-- Posts Third Quarter GAAP EPS of $0.43 and Non-GAAP EPS of $0.45
-- Achieves Significant Regulatory Milestones for PD-1 Inhibitor Opdivo
-- Launches Daklinza-Based Regimens for HCV Patients in Japan and Europe
-- Adjusts 2014 GAAP EPS Guidance Range to $1.15 - $1.25 and Confirms
Non-GAAP EPS Guidance Range of $1.70 - $1.80
NEW YORK--(BUSINESS WIRE)--
Bristol-Myers
Squibb Company (NYSE:BMY) today reported strong financial results
for the third quarter of 2014, adjusted 2014 GAAP guidance and confirmed
2014 non-GAAP guidance. The quarter was highlighted by strong
performance by key brands, significant data and regulatory milestones
for Opdivo, the launch of the company's hepatitis C regimens in
Japan and Europe and the completion of several business development
transactions supporting the company's oncology portfolio.
"Our financial results in the third quarter reflect our continued focus
on balancing long-term growth with short-term performance, as we
achieved significant progress in our pipeline and saw strong in-market
performance for key products including Eliquis, Yervoy, Sprycel and
Orencia," said Lamberto
Andreotti, chief executive officer, Bristol-Myers Squibb. "We
continue to build a solid foundation for our future as a Diversified
Specialty BioPharma by advancing our own R&D efforts and investing in
strategic business development to build a sustainable pipeline."
Third Quarter
$ amounts in millions, except per share amounts
2014 2013 Change
Total Revenues $3,921 $4,065 (4)%
GAAP Diluted EPS 0.43 0.42 2%
Non-GAAP Diluted EPS 0.45 0.46 (2)%
THIRD QUARTER FINANCIAL RESULTS
-- Bristol-Myers Squibb posted third quarter 2014 revenues of $3.9 billion,
a decrease of 4% compared to the same period a year ago. Excluding the
divested Diabetes Alliance, global revenues increased 7%.
-- U.S. revenues decreased 3% to $2.0 billion in the quarter compared to
the same period a year ago. International revenues decreased 4%.
-- Gross margin as a percentage of revenues was 74.3% in the quarter
compared to 71.1% in the same period a year ago.
-- Marketing, selling and administrative expenses increased 5% to $1.0
billion in the quarter.
-- Advertising and product promotion spending decreased 12% to $171 million
in the quarter.
-- Research and development expenses increased 10% to $983 million in the
quarter.
-- The effective tax rate on earnings before income taxes was 27.4% in the
quarter, compared to 15.4% in the third quarter last year.
-- The company reported net earnings attributable to Bristol-Myers Squibb
of $721 million, or $0.43 per share, in the quarter compared to $692
million, or $0.42 per share, a year ago.
-- The company reported non-GAAP net earnings attributable to Bristol-Myers
Squibb of $750 million, or $0.45 per share, in the third quarter,
compared to $768 million, or $0.46 per share, for the same period in
2013. Among other specified items, the non-GAAP earnings in the current
period exclude a $0.07 per share impact of additional charges related to
the Branded Prescription Drug Fee resulting from the issuance of final
rules by the IRS. An overview of specified items is discussed under the
“Use of Non-GAAP Financial Information” section.
-- Cash, cash equivalents and marketable securities were $11.5 billion,
with a net cash position of $3.9 billion, as of September 30, 2014.
THIRD QUARTER PRODUCT AND PIPELINE UPDATE
Bristol-Myers Squibb's global sales in the third quarter included Eliquis,
which grew by $175 million, Yervoy, which grew 47%, Sprycel,
which grew 22%, Orencia, which grew 18%, and Daklinza and Sunvepra,
which had combined sales of $49 million.
Opdivo
-- In September, the company announced multiple regulatory milestones for
Opdivo (nivolumab), an investigational PD-1 immune checkpoint inhibitor,
in the U.S. and European Union (EU):
o In the U.S., the Food and Drug Administration (FDA) has accepted for
priority review the Biologics License Application for previously
treated advanced melanoma and set a Prescription Drug User Fee Act
decision goal date of March 30, 2015. The FDA granted Opdivo
Breakthrough Therapy designation for this indication. Bristol-Myers
Squibb has proposed the name Opdivo, which, if approved by health
authorities, will serve as the trademark for nivolumab.
o In the EU, the European Medicines Agency (EMA) has validated for
review the Marketing Authorization Applications for nivolumab in
non-small cell lung cancer (NSLC) – the first completed regulatory
submission for a PD-1 immune checkpoint inhibitor in this tumor type –
and in advanced melanoma. The application for advanced melanoma was
granted accelerated assessment by the EMA’s Committee for Medicinal
Products for Human Use.
-- Also in September, at the European Society for Medical Oncology Congress
in Madrid, the company announced positive results from CheckMate -037, a
Phase III randomized, controlled open-label study ofOpdivo versus
investigator’s choice chemotherapy (ICC) in patients with advanced
melanoma who were previously treated withYervoy.Based on a planned
interim analysis of the co-primary endpoint, the objective response rate
was 32% (95% CI = 24, 41) in theOpdivo arm (n=120) and 11% (95% CI = 4,
23) in the ICC reference arm (n=47) in patients with at least six months
of follow up. The majority (95%) of responses were ongoing in the Opdivo
arm and the median duration of response was not reached.
Eliquis
-- In August, the company and its partner, Pfizer, announced that the FDA
approved a Supplemental New Drug Application for Eliquis for the
treatment of deep vein thrombosis (DVT) and pulmonary embolism (PE), and
for the reduction in the risk of recurrent DVT and PE following initial
therapy.
-- In July, the company and its partner, Pfizer, announced that the
European Commission (EC) approved Eliquisfor the treatment of DVT and
PE, and the prevention of DVT and PE in adults. The approval applies to
all EU member states as well as Iceland and Norway.
-- In August, at the European Society of Cardiology Congress in Barcelona,
Spain, the company and its partner, Pfizer, announced results of a
pre-specified secondary analysis of the EliquisPhase III AMPLIFY-EXT
trial. The analysis evaluated clinical and demographic predictors of
all-cause hospitalization in patients with VTE. Results from this
analysis demonstrated that during the 12-month extended treatment of
VTE, Eliquissignificantly reduced the risk of hospitalization versus
placebo. This effect was independent of other variables including renal
function, the only other significant predictor of hospitalization in the
AMPLIFY-EXT population.
Daklinza
-- In August, the company announced that the EC approved Daklinza
(daclatasvir), a potent, pan-genotypic NS5A replication complex
inhibitor (in vitro), for use in combination with other medicinal
products across genotypes 1, 2, 3 and 4 for the treatment of chronic
hepatitis C virus (HCV) infection in adults. The approval allows for the
marketing of Daklinza in all 28 EU member states.
Asunaprevir
-- In October, the company announced that it will not pursue FDA approval
of the dual regimen of daclatasvir and asunaprevir for the treatment of
HCV genotype 1b patients in the U.S. and has withdrawn its New Drug
Application for asunaprevir, an NS3/4A protease inhibitor. The company
will continue to pursue FDA approval for daclatasvir, which is currently
being investigated globally in multiple treatment regimens for HCV
patients with high unmet needs.
Sustiva
-- In October, the company announced that it has successfully resolved all
outstanding U.S. patent litigation relating to efavirenz, an active
ingredient contained in our Sustiva (efavirenz) and Atripla
(efavirenz/emtricitabine/tenofovir disoproxil fumarate) products, and
that loss of patent exclusivity in the U.S. for efavirenz is not
expected to occur until December 2017.
THIRD QUARTER FINANCIAL UPDATE
In September, the company announced that it will settle $1.4 billion in
pension obligations through the purchase of a group annuity contract
from The Prudential Insurance Company of America (Prudential) for
approximately 8,000 U.S. retirees and their beneficiaries who started
receiving their monthly retirement benefit payments on or before June 1,
2014. The transaction reduces risk in the retirement plan and better
manages the ongoing variations in cost associated with its maintenance
while entrusting current retirees and their beneficiaries' pensions to a
financial institution with expertise in the long-term management of
retirement benefits. The transaction with Prudential is expected to
occur in December 2014 and is subject to satisfaction of closing
conditions.
THIRD QUARTER BUSINESS DEVELOPMENT UPDATE
-- In October, the company announced a clinical trial collaboration
agreement with Janssen and Pharmacyclics to evaluate the safety,
tolerability and preliminary efficacy of Opdivo in combination with
Janssen and Pharmacyclics’ oral Bruton's tyrosine kinase inhibitor
Imbruvica®(ibrutinib) to treat patients with non-Hodgkin lymphoma.
-- In October, the company and The University of Texas MD Anderson Cancer
Center announced a clinical research collaboration to evaluate Yervoy,
Opdivoand three early-stage clinical immuno-oncology assets as potential
treatment options for acute and chronic leukemia as well as other
hematologic malignancies.
-- In October, the company announced a clinical trial collaboration with
Novartis to evaluate the safety, tolerability and preliminary efficacy
of combining Opdivo with three molecularly targeted oncology therapies
from Novartis – Zykadia™ (ceritinib), INC280 and EGF816 – to treat NSLC.
-- In August, the company and Celgene Corporation announced the
establishment of a clinical trial collaboration to evaluate the safety,
tolerability and preliminary efficacy of a combination regimen of
Opdivoand Celgene’s nab® technology-based chemotherapy Abraxane®
(paclitaxel protein-bound particles for injectable suspension)
(albumin-bound) in a Phase I study. Multiple tumor types will be
explored in the study.
-- In August, the company and Allied Minds announced the formation of
Allied-Bristol Life Sciences LLC, a new jointly owned enterprise created
to identify and foster research and pre-clinical development of
biopharmaceutical innovations from leading university research
institutions across the U.S. The new enterprise will focus on converting
discoveries from university research institutions into therapeutic
candidates for clinical development and, ultimately, approved therapies
that address serious diseases.
Abraxane(R) and nab(R) are trademarks of Abraxis
BioScience LLC, a wholly owned subsidiary of Celgene Corporation.
Imbruvica(R)
is a trademark of Pharmacyclics, Inc.
Zykadia(TM) is a
trademark of Novartis AG.
2014 FINANCIAL GUIDANCE
Bristol-Myers Squibb is adjusting its 2014 GAAP EPS guidance range to
$1.15 - $1.25 from $1.50 - $1.60 and confirming its non-GAAP EPS
guidance range of $1.70 - $1.80. Both GAAP and non-GAAP guidance assume
current exchange rates and that the R&D tax credit will be extended by
Congress in 2014. Key 2014 non-GAAP guidance assumptions include:
• Worldwide revenues between $15.2 billion and $15.8 billion.
• Full-year gross margin as a percentage of revenues between 75% and
76%.
• Advertising and promotion expense decreasing in the mid-teen-digit
range.
• Marketing, sales and administrative expenses decreasing in the
mid-single-digit range.
• Research and development expenses growing in the mid-single-digit
range.
• An effective tax rate of 19% - 20%.
The financial guidance for 2014 excludes the impact of any potential
future strategic acquisitions and divestitures, and any specified items
that have not yet been identified and quantified. The non-GAAP 2014
guidance also excludes other specified items as discussed under "Use of
Non-GAAP Financial Information." Details reconciling adjusted non-GAAP
amounts with the amounts reflecting specified items are provided in
supplemental materials available on the company's website.
Use of Non-GAAP Financial Information
This press release contains non-GAAP financial measures, including
non-GAAP earnings and related earnings per share information. These
measures are adjusted to exclude certain costs, expenses, significant
gains and losses and other specified items. Among the items in GAAP
measures but excluded for purposes of determining adjusted earnings and
other adjusted measures are: restructuring and other exit costs;
accelerated depreciation charges; IPRD and asset impairments; charges
and recoveries relating to significant legal proceedings; upfront,
milestone and other payments for in-licensing of products that have not
achieved regulatory approval which are immediately expensed; net
amortization of acquired intangible assets and deferred income related
to Amylin; pension settlement charges; significant tax events and
additional charges related to the Branded Prescription Drug Fee. This
information is intended to enhance an investor's overall understanding
of the company's past financial performance and prospects for the
future. Non-GAAP financial measures provide the company and its
investors with an indication of the company's baseline performance
before items that are considered by the company not to be reflective of
the company's ongoing results. The company uses non-GAAP gross profit,
non-GAAP marketing, selling and administrative expense, non-GAAP
research and development expense, and non-GAAP other income and expense
measures to set internal budgets, manage costs, allocate resources, and
plan and forecast future periods. Non-GAAP effective tax rate measures
are primarily used to plan and forecast future periods. Non-GAAP
earnings and earnings per share measures are primary indicators the
company uses as a basis for evaluating company performance, setting
incentive compensation targets, and planning and forecasting of future
periods. This information is not intended to be considered in isolation
or as a substitute for financial measures prepared in accordance with
GAAP.
Statement on Cautionary Factors
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding, among other things, statements relating to goals, plans and
projections regarding the company's financial position, results of
operations, market position, product development and business strategy.
These statements may be identified by the fact that they use words such
as "anticipate", "estimates", "should", "expect", "guidance", "project",
"intend", "plan", "believe" and other words and terms of similar meaning
in connection with any discussion of future operating or financial
performance. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties, including
factors that could delay, divert or change any of them, and could cause
actual outcomes and results to differ materially from current
expectations. These factors include, among other things, effects of the
continuing implementation of governmental laws and regulations related
to Medicare, Medicaid, Medicaid managed care organizations and entities
under the Public Health Service 340B program, pharmaceutical rebates and
reimbursement, market factors, competitive product development and
approvals, pricing controls and pressures (including changes in rules
and practices of managed care groups and institutional and governmental
purchasers), economic conditions such as interest rate and currency
exchange rate fluctuations, judicial decisions, claims and concerns that
may arise regarding the safety and efficacy of in-line products and
product candidates, changes to wholesaler inventory levels, variability
in data provided by third parties, changes in, and interpretation of,
governmental regulations and legislation affecting domestic or foreign
operations, including tax obligations, changes to business or tax
planning strategies which take into account assumptions about the
continued extension of the R&D tax credit, difficulties and delays in
product development, manufacturing or sales including any potential
future recalls, patent positions and the ultimate outcome of any
litigation matter. These factors also include the company's ability to
execute successfully its strategic plans, including its business
strategy, the expiration of patents or data protection on certain
products, including assumptions about the company's ability to retain
patent exclusivity of certain products, and the impact and result of
governmental investigations. There can be no guarantees with respect to
pipeline products that future clinical studies will support the data
described in this release, that the compounds will receive necessary
regulatory approvals, or that they will prove to be commercially
successful; nor are there guarantees that regulatory approvals will be
sought, or sought within currently expected timeframes, or that
contractual milestones will be achieved. For further details and a
discussion of these and other risks and uncertainties, see the company's
periodic reports, including the annual report on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K, filed with or
furnished to the Securities and Exchange Commission. The company
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Company and Conference Call Information
Bristol-Myers Squibb is a global biopharmaceutical company whose mission
is to discover, develop and deliver innovative medicines that help
patients prevail over serious diseases. For more information, please
visit www.bms.com
or follow us on Twitter at http://twitter.com/bmsnews.
There will be a conference call on October 24, 2014, at 10:30 a.m. EDT
during which company executives will review financial information and
address inquiries from investors and analysts. Investors and the general
public are invited to listen to a live webcast of the call at http://investor.bms.com
or by dialing 913-312-0964, confirmation code: 1193919. Materials
related to the call will be available at the same website prior to the
conference call.
BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013
(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues
% %
2014 2013 Change 2014 2013 Change
Three Months Ended September 30,
Key Products
Virology
Baraclude $ 325 $ 378 (14) % $ 40 $ 67 (40) %
Hepatitis C Franchise 49 — N/A — — N/A
Reyataz 338 375 (10) % 169 189 (11) %
Sustiva Franchise 357 389 (8) % 284 259 10 %
Oncology
Erbitux(a) 187 183 2 % 175 180 (3) %
Opdivo 1 — N/A — — N/A
Sprycel 385 316 22 % 179 134 34 %
Yervoy 350 238 47 % 191 130 47 %
Neuroscience
Abilify(b) 449 569 (21) % 407 378 8 %
Immunoscience
Orencia 444 375 18 % 292 246 19 %
Cardiovascular
Eliquis 216 41 ** 113 27 **
Diabetes Alliance 42 432 (90) % — 308 (100) %
Mature Products and All Other 778 769 1 % 118 119 (1) %
Total 3,921 4,065 (4) % 1,968 2,037 (3) %
Total Excluding Diabetes Alliance 3,879 3,633 7 % 1,968 1,729 14 %
** In excess of 100%
(a) Erbitux is a trademark of ImClone LLC. ImClone LLC is a wholly-owned
subsidiary of Eli Lilly and Company.
(b) Abilify is a trademark of Otsuka Pharmaceutical Co., Ltd.
BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014
AND 2013
(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues
% %
2014 2013 Change 2014 2013 Change
Nine Months Ended September 30,
Key Products
Virology
Baraclude $ 1,100 $ 1,115 (1) % $ 194 $ 208 (7) %
Hepatitis C Franchise 49 — N/A — — N/A
Reyataz 1,044 1,167 (11) % 513 582 (12) %
Sustiva Franchise 1,037 1,187 (13) % 778 785 (1) %
Oncology
Erbitux 542 516 5 % 511 506 1 %
Opdivo 1 — N/A — — N/A
Sprycel 1,095 915 20 % 487 384 27 %
Yervoy 942 700 35 % 510 429 19 %
Neuroscience
Abilify 1,544 1,654 (7) % 1,149 1,084 6 %
Immunoscience
Orencia 1,209 1,047 15 % 775 698 11 %
Cardiovascular
Eliquis 493 75 ** 268 49 **
Diabetes Alliance 248 1,228 (80) % 114 920 (88) %
Mature Products and All Other 2,317 2,340 (1) % 335 408 (18) %
Total 11,621 11,944 (3) % 5,634 6,053 (7) %
Total Excluding Diabetes Alliance 11,373 10,716 6 % 5,520 5,133 8 %
** In excess of 100%
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013
(Unaudited, dollars and shares in millions except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2014 2013 2014 2013
Net product sales $ 2,843 $ 3,025 $ 8,420 $ 9,006
Alliance and other revenues 1,078 1,040 3,201 2,938
Total Revenues 3,921 4,065 11,621 11,944
Cost of products sold 1,007 1,175 2,966 3,346
Marketing, selling and administrative 1,029 980 2,937 3,016
Advertising and product promotion 171 194 521 601
Research and development 983 893 3,345 2,774
Other (income)/expense (277 ) 5 (589 ) 185
Total Expenses 2,913 3,247 9,180 9,922
Earnings Before Income Taxes 1,008 818 2,441 2,022
Provision for Income Taxes 276 126 439 177
Net Earnings 732 692 2,002 1,845
Net Earnings Attributable to Noncontrolling Interest 11 — 11 8
Net Earnings Attributable to BMS $ 721 $ 692 $ 1,991 $ 1,837
Earnings per Common Share
Basic $ 0.43 $ 0.42 $ 1.20 $ 1.12
Diluted $ 0.43 $ 0.42 $ 1.19 $ 1.11
Average Common Shares Outstanding:
Basic 1,658 1,646 1,656 1,643
Diluted 1,670 1,662 1,668 1,659
Other (Income)/Expense
Interest expense $ 50 $ 46 $ 150 $ 146
Investment income (20 ) (23 ) (71 ) (76 )
Provision for restructuring 35 6 72 212
Litigation charges/(recoveries) 10 17 19 (5 )
Equity in net income of affiliates (12 ) (42 ) (81 ) (128 )
Out-licensed intangible asset impairment 18 — 18 —
Gain on sale of product lines, businesses and assets (315 ) — (567 ) (1 )
Other alliance and licensing income (102 ) (31 ) (354 ) (120 )
Pension curtailments, settlements and special termination benefits 28 37 137 138
Other 31 (5 ) 88 19
Other (income)/expense $ (277 ) $ 5 $ (589 ) $ 185
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013
(Unaudited, dollars in millions)
Three Months Ended Nine Months Ended
September 30, September 30,
2014 2013 2014 2013
Accelerated depreciation, asset impairment and other shutdown costs $ 36 $ — $ 120 $ —
Amortization of acquired Amylin intangible assets — 137 — 412
Amortization of Amylin alliance proceeds — (68 ) — (202 )
Amortization of Amylin inventory adjustment — — — 14
Cost of products sold 36 69 120 224
Additional year of Branded Prescription Drug Fee 96 — 96 —
Process standardization implementation costs 2 4 8 6
Marketing, selling and administrative 98 4 104 6
Upfront, milestone and other payments 65 — 228 —
IPRD impairments — — 343 —
Research and development 65 — 571 —
Provision for restructuring 35 6 72 212
Gain on sale of product lines, businesses and assets (315 ) — (562 ) —
Pension curtailments, settlements and special termination benefits 28 37 137 136
Acquisition and alliance related items(a) 39 — 72 (10 )
Litigation charges/(recoveries) 10 — 12 (23 )
Loss on debt redemption — — 45 —
Upfront, milestone and other licensing receipts — — — (14 )
Other (income)/expense (203 ) 43 (224 ) 301
Increase/(decrease) to pretax income (4 ) 116 571 531
Income tax on items above 33 (40 ) (248 ) (191 )
Increase to net earnings $ 29 $ 76 $ 323 $ 340
(a) Includes $16 million of additional year of Branded Prescription Drug Fee.
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013
(Unaudited, dollars in millions)
Specified Non
Three Months Ended September 30, 2014 GAAP Items* GAAP
Gross Profit $ 2,914 $ 36 $ 2,950
Marketing, selling and administrative 1,029 (98 ) 931
Research and development 983 (65 ) 918
Other (income)/expense (277 ) 203 (74 )
Effective Tax Rate 27.4 % (3.2 ) % 24.2 %
Specified Non
Three Months Ended September 30, 2013 GAAP Items* GAAP
Gross Profit $ 2,890 $ 69 $ 2,959
Marketing, selling and administrative 980 (4 ) 976
Research and development 893 — 893
Other (income)/expense 5 (43 ) (38 )
Effective Tax Rate 15.4 % 2.4 % 17.8 %
* Refer to the Specified Items schedule for further details. Effective tax
rate on the Specified Items represents the difference between the GAAP and
Non-GAAP effective tax rate.
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013
(Unaudited, dollars in millions)
Specified Non
Nine Months Ended September 30, 2014 GAAP Items* GAAP
Gross Profit $ 8,655 $ 120 $ 8,775
Marketing, selling and administrative 2,937 (104 ) 2,833
Research and development 3,345 (571 ) 2,774
Other (income)/expense (589 ) 224 (365 )
Effective Tax Rate 18.0 % 4.8 % 22.8 %
Specified Non
Nine Months Ended September 30, 2013 GAAP Items* GAAP
Gross Profit $ 8,598 $ 224 $ 8,822
Marketing, selling and administrative 3,016 (6 ) 3,010
Research and development 2,774 — 2,774
Other (income)/expense 185 (301 ) (116 )
Effective Tax Rate 8.8 % 5.6 % 14.4 %
* Refer to the Specified Items schedule for further details. Effective tax
rate on the Specified Items represents the difference between the GAAP and
Non-GAAP effective tax rate.
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF NON-GAAP EPS TO GAAP EPS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013
(Unaudited, dollars and shares in millions except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2014 2013 2014 2013
Net Earnings Attributable to BMS used for Diluted EPS Calculation - GAAP $ 721 $ 692 $ 1,991 $ 1,837
Less Specified Items* 29 76 323 340
Net Earnings used for Diluted EPS Calculation – Non-GAAP $ 750 $ 768 $ 2,314 $ 2,177
Average Common Shares Outstanding – Diluted 1,670 1,662 1,668 1,659
Diluted Earnings Per Share — GAAP $ 0.43 $ 0.42 $ 1.19 $ 1.11
Diluted EPS Attributable to Specified Items 0.02 0.04 0.20 0.20
Diluted Earnings Per Share — Non-GAAP $ 0.45 $ 0.46 $ 1.39 $ 1.31
* Refer to the Specified Items schedule for further details.
BRISTOL-MYERS SQUIBB COMPANY
NET CASH/(DEBT) CALCULATION
AS OF SEPTEMBER 30, 2014 AND JUNE 30, 2014
(Unaudited, dollars in millions)
September June 30,
30, 2014 2014
Cash and cash equivalents $ 4,851 $ 4,282
Marketable securities - current 2,370 2,893
Marketable securities - long term 4,328 3,876
Cash, cash equivalents and marketable securities 11,549 11,051
Short-term borrowings and current portion of long-term debt (401 ) (365 )
Long-term debt (7,267 ) (7,372 )
Net cash position $ 3,881 $ 3,314
CONTACT: Bristol-Myers Squibb
Communications
Laura Hortas, 609-252-4587
laura.hortas@bms.com
or
Investor Relations
John Elicker, 609-252-4611
john.elicker@bms.com
Ranya Dajani, 609-252-5330
ranya.dajani@bms.com
Ryan Asay, 609-252-5020
ryan.asay@bms.com
Source: Bristol-Myers Squibb Company
Bristol-Myers Squibb
Communications
Laura Hortas, 609-252-4587
laura.hortas@bms.com
or
Investor Relations
John Elicker, 609-252-4611
john.elicker@bms.com
Ranya Dajani, 609-252-5330
ranya.dajani@bms.com
Ryan Asay, 609-252-5020
ryan.asay@bms.com