Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF SALES
($ in millions)
Net Sales | 2009 | 2010 | % 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,322 | $ | 4,665 | $ | 8,987 | $ | 4,788 | $ | 13,775 | $ | 5,033 | $ | 18,808 | $ | 4,807 | $ | 4,768 | $ | 9,575 | $ | 4,798 | $ | 14,373 | $ | 5,111 | $ | 19,484 | 2% | 4% | — | 1% | ||||||||||||||||||||||||||||||||
US | 2,766 | 2,974 | 5,740 | 3,012 | 8,752 | 3,115 | 11,867 | 3,089 | 3,105 | 6,194 | 3,135 | 9,329 | 3,284 | 12,613 | 5% | 6% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
Europe | 827 | 883 | 1,710 | 911 | 2,621 | 1,004 | 3,625 | 886 | 822 | 1,708 | 804 | 2,512 | 936 | 3,448 | (7)% | (5)% | (7)% | (4)% | ||||||||||||||||||||||||||||||||||||||||||||||
JPAC | 326 | 372 | 698 | 394 | 1,092 | 430 | 1,522 | 371 | 403 | 774 | 419 | 1,193 | 458 | 1,651 | 7% | 8% | 7% | 9% | ||||||||||||||||||||||||||||||||||||||||||||||
Intercon | 196 | 215 | 411 | 213 | 624 | 219 | 843 | 225 | 199 | 424 | 207 | 631 | 225 | 856 | 3% | 2% | — | 2% | ||||||||||||||||||||||||||||||||||||||||||||||
Emerging | 166 | 174 | 340 | 203 | 543 | 210 | 753 | 203 | 201 | 404 | 211 | 615 | 189 | 804 | (10)% | 7% | 2% | 4% | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 41 | 47 | 88 | 55 | 143 | 55 | 198 | 33 | 38 | 71 | 22 | 93 | 19 | 112 | (65)% | (43)% | (7)% | — | ||||||||||||||||||||||||||||||||||||||||||||||
% of Total Sales | 2009 | 2010 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | — | — | ||||||||||||||||||||||||||||||||||
US | 64.0 | % | 63.8 | % | 63.9 | % | 62.9 | % | 63.5 | % | 61.9 | % | 63.1 | % | 64.3 | % | 65.1 | % | 64.7 | % | 65.3 | % | 64.9 | % | 64.3 | % | 64.7 | % | 240 | 160 | ||||||||||||||||||||||||||||||||||
Europe | 19.1 | % | 18.9 | % | 19.0 | % | 19.0 | % | 19.0 | % | 19.9 | % | 19.3 | % | 18.4 | % | 17.2 | % | 17.8 | % | 16.8 | % | 17.5 | % | 18.3 | % | 17.7 | % | (160) | (160) | ||||||||||||||||||||||||||||||||||
JPAC | 7.6 | % | 8.0 | % | 7.7 | % | 8.2 | % | 7.9 | % | 8.5 | % | 8.1 | % | 7.7 | % | 8.5 | % | 8.1 | % | 8.7 | % | 8.3 | % | 9.0 | % | 8.5 | % | 50 | 40 | ||||||||||||||||||||||||||||||||||
Intercon | 4.5 | % | 4.6 | % | 4.6 | % | 4.5 | % | 4.5 | % | 4.4 | % | 4.5 | % | 4.7 | % | 4.2 | % | 4.4 | % | 4.3 | % | 4.4 | % | 4.4 | % | 4.4 | % | — | (10) | ||||||||||||||||||||||||||||||||||
Emerging | 3.8 | % | 3.7 | % | 3.8 | % | 4.2 | % | 4.0 | % | 4.2 | % | 4.0 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.4 | % | 4.3 | % | 3.7 | % | 4.1 | % | (50) | 10 | ||||||||||||||||||||||||||||||||||
Other | 1.0 | % | 1.0 | % | 1.0 | % | 1.2 | % | 1.1 | % | 1.1 | % | 1.0 | % | 0.7 | % | 0.8 | % | 0.8 | % | 0.5 | % | 0.6 | % | 0.3 | % | 0.6 | % | (80) | (40) |
1
BRISTOL-MYERS SQUIBB COMPANY
SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS
FOR THE PERIOD ENDED DECEMBER 31, 2010
($ in millions)
QUARTER-TO-DATE
US | Non-US | Total | ||||||||||
Price Increases/(Decreases) | 2% | -4% | — | |||||||||
Foreign Exchange | — | -2% | — | |||||||||
Volume | 3% | 1% | 2% | |||||||||
Total Change | 5% | -5% | 2% | |||||||||
Total 2010 Period to Date Sales | $ | 3,284 | $ | 1,827 | $ | 5,111 | ||||||
Total 2009 Period to Date Sales | $ | 3,115 | $ | 1,918 | $ | 5,033 |
YEAR-TO-DATE
US | Non-US | Total | ||||||||||
Price Increases/(Decreases) | 3% | -4% | 1% | |||||||||
Foreign Exchange | — | 1% | 1% | |||||||||
Volume | 3% | 2% | 2% | |||||||||
Total Change | 6% | -1% | 4% | |||||||||
Total 2010 Period to Date Sales | $ | 12,613 | $ | 6,871 | $ | 19,484 | ||||||
Total 2009 Period to Date Sales | $ | 11,867 | $ | 6,941 | $ | 18,808 |
2
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENT OF EARNINGS FROM CONTINUING OPERATIONS
($ in millions, except per share amounts)
2009 | 2010 | % 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 | $ | 4,322 | $ | 4,665 | $ | 8,987 | $ | 4,788 | $ | 13,775 | $ | 5,033 | $ | 18,808 | $ | 4,807 | $ | 4,768 | $ | 9,575 | $ | 4,798 | $ | 14,373 | $ | 5,111 | $ | 19,484 | 2% | 4% | ||||||||||||||||||||||||||||||||||
Cost of products sold | 1,165 | 1,225 | 2,390 | 1,317 | 3,707 | 1,433 | 5,140 | 1,306 | 1,277 | 2,583 | 1,280 | 3,863 | 1,414 | 5,277 | (1)% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||||
Marketing, selling | 901 | 922 | 1,823 | 953 | 2,776 | 1,170 | 3,946 | 900 | 894 | 1,794 | 892 | 2,686 | 1,000 | 3,686 | (15)% | (7)% | ||||||||||||||||||||||||||||||||||||||||||||||||
Advertising and product promotion | 248 | 298 | 546 | 256 | 802 | 334 | 1,136 | 212 | 263 | 475 | 231 | 706 | 271 | 977 | (19)% | (14)% | ||||||||||||||||||||||||||||||||||||||||||||||||
Research and development | 908 | 811 | 1,719 | 820 | 2,539 | 1,108 | 3,647 | 910 | 822 | 1,732 | 824 | 2,556 | 1,010 | 3,566 | (9)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for restructuring, net | 19 | 19 | 38 | 51 | 89 | 47 | 136 | 11 | 24 | 35 | 15 | 50 | 63 | 113 | 34% | (17)% | ||||||||||||||||||||||||||||||||||||||||||||||||
Litigation expense, net | 104 | 28 | 132 | — | 132 | — | 132 | — | — | — | 22 | 22 | (41 | ) | (19 | ) | — | 114% | ||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income of affiliates | (146 | ) | (150 | ) | (296 | ) | (139 | ) | (435 | ) | (115 | ) | (550 | ) | (97 | ) | (85 | ) | (182 | ) | (70 | ) | (252 | ) | (61 | ) | (313 | ) | (47)% | (43)% | ||||||||||||||||||||||||||||||||||
Other (income) | (72 | ) | (10 | ) | (82 | ) | (35 | ) | (117 | ) | (264 | ) | (381 | ) | 113 | (19 | ) | 94 | (10 | ) | 84 | 42 | 126 | (116)% | (133)% | |||||||||||||||||||||||||||||||||||||||
Total expenses | 3,127 | 3,143 | 6,270 | 3,223 | 9,493 | 3,713 | 13,206 | 3,355 | 3,176 | 6,531 | 3,184 | 9,715 | 3,698 | 13,413 | — | 2% | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Income Taxes | $ | 1,195 | $ | 1,522 | $ | 2,717 | $ | 1,565 | $ | 4,282 | $ | 1,320 | $ | 5,602 | $ | 1,452 | $ | 1,592 | $ | 3,044 | $ | 1,614 | $ | 4,658 | $ | 1,413 | $ | 6,071 | 7% | 8% | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 275 | 353 | 628 | 366 | 994 | 188 | 1,182 | 351 | 324 | 675 | 312 | 987 | 571 | 1,558 | * | 32% | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings from Continuing Operations | $ | 920 | $ | 1,169 | $ | 2,089 | $ | 1,199 | $ | 3,288 | $ | 1,132 | $ | 4,420 | $ | 1,101 | $ | 1,268 | $ | 2,369 | $ | 1,302 | $ | 3,671 | $ | 842 | $ | 4,513 | (26)% | 2% | ||||||||||||||||||||||||||||||||||
Net Earnings Attributable to Noncontrolling Interest | 271 | 289 | 560 | 307 | 867 | 314 | 1,181 | 358 | 341 | 699 | 353 | 1,052 | 359 | 1,411 | 14% | 19% | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings from Continuing Operations Attributable to BMS Company | $ | 649 | $ | 880 | $ | 1,529 | $ | 892 | $ | 2,421 | $ | 818 | $ | 3,239 | $ | 743 | $ | 927 | $ | 1,670 | $ | 949 | $ | 2,619 | $ | 483 | $ | 3,102 | (41)% | (4)% | ||||||||||||||||||||||||||||||||||
Contingently convertible debt interest expense and earnings attributable to unvested shares | (4 | ) | (5 | ) | (8 | ) | (5 | ) | (13 | ) | (4 | ) | (17 | ) | (3 | ) | (3 | ) | (7 | ) | (4 | ) | (11 | ) | (2 | ) | (12 | ) | (50)% | (29)% | ||||||||||||||||||||||||||||||||||
Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to BMS Company | $ | 645 | $ | 875 | $ | 1,521 | $ | 887 | $ | 2,408 | $ | 814 | $ | 3,222 | $ | 740 | $ | 924 | $ | 1,663 | $ | 945 | $ | 2,608 | $ | 481 | $ | 3,090 | (41)% | (4)% | ||||||||||||||||||||||||||||||||||
Diluted Earnings Attributable to BMS Company per Common Share** - Continuing Operations | $ | 0.33 | $ | 0.44 | $ | 0.77 | $ | 0.45 | $ | 1.21 | $ | 0.41 | $ | 1.63 | $ | 0.43 | $ | 0.53 | $ | 0.96 | $ | 0.55 | $ | 1.51 | $ | 0.28 | $ | 1.79 | (32)% | 10% | ||||||||||||||||||||||||||||||||||
Average Common Shares Outstanding - Diluted | 1,981 | 1,983 | 1,982 | 1,984 | 1,982 | 1,967 | 1,978 | 1,725 | 1,728 | 1,727 | 1,726 | 1,726 | 1,723 | 1,727 | (12)% | (13)% | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared per common share | $ | 0.31 | $ | 0.31 | $ | 0.62 | $ | 0.31 | $ | 0.93 | $ | 0.32 | $ | 1.25 | $ | 0.32 | $ | 0.32 | $ | 0.64 | $ | 0.32 | $ | 0.96 | $ | 0.33 | $ | 1.29 | 3% | 3% |
% of Net Sales | 2009 | 2010 | 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 | 73.0% | 73.7% | 73.4% | 72.5% | 73.1% | 71.5% | 72.7% | 72.8% | 73.2% | 73.0% | 73.3% | 73.1% | 72.3% | 72.9% | 80 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of products sold | 27.0% | 26.3% | 26.6% | 27.5% | 26.9% | 28.5% | 27.3% | 27.2% | 26.8% | 27.0% | 26.7% | 26.9% | 27.7% | 27.1% | (80 | ) | (20 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Marketing, selling and administrative | 20.8% | 19.8% | 20.3% | 19.9% | 20.2% | 23.2% | 21.0% | 18.7% | 18.8% | 18.7% | 18.6% | 18.7% | 19.6% | 18.9% | (360 | ) | (210 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Advertising and product promotion | 5.7% | 6.4% | 6.1% | 5.3% | 5.8% | 6.6% | 6.0% | 4.4% | 5.5% | 5.0% | 4.8% | 4.9% | 5.3% | 5.0% | (130 | ) | (100 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Research and development | 21.0% | 17.4% | 19.1% | 17.1% | 18.4% | 22.0% | 19.4% | 18.9% | 17.2% | 18.1% | 17.2% | 17.8% | 19.8% | 18.3% | (220 | ) | (110 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 72.4% | 67.4% | 69.8% | 67.3% | 68.9% | 73.8% | 70.2% | 69.8% | 66.6% | 68.2% | 66.4% | 67.6% | 72.4% | 68.8% | (140 | ) | (140 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings from Continuing Operations Before Income Taxes | 27.6% | 32.6% | 30.2% | 32.7% | 31.1% | 26.2% | 29.8% | 30.2% | 33.4% | 31.8% | 33.6% | 32.4% | 27.6% | 31.2% | 140 | 140 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings from Continuing Operations Attributable to BMS Company | 15.0% | 18.9% | 17.0% | 18.6% | 17.6% | 16.3% | 17.2% | 15.5% | 19.4% | 17.4% | 19.8% | 18.2% | 9.5% | 15.9% | (680 | ) | (130 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Tax Rate | 23.0% | 23.2% | 23.1% | 23.4% | 23.2% | 14.2% | 21.1% | 24.2% | 20.4% | 22.2% | 19.3% | 21.2% | 40.4% | 25.7% | 2,620 | 460 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other (Income)/Expense, net | 2009 | 2010 | % 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 | $ | 52 | $ | 42 | $ | 94 | $ | 47 | $ | 141 | $ | 43 | $ | 184 | $ | 33 | $ | 32 | $ | 65 | $ | 38 | $ | 103 | $ | 42 | $ | 145 | (2)% | (21)% | ||||||||||||||||||||||||||||||||||
Interest income | (13 | ) | (14 | ) | (27 | ) | (13 | ) | (40 | ) | (14 | ) | (54 | ) | (15 | ) | (16 | ) | (31 | ) | (23 | ) | (54 | ) | (21 | ) | (75 | ) | 50% | 39% | ||||||||||||||||||||||||||||||||||
Impairment and loss on sale | — | — | — | — | — | — | — | 200 | 15 | 215 | 10 | 225 | 11 | 236 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
(Gain)/Loss on debt repurchase | — | (11 | ) | (11 | ) | 4 | (7 | ) | — | (7 | ) | — | — | — | — | — | 6 | 6 | — | (186)% | ||||||||||||||||||||||||||||||||||||||||||||
Net foreign exchange transaction (gains)/losses | (13 | ) | 17 | 4 | 13 | 17 | (15 | ) | 2 | (16 | ) | (16 | ) | (32 | ) | 9 | (23 | ) | 17 | (6 | ) | * | * | |||||||||||||||||||||||||||||||||||||||||
Gain on sale of product lines, businesses and assets | (44 | ) | (11 | ) | (55 | ) | (17 | ) | (72 | ) | (288 | ) | (360 | ) | (10 | ) | (5 | ) | (15 | ) | (21 | ) | (36 | ) | (3 | ) | (39 | ) | (99)% | (89)% | ||||||||||||||||||||||||||||||||||
Acquisition related items | — | — | — | (10 | ) | (10 | ) | — | (10 | ) | — | — | — | — | — | 10 | 10 | — | (200)% | |||||||||||||||||||||||||||||||||||||||||||||
Other income from alliance partners | (35 | ) | (34 | ) | (69 | ) | (50 | ) | (119 | ) | (29 | ) | (148 | ) | (50 | ) | (44 | ) | (94 | ) | (28 | ) | (122 | ) | (14 | ) | (136 | ) | (52)% | (8)% | ||||||||||||||||||||||||||||||||||
Pension curtailment and settlement charges | — | 25 | 25 | — | 25 | 18 | 43 | — | 14 | 14 | 2 | 16 | 12 | 28 | (33)% | (35)% | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | (19 | ) | (24 | ) | (43 | ) | (9 | ) | (52 | ) | 21 | (31 | ) | (29 | ) | 1 | (28 | ) | 3 | (25 | ) | (18 | ) | (43 | ) | 186% | 39% | |||||||||||||||||||||||||||||||||||||
($ | 72 | ) | ($ | 10 | ) | ($ | 82 | ) | ($ | 35 | ) | ($ | 117 | ) | ($ | 264 | ) | ($ | 381 | ) | $ | 113 | ($ | 19 | ) | $ | 94 | ($ | 10 | ) | $ | 84 | $ | 42 | $ | 126 | (116)% | (133)% |
* | in excess of +/- 200% |
** | quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations. |
3
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING
FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED DECEMBER 30, 2010
(Unaudited, amounts in millions except per share data)
QUARTER-TO-DATE
2010 | 2009 | Growth $ | Growth % | Favorable / (Unfavorable) FX Impact $ * | 2010 Excluding FX | Favorable / (Unfavorable) FX Impact % * | Growth % Excluding FX | |||||||||||||||||||||||||
Net sales | $ | 5,111 | $ | 5,033 | $ | 78 | 2% | (42 | ) | $ | 5,153 | — | 2% | |||||||||||||||||||
Marketing, selling and administrative (a) | 1,000 | 1,170 | (170 | ) | (15)% | 9 | 1,009 | 1% | (14)% | |||||||||||||||||||||||
Marketing, selling and administrative excluding specified items (b) | 992 | 1,025 | (33 | ) | (3)% | 12 | 1,004 | 1% | (2)% | |||||||||||||||||||||||
Advertising and product promotion | 271 | 334 | (63 | ) | (19)% | — | 271 | — | (19)% | |||||||||||||||||||||||
Research and development | 1,010 | 1,108 | (98 | ) | (9)% | (1 | ) | 1,009 | — | (9)% | ||||||||||||||||||||||
Research and development excluding specified items (b) | 940 | 935 | 5 | 1% | — | 940 | (1)% | — | ||||||||||||||||||||||||
(a) General and administrative | 383 | 540 | (157 | ) | (29)% | 1 | 384 | — | (29)% | |||||||||||||||||||||||
General and administrative excluding specified items (c) | 375 | 395 | (20 | ) | (5)% | 3 | 378 | 1% | (4)% |
(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 of General and administrative GAAP to Non-GAAP figures: |
2010 | 2009 | |||||||
General and administrative | 383 | 540 | ||||||
Specified Items: | ||||||||
Process standardization implementation costs | 8 | 45 | ||||||
BMS foundation funding initiative | — | 100 | ||||||
General and administrative excluding specified items | 375 | 395 | ||||||
YEAR-TO-DATE
2010 | 2009 | Growth $ | Growth % | Favorable / (Unfavorable) FX Impact $ * | 2010 Excluding FX | Favorable / (Unfavorable) FX Impact % * | Growth % Excluding FX | |||||||||||||||||||||||||
Net sales | $ | 19,484 | $ | 18,808 | 676 | 4% | 50 | $ | 19,434 | 1% | 3% | |||||||||||||||||||||
Marketing, selling and administrative (a) | 3,686 | 3,946 | (260 | ) | (7)% | 3 | 3,689 | — | (7)% | |||||||||||||||||||||||
Marketing, selling and administrative excluding specified items (b) | 3,651 | 3,736 | (85 | ) | (2)% | 3 | 3,654 | — | (2)% | |||||||||||||||||||||||
Advertising and product promotion | 977 | 1,136 | (159 | ) | (14)% | (6 | ) | 971 | (1)% | (15)% | ||||||||||||||||||||||
Research and development | 3,566 | 3,647 | (81 | ) | (2)% | (6 | ) | 3,560 | — | (2)% | ||||||||||||||||||||||
Research and development excluding specified items (b) | 3,424 | 3,300 | 124 | 4% | (6 | ) | 3,418 | — | 4% | |||||||||||||||||||||||
(a) General and administrative | 1,394 | 1,594 | (200 | ) | (13)% | (2 | ) | 1,392 | — | (13)% | ||||||||||||||||||||||
General and administrative excluding specified items (c) | 1,359 | 1,384 | (25 | ) | (2)% | (2 | ) | 1,357 | — | (2)% |
(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: |
2010 | 2009 | |||||||
General and administrative | 1,394 | 1,594 | ||||||
Specified Items: | ||||||||
Process standardization implementation costs | 35 | 110 | ||||||
BMS foundation funding initiative | — | 100 | ||||||
General and administrative excluding specified items | 1,359 | 1,384 | ||||||
* | The company calculates the foreign exchange (FX) impact by determining the change in a line item's current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact. |
4
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED DECEMBER 31, 2010
(Unaudited, amounts in millions except per share data)
QUARTER-TO-DATE
2010 | 2009 | Growth $ | Growth % | Favorable / (Unfavorable) FX Impact $ ** | 2010 Excluding FX | Favorable / (Unfavorable) FX Impact % ** | Growth % Excluding FX | |||||||||||||||||||||||||
Plavix | 1,715 | 1,618 | 97 | 6% | (2 | ) | 1,717 | — | 6% | |||||||||||||||||||||||
Avapro/Avalide | 252 | 339 | (87 | ) | (26)% | — | 252 | — | (26)% | |||||||||||||||||||||||
Abilify | 707 | 707 | �� | — | — | (6 | ) | 713 | (1)% | 1% | ||||||||||||||||||||||
Reyataz | 374 | 388 | (14 | ) | (4)% | (7 | ) | 381 | (2)% | (2)% | ||||||||||||||||||||||
Sustiva Franchise | 360 | 358 | 2 | 1% | (9 | ) | 369 | (2)% | 3% | |||||||||||||||||||||||
Baraclude | 264 | 212 | 52 | 25% | 4 | 260 | 4% | 21% | ||||||||||||||||||||||||
Erbitux | 165 | 167 | (2 | ) | (1)% | 1 | 164 | 1% | (2)% | |||||||||||||||||||||||
Sprycel | 169 | 119 | 50 | 42% | (3 | ) | 172 | (3)% | 45% | |||||||||||||||||||||||
Ixempra | 30 | 28 | 2 | 7% | — | 30 | (3)% | 10% | ||||||||||||||||||||||||
Orencia | 202 | 168 | 34 | 20% | (1 | ) | 203 | (1)% | 21% | |||||||||||||||||||||||
Onglyza/Kombiglyze | 73 | 4 | 69 | * | (1 | ) | 74 | — | * | |||||||||||||||||||||||
Mature Products and All Other | 800 | 925 | (125 | ) | (14)% | (18 | ) | 818 | (2)% | (12)% | ||||||||||||||||||||||
YEAR-TO-DATE | ||||||||||||||||||||||||||||||||
2010 | 2009 | Growth $ | Growth % | Favorable / (Unfavorable) FX Impact $ ** | 2010 Excluding FX | Favorable / (Unfavorable) FX Impact % ** | Growth % Excluding FX | |||||||||||||||||||||||||
Plavix | 6,666 | 6,146 | 520 | 8% | 24 | 6,642 | — | 8% | ||||||||||||||||||||||||
Avapro/Avalide | 1,176 | 1,283 | (107 | ) | (8)% | 16 | 1,160 | 2% | (10)% | |||||||||||||||||||||||
Abilify | 2,565 | 2,592 | (27 | ) | (1)% | (12 | ) | 2,577 | — | (1)% | ||||||||||||||||||||||
Reyataz | 1,479 | 1,401 | 78 | 6% | (8 | ) | 1,487 | — | 6% | |||||||||||||||||||||||
Sustiva Franchise | 1,368 | 1,277 | 91 | 7% | (14 | ) | 1,382 | (1)% | 8% | |||||||||||||||||||||||
Baraclude | 931 | 734 | 197 | 27% | 19 | 912 | 3% | 24% | ||||||||||||||||||||||||
Erbitux | 662 | 683 | (21 | ) | (3)% | 1 | 661 | — | (3)% | |||||||||||||||||||||||
Sprycel | 576 | 421 | 155 | 37% | 2 | 574 | 1% | 36% | ||||||||||||||||||||||||
Ixempra | 117 | 109 | 8 | 7% | — | 117 | — | 7% | ||||||||||||||||||||||||
Orencia | 733 | 602 | 131 | 22% | 1 | 732 | — | 22% | ||||||||||||||||||||||||
Onglyza/Kombiglyze | 158 | 24 | 134 | * | (1 | ) | 159 | — | * | |||||||||||||||||||||||
Mature Products and All Other | 3,053 | 3,536 | (483 | ) | (14)% | 22 | 3,031 | — | (14)% |
* | In excess of +/- 200% |
** | The company calculates the foreign exchange (FX) impact by determining the change in a product’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact. |
5
BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)
2009 | 2010 | % 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL | 4,322 | 4,665 | 8,987 | 4,788 | 13,775 | 5,033 | 18,808 | 4,807 | 4,768 | 9,575 | 4,798 | 14,373 | 5,111 | 19,484 | 2% | 4% | — | 1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Key Products | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plavix | 1,435 | 1,539 | 2,974 | 1,554 | 4,528 | 1,618 | 6,146 | 1,666 | 1,627 | 3,293 | 1,658 | 4,951 | 1,715 | 6,666 | 6% | 8% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avapro/Avalide | 302 | 313 | 615 | 329 | 944 | 339 | 1,283 | 314 | 307 | 621 | 303 | 924 | 252 | 1,176 | (26)% | (8)% | — | 2% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Abilify(b) | 589 | 643 | 1,232 | 653 | 1,885 | 707 | 2,592 | 617 | 633 | 1,250 | 608 | 1,858 | 707 | 2,565 | — | (1)% | (1)% | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reyataz | 322 | 331 | 653 | 360 | 1,013 | 388 | 1,401 | 373 | 357 | 730 | 375 | 1,105 | 374 | 1,479 | (4)% | 6% | (2)% | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise(a) | 292 | 312 | 604 | 315 | 919 | 358 | 1,277 | 335 | 331 | 666 | 342 | 1,008 | 360 | 1,368 | 1% | 7% | (2)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 152 | 179 | 331 | 191 | 522 | 212 | 734 | 216 | 223 | 439 | 228 | 667 | 264 | 931 | 25% | 27% | 4% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Erbitux | 164 | 173 | 337 | 179 | 516 | 167 | 683 | 166 | 172 | 338 | 159 | 497 | 165 | 662 | (1)% | (3)% | 1% | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sprycel | 88 | 107 | 195 | 107 | 302 | 119 | 421 | 131 | 132 | 263 | 144 | 407 | 169 | 576 | 42% | 37% | (3)% | 1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ixempra | 24 | 29 | 53 | 28 | 81 | 28 | 109 | 29 | 29 | 58 | 29 | 87 | 30 | 117 | 7% | 7% | (3)% | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orencia | 124 | 148 | 272 | 162 | 434 | 168 | 602 | 169 | 178 | 347 | 184 | 531 | 202 | 733 | 20% | 22% | (1)% | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Onglyza/Kombiglyze | — | — | — | 20 | 20 | 4 | 24 | 10 | 28 | 38 | 47 | 85 | 73 | 158 | * | * | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mature Products and All Other (c) | 830 | 891 | 1,721 | 890 | 2,611 | 925 | 3,536 | 781 | 751 | 1,532 | 721 | 2,253 | 800 | 3,053 | (14)% | (14)% | (2)% | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | 2010 | % 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales by Therapeutic Area: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cardiovascular | 1,892 | 2,050 | 3,942 | 2,055 | 5,997 | 2,118 | 8,115 | 2,129 | 2,069 | 4,198 | 2,086 | 6,284 | 2,111 | 8,395 | — | 3% | 1% | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Virology | 794 | 848 | 1,642 | 890 | 2,532 | 981 | 3,513 | 945 | 929 | 1,874 | 963 | 2,837 | 1,017 | 3,854 | 4% | 10% | (1)% | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oncology | 407 | 450 | 857 | 447 | 1,304 | 437 | 1,741 | 435 | 444 | 879 | 443 | 1,322 | 478 | 1,800 | 9% | 3% | — | 1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Neuroscience | 621 | 660 | 1,281 | 668 | 1,949 | 727 | 2,676 | 635 | 650 | 1,285 | 618 | 1,903 | 715 | 2,618 | (2)% | (2)% | (2)% | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Immunoscience | 124 | 148 | 272 | 162 | 434 | 168 | 602 | 169 | 178 | 347 | 184 | 531 | 202 | 733 | 20% | 22% | (1)% | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metabolics | 25 | 36 | 61 | 52 | 113 | 30 | 143 | 37 | 55 | 92 | 75 | 167 | 97 | 264 | * | 85% | (2)% | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Therapeutic Areas | 459 | 473 | 932 | 514 | 1,446 | 572 | 2,018 | 457 | 443 | 900 | 429 | 1,329 | 491 | 1,820 | (14)% | (10)% | (6)% | (1)% |
* | 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. |
(c) | Includes products which have lost their exclusivity in major markets, over the counter brands and $15M of Recothrom sales in 2010. |
6
BRISTOL-MYERS SQUIBB COMPANY
DOMESTIC NET SALES FROM CONTINUING OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)
2009 | 2010 | % 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL | 2,766 | 2,974 | 5,740 | 3,012 | 8,752 | 3,115 | 11,867 | 3,089 | 3,105 | 6,194 | 3,135 | 9,329 | 3,284 | 12,613 | 5% | 6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Key Products | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plavix | 1,296 | 1,393 | 2,689 | 1,406 | 4,095 | 1,461 | 5,556 | 1,531 | 1,496 | 3,027 | 1,534 | 4,561 | 1,593 | 6,154 | 9% | 11% | (4)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avapro/Avalide | 173 | 179 | 352 | 186 | 538 | 184 | 722 | 186 | 170 | 356 | 168 | 524 | 118 | 642 | (36)% | (11)% | (20)% | (17)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Abilify(b) | 481 | 518 | 999 | 520 | 1,519 | 563 | 2,082 | 470 | 491 | 961 | 462 | 1,423 | 535 | 1,958 | (5)% | (6)% | 2% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reyataz | 176 | 169 | 345 | 186 | 531 | 196 | 727 | 186 | 185 | 371 | 189 | 560 | 194 | 754 | (1)% | 4% | (1)% | 4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise(a) | 190 | 194 | 384 | 195 | 579 | 224 | 803 | 214 | 213 | 427 | 227 | 654 | 227 | 881 | 1% | 10% | 4% | 7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 36 | 39 | 75 | 41 | 116 | 44 | 160 | 42 | 42 | 84 | 46 | 130 | 49 | 179 | 11% | 12% | 8% | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Erbitux | 162 | 171 | 333 | 175 | 508 | 163 | 671 | 163 | 168 | 331 | 155 | 486 | 160 | 646 | (2)% | (4)% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sprycel | 30 | 33 | 63 | 28 | 91 | 32 | 123 | 38 | 42 | 80 | 47 | 127 | 61 | 188 | 91% | 53% | 4% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ixempra | 22 | 26 | 48 | 26 | 74 | 25 | 99 | 25 | 26 | 51 | 25 | 76 | 23 | 99 | (8)% | — | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orencia | 99 | 116 | 215 | 126 | 341 | 126 | 467 | 126 | 137 | 263 | 138 | 401 | 146 | 547 | 16% | 17% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Onglyza/Kombiglyze | — | — | — | 20 | 20 | 2 | 22 | 6 | 23 | 29 | 37 | 66 | 53 | 119 | * | * | * | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mature Products and All Other(c) | 101 | 136 | 237 | 103 | 340 | 95 | 435 | 102 | 112 | 214 | 107 | 321 | 125 | 446 | 32% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | 2010 | % 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 by Therapeutic Area: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cardiovascular | 1,515 | 1,652 | 3,167 | 1,650 | 4,817 | 1,693 | 6,510 | 1,770 | 1,707 | 3,477 | 1,743 | 5,220 | 1,770 | 6,990 | 5% | 7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Virology | 406 | 404 | 810 | 424 | 1,234 | 466 | 1,700 | 445 | 441 | 886 | 462 | 1,348 | 472 | 1,820 | 1% | 7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oncology | 218 | 233 | 451 | 233 | 684 | 219 | 903 | 233 | 239 | 472 | 233 | 705 | 249 | 954 | 14% | 6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Neuroscience | 491 | 513 | 1,004 | 520 | 1,524 | 566 | 2,090 | 473 | 494 | 967 | 464 | 1,431 | 538 | 1,969 | (5)% | (6)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Immunoscience | 99 | 116 | 215 | 126 | 341 | 126 | 467 | 126 | 137 | 263 | 138 | 401 | 146 | 547 | 16% | 17% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metabolics | 11 | 21 | 32 | 36 | 68 | 12 | 80 | 16 | 30 | 46 | 48 | 94 | 61 | 155 | * | 94% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Therapeutic Areas | 26 | 35 | 61 | 23 | 84 | 33 | 117 | 26 | 57 | 83 | 47 | 130 | 48 | 178 | 45% | 52% |
* | In excess of +/- 200% |
** | The data is provided by Wolters Kluwer Health (WK), except for SPRYCEL, and based on the Source Prescription Audit which is a product of WK’s own recordkeeping and projection processes. As such, the data is subject to the inherent limitations of estimates based on sampling and may include a margin of error. The change in SPRYCEL demand is calculated based upon tablets sold though retail and mail order channels based upon data obtained from the IMS Health (IMS) National Sales Perspectives Audit, which is a product of IMS’s own recordkeeping and projection processes. As such, the data is subject to the inherent limitations of estimates based on sampling and may include a margin of error. ERBITUX, IXEMPRA and ORENCIA are parenterally administered products and do not have prescription-level data as physicians do not write prescriptions for these products. |
(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. The following table provides a reconciliation of the impact for extending the term of the commercialization and manufacturing agreement and U.S. healthcare reform. |
2009 | 2010 | % Change | ||||||||||||||||||||||
4th Qtr | Year | 4th Qtr | Year | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||
Abilify Net Sales As Reported | 563 | 2,082 | 535 | 1,958 | -5% | -6% | ||||||||||||||||||
Contractual share change from 65% to 58% | — | — | 65 | 236 | N/A | N/A | ||||||||||||||||||
Incremental amortization of extension payment | — | — | — | 16 | N/A | N/A | ||||||||||||||||||
U.S. healthcare reform | — | — | 25 | 107 | N/A | N/A | ||||||||||||||||||
Abilify Net Sales - Adjusted | 563 | 2,082 | 625 | 2,317 | 11% | 11% | ||||||||||||||||||
(c) | Includes products which have lost their exclusivity in major markets, over the counter brands and $15M of Recothrom sales in 2010. |
7
BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL NET SALES FROM CONTINUING OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)
2009 | 2010 | % 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 | |||||||||||||||||||||||||||||||||||||||||||||||
TOTAL | 1,556 | 1,691 | 3,247 | 1,776 | 5,023 | 1,918 | 6,941 | 1,718 | 1,663 | 3,381 | 1,663 | 5,044 | 1,827 | 6,871 | (5)% | (1)% | (2)% | 1% | ||||||||||||||||||||||||||||||||||||||||||||||
Key Products | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plavix | 139 | 146 | 285 | 148 | 433 | 157 | 590 | 135 | 131 | 266 | 124 | 390 | 122 | 512 | (22)% | (13)% | — | 4% | ||||||||||||||||||||||||||||||||||||||||||||||
Avapro/Avalide | 129 | 134 | 263 | 143 | 406 | 155 | 561 | 128 | 137 | 265 | 135 | 400 | 134 | 534 | (14)% | (5)% | — | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
Abilify(b) | 108 | 125 | 233 | 133 | 366 | 144 | 510 | 147 | 142 | 289 | 146 | 435 | 172 | 607 | 19% | 19% | (6)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||
Reyataz | 146 | 162 | 308 | 174 | 482 | 192 | 674 | 187 | 172 | 359 | 186 | 545 | 180 | 725 | (6)% | 8% | (3)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise(a) | 102 | 118 | 220 | 120 | 340 | 134 | 474 | 121 | 118 | 239 | 115 | 354 | 133 | 487 | (1)% | 3% | (6)% | (3)% | ||||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 116 | 140 | 256 | 150 | 406 | 168 | 574 | 174 | 181 | 355 | 182 | 537 | 215 | 752 | 28% | 31% | 2% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
Erbitux | 2 | 2 | 4 | 4 | 8 | 4 | 12 | 3 | 4 | 7 | 4 | 11 | 5 | 16 | 25% | 33% | 3% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||
Sprycel | 58 | 74 | 132 | 79 | 211 | 87 | 298 | 93 | 90 | 183 | 97 | 280 | 108 | 388 | 24% | 30% | (3)% | — | ||||||||||||||||||||||||||||||||||||||||||||||
Ixempra | 2 | 3 | 5 | 2 | 7 | 3 | 10 | 4 | 3 | 7 | 4 | 11 | 7 | 18 | 133% | 80% | 1% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
Orencia | 25 | 32 | 57 | 36 | 93 | 42 | 135 | 43 | 41 | 84 | 46 | 130 | 56 | 186 | 33% | 38% | (3)% | 1% | ||||||||||||||||||||||||||||||||||||||||||||||
Onglyza/Kombiglyze | — | — | — | — | — | 2 | 2 | 4 | 5 | 9 | 10 | 19 | 20 | 39 | * | * | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Mature Products and All Other(c) | 729 | 755 | 1,484 | 787 | 2,271 | 830 | 3,101 | 679 | 639 | 1,318 | 614 | 1,932 | 675 | 2,607 | (19)% | (16)% | (2)% | 1% | ||||||||||||||||||||||||||||||||||||||||||||||
2009 | 2010 | % 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 | |||||||||||||||||||||||||||||||||||||||||||||||
Net Sales by Therapeutic Area: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cardiovascular | 377 | 398 | 775 | 405 | 1,180 | 425 | 1,605 | 359 | 362 | 721 | 343 | 1,064 | 341 | 1,405 | (20)% | (12)% | (1)% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
Virology | 388 | 444 | 832 | 466 | 1,298 | 515 | 1,813 | 500 | 488 | 988 | 501 | 1,489 | 545 | 2,034 | 6% | 12% | (2)% | — | ||||||||||||||||||||||||||||||||||||||||||||||
Oncology | 189 | 217 | 406 | 214 | 620 | 218 | 838 | 202 | 205 | 407 | 210 | 617 | 229 | 846 | 5% | 1% | 2% | 3% | ||||||||||||||||||||||||||||||||||||||||||||||
Neuroscience | 130 | 147 | 277 | 148 | 425 | 161 | 586 | 162 | 156 | 318 | 154 | 472 | 177 | 649 | 10% | 11% | (6)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||
Immunoscience | 25 | 32 | 57 | 36 | 93 | 42 | 135 | 43 | 41 | 84 | 46 | 130 | 56 | 186 | 33% | 38% | (5)% | 1% | ||||||||||||||||||||||||||||||||||||||||||||||
Metabolics | 14 | 15 | 29 | 16 | 45 | 18 | 63 | 21 | 25 | 46 | 27 | 73 | 36 | 109 | 100% | 73% | (3)% | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other Therapeutic Areas | 433 | 438 | 871 | 491 | 1,362 | 539 | 1,901 | 431 | 386 | 817 | 382 | 1,199 | 443 | 1,642 | (18)% | (14)% | (3)% | 1% |
* | 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. |
(c) | Includes products which have lost their exclusivity in major markets and over the counter brands. |
8
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2010
(Unaudited, amounts in millions except per share data)
GAAP | Specified Items | Non GAAP | ||||||||||
Net Sales | $ | 5,111 | — | $ | 5,111 | |||||||
Cost of products sold | 1,414 | (28 | ) | 1,386 | ||||||||
Gross Profit | 3,697 | 28 | 3,725 | |||||||||
Gross profit as a % of sales | 72.3% | 0.6% | 72.9% | |||||||||
Marketing, selling and administrative | 1,000 | (8 | ) | 992 | ||||||||
Advertising and product promotion | 271 | — | 271 | |||||||||
Total SG&A | 1,271 | (8 | ) | 1,263 | ||||||||
SG&A as a % of sales | 24.9% | (0.2)% | 24.7% | |||||||||
Research and development | 1,010 | (70 | ) | 940 | ||||||||
R&D as a % of sales | 19.8% | (1.4)% | 18.4% | |||||||||
Operating Margin | 1,416 | 106 | 1,522 | |||||||||
Operating Margin as a % of sales | 27.7% | 2.1% | 29.8% | |||||||||
Provision for restructuring, net | 63 | (63 | ) | — | ||||||||
Litigation expense, net | (41 | ) | 41 | — | ||||||||
Equity in net income of affiliates | (61 | ) | — | (61 | ) | |||||||
Other (income)/expense, net | 42 | (35 | ) | 7 | ||||||||
Earnings from Continuing Operations Before Income Taxes | $ | 1,413 | 163 | $ | 1,576 | |||||||
Provision for income taxes | 571 | (161 | ) | 410 | ||||||||
Net Earnings - Continuing Operations | $ | 842 | 324 | $ | 1,166 | |||||||
Net Earnings - Continuing Operations Attributable to Noncontrolling Interest | 359 | 359 | ||||||||||
Net Earnings - Continuing Operations Attributable to BMS Company | $ | 483 | 324 | $ | 807 | |||||||
Contingently convertible debt interest expense and earnings attributable to unvested shares | (2 | ) | (2 | ) | ||||||||
Net Earnings used for Diluted EPS Calc - Continuing Operations - Attributable to BMS Company | $ | 481 | 324 | $ | 805 | |||||||
Average Common Shares Outstanding - Diluted | 1,723 | 1,723 | ||||||||||
Diluted EPS - Continuing Operations Attributable to BMS Company | $ | 0.28 | 0.19 | $ | 0.47 | |||||||
Net Earnings from Continuing Operations Attributable to BMS Company as a % of sales | 9.5% | 6.3% | 15.8% | |||||||||
Effective Tax Rate | 40.4% | (14.4)% | 26.0% |
9
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS
TO NON-GAAP RESULTS OF CONTINUING OPERATIONS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2010
(Unaudited, amounts in millions except per share data)
GAAP | Specified Items | Non GAAP | ||||||||||
Net Sales | $ | 19,484 | — | $ | 19,484 | |||||||
Cost of products sold | 5,277 | (113 | ) | 5,164 | ||||||||
Gross Profit | 14,207 | 113 | 14,320 | |||||||||
Gross profit as a % of sales | 72.9% | 0.6% | 73.5% | |||||||||
Marketing, selling and administrative | 3,686 | (35 | ) | 3,651 | ||||||||
Advertising and product promotion | 977 | — | 977 | |||||||||
Total SG&A | 4,663 | (35 | ) | 4,628 | ||||||||
SG&A as a % of sales | 23.9% | (0.1)% | 23.8% | |||||||||
Research and development | 3,566 | (142 | ) | 3,424 | ||||||||
R&D as a % of sales | 18.3% | (0.7)% | 17.6% | |||||||||
Operating Margin | 5,978 | 290 | 6,268 | |||||||||
Operating Margin as a % of sales | 30.7% | 1.5% | 32.2% | |||||||||
Provision for restructuring, net | 113 | (113 | ) | — | ||||||||
Litigation expense, net | (19 | ) | 19 | — | ||||||||
Equity in net income of affiliates | (313 | ) | — | (313 | ) | |||||||
Other (income)/expense, net | 126 | (281 | ) | (155 | ) | |||||||
Earnings from Continuing Operations Before Income Taxes | $ | 6,071 | 665 | $ | 6,736 | |||||||
Provision for income taxes | 1,558 | 32 | 1,590 | |||||||||
Net Earnings - Continuing Operations | $ | 4,513 | 633 | $ | 5,146 | |||||||
Net Earnings - Continuing Operations Attributable to Noncontrolling Interest | 1,411 | 1,411 | ||||||||||
Net Earnings - Continuing Operations Attributable to BMS Company | $ | 3,102 | 633 | $ | 3,735 | |||||||
Contingently convertible debt interest expense and earnings attributable to unvested shares | (12 | ) | (12 | ) | ||||||||
Net Earnings used for Diluted EPS Calc - Continuing Operations - Attributable to BMS Company | $ | 3,090 | 633 | $ | 3,723 | |||||||
Average Common Shares Outstanding - Diluted | 1,727 | 1,727 | ||||||||||
Diluted EPS - Continuing Operations Attributable to BMS Company | $ | 1.79 | 0.37 | $ | 2.16 | |||||||
Net Earnings from Continuing Operations Attributable to BMS Company as a % of sales | 15.9% | 3.3% | 19.2% | |||||||||
Effective Tax Rate | 25.7% | (2.1)% | 23.6% |
10
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2010 AND 2009
($ in millions)
Three months ended December 31, 2010
Cost of products sold | Marketing, selling and administrative | Research and development | Provision for restructuring | Litigation expense | Other (income)/ expense | Total | ||||||||||||||||||||||
Restructuring Activity: | ||||||||||||||||||||||||||||
Downsizing and streamlining of worldwide operations | $ | — | $ | — | $ | — | $ | 63 | $ | — | $ | — | $ | 63 | ||||||||||||||
Impairment and loss on sale of manufacturing operations | — | — | — | — | — | 11 | 11 | |||||||||||||||||||||
Accelerated depreciation, asset impairment and other shutdown costs | 28 | — | — | — | — | — | 28 | |||||||||||||||||||||
Pension curtailment and settlement charges | — | — | — | — | — | 10 | 10 | |||||||||||||||||||||
Process standardization implementation costs | — | 8 | — | — | — | — | 8 | |||||||||||||||||||||
Total Restructuring | 28 | 8 | — | 63 | — | 21 | 120 | |||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||
Litigation charges, net | — | — | — | — | (41 | ) | — | (41 | ) | |||||||||||||||||||
Upfront licensing, milestone and other payments | — | — | 60 | — | — | — | 60 | |||||||||||||||||||||
IPRD Impairment | — | — | 10 | — | — | — | 10 | |||||||||||||||||||||
Acquisition related items | — | — | — | — | — | 10 | 10 | |||||||||||||||||||||
Product liability charges | — | — | — | — | — | 4 | 4 | |||||||||||||||||||||
Total | $ | 28 | $ | 8 | $ | 70 | $ | 63 | $ | (41 | ) | $ | 35 | 163 | ||||||||||||||
Income taxes on items above | (46 | ) | ||||||||||||||||||||||||||
Specified tax charge | 207 | |||||||||||||||||||||||||||
Decrease to Net Earnings from Continuing Operations | $ | 324 | ||||||||||||||||||||||||||
Three months ended December 31, 2009
Cost of products sold | Marketing, selling and administrative | Research and development | Provision for restructuring | Other (income)/ expense | Total | |||||||||||||||||||
Restructuring Activity: | ||||||||||||||||||||||||
Downsizing and streamlining of worldwide operations | $ | — | $ | — | $ | — | $ | 42 | $ | — | $ | 42 | ||||||||||||
Accelerated depreciation, asset impairment, and other shutdown costs | 35 | — | — | 5 | — | 40 | ||||||||||||||||||
Pension curtailment and settlement charges | — | — | — | — | 11 | 11 | ||||||||||||||||||
Process standardization implementation costs | — | 45 | — | — | — | 45 | ||||||||||||||||||
Gain on sale of product lines, businesses and assets | — | — | — | — | (288 | ) | (288 | ) | ||||||||||||||||
Total Restructuring | 35 | 45 | — | 47 | (277 | ) | (150 | ) | ||||||||||||||||
Other: | ||||||||||||||||||||||||
BMS foundation funding initiative | — | 100 | — | — | — | 100 | ||||||||||||||||||
Loss on sale of investments | — | — | — | 31 | 31 | |||||||||||||||||||
Upfront licensing, milestone and other payments | — | — | 173 | — | — | 173 | ||||||||||||||||||
Total | $ | 35 | $ | 145 | $ | 173 | $ | 47 | $ | (246 | ) | 154 | ||||||||||||
Income taxes on items above | (44 | ) | ||||||||||||||||||||||
Decrease to Net Earnings from Continuing Operations | $ | 110 | ||||||||||||||||||||||
11
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2010 AND 2009
($ in millions)
Twelve months ended December 31, 2010
Cost of products sold | Marketing, selling and administrative | Research and development | Provision for restructuring | Litigation expense | Other (income)/ expense | Total | ||||||||||||||||||||||
Restructuring Activity: | ||||||||||||||||||||||||||||
Downsizing and streamlining of worldwide operations | $ | — | $ | — | $ | — | $ | 113 | $ | — | $ | — | $ | 113 | ||||||||||||||
Impairment and loss on sale of manufacturing operations | — | — | — | — | — | 236 | 236 | |||||||||||||||||||||
Accelerated depreciation, asset impairment and other shutdown costs | 113 | — | — | — | — | — | 113 | |||||||||||||||||||||
Pension curtailment and settlement charges | — | — | — | — | — | 18 | 18 | |||||||||||||||||||||
Process standardization implementation costs | — | 35 | — | — | — | — | 35 | |||||||||||||||||||||
Gain on sale of product lines, businesses and assets | — | — | — | — | — | — | — | |||||||||||||||||||||
Total Restructuring | 113 | 35 | — | 113 | — | 254 | 515 | |||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||
Litigation charges, net | — | — | — | — | (19 | ) | — | (19 | ) | |||||||||||||||||||
Upfront licensing, milestone and other payments | — | — | 132 | — | — | — | 132 | |||||||||||||||||||||
IPRD Impairment | — | — | 10 | — | — | — | 10 | |||||||||||||||||||||
Acquisition related items | — | — | — | — | 10 | 10 | ||||||||||||||||||||||
Product liability charges/ (insurance recoveries) | — | — | — | — | — | 17 | 17 | |||||||||||||||||||||
Total | $ | 113 | $ | 35 | $ | 142 | $ | 113 | $ | (19 | ) | $ | 281 | 665 | ||||||||||||||
Income taxes on items above | (180 | ) | ||||||||||||||||||||||||||
Out-of-period tax adjustment | (59 | ) | ||||||||||||||||||||||||||
Specified tax charge | 207 | |||||||||||||||||||||||||||
Decrease to Net Earnings from Continuing Operations | $ | 633 | ||||||||||||||||||||||||||
Twelve months ended December 31, 2009
Cost of products sold | Marketing, selling and administrative | Research and development | Provision for restructuring | Litigation expense | Other (income)/ expense | Total | ||||||||||||||||||||||
Restructuring Activity: | ||||||||||||||||||||||||||||
Downsizing and streamlining of worldwide operations | $ | — | $ | — | $ | — | $ | 122 | $ | — | $ | — | $ | 122 | ||||||||||||||
Accelerated depreciation, asset impairment and other shutdown costs | 115 | — | — | 14 | — | — | 129 | |||||||||||||||||||||
Pension curtailment and settlement charges | — | —2 | — | — | — | 36 | 36 | |||||||||||||||||||||
Process standardization implementation costs | — | 110 | — | — | — | — | 110 | |||||||||||||||||||||
Gain on sale of product lines, businesses and assets | — | — | — | — | — | (360 | ) | (360 | ) | |||||||||||||||||||
Total Restructuring | 115 | 110 | — | 136 | — | (324 | ) | 37 | ||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||
Litigation charges | — | — | — | — | 132 | — | 132 | |||||||||||||||||||||
BMS foundation funding initiative | — | 100 | — | — | — | — | 100 | |||||||||||||||||||||
Loss on sale of investments | — | — | — | — | — | 31 | 31 | |||||||||||||||||||||
Upfront licensing, milestone and other payments | — | — | 347 | — | — | — | 347 | |||||||||||||||||||||
Acquisition related items | — | — | — | — | — | (10 | ) | (10 | ) | |||||||||||||||||||
Debt repurchase | — | — | — | — | — | (7 | ) | (7 | ) | |||||||||||||||||||
Product liability charges/ (insurance recoveries) | 8 | — | — | — | — | (5 | ) | 3 | ||||||||||||||||||||
Total | $ | 123 | $ | 210 | $ | 347 | $ | 136 | $ | 132 | $ | (315 | ) | 633 | ||||||||||||||
Income taxes on items above | (205 | ) | ||||||||||||||||||||||||||
Decrease to Net Earnings from Continuing Operations | $ | 428 | ||||||||||||||||||||||||||
12
BRISTOL-MYERS SQUIBB COMPANY
SELECTED BALANCE SHEET INFORMATION
($ in millions)
March 31, 2009 | June 30, 2009 | September 30, 2009 | December 31, 2009 | March 31, 2010 | June 30, 2010 | September 30, 2010 | December 31, 2010 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 7,832 | $ | 7,507 | $ | 6,367 | $ | 7,683 | $ | 5,135 | $ | 5,918 | $ | 7,581 | $ | 5,033 | ||||||||||||||||
Marketable securities - current | 1,088 | 613 | 302 | 831 | 1,641 | 1,536 | 778 | 2,268 | ||||||||||||||||||||||||
Marketable securities - long term | 184 | 983 | 1,202 | 1,369 | 2,997 | 2,795 | 2,562 | 2,681 | ||||||||||||||||||||||||
Short-term borrowings | 156 | 124 | 286 | 231 | 208 | 290 | 243 | 117 | ||||||||||||||||||||||||
Long-term debt | 6,492 | 6,235 | 6,307 | 6,130 | 6,081 | 6,248 | 6,479 | 5,328 | ||||||||||||||||||||||||
Net (debt) / cash | $ | 2,456 | $ | 2,744 | $ | 1,278 | $ | 3,522 | $ | 3,484 | $ | 3,711 | $ | 4,199 | $ | 4,537 |
* | As of December 31, 2010, approximately $8.6 billion of cash and marketable securities was held in the U.S. |
13
BRISTOL-MYERS SQUIBB COMPANY
2011 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS
Full Year 2011 | ||||
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP | $ | 2.00 to $2.10 | ||
Projected Specified Items: | ||||
Downsizing and streamlining of worldwide operations | 0.08 | |||
Accelerated depreciation and other shutdown costs | 0.06 | |||
Upfront and milestone payments and other | 0.03 | |||
Litigation recovery | (0.04 | ) | ||
Certain tax-related items | (0.03 | ) | ||
Total | 0.10 | |||
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP | $ | 2.10 to $2.20 | ||
Gross margin as a percentage of sales on a GAAP basis for the full year 2010 was 72.9%, which included specified items of $113 million and had a 0.6% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the full year 2010 gross margin as a percentage of sales was 73.5%. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2011 to remain consistent with last year. 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 - Dec YTD tab.
Research and development expenses on a GAAP basis for the full year 2010 were $3,566 million, which included specified items of $142 million. On a non-GAAP basis, for the full year 2010 research and development expenses were $3,424 million. On a non-GAAP basis, the Company projects research and development expense for the full year 2011 to increase in the mid single digit range compared to 2010. It is estimated that 30% to 40% of the research and development expenses in 2011 will be incurred on late-stage development programs. 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 - Dec YTD tab.
Marketing, selling and administrative expenses, on a GAAP basis for the full year 2010 were $3,686 million, which included specified items of $35 million. On a non-GAAP basis, for the full year 2010 marketing, selling and administrative expenses were $3,651 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2011 to grow in the mid-single diget range compared to 2010. 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 - Dec YTD tab.
The effective tax rate on a GAAP basis for the full year 2010 was 25.7%, which included specified items of $32 million in the tax provision, and had a 2.1% impact on the effective tax rate in aggregate. On a non-GAAP basis, for the full year 2010 effective tax rate was 23.6%. On a non-GAAP basis, based on historical trends in 2010 the Company projects the annual effective tax rate between 25% and 26% for the full year 2011. 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 - December YTD tab.
The GAAP results for the full year 2011 will include specified items that may occur and impact results, including expected charges associated with downsizing and streamlining worldwide operations, accelerated depreciation, upfront and milestone payments and certain tax-related items. The GAAP results for the full year 2011 could also include other specified items that have not yet been identified and quantified, including any gains or losses from the purchase or sale of business or product lines, charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, additional 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 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 Fourth Quarter and 12 Months of 2010, January 27, 2011, including “2010 Guidance” and “Use of Non-GAAP Financial Information” therein.
The estimated impact related to new discounts associated with the Medicare Part D coverage gap is expected to reduce net sales by approximately $250 million in 2011 and the annual non-tax deductible pharmaceutical company fee is expected to be approximately $250 million in 2011 resulting in an earnings per share reduction of approximately $.14 per share after considering cost sharing with our alliance partners. The non-tax deductibility on our share of the net pharmaceutical company fee is expected to increase our effective tax rate by approximately 1% in 2011 which is considered in our effective tax rate guidance above.
With respect to the 2013 minimum non-GAAP EPS guidance, there is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.
14
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP EARNINGS FROM CONTINUING OPERATIONS
BEFORE NONCONTROLLING INTEREST & TAXES AND GAAP PRETAX PROFIT MARGIN
TO NON-GAAP PRETAX PROFIT AND NON-GAAP PRETAX PROFIT MARGIN
FOR THE YEAR ENDED DECEMBER 31, 2010
(unaudited, dollar amounts in millions)
Net Sales | $ | 19,484 | ||
Earnings from Continuing Operations Before Noncontrolling Interest & Taxes | $ | 6,071 | ||
Earnings from Continuing Operations Before Noncontrolling Interest & Taxes as a % of Net Sales (GAAP Pretax Profit Margin) | 31.2 | % | ||
Excluding Specified Items 1 | 665 | |||
Non-GAAP Earnings from Continuing Operations Before Noncontrolling Interest & Taxes Excluding Specified Items | 6,736 | |||
Noncontrolling Interest2 | 2,094 | |||
Non-GAAP Earnings from Continuing Operations Before Taxes (Pretax Profit) | $ | 4,642 | ||
Non-GAAP Earnings from Continuing Operations Before Taxes as a % of Net Sales (Pretax Profit Margin) | 23.8 | % | ||
1 Please refer to the Specified Items YTD tab for detail of specified items. | ||||
2 Noncontrolling Interest is computed as follows: | ||||
Noncontrolling interest, pre-tax | $ | 2,094 | ||
Income taxes | 683 | |||
Noncontrolling interest, net of taxes | $ | 1,411 | ||
15
BRISTOL-MYERS SQUIBB COMPANY
WORKING CAPITAL PLUS CAPITAL EXPENDITURES AS A % OF NET SALES, NET OF FOREIGN EXCHANGE
GAAP TO NON-GAAP RECONCILIATIONS FOR EXECUTIVE COMPENSATION PROGRAM
($ in millions)
Working Capital Plus Capital Expenditures as a % of Net Sales, Net of Foreign Exchange(a)
Calculated at Actual Exchange Rates |
| |||||||||||||||||||||||||||||||||||
Trade Receivables | Inventory | Accounts Payable | Trade Working Capital | |||||||||||||||||||||||||||||||||
Last Twelve Months (LTM) Net Sales | Actual | % LTM Net Sales | Actual | % LTM Net Sales | Actual | % LTM Net Sales | Actual | % LTM Net Sales | ||||||||||||||||||||||||||||
Q1 2010 | 19,293 | 1,961 | 10.2 | % | 1,284 | 6.7 | % | (1,752 | ) | (9.1 | )% | 1,493 | 7.7 | % | ||||||||||||||||||||||
Q2 2010 | 19,396 | 1,805 | 9.3 | % | 1,265 | 6.5 | % | (1,681 | ) | (8.7 | )% | 1,389 | 7.2 | % | ||||||||||||||||||||||
Q3 2010 | 19,406 | 1,965 | 10.1 | % | 1,369 | 7.1 | % | (1,725 | ) | (8.9 | )% | 1,609 | 8.3 | % | ||||||||||||||||||||||
Q4 2010 | 19,484 | 1,985 | 10.2 | % | 1,204 | 6.2 | % | (1,983 | ) | (10.2 | )% | 1,206 | 6.2 | % | ||||||||||||||||||||||
Qtr Avg | 10.0 | % | 6.6 | % | (9.2 | )% | 7.4 | % | ||||||||||||||||||||||||||||
Full Year | % LTM Net Sales | |||||||||||||||||||||||||||||||||||
Capital Expenditures | 391 | 2.0 | % | |||||||||||||||||||||||||||||||||
Working Capital and Capital Expenditures Metric | 9.4 | % | ||||||||||||||||||||||||||||||||||
Converted to 2010 Budgeted Foreign Exchange Rates |
| |||||||||||||||||||||||||||||||||||
Trade Receivables ex-FX | Inventory ex-FX | Accounts Payable ex-FX | Trade Working Capital ex-FX | |||||||||||||||||||||||||||||||||
Last Twelve Months (LTM) Net Sales ex-FX | At Budget Rate | % LTM Net Sales | At Budget Rate | % LTM Net Sales | At Budget Rate | % LTM Net Sales | At Budget Rate | % LTM Net Sales | ||||||||||||||||||||||||||||
Q1 2010 | 19,206 | 1,964 | 10.2 | % | 1,290 | 6.7 | % | (1,759 | ) | (9.2 | )% | 1,495 | 7.8 | % | ||||||||||||||||||||||
Q2 2010 | 19,296 | 1,843 | 9.6 | % | 1,304 | 6.8 | % | (1,708 | ) | (8.9 | )% | 1,439 | 7.5 | % | ||||||||||||||||||||||
Q3 2010 | 19,356 | 1,949 | 10.1 | % | 1,316 | 6.8 | % | (1,726 | ) | (8.9 | )% | 1,539 | 8.0 | % | ||||||||||||||||||||||
Q4 2010 | 19,474 | 1,974 | 10.1 | % | 1,193 | 6.1 | % | (1,991 | ) | (10.2 | )% | 1,176 | 6.0 | % | ||||||||||||||||||||||
Qtr Avg | 10.1 | % | 6.6 | % | (9.3 | )% | 7.4 | % | ||||||||||||||||||||||||||||
Full Year | % LTM Net Sales | |||||||||||||||||||||||||||||||||||
Capital Expenditures ex-FX | 391 | 2.0 | % | |||||||||||||||||||||||||||||||||
Working Capital and Capital Expenditures Metric ex-FX | 9.4 | % | ||||||||||||||||||||||||||||||||||
(a) | Trade working capital consists of trade receivables, inventory, and accounts payable for the biopharmaceutical business. The calculation consists of quarter-end balances taken as a percentage of the last twelve months’ net sales. The average of the four quarters is combined with the full year capital expenditures as a percentage of the last twelve months’ net sales. The Company calculates this excluding the impact of foreign exchange (FX) by adjusting the quarter end balances and the last twelve months’ net sales amounts for each quarter to the 2010 budget foreign exchange rates. This calculated metric is compared to the target to measure performance. |
16