development expenses were $2,416 million. On a non-GAAP basis, based on historical trends in 2008 and the nine months ended September 30, 2009, the Company projects research and development expenses for the full year 2009 to increase in the mid single digit range compared to 2008. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.
Marketing, selling and administrative expenses, on a GAAP basis for the nine months ended September 30, 2009 were $3,258 million, which included specified items of $96 million. On a non-GAAP basis, for the nine months ended September 30, 2009 marketing, selling and administrative expenses were $3,162 million. On a non-GAAP basis, based on historical trends in 2008 and the nine months ended September 30, 2009 the Company projects marketing, selling and administrative expenses, for the full year 2009 to be down in low to mid single digit range compared to 2008, excluding foreign exchange. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.
The effective tax rate on a GAAP basis for the nine months ended September 30, 2009 was 27.6%, which included specified items of $26 million in the tax provision, and had a 3.0% adverse impact on the effective tax rate in aggregate. On a non-GAAP basis, for the nine months ended September 30, 2009 effective tax rate was 24.6%. On a non-GAAP basis, based on historical trends in 2008 and the nine months ended September 30, 2009 the Company projects effective tax rate for the full year 2009 to be approximately 25%. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See GAAP to Non-GAAP PL Reconciliation - September YTD tab.
The GAAP results for the full year 2009 would include specified items that may occur and impact results, including restructuring and other charges related to implementation of the Productivity Transformation Initiative. The productivity initiative, announced in December 2007 is expected to generate approximately $2.5 billion in cost reductions and avoidance on a pre-tax basis by 2012. Costs associated with the Productivity Transformation Initiatives are estimated to be between $1.3 billion and $1.6 billion on a pre-tax basis. This amount does not include gains realized due to sales of assets. The ultimate timing of the recording of the charges cannot be predicted with certainty and will be affected by the occurrence of triggering events for expense recognition under GAAP, among other factors. The GAAP results for the full year 2009 could also include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, upfront and milestone payments, copromotion or alliance charges and charges for in-process research and development related to new external development transactions, gains or losses from asset disposals, other restructuring activities, impairments to marketable securities and significant tax events. For a fuller discussion of certain of the 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 Company Reports Financial Results For The Third Quarter of 2009, October 22, 2009, including “2009 Guidance” and “Use of Non-GAAP Financial Information” therein.
On a non-GAAP basis, the Company projects 2008-10 compounded growth rate in earnings per share from continuing operations to be at least 15% compared to 2007 without rebasing 2007 for the agreement to sell the ConvaTec business, excluding the impact of any U.S. healthcare reforms, costs associated with productivity transformation initiatives and other specified items that have not yet been identified and quantified. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.
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