-
Increases First Quarter Revenues 5% to $5.2 Billion
-
Posts First Quarter GAAP EPS of $0.91 and Non-GAAP EPS of $0.94
-
Achieves Important Clinical and Regulatory Milestones in Oncology
-
Opdivo plus Yervoy Approved in the U.S.
for Patients with Intermediate- and Poor-Risk Advanced Renal Cell
Carcinoma
-
Opdivo Four-Week Dosing Approved in the U.S. and
Europe
-
Applications for Opdivo plus Yervoy for
Previously Treated Patients with MSI-H or dMMR Metastatic
Colorectal Cancer and Opdivo for Previously Treated
Patients with Small Cell Lung Cancer Accepted for Priority Reviews
in the U.S.
-
Presents Important New Data on Immuno-Oncology Portfolio at
AACR Including Phase 3 Data for Opdivo plus Yervoy
in First-Line Advanced Non-Small Cell Lung Cancer Patients with
High Tumor Mutational Burden
-
Announces Strategic Collaborations with Nektar Therapeutics,
Janssen Pharmaceuticals and Illumina, Inc.
-
Updates 2018 GAAP and Non-GAAP EPS Guidance
NEW YORK--(BUSINESS WIRE)--
Bristol-Myers
Squibb Company (NYSE:BMY) today reported results for the first
quarter of 2018 which were highlighted by strong sales for Opdivo,
Eliquis,
and Orencia,
important regulatory progress in Immuno-Oncology and strategic business
development transactions.
“We delivered strong commercial performance with continued growth for
our key franchises, Opdivo and Eliquis, and obtained FDA
approval for Opdivo plus Yervoy
in renal cell carcinoma, a disease with high unmet need which represents
an important opportunity for the company,” said Giovanni
Caforio, M.D., chairman and chief executive officer, Bristol-Myers
Squibb. “I am confident that strong commercial execution, upcoming Phase
3 readouts across our oncology pipeline and continued strategic use of
business development position us well for future growth.”
|
|
|
|
|
|
|
First Quarter
|
|
$ amounts in millions, except per share amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
Change
|
|
Total Revenues
|
|
|
|
|
|
$5,193
|
|
|
|
$4,929
|
|
|
|
5%
|
|
GAAP Diluted EPS
|
|
|
|
|
|
0.91
|
|
|
|
0.94
|
|
|
|
(3)%
|
|
Non-GAAP Diluted EPS
|
|
|
|
|
|
0.94
|
|
|
|
0.84
|
|
|
|
12%
|
|
|
FIRST QUARTER FINANCIAL RESULTS
-
Bristol-Myers Squibb posted first quarter 2018 revenues of $5.2
billion, an increase of 5% compared to the same period a year ago.
Revenues increased 1% when adjusted for foreign exchange impact.
-
U.S. revenues increased 1% to $2.8 billion in the quarter compared to
the same period a year ago. International revenues increased 10%. When
adjusted for foreign exchange impact, international revenues increased
1%.
-
Gross margin as a percentage of revenue decreased from 74.3% to 69.5%
in the quarter primarily due to product mix.
-
Marketing, selling and administrative expenses decreased 10% to $980
million in the quarter.
-
Research and development expenses decreased 4% to $1.3 billion.
-
The effective tax rate was 16.0% in the quarter, compared to 21.9% in
the first quarter last year.
-
The company reported net earnings attributable to Bristol-Myers Squibb
of $1.5 billion, or $0.91 per share, in the first quarter compared to
net earnings of $1.6 billion, or $0.94 per share, for the same period
in 2017.
-
The company reported non-GAAP net earnings attributable to
Bristol-Myers Squibb of $1.5 billion, or $0.94 per share, in the first
quarter, compared to $1.4 billion, or $0.84 per share, for the same
period in 2017. An overview of specified items is discussed under the
“Use of Non-GAAP Financial Information” section.
-
Cash, cash equivalents and marketable securities were $9.0 billion,
with a net cash position of $1.3 billion, as of March 31, 2018.
FIRST QUARTER PRODUCT AND PIPELINE UPDATE
Product Sales/Business Highlights
Global revenues for prioritized brands increased in the first quarter of
2018 by 21% compared to the first quarter of 2017, driven by:
|
Product
|
|
|
|
|
|
Growth %
|
|
|
|
|
|
|
|
|
|
Eliquis
|
|
|
|
|
|
37%
|
|
Opdivo
|
|
|
|
|
|
34%
|
|
Orencia
|
|
|
|
|
|
11%
|
|
Sprycel
|
|
|
|
|
|
(5)%
|
|
Yervoy
|
|
|
|
|
|
(25)%
|
|
|
Opdivo
Regulatory
-
In April, the European Commission approved an every four-week Opdivo
dosing schedule of 480 mg infused over 60 minutes as an option for
patients with advanced melanoma and previously treated renal cell
carcinoma (RCC) as well as the approval of a two-week Opdivo
flat dose option of 240 mg infused over 30 minutes to replace
weight-based dosing for all six approved monotherapy indications in
the European Union.
-
In April, the company announced the U.S. Food and Drug Administration
(FDA) has accepted for priority review its supplemental Biologics
License Application (sBLA) for Opdivo to treat patients
with small cell lung cancer (SCLC) whose disease has progressed after
two or more prior lines of therapy. The FDA action date is August 16,
2018.
-
In April, the company announced the FDA approved the combination of Opdivo
plus Yervoy for previously untreated patients with
intermediate- and poor-risk advanced RCC.
-
In March, the company announced the FDA accepted for priority review a
sBLA for the Opdivo plus Yervoy combination for the
treatment of adults with microsatellite instability-high (MSI-H) or
mismatch repair deficient (dMMR) metastatic colorectal cancer (mCRC)
that has progressed following treatment with a fluoropyrimidine,
oxaliplatin and irinotecan. The FDA action date is July 10, 2018.
-
In March, the company announced the FDA approved a sBLA updating the Opdivo
dosing schedule to include 480 mg infused every four weeks for a
majority of approved indications as well as a shorter 30 minute
infusion across all approved indications.
Clinical
-
In April, at the American Association for Cancer Research (AACR)
Annual Meeting, the company presented results from numerous studies of
novel agents and Opdivo-based combinations. Key clinical data
presented at the meeting include:
-
CheckMate -227: First presentation of data from the Phase 3 study
assessing the Opdivo plus Yervoy combination versus
platinum-doublet chemotherapy in first-line advanced non-small
cell lung cancer (NSCLC) patients with high tumor mutational
burden (≥10 mutations/megabase). (link)
-
CheckMate -568: First presentation of data from a Phase 2 study
evaluating Opdivo plus Yervoy in treatment naïve
patients with advanced NSCLC. Results demonstrated Opdivo 3
mg/kg plus low-dose Yervoy (1mg/kg) identified high tumor
mutational burden of ≥10 mutations/megabase (mut/Mb) as an
effective cutoff for selecting which patients were most likely to
respond to first-line treatment of Opdivo plus Yervoy
regardless of tumor PD-L1 expression.
-
CheckMate -078: First presentation of data from the Phase 3 study
evaluating Opdivo monotherapy versus docetaxel in a
predominantly Chinese patient population with previously treated
advanced NSCLC. (link)
-
CheckMate -141: Announced a two-year overall survival (OS) update
from the Phase 3 study evaluating patients treated with Opdivo over
standard of care in patients with recurrent or metastatic squamous
cell carcinoma of the head and neck (SCCHN) after failure on
platinum-based therapy. (link)
Eliquis
Clinical
-
In March, at the American College of Cardiology’s 67th
Annual Scientific Session & Expo, the company and Pfizer Inc.
announced the largest real-world data analysis from studies evaluating
different direct oral anticoagulants, including Eliquis,
rivaroxaban and dabigatran, for non-valvular atrial fibrillation
patients. (link)
FIRST QUARTER BUSINESS DEVELOPMENT UPDATE
-
In April, the company and Illumina, Inc. announced a collaboration
that will utilize Illumina’s next-generation sequencing technology to
develop and globally commercialize in-vitro diagnostic assays in
support of Bristol-Myers Squibb’s oncology portfolio.
-
In April, the company and Janssen Pharmaceutical Companies of Johnson
& Johnson announced a worldwide collaboration to develop and
commercialize Bristol-Myers Squibb’s Factor Xia inhibitor program,
including BMS-986177, an anticoagulant compound being studied for
prevention and treatment of major thrombotic conditions.
-
In April, the company and the Harvard Fibrosis Network of the Harvard
Stem Cell Institute announced a research collaboration to discover and
develop potential new therapies for fibrotic diseases, including
fibrosis of the liver and heart.
-
In February, the company announced that Yale Cancer Center will join
the International Immuno-Oncology Network, a global peer-to-peer
collaboration between Bristol-Myers Squibb and academia that aims to
advance translational Immuno-Oncology science.
-
In February, the company and Nektar Therapeutics announced a global
strategic development and commercialization collaboration for Nektar’s
lead Immuno-Oncology program, NKTR-214. The companies will jointly
develop and commercialize NKTR-214 in combination with Opdivo
and Opdivo plus Yervoy in more than 20 indications
across nine tumor types.
2018 FINANCIAL GUIDANCE
Bristol-Myers Squibb is decreasing its 2018 GAAP EPS guidance range from
$3.00 - $3.15 to $2.70 - $2.80 and increasing its non-GAAP EPS guidance
range from $3.15 - $3.30 to $3.35 - $3.45. Both GAAP and non-GAAP
guidance assume current exchange rates. Key revised 2018 GAAP and
non-GAAP line-item guidance assumptions are:
-
Worldwide revenues increasing in the mid-single digits.
-
Research and development expenses increasing in the low-single digits
for GAAP.
-
An effective tax rate between 17% and 18% for both GAAP and non-GAAP.
The financial guidance for 2018 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 2018
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 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 and equity investment 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 successfully execute 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 April 26, 2018 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 866-548-4713 or international
323-794-2093, confirmation code: 4713257. 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 April
26, 2018 through 1:30 p.m. EDT on May 10, 2018. 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: 4713257.
|
BRISTOL-MYERS SQUIBB COMPANY
|
|
PRODUCT REVENUE
|
|
FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017
|
|
(Unaudited, dollars in millions)
|
|
|
|
|
|
|
|
Worldwide Revenues
|
|
|
U.S. Revenues
|
|
|
|
|
|
2018
|
|
|
2017
|
|
|
%
Change
|
|
|
2018
|
|
|
2017
|
|
|
%
Change
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prioritized Brands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opdivo
|
|
|
|
$
|
1,511
|
|
|
|
$
|
1,127
|
|
|
|
34
|
%
|
|
|
$
|
938
|
|
|
|
$
|
761
|
|
|
|
23
|
%
|
|
Eliquis
|
|
|
|
1,506
|
|
|
|
1,101
|
|
|
|
37
|
%
|
|
|
885
|
|
|
|
699
|
|
|
|
27
|
%
|
|
Orencia
|
|
|
|
593
|
|
|
|
535
|
|
|
|
11
|
%
|
|
|
385
|
|
|
|
362
|
|
|
|
6
|
%
|
|
Sprycel
|
|
|
|
438
|
|
|
|
463
|
|
|
|
(5
|
)%
|
|
|
214
|
|
|
|
247
|
|
|
|
(13
|
)%
|
|
Yervoy
|
|
|
|
249
|
|
|
|
330
|
|
|
|
(25
|
)%
|
|
|
162
|
|
|
|
243
|
|
|
|
(33
|
)%
|
|
Empliciti
|
|
|
|
55
|
|
|
|
53
|
|
|
|
4
|
%
|
|
|
37
|
|
|
|
36
|
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Established Brands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baraclude
|
|
|
|
225
|
|
|
|
282
|
|
|
|
(20
|
)%
|
|
|
10
|
|
|
|
14
|
|
|
|
(29
|
)%
|
|
Sustiva Franchise
|
|
|
|
84
|
|
|
|
184
|
|
|
|
(54
|
)%
|
|
|
10
|
|
|
|
153
|
|
|
|
(93
|
)%
|
|
Reyataz Franchise
|
|
|
|
124
|
|
|
|
193
|
|
|
|
(36
|
)%
|
|
|
51
|
|
|
|
88
|
|
|
|
(42
|
)%
|
|
Hepatitis C Franchise
|
|
|
|
3
|
|
|
|
162
|
|
|
|
(98
|
)%
|
|
|
5
|
|
|
|
42
|
|
|
|
(88
|
)%
|
|
Other Brands
|
|
|
|
405
|
|
|
|
499
|
|
|
|
(19
|
)%
|
|
|
81
|
|
|
|
93
|
|
|
|
(13
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
5,193
|
|
|
|
$
|
4,929
|
|
|
|
5
|
%
|
|
|
$
|
2,778
|
|
|
|
$
|
2,738
|
|
|
|
1
|
%
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
|
|
CONSOLIDATED STATEMENTS OF EARNINGS
|
|
FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017
|
|
(Unaudited, dollars and shares in millions except per share data)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2018
|
|
|
2017
|
|
Net product sales
|
|
|
|
$
|
4,972
|
|
|
|
$
|
4,580
|
|
|
Alliance and other revenues
|
|
|
|
221
|
|
|
|
349
|
|
|
Total Revenues
|
|
|
|
5,193
|
|
|
|
4,929
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold
|
|
|
|
1,584
|
|
|
|
1,265
|
|
|
Marketing, selling and administrative
|
|
|
|
980
|
|
|
|
1,085
|
|
|
Research and development
|
|
|
|
1,250
|
|
|
|
1,303
|
|
|
Other income (net)
|
|
|
|
(400
|
)
|
|
|
(679
|
)
|
|
Total Expenses
|
|
|
|
3,414
|
|
|
|
2,974
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Income Taxes
|
|
|
|
1,779
|
|
|
|
1,955
|
|
|
Provision for Income Taxes
|
|
|
|
284
|
|
|
|
429
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
|
|
|
|
1,495
|
|
|
|
1,526
|
|
|
Net Earnings/(Loss) Attributable to Noncontrolling Interest
|
|
|
|
9
|
|
|
|
(48
|
)
|
|
Net Earnings Attributable to BMS
|
|
|
|
$
|
1,486
|
|
|
|
$
|
1,574
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
1,633
|
|
|
|
1,662
|
|
|
Diluted
|
|
|
|
1,640
|
|
|
|
1,671
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Common Share
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.91
|
|
|
|
$
|
0.95
|
|
|
Diluted
|
|
|
|
$
|
0.91
|
|
|
|
$
|
0.94
|
|
|
|
|
|
|
|
|
|
|
|
Other income (net)
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
$
|
46
|
|
|
|
$
|
45
|
|
|
Investment income
|
|
|
|
(36
|
)
|
|
|
(26
|
)
|
|
Equity investment gains
|
|
|
|
(15
|
)
|
|
|
(7
|
)
|
|
Provision for restructuring
|
|
|
|
20
|
|
|
|
164
|
|
|
Litigation and other settlements
|
|
|
|
—
|
|
|
|
(484
|
)
|
|
Equity in net income of affiliates
|
|
|
|
(24
|
)
|
|
|
(18
|
)
|
|
Divestiture gains
|
|
|
|
(45
|
)
|
|
|
(127
|
)
|
|
Royalties and licensing income
|
|
|
|
(367
|
)
|
|
|
(199
|
)
|
|
Transition and other service fees
|
|
|
|
(4
|
)
|
|
|
(7
|
)
|
|
Pension and postretirement
|
|
|
|
(11
|
)
|
|
|
1
|
|
|
Intangible asset impairment
|
|
|
|
64
|
|
|
|
—
|
|
|
Other
|
|
|
|
(28
|
)
|
|
|
(21
|
)
|
|
Other income (net)
|
|
|
|
$
|
(400
|
)
|
|
|
$
|
(679
|
)
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
|
|
SPECIFIED ITEMS
|
|
FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017
|
|
(Unaudited, dollars in millions)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2018
|
|
|
2017
|
|
Impairment charges
|
|
|
|
$
|
10
|
|
|
|
$
|
—
|
|
|
Accelerated depreciation and other shutdown costs
|
|
|
|
3
|
|
|
|
—
|
|
|
Cost of products sold
|
|
|
|
13
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, selling and administrative
|
|
|
|
1
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
License and asset acquisition charges
|
|
|
|
60
|
|
|
|
50
|
|
|
IPRD impairments
|
|
|
|
—
|
|
|
|
75
|
|
|
Site exit costs and other
|
|
|
|
20
|
|
|
|
72
|
|
|
Research and development
|
|
|
|
80
|
|
|
|
197
|
|
|
|
|
|
|
|
|
|
|
|
Equity investment gains
|
|
|
|
(15
|
)
|
|
|
—
|
|
|
Provision for restructuring
|
|
|
|
20
|
|
|
|
164
|
|
|
Litigation and other settlements
|
|
|
|
—
|
|
|
|
(481
|
)
|
|
Divestiture gains
|
|
|
|
(43
|
)
|
|
|
(100
|
)
|
|
Royalties and licensing income
|
|
|
|
(50
|
)
|
|
|
—
|
|
|
Pension charges
|
|
|
|
31
|
|
|
|
33
|
|
|
Intangible asset impairment
|
|
|
|
64
|
|
|
|
—
|
|
|
Other income (net)
|
|
|
|
7
|
|
|
|
(384
|
)
|
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) to pretax income
|
|
|
|
101
|
|
|
|
(187
|
)
|
|
|
|
|
|
|
|
|
|
|
Income taxes on specified items
|
|
|
|
(8
|
)
|
|
|
72
|
|
|
U.S. tax reform provisional amount adjustment
|
|
|
|
(32
|
)
|
|
|
—
|
|
|
Income taxes
|
|
|
|
(40
|
)
|
|
|
72
|
|
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) to net earnings
|
|
|
|
61
|
|
|
|
(115
|
)
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest
|
|
|
|
—
|
|
|
|
(59
|
)
|
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) to net earnings used for diluted Non-GAAP EPS
calculation
|
|
|
|
$
|
61
|
|
|
|
$
|
(174
|
)
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
|
|
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE
ITEMS
|
|
FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017
|
|
(Unaudited, dollars in millions)
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2018
|
|
|
|
|
|
GAAP
|
|
|
Specified
Items(a)
|
|
|
Non-
GAAP
|
|
Gross Profit
|
|
|
|
$
|
3,609
|
|
|
|
$
|
13
|
|
|
|
$
|
3,622
|
|
|
Marketing, selling and administrative
|
|
|
|
980
|
|
|
|
(1
|
)
|
|
|
979
|
|
|
Research and development
|
|
|
|
1,250
|
|
|
|
(80
|
)
|
|
|
1,170
|
|
|
Other income (net)
|
|
|
|
(400
|
)
|
|
|
(7
|
)
|
|
|
(407
|
)
|
|
Earnings Before Income Taxes
|
|
|
|
1,779
|
|
|
|
101
|
|
|
|
1,880
|
|
|
Provision for Income Taxes
|
|
|
|
284
|
|
|
|
(40
|
)
|
|
|
324
|
|
|
Noncontrolling interest
|
|
|
|
9
|
|
|
|
—
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings Attributable to BMS used for Diluted EPS Calculation
|
|
|
|
$
|
1,486
|
|
|
|
$
|
61
|
|
|
|
$
|
1,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding - Diluted
|
|
|
|
1,640
|
|
|
|
1,640
|
|
|
|
1,640
|
|
|
Diluted Earnings Per Share
|
|
|
|
$
|
0.91
|
|
|
|
$
|
0.03
|
|
|
|
$
|
0.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate
|
|
|
|
16.0
|
%
|
|
|
1.2
|
%
|
|
|
17.2
|
%
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017
|
|
|
|
|
|
GAAP
|
|
|
Specified
Items(a)
|
|
|
Non-
GAAP
|
|
Gross Profit
|
|
|
|
$
|
3,664
|
|
|
|
$
|
—
|
|
|
|
$
|
3,664
|
|
|
Marketing, selling and administrative
|
|
|
|
1,085
|
|
|
|
—
|
|
|
|
1,085
|
|
|
Research and development
|
|
|
|
1,303
|
|
|
|
(197
|
)
|
|
|
1,106
|
|
|
Other income (net)
|
|
|
|
(679
|
)
|
|
|
384
|
|
|
|
(295
|
)
|
|
Earnings Before Income Taxes
|
|
|
|
1,955
|
|
|
|
(187
|
)
|
|
|
1,768
|
|
|
Provision for Income Taxes
|
|
|
|
429
|
|
|
|
72
|
|
|
|
357
|
|
|
Noncontrolling interest
|
|
|
|
(48
|
)
|
|
|
(59
|
)
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings/(Loss) Attributable to BMS used for Diluted EPS
Calculation
|
|
|
|
$
|
1,574
|
|
|
|
$
|
(174
|
)
|
|
|
$
|
1,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding - Diluted
|
|
|
|
1,671
|
|
|
|
1,671
|
|
|
|
1,671
|
|
|
Diluted Earnings/(Loss) Per Share
|
|
|
|
$
|
0.94
|
|
|
|
$
|
(0.10
|
)
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate
|
|
|
|
21.9
|
%
|
|
|
(1.7
|
)%
|
|
|
20.2
|
%
|
|
(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 MARCH 31, 2018 AND DECEMBER 31, 2017
|
|
(Unaudited, dollars in millions)
|
|
|
|
|
|
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
Cash and cash equivalents
|
|
|
|
$
|
5,342
|
|
|
|
$
|
5,421
|
|
|
Marketable securities - current
|
|
|
|
1,428
|
|
|
|
1,391
|
|
|
Marketable securities - non-current
|
|
|
|
2,252
|
|
|
|
2,480
|
|
|
Cash, cash equivalents and marketable securities
|
|
|
|
9,022
|
|
|
|
9,292
|
|
|
Short-term debt obligations
|
|
|
|
(1,925
|
)
|
|
|
(987
|
)
|
|
Long-term debt
|
|
|
|
(5,775
|
)
|
|
|
(6,975
|
)
|
|
Net cash position
|
|
|
|
$
|
1,322
|
|
|
|
$
|
1,330
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180426005207/en/
Source: Bristol-Myers Squibb Company