-
Increases Third Quarter Revenues 7% to $5.3 Billion
-
Posts Third Quarter GAAP EPS of $0.51 and Non-GAAP EPS of $0.75
-
Achieves Important Clinical and Regulatory Milestones in
Immuno-Oncology
-
Opdivo Approved in the U.S. for Patients with
Previously Treated Hepatocellular Carcinoma
-
Opdivo Approved in the U.S. for Adult and
Pediatric Patients with MSI-H or dMMR Previously Treated
Metastatic Colorectal Cancer
-
CheckMate -214 Study Evaluating Opdivo + Yervoy
Stopped Early For Demonstrating Overall Survival Benefit
-
Updates 2017 GAAP and Non-GAAP EPS Guidance
NEW YORK--(BUSINESS WIRE)--
Bristol-Myers
Squibb Company (NYSE:BMY) today reported results for the third
quarter of 2017, which were highlighted by strong sales for key products Opdivo
and Eliquis
and multiple regulatory approvals for Opdivo.
“We had a good quarter, demand for Eliquis and Opdivo was
strong and we advanced our portfolio with important clinical and
regulatory milestones, including exciting data for kidney cancer
patients with Opdivo + Yervoy,” said Giovanni
Caforio, M.D., chairman and chief executive officer, Bristol-Myers
Squibb. “Looking forward, our focus is on continuing to deliver strong
commercial performance, advance our pipeline and ensure our resources
are applied to priority areas of our portfolio for sustainable,
long-term growth.”
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
|
|
$ amounts in millions, except per share amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Change
|
|
Total Revenues
|
|
|
|
$5,254
|
|
|
$4,922
|
|
|
7%
|
|
GAAP Diluted EPS
|
|
|
|
0.51
|
|
|
0.72
|
|
|
(29)%
|
|
Non-GAAP Diluted EPS
|
|
|
|
0.75
|
|
|
0.77
|
|
|
(3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
THIRD QUARTER FINANCIAL RESULTS
-
Bristol-Myers Squibb posted third quarter 2017 revenues of $5.3
billion, an increase of 7% compared to the same period a year ago.
Revenues increased 6% when adjusted for foreign exchange impact.
-
U.S. revenues increased 3% to $2.9 billion in the quarter compared to
the same period a year ago. International revenues increased 12%. When
adjusted for foreign exchange impact, international revenues increased
11%.
-
Gross margin as a percentage of revenue decreased from 73.5% to 70.1%
in the quarter primarily due to product mix and an inventory charge.
-
Marketing, selling and administrative expenses remained flat at $1.1
billion in the quarter.
-
Research and development expenses increased 36% to $1.5 billion in the
quarter primarily due to the IFM Therapeutics (IFM) acquisition charge
of $310 million in the current period.
-
The effective tax rate was 27.6% in the quarter, compared to 22.1% in
the third quarter last year. The IFM acquisition charge was not
deductible for tax purposes.
-
The company reported net earnings attributable to Bristol-Myers Squibb
of $845 million, or $0.51 per share, in the third quarter compared to
net earnings of $1.2 billion, or $0.72 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 $0.75 per share, in the third
quarter, compared to $1.3 billion, or $0.77 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 $9.6 billion,
with a net cash position of $1.2 billion, as of September 30, 2017.
THIRD QUARTER PRODUCT AND PIPELINE UPDATE
Product Sales/Business Highlights
The increase in global revenues for the third quarter of 2017, compared
to the third quarter of 2016, was driven by:
Opdivo
Regulatory
-
In October, the company announced the FDA accepted for priority review
a sBLA for Opdivo to treat patients with melanoma who are at
high risk of disease recurrence following complete surgical resection.
-
In September, the company announced the FDA approval of Opdivo
for the treatment of hepatocellular carcinoma patients previously
treated with sorafenib. Opdivo is the first and only
Immuno-Oncology (I-O) agent to receive FDA approval in this population.
-
In September, the company announced the Japan Ministry of Health,
Labor and Welfare approved Opdivo for the treatment of patients
with unresectable advanced or recurrent gastric cancer which has
progressed after chemotherapy. Opdivo is the first and only I-O
treatment to demonstrate survival benefit in patients who underwent
two or more prior treatments.
-
In August, the company announced the FDA approval for Opdivo
for the treatment of adult and pediatric (12 years and older) patients
with microsatellite instability-high or mismatch repair deficient
metastatic colorectal cancer that has progressed following treatment
with a fluoropyrimidine, oxaliplatin, and irinotecan.
Clinical
-
In October, at the World Conference on Lung Cancer in Yokohama, Japan,
the company presented numerous studies for Opdivo and Opdivo-based
combinations across types of thoracic cancers including exploratory
data evaluating Opdivo and the Opdivo + Yervoy
regimen in patients with previously treated small cell lung cancer
(SCLC) whose tumors were evaluable for tumor mutation burden (TMB), a
subgroup of the Phase 1/2 open-label CheckMate -032 study. (link)
-
In September, at the European Society for Medical Oncology (ESMO) 2017
Congress in Madrid, Spain, the company presented numerous studies for Opdivo,
the Opdivo + Yervoy regimen, Opdivo in combination
with other assets and analyses providing insights into the potential
role of biomarkers to predict patients’ treatment responses. The
company announced results from the following studies:
-
CheckMate -238: Interim data from the Phase 3 study evaluating Opdivo versus
Yervoy in patients with resected high-risk melanoma. Opdivo
is the first anti-PD-1 to improve recurrence-free survival and
only I-O therapy to demonstrate superiority versus an active
control in this patient population. (link)
-
CheckMate -214: First presentation of efficacy data from the Phase
3 study of the Opdivo + Yervoy combination vs.
sunitinib in patients with previously untreated advanced or
metastatic renal cell carcinoma (RCC). (link)
The topline results were announced in August. (link)
In September, this trial was stopped early for demonstrating
overall survival benefit to patients with previously untreated
advanced or metastatic RCC. (link)
-
CheckMate -017 and -057: Three-year survival data from two Phase 3
studies of Opdivo vs. docetaxel in patients with previously
treated advanced non-small cell lung cancer (NSCLC). (link)
-
In September, the company announced the FDA placed a partial clinical
hold on CheckMate -602, CheckMate -039 and CA204142, three studies
investigating Opdivo-based combinations in patients with
relapsed or refractory multiple myeloma, based on risks identified in
trials studying another anti-PD-1 agent, pembrolizumab, in patients
with multiple myeloma.
Yervoy
Today the company is announcing the FDA added five-year overall survival
data from the Phase 3 CA184-029 trial, to the prescribing information
for Yervoy for the adjuvant treatment of fully resected cutaneous
melanoma with pathologic involvement of regional lymph nodes of more
than 1 mm. Yervoy is the first immune checkpoint inhibitor to
demonstrate a statistically significant improvement in overall survival
in this patient population.
Eliquis
In August, at the 17th European Society of Cardiology
Congress in Barcelona, Spain, the company and Pfizer Inc. presented
findings from three studies evaluating Eliquis (apixaban):
-
EMANATE, a Phase 4 clinical trial, evaluating Eliquis for
patients with non-valvular atrial fibrillation undergoing
cardioversion. (link)
-
Real-world data analysis of the U.S. Humana database of treatment with Eliquis
compared to warfarin in patients aged 65 years and older with
non-valvular atrial fibrillation. (link)
-
Real-world data analysis pooled from four large U.S. insurance claims
databases on the effectiveness and safety of Eliquis compared
to warfarin in the overall patient population, as well as select
high-risk patients, with non-valvular atrial fibrillation. (link)
THIRD QUARTER BUSINESS DEVELOPMENT UPDATE
-
In September, the company completed the acquisition of all outstanding
capital stock of IFM, a venture-backed biotech company focused on
developing therapies that modulate novel targets in the innate immune
system to treat cancer, autoimmunity and inflammatory disorders. The
acquisition gives the company full rights to IFM’s preclinical STING
(stimulator of interferon genes) and NLRP3 agonist programs focused on
enhancing the innate immune response for treating cancer.
-
In September, the company and AbbVie announced a clinical trial
collaboration to evaluate the combination of Opdivo and
AbbVie’s investigational antibody drug conjugate ABBV-399 in c-Met
overexpressing NSCLC, with the possible expansion into additional
solid tumors.
-
In September, the company and Halozyme Therapeutics, Inc. announced a
global collaboration and license agreement to develop subcutaneous
presentations of its immuno-oncology medicines using Halozyme’s ENHANZE®
drug-delivery technology.
-
In August, the company and Daiichi Sankyo Company, Limited announced a
collaborative clinical trial to evaluate the combination of Opdivo
and Daiichi Sankyo’s investigational antibody drug conjugate DS-8201
in HER2-expressing metastatic breast and urothelial (bladder) cancers.
-
In July, the company and Clovis Oncology, Inc. announced a clinical
collaboration to evaluate the combination of Opdivo and Clovis
Oncology’s poly (ADP-ribose) polymerase (PARP) inhibitor Rubraca®
(rucaparib) in Phase 3 clinical trials in advanced ovarian and
advanced triple-negative breast cancers. The agreement also includes a
Phase 2 study to evaluate the safety and efficacy of Opdivo +
Rubraca® combination in patients with metastatic
castration-resistant prostate cancer.
-
In July, the company and Exelixis, Inc. announced the initiation of
the Phase 3 CheckMate 9ER trial to evaluate Opdivo in
combination with CABOMETYX™ (cabozantinib) tablets, a small molecule
inhibitor of receptor tyrosine kinases, or the Opdivo + Yervoy
combination with CABOMETYX™ versus sunitinib in patients with
previously untreated, advanced or metastatic RCC.
2017 FINANCIAL GUIDANCE
Bristol-Myers Squibb is decreasing its 2017 GAAP EPS guidance range from
$2.66 - $2.76 to $2.36 - $2.46 and is increasing its non-GAAP EPS
guidance range from $2.90 - $3.00 to $2.95 - $3.05. Both GAAP and
non-GAAP guidance assume current exchange rates. Key revised 2017 GAAP
and non-GAAP line-item guidance assumptions include:
-
Gross margin as a percentage of revenue to be approximately 71.5% for
GAAP.
-
Research and development expenses are increasing approximately 25% -
30% compared to 2016 for GAAP.
-
An effective tax rate of approximately 25% - 26% for GAAP and
approximately 22% for non-GAAP.
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.
Rubraca® is a trademark of Clovis Oncology, Inc.
Cabometyx® is a trademark of Exelixis, Inc.
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 October 26, 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: 4511781. 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
October 26 through 11:59 p.m. EST on November 9, 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: 4511781.
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUE
FOR THE
THREE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016
(Unaudited,
dollars in millions)
|
|
|
|
|
|
|
|
Worldwide Revenues
|
|
U.S. Revenues
|
|
|
|
|
|
2017
|
|
2016
|
|
%
Change
|
|
2017
|
|
2016
|
|
%
Change
|
|
Three Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prioritized Brands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opdivo
|
|
|
|
$
|
1,265
|
|
$
|
920
|
|
38
|
%
|
|
$
|
778
|
|
$
|
712
|
|
9
|
%
|
|
Eliquis
|
|
|
|
|
1,232
|
|
|
884
|
|
39
|
%
|
|
|
717
|
|
|
512
|
|
40
|
%
|
|
Orencia
|
|
|
|
|
632
|
|
|
572
|
|
10
|
%
|
|
|
432
|
|
|
387
|
|
12
|
%
|
|
Sprycel
|
|
|
|
|
509
|
|
|
472
|
|
8
|
%
|
|
|
278
|
|
|
259
|
|
7
|
%
|
|
Yervoy
|
|
|
|
|
323
|
|
|
285
|
|
13
|
%
|
|
|
239
|
|
|
222
|
|
8
|
%
|
|
Empliciti
|
|
|
|
|
60
|
|
|
41
|
|
46
|
%
|
|
|
39
|
|
|
36
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Established Brands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hepatitis C Franchise
|
|
|
|
|
73
|
|
|
379
|
|
(81
|
)%
|
|
|
24
|
|
|
192
|
|
(88
|
)%
|
|
Baraclude
|
|
|
|
|
264
|
|
|
306
|
|
(14
|
)%
|
|
|
14
|
|
|
17
|
|
(18
|
)%
|
|
Sustiva Franchise
|
|
|
|
|
183
|
|
|
275
|
|
(33
|
)%
|
|
|
157
|
|
|
234
|
|
(33
|
)%
|
|
Reyataz Franchise
|
|
|
|
|
174
|
|
|
238
|
|
(27
|
)%
|
|
|
85
|
|
|
125
|
|
(32
|
)%
|
|
Other Brands
|
|
|
|
|
539
|
|
|
550
|
|
(2
|
)%
|
|
|
101
|
|
|
94
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
5,254
|
|
$
|
4,922
|
|
7
|
%
|
|
$
|
2,864
|
|
$
|
2,790
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUE
FOR THE
NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016
(Unaudited,
dollars in millions)
|
|
|
|
|
|
|
|
Worldwide Revenues
|
|
U.S. Revenues
|
|
|
|
|
|
2017
|
|
2016
|
|
%
Change
|
|
2017
|
|
2016
|
|
%
Change
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prioritized Brands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opdivo
|
|
|
|
$
|
3,587
|
|
$
|
2,464
|
|
46
|
%
|
|
$
|
2,307
|
|
$
|
1,949
|
|
18
|
%
|
|
Eliquis
|
|
|
|
|
3,509
|
|
|
2,395
|
|
47
|
%
|
|
|
2,119
|
|
|
1,424
|
|
49
|
%
|
|
Orencia
|
|
|
|
|
1,817
|
|
|
1,640
|
|
11
|
%
|
|
|
1,243
|
|
|
1,109
|
|
12
|
%
|
|
Sprycel
|
|
|
|
|
1,478
|
|
|
1,330
|
|
11
|
%
|
|
|
806
|
|
|
702
|
|
15
|
%
|
|
Yervoy
|
|
|
|
|
975
|
|
|
789
|
|
24
|
%
|
|
|
727
|
|
|
600
|
|
21
|
%
|
|
Empliciti
|
|
|
|
|
168
|
|
|
103
|
|
63
|
%
|
|
|
112
|
|
|
97
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Established Brands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hepatitis C Franchise
|
|
|
|
|
347
|
|
|
1,352
|
|
(74
|
)%
|
|
|
96
|
|
|
745
|
|
(87
|
)%
|
|
Baraclude
|
|
|
|
|
819
|
|
|
896
|
|
(9
|
)%
|
|
|
40
|
|
|
49
|
|
(18
|
)%
|
|
Sustiva Franchise
|
|
|
|
|
555
|
|
|
819
|
|
(32
|
)%
|
|
|
471
|
|
|
689
|
|
(32
|
)%
|
|
Reyataz Franchise
|
|
|
|
|
555
|
|
|
706
|
|
(21
|
)%
|
|
|
260
|
|
|
367
|
|
(29
|
)%
|
|
Other Brands
|
|
|
|
|
1,517
|
|
|
1,690
|
|
(10
|
)%
|
|
|
286
|
|
|
284
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
15,327
|
|
$
|
14,184
|
|
8
|
%
|
|
$
|
8,467
|
|
$
|
8,015
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF
EARNINGS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30,
2017 AND 2016
(Unaudited, dollars and shares in millions
except per share data)
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net product sales
|
|
|
$
|
4,862
|
|
|
$
|
4,492
|
|
|
$
|
14,212
|
|
|
$
|
12,888
|
|
|
Alliance and other revenues
|
|
|
392
|
|
|
430
|
|
|
1,115
|
|
|
1,296
|
|
|
Total Revenues
|
|
|
5,254
|
|
|
4,922
|
|
|
15,327
|
|
|
14,184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold
|
|
|
1,572
|
|
|
1,305
|
|
|
4,393
|
|
|
3,563
|
|
|
Marketing, selling and administrative
|
|
|
1,147
|
|
|
1,144
|
|
|
3,388
|
|
|
3,450
|
|
|
Research and development
|
|
|
1,543
|
|
|
1,138
|
|
|
4,490
|
|
|
3,540
|
|
|
Other (income)/expense
|
|
|
(191
|
)
|
|
(224
|
)
|
|
(1,377
|
)
|
|
(1,198
|
)
|
|
Total Expenses
|
|
|
4,071
|
|
|
3,363
|
|
|
10,894
|
|
|
9,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Income Taxes
|
|
|
1,183
|
|
|
1,559
|
|
|
4,433
|
|
|
4,829
|
|
|
Provision for Income Taxes
|
|
|
327
|
|
|
344
|
|
|
1,129
|
|
|
1,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
|
|
|
856
|
|
|
1,215
|
|
|
3,304
|
|
|
3,609
|
|
|
Net Earnings/(Loss) Attributable to Noncontrolling Interest
|
|
|
11
|
|
|
13
|
|
|
(31
|
)
|
|
46
|
|
|
Net Earnings Attributable to BMS
|
|
|
$
|
845
|
|
|
$
|
1,202
|
|
|
$
|
3,335
|
|
|
$
|
3,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1,639
|
|
|
1,671
|
|
|
1,648
|
|
|
1,670
|
|
|
Diluted
|
|
|
1,645
|
|
|
1,679
|
|
|
1,655
|
|
|
1,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Common Share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.52
|
|
|
$
|
0.72
|
|
|
$
|
2.02
|
|
|
$
|
2.13
|
|
|
Diluted
|
|
|
$
|
0.51
|
|
|
$
|
0.72
|
|
|
$
|
2.02
|
|
|
$
|
2.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (Income)/Expense
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
$
|
48
|
|
|
$
|
42
|
|
|
$
|
145
|
|
|
$
|
127
|
|
|
Investment income
|
|
|
(37
|
)
|
|
(32
|
)
|
|
(104
|
)
|
|
(81
|
)
|
|
Provision for restructuring
|
|
|
28
|
|
|
19
|
|
|
207
|
|
|
41
|
|
|
Litigation and other settlements
|
|
|
—
|
|
|
(1
|
)
|
|
(489
|
)
|
|
48
|
|
|
Equity in net income of affiliates
|
|
|
(21
|
)
|
|
(19
|
)
|
|
(59
|
)
|
|
(65
|
)
|
|
Divestiture (gains)/losses
|
|
|
1
|
|
|
(21
|
)
|
|
(126
|
)
|
|
(574
|
)
|
|
Royalties and licensing income
|
|
|
(209
|
)
|
|
(158
|
)
|
|
(1,093
|
)
|
|
(579
|
)
|
|
Transition and other service fees
|
|
|
(12
|
)
|
|
(57
|
)
|
|
(32
|
)
|
|
(184
|
)
|
|
Pension charges
|
|
|
22
|
|
|
19
|
|
|
91
|
|
|
66
|
|
|
Intangible asset impairments
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
Equity investment impairment
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
Loss on debt redemption
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|
—
|
|
|
Other
|
|
|
(11
|
)
|
|
(16
|
)
|
|
(26
|
)
|
|
(57
|
)
|
|
Other (income)/expense
|
|
|
$
|
(191
|
)
|
|
$
|
(224
|
)
|
|
$
|
(1,377
|
)
|
|
$
|
(1,198
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016
(Unaudited,
dollars in millions)
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Impairment charges
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
128
|
|
|
$
|
—
|
|
|
Accelerated depreciation and other shutdown costs
|
|
|
—
|
|
|
7
|
|
|
3
|
|
|
15
|
|
|
Cost of products sold
|
|
|
1
|
|
|
7
|
|
|
131
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License and asset acquisition charges
|
|
|
310
|
|
|
45
|
|
|
753
|
|
|
309
|
|
|
IPRD impairments
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
—
|
|
|
Accelerated depreciation and other
|
|
|
64
|
|
|
14
|
|
|
232
|
|
|
40
|
|
|
Research and development
|
|
|
374
|
|
|
59
|
|
|
1,060
|
|
|
349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for restructuring
|
|
|
28
|
|
|
19
|
|
|
207
|
|
|
41
|
|
|
Divestiture gains
|
|
|
—
|
|
|
(13
|
)
|
|
(100
|
)
|
|
(559
|
)
|
|
Pension charges
|
|
|
22
|
|
|
19
|
|
|
91
|
|
|
66
|
|
|
Litigation and other settlements
|
|
|
—
|
|
|
(3
|
)
|
|
(481
|
)
|
|
40
|
|
|
Intangible asset impairments
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
Loss on debt redemption
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|
—
|
|
|
Royalties and licensing income
|
|
|
—
|
|
|
—
|
|
|
(497
|
)
|
|
—
|
|
|
Other (income)/expense
|
|
|
50
|
|
|
22
|
|
|
(671
|
)
|
|
(397
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) to pretax income
|
|
|
425
|
|
|
88
|
|
|
520
|
|
|
(33
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes on specified items
|
|
|
(41
|
)
|
|
(3
|
)
|
|
51
|
|
|
156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase to net earnings
|
|
|
384
|
|
|
85
|
|
|
571
|
|
|
123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase to net earnings used for diluted Non-GAAP EPS calculation
|
|
|
$
|
384
|
|
|
$
|
85
|
|
|
$
|
512
|
|
|
$
|
123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP
LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
FOR THE THREE AND
NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016
(Unaudited,
dollars in millions)
|
|
|
|
|
|
|
Three Months Ended September 30, 2017
|
|
Nine Months Ended September 30, 2017
|
|
|
|
|
GAAP
|
|
Specified
Items(a)
|
|
Non-
GAAP
|
|
GAAP
|
|
Specified
Items(a)
|
|
Non-
GAAP
|
|
Gross Profit
|
|
|
$
|
3,682
|
|
|
$
|
1
|
|
|
$
|
3,683
|
|
|
$
|
10,934
|
|
|
$
|
131
|
|
|
$
|
11,065
|
|
|
Research and development
|
|
|
|
1,543
|
|
|
|
(374
|
)
|
|
|
1,169
|
|
|
|
4,490
|
|
|
|
(1,060
|
)
|
|
|
3,430
|
|
|
Other (income)/expense
|
|
|
|
(191
|
)
|
|
|
(50
|
)
|
|
|
(241
|
)
|
|
|
(1,377
|
)
|
|
|
671
|
|
|
|
(706
|
)
|
|
Earnings Before Income Taxes
|
|
|
|
1,183
|
|
|
|
425
|
|
|
|
1,608
|
|
|
|
4,433
|
|
|
|
520
|
|
|
|
4,953
|
|
|
Provision for Income Taxes
|
|
|
|
327
|
|
|
|
(41
|
)
|
|
|
368
|
|
|
|
1,129
|
|
|
|
51
|
|
|
|
1,078
|
|
|
Noncontrolling interest
|
|
|
|
11
|
|
|
|
—
|
|
|
|
11
|
|
|
|
(31
|
)
|
|
|
(59
|
)
|
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings Attributable to BMS used for Diluted EPS Calculation
|
|
|
$
|
845
|
|
|
$
|
384
|
|
|
$
|
1,229
|
|
|
$
|
3,335
|
|
|
$
|
512
|
|
|
$
|
3,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding - Diluted
|
|
|
|
1,645
|
|
|
|
1,645
|
|
|
|
1,645
|
|
|
|
1,655
|
|
|
|
1,655
|
|
|
|
1,655
|
|
|
Diluted Earnings Per Share
|
|
|
$
|
0.51
|
|
|
$
|
0.24
|
|
|
$
|
0.75
|
|
|
$
|
2.02
|
|
|
$
|
0.30
|
|
|
$
|
2.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate
|
|
|
|
27.6
|
%
|
|
|
(4.7
|
)%
|
|
|
22.9
|
%
|
|
|
25.5
|
%
|
|
|
(3.7
|
)%
|
|
|
21.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2016
|
|
|
|
|
GAAP
|
|
Specified
Items(a)
|
|
Non-
GAAP
|
|
GAAP
|
|
Specified
Items(a)
|
|
Non-
GAAP
|
|
Gross Profit
|
|
|
$
|
3,617
|
|
|
$
|
7
|
|
|
$
|
3,624
|
|
|
$
|
10,621
|
|
|
$
|
15
|
|
|
$
|
10,636
|
|
|
Research and development
|
|
|
|
1,138
|
|
|
|
(59
|
)
|
|
|
1,079
|
|
|
|
3,540
|
|
|
|
(349
|
)
|
|
|
3,191
|
|
|
Other (income)/expense
|
|
|
|
(224
|
)
|
|
|
(22
|
)
|
|
|
(246
|
)
|
|
|
(1,198
|
)
|
|
|
397
|
|
|
|
(801
|
)
|
|
Earnings Before Income Taxes
|
|
|
|
1,559
|
|
|
|
88
|
|
|
|
1,647
|
|
|
|
4,829
|
|
|
|
(33
|
)
|
|
|
4,796
|
|
|
Provision for Income Taxes
|
|
|
|
344
|
|
|
|
(3
|
)
|
|
|
347
|
|
|
|
1,220
|
|
|
|
156
|
|
|
|
1,064
|
|
|
Noncontrolling interest
|
|
|
|
13
|
|
|
|
—
|
|
|
|
13
|
|
|
|
46
|
|
|
|
—
|
|
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings Attributable to BMS used for Diluted EPS Calculation
|
|
|
$
|
1,202
|
|
|
$
|
85
|
|
|
$
|
1,287
|
|
|
$
|
3,563
|
|
|
$
|
123
|
|
|
$
|
3,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding - Diluted
|
|
|
|
1,679
|
|
|
|
1,679
|
|
|
|
1,679
|
|
|
|
1,679
|
|
|
|
1,679
|
|
|
|
1,679
|
|
|
Diluted Earnings Per Share
|
|
|
$
|
0.72
|
|
|
$
|
0.05
|
|
|
$
|
0.77
|
|
|
$
|
2.12
|
|
|
$
|
0.08
|
|
|
$
|
2.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate
|
|
|
|
22.1
|
%
|
|
|
(1.0
|
)%
|
|
|
21.1
|
%
|
|
|
25.3
|
%
|
|
|
(3.1
|
)%
|
|
|
22.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 SEPTEMBER 30, 2017 AND JUNE 30, 2017
(Unaudited,
dollars in millions)
|
|
|
|
|
|
|
|
September 30, 2017
|
|
June 30, 2017
|
|
Cash and cash equivalents
|
|
|
|
$
|
4,644
|
|
|
$
|
3,470
|
|
|
Marketable securities - current
|
|
|
|
2,478
|
|
|
3,035
|
|
|
Marketable securities - non-current
|
|
|
|
2,526
|
|
|
2,580
|
|
|
Cash, cash equivalents and marketable securities
|
|
|
|
9,648
|
|
|
9,085
|
|
|
Short-term debt obligations
|
|
|
|
(1,461
|
)
|
|
(1,306
|
)
|
|
Long-term debt
|
|
|
|
(6,982
|
)
|
|
(6,911
|
)
|
|
Net cash position
|
|
|
|
$
|
1,205
|
|
|
$
|
868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171026005196/en/
Source: Bristol-Myers Squibb Company