Attached files
| file | filename |
|---|---|
| 8-K - 8-K - BRISTOL MYERS SQUIBB CO | q12014earningsrelease8-k.htm |
| EX-99.1 - PRESS RELEASE OF BRISTOL-MYERS SQUIBB COMPANY DATED APRIL 29, 2014 - BRISTOL MYERS SQUIBB CO | q12014ex991.htm |
Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
QUARTERLY TREND ANALYSIS OF REVENUES
(Unaudited, dollars in millions)
Revenues | 2013 | 2014 | % 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 | $ | 3,831 | $ | 4,048 | $ | 7,879 | $ | 4,065 | $ | 11,944 | $ | 4,441 | $ | 16,385 | $ | 3,811 | (1)% | (1)% | (1)% | (1)% | ||||||||||||||||||||||||||||||||
US and Puerto Rico | 1,971 | 2,045 | 4,016 | 2,037 | 6,053 | 2,265 | 8,318 | 1,765 | (10)% | (10)% | — | — | ||||||||||||||||||||||||||||||||||||||||
Europe | 946 | 950 | 1,896 | 985 | 2,881 | 1,049 | 3,930 | 948 | — | — | 2% | 2% | ||||||||||||||||||||||||||||||||||||||||
Rest of the World | 765 | 835 | 1,600 | 805 | 2,405 | 890 | 3,295 | 830 | 8% | 8% | (7)% | (7)% | ||||||||||||||||||||||||||||||||||||||||
Other | 149 | 218 | 367 | 238 | 605 | 237 | 842 | 268 | 80% | 80% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
% of Revenues | 2013 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||
US and Puerto Rico | 51.4 | % | 50.5 | % | 51.0 | % | 50.1 | % | 50.7 | % | 51.0 | % | 50.8 | % | 46.3 | % | ||||||||||||||||||||||||||||||||||||
Europe | 24.7 | % | 23.5 | % | 24.1 | % | 24.2 | % | 24.1 | % | 23.6 | % | 24.0 | % | 24.9 | % | ||||||||||||||||||||||||||||||||||||
Rest of the World | 20.0 | % | 20.6 | % | 20.3 | % | 19.8 | % | 20.1 | % | 20.0 | % | 20.1 | % | 21.8 | % | ||||||||||||||||||||||||||||||||||||
Other | 3.9 | % | 5.4 | % | 4.6 | % | 5.9 | % | 5.1 | % | 5.4 | % | 5.1 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||
1
BRISTOL-MYERS SQUIBB COMPANY
REVENUES AND COMPOSITION OF CHANGE IN REVENUES
FOR THE PERIOD ENDED MARCH 31, 2014
(Unaudited, dollars in millions)
QUARTER-TO-DATE | Revenues | Analysis of % Change | ||||||||||||||||||
2014 | 2013 | Total Change | Volume | Price | Foreign Exchange | |||||||||||||||
US and Puerto Rico | $ | 1,765 | $ | 1,971 | (10 | )% | (12 | )% | 2 | % | — | |||||||||
Europe | 948 | 946 | — | 3 | % | (5 | )% | 2 | % | |||||||||||
Rest of the World | 830 | 765 | 8 | % | 18 | % | (3 | )% | (7 | )% | ||||||||||
Other | 268 | 149 | 80 | % | N/A | N/A | N/A | |||||||||||||
Total | $ | 3,811 | $ | 3,831 | (1 | )% | 1 | % | (1 | )% | (1 | )% | ||||||||
2
Exhibit 99.2
BRISTOL-MYERS SQUIBB COMPANY
EARNINGS FROM OPERATIONS
(Unaudited, dollars and shares in millions except per share data)
2013 | 2014 | % 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 product sales | $ | 2,957 | $ | 3,024 | $ | 5,981 | $ | 3,025 | $ | 9,006 | $ | 3,298 | $ | 12,304 | $ | 2,807 | (5)% | (5)% | ||||||||||||||||||||||||||||||
Alliance and other revenues | 874 | 1,024 | 1,898 | 1,040 | 2,938 | 1,143 | 4,081 | 1,004 | 15% | 15% | ||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 3,831 | $ | 4,048 | $ | 7,879 | $ | 4,065 | $ | 11,944 | $ | 4,441 | $ | 16,385 | $ | 3,811 | (1)% | (1)% | ||||||||||||||||||||||||||||||
Cost of products sold | 1,063 | 1,108 | 2,171 | 1,175 | 3,346 | 1,273 | 4,619 | 968 | (9)% | (9)% | ||||||||||||||||||||||||||||||||||||||
Marketing, selling and administrative | 994 | 1,042 | 2,036 | 980 | 3,016 | 1,068 | 4,084 | 957 | (4)% | (4)% | ||||||||||||||||||||||||||||||||||||||
Advertising and product promotion | 189 | 218 | 407 | 194 | 601 | 254 | 855 | 163 | (14)% | (14)% | ||||||||||||||||||||||||||||||||||||||
Research and development | 930 | 951 | 1,881 | 893 | 2,774 | 957 | 3,731 | 946 | 2% | 2% | ||||||||||||||||||||||||||||||||||||||
Other (income)/expense | (19 | ) | 199 | 180 | 5 | 185 | 20 | 205 | (208 | ) | ** | ** | ||||||||||||||||||||||||||||||||||||
Total Expenses | 3,157 | 3,518 | 6,675 | 3,247 | 9,922 | 3,572 | 13,494 | 2,826 | (10)% | (10)% | ||||||||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | $ | 674 | $ | 530 | $ | 1,204 | $ | 818 | $ | 2,022 | $ | 869 | $ | 2,891 | $ | 985 | 46% | 46% | ||||||||||||||||||||||||||||||
Provision for income taxes | 51 | — | 51 | 126 | 177 | 134 | 311 | 49 | (4)% | (4)% | ||||||||||||||||||||||||||||||||||||||
Net Earnings | $ | 623 | $ | 530 | $ | 1,153 | $ | 692 | $ | 1,845 | $ | 735 | $ | 2,580 | $ | 936 | 50% | 50% | ||||||||||||||||||||||||||||||
Net Earnings/(Loss) Attributable to Noncontrolling Interest | 14 | (6 | ) | 8 | — | 8 | 9 | 17 | (1 | ) | ** | ** | ||||||||||||||||||||||||||||||||||||
Net Earnings Attributable to BMS | $ | 609 | $ | 536 | $ | 1,145 | $ | 692 | $ | 1,837 | $ | 726 | $ | 2,563 | $ | 937 | 54% | 54% | ||||||||||||||||||||||||||||||
Earnings attributable to unvested restricted shares | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Net Earnings used for Diluted EPS Calculation | $ | 609 | $ | 536 | $ | 1,145 | $ | 692 | $ | 1,837 | $ | 726 | $ | 2,563 | $ | 937 | 54% | 54% | ||||||||||||||||||||||||||||||
Diluted Earnings per Common Share* | $ | 0.37 | $ | 0.32 | $ | 0.69 | $ | 0.42 | $ | 1.11 | $ | 0.44 | $ | 1.54 | $ | 0.56 | 51% | 51% | ||||||||||||||||||||||||||||||
Average Common Shares Outstanding - Diluted | 1,655 | 1,660 | 1,658 | 1,662 | 1,659 | 1,666 | 1,662 | 1,666 | 1% | 1% | ||||||||||||||||||||||||||||||||||||||
Dividends declared per common share | $ | 0.35 | $ | 0.35 | $ | 0.70 | $ | 0.35 | $ | 1.05 | $ | 0.36 | $ | 1.41 | $ | 0.36 | 3% | 3% | ||||||||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||
% of Total Revenues | 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 Margin | 72.3 | % | 72.6 | % | 72.4 | % | 71.1 | % | 72.0 | % | 71.3 | % | 71.8 | % | 74.6 | % | ||||||||||||||||||||||||||||||||
Other Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||
Effective tax rate | 7.6 | % | — | 4.2 | % | 15.4 | % | 8.8 | % | 15.4 | % | 10.8 | % | 5.0 | % | |||||||||||||||||||||||||||||||||
Other (Income)/Expense | 2013 | 2014 | % 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 | $ | 50 | $ | 50 | $ | 100 | $ | 46 | $ | 146 | $ | 53 | $ | 199 | $ | 54 | 8% | 8% | ||||||||||||||||||||||||||||||
Investment income | (25 | ) | (28 | ) | (53 | ) | (23 | ) | (76 | ) | (28 | ) | (104 | ) | (23 | ) | (8)% | (8)% | ||||||||||||||||||||||||||||||
Provision for restructuring | 33 | 173 | 206 | 6 | 212 | 14 | 226 | 21 | (36)% | (36)% | ||||||||||||||||||||||||||||||||||||||
Litigation charges/(recoveries) | — | (22 | ) | (22 | ) | 17 | (5 | ) | 25 | 20 | 29 | N/A | N/A | |||||||||||||||||||||||||||||||||||
Equity in net income of affiliates | (36 | ) | (50 | ) | (86 | ) | (42 | ) | (128 | ) | (38 | ) | (166 | ) | (36 | ) | — | — | ||||||||||||||||||||||||||||||
Gain on sale of product lines, businesses and assets | (1 | ) | — | (1 | ) | — | (1 | ) | (1 | ) | (2 | ) | (259 | ) | ** | ** | ||||||||||||||||||||||||||||||||
Other alliance and licensing income | (57 | ) | (32 | ) | (89 | ) | (31 | ) | (120 | ) | (28 | ) | (148 | ) | (108 | ) | 89% | 89% | ||||||||||||||||||||||||||||||
Pension curtailments, settlements and special termination benefits | — | 101 | 101 | 37 | 138 | 27 | 165 | 64 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
Other | 17 | 7 | 24 | (5 | ) | 19 | (4 | ) | 15 | 50 | ** | ** | ||||||||||||||||||||||||||||||||||||
$ | (19 | ) | $ | 199 | $ | 180 | $ | 5 | $ | 185 | $ | 20 | $ | 205 | $ | (208 | ) | ** | ** | |||||||||||||||||||||||||||||
* Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations. |
** In excess of 100% |
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, 2014
(Unaudited, dollars in millions)
QUARTER-TO-DATE
2014 | 2013 | Growth $ | Growth % | Favorable / (Unfavorable) FX Impact $ * | 2014 Excluding FX | Favorable / (Unfavorable) FX Impact % * | Growth % Excluding FX | |||||||||||||||||||||
Revenues | $ | 3,811 | $ | 3,831 | (20 | ) | (1 | )% | $ | (27 | ) | $ | 3,838 | (1 | )% | — | ||||||||||||
Gross profit | 2,843 | 2,768 | 75 | 3 | % | N/A | N/A | N/A | N/A | |||||||||||||||||||
Gross profit excluding specified items (a) | 2,888 | 2,853 | 35 | 1 | % | N/A | N/A | N/A | N/A | |||||||||||||||||||
Gross profit excluding specified items as a % of revenues | 75.8 | % | 74.5 | % | ||||||||||||||||||||||||
Marketing, selling and administrative | 957 | 994 | (37 | ) | (4 | )% | 9 | 966 | 1 | % | (3 | )% | ||||||||||||||||
Marketing, selling and administrative excluding specified items (a) | 954 | 993 | (39 | ) | (4 | )% | 9 | 963 | 1 | % | (3 | )% | ||||||||||||||||
Advertising and product promotion | 163 | 189 | (26 | ) | (14 | )% | 1 | 164 | 1 | % | (13 | )% | ||||||||||||||||
SG&A excluding specified items as a % of revenues | 29.3 | % | 30.9 | % | ||||||||||||||||||||||||
Research and development | 946 | 930 | 16 | 2 | % | 1 | 947 | — | 2 | % | ||||||||||||||||||
Research and development excluding specified items (a) | 898 | 930 | (32 | ) | (3 | )% | 1 | 899 | — | (3 | )% | |||||||||||||||||
Research and development excluding specified items as a % of revenues | 23.6 | % | 24.3 | % | ||||||||||||||||||||||||
(a) Refer to the Specified Items schedule 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. | |||
4
BRISTOL-MYERS SQUIBB COMPANY
WORLDWIDE REVENUES FROM OPERATIONS BY PRODUCT
QUARTERLY REVENUES TREND ANALYSIS AND RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT
(Unaudited, dollars in millions)
2013 | 2014 | Growth $ | % Change | EX-FX | 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 | QTD EX-FX $ | YTD EX-FX $ | Qtr vs. Qtr % | YTD vs. YTD % | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL | $ | 3,831 | $ | 4,048 | $ | 7,879 | $ | 4,065 | $ | 11,944 | $ | 4,441 | $ | 16,385 | $ | 3,811 | $ | (20 | ) | $ | (20 | ) | (1)% | (1)% | $ | 3,838 | $ | 3,838 | — | — | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||
Virology (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 366 | 371 | 737 | 378 | 1,115 | 412 | 1,527 | 406 | 40 | 40 | 11% | 11% | 412 | 412 | 13% | 13% | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reyataz | 361 | 431 | 792 | 375 | 1,167 | 384 | 1,551 | 344 | (17 | ) | (17 | ) | (5)% | (5)% | 348 | 348 | (4)% | (4)% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise (b) | 387 | 411 | 798 | 389 | 1,187 | 427 | 1,614 | 319 | (68 | ) | (68 | ) | (18)% | (18)% | 316 | 316 | (18)% | (18)% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oncology (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Erbitux | 162 | 171 | 333 | 183 | 516 | 180 | 696 | 169 | 7 | 7 | 4% | 4% | 169 | 169 | 4% | 4% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sprycel | 287 | 312 | 599 | 316 | 915 | 365 | 1,280 | 342 | 55 | 55 | 19% | 19% | 351 | 351 | 22% | 22% | (3)% | (3)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Yervoy | 229 | 233 | 462 | 238 | 700 | 260 | 960 | 271 | 42 | 42 | 18% | 18% | 270 | 270 | 18% | 18% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Neuroscience (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Abilify (c) | 522 | 563 | 1,085 | 569 | 1,654 | 635 | 2,289 | 540 | 18 | 18 | 3% | 3% | 538 | 538 | 3% | 3% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Immunoscience (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orencia (d) | 320 | 352 | 672 | 375 | 1,047 | 397 | 1,444 | 363 | 43 | 43 | 13% | 13% | 370 | 370 | 16% | 16% | (3)% | (3)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cardiovascular (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eliquis | 22 | 12 | 34 | 41 | 75 | 71 | 146 | 106 | 84 | 84 | ** | ** | 107 | 107 | ** | ** | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diabetes Alliance (e) | 358 | 438 | 796 | 432 | 1,228 | 455 | 1,683 | 179 | (179 | ) | (179 | ) | (50)% | (50)% | 179 | 179 | (50)% | (50)% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mature Products and All Other (f) | 817 | 754 | 1,571 | 769 | 2,340 | 855 | 3,195 | 772 | (45 | ) | (45 | ) | (6)% | (6)% | 778 | 778 | (5)% | (5)% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Excluding Diabetes Alliance | 3,473 | 3,610 | 7,083 | 3,633 | 10,716 | 3,986 | 14,702 | 3,632 | 159 | 159 | 5% | 5% | 3,659 | 3,659 | 5% | 5% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
** | In excess of 100% |
(a) | Key products listed do not represent all products in the respective therapeutic areas. |
(b) | The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. Includes alliance and other revenues of $272M and $324M for the three months ended March 31, 2014 and March 31, 2013, respectively. |
(c) | Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. Includes alliance and other revenue of $441M and $395M for the three months ended March 31, 2014 and March 31, 2013, respectively. |
(d) | Includes Orencia SubQ revenues of $136M and $84M for the three months ended March 31, 2014 and March 31, 2013, respectively. |
(e) | The three months ended March 31, 2013 includes pre-divestiture revenues of Bydureon, Byetta, Farxiga/Forxiga/Xigduo, Onglyza/Kombiglyze, Symlin and Myalept of $153M and post-divestiture revenues of $26M. |
(f) | Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. Includes Plavix revenues of $48M and $91M and Avapro/Avalide revenues of $56M and $46M for the three months ended March 31, 2014 and March 31, 2013, respectively. |
5
BRISTOL-MYERS SQUIBB COMPANY
DOMESTIC REVENUES FROM OPERATIONS BY PRODUCT
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
2013 | 2014 | % 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 (a) | $ | 1,971 | $ | 2,045 | $ | 4,016 | $ | 2,037 | $ | 6,053 | $ | 2,265 | $ | 8,318 | $ | 1,765 | (10)% | (10)% | ||||||||||||||||||||||||||||||
Virology | ||||||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 68 | 73 | 141 | 67 | 208 | 81 | 289 | 70 | 3% | 3% | ||||||||||||||||||||||||||||||||||||||
Reyataz | 193 | 200 | 393 | 189 | 582 | 187 | 769 | 176 | (9)% | (9)% | ||||||||||||||||||||||||||||||||||||||
Sustiva Franchise (b) | 251 | 275 | 526 | 259 | 785 | 307 | 1,092 | 228 | (9)% | (9)% | ||||||||||||||||||||||||||||||||||||||
Oncology | ||||||||||||||||||||||||||||||||||||||||||||||||
Erbitux | 158 | 168 | 326 | 180 | 506 | 176 | 682 | 158 | — | — | ||||||||||||||||||||||||||||||||||||||
Sprycel | 115 | 135 | 250 | 134 | 384 | 157 | 541 | 145 | 26% | 26% | ||||||||||||||||||||||||||||||||||||||
Yervoy (c) | 159 | 140 | 299 | 130 | 429 | 148 | 577 | 146 | (8)% | (8)% | ||||||||||||||||||||||||||||||||||||||
Neuroscience | ||||||||||||||||||||||||||||||||||||||||||||||||
Abilify | 328 | 378 | 706 | 378 | 1,084 | 435 | 1,519 | 325 | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||
Immunoscience | ||||||||||||||||||||||||||||||||||||||||||||||||
Orencia (d) | 214 | 238 | 452 | 246 | 698 | 256 | 954 | 229 | 7% | 7% | ||||||||||||||||||||||||||||||||||||||
Cardiovascular | ||||||||||||||||||||||||||||||||||||||||||||||||
Eliquis | 17 | 5 | 22 | 27 | 49 | 48 | 97 | 61 | ** | ** | ||||||||||||||||||||||||||||||||||||||
Diabetes Alliance (e) | 292 | 320 | 612 | 308 | 920 | 322 | 1,242 | 114 | (61)% | (61)% | ||||||||||||||||||||||||||||||||||||||
Mature Products and All Other (f) | 176 | 113 | 289 | 119 | 408 | 148 | 556 | 113 | (36)% | (36)% | ||||||||||||||||||||||||||||||||||||||
Total Excluding Diabetes Alliance | 1,679 | 1,725 | 3,404 | 1,729 | 5,133 | 1,943 | 7,076 | 1,651 | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||
** | In excess of 100% |
(a) | Domestic revenues include United States and Puerto Rico. |
(b) | The Sustiva Franchise includes sales of Sustiva, as well as revenue from sales of bulk efavirenz included in the combination therapy, Atripla. |
(c) | Three months ended March 31, 2013 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. |
2014 | 2013 | % Change | |||||||||
1st Qtr | 1st Qtr | Qtr vs. Qtr | |||||||||
Yervoy Revenues As Reported | 146 | 159 | (8 | )% | |||||||
Reversal of deferred revenues, net | — | (25 | ) | N/A | |||||||
Yervoy Revenues - Adjusted | 146 | 134 | 9 | % | |||||||
(d) | Includes Orencia SubQ revenues of $94M and $70M for the three months ended March 31, 2014 and March 31, 2013, respectively. |
(e) | Includes Bydureon, Byetta, Farxiga, Onglyza/Kombiglyze and Symlin. |
(f) | Represents all other products sold in the U.S., including those which have lost exclusivity in major markets. |
6
BRISTOL-MYERS SQUIBB COMPANY
INTERNATIONAL REVENUES FROM OPERATIONS BY PRODUCT
QUARTERLY REVENUES TREND ANALYSIS
(Unaudited, dollars in millions)
2013 | 2014 | % 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 | $ | 1,860 | $ | 2,003 | $ | 3,863 | $ | 2,028 | $ | 5,891 | $ | 2,176 | $ | 8,067 | $ | 2,046 | 10% | 10% | (1)% | (1)% | ||||||||||||||||||||||||||||||||
Virology | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 298 | 298 | 596 | 311 | 907 | 331 | 1,238 | 336 | 13% | 13% | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||||
Reyataz | 168 | 231 | 399 | 186 | 585 | 197 | 782 | 168 | — | — | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise (a) | 136 | 136 | 272 | 130 | 402 | 120 | 522 | 91 | (33)% | (33)% | 2% | 2% | ||||||||||||||||||||||||||||||||||||||||
Oncology | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Erbitux | 4 | 3 | 7 | 3 | 10 | 4 | 14 | 11 | ** | ** | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Sprycel | 172 | 177 | 349 | 182 | 531 | 208 | 739 | 197 | 15% | 15% | (5)% | (5)% | ||||||||||||||||||||||||||||||||||||||||
Yervoy | 70 | 93 | 163 | 108 | 271 | 112 | 383 | 125 | 79% | 79% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||
Neuroscience | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Abilify (b) | 194 | 185 | 379 | 191 | 570 | 200 | 770 | 215 | 11% | 11% | 1% | 1% | ||||||||||||||||||||||||||||||||||||||||
Immunoscience | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Orencia | 106 | 114 | 220 | 129 | 349 | 141 | 490 | 134 | 26% | 26% | (7)% | (7)% | ||||||||||||||||||||||||||||||||||||||||
Cardiovascular | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Eliquis | 5 | 7 | 12 | 14 | 26 | 23 | 49 | 45 | ** | ** | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Diabetes Alliance (c) | 66 | 118 | 184 | 124 | 308 | 133 | 441 | 65 | (2)% | (2)% | — | — | ||||||||||||||||||||||||||||||||||||||||
Mature Products and All Other (d) | 641 | 641 | 1,282 | 650 | 1,932 | 707 | 2,639 | 659 | 3% | 3% | (1)% | (1)% | ||||||||||||||||||||||||||||||||||||||||
Total Excluding Diabetes Alliance | 1,794 | 1,885 | 3,679 | 1,904 | 5,583 | 2,043 | 7,626 | 1,981 | 10% | 10% | (2)% | (2)% | ||||||||||||||||||||||||||||||||||||||||
** | In excess of 100% |
(a) | The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. |
(b) | Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. |
(c) | Includes Bydureon, Byetta, Forxiga/Xigduo, Onglyza/Kombiglyze, Symlin and Myalept. |
(d) | Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. |
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BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS
(Unaudited, dollars in millions)
2013 | 2014 | |||||||||||||||||||||||||||||||||||||||||||
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 | $ | 2,768 | $ | 2,940 | $ | 5,708 | $ | 2,890 | $ | 8,598 | $ | 3,168 | $ | 11,766 | $ | 2,843 | ||||||||||||||||||||||||||||
Specified items (a) | 85 | 70 | 155 | 69 | 224 | 102 | 326 | 45 | ||||||||||||||||||||||||||||||||||||
Gross profit excluding specified items | 2,853 | 3,010 | 5,863 | 2,959 | 8,822 | 3,270 | 12,092 | 2,888 | ||||||||||||||||||||||||||||||||||||
Marketing, selling and administrative | 994 | 1,042 | 2,036 | 980 | 3,016 | 1,068 | 4,084 | 957 | ||||||||||||||||||||||||||||||||||||
Specified items (a) | (1 | ) | (1 | ) | (2 | ) | (4 | ) | (6 | ) | (10 | ) | (16 | ) | (3 | ) | ||||||||||||||||||||||||||||
Marketing, selling and administrative excluding specified items | 993 | 1,041 | 2,034 | 976 | 3,010 | 1,058 | 4,068 | 954 | ||||||||||||||||||||||||||||||||||||
Research and development | 930 | 951 | 1,881 | 893 | 2,774 | 957 | 3,731 | 946 | ||||||||||||||||||||||||||||||||||||
Specified items (a) | — | — | — | — | — | (16 | ) | (16 | ) | (48 | ) | |||||||||||||||||||||||||||||||||
Research and development excluding specified items | 930 | 951 | 1,881 | 893 | 2,774 | 941 | 3,715 | 898 | ||||||||||||||||||||||||||||||||||||
Other (income)/expense | (19 | ) | 199 | 180 | 5 | 185 | 20 | 205 | (208 | ) | ||||||||||||||||||||||||||||||||||
Specified items (a) | (19 | ) | (239 | ) | (258 | ) | (43 | ) | (301 | ) | (39 | ) | (340 | ) | 88 | |||||||||||||||||||||||||||||
Other (income)/expense excluding specified items | (38 | ) | (40 | ) | (78 | ) | (38 | ) | (116 | ) | (19 | ) | (135 | ) | (120 | ) | ||||||||||||||||||||||||||||
Effective Tax Rate | 7.6 | % | — | 4.2 | % | 15.4 | % | 8.8 | % | 15.4 | % | 10.8 | % | 5.0 | % | |||||||||||||||||||||||||||||
Specified items (a) | 3.4 | % | 13.8 | % | 8.3 | % | 2.4 | % | 5.6 | % | 2.5 | % | 4.6 | % | 18.0 | % | ||||||||||||||||||||||||||||
Effective Tax Rate excluding specified items | 11.0 | % | 13.8 | % | 12.5 | % | 17.8 | % | 14.4 | % | 17.9 | % | 15.4 | % | 23.0 | % | ||||||||||||||||||||||||||||
(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. |
8
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
(Unaudited, dollars in millions)
2013 | 2014 | |||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 36 | $ | 36 | $ | 45 | ||||||||||||||||||||||||||||
Amortization of acquired Amylin intangible assets | 138 | 137 | 275 | 137 | 412 | 137 | 549 | — | ||||||||||||||||||||||||||||||||||||
Amortization of Amylin collaboration proceeds | (67 | ) | (67 | ) | (134 | ) | (68 | ) | (202 | ) | (71 | ) | (273 | ) | — | |||||||||||||||||||||||||||||
Amortization of Amylin inventory adjustment | 14 | — | 14 | — | 14 | — | 14 | — | ||||||||||||||||||||||||||||||||||||
Cost of products sold | 85 | 70 | 155 | 69 | 224 | 102 | 326 | 45 | ||||||||||||||||||||||||||||||||||||
Marketing, selling and administrative* | 1 | 1 | 2 | 4 | 6 | 10 | 16 | 3 | ||||||||||||||||||||||||||||||||||||
Upfront, milestone and other licensing payments | — | — | — | — | — | 16 | 16 | 15 | ||||||||||||||||||||||||||||||||||||
IPRD impairment | — | — | — | — | — | — | — | 33 | ||||||||||||||||||||||||||||||||||||
Research and development | — | — | — | — | — | 16 | 16 | 48 | ||||||||||||||||||||||||||||||||||||
Provision for restructuring | 33 | 173 | 206 | 6 | 212 | 14 | 226 | 21 | ||||||||||||||||||||||||||||||||||||
Gain on sale of product lines, businesses and assets | — | — | — | — | — | — | — | (259 | ) | |||||||||||||||||||||||||||||||||||
Acquisition and alliance related items | — | (10 | ) | (10 | ) | — | (10 | ) | — | (10 | ) | 16 | ||||||||||||||||||||||||||||||||
Litigation charges/(recoveries) | — | (23 | ) | (23 | ) | — | (23 | ) | — | (23 | ) | 25 | ||||||||||||||||||||||||||||||||
Loss on debt redemption | — | — | — | — | — | — | — | 45 | ||||||||||||||||||||||||||||||||||||
Upfront, milestone and other licensing receipts | (14 | ) | — | (14 | ) | — | (14 | ) | — | (14 | ) | — | ||||||||||||||||||||||||||||||||
Pension curtailments, settlements and special termination benefits | — | 99 | 99 | 37 | 136 | 25 | 161 | 64 | ||||||||||||||||||||||||||||||||||||
Other (income)/expense | 19 | 239 | 258 | 43 | 301 | 39 | 340 | (88 | ) | |||||||||||||||||||||||||||||||||||
Increase/(decrease) to pretax income | 105 | 310 | 415 | 116 | 531 | 167 | 698 | 8 | ||||||||||||||||||||||||||||||||||||
Income tax on items above | (35 | ) | (116 | ) | (151 | ) | (40 | ) | (191 | ) | (51 | ) | (242 | ) | (179 | ) | ||||||||||||||||||||||||||||
Increase/(decrease) to net earnings | $ | 70 | $ | 194 | $ | 264 | $ | 76 | $ | 340 | $ | 116 | $ | 456 | $ | (171 | ) | |||||||||||||||||||||||||||
* Specified items in marketing, selling and administrative are process standardization implementation costs. |
9
BRISTOL-MYERS SQUIBB COMPANY
SELECTED BALANCE SHEET INFORMATION
(Unaudited, dollars in millions)
March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | |||||||||||||||||||
Cash and cash equivalents | $ | 1,355 | $ | 1,821 | $ | 1,771 | $ | 3,586 | $ | 5,225 | ||||||||||||||||
Marketable securities - current | 1,178 | 978 | 951 | 939 | 1,834 | |||||||||||||||||||||
Marketable securities - long term | 3,242 | 3,223 | 3,623 | 3,747 | 3,558 | |||||||||||||||||||||
Cash, cash equivalents and marketable securities | 5,775 | 6,022 | 6,345 | 8,272 | 10,617 | |||||||||||||||||||||
Short-term borrowings and current portion of long-term debt | (1,372 | ) | (764 | ) | (680 | ) | (359 | ) | (281 | ) | ||||||||||||||||
Long-term debt | (6,522 | ) | (6,442 | ) | (6,532 | ) | (7,981 | ) | (7,367 | ) | ||||||||||||||||
Net cash/(debt) position | $ | (2,119 | ) | $ | (1,184 | ) | $ | (867 | ) | $ | (68 | ) | $ | 2,969 | ||||||||||||
10
BRISTOL-MYERS SQUIBB COMPANY
2014 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS
EXCLUDING PROJECTED SPECIFIED ITEMS
Full Year 2014 | ||
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP | $1.70 to $1.80 | |
Projected Specified Items: | ||
Downsizing and streamlining of worldwide operations | 0.08 | |
Upfront and milestone payments, net | 0.12 | |
Gain on diabetes business divestiture and other related impacts | (0.31 | ) |
Pension settlements | 0.04 | |
Other | 0.07 | |
Total | — | |
Projected Diluted Earnings Attributable to Shareholders per Common Share - Non-GAAP | $1.70 to $1.80 | |
Gross margin as a percentage of revenues on a GAAP and non-GAAP basis for the three months ended March 31, 2014 was 74.6% and 75.8%, respectively. On a non-GAAP basis, the Company projects gross margin as a percentage of revenues for the full year 2014 between 75% and 76%. 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 three months ended March 31, 2014 were $946 million and $898 million, respectively . On a non-GAAP basis, the Company projects research and development expense for the full year 2014 to grow in the mid single digit range compared to 2013. It is estimated that 30% to 45% of the research and development expenses in 2014 will be incurred on late-stage development programs. 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 three months ended March 31, 2014 were $957 million and $954 million, respectively. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2014 to decrease in the mid single digit range compared to 2013. 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 three months ended March 31, 2014 was 5.0%. On a non-GAAP basis, for the three months ended March 31, 2014 the effective tax rate was 23.0%. On a non-GAAP basis, the Company projects an annual effective tax rate of approximately 18%. 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 2014 will include specified items, including gains on divestitures, expected charges associated with downsizing and streamlining worldwide operations, impairment charges, milestone payments, restructuring and pension settlements. The GAAP financial results for the full year 2014 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 First Quarter 2014 Financial Results, April 29, 2014 including “2014 Financial Guidance” and “Use of Non-GAAP Financial Information” therein. | |||||||||
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