BRISTOL MYERS SQUIBB CO - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - 8-K - BRISTOL MYERS SQUIBB CO	q32013earningsrelease8-k.htm
EX-99.1 - EXHIBIT 99.1 - BRISTOL MYERS SQUIBB CO	q32013ex991.htm

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES

(Unaudited, dollars in millions)



Net Sales	2012																					2013																	% 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	$	5,251		$	4,443		$	9,694		$	3,736		$	13,430		$	4,191		$	17,621		$	3,831		$	4,048		$	7,879		$	4,065		$	11,944				9%	(11)%	(1)%	(1)%
US and Puerto Rico	3,501			2,629			6,130			2,016			8,146			2,238			10,384			1,971			2,045			4,016			2,037			6,053					1%	(26)%	—	—
Europe	922			926			1,848			858			2,706			1,000			3,706			946			950			1,896			985			2,881					15%	6%	4%	1%
Rest of the World	748			811			1,559			787			2,346			858			3,204			765			835			1,600			805			2,405					2%	3%	(8)%	(5)%
Other	80			77			157			75			232			95			327			149			218			367			238			605					**	**	—	—

% of Total Sales	2012																					2013																	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		%	100.0		%	100.0		%	100.0		%	100.0		%			—		—
US and Puerto Rico	66.7		%	59.2		%	63.2		%	54.0		%	60.7		%	53.4		%	58.9		%	51.4		%	50.5		%	51.0		%	50.1		%	50.7		%			(390)		(1,000)
Europe	17.6		%	20.8		%	19.1		%	23.0		%	20.1		%	23.9		%	21.0		%	24.7		%	23.5		%	24.1		%	24.2		%	24.1		%			120		400
Rest of the World	14.2		%	18.3		%	16.1		%	21.0		%	17.5		%	20.5		%	18.2		%	20.0		%	20.6		%	20.3		%	19.8		%	20.1		%			(120)		260
Other	1.5		%	1.7		%	1.6		%	2.0		%	1.7		%	2.2		%	1.9		%	3.9		%	5.4		%	4.6		%	5.9		%	5.1		%			390		340

**In excess of +/- 100%

BRISTOL-MYERS SQUIBB COMPANY

SALES AND COMPOSITION OF CHANGE IN SALES

FOR THE PERIOD ENDED SEPTEMBER 30, 2013

(Unaudited, dollars in millions)



QUARTER-TO-DATE	Net Sales				Analysis of % Change
	2013		2012		Total Change		Volume		Price		Foreign Exchange
US and Puerto Rico	$	2,037	$	2,016	1	%	3	%	(2	)%	—
Europe	985		858		15	%	13	%	(2	)%	4	%
Rest of the World	805		787		2	%	12	%	(2	)%	(8	)%
Other	238		75		**		N/A		N/A		—
Total	$	4,065	$	3,736	9	%	12	%	(2	)%	(1	)%

YEAR-TO-DATE	Net Sales				Analysis of % Change
	2013		2012		Total Change		Volume		Price		Foreign Exchange
US and Puerto Rico	$	6,053	$	8,146	(26	)%	(24	)%	(2	)%	—
Europe	2,881		2,706		6	%	7	%	(2	)%	1	%
Rest of the World	2,405		2,346		3	%	10	%	(2	)%	(5	)%
Other	605		232		**		N/A		N/A		—
Total	$	11,944	$	13,430	(11	)%	(9	)%	(1	)%	(1	)%

**In excess of +/- 100%

BRISTOL-MYERS SQUIBB COMPANY

EARNINGS FROM OPERATIONS

(Unaudited, dollars and shares in millions except per share data)



	2012																					2013																	% 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	$	5,251		$	4,443		$	9,694		$	3,736		$	13,430		$	4,191		$	17,621		$	3,831		$	4,048		$	7,879		$	4,065		$	11,944				9%	(11)%
Cost of products sold	1,303			1,245			2,548			987			3,535			1,075			4,610			1,063			1,108			2,171			1,175			3,346					19%	(5)%
Marketing, selling and administrative	1,002			1,004			2,006			1,071			3,077			1,143			4,220			994			1,042			2,036			980			3,016					(8)%	(2)%
Advertising and product promotion	194			224			418			167			585			212			797			189			218			407			194			601					16%	3%
Research and development	909			962			1,871			951			2,822			1,082			3,904			930			951			1,881			893			2,774					(6)%	(2)%
Impairment charge for BMS-986094 intangible asset	—			—			—			1,830			1,830			—			1,830			—			—			—			—			—					(100)%	(100)%
Other (income)/expense	(184		)	(51		)	(235		)	(11		)	(246		)	166			(80		)	(19		)	199			180			5			185					**	**
Total Expenses	3,224			3,384			6,608			4,995			11,603			3,678			15,281			3,157			3,518			6,675			3,247			9,922					(35)%	(14)%
Earnings/(Loss) Before Income Taxes	$	2,027		$	1,059		$	3,086		$	(1,259	)	$	1,827		$	513		$	2,340		$	674		$	530		$	1,204		$	818		$	2,022				**	11%
Provision for/(benefit from) income taxes	545			251			796			(546		)	250			(411		)	(161		)	51			—			51			126			177					**	(29)%
Net Earnings/(Loss)	$	1,482		$	808		$	2,290		$	(713	)	$	1,577		$	924		$	2,501		$	623		$	530		$	1,153		$	692		$	1,845				**	17%
Net Earnings/(Loss) Attributable to Noncontrolling Interest	381			163			544			(2		)	542			(1		)	541			14			(6		)	8			—			8					(100)%	(99)%
Net Earnings/(Loss) Attributable to BMS	$	1,101		$	645		$	1,746		$	(711	)	$	1,035		$	925		$	1,960		$	609		$	536		$	1,145		$	692		$	1,837				**	77%
Earnings attributable to unvested restricted shares	(1		)	—			(2		)	—			(1		)	(1		)	(1		)	—			—			—			—			—					—	(100)%
Net Earnings/(Loss) used for Diluted EPS Calculation	$	1,100		$	645		$	1,744		$	(711	)	$	1,034		$	924		$	1,959		$	609		$	536		$	1,145		$	692		$	1,837				**	78%
Diluted Earnings/(Loss) per Common Share*	$	0.64		$	0.38		$	1.02		$	(0.43	)	$	0.61		$	0.56		$	1.16		$	0.37		$	0.32		$	0.69		$	0.42		$	1.11				**	82%
Average Common Shares Outstanding - Diluted	1,706			1,701			1,704			1,666			1,697			1,662			1,688			1,655			1,660			1,658			1,662			1,659					—	(2)%
Dividends declared per common share	$	0.34		$	0.34		$	0.68		$	0.34		$	1.02		$	0.35		$	1.37		$	0.35		$	0.35		$	0.70		$	0.35		$	1.05				3%	3%

% of Net Sales	2012																					2013																	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	75.2		%	72.0		%	73.7		%	73.6		%	73.7		%	74.3		%	73.8		%	72.3		%	72.6		%	72.4		%	71.1		%	72.0		%			(250)	(170)
Cost of products sold	24.8		%	28.0		%	26.3		%	26.4		%	26.3		%	25.7		%	26.2		%	27.7		%	27.4		%	27.6		%	28.9		%	28.0		%			250	170
Marketing, selling and administrative	19.1		%	22.6		%	20.7		%	28.7		%	22.9		%	27.3		%	23.9		%	25.9		%	25.7		%	25.8		%	24.1		%	25.3		%			(460)	240
Advertising and product promotion	3.7		%	5.0		%	4.3		%	4.5		%	4.4		%	5.1		%	4.5		%	4.9		%	5.4		%	5.2		%	4.8		%	5.0		%			30	60
Research and development	17.3		%	21.7		%	19.3		%	25.5		%	21.0		%	25.8		%	22.2		%	24.3		%	23.5		%	23.9		%	22.0		%	23.2		%			(350)	220
Total expenses	61.4		%	76.2		%	68.2		%	**			86.4		%	87.8		%	86.7		%	82.4		%	86.9		%	84.7		%	79.9		%	83.1		%			(5,380)	(330)
Earnings/ (Loss) Before Income Taxes	38.6		%	23.8		%	31.8		%	(33.7		)%	13.6		%	12.2		%	13.3		%	17.6		%	13.1		%	15.3		%	20.1		%	16.9		%			5,380	330
Net Earnings/ (Loss) Attributable to BMS	21.0		%	14.5		%	18.0		%	(19.0		)%	7.7		%	22.1		%	11.1		%	15.9		%	13.2		%	14.5		%	17.0		%	15.4		%			3,600	770
Other Ratios
Effective Tax Rate	26.9		%	23.7		%	25.8		%	43.4		%	13.7		%	(80.1		)%	(6.9		)%	7.6		%	—			4.2		%	15.4		%	8.8		%			(2,800)	(490)

Other (Income)/Expense	2012																					2013																	% 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	$	42		$	41		$	83		$	48		$	131		$	51		$	182		$	50		$	50		$	100		$	46		$	146				(4)%	11%
Investment income	(36		)	(22		)	(58		)	(27		)	(85		)	(21		)	(106		)	(25		)	(28		)	(53		)	(23		)	(76		)			(15)%	(11)%
Provision for restructuring	22			20			42			29			71			103			174			33			173			206			6			212					(79)%	**
Litigation charges/(recoveries)	(172		)	22			(150		)	50			(100		)	55			(45		)	—			(22		)	(22		)	17			(5		)			(66)%	(95)%
Equity in net income of affiliates	(57		)	(53		)	(110		)	(40		)	(150		)	(33		)	(183		)	(36		)	(50		)	(86		)	(42		)	(128		)			5%	(15)%
Out-licensed intangible asset impairment	38			—			38			—			38			—			38			—			—			—			—			—					—	(100)%
Gain on sale of product lines, businesses and assets	—			(3		)	(3		)	—			(3		)	(50		)	(53		)	(1		)	—			(1		)	—			(1		)			—	(67)%
Other income received from alliance partners, net	(46		)	(83		)	(129		)	(96		)	(225		)	(87		)	(312		)	(57		)	(32		)	(89		)	(31		)	(120		)			(68)%	(47)%
Pension settlements	—			—			—			3			3			155			158			—			101			101			37			138					**	**
Other	25			27			52			22			74			(7		)	67			17			7			24			(5		)	19					**	(74)%
	$	(184	)	$	(51	)	$	(235	)	$	(11	)	$	(246	)	$	166		$	(80	)	$	(19	)	$	199		$	180		$	5		$	185				**	**

* Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.

** In excess of +/- 100%

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT

FOR THE PERIOD ENDED SEPTEMBER 30, 2013

(Unaudited, dollars in millions)

QUARTER-TO-DATE



	2013			2012			Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *			2013 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Net sales	$	4,065		$	3,736		329		9	%	$	(25	)	$	4,090	(1	)%	10	%
Gross profit	2,890			2,749			141		5	%	N/A			N/A		N/A		N/A
Gross profit excluding specified items (a)	2,959			2,803			156		6	%	N/A			N/A		N/A		N/A

Gross profit excluding specified items as a % of sales	72.8		%	75.0		%

Marketing, selling and administrative	980			1,071			(91	)	(8	)%	8			988		—		(8	)%
Marketing, selling and administrative excluding specified items (a)	976			1,001			(25	)	(2	)%	7			983		—		(2	)%

Advertising and product promotion	194			167			27		16	%	3			197		2	%	18	%

SG&A excluding specified items as a % of sales	28.8		%	31.3		%

Research and development	893			951			(58	)	(6	)%	(1		)	892		—		(6	)%
Research and development excluding specified items (a)	893			903			(10	)	(1	)%	2			895		—		(1	)%

Research and development excluding specified items as a % of sales	22.0		%	24.2		%

YEAR-TO-DATE
	2013			2012			Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *			2013 Excluding FX		Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Net sales	$	11,944		$	13,430		(1,486	)	(11	)%	$	(89	)	$	12,033	(1	)%	(10	)%
Gross profit	8,598			9,895			(1,297	)	(13	)%	N/A			N/A		N/A		N/A
Gross profit excluding specified items (a)	8,822			10,096			(1,274	)	(13	)%	N/A			N/A		N/A		N/A

Gross profit excluding specified items as a % of sales	73.9		%	75.2		%

Marketing, selling and administrative	3,016			3,077			(61	)	(2	)%	32			3,048		1	%	(1	)%
Marketing, selling and administrative excluding specified items (a)	3,010			2,994			16		1	%	32			3,042		1	%	2	%

Advertising and product promotion	601			585			16		3	%	7			608		1	%	4	%

SG&A excluding specified items as a % of sales	30.2		%	26.6		%

Research and development	2,774			2,822			(48	)	(2	)%	10			2,784		1	%	(1	)%
Research and development excluding specified items (a)	2,774			2,671			103		4	%	22			2,796		1	%	5	%

Research and development excluding specified items as a % of sales	23.2		%	19.9		%


(a)	Refer to the Specified Items schedules for further details.


*	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.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT

FOR THE PERIOD ENDED SEPTEMBER 30, 2013

(Unaudited, dollars in millions)



QUARTER-TO-DATE	2013	2012	Growth $		Growth %		Favorable / (Unfavorable) FX Impact $ *		2013 Excluding FX	Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Virology
Baraclude	378	346	32		9	%	(8	)	386	(3	)%	12	%
Reyataz	375	363	12		3	%	—		375	—		3	%
Sustiva Franchise	389	370	19		5	%	4		385	1	%	4	%
Oncology
Erbitux	183	173	10		6	%	(1	)	184	—		6	%
Sprycel	316	263	53		20	%	(10	)	326	(4	)%	24	%
Yervoy	238	179	59		33	%	1		237	1	%	32	%
Neuroscience
Abilify	569	676	(107	)	(16	)%	6		563	1	%	(17	)%
Metabolics
Bydureon	87	20	67		**		1		86	N/A		N/A
Byetta	106	55	51		93	%	—		106	N/A		N/A
Forxiga	7	—	7		N/A		—		7	N/A		N/A
Onglyza/Kombiglyze	211	178	33		19	%	(1	)	212	—		19	%
Immunoscience
Nulojix	7	3	4		**		—		7	—		N/A
Orencia	375	307	68		22	%	(9	)	384	(3	)%	25	%
Cardiovascular
Avapro/Avalide	71	95	(24	)	(25	)%	—		71	—		(25	)%
Eliquis	41	—	41		N/A		—		41	—		N/A
Plavix	42	64	(22	)	(34	)%	—		42	—		(34	)%
Mature Products and All Other	670	644	26		4	%	(8	)	678	(1	)%	5	%
Total	4,065	3,736	329		9	%	(25	)	4,090	(1	)%	10	%
Total excluding Plavix and Avapro/Avalide	3,952	3,577	375		10	%	(25	)	3,977	(1	)%	11	%


*	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.


**	In excess of +/- 100%

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT

FOR THE PERIOD ENDED SEPTEMBER 30, 2013

(Unaudited, dollars in millions)



YEAR-TO-DATE	2013	2012	Growth $		Growth %		Favorable / (Unfavorable) FX Impact $*		2013 Excluding FX	Favorable / (Unfavorable) FX Impact % *		Growth % Excluding FX
Virology
Baraclude	1,115	1,028	87		8	%	(23	)	1,138	(3	)%	11	%
Reyataz	1,167	1,127	40		4	%	(9	)	1,176	—		4	%
Sustiva Franchise	1,187	1,144	43		4	%	6		1,181	1	%	3	%
Oncology
Erbitux	516	531	(15	)	(3	)%	(1	)	517	—		(3	)%
Sprycel	915	738	177		24	%	(28	)	943	(4	)%	28	%
Yervoy	700	495	205		41	%	3		697	—		41	%
Neuroscience
Abilify	1,654	2,008	(354	)	(18	)%	11		1,643	—		(18	)%
Metabolics
Bydureon	205	20	185		**		1		204	N/A		N/A
Byetta	295	55	240		**		—		295	N/A		N/A
Forxiga	15	—	15		N/A		—		15	N/A		N/A
Onglyza/Kombiglyze	653	511	142		28	%	(1	)	654	—		28	%
Immunoscience
Nulojix	18	7	11		**		—		18	—		N/A
Orencia	1,047	851	196		23	%	(21	)	1,068	(2	)%	25	%
Cardiovascular
Avapro/Avalide	173	419	(246	)	(59	)%	1		172	—		(59	)%
Eliquis	75	1	74		**		(2	)	77	—		**
Plavix	177	2,498	(2,321	)	(93	)%	4		173	—		(93	)%
Mature Products and All Other	2,032	1,997	35		2	%	(30	)	2,062	(1	)%	3	%
Total	11,944	13,430	(1,486	)	(11	)%	(89	)	12,033	(1	)%	(10	)%
Total excluding Plavix and Avapro/Avalide	11,594	10,513	1,081		10	%	(94	)	11,688	(1	)%	11	%


*	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.


**	In excess of +/- 100%

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

(Unaudited, dollars in millions)



	2012							2013							% 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	5,251	4,443	9,694	3,736	13,430	4,191	17,621	3,831	4,048	7,879	4,065	11,944			9%	(11)%	(1)%	(1)%
Virology
Baraclude	325	357	682	346	1,028	360	1,388	366	371	737	378	1,115			9%	8%	(3)%	(3)%
Reyataz	358	406	764	363	1,127	394	1,521	361	431	792	375	1,167			3%	4%	—	—
Sustiva Franchise ^(a)	386	388	774	370	1,144	383	1,527	387	411	798	389	1,187			5%	4%	1%	1%
Oncology
Erbitux	179	179	358	173	531	171	702	162	171	333	183	516			6%	(3)%	—	—
Sprycel	231	244	475	263	738	281	1,019	287	312	599	316	915			20%	24%	(4)%	(4)%
Yervoy	154	162	316	179	495	211	706	229	233	462	238	700			33%	41%	1%	—
Neuroscience
Abilify ^(b)	621	711	1,332	676	2,008	819	2,827	522	563	1,085	569	1,654			(16)%	(18)%	1%	—
Metabolics
Bydureon	—	—	—	20	20	58	78	52	66	118	87	205			**	**	N/A	N/A
Byetta	—	—	—	55	55	94	149	85	104	189	106	295			93%	**	N/A	N/A
Forxiga	—	—	—	—	—	—	—	3	5	8	7	15			N/A	N/A	N/A	N/A
Onglyza/Kombiglyze ^(c)	161	172	333	178	511	198	709	202	240	442	211	653			19%	28%	—	—
Immunoscience
Nulojix	1	3	4	3	7	4	11	5	6	11	7	18			**	**	—	—
Orencia ^(d)	254	290	544	307	851	325	1,176	320	352	672	375	1,047			22%	23%	(3)%	(2)%
Cardiovascular
Avapro/Avalide	207	117	324	95	419	84	503	46	56	102	71	173			(25)%	(59)%	—	—
Eliquis	—	1	1	—	1	1	2	22	12	34	41	75			N/A	**	—	—
Plavix	1,693	741	2,434	64	2,498	49	2,547	91	44	135	42	177			(34)%	(93)%	—	—
Mature Products and All Other ^(e)	681	672	1,353	644	1,997	759	2,756	691	671	1,362	670	2,032			4%	2%	(1)%	(1)%

	2012							2013							% 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:
Virology	1,077	1,165	2,242	1,089	3,331	1,145	4,476	1,121	1,225	2,346	1,151	3,497			6%	5%	—	(1)%
Oncology	679	707	1,386	728	2,114	777	2,891	772	814	1,586	824	2,410			13%	14%	(3)%	(2)%
Neuroscience	627	716	1,343	680	2,023	823	2,846	526	568	1,094	574	1,668			(16)%	(18)%	—	—
Metabolics	194	206	400	299	699	409	1,108	400	480	880	478	1,358			60%	94%	—	—
Immunoscience	255	292	547	311	858	329	1,187	325	358	683	382	1,065			23%	24%	(3)%	(3)%
Cardiovascular	1,991	958	2,949	243	3,192	223	3,415	243	193	436	233	669			(4)%	(79)%	1%	—
Other Therapeutic Areas	428	399	827	386	1,213	485	1,698	444	410	854	423	1,277			10%	5%	—	(1)%



**	In excess of +/- 100%
(a)	The Sustiva Franchise includes sales of Sustiva and revenue of bulk efavirenz included in the combination therapy, Atripla.
(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.
(c)	Includes Kombiglyze sales of $62M and $178M for the three and nine months ended September 30, 2013 and $44M and $116M for the three and nine months ended September 30, 2012, respectively.
(d)	Includes Orencia SubQ sales of $118M and $302M for the three and nine months ended September 30, 2013 and $61M and $138M for the three and nine months ended September 30, 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. Includes Symlin sales of $21M and $59M for the three and nine months ended September 30, 2013 and $13M for the three and nine months ended September 30, 2012.

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

(Unaudited, dollars in millions)



	2012							2013										% Change		% Change in U.S. Total Prescription*
	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 ^(a)	3,501	2,629	6,130	2,016	8,146	2,238	10,384	1,971	2,045		4,016		2,037	6,053				1%	(26)%	N/A	N/A
Virology
Baraclude	56	59	115	61	176	65	241	68	73		141		67	208				10%	18%	4%	6%
Reyataz	188	199	387	197	584	199	783	193	200		393		189	582				(4)%	—	(2)%	(5)%
Sustiva Franchise ^(b)	254	259	513	250	763	253	1,016	251	275		526		259	785				4%	3%	—	(2)%
Oncology
Erbitux	176	176	352	169	521	167	688	158	168		326		180	506				7%	(3)%	N/A	N/A
Sprycel	95	91	186	109	295	109	404	115	135		250		134	384				23%	30%	23%	21%
Yervoy ^(c)	117	122	239	123	362	141	503	159	140		299		130	429				6%	19%	N/A	N/A
Neuroscience
Abilify ^(d)	445	533	978	507	1,485	617	2,102	328	378		706		378	1,084				(25)%	(27)%	2%	—
Metabolics
Bydureon	—	—	—	20	20	55	75	52	57		109		73	182				**	**	N/A	N/A
Byetta	—	—	—	55	55	92	147	84	74		158		76	234				38%	**	N/A	N/A
Onglyza/Kombiglyze^(e)	120	126	246	130	376	140	516	140	167		307		138	445				6%	18%	(4)%	1%
Immunoscience
Nulojix	1	2	3	3	6	3	9	4	4		8		5	13				67%	**	N/A	N/A
Orencia^(f)	171	199	370	211	581	216	797	214	238		452		246	698				17%	20%	N/A	N/A
Cardiovascular
Avapro/Avalide	108	22	130	9	139	16	155	—	(9	)	(9	)	—	(9	)			(100)%	**	N/A	N/A
Eliquis	—	—	—	—	—	—	—	17	5		22		27	49				N/A	N/A	N/A	N/A
Plavix	1,648	713	2,361	43	2,404	20	2,424	66	18		84		18	102				(58)%	(96)%	N/A	N/A

Mature Products and All Other ^(g)	122	128	250	129	379	145	524	122	122		244		117	361				(9)%	(5)%	N/A	N/A

Total excluding Plavix and Avapro/Avalide	1,745	1,894	3,639	1,964	5,603	2,202	7,805	1,905	2,036		3,941		2,019	5,960				3%	6%	N/A	N/A

	2012							2013										% 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:
Virology	498	519	1,017	509	1,526	518	2,044	513	548		1,061		518	1,579				2%		3%
Oncology	412	414	826	423	1,249	438	1,687	451	457		908		459	1,367				9%		9%
Neuroscience	445	534	979	506	1,485	617	2,102	328	378		706		378	1,084				(25)%		(27)%
Metabolics	127	132	259	224	483	316	799	298	324		622		317	939				42%		94%
Immunoscience	172	201	373	214	587	219	806	217	243		460		251	711				17%		21%
Cardiovascular	1,784	766	2,550	79	2,629	61	2,690	108	36		144		67	211				(15)%		(92)%
Other Therapeutic Areas	63	63	126	61	187	69	256	56	59		115		47	162				(23)%		(13)%

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 (excluding diabetes franchise products Onglyza, Kombiglyze, Byetta and Bydureon), among others. Erbitux, Yervoy and Nulojix, and the intravenous formulation of Orencia are parenterally administered products and do not have prescription-level data as these products are not dispensed through retail and mail order channels. The data is provided by Wolters Kluwer Health based on the Source Prescription Audit and IMS Health based on information from the Next-Generation Prescription Service version 2.0 of the National Prescription Audit. 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.


**	In excess of +/- 100%


(a)	Domestic net sales include United States and Puerto Rico.


(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)	Includes $25 million of net sales that were previously deferred until sufficient historical experience to estimate sales returns was developed. The following table provides a reconciliation of the net impact of reversal of previously deferred net sales.



	2013			2012		% Change
	3rd Qtr	9 Months		3rd Qtr	9 Months	Qtr vs. Qtr		YTD vs. YTD
Yervoy Net Sales As Reported	130	429		123	362	6	%	19	%
Reversal of deferred revenues, net	—	(25	)	—	—	N/A		N/A
Yervoy Net Sales - Adjusted	130	404		123	362	6	%	12	%


(d)	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.



	2013		2012		% Change
	3rd Qtr	9 Months	3rd Qtr	9 Months	Qtr vs. Qtr		YTD vs. YTD
Abilify Net Sales As Reported	378	1,084	507	1,485	(25	)%	(27	)%
Contractual share change from 51.5% to 34.1%	199	553	—	—	N/A		N/A
Abilify Net Sales - Adjusted	577	1,637	507	1,485	14	%	10	%



(e)	Includes Kombiglyze sales of $49M and $148M for the three and nine months ended September 30, 2013 and $43M and $115M for the three and nine months ended September 30, 2012, respectively.
(f)	Includes Orencia SubQ sales of $91M and $244M for the three and nine months ended September 30, 2013 and $58M and $134M for the three and nine months ended September 30, 2012, respectively.
(g)	Represents all other products sold in the U.S., including those which have lost their exclusivity in major markets. Includes Symlin sales of $21M and $59M for the three and nine months ended September 30, 2013 and $13M for the three and nine months ended September 30, 2012.

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL NET SALES FROM OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

(Unaudited, dollars in millions)



	2012							2013							% 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	1,750	1,814	3,564	1,720	5,284	1,953	7,237	1,860	2,003	3,863	2,028	5,891			18%	11%	(1)%	(2)%
Virology
Baraclude	269	298	567	285	852	295	1,147	298	298	596	311	907			9%	6%	(3)%	(3)%
Reyataz	170	207	377	166	543	195	738	168	231	399	186	585			12%	8%	(1)%	(1)%
Sustiva Franchise ^(a)	132	129	261	120	381	130	511	136	136	272	130	402			8%	6%	4%	2%
Oncology
Erbitux	3	3	6	4	10	4	14	4	3	7	3	10			(25)%	—	—	—
Sprycel	136	153	289	154	443	172	615	172	177	349	182	531			18%	20%	(7)%	(6)%
Yervoy	37	40	77	56	133	70	203	70	93	163	108	271			93%	**	2%	1%
Neuroscience
Abilify ^(b)	176	178	354	169	523	202	725	194	185	379	191	570			13%	9%	3%	1%
Metabolics
Bydureon	—	—	—	—	—	3	3	—	9	9	14	23			N/A	N/A	N/A	N/A
Byetta	—	—	—	—	—	2	2	1	30	31	30	61			N/A	N/A	N/A	N/A
Forxiga	—	—	—	—	—	—	—	3	5	8	7	15			N/A	N/A	N/A	N/A
Onglyza/Kombiglyze	41	46	87	48	135	58	193	62	73	135	73	208			52%	54%	—	—
Immunoscience
Nulojix	—	1	1	—	1	1	2	1	2	3	2	5			N/A	**	—	—
Orencia	83	91	174	96	270	109	379	106	114	220	129	349			34%	29%	(10)%	(8)%
Cardiovascular
Avapro/Avalide	99	95	194	86	280	68	348	46	65	111	71	182			(17)%	(35)%	—	—
Eliquis	—	1	1	—	1	1	2	5	7	12	14	26			N/A	**	—	—
Plavix	45	28	73	21	94	29	123	25	26	51	24	75			14%	(20)%	—	—

Mature Products and All Other ^(c)	559	544	1,103	515	1,618	614	2,232	569	549	1,118	553	1,671			7%	3%	(2)%	(2)%

	2012							2013							% 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:
Virology	579	646	1,225	580	1,805	627	2,432	608	677	1,285	633	1,918			9%	6%	(1)%	(2)%
Oncology	267	293	560	305	865	339	1,204	321	357	678	365	1,043			20%	21%	(6)%	(5)%
Neuroscience	182	182	364	174	538	206	744	198	190	388	196	584			13%	9%	3%	1%
Metabolics	67	74	141	75	216	93	309	102	156	258	161	419			**	94%	—	—
Immunoscience	83	91	174	97	271	110	381	108	115	223	131	354			35%	31%	(9)%	(7)%
Cardiovascular	207	192	399	164	563	162	725	135	157	292	166	458			1%	(19)%	2%	—
Other Therapeutic Areas	365	336	701	325	1,026	416	1,442	388	351	739	376	1,115			16%	9%	—	(1)%

** In excess of +/- 100%


(a)	The Sustiva Franchise includes sales of Sustiva and revenue of bulk efavirenz included in the combination therapy, Atripla.


(b)	Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.


(c)	Represents all other products, including those which have lost their exclusivity in major markets, over the counter brands and royalty-related revenue.

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS

(Unaudited, dollars in millions)



	2012																					2013
	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	$	3,948		$	3,198		$	7,146		$	2,749		$	9,895		$	3,116		$	13,011		$	2,768		$	2,940		$	5,708		$	2,890		$	8,598
Specified items (a)	—			147			147			54			201			84			285			85			70			155			69			224
Gross profit excluding specified items	3,948			3,345			7,293			2,803			10,096			3,200			13,296			2,853			3,010			5,863			2,959			8,822

Marketing, selling and administrative	1,002			1,004			2,006			1,071			3,077			1,143			4,220			994			1,042			2,036			980			3,016
Specified items (a)	(8		)	(5		)	(13		)	(70		)	(83		)	(2		)	(85		)	(1		)	(1		)	(2		)	(4		)	(6		)
Marketing, selling and administrative excluding specified items	994			999			1,993			1,001			2,994			1,141			4,135			993			1,041			2,034			976			3,010

Research and development	909			962			1,871			951			2,822			1,082			3,904			930			951			1,881			893			2,774
Specified items (a)	(58		)	(45		)	(103		)	(48		)	(151		)	(65		)	(216		)	—			—			—			—			—
Research and development excluding specified items	851			917			1,768			903			2,671			1,017			3,688			930			951			1,881			893			2,774

Other (income)/expense	(184		)	(51		)	(235		)	(11		)	(246		)	166			(80		)	(19		)	199			180			5			185
Specified items (a)	81			(43		)	38			(116		)	(78		)	(249		)	(327		)	(19		)	(239		)	(258		)	(43		)	(301		)
Other (income)/expense excluding specified items	(103		)	(94		)	(197		)	(127		)	(324		)	(83		)	(407		)	(38		)	(40		)	(78		)	(38		)	(116		)

Effective Tax Rate	26.9		%	23.7		%	25.8		%	43.4		%	13.7		%	(80.1		)%	(6.9		)%	7.6		%	—			4.2		%	15.4		%	8.8		%
Specified items (a)	(0.2)%			1.6		%	0.3		%	(22.9)%			11.3		%	95.1		%	30.1		%	3.4		%	13.8		%	8.3		%	2.4		%	5.6		%
Effective Tax Rate excluding specified items	26.7		%	25.3		%	26.1		%	20.5		%	25.0		%	15.0		%	23.2		%	11.0		%	13.8		%	12.5		%	17.8		%	14.4		%


(a)	Refer to the Specified Items schedules 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

SPECIFIED ITEMS

(Unaudited, dollars in millions)



	2012																					2013
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
Accelerated depreciation, asset impairment and other shutdown costs	$	—		$	147		$	147		$	—		$	147		$	—		$	147		$	—		$	—		$	—		$	—		$	—
Amortization of acquired Amylin intangible assets	—			—			—			91			91			138			229			138			137			275			137			412
Amortization of Amylin collaboration proceeds	—			—			—			(46		)	(46		)	(68		)	(114		)	(67		)	(67		)	(134		)	(68		)	(202		)
Amortization of Amylin inventory adjustment	—			—			—			9			9			14			23			14			—			14			—			14
Cost of products sold	—			147			147			54			201			84			285			85			70			155			69			224

Stock compensation from accelerated vesting of Amylin awards	—			—			—			67			67			—			67			—			—			—			—			—
Process standardization implementation costs	8			5			13			3			16			2			18			1			1			2			4			6
Marketing, selling and administrative	8			5			13			70			83			2			85			1			1			2			4			6

Stock compensation from accelerated vesting of Amylin awards	—			—			—			27			27			—			27			—			—			—			—			—
Upfront, milestone and other licensing payments	—			—			—			21			21			26			47			—			—			—			—			—
IPRD impairment	58			45			103			—			103			39			142			—			—			—			—			—
Research and development	58			45			103			48			151			65			216			—			—			—			—			—

Impairment charge for BMS-986094 intangible asset	—			—			—			1,830			1,830			—			1,830			—			—			—			—			—

Provision for restructuring	22			20			42			29			71			103			174			33			173			206			6			212
Gain on sale of product lines, businesses and assets	—			—			—			—			—			(51		)	(51		)	—			—			—			—			—
Acquisition and collaboration related items	12			1			13			29			42			1			43			—			(10		)	(10		)	—			(10		)
Litigation charges/(recoveries)	(172		)	22			(150		)	50			(100		)	55			(45		)	—			(23		)	(23		)	—			(23		)
Out-licensed intangible asset impairment	38			—			38			—			38			—			38			—			—			—			—			—
Loss on debt repurchase	19			—			19			8			27			—			27			—			—			—			—			—
Upfront, milestone and other licensing receipts	—			—			—			—			—			(10		)	(10		)	(14		)	—			(14		)	—			(14		)
Pension settlements	—			—			—			—			—			151			151			—			99			99			37			136
Other (income)/expense	(81		)	43			(38		)	116			78			249			327			19			239			258			43			301

Increase/(decrease) to pretax income	(15		)	240			225			2,118			2,343			400			2,743			105			310			415			116			531

(Income tax)/tax benefit on items above	8			(77		)	(69		)	(722		)	(791		)	(156		)	(947		)	(35		)	(116		)	(151		)	(40		)	(191		)
Specified tax benefit*	—			—			—			—			—			(392		)	(392		)	—			—			—			—			—
(Income tax)/tax benefit	8			(77		)	(69		)	(722		)	(791		)	(548		)	(1,339		)	(35		)	(116		)	(151		)	(40		)	(191		)

Increase/(decrease) to net earnings	$	(7	)	$	163		$	156		$	1,396		$	1,552		$	(148	)	$	1,404		$	70		$	194		$	264		$	76		$	340

* The 2012 specified tax benefit relates to a capital loss deduction.

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

(Unaudited, dollars in millions)



	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013			September 30, 2013			December 31, 2013
Cash and cash equivalents	$	2,307		$	2,801		$	1,503		$	1,656		$	1,355		$	1,821		$	1,771
Marketable securities - current	2,722			2,236			1,427			1,173			1,178			978			951
Marketable securities - long term	3,585			3,732			3,698			3,523			3,242			3,223			3,623
Cash, cash equivalents and marketable securities	8,614			8,769			6,628			6,352			5,775			6,022			6,345

Short-term borrowings and current portion of long-term debt	(145		)	(236		)	(751		)	(826		)	(1,372		)	(764		)	(680		)
Long-term debt	(5,270		)	(5,209		)	(6,608		)	(6,568		)	(6,522		)	(6,442		)	(6,532		)
Net cash/(debt) position	$	3,199		$	3,324		$	(731	)	$	(1,042	)	$	(2,119	)	$	(1,184	)	$	(867	)

BRISTOL-MYERS SQUIBB COMPANY

2013 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS



	Full Year 2013
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP	1.41 to $1.49
Projected Specified Items:
Downsizing and streamlining of worldwide operations	0.10
Upfront and milestone payments, net	(0.01	)
Amortization of Amylin intangible assets and collaboration proceeds	0.11
Pension settlements	0.07
Other	(0.02	)

Total	0.25

Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP	1.70 to $1.78



Gross margin as a percentage of sales on a GAAP and non-GAAP basis for the nine months ended September 30, 2013 was 72.0% and 73.9%, respectively. On a non-GAAP basis, the Company projects gross margin as a percentage of sales for the full year 2013 of approximately 73%. There is no 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 and non-GAAP basis for the nine months ended September 30, 2013 were $2.8 billion. On a non-GAAP basis, the Company projects research and development expense for the full year 2013 to grow in the low single digit range compared to 2012. There is no 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 and non-GAAP basis for the nine months ended September 30, 2013 were $3.0 billion. On a GAAP basis, expenses for the nine months ended September 30, 2013 included specified items of $6 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2013 to remain flat compared to 2012. There is no 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 nine months ended September 30, 2013 was 8.8%. On a non-GAAP basis, for the nine months ended September 30, 2013 the effective tax rate was 14.4%. On a non-GAAP basis, the Company projects an annual effective tax rate of approximately 15%. There is no 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 2013 will include specified items, including expected charges associated with downsizing and streamlining worldwide operations, impairment charges, milestone payments, net amortization of acquired intangible assets and deferred income related to Amylin and pension settlements. The GAAP financial results for the full year 2013 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 Reports Third Quarter 2013 Financial Results, October 23, 2013 including “2013 Financial Guidance” and “Use of Non-GAAP Financial Information” therein.

Attached files

BRISTOL MYERS SQUIBB CO Reports

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