-
Increases Second Quarter Revenues 6% to $5.1 Billion
-
Posts Second Quarter GAAP EPS of $0.56 and Non-GAAP EPS of $0.74
-
Achieves Important Clinical and Regulatory Milestones in
Immuno-Oncology
-
Opdivo Approved in Europe for Advanced Form of
Bladder Cancer and Squamous Cell Carcinoma of the Head and Neck
-
Opdivo Application for Previously Treated
Hepatocellular Carcinoma Granted Priority Review in the U.S.
-
Yervoy Approved in the U.S. for Pediatric
Patients with Metastatic Melanoma
-
Opdivo Meets Primary Endpoint in CheckMate -238,
demonstrating superior recurrence-free survival versus Yervoy
in Resected High-Risk Melanoma
-
Announces Approvals of Daklinza and Sunvepra Regimen
in China for Chronic Hepatitis C and Orencia in Europe and the
U.S. for Psoriatic Arthritis
-
Updates 2017 GAAP and Non-GAAP EPS Guidance
NEW YORK--(BUSINESS WIRE)--
Bristol-Myers
Squibb Company (NYSE:BMY) today reported results for the second
quarter of 2017 which were highlighted by strong sales for key products Opdivo
and Eliquis
and regulatory approvals for Opdivo, the Daklinza
and Sunvepra regimen and Orencia.
“We had a strong quarter, particularly for Opdivo and Eliquis,
and also advanced our portfolio with important clinical and
regulatory milestones across multiple therapeutic areas,” said Giovanni
Caforio, M.D., chairman and chief executive officer, Bristol-Myers
Squibb. “Looking forward, I am excited by our opportunity to continue
delivering across our portfolio, maintaining our focus on strong
commercial performance and advancing our diversified pipeline.”
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Second Quarter
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$ amounts in millions, except per share amounts
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2017
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2016
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Change
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Total Revenues
|
|
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|
$5,144
|
|
|
$4,871
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6%
|
|
GAAP Diluted EPS
|
|
|
|
0.56
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|
|
0.69
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(19)%
|
|
Non-GAAP Diluted EPS
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|
0.74
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|
|
0.69
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7%
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SECOND QUARTER FINANCIAL RESULTS
-
Bristol-Myers Squibb posted second quarter 2017 revenues of $5.1
billion, an increase of 6% compared to the same period a year ago.
Revenues increased 7% when adjusted for foreign exchange impact.
-
U.S. revenues increased 7% to $2.9 billion in the quarter compared to
the same period a year ago. International revenues increased 4%. When
adjusted for foreign exchange impact, international revenues increased
7%.
-
Gross margin as a percentage of revenue decreased from 75.2% to 69.6%
in the quarter primarily due to product mix and a $127 million
impairment charge in connection with the expected sale of
manufacturing operations in Swords, Ireland.
-
Marketing, selling and administrative expenses decreased 6% to $1.2
billion in the quarter.
-
Research and development expenses increased 31% to $1.7 billion in the
quarter primarily due to license and asset acquisition charges of $393
million in the second quarter of 2017.
-
The effective tax rate was 28.8% in the quarter, compared to 26.4% in
the second quarter last year.
-
The company reported net earnings attributable to Bristol-Myers Squibb
of $916 million, or $0.56 per share, in the second quarter compared to
net earnings of $1.2 billion, or $0.69 per share, for the same period
in 2016.
-
The company reported non-GAAP net earnings attributable to
Bristol-Myers Squibb of $1.2 billion, or $0.74 per share, in the
second quarter, compared to $1.2 billion, or $0.69 per share, for the
same period in 2016. An overview of specified items is discussed under
the “Use of Non-GAAP Financial Information” section.
-
Cash, cash equivalents and marketable securities were $9.1 billion,
with a net cash position of $868 million, as of June 30, 2017.
SECOND QUARTER PRODUCT AND PIPELINE UPDATE
Product Sales/Business Highlights
The increase in global revenues for the second quarter of 2017, compared
to the second quarter of 2016, was driven by:
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Product
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Growth %
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|
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|
Eliquis
|
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|
|
|
51%
|
|
Opdivo
|
|
|
|
|
42%
|
|
Yervoy
|
|
|
|
|
34%
|
|
Sprycel
|
|
|
|
|
12%
|
|
Orencia
|
|
|
|
|
10%
|
|
|
|
|
|
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|
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Opdivo
Regulatory
-
In July, the U.S. Food and Drug Administration (FDA) accepted the
company’s supplemental Biologics License Applications to update Opdivo
dosing to include 480 mg infused over 30 minutes every four weeks for
all currently approved monotherapy indications. The applications are
under review with an action date of March 5, 2018.
-
In June, the company announced the European Commission (EC) approved Opdivo
for the treatment of locally advanced unresectable or metastatic
urothelial carcinoma in adults after failure of prior
platinum-containing therapy.
-
In May, the company announced the FDA accepted a supplemental
Biologics License Application to extend the use of Opdivo to
patients with hepatocellular carcinoma (HCC) after prior sorafenib
therapy. The FDA granted the application priority review and
previously granted Opdivo orphan-drug designation for the
treatment of HCC. The FDA action date is September 24, 2017.
-
In April, the company announced the EC approval of Opdivo as
monotherapy for the treatment of squamous cell cancer of the head and
neck in adults progressing on or after platinum-based therapy.
Clinical
-
In July, the company announced interim analysis of results from a
Phase 3 study evaluating Opdivo versus Yervoy in
patients with stage IIIb/c or stage IV melanoma who are at high risk
of recurrence following complete surgical resection. More detail from
study results is included in the original press release for this and
other data announced in the second quarter. (link)
-
In June, at the 14th International Conference on Malignant
Lymphoma, the company announced data and analysis from studies
evaluating Opdivo monotherapy and Opdivo combination
therapy:
-
CheckMate -205: Extended follow-up data from the Phase 2 study of Opdivo
monotherapy in adult patients with relapsed or progressed
classical Hodgkin lymphoma (cHL) after autologous stem cell
transplant, irrespective of brentuximab vedotin therapy history. (link)
-
Updated interim analysis from the ongoing Phase 1/2 clinical study
evaluating Seattle Genetics’ ADCETRIS® (brentuximab
vedotin) and Opdivo in relapsed or refractory cHL patients.
(link)
-
In June, during ASCO in Chicago, the company announced results from
five studies for Opdivo and the Opdivo + Yervoy
regimen:
-
CheckMate -204: First presentation of efficacy data from the Phase
2 study to evaluate the Opdivo + Yervoy regimen in
patients with melanoma metastatic to the brain. (link)
-
CheckMate -142: Interim data from the Phase 2 study evaluating Opdivo
monotherapy or the Opdivo + Yervoy regimen in
patients with DNA mismatch repair deficient or microsatellite
instability-high metastatic colorectal cancer. (link)
-
CheckMate -358: First disclosure of data from the Phase 1/2 study
evaluating Opdivo in patients with advanced cervical,
vaginal and vulvar cancers, all associated with infection by the
human papillomavirus (HPV). (link)
-
ECHO-204: Updated data from the Phase 1/2 study evaluating the
safety and efficacy of Incyte Corporation’s investigational oral
selective IDO1 enzyme inhibitor, epacadostat, in combination with Opdivo
in multiple advanced solid tumors. (link)
-
IFCT-1501 MAPS-2: The first report of data evaluating the safety
and efficacy of Opdivo or the Opdivo + Yervoy
regimen for previously treated unresectable malignant pleural
mesothelioma patients. (link)
Yervoy
Regulatory
-
In July, the company announced the FDA approved an expanded indication
for Yervoy to include the treatment of unresectable or
metastatic melanoma in pediatric patients.
Clinical
-
In June, at ASCO, the company presented results of an interim
descriptive analysis from an ongoing National Cancer Institute Phase 3
study evaluating Yervoy 3 mg/kg and Yervoy 10 mg/kg in
patients with stage III or resectable stage IV melanoma who are at
high risk of recurrence following complete surgical resection. (link)
Empliciti
-
In June, at the annual Congress of the European Hematology
Association, the company presented four-year follow-up data from the
Phase 3 ELOQUENT-2 study evaluating Empliciti plus
lenalidomide/dexamethasone versus lenalidomide/dexamethasone alone in
patients with relapsed/refractory multiple myeloma. (link)
Sprycel
Regulatory
-
In July, the company announced the FDA accepted its supplemental New
Drug Application to include an indication for Sprycel to
treat children with Philadelphia chromosome-positive chronic phase
(CP) chronic myeloid leukemia (CML), as well as a powder for oral
suspension (PFOS) formulation of Sprycel. The
application is under priority review with an action date of November
9, 2017.
-
In May, the company announced the European Medicines Agency (EMA)
validated its grouped Type II variation/Extension of Application for Sprycel
to treat children and adolescents aged one year to 18 years with
CP-CML and to include the PFOS. Validation of the application confirms
the submission is complete and begins the EMA’s centralized review
process.
Clinical
-
In June, at ASCO, the company presented data from the Phase 2
CA180-226 study evaluating Sprycel in imatinib-resistant or
-intolerant and newly diagnosed pediatric patients with CP-CML. (link)
Orencia
Regulatory
-
In July, the EC approved Orencia for the treatment of active
Psoriatic Arthritis (PsA) in adult patients for whom the response to
previous disease-modifying antirheumatic drug therapy, including
methotrexate, has been inadequate, and additional systemic therapy for
psoriatic skin lesions is not required.
-
In July, the company announced the FDA approved Orencia in
intravenous and subcutaneous injection formulation for the treatment
of adults with active PsA.
-
In June, the company announced the availability of a new FDA-approved
subcutaneous Orencia administration option for use in patients
two years of age and older with moderately to severely active
polyarticular Juvenile Idiopathic Arthritis, providing the option of Orencia
treatment that can be administered at home.
Clinical
-
In June, at the Annual European Congress of Rheumatology (EULAR 2017),
the company presented 23 abstracts related to Orencia,
including new data on the role of biomarkers and magnetic resonance
imaging in rheumatoid arthritis patient identification and treatment. (link)
Daklinza
-
In April, the company announced the China Food and Drug Administration
approved a direct-acting antiviral regimen comprised of Daklinza
and Sunvepra, for the treatment of treatment-naive or
-experienced patients, with or without compensated cirrhosis, infected
with genotype 1b chronic hepatitis C virus (HCV). Daklinza was
also approved in China for use in combination with other agents,
including sofosbuvir, for adult patients with HCV genotypes 1-6.
Investigational Compound Highlights
Oncology
-
In June, during ASCO in Chicago, the company announced results from a
study for the company’s anti-lymphocyte activation gene-3 (LAG-3)
monoclonal antibody (BMS-986016):
-
CA224-020: Proof-of-Concept data from the Phase 1/2a study
combining BMS-986016 with Opdivo in heavily pretreated
advanced melanoma patients who were relapsed or refractory on
anti-PD-1/PD-L1 therapy. (link)
SECOND QUARTER BUSINESS DEVELOPMENT UPDATE
-
In June, the company and SK Biotek Co., Ltd announced the signing of a
definitive purchase agreement to sell Bristol-Myers Squibb’s
manufacturing operations in Swords, Ireland, to SK Biotek, a
wholly-owned subsidiary of SK Holdings, based in Seoul, South Korea.
The companies intend to complete the deal by the fourth quarter of
2017.
-
In June, the company and Novartis announced a clinical research
collaboration to investigate the safety, tolerability and efficacy of Opdivo
and the Opdivo + Yervoy regimen in combination with
Novartis’ Mekinist®, as a potential treatment option for
metastatic colorectal cancer in patients with microsatellite stable
tumors where the tumors are proficient in mismatch repair.
-
In June, the company and QIAGEN announced an agreement to explore the
use of next-generation sequencing technology to develop gene
expression profiles as predictive or prognostic tools for use with
Bristol-Myers Squibb novel immuno-oncology therapies in cancer
treatment.
-
In June, the company and Seattle Genetics, Inc. announced an expanded
clinical collaboration agreement for a Phase 3 study to evaluate the
combination of Opdivo and Seattle Genetics’ antibody-drug
conjugate ADCETRIS® versus ADCETRIS® alone as a
potential treatment option for patients with relapsed/refractory or
transplant-ineligible advanced cHL.
-
In May, the company and Array BioPharma announced a clinical research
collaboration to investigate the safety, tolerability and efficacy of
Array’s investigational MEK inhibitor, binimetinib, in combination
with Opdivo and the Opdivo + Yervoy regimen as a
potential treatment for metastatic colorectal cancer in patients with
microsatellite stable tumors.
-
In May, the company and Advaxis, Inc. announced a clinical development
collaboration to evaluate Opdivo and Advaxis’ ADXS-DUAL, an
investigational immunotherapy targeting HPV-associated cancers, as a
potential combination treatment option for women with metastatic
cervical cancer.
-
In May, the company and Calithera Biosciences, Inc. announced an
expansion of their existing collaboration to evaluate Opdivo in
combination with Calithera’s CB-839, an investigational orally
administered glutaminase inhibitor, in patients with non-small cell
lung cancer and melanoma.
ADCETRIS® is a trademark of Seattle Genetics, Inc.
Mekinist® is a trademark of Novartis.
2017 FINANCIAL GUIDANCE
Bristol-Myers Squibb is updating its 2017 GAAP EPS guidance range from
$2.72 - $2.87 to $2.66 - $2.76 and raising the lower end of its non-GAAP
EPS guidance range from $2.85 - $3.00 to $2.90 - $3.00. Both GAAP and
non-GAAP guidance assume current exchange rates. Key revised 2017 GAAP
and non-GAAP line-item guidance assumptions are:
-
An effective tax rate of approximately 23% for GAAP with non-GAAP
remaining at approximately 21%.
The financial guidance 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 guidance also
excludes other specified items as discussed under “Use of Non-GAAP
Financial Information.” Details reconciling GAAP amounts to non-GAAP
amounts, with non-GAAP reflecting specified items are provided in
supplemental materials attached to this press release and 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 EPS information, that are adjusted to
exclude certain costs, expenses, gains and losses and other specified
items that are evaluated on an individual basis. These items are
adjusted after considering their quantitative and qualitative aspects
and typically have one or more of the following characteristics, such as
being highly variable, difficult to project, unusual in nature,
significant to the results of a particular period or not indicative of
future operating results. Similar charges or gains were recognized in
prior periods and will likely reoccur in future periods including
restructuring costs, accelerated depreciation and impairment of
property, plant and equipment and intangible assets, R&D charges in
connection with the acquisition or licensing of third party intellectual
property rights, divestiture gains or losses, upfront payments from
out-licensed assets, pension charges, legal and other contractual
settlements and debt redemption gains or losses, among other items.
Deferred and current income taxes attributed to these items are also
adjusted for considering their individual impact to the overall tax
expense, deductibility and jurisdictional tax rates. Non-GAAP
information is intended to portray the results of our baseline
performance, supplement or enhance management, analysts and investors
overall understanding of our underlying financial performance and
facilitate comparisons among current, past and future periods. For
example, non-GAAP earnings and EPS information is an indication of our
baseline performance before items that are considered by us to not be
reflective of our ongoing results. In addition, this information is
among the primary indicators we use as a basis for evaluating
performance, allocating resources, setting incentive compensation
targets and planning and forecasting for future periods. This
information is not intended to be considered in isolation or as a
substitute for net earnings or diluted EPS 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, 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 development 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 about
Bristol-Myers Squibb, visit us at BMS.com or
follow us on LinkedIn, Twitter,
YouTube
and Facebook.
There will be a conference call on July 27, 2017 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 calling the U.S. toll free 888-394-8218 or international
323-701-0225, confirmation code: 1575949. Materials related to the call
will be available at the same website prior to the conference call. A
replay of the call will be available beginning at 1:30 p.m. EDT on July
27, 2017 through 1:30 p.m. EDT on August 10, 2017. The replay will also
be available through http://investor.bms.com or
by calling the U.S. toll free 888-203-1112 or international
719-457-0820, confirmation code: 1575949.
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUE
FOR THE
THREE MONTHS ENDED JUNE 30, 2017 AND 2016
(Unaudited,
dollars in millions)
|
|
|
|
|
|
|
|
Worldwide Revenues
|
|
U.S. Revenues
|
|
|
|
|
|
2017
|
|
2016
|
|
%
Change
|
|
2017
|
|
2016
|
|
%
Change
|
|
Three Months Ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prioritized Brands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opdivo
|
|
|
|
$
|
1,195
|
|
|
$
|
840
|
|
|
42
|
%
|
|
$
|
768
|
|
|
$
|
643
|
|
|
19
|
%
|
|
Eliquis
|
|
|
|
1,176
|
|
|
777
|
|
|
51
|
%
|
|
703
|
|
|
444
|
|
|
58
|
%
|
|
Orencia
|
|
|
|
650
|
|
|
593
|
|
|
10
|
%
|
|
449
|
|
|
401
|
|
|
12
|
%
|
|
Sprycel
|
|
|
|
506
|
|
|
451
|
|
|
12
|
%
|
|
281
|
|
|
233
|
|
|
21
|
%
|
|
Yervoy
|
|
|
|
322
|
|
|
241
|
|
|
34
|
%
|
|
245
|
|
|
179
|
|
|
37
|
%
|
|
Empliciti
|
|
|
|
55
|
|
|
34
|
|
|
62
|
%
|
|
37
|
|
|
33
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Established Brands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hepatitis C Franchise
|
|
|
|
112
|
|
|
546
|
|
|
(79
|
)%
|
|
30
|
|
|
294
|
|
|
(90
|
)%
|
|
Baraclude
|
|
|
|
273
|
|
|
299
|
|
|
(9
|
)%
|
|
12
|
|
|
15
|
|
|
(20
|
)%
|
|
Sustiva Franchise
|
|
|
|
188
|
|
|
271
|
|
|
(31
|
)%
|
|
161
|
|
|
227
|
|
|
(29
|
)%
|
|
Reyataz Franchise
|
|
|
|
188
|
|
|
247
|
|
|
(24
|
)%
|
|
87
|
|
|
122
|
|
|
(29
|
)%
|
|
Other Brands
|
|
|
|
479
|
|
|
572
|
|
|
(16
|
)%
|
|
92
|
|
|
97
|
|
|
(5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
5,144
|
|
|
$
|
4,871
|
|
|
6
|
%
|
|
$
|
2,865
|
|
|
$
|
2,688
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUE
FOR THE SIX
MONTHS ENDED JUNE 30, 2017 AND 2016
(Unaudited, dollars
in millions)
|
|
|
|
|
|
|
|
Worldwide Revenues
|
|
U.S. Revenues
|
|
|
|
|
|
2017
|
|
2016
|
|
%
Change
|
|
2017
|
|
2016
|
|
%
Change
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prioritized Brands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opdivo
|
|
|
|
$
|
2,322
|
|
|
$
|
1,544
|
|
|
50
|
%
|
|
$
|
1,529
|
|
|
$
|
1,237
|
|
|
24
|
%
|
|
Eliquis
|
|
|
|
2,277
|
|
|
1,511
|
|
|
51
|
%
|
|
1,402
|
|
|
912
|
|
|
54
|
%
|
|
Orencia
|
|
|
|
1,185
|
|
|
1,068
|
|
|
11
|
%
|
|
811
|
|
|
722
|
|
|
12
|
%
|
|
Sprycel
|
|
|
|
969
|
|
|
858
|
|
|
13
|
%
|
|
528
|
|
|
443
|
|
|
19
|
%
|
|
Yervoy
|
|
|
|
652
|
|
|
504
|
|
|
29
|
%
|
|
488
|
|
|
378
|
|
|
29
|
%
|
|
Empliciti
|
|
|
|
108
|
|
|
62
|
|
|
74
|
%
|
|
73
|
|
|
61
|
|
|
20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Established Brands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hepatitis C Franchise
|
|
|
|
274
|
|
|
973
|
|
|
(72
|
)%
|
|
72
|
|
|
553
|
|
|
(87
|
)%
|
|
Baraclude
|
|
|
|
555
|
|
|
590
|
|
|
(6
|
)%
|
|
26
|
|
|
32
|
|
|
(19
|
)%
|
|
Sustiva Franchise
|
|
|
|
372
|
|
|
544
|
|
|
(32
|
)%
|
|
314
|
|
|
455
|
|
|
(31
|
)%
|
|
Reyataz Franchise
|
|
|
|
381
|
|
|
468
|
|
|
(19
|
)%
|
|
175
|
|
|
242
|
|
|
(28
|
)%
|
|
Other Brands
|
|
|
|
978
|
|
|
1,140
|
|
|
(14
|
)%
|
|
185
|
|
|
190
|
|
|
(3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
10,073
|
|
|
$
|
9,262
|
|
|
9
|
%
|
|
$
|
5,603
|
|
|
$
|
5,225
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF
EARNINGS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2017 AND
2016
(Unaudited, dollars and shares in millions except per
share data)
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net product sales
|
|
|
$
|
4,770
|
|
|
$
|
4,432
|
|
|
$
|
9,350
|
|
|
$
|
8,396
|
|
|
Alliance and other revenues
|
|
|
374
|
|
|
439
|
|
|
723
|
|
|
866
|
|
|
Total Revenues
|
|
|
5,144
|
|
|
4,871
|
|
|
10,073
|
|
|
9,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold
|
|
|
1,562
|
|
|
1,206
|
|
|
2,821
|
|
|
2,258
|
|
|
Marketing, selling and administrative
|
|
|
1,167
|
|
|
1,238
|
|
|
2,241
|
|
|
2,306
|
|
|
Research and development
|
|
|
1,659
|
|
|
1,266
|
|
|
2,947
|
|
|
2,402
|
|
|
Other (income)/expense
|
|
|
(539
|
)
|
|
(454
|
)
|
|
(1,186
|
)
|
|
(974
|
)
|
|
Total Expenses
|
|
|
3,849
|
|
|
3,256
|
|
|
6,823
|
|
|
5,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Income Taxes
|
|
|
1,295
|
|
|
1,615
|
|
|
3,250
|
|
|
3,270
|
|
|
Provision for Income Taxes
|
|
|
373
|
|
|
427
|
|
|
802
|
|
|
876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
|
|
|
922
|
|
|
1,188
|
|
|
2,448
|
|
|
2,394
|
|
|
Net Earnings/(Loss) Attributable to Noncontrolling Interest
|
|
|
6
|
|
|
22
|
|
|
(42
|
)
|
|
33
|
|
|
Net Earnings Attributable to BMS
|
|
|
$
|
916
|
|
|
$
|
1,166
|
|
|
$
|
2,490
|
|
|
$
|
2,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1,644
|
|
|
1,670
|
|
|
1,653
|
|
|
1,670
|
|
|
Diluted
|
|
|
1,650
|
|
|
1,679
|
|
|
1,660
|
|
|
1,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Common Share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.56
|
|
|
$
|
0.70
|
|
|
$
|
1.51
|
|
|
$
|
1.41
|
|
|
Diluted
|
|
|
$
|
0.56
|
|
|
$
|
0.69
|
|
|
$
|
1.50
|
|
|
$
|
1.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (Income)/Expense
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
$
|
52
|
|
|
$
|
42
|
|
|
$
|
97
|
|
|
$
|
85
|
|
|
Investment income
|
|
|
(34
|
)
|
|
(25
|
)
|
|
(67
|
)
|
|
(49
|
)
|
|
Provision for restructuring
|
|
|
15
|
|
|
18
|
|
|
179
|
|
|
22
|
|
|
Litigation and other settlements
|
|
|
(5
|
)
|
|
6
|
|
|
(489
|
)
|
|
49
|
|
|
Equity in net income of affiliates
|
|
|
(20
|
)
|
|
(20
|
)
|
|
(38
|
)
|
|
(46
|
)
|
|
Divestiture gains
|
|
|
—
|
|
|
(283
|
)
|
|
(127
|
)
|
|
(553
|
)
|
|
Royalties and licensing income
|
|
|
(685
|
)
|
|
(167
|
)
|
|
(884
|
)
|
|
(421
|
)
|
|
Transition and other service fees
|
|
|
(13
|
)
|
|
(74
|
)
|
|
(20
|
)
|
|
(127
|
)
|
|
Pension charges
|
|
|
36
|
|
|
25
|
|
|
69
|
|
|
47
|
|
|
Intangible asset impairments
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
Equity investment impairment
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
45
|
|
|
Loss on debt redemption
|
|
|
109
|
|
|
—
|
|
|
109
|
|
|
—
|
|
|
Other
|
|
|
6
|
|
|
(21
|
)
|
|
(15
|
)
|
|
(41
|
)
|
|
Other (income)/expense
|
|
|
$
|
(539
|
)
|
|
$
|
(454
|
)
|
|
$
|
(1,186
|
)
|
|
$
|
(974
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE
THREE AND SIX MONTHS ENDED JUNE 30, 2017 AND 2016
(Unaudited,
dollars in millions)
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Impairment charges
|
|
|
$
|
127
|
|
|
$
|
—
|
|
|
$
|
127
|
|
|
$
|
—
|
|
|
Accelerated depreciation and other shutdown costs
|
|
|
3
|
|
|
4
|
|
|
3
|
|
|
8
|
|
|
Cost of products sold
|
|
|
130
|
|
|
4
|
|
|
130
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License and asset acquisition charges
|
|
|
393
|
|
|
139
|
|
|
443
|
|
|
264
|
|
|
IPRD impairments
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
—
|
|
|
Accelerated depreciation and other
|
|
|
96
|
|
|
13
|
|
|
168
|
|
|
26
|
|
|
Research and development
|
|
|
489
|
|
|
152
|
|
|
686
|
|
|
290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for restructuring
|
|
|
15
|
|
|
18
|
|
|
179
|
|
|
22
|
|
|
Divestiture gains
|
|
|
—
|
|
|
(277
|
)
|
|
(100
|
)
|
|
(546
|
)
|
|
Pension charges
|
|
|
36
|
|
|
25
|
|
|
69
|
|
|
47
|
|
|
Litigation and other settlements
|
|
|
—
|
|
|
—
|
|
|
(481
|
)
|
|
43
|
|
|
Intangible asset impairments
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
Loss on debt redemption
|
|
|
109
|
|
|
—
|
|
|
109
|
|
|
—
|
|
|
Royalties and licensing income
|
|
|
(497
|
)
|
|
—
|
|
|
(497
|
)
|
|
—
|
|
|
Other (income)/expense
|
|
|
(337
|
)
|
|
(234
|
)
|
|
(721
|
)
|
|
(419
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) to pretax income
|
|
|
282
|
|
|
(78
|
)
|
|
95
|
|
|
(121
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes on specified items
|
|
|
20
|
|
|
76
|
|
|
92
|
|
|
159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) to net earnings
|
|
|
302
|
|
|
(2
|
)
|
|
187
|
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) to net earnings used for diluted Non-GAAP EPS
calculation
|
|
|
$
|
302
|
|
|
$
|
(2
|
)
|
|
$
|
128
|
|
|
$
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP
LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
FOR THE THREE AND
SIX MONTHS ENDED JUNE 30, 2017 AND 2016
(Unaudited,
dollars in millions)
|
|
|
|
|
|
|
Three Months Ended June 30, 2017
|
|
Six Months Ended June 30, 2017
|
|
|
|
|
GAAP
|
|
Specified
Items(a)
|
|
Non-
GAAP
|
|
GAAP
|
|
Specified
Items(a)
|
|
Non-
GAAP
|
|
Gross Profit
|
|
|
$
|
3,582
|
|
|
$
|
130
|
|
|
$
|
3,712
|
|
|
$
|
7,252
|
|
|
$
|
130
|
|
|
$
|
7,382
|
|
|
Research and development
|
|
|
1,659
|
|
|
(489
|
)
|
|
1,170
|
|
|
2,947
|
|
|
(686
|
)
|
|
2,261
|
|
|
Other (income)/expense
|
|
|
(539
|
)
|
|
337
|
|
|
(202
|
)
|
|
(1,186
|
)
|
|
721
|
|
|
(465
|
)
|
|
Earnings Before Income Taxes
|
|
|
1,295
|
|
|
282
|
|
|
1,577
|
|
|
3,250
|
|
|
95
|
|
|
3,345
|
|
|
Provision for Income Taxes
|
|
|
373
|
|
|
20
|
|
|
353
|
|
|
802
|
|
|
92
|
|
|
710
|
|
|
Noncontrolling interest
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
(42
|
)
|
|
(59
|
)
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings Attributable to BMS used for Diluted EPS Calculation
|
|
|
$
|
916
|
|
|
$
|
302
|
|
|
$
|
1,218
|
|
|
$
|
2,490
|
|
|
$
|
128
|
|
|
$
|
2,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding - Diluted
|
|
|
1,650
|
|
|
1,650
|
|
|
1,650
|
|
|
1,660
|
|
|
1,660
|
|
|
1,660
|
|
|
Diluted Earnings Per Share
|
|
|
$
|
0.56
|
|
|
$
|
0.18
|
|
|
$
|
0.74
|
|
|
$
|
1.50
|
|
|
$
|
0.08
|
|
|
$
|
1.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate
|
|
|
28.8
|
%
|
|
(6.4
|
)%
|
|
22.4
|
%
|
|
24.7
|
%
|
|
(3.5
|
)%
|
|
21.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2016
|
|
Six Months Ended June 30, 2016
|
|
|
|
|
GAAP
|
|
Specified
Items(a)
|
|
Non-
GAAP
|
|
GAAP
|
|
Specified
Items(a)
|
|
Non-
GAAP
|
|
Gross Profit
|
|
|
$
|
3,665
|
|
|
$
|
4
|
|
|
$
|
3,669
|
|
|
$
|
7,004
|
|
|
$
|
8
|
|
|
$
|
7,012
|
|
|
Research and development
|
|
|
1,266
|
|
|
(152
|
)
|
|
1,114
|
|
|
2,402
|
|
|
(290
|
)
|
|
2,112
|
|
|
Other (income)/expense
|
|
|
(454
|
)
|
|
234
|
|
|
(220
|
)
|
|
(974
|
)
|
|
419
|
|
|
(555
|
)
|
|
Earnings Before Income Taxes
|
|
|
1,615
|
|
|
(78
|
)
|
|
1,537
|
|
|
3,270
|
|
|
(121
|
)
|
|
3,149
|
|
|
Provision for Income Taxes
|
|
|
427
|
|
|
76
|
|
|
351
|
|
|
876
|
|
|
159
|
|
|
717
|
|
|
Noncontrolling interest
|
|
|
22
|
|
|
—
|
|
|
22
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings Attributable to BMS used for Diluted EPS Calculation
|
|
|
$
|
1,166
|
|
|
$
|
(2
|
)
|
|
$
|
1,164
|
|
|
$
|
2,361
|
|
|
$
|
38
|
|
|
$
|
2,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding - Diluted
|
|
|
1,679
|
|
|
1,679
|
|
|
1,679
|
|
|
1,679
|
|
|
1,679
|
|
|
1,679
|
|
|
Diluted Earnings Per Share
|
|
|
$
|
0.69
|
|
|
$
|
—
|
|
|
$
|
0.69
|
|
|
$
|
1.41
|
|
|
$
|
0.02
|
|
|
$
|
1.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate
|
|
|
26.4
|
%
|
|
(3.6
|
)%
|
|
22.8
|
%
|
|
26.8
|
%
|
|
(4.0
|
)%
|
|
22.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
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
NET CASH/(DEBT) CALCULATION
AS
OF JUNE 30, 2017 AND MARCH 31, 2017
(Unaudited, dollars
in millions)
|
|
|
|
|
|
|
|
June 30, 2017
|
|
March 31, 2017
|
|
Cash and cash equivalents
|
|
|
|
$
|
3,470
|
|
|
$
|
3,910
|
|
|
Marketable securities - current
|
|
|
|
3,035
|
|
|
2,199
|
|
|
Marketable securities - non-current
|
|
|
|
2,580
|
|
|
2,685
|
|
|
Cash, cash equivalents and marketable securities
|
|
|
|
9,085
|
|
|
8,794
|
|
|
Short-term debt obligations
|
|
|
|
(1,306
|
)
|
|
(1,197
|
)
|
|
Long-term debt
|
|
|
|
(6,911
|
)
|
|
(7,237
|
)
|
|
Net cash position
|
|
|
|
$
|
868
|
|
|
$
|
360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170727005162/en/
Source: Bristol-Myers Squibb Company