- Significant Regulatory Approvals Gained in Fourth Quarter
- Eliquis® Approved in the U.S., Europe, Japan, Canada and South Korea to Reduce the Risk of Stroke in Patients with Nonvalvular Atrial Fibrillation
- Forxiga® Approved in Europe for Type 2 Diabetes
- GAAP EPS Increased 12% to $0.56; Non-GAAP EPS Decreased 11% to $0.47 in the Fourth Quarter
- Company Provided 2013 GAAP EPS Guidance Range of $1.54 to $1.64; non-GAAP EPS Guidance Range of $1.78 to $1.88
Bristol-Myers
Squibb Company (NYSE: BMY) today announced results for the fourth
quarter of 2012 highlighted by regulatory approvals for Eliquis®
and Forxiga®. This concluded a year in which the
Company delivered growth of its key products as it transitioned to its
promising future portfolio. In addition, the company provided financial
guidance for 2013.
“With regulatory approvals for Eliquis and Forxiga, and
good operating performance in the fourth quarter, Bristol-Myers Squibb
had a strong finish to an important year of transition,” said Lamberto
Andreotti, chief executive officer, Bristol-Myers Squibb. “In 2012
we continued to effectively execute our strategy, and continued to build
the post-Plavix portfolio and operating structure that provide a
solid foundation for our future growth. As we begin 2013, I am looking
forward to our many opportunities, including the growth of the existing
key brands, the execution of the new launches, and the continued
delivery of a diverse and sustainable R&D pipeline.”
|
|
|
|
|
|
|
Fourth Quarter
|
$ amounts in millions, except per share amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Change
|
Net Sales
|
|
|
$
|
4,191
|
|
|
$
|
5,454
|
|
|
(23)%
|
GAAP Diluted EPS
|
|
|
|
0.56
|
|
|
|
0.50
|
|
|
12%
|
Non-GAAP Diluted EPS
|
|
|
|
0.47
|
|
|
|
0.53
|
|
|
(11)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Year
|
$ amounts in millions, except per share amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Change
|
Net Sales
|
|
|
$
|
17,621
|
|
|
$
|
21,244
|
|
|
(17)%
|
GAAP Diluted EPS
|
|
|
|
1.16
|
|
|
|
2.16
|
|
|
(46)%
|
Non-GAAP Diluted EPS
|
|
|
|
1.99
|
|
|
|
2.28
|
|
|
(13)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOURTH QUARTER FINANCIAL RESULTS
-
Bristol-Myers Squibb posted fourth quarter 2012 net sales of $4.2
billion, a decrease of 23% compared to the same period a year ago,
following the U.S. patent expiration of Avapro®/Avalide®
in March 2012 and Plavix® in May 2012.
Excluding Plavix and Avapro/Avalide, net sales grew by
13% compared to the fourth quarter of 2011.
-
U.S. net sales decreased 38% to $2.2 billion in the quarter, compared
to the same period a year ago. International net sales increased 6% to
$2.0 billion.
-
Gross margin as a percentage of net sales was 74.3% in the quarter,
compared to 74.9% in the same period a year ago.
-
Marketing, selling and administrative expenses decreased 6% to $1.1
billion in the quarter.
-
Advertising and product promotion spending decreased 26% to $212
million in the quarter.
-
Research and development expenses increased 7% to $1.1 billion in the
quarter.
-
The Company reported an overall tax benefit rate of 80.1% attributed
to a capital loss deduction in the quarter. The effective tax rate on
earnings before income taxes was 22.8% in the fourth quarter last year.
-
The Company reported net earnings attributable to Bristol-Myers Squibb
of $925 million, or $0.56 per share, in the quarter compared to $852
million, or $0.50 per share, a year ago.
-
The Company reported non-GAAP net earnings attributable to
Bristol-Myers Squibb of $777 million, or $0.47 per share, in the
fourth quarter, compared to $906 million, or $0.53 per share, for the
same period in 2011. An overview of specified items is discussed under
the “Use of Non-GAAP Financial Information” section.
-
Cash, cash equivalents and marketable securities were $6.4 billion,
with a net debt position of $1.0 billion, as of December 31, 2012.
FOURTH QUARTER PRODUCT AND PIPELINE UPDATE
Bristol-Myers Squibb’s global sales in the fourth quarter included Orencia®,
which grew 26%, Yervoy®,
which grew 47%, Sprycel®,
which grew 24%, Onglyza®/Kombiglyze™,
which grew 29%, and Baraclude®, which grew 13%.
Eliquis
-
In December, the U.S. Food and Drug Administration (FDA) approved Eliquis
to reduce the risk of stroke and systemic embolism in patients with
nonvalvular atrial fibrillation. Eliquis also received
regulatory approval for this indication in Japan and Canada in
December, in Europe in November, and in South Korea in January. The
Company co-develops and co-commercializes Eliquis with its
partner, Pfizer.
-
In December, at the 54th Annual Meeting of the American
Society of Hematology in Atlanta, results of the Phase III AMPLIFY-EXT
trial were announced in which Eliquis demonstrated superiority
versus placebo in reducing symptomatic, recurrent venous
thromboembolism and all-cause death versus placebo without increasing
the rate of major bleeding during one year of extended treatment. The
data were also published in The New England Journal of Medicine.
Forxiga
-
In November, the European Commission approved Forxiga for the
treatment of type 2 diabetes in the European Union. The Company
co-develops and co-commercializes Forxiga with its partner,
AstraZeneca.
Orencia
-
In November, at the 2012 American College of Rheumatology Annual
Scientific Meeting in Washington, D.C., results were presented showing
the subcutaneous formulation of Orencia, on a background of
methotrexate (MTX), was similar to Humira® (adalimumab)
plus MTX in demonstrating clinical improvements in patient-reported
outcomes that were sustained for one year among adults with moderate
to severe rheumatoid arthritis.
Elotuzumab
-
In December, at the 54th Annual Meeting of the American
Society of Hematology in Atlanta, the Company and its partner, Abbott,
presented encouraging results from a small, randomized, Phase II
open-label study of patients with previously treated multiple myeloma
which showed that in patients treated with elotuzumab 10mg/kg plus
lenalidomide and low-dose dexamethasone progression-free survival was
not reached after 20.8 months of follow up and the objective response
rate was 92%.
Hepatitis C
-
In November, at the American Association for the Study of Liver
Diseases congress in Boston, data from several Phase II clinical
trials involving various investigational compounds for the treatment
of hepatitis C virus (HCV) within the Company’s pipeline were
presented, including:
-
An investigational treatment regimen of three direct-acting
antivirals—daclatasvir, an NS5A replication complex inhibitor,
asunaprevir, an NS3 protease inhibitor, and BMS-791325, an NS5B
non-nucleoside polymerase inhibitor—achieved sustained virologic
response 12 weeks post-treatment in 94 percent of treatment-naïve,
genotype 1 chronic HCV patients.
-
The investigational dual regimen of daclatasvir and asunaprevir,
without interferon or ribavirin, achieved high rates of sustained
virologic response 12 weeks post-treatment in patients with
genotype 1b hepatitis C virus who were prior null responders to
alfa interferon and ribavirin.
Phase II data on an investigational quadruple therapy regimen
combining daclatasvir, asunaprevir, alfa interferon and ribarvirin,
and first-time interim Phase IIb results on peginterferon lambda-1a
in combination with daclatasvir and ribavirin were also presented.
|
FOURTH QUARTER BUSINESS DEVELOPMENT UPDATE
-
In November, the Company and its partner, Pfizer, announced a clinical
collaboration agreement with Portola Pharmaceuticals to conduct a
proof-of-concept study of PRT4445, a universal Factor Xa inhibitor
antidote, and Eliquis, an oral Factor Xa inhibitor.
-
In December, the Company announced a global license agreement and
two-year collaboration with The Medicines Company under which The
Medicines Company will assume responsibility for the worldwide sales,
distribution, marketing, and regulatory activities for Recothrom®,
the surgical hemostat product Bristol-Myers Squibb acquired in 2010
through its acquisition of ZymoGenetics.
2013 FINANCIAL GUIDANCE
Bristol-Myers Squibb is setting its 2013 GAAP EPS guidance range from
$1.54 to $1.64 and its non-GAAP EPS guidance range from $1.78 to $1.88.
Both GAAP and non-GAAP guidance assume current exchange rates. Key 2013
non-GAAP guidance assumptions include:
-
Worldwide sales between $16.2 billion and $17.0 billion.
-
Full-year gross margin as a percentage of sales between 72% and 73%.
-
Advertising and promotion expense increasing in the high single digit
range.
-
Marketing, sales and administrative expenses remaining flat versus
last year.
-
Research and development expenses growing in the low-single-digit
range.
-
An effective tax rate of approximately 16%.
It is estimated that 30% to 40% of the research and development expenses
in 2013 will be incurred on late-stage development programs. Total
research and development expenses include the costs of discovery
research, preclinical development, early- and late-clinical development
and drug formulation, as well as clinical trials and medical support of
marketed products, proportionate allocations of enterprise-wide costs,
and other appropriate costs. Late-stage development expenses refer to
our investigational compounds that are in Phase III clinical development
and our marketed products that are in Phase III development for
additional indications or formulations.
The financial guidance for 2013 excludes the impact of any potential
strategic acquisitions and divestitures, and any specified items that
have not yet been identified and quantified. The non-GAAP 2013 guidance
also excludes other specified items as discussed under "Use of Non-GAAP
Financial Information." Details reconciling adjusted non-GAAP amounts
with the amounts reflecting specified items are provided in supplemental
materials available on the Company's website.
Use of Non-GAAP Financial Information
This press release contains non-GAAP financial measures, including
non-GAAP earnings and related earnings per share information. These
measures are adjusted to exclude certain costs, expenses, significant
gains and losses and other specified items. Among the items in GAAP
measures but excluded for purposes of determining adjusted earnings and
other adjusted measures are: restructuring and other exit costs;
accelerated depreciation charges; IPRD and asset impairments; charges
and recoveries relating to significant legal proceedings; upfront,
milestone and other licensing payments for in-licensing of products that
have not achieved regulatory approval which are immediately expensed;
net amortization of acquired intangible assets and deferred income
related to Amylin; pension settlement charges; and significant tax
events. This information is intended to enhance an investor’s overall
understanding of the company’s past financial performance and prospects
for the future. Non-GAAP financial measures provide the company and its
investors with an indication of the company’s baseline performance
before items that are considered by the company not to be reflective of
the company’s ongoing results. The company uses non-GAAP gross profit,
non-GAAP marketing, selling and administrative expense, non-GAAP
research and development expense, and non-GAAP other income and expense
measures to set internal budgets, manage costs, allocate resources, and
plan and forecast future periods. Non-GAAP effective tax rate measures
are primarily used to plan and forecast future periods. Non-GAAP
earnings and earnings per share measures are primary indicators the
company uses as a basis for evaluating company performance, setting
incentive compensation targets, and planning and forecasting of future
periods. This information is not intended to be considered in isolation
or as a substitute for financial measures prepared in accordance with
GAAP.
Statement on Cautionary Factors
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding, among other things, statements relating to goals, plans and
projections regarding the company’s financial position, results of
operations, market position, product development and business strategy.
These statements may be identified by the fact that they use words such
as "anticipate", "estimates", "should", "expect", "guidance", "project",
"intend", "plan", "believe" and other words and terms of similar meaning
in connection with any discussion of future operating or financial
performance. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties, including
factors that could delay, divert or change any of them, and could cause
actual outcomes and results to differ materially from current
expectations. These factors include, among other things, effects of the
continuing implementation of governmental laws and regulations related
to Medicare, Medicaid, Medicaid managed care organizations and entities
under the Public Health Service 340B program, pharmaceutical rebates and
reimbursement, market factors, competitive product development and
approvals, pricing controls and pressures (including changes in rules
and practices of managed care groups and institutional and governmental
purchasers), economic conditions such as interest rate and currency
exchange rate fluctuations, judicial decisions, claims and concerns that
may arise regarding the safety and efficacy of in-line products and
product candidates, changes to wholesaler inventory levels, variability
in data provided by third parties, changes in, and interpretation of,
governmental regulations and legislation affecting domestic or foreign
operations, including tax obligations, changes to business or tax
planning strategies, difficulties and delays in product development,
manufacturing or sales including any potential future recalls, patent
positions and the ultimate outcome of any litigation matter. These
factors also include the company’s ability to execute successfully its
strategic plans, including its String of Pearls strategy, the expiration
of patents or data protection on certain products, and the impact and
result of governmental investigations. There can be no guarantees with
respect to pipeline products that future clinical studies will support
the data described in this release, that the products will receive
necessary regulatory approvals, or that they will prove to be
commercially successful; nor are there guarantees that regulatory
approvals will be sought, or sought within currently expected
timeframes, or that contractual milestones will be achieved. For further
details and a discussion of these and other risks and uncertainties, see
the company's periodic reports, including the annual report on Form
10-K, quarterly reports on Form 10-Q and current reports on Form 8-K,
filed with or furnished to the Securities and Exchange Commission. The
company undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Company and Conference Call Information
Bristol-Myers Squibb is a global biopharmaceutical company whose mission
is to discover, develop and deliver innovative medicines that help
patients prevail over serious diseases. For more information, please
visit http://www.bms.com
or follow us on Twitter at http://twitter.com/bmsnews.
There will be a conference call on January 24, 2013, at 10:30 a.m. ET
during which company executives will review financial information and
address inquiries from investors and analysts. Investors and the general
public are invited to listen to a live webcast of the call at http://investor.bms.com
or by dialing 913-981-5581, confirmation code: 8041448. Materials
related to the call will be available at the same website prior to the
call.
Abilify®
is a trademark of Otsuka Pharmaceutical Co., Ltd.
Atripla®
is a trademark of Bristol-Myers Squibb Co. and Gilead Sciences, Inc.
Avapro®, Avalide®, and Plavix®
are trademarks of Sanofi.
Byetta®
and Bydureon®
are trademarks of Amylin Pharmaceuticals, LLC and AstraZeneca
Pharmaceuticals LP.
Erbitux®
is a trademark of ImClone LLC. ImClone Systems is a wholly-owned
subsidiary of Eli Lilly and Company.
Humira® is a trademark of Abbott Biotechnology
Ltd.
All other brand names are registered trademarks of the Company or one of
its subsidiaries.
BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE THREE
MONTHS ENDED DECEMBER 31, 2012 AND 2011
(Unaudited, dollars in
millions)
The following table sets forth worldwide and U.S. reported net sales for
selected products. In addition, the table includes, where applicable,
the estimated total U.S. prescription change for the retail and
mail-order channels for the comparative periods presented for certain of
the company's U.S. pharmaceutical products based on third-party data. A
significant portion of the company's U.S. pharmaceutical sales is made
to wholesalers. Where changes in reported net sales differ from
prescription growth, this change in net sales may not reflect underlying
prescriber demand.
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide Net Sales
|
|
|
U.S. Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
%
|
|
|
|
|
|
|
|
|
%
|
|
|
% Change in U.S. Total
|
|
|
|
2012
|
|
|
2011
|
|
|
Change
|
|
|
2012
|
|
|
2011
|
|
|
Change
|
|
|
Prescriptions vs. 2011
|
Three Months Ended December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plavix
|
|
|
$
|
49
|
|
|
$
|
1,672
|
|
|
(97)%
|
|
|
$
|
20
|
|
|
$
|
1,582
|
|
|
(99)%
|
|
|
(96)%
|
Avapro/Avalide
|
|
|
|
84
|
|
|
|
195
|
|
|
(57)%
|
|
|
|
16
|
|
|
|
114
|
|
|
(86)%
|
|
|
(91)%
|
Eliquis
|
|
|
|
1
|
|
|
|
-
|
|
|
N/A
|
|
|
|
-
|
|
|
|
-
|
|
|
N/A
|
|
|
N/A
|
Abilify
|
|
|
|
819
|
|
|
|
737
|
|
|
11%
|
|
|
|
617
|
|
|
|
559
|
|
|
10%
|
|
|
-
|
Reyataz
|
|
|
|
394
|
|
|
|
416
|
|
|
(5)%
|
|
|
|
199
|
|
|
|
209
|
|
|
(5)%
|
|
|
(8)%
|
Sustiva Franchise
|
|
|
|
383
|
|
|
|
412
|
|
|
(7)%
|
|
|
|
253
|
|
|
|
278
|
|
|
(9)%
|
|
|
(3)%
|
Baraclude
|
|
|
|
360
|
|
|
|
318
|
|
|
13%
|
|
|
|
65
|
|
|
|
58
|
|
|
12%
|
|
|
11%
|
Erbitux
|
|
|
|
171
|
|
|
|
181
|
|
|
(6)%
|
|
|
|
167
|
|
|
|
178
|
|
|
(6)%
|
|
|
N/A
|
Sprycel
|
|
|
|
281
|
|
|
|
227
|
|
|
24%
|
|
|
|
109
|
|
|
|
88
|
|
|
24%
|
|
|
20%
|
Yervoy
|
|
|
|
211
|
|
|
|
144
|
|
|
47%
|
|
|
|
141
|
|
|
|
119
|
|
|
18%
|
|
|
N/A
|
Orencia
|
|
|
|
325
|
|
|
|
257
|
|
|
26%
|
|
|
|
216
|
|
|
|
172
|
|
|
26%
|
|
|
N/A
|
Nulojix
|
|
|
|
4
|
|
|
|
1
|
|
|
*
|
|
|
|
3
|
|
|
|
1
|
|
|
*
|
|
|
N/A
|
Onglyza/Kombiglyze
|
|
|
|
198
|
|
|
|
153
|
|
|
29%
|
|
|
|
140
|
|
|
|
114
|
|
|
23%
|
|
|
28%
|
Byetta
|
|
|
|
94
|
|
|
|
-
|
|
|
N/A
|
|
|
|
92
|
|
|
|
-
|
|
|
N/A
|
|
|
N/A
|
Bydureon
|
|
|
|
58
|
|
|
|
-
|
|
|
N/A
|
|
|
|
55
|
|
|
|
-
|
|
|
N/A
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mature Products and All Other
|
|
|
|
759
|
|
|
|
741
|
|
|
2%
|
|
|
|
145
|
|
|
|
132
|
|
|
10%
|
|
|
N/A
|
Total
|
|
|
|
4,191
|
|
|
|
5,454
|
|
|
(23)%
|
|
|
|
2,238
|
|
|
|
3,604
|
|
|
(38)%
|
|
|
N/A
|
Total excluding Plavix and Avapro/Avalide
|
|
|
|
4,058
|
|
|
|
3,587
|
|
|
13%
|
|
|
|
2,202
|
|
|
|
1,908
|
|
|
15%
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* In excess of +/- 100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
SELECTED PRODUCTS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(Unaudited, dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide Net Sales
|
|
|
U.S. Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
%
|
|
|
|
|
|
|
|
|
%
|
|
|
% Change in U.S. Total
|
|
|
|
2012
|
|
|
2011
|
|
|
Change
|
|
|
2012
|
|
|
2011
|
|
|
Change
|
|
|
Prescriptions vs. 2011
|
Twelve Months Ended December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plavix
|
|
|
$
|
2,547
|
|
|
$
|
7,087
|
|
|
(64)%
|
|
|
$
|
2,424
|
|
|
$
|
6,709
|
|
|
(64)%
|
|
|
(60)%
|
Avapro/Avalide
|
|
|
|
503
|
|
|
|
952
|
|
|
(47)%
|
|
|
|
155
|
|
|
|
549
|
|
|
(72)%
|
|
|
(71)%
|
Eliquis
|
|
|
|
2
|
|
|
|
-
|
|
|
N/A
|
|
|
|
-
|
|
|
|
-
|
|
|
N/A
|
|
|
N/A
|
Abilify
|
|
|
|
2,827
|
|
|
|
2,758
|
|
|
3%
|
|
|
|
2,102
|
|
|
|
2,052
|
|
|
2%
|
|
|
1%
|
Reyataz
|
|
|
|
1,521
|
|
|
|
1,569
|
|
|
(3)%
|
|
|
|
783
|
|
|
|
771
|
|
|
2%
|
|
|
(5)%
|
Sustiva Franchise
|
|
|
|
1,527
|
|
|
|
1,485
|
|
|
3%
|
|
|
|
1,016
|
|
|
|
950
|
|
|
7%
|
|
|
(1)%
|
Baraclude
|
|
|
|
1,388
|
|
|
|
1,196
|
|
|
16%
|
|
|
|
241
|
|
|
|
208
|
|
|
16%
|
|
|
11%
|
Erbitux
|
|
|
|
702
|
|
|
|
691
|
|
|
2%
|
|
|
|
688
|
|
|
|
681
|
|
|
1%
|
|
|
N/A
|
Sprycel
|
|
|
|
1,019
|
|
|
|
803
|
|
|
27%
|
|
|
|
404
|
|
|
|
299
|
|
|
35%
|
|
|
29%
|
Yervoy
|
|
|
|
706
|
|
|
|
360
|
|
|
96%
|
|
|
|
503
|
|
|
|
323
|
|
|
56%
|
|
|
N/A
|
Orencia
|
|
|
|
1,176
|
|
|
|
917
|
|
|
28%
|
|
|
|
797
|
|
|
|
621
|
|
|
28%
|
|
|
N/A
|
Nulojix
|
|
|
|
11
|
|
|
|
3
|
|
|
*
|
|
|
|
9
|
|
|
|
3
|
|
|
*
|
|
|
N/A
|
Onglyza/Kombiglyze
|
|
|
|
709
|
|
|
|
473
|
|
|
50%
|
|
|
|
516
|
|
|
|
346
|
|
|
49%
|
|
|
47%
|
Byetta
|
|
|
|
149
|
|
|
|
-
|
|
|
N/A
|
|
|
|
147
|
|
|
|
-
|
|
|
N/A
|
|
|
N/A
|
Bydureon
|
|
|
|
78
|
|
|
|
-
|
|
|
N/A
|
|
|
|
75
|
|
|
|
-
|
|
|
N/A
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mature Products and All Other
|
|
|
|
2,756
|
|
|
|
2,950
|
|
|
(7)%
|
|
|
|
524
|
|
|
|
527
|
|
|
(1)%
|
|
|
N/A
|
Total
|
|
|
|
17,621
|
|
|
|
21,244
|
|
|
(17)%
|
|
|
|
10,384
|
|
|
|
14,039
|
|
|
(26)%
|
|
|
N/A
|
Total excluding Plavix and Avapro/Avalide
|
|
|
|
14,571
|
|
|
|
13,205
|
|
|
10%
|
|
|
|
7,805
|
|
|
|
6,781
|
|
|
15%
|
|
|
N/A
|
|
* In excess of +/- 100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(Unaudited, amounts in millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2012
|
|
|
|
|
2011
|
|
|
|
|
2012
|
|
|
|
|
2011
|
|
Net Sales
|
|
|
$
|
4,191
|
|
|
|
$
|
5,454
|
|
|
|
$
|
17,621
|
|
|
|
$
|
21,244
|
|
Cost of products sold
|
|
|
|
1,075
|
|
|
|
|
1,367
|
|
|
|
|
4,610
|
|
|
|
|
5,598
|
|
Marketing, selling and administrative
|
|
|
|
1,143
|
|
|
|
|
1,216
|
|
|
|
|
4,220
|
|
|
|
|
4,203
|
|
Advertising and product promotion
|
|
|
|
212
|
|
|
|
|
285
|
|
|
|
|
797
|
|
|
|
|
957
|
|
Research and development
|
|
|
|
1,082
|
|
|
|
|
1,008
|
|
|
|
|
3,904
|
|
|
|
|
3,839
|
|
Impairment charge for BMS-986094 intangible asset
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1,830
|
|
|
|
|
—
|
|
Other (income)/expense
|
|
|
|
166
|
|
|
|
|
(16
|
)
|
|
|
|
(80
|
)
|
|
|
|
(334
|
)
|
Total expenses
|
|
|
|
3,678
|
|
|
|
|
3,860
|
|
|
|
|
15,281
|
|
|
|
|
14,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before Income Taxes
|
|
|
|
513
|
|
|
|
|
1,594
|
|
|
|
|
2,340
|
|
|
|
|
6,981
|
|
Provision for/ (benefit from) income taxes
|
|
|
|
(411
|
)
|
|
|
|
363
|
|
|
|
|
(161
|
)
|
|
|
|
1,721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
|
|
|
|
924
|
|
|
|
|
1,231
|
|
|
|
|
2,501
|
|
|
|
|
5,260
|
|
Net Earnings/ (Loss) Attributable to Noncontrolling Interest
|
|
|
|
(1
|
)
|
|
|
|
379
|
|
|
|
|
541
|
|
|
|
|
1,551
|
|
Net Earnings Attributable to BMS
|
|
|
$
|
925
|
|
|
|
$
|
852
|
|
|
|
$
|
1,960
|
|
|
|
$
|
3,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Common Share Attributable to BMS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.56
|
|
|
|
$
|
0.50
|
|
|
|
$
|
1.17
|
|
|
|
$
|
2.18
|
|
Diluted
|
|
|
$
|
0.56
|
|
|
|
$
|
0.50
|
|
|
|
$
|
1.16
|
|
|
|
$
|
2.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
1,644
|
|
|
|
|
1,692
|
|
|
|
|
1,670
|
|
|
|
|
1,700
|
|
Diluted
|
|
|
|
1,662
|
|
|
|
|
1,712
|
|
|
|
|
1,688
|
|
|
|
|
1,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income)/expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
$
|
51
|
|
|
|
$
|
42
|
|
|
|
$
|
182
|
|
|
|
$
|
145
|
|
Investment income
|
|
|
|
(21
|
)
|
|
|
|
(22
|
)
|
|
|
|
(106
|
)
|
|
|
|
(91
|
)
|
Provision for restructuring
|
|
|
|
103
|
|
|
|
|
24
|
|
|
|
|
174
|
|
|
|
|
116
|
|
Litigation charges/(recoveries)
|
|
|
|
55
|
|
|
|
|
75
|
|
|
|
|
(45
|
)
|
|
|
|
6
|
|
Equity in net income of affiliates
|
|
|
|
(33
|
)
|
|
|
|
(66
|
)
|
|
|
|
(183
|
)
|
|
|
|
(281
|
)
|
Out-licensed intangible asset impairment
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
38
|
|
|
|
|
—
|
|
Gain on sale of product lines, businesses and assets
|
|
|
|
(50
|
)
|
|
|
|
(1
|
)
|
|
|
|
(53
|
)
|
|
|
|
(37
|
)
|
Other income received from alliance partners, net
|
|
|
|
(87
|
)
|
|
|
|
(33
|
)
|
|
|
|
(312
|
)
|
|
|
|
(140
|
)
|
Pension curtailments and settlements
|
|
|
|
155
|
|
|
|
|
11
|
|
|
|
|
158
|
|
|
|
|
10
|
|
Other
|
|
|
|
(7
|
)
|
|
|
|
(46
|
)
|
|
|
|
67
|
|
|
|
|
(62
|
)
|
Other (income)/expense
|
|
|
$
|
166
|
|
|
|
$
|
(16
|
)
|
|
|
$
|
(80
|
)
|
|
|
$
|
(334
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(Unaudited, dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2012
|
|
|
|
|
2011
|
|
|
|
|
2012
|
|
|
|
|
2011
|
|
Accelerated depreciation, asset impairment and other shutdown costs
|
|
|
$
|
—
|
|
|
|
$
|
15
|
|
|
|
$
|
147
|
|
|
|
$
|
75
|
|
Amortization of acquired Amylin intangible assets
|
|
|
|
138
|
|
|
|
|
—
|
|
|
|
|
229
|
|
|
|
|
—
|
|
Amortization of Amylin collaboration proceeds
|
|
|
|
(68
|
)
|
|
|
|
—
|
|
|
|
|
(114
|
)
|
|
|
|
—
|
|
Amortization of inventory fair value adjustment
|
|
|
|
14
|
|
|
|
|
—
|
|
|
|
|
23
|
|
|
|
|
—
|
|
Cost of products sold
|
|
|
|
84
|
|
|
|
|
15
|
|
|
|
|
285
|
|
|
|
|
75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation expense from accelerated vesting of Amylin
awards
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
67
|
|
|
|
|
—
|
|
Process standardization implementation costs
|
|
|
|
2
|
|
|
|
|
10
|
|
|
|
|
18
|
|
|
|
|
29
|
|
Marketing, selling and administrative
|
|
|
|
2
|
|
|
|
|
10
|
|
|
|
|
85
|
|
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation expense from accelerated vesting of Amylin
awards
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
27
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upfront, milestone and other licensing payments
|
|
|
|
26
|
|
|
|
|
—
|
|
|
|
|
47
|
|
|
|
|
207
|
|
IPRD impairment
|
|
|
|
39
|
|
|
|
|
—
|
|
|
|
|
142
|
|
|
|
|
28
|
|
Research and development
|
|
|
|
65
|
|
|
|
|
—
|
|
|
|
|
216
|
|
|
|
|
235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment charge for BMS-986094 intangible asset
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1,830
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for restructuring
|
|
|
|
103
|
|
|
|
|
24
|
|
|
|
|
174
|
|
|
|
|
116
|
|
Gain on sale of product lines, businesses and assets
|
|
|
|
(51
|
)
|
|
|
|
—
|
|
|
|
|
(51
|
)
|
|
|
|
(12
|
)
|
Pension curtailments and settlements
|
|
|
|
151
|
|
|
|
|
13
|
|
|
|
|
151
|
|
|
|
|
13
|
|
Out-licensed intangible asset impairment
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
38
|
|
|
|
|
—
|
|
Loss on debt repurchase
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
27
|
|
|
|
|
—
|
|
Acquisition related items
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
|
43
|
|
|
|
|
—
|
|
Litigation charges/(recoveries)
|
|
|
|
55
|
|
|
|
|
75
|
|
|
|
|
(45
|
)
|
|
|
|
9
|
|
Upfront, milestone and other licensing receipts
|
|
|
|
(10
|
)
|
|
|
|
(20
|
)
|
|
|
|
(10
|
)
|
|
|
|
(20
|
)
|
Other (income)/expense
|
|
|
|
249
|
|
|
|
|
92
|
|
|
|
|
327
|
|
|
|
|
106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/(Decrease) to pretax income
|
|
|
|
400
|
|
|
|
|
117
|
|
|
|
|
2,743
|
|
|
|
|
445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax on items above
|
|
|
|
(156
|
)
|
|
|
|
(37
|
)
|
|
|
|
(947
|
)
|
|
|
|
(136
|
)
|
Specified tax (benefit)*
|
|
|
|
(392
|
)
|
|
|
|
(26
|
)
|
|
|
|
(392
|
)
|
|
|
|
(97
|
)
|
Income taxes
|
|
|
|
(548
|
)
|
|
|
|
(63
|
)
|
|
|
|
(1,339
|
)
|
|
|
|
(233
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/(Decrease) to net earnings
|
|
|
$
|
(148
|
)
|
|
|
$
|
54
|
|
|
|
$
|
1,404
|
|
|
|
$
|
212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The 2012 specified tax benefit relates to a capital loss deduction.
The 2011 specified tax benefit relates to releases of tax reserves that
were specified in prior periods.
|
|
|
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO GAAP LINE ITEMS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(Unaudited, dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2012
|
|
|
GAAP
|
|
|
Specified Items*
|
|
|
Non GAAP
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
$
|
3,116
|
|
|
84
|
|
|
$
|
3,200
|
|
|
|
|
|
|
|
|
|
|
Marketing, Selling and Administrative
|
|
|
|
1,143
|
|
|
(2)
|
|
|
|
1,141
|
|
|
|
|
|
|
|
|
|
|
Research and Development
|
|
|
|
1,082
|
|
|
(65)
|
|
|
|
1,017
|
|
|
|
|
|
|
|
|
|
|
Other (income)/expense
|
|
|
|
166
|
|
|
(249)
|
|
|
|
(83)
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate
|
|
|
|
(80.1)%
|
|
|
95.1%
|
|
|
|
15.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2011
|
|
|
GAAP
|
|
|
Specified Items*
|
|
|
Non GAAP
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
$
|
4,087
|
|
|
15
|
|
|
$
|
4,102
|
|
|
|
|
|
|
|
|
|
|
Marketing, Selling and Administrative
|
|
|
|
1,216
|
|
|
(10)
|
|
|
|
1,206
|
|
|
|
|
|
|
|
|
|
|
Research and Development
|
|
|
|
1,008
|
|
|
--
|
|
|
|
1,008
|
|
|
|
|
|
|
|
|
|
|
Other (income)/expense
|
|
|
|
(16)
|
|
|
(92)
|
|
|
|
(108)
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate
|
|
|
|
22.8%
|
|
|
2.1%
|
|
|
|
24.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
* Refer to the Specified Items schedules for further details.
|
|
|
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO GAAP LINE ITEMS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(Unaudited, dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended December 31, 2012
|
|
|
GAAP
|
|
|
Specified Items*
|
|
|
Non GAAP
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
$
|
13,011
|
|
|
285
|
|
|
$
|
13,296
|
|
|
|
|
|
|
|
|
|
|
Marketing, Selling and Administrative
|
|
|
|
4,220
|
|
|
(85)
|
|
|
|
4,135
|
|
|
|
|
|
|
|
|
|
|
Research and Development
|
|
|
|
3,904
|
|
|
(216)
|
|
|
|
3,688
|
|
|
|
|
|
|
|
|
|
|
Other (income)/expense
|
|
|
|
(80)
|
|
|
(327)
|
|
|
|
(407)
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate
|
|
|
|
(6.9)%
|
|
|
30.1%
|
|
|
|
23.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended December 31, 2011
|
|
|
GAAP
|
|
|
Specified Items*
|
|
|
Non GAAP
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
$
|
15,646
|
|
|
75
|
|
|
$
|
15,721
|
|
|
|
|
|
|
|
|
|
|
Marketing, Selling and Administrative
|
|
|
|
4,203
|
|
|
(29)
|
|
|
|
4,174
|
|
|
|
|
|
|
|
|
|
|
Research and Development
|
|
|
|
3,839
|
|
|
(235)
|
|
|
|
3,604
|
|
|
|
|
|
|
|
|
|
|
Other (income)/expense
|
|
|
|
(334)
|
|
|
(106)
|
|
|
|
(440)
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate
|
|
|
|
24.7%
|
|
|
1.6%
|
|
|
|
26.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
* Refer to the Specified Items schedules for further details.
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF NON-GAAP EPS TO GAAP EPS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(Unaudited, amounts in millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
2011
|
|
|
|
|
2012
|
|
|
|
|
2011
|
|
Net Earnings Attributable to BMS – GAAP
|
|
|
$
|
925
|
|
|
|
$
|
852
|
|
|
|
$
|
1,960
|
|
|
|
$
|
3,709
|
|
Earnings attributable to unvested restricted shares
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(8
|
)
|
Net Earnings used for Diluted EPS Calculation – GAAP
|
|
|
$
|
924
|
|
|
|
$
|
851
|
|
|
|
$
|
1,959
|
|
|
|
$
|
3,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings Attributable to BMS – GAAP
|
|
|
$
|
925
|
|
|
|
$
|
852
|
|
|
|
$
|
1,960
|
|
|
|
$
|
3,709
|
|
Specified Items*
|
|
|
|
(148
|
)
|
|
|
|
54
|
|
|
|
|
1,404
|
|
|
|
|
212
|
|
Net Earnings - Non-GAAP
|
|
|
|
777
|
|
|
|
|
906
|
|
|
|
|
3,364
|
|
|
|
|
3,921
|
|
Earnings attributable to unvested restricted shares
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(8
|
)
|
Net Earnings used for Diluted EPS Calculation - Non-GAAP
|
|
|
$
|
776
|
|
|
|
$
|
905
|
|
|
|
$
|
3,363
|
|
|
|
$
|
3,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding - Diluted
|
|
|
|
1,662
|
|
|
|
|
1,712
|
|
|
|
|
1,688
|
|
|
|
|
1,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - GAAP
|
|
|
$
|
0.56
|
|
|
|
$
|
0.50
|
|
|
|
$
|
1.16
|
|
|
|
$
|
2.16
|
|
Diluted EPS Attributable to Specified Items
|
|
|
|
(0.09
|
)
|
|
|
|
0.03
|
|
|
|
|
0.83
|
|
|
|
|
0.12
|
|
Diluted EPS - Non-GAAP
|
|
|
$
|
0.47
|
|
|
|
$
|
0.53
|
|
|
|
$
|
1.99
|
|
|
|
$
|
2.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Refer to the Specified Items schedules for further details.
|
|
|
|
|
|
|
BRISTOL-MYERS SQUIBB COMPANY
NET DEBT CALCULATION
AS OF DECEMBER 31, 2012 AND SEPTEMBER 30, 2012
(Unaudited, dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012
|
|
|
September 30, 2012
|
Cash and cash equivalents
|
|
|
$
|
1,656
|
|
|
|
$
|
1,503
|
|
Marketable securities–current
|
|
|
|
1,173
|
|
|
|
|
1,427
|
|
Marketable securities–long-term
|
|
|
|
3,523
|
|
|
|
|
3,698
|
|
Cash, cash equivalents and marketable securities
|
|
|
|
6,352
|
|
|
|
|
6,628
|
|
Short-term borrowings
|
|
|
|
(826
|
)
|
|
|
|
(751
|
)
|
Long-term debt
|
|
|
|
(6,568
|
)
|
|
|
|
(6,608
|
)
|
Net debt position
|
|
|
$
|
(1,042
|
)
|
|
|
$
|
(731
|
)
|
Bristol-Myers SquibbJennifer Fron Mauer, 609-252-6579CommunicationsorJohn Elicker, 609-252-4611Investor Relations