Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BRISTOL MYERS SQUIBB CO | d339268d8k.htm |
| EX-99.1 - PRESS RELEASE - BRISTOL MYERS SQUIBB CO | d339268dex991.htm |
Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF SALES
($ in millions)
| Net Sales | 2011 | 2012 | % Change | FX Impact | ||||||||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | Qtr vs. Qtr | YTD vs. YTD | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||
| Total |
$ | 5,011 | $ | 5,434 | $ | 10,445 | $ | 5,345 | $ | 15,790 | $ | 5,454 | $ | 21,244 | $ | 5,251 | 5% | 5% | (1)% | (1)% | ||||||||||||||||||||||||||||||||
| US |
3,250 | 3,562 | 6,812 | 3,477 | 10,289 | 3,556 | 13,845 | 3,453 | 6% | 6% | — | — | ||||||||||||||||||||||||||||||||||||||||
| Europe |
868 | 954 | 1,822 | 916 | 2,738 | 929 | 3,667 | 883 | 2% | 2% | (4)% | (4)% | ||||||||||||||||||||||||||||||||||||||||
| JPAC |
449 | 462 | 911 | 464 | 1,375 | 487 | 1,862 | 413 | (8)% | (8)% | 1% | 1% | ||||||||||||||||||||||||||||||||||||||||
| Intercon |
214 | 220 | 434 | 230 | 664 | 230 | 894 | 220 | 3% | 3% | (3)% | (3)% | ||||||||||||||||||||||||||||||||||||||||
| Emerging Markets |
206 | 215 | 421 | 238 | 659 | 228 | 887 | 202 | (2)% | (2)% | — | — | ||||||||||||||||||||||||||||||||||||||||
| Other |
24 | 21 | 45 | 20 | 65 | 24 | 89 | 80 | * | * | — | — | ||||||||||||||||||||||||||||||||||||||||
| % of Total Sales | 2011 | 2012 | Basis Point Change | |||||||||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||||
| Total |
100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | — | ||||||||||||||||||||||||||||||||||||||||||
| US |
64.9% | 65.5% | 65.2% | 65.1% | 65.2% | 65.2% | 65.2% | 65.8% | 90 | 90 | ||||||||||||||||||||||||||||||||||||||||||
| Europe |
17.3% | 17.6% | 17.4% | 17.1% | 17.3% | 17.0% | 17.2% | 16.8% | (50) | (50) | ||||||||||||||||||||||||||||||||||||||||||
| JPAC |
9.0% | 8.5% | 8.7% | 8.7% | 8.7% | 8.9% | 8.8% | 7.9% | (110) | (110) | ||||||||||||||||||||||||||||||||||||||||||
| Intercon |
4.3% | 4.0% | 4.2% | 4.3% | 4.2% | 4.2% | 4.2% | 4.2% | (10) | (10) | ||||||||||||||||||||||||||||||||||||||||||
| Emerging Markets |
4.0% | 4.0% | 4.0% | 4.4% | 4.2% | 4.2% | 4.2% | 3.8% | (20) | (20) | ||||||||||||||||||||||||||||||||||||||||||
| Other |
0.5% | 0.4% | 0.5% | 0.4% | 0.4% | 0.5% | 0.4% | 1.5% | 100 | 100 | ||||||||||||||||||||||||||||||||||||||||||
| * | in excess of +/- 100% |
1
BRISTOL-MYERS SQUIBB COMPANY
SALES AND COMPOSITION OF CHANGE IN SALES
FOR THE PERIOD ENDED MARCH 31, 2012
($ in millions)
| QUARTER-TO-DATE |
Net Sales | Analysis of % Change | ||||||||||||||||||||||
| 2012 | 2011 | Total Change | Volume | Price | Foreign Exchange | |||||||||||||||||||
| US |
$ | 3,453 | $ | 3,250 | 6% | (4)% | 10% | — | ||||||||||||||||
| Europe |
883 | 868 | 2% | 7% | (1)% | (4)% | ||||||||||||||||||
| JPAC |
413 | 449 | (8)% | (8)% | (1)% | 1% | ||||||||||||||||||
| Intercon |
220 | 214 | 3% | 3% | 3% | (3)% | ||||||||||||||||||
| Emerging Markets |
202 | 206 | (2)% | 1% | (3)% | — | ||||||||||||||||||
| Other |
80 | 24 | * | N/A | N/A | — | ||||||||||||||||||
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| Total |
$ | 5,251 | $ | 5,011 | 5% | (1)% | 7% | (1)% | ||||||||||||||||
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| * in excess of +/- 100% |
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2
BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM OPERATIONS
($ in millions, except per share amounts)
| 2011 | 2012 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||||
| Net Sales |
$ | 5,011 | $ | 5,434 | $ | 10,445 | $ | 5,345 | $ | 15,790 | $ | 5,454 | $ | 21,244 | $ | 5,251 | 5% | 5% | ||||||||||||||||||||||||||||||||||
| Cost of products sold |
1,343 | 1,481 | 2,824 | 1,407 | 4,231 | 1,367 | 5,598 | 1,303 | (3)% | (3)% | ||||||||||||||||||||||||||||||||||||||||||
| Marketing, selling and administrative |
928 | 1,040 | 1,968 | 1,019 | 2,987 | 1,216 | 4,203 | 1,002 | 8% | 8% | ||||||||||||||||||||||||||||||||||||||||||
| Advertising and product promotion |
214 | 253 | 467 | 205 | 672 | 285 | 957 | 194 | (9)% | (9)% | ||||||||||||||||||||||||||||||||||||||||||
| Research and development |
935 | 923 | 1,858 | 973 | 2,831 | 1,008 | 3,839 | 909 | (3)% | (3)% | ||||||||||||||||||||||||||||||||||||||||||
| Provision for restructuring, net |
44 | 40 | 84 | 8 | 92 | 24 | 116 | 22 | (50)% | (50)% | ||||||||||||||||||||||||||||||||||||||||||
| Litigation expense/(recoveries) |
— | — | — | — | — | — | — | (172) | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Equity in net income of affiliates |
(82) | (62) | (144) | (71) | (215) | (66) | (281) | (57) | (30)% | (30)% | ||||||||||||||||||||||||||||||||||||||||||
| Other (income)/expense, net |
(138) | (31) | (169) | (26) | (195) | 26 | (169) | 23 | * | * | ||||||||||||||||||||||||||||||||||||||||||
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| Total expenses |
3,244 | 3,644 | 6,888 | 3,515 | 10,403 | 3,860 | 14,263 | 3,224 | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||
| Earnings from Operations Before Income Taxes |
$ | 1,767 | $ | 1,790 | $ | 3,557 | $ | 1,830 | $ | 5,387 | $ | 1,594 | $ | 6,981 | $ | 2,027 | 15% | 15% | ||||||||||||||||||||||||||||||||||
| Provision for income taxes |
400 | 483 | 883 | 475 | 1,358 | 363 | 1,721 | 545 | 36% | 36% | ||||||||||||||||||||||||||||||||||||||||||
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| Net Earnings from Operations |
$ | 1,367 | $ | 1,307 | $ | 2,674 | $ | 1,355 | $ | 4,029 | $ | 1,231 | $ | 5,260 | $ | 1,482 | 8% | 8% | ||||||||||||||||||||||||||||||||||
| Net Earnings Attributable to Noncontrolling Interest |
381 | 405 | 786 | 386 | 1,172 | 379 | 1,551 | 381 | — | — | ||||||||||||||||||||||||||||||||||||||||||
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| Net Earnings from Operations Attributable to BMS |
$ | 986 | $ | 902 | $ | 1,888 | $ | 969 | $ | 2,857 | $ | 852 | $ | 3,709 | $ | 1,101 | 12% | 12% | ||||||||||||||||||||||||||||||||||
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| Earnings attributable to unvested restricted shares |
(2) | (2) | (4) | (2) | (6) | (1) | (8) | (1) | (50)% | (50)% | ||||||||||||||||||||||||||||||||||||||||||
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| Net Earnings used for Diluted EPS Calc |
$ | 984 | $ | 900 | $ | 1,884 | $ | 967 | $ | 2,851 | $ | 851 | $ | 3,701 | $ | 1,100 | 12% | 12% | ||||||||||||||||||||||||||||||||||
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| Diluted Earnings Attributable to BMS per Common Share** |
$ | 0.57 | $ | 0.52 | $ | 1.10 | $ | 0.56 | $ | 1.66 | $ | 0.50 | $ | 2.16 | $ | 0.64 | 12% | 12% | ||||||||||||||||||||||||||||||||||
| Average Common Shares Outstanding - Diluted |
1,714 | 1,722 | 1,718 | 1,715 | 1,717 | 1,712 | 1,717 | 1,706 | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Dividends declared per common share |
$ | 0.33 | $ | 0.33 | $ | 0.66 | $ | 0.33 | $ | 0.99 | $ | 0.34 | $ | 1.33 | $ | 0.34 | 3% | 3% | ||||||||||||||||||||||||||||||||||
| % of Net Sales | 2011 | 2012 | Basis Point Change | |||||||||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||||
| Gross Margin |
73.2% | 72.7% | 73.0% | 73.7% | 73.2% | 74.9% | 73.6% | 75.2% | 200 | 200 | ||||||||||||||||||||||||||||||||||||||||||
| Cost of products sold |
26.8% | 27.3% | 27.0% | 26.3% | 26.8% | 25.1% | 26.4% | 24.8% | (200) | (200) | ||||||||||||||||||||||||||||||||||||||||||
| Marketing, selling and administrative |
18.5% | 19.1% | 18.8% | 19.1% | 18.9% | 22.3% | 19.8% | 19.1% | 60 | 60 | ||||||||||||||||||||||||||||||||||||||||||
| Advertising and product promotion |
4.3% | 4.7% | 4.5% | 3.8% | 4.3% | 5.2% | 4.5% | 3.7% | (60) | (60) | ||||||||||||||||||||||||||||||||||||||||||
| Research and development |
18.7% | 17.0% | 17.8% | 18.2% | 17.9% | 18.5% | 18.1% | 17.3% | (140) | (140) | ||||||||||||||||||||||||||||||||||||||||||
| Total expenses |
64.7% | 67.1% | 65.9% | 65.8% | 65.9% | 70.8% | 67.1% | 61.4% | (330) | (330) | ||||||||||||||||||||||||||||||||||||||||||
| Earnings from Operations Before Income Taxes |
35.3% | 32.9% | 34.1% | 34.2% | 34.1% | 29.2% | 32.9% | 38.6% | 330 | 330 | ||||||||||||||||||||||||||||||||||||||||||
| Net Earnings from Operations Attributable to BMS |
19.7% | 16.6% | 18.1% | 18.1% | 18.1% | 15.6% | 17.5% | 21.0% | 130 | 130 | ||||||||||||||||||||||||||||||||||||||||||
| Other Ratios |
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| Effective Tax Rate |
22.6% | 27.0% | 24.8% | 26.0% | 25.2% | 22.8% | 24.7% | 26.9% | 430 | 430 | ||||||||||||||||||||||||||||||||||||||||||
| Other (Income)/Expense, net | 2011 | 2012 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||||
| Interest expense |
$ | 31 | $ | 32 | $ | 63 | $ | 40 | $ | 103 | $ | 42 | $ | 145 | $ | 42 | 35% | 35% | ||||||||||||||||||||||||||||||||||
| Investment income |
(21) | (25) | (46) | (23) | (69) | (22) | (91) | (36) | 71% | 71% | ||||||||||||||||||||||||||||||||||||||||||
| Intangible asset impairment |
— | — | — | — | — | — | — | 38 | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of product lines, businesses and assets |
(9) | (2) | (11) | (25) | (36) | (1) | (37) | — | (100)% | (100)% | ||||||||||||||||||||||||||||||||||||||||||
| Other income from alliance partners |
(23) | (39) | (62) | (45) | (107) | (33) | (140) | (47) | * | * | ||||||||||||||||||||||||||||||||||||||||||
| Pension curtailments and settlements |
(3) | — | (3) | 2 | (1) | 11 | 10 | — | (100)% | (100)% | ||||||||||||||||||||||||||||||||||||||||||
| Litigation charges/(recoveries) |
(102) | (4) | (106) | 1 | (105) | 80 | (25) | — | (100)% | (100)% | ||||||||||||||||||||||||||||||||||||||||||
| Product liability charges |
26 | — | 26 | 10 | 36 | (5) | 31 | — | (100)% | (100)% | ||||||||||||||||||||||||||||||||||||||||||
| Other |
(37) | 7 | (30) | 14 | (16) | (46) | (62) | 26 | * | * | ||||||||||||||||||||||||||||||||||||||||||
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| ($ | 138) | ($ | 31) | ($ | 169) | ($ | 26) | ($ | 195) | $ | 26 | ($ | 169) | 23 | * | * | ||||||||||||||||||||||||||||||||||||
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| * | in excess of +/- 100% |
| ** | quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations. |
3
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED MARCH 31, 2012
(Unaudited, amounts in millions except per share data)
| QUARTER-TO-DATE |
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| 2012 | 2011 | Growth $ | Growth % | Favorable / (Unfavorable) FX Impact $ * |
2012 Excluding FX |
Favorable / (Unfavorable) FX Impact % * |
Growth % Excluding FX |
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| Net sales |
$ | 5,251 | $ | 5,011 | 240 | 5% | (32) | $ | 5,283 | (1)% | 6% | |||||||||||||||||||||
| Gross profit |
3,948 | 3,668 | 280 | 8% | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
| Gross profit excluding specified items (a) |
3,948 | 3,691 | 257 | 7% | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
| Gross profit excluding specified items as a % of sales |
75.2% | 73.7% | ||||||||||||||||||||||||||||||
| Marketing, selling and administrative |
1,002 | 928 | 74 | 8% | 11 | 1,013 | 1% | 9% | ||||||||||||||||||||||||
| Marketing, selling and administrative excluding specified items (a) |
994 | 924 | 70 | 8% | 12 | 1,006 | 1% | 9% | ||||||||||||||||||||||||
| Advertising and product promotion |
194 | 214 | (20) | (9)% | 2 | 196 | 1% | (8)% | ||||||||||||||||||||||||
| SG&A excluding specified items as a % of sales |
22.6% | 22.7% | ||||||||||||||||||||||||||||||
| Research and development |
909 | 935 | (26) | (3)% | 5 | 914 | 1% | (2)% | ||||||||||||||||||||||||
| Research and development excluding specified items (a) |
851 | 832 | 19 | 2% | 5 | 856 | 1% | 3% | ||||||||||||||||||||||||
| Research and development excluding specified items as a % of sales |
16.2% | 16.6% | ||||||||||||||||||||||||||||||
| (a) | Refer to the Specified Items tab for detail of specified items. |
| * | Foreign exchange (FX) impact determined by the change in a line item’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact. |
4
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
FOR THE PERIOD ENDED MARCH 31, 2012
(Unaudited, amounts in millions except per share data)
| QUARTER-TO-DATE |
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| 2012 | 2011 | Growth $ | Growth % | Favorable / (Unfavorable) FX Impact $ ** |
2012 Excluding FX |
Favorable / (Unfavorable) FX Impact % ** |
Growth % Excluding FX |
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| Plavix |
1,693 | 1,762 | (69) | (4)% | 1 | 1,692 | — | (4)% | ||||||||||||||||||||||||
| Avapro/Avalide |
207 | 290 | (83) | (29)% | (1) | 208 | — | (29)% | ||||||||||||||||||||||||
| Abilify |
621 | 624 | (3) | — | (8) | 629 | (1)% | 1% | ||||||||||||||||||||||||
| Reyataz |
358 | 366 | (8) | (2)% | (6) | 364 | (1)% | (1)% | ||||||||||||||||||||||||
| Sustiva Franchise |
386 | 343 | 43 | 13% | (4) | 390 | (1)% | 14% | ||||||||||||||||||||||||
| Baraclude |
325 | 275 | 50 | 18% | — | 325 | — | 18% | ||||||||||||||||||||||||
| Erbitux |
179 | 165 | 14 | 8% | — | 179 | — | 8% | ||||||||||||||||||||||||
| Sprycel |
231 | 172 | 59 | 34% | (3) | 234 | (2)% | 36% | ||||||||||||||||||||||||
| Yervoy |
154 | — | 154 | N/A | — | 154 | N/A | N/A | ||||||||||||||||||||||||
| Orencia |
254 | 199 | 55 | 28% | (2) | 256 | (1)% | 29% | ||||||||||||||||||||||||
| Nulojix |
1 | — | 1 | N/A | — | 1 | N/A | N/A | ||||||||||||||||||||||||
| Onglyza/Kombiglyze |
161 | 81 | 80 | 99% | (2) | 163 | (2)% | * | ||||||||||||||||||||||||
| Mature Products and All Other |
681 | 734 | (53) | (7)% | (7) | 688 | (1)% | (6)% | ||||||||||||||||||||||||
| Total |
5,251 | 5,011 | 240 | 5% | (32) | 5,283 | (1)% | 6% | ||||||||||||||||||||||||
| * | In excess of +/- 100% |
| ** | Foreign exchange (FX) impact determined by the change in a line item’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact. |
5
BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE NET SALES FROM OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)
| 2011 | 2012 | % Change | FX Impact | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | Qtr vs. Qtr | YTD vs. YTD | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||||||||||
| TOTAL |
5,011 | 5,434 | 10,445 | 5,345 | 15,790 | 5,454 | 21,244 | 5,251 | 5% | 5% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Key Products |
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| Plavix |
1,762 | 1,865 | 3,627 | 1,788 | 5,415 | 1,672 | 7,087 | 1,693 | (4)% | (4)% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Avapro/Avalide |
290 | 251 | 541 | 216 | 757 | 195 | 952 | 207 | (29)% | (29)% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Abilify (a) |
624 | 706 | 1,330 | 691 | 2,021 | 737 | 2,758 | 621 | — | — | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Reyataz |
366 | 396 | 762 | 391 | 1,153 | 416 | 1,569 | 358 | (2)% | (2)% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Sustiva Franchise (b) |
343 | 371 | 714 | 359 | 1,073 | 412 | 1,485 | 386 | 13% | 13% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Baraclude |
275 | 292 | 567 | 311 | 878 | 318 | 1,196 | 325 | 18% | 18% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Erbitux |
165 | 173 | 338 | 172 | 510 | 181 | 691 | 179 | 8% | 8% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Sprycel |
172 | 193 | 365 | 211 | 576 | 227 | 803 | 231 | 34% | 34% | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Yervoy |
— | 95 | 95 | 121 | 216 | 144 | 360 | 154 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
| Orencia (c) |
199 | 228 | 427 | 233 | 660 | 257 | 917 | 254 | 28% | 28% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Nulojix |
— | 2 | 2 | — | 2 | 1 | 3 | 1 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
| Onglyza/Kombiglyze (d) |
81 | 112 | 193 | 127 | 320 | 153 | 473 | 161 | 99% | 99% | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Mature Products and All Other (e) |
734 | 750 | 1,484 | 725 | 2,209 | 741 | 2,950 | 681 | (7)% | (7)% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2011 | 2012 | % Change | FX Impact | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | Qtr vs. Qtr | YTD vs. YTD | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||||||||||
| Net Sales by Therapeutic Area: |
|
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| Cardiovascular |
2,162 | 2,236 | 4,398 | 2,114 | 6,512 | 1,972 | 8,484 | 1,991 | (8)% | (8)% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Virology |
997 | 1,075 | 2,072 | 1,080 | 3,152 | 1,158 | 4,310 | 1,077 | 8% | 8% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Oncology |
466 | 591 | 1,057 | 629 | 1,686 | 684 | 2,370 | 679 | 46% | 46% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Neuroscience |
631 | 714 | 1,345 | 698 | 2,043 | 742 | 2,785 | 627 | (1)% | (1)% | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Immunoscience |
199 | 230 | 429 | 233 | 662 | 258 | 920 | 255 | 28% | 28% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Metabolics |
107 | 139 | 246 | 158 | 404 | 181 | 585 | 194 | 81% | 81% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other Therapeutic Areas |
449 | 449 | 898 | 433 | 1,331 | 459 | 1,790 | 428 | (5)% | (5)% | (3)% | (3)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| * | In excess of +/- 100% |
| (a) | Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. |
| (b) | The Sustiva Franchise includes sales of Sustiva and revenue of bulk efavirenz included in the combination therapy, Atripla. |
| (c) | Orencia SubQ was launched in Q4 2011. Includes SubQ sales of $15M in 2011 and $31M for the three months ended March 31, 2012. |
| (d) | Includes Kombiglyze sales of $4M and $36M for the three months ended March 31, 2011 and 2012 respectively. |
| (e) | Represents all other products, including those which have lost their exclusivity in major markets, over the counter brands and royalty-related revenue. |
6
BRISTOL-MYERS SQUIBB COMPANY
DOMESTIC NET SALES FROM OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)
| 2011 | 2012 | % Change | % Change in U.S. Total Prescription** |
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| 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | Qtr vs. Qtr | YTD vs. YTD | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||||||||||
| TOTAL |
3,250 | 3,562 | 6,812 | 3,477 | 10,289 | 3,556 | 13,845 | 3,453 | 6% | 6% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Key Products |
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| Plavix |
1,641 | 1,747 | 3,388 | 1,672 | 5,060 | 1,562 | 6,622 | 1,630 | (1)% | (1)% | (6)% | (6)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Avapro/Avalide |
160 | 133 | 293 | 121 | 414 | 107 | 521 | 100 | (38)% | (38)% | (33)% | (33)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Abilify (a) |
460 | 517 | 977 | 505 | 1,482 | 555 | 2,037 | 440 | (4)% | (4)% | 4% | 4% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Reyataz |
181 | 189 | 370 | 184 | 554 | 206 | 760 | 187 | 3% | 3% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Sustiva Franchise (b) |
215 | 228 | 443 | 222 | 665 | 275 | 940 | 251 | 17% | 17% | 2% | 2% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Baraclude |
48 | 51 | 99 | 51 | 150 | 57 | 207 | 55 | 15% | 15% | 11% | 11% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Erbitux |
162 | 167 | 329 | 168 | 497 | 175 | 672 | 173 | 7% | 7% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
| Sprycel |
61 | 68 | 129 | 78 | 207 | 87 | 294 | 93 | 52% | 52% | 45% | 45% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Yervoy |
— | 95 | 95 | 109 | 204 | 118 | 322 | 117 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
| Orencia(c) |
138 | 152 | 290 | 154 | 444 | 171 | 615 | 169 | 22% | 22% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
| Nulojix |
— | 2 | 2 | — | 2 | 1 | 3 | 1 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
| Onglyza/Kombiglyze (d) |
57 | 80 | 137 | 91 | 228 | 111 | 339 | 118 | * | * | 78% | 78% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Mature Products and All Other (e) |
127 | 133 | 260 | 122 | 382 | 131 | 513 | 119 | (6)% | (6)% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2011 | 2012 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||||||||||||
| Net Sales by Therapeutic Area: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cardiovascular |
1,832 | 1,919 | 3,751 | 1,826 | 5,577 | 1,701 | 7,278 | 1,757 | (4)% | (4)% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Virology |
446 | 470 | 916 | 457 | 1,373 | 540 | 1,913 | 494 | 11% | 11% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Oncology |
249 | 356 | 605 | 377 | 982 | 409 | 1,391 | 407 | 63% | 63% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Neuroscience |
460 | 518 | 978 | 506 | 1,484 | 554 | 2,038 | 440 | (4)% | (4)% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Immunoscience |
138 | 154 | 292 | 154 | 446 | 171 | 617 | 170 | 23% | 23% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Metabolics |
64 | 84 | 148 | 98 | 246 | 116 | 362 | 123 | 92% | 92% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Therapeutic Areas |
61 | 61 | 122 | 59 | 181 | 65 | 246 | 62 | 2% | 2% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| * | In excess of +/- 100% |
| ** | The estimated U.S. prescription change data provided throughout this report includes information only from the retail and mail order channels and does not reflect product demand within other channels such as hospitals, home health care, clinics, federal facilities including Veterans Administration hospitals, and long-term care, among others. The data is provided by Wolters Kluwer Health (WK), except for SPRYCEL, and based on the Source Prescription Audit. As of December 31, 2011, SPRYCEL demand is based upon information from the Next-Generation Prescription Service (NGPS) version 2.0 of the National Prescription Audit provided by the IMS Health (IMS). The data is a product of each respective service providers’ own recordkeeping and projection processes and therefore subject to the inherent limitations of estimates based on sampling and may include a margin of error. |
| (a) | Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. The following table provides a reconciliation of the impact for extending the term of the commercialization and manufacturing agreement. |
| 2012 | 2011 | % Change | ||||||||||||||
| 1st Qtr | 1st Qtr | Qtr vs. Qtr | ||||||||||||||
| Abilify Net Sales As Reported |
440 | 460 | (4)% | |||||||||||||
| Contractual share change from 53.5% to 51.5% |
17 | — | N/A | |||||||||||||
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| Abilify Net Sales—Adjusted |
457 | 460 | (1)% | |||||||||||||
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| (b) | The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units. |
| (c) | Orencia SubQ was launched in Q4 2011. Includes SubQ sales of $15M in 2011 and $31M for the three months ended March 31, 2012. |
| (d) | Includes Kombiglyze sales of $4M and $35M for the three months ended March 31, 2011 and 2012 respectively. |
| (e) | Represents all other products sold in the U.S., including those which have lost their exclusivity in major markets. |
7
BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL NET SALES FROM OPERATIONS BY PRODUCT
QUARTERLY SALES TREND ANALYSIS
($ in millions)
| 2011 | 2012 | % Change | FX Impact | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | Qtr vs. Qtr | YTD vs. YTD | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||||||||||
| TOTAL |
1,761 | 1,872 | 3,633 | 1,868 | 5,501 | 1,898 | 7,399 | 1,798 | 2% | 2% | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Key Products |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Plavix |
121 | 118 | 239 | 116 | 355 | 110 | 465 | 63 | (48)% | (48)% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Avapro/Avalide |
130 | 118 | 248 | 95 | 343 | 88 | 431 | 107 | (18)% | (18)% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Abilify (a) |
164 | 189 | 353 | 186 | 539 | 182 | 721 | 181 | 10% | 10% | (5)% | (5)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Reyataz |
185 | 207 | 392 | 207 | 599 | 210 | 809 | 171 | (8)% | (8)% | (4)% | (4)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Sustiva Franchise (b) |
128 | 143 | 271 | 137 | 408 | 137 | 545 | 135 | 5% | 5% | (4)% | (4)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Baraclude |
227 | 241 | 468 | 260 | 728 | 261 | 989 | 270 | 19% | 19% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Erbitux |
3 | 6 | 9 | 4 | 13 | 6 | 19 | 6 | 100% | 100% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Sprycel |
111 | 125 | 236 | 133 | 369 | 140 | 509 | 138 | 24% | 24% | (3)% | (3)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Yervoy |
— | — | — | 12 | 12 | 26 | 38 | 37 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
| Orencia |
61 | 76 | 137 | 79 | 216 | 86 | 302 | 85 | 39% | 39% | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Onglyza/Kombiglyze |
24 | 32 | 56 | 36 | 92 | 42 | 134 | 43 | 79% | 79% | (7)% | (7)% | ||||||||||||||||||||||||||||||||||||||||||||||||
|
Mature Products and All Other (c) |
607 | 617 | 1,224 | 603 | 1,827 | 610 | 2,437 | 562 | (7)% | (7)% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2011 | 2012 | % Change | FX Impact | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | Qtr vs. Qtr | YTD vs. YTD | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||||||||||
| Net Sales by Therapeutic Area: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cardiovascular |
330 | 317 | 647 | 288 | 935 | 271 | 1,206 | 234 | (29)% | (29)% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Virology |
551 | 605 | 1,156 | 623 | 1,779 | 618 | 2,397 | 583 | 6% | 6% | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Oncology |
217 | 235 | 452 | 252 | 704 | 275 | 979 | 272 | 25% | 25% | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Neuroscience |
171 | 196 | 367 | 192 | 559 | 188 | 747 | 187 | 9% | 9% | (5)% | (5)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Immunoscience |
61 | 76 | 137 | 79 | 216 | 87 | 303 | 85 | 39% | 39% | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Metabolics |
43 | 55 | 98 | 60 | 158 | 65 | 223 | 71 | 65% | 65% | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other Therapeutic Areas |
388 | 388 | 776 | 374 | 1,150 | 394 | 1,544 | 366 | (6)% | (6)% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||
| * | In excess of +/- 100% |
| (a) | Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. |
| (b) | The Sustiva Franchise includes sales of Sustiva and revenue of bulk efavirenz included in the combination therapy, Atripla. |
| (c) | Represents all other products, including those which have lost their exclusivity in major markets, over the counter brands and royalty-related revenue. |
8
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS
(Unaudited, amounts in millions except per share data)
| 2011 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | |||||||||||||||||||||||||||||||
| Gross Profit |
$ | 3,668 | $ | 3,953 | $ | 7,621 | $ | 3,938 | $ | 11,559 | $ | 4,087 | $ | 15,646 | $ | 3,948 | ||||||||||||||||||||||||||||
| Specified items (a) |
23 | 18 | 41 | 19 | 60 | 15 | 75 | — | ||||||||||||||||||||||||||||||||||||
| Gross profit excluding specified items |
3,691 | 3,971 | 7,662 | 3,957 | 11,619 | 4,102 | 15,721 | 3,948 | ||||||||||||||||||||||||||||||||||||
| Marketing, selling and administrative |
928 | 1,040 | 1,968 | 1,019 | 2,987 | 1,216 | 4,203 | 1,002 | ||||||||||||||||||||||||||||||||||||
| Specified items (a) |
(4 | ) | (10 | ) | (14 | ) | (5 | ) | (19 | ) | (10 | ) | (29 | ) | (8 | ) | ||||||||||||||||||||||||||||
| Marketing, selling and administrative excluding specified items |
924 | 1,030 | 1,954 | 1,014 | 2,968 | 1,206 | 4,174 | 994 | ||||||||||||||||||||||||||||||||||||
| Research and development |
935 | 923 | 1,858 | 973 | 2,831 | 1,008 | 3,839 | 909 | ||||||||||||||||||||||||||||||||||||
| Specified items (a) |
(103 | ) | (50 | ) | (153 | ) | (82 | ) | (235 | ) | — | (235 | ) | (58 | ) | |||||||||||||||||||||||||||||
| Research and development excluding specified items |
832 | 873 | 1,705 | 891 | 2,596 | 1,008 | 3,604 | 851 | ||||||||||||||||||||||||||||||||||||
| Other (income)/expense |
(138 | ) | (31 | ) | (169 | ) | (26 | ) | (195 | ) | 26 | (169 | ) | 23 | ||||||||||||||||||||||||||||||
| Specified items (a) |
76 | — | 76 | 2 | 78 | (68 | ) | 10 | (69 | ) | ||||||||||||||||||||||||||||||||||
| Other (income)/expense excluding specified items |
(62 | ) | (31 | ) | (93 | ) | (24 | ) | (117 | ) | (42 | ) | (159 | ) | (46 | ) | ||||||||||||||||||||||||||||
| Effective Tax Rate |
22.6 | % | 27.0 | % | 24.8 | % | 26.0 | % | 25.2 | % | 22.8 | % | 24.7 | % | 26.9 | % | ||||||||||||||||||||||||||||
| Specified items (a) |
3.4 | % | 0.9 | % | 2.1 | % | 0.4 | % | 1.5 | % | 2.1 | % | 1.6 | % | (0.2 | )% | ||||||||||||||||||||||||||||
| Effective Tax Rate excluding specified items |
26.0 | % | 27.9 | % | 26.9 | % | 26.4 | % | 26.7 | % | 24.9 | % | 26.3 | % | 26.7 | % | ||||||||||||||||||||||||||||
| (a) | Refer to the Specified Items tab for detail of specified items. |
9
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
($ in millions)
| 2011 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
| Dollars in Millions | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | ||||||||||||||||||||||||||||||
| Cost of products sold* |
$ | 23 | $ | 18 | $ | 41 | $ | 19 | $ | 60 | $ | 15 | $ | 75 | — | |||||||||||||||||||||||||||||
| Marketing, selling and administrative** |
4 | 10 | 14 | 5 | 19 | 10 | 29 | 8 | ||||||||||||||||||||||||||||||||||||
| Upfront, milestone and other licensing payments |
88 | 50 | 138 | 69 | 207 | — | 207 | — | ||||||||||||||||||||||||||||||||||||
| IPRD impairment |
15 | — | 15 | 13 | 28 | — | 28 | 58 | ||||||||||||||||||||||||||||||||||||
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| Research and development |
103 | 50 | 153 | 82 | 235 | — | 235 | 58 | ||||||||||||||||||||||||||||||||||||
| Provision for restructuring |
44 | 40 | 84 | 8 | 92 | 24 | 116 | 22 | ||||||||||||||||||||||||||||||||||||
| Litigation expense/(recoveries) |
— | — | — | — | — | — | — | (172 | ) | |||||||||||||||||||||||||||||||||||
| Gain on sale of product lines, businesses and assets |
— | — | — | (12 | ) | (12 | ) | — | (12 | ) | — | |||||||||||||||||||||||||||||||||
| Pension curtailments and settlements |
— | — | — | — | — | 13 | 13 | — | ||||||||||||||||||||||||||||||||||||
| Acquisition related items |
— | — | — | — | — | — | — | 12 | ||||||||||||||||||||||||||||||||||||
| Litigation charges/(recoveries) |
(102 | ) | — | (102 | ) | — | (102 | ) | 80 | (22 | ) | — | ||||||||||||||||||||||||||||||||
| Product liability charges |
26 | — | 26 | 10 | 36 | (5 | ) | 31 | — | |||||||||||||||||||||||||||||||||||
| Intangible asset impairment |
— | — | — | — | — | — | — | 38 | ||||||||||||||||||||||||||||||||||||
| Loss on debt repurchase |
— | — | — | — | — | — | — | 19 | ||||||||||||||||||||||||||||||||||||
| Upfront, milestone and other licensing receipts |
— | — | — | — | — | (20 | ) | (20 | ) | — | ||||||||||||||||||||||||||||||||||
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| Other (income)/expense |
(76 | ) | — | (76 | ) | (2 | ) | (78 | ) | 68 | (10 | ) | 69 | |||||||||||||||||||||||||||||||
| Increase/(Decrease) to pretax income |
98 | 118 | 216 | 112 | 328 | 117 | 445 | (15 | ) | |||||||||||||||||||||||||||||||||||
| Income tax on items above |
(28 | ) | (34 | ) | (62 | ) | (37 | ) | (99 | ) | (37 | ) | (136 | ) | 8 | |||||||||||||||||||||||||||||
| Specified tax (benefit)/charge*** |
(56 | ) | (15 | ) | (71 | ) | — | (71 | ) | (26 | ) | (97 | ) | — | ||||||||||||||||||||||||||||||
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| Income taxes |
(84 | ) | (49 | ) | (133 | ) | (37 | ) | (170 | ) | (63 | ) | (233 | ) | 8 | |||||||||||||||||||||||||||||
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| Increase/(Decrease) to net earnings |
$ | 14 | $ | 69 | $ | 83 | $ | 75 | $ | 158 | $ | 54 | $ | 212 | ($ | 7 | ) | |||||||||||||||||||||||||||
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| * | Specified items in cost of products sold include accelerated depreciation, asset impairment and other shutdown costs. |
| ** | Specified items in marketing, selling and administrative include process standardization implementation costs. |
| *** | The 2011 specified tax benefit relates to releases of tax reserves that were specified in prior periods. |
10
BRISTOL-MYERS SQUIBB COMPANY
SELECTED BALANCE SHEET INFORMATION
($ in millions)
| March 31, 2011 |
June 30, 2011 |
September 30, 2011 |
December 31, 2011 |
March 31, 2012 |
June 30, 2012 |
September 30, 2012 |
December 31, 2012 | |||||||||||||||||||
| Cash and cash equivalents |
$ | 3,405 | $ | 3,665 | $ | 4,471 | $ | 5,776 | $ | 2,307 | ||||||||||||||||
| Marketable securities—current |
3,388 | 4,005 | 3,722 | 2,957 | 2,722 | |||||||||||||||||||||
| Marketable securities—long term |
3,065 | 2,734 | 2,819 | 2,909 | 3,585 | |||||||||||||||||||||
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| Cash, cash equivalents and marketable securities |
9,858 | 10,404 | 11,012 | 11,642 | 8,614 | |||||||||||||||||||||
| Short-term borrowings |
135 | 187 | 182 | 115 | 145 | |||||||||||||||||||||
| Long-term debt |
5,276 | 5,332 | 5,437 | 5,376 | 5,270 | |||||||||||||||||||||
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| Net cash position |
$ | 4,447 | $ | 4,885 | $ | 5,393 | $ | 6,151 | $ | 3,199 | ||||||||||||||||
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11
BRISTOL-MYERS SQUIBB COMPANY
2012 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS
| Full Year 2012 | ||||
| Projected Diluted Earnings Attributable to Shareholders per Common Share—GAAP |
$ | 1.90 to $2.00 | ||
| Projected Specified Items: |
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| Downsizing and streamlining of worldwide operations |
0.05 | |||
| Upfront, milestone and other |
0.02 | |||
| Impairment charges |
0.04 | |||
| Litigation recoveries |
(0.07 | ) | ||
| Total |
0.04 | |||
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| Projected Diluted Earnings Attributable to Shareholders per Common Share—Non-GAAP |
$ | 1.90 to $2.00 | ||
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Gross margin as a percentage of sales on a GAAP and non-GAAP basis for the three months ended March 31, 2012 was 75.2%. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2012 to remain consistent with last year. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See “—Reconciliation of GAAP and Non-GAAP Growth Dollars and Percentages Excluding Foreign Exchange Impact”.
Research and development expenses on a GAAP basis for the three months ended March 31, 2012 were $909 million, which included specified items of $58 million. On a Non-GAAP basis, for the three months ended March 31, 2012 research and development expenses were $851 million. On a Non-GAAP basis, the Company projects research and development expense for the full year 2012 to increase in the low single digit range compared to 2011. It is estimated that 30% to 40% of the research and development expenses in 2012 will be incurred on late-stage development programs. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See “—Reconciliation of Certain Non-GAAP Line Items to Certain GAAP Line Items”.
Marketing, selling and administrative expenses, on a GAAP basis for the three months ended March 31, 2012 were $1 billion, which included specified items of $8 million. On a Non-GAAP basis, for the three months ended March 31, 2012 marketing, selling and administrative expenses were $994 million. On a Non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2012 to decrease in the mid-single digit range compared to 2011. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See “—Reconciliation of Certain Non-GAAP Line Items to Certain GAAP Line Items”.
The effective tax rate on a GAAP basis for the three months ended March 31, 2012 was 26.9%, which included specified items of $8 million in the tax provision, and had a (0.2)% impact on the effective tax rate in aggregate. On a Non-GAAP basis, for the three months ended March 31, 2012 the effective tax rate was 26.7%. On a Non-GAAP basis, the Company projects an annual effective tax rate of between 25% and 26%, which assumes the extension of the R&D tax credit for the full year 2012. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See “—Reconciliation of Certain Non-GAAP Line Items to Certain GAAP Line Items”.
The GAAP financial results for the full year 2012 will include specified items that may occur and impact results, including expected charges associated with downsizing and streamlining worldwide operations, impairment charges, milestone payments and recoveries relating to significant legal proceedings. The GAAP financial results for the full year 2012 could also include other specified items that have not yet been identified and quantified, including any gains or losses from acquisitions or divestitures, additional upfront, milestone and other licensing payments, charges for in-process research and development and licensed asset impairments, charges and recoveries relating to significant legal proceedings, restructuring activities and significant tax events. For a fuller discussion of certain litigation and other matters that could impact full year GAAP results, as well as the use of Non-GAAP financial information, see Bristol-Myers Squibb Company Reports Financial Results For The First Quarter of 2012, April 26, 2012 including “2012 Guidance” and “Use of Non-GAAP Financial Information” therein.
12