Delaware | 1-1136 | 22-0790350 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition. |
Item 9.01. Financial Statements and Exhibits. |
99.1 | Press release of Bristol-Myers Squibb Company dated January 26, 2017. |
99.2 | Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release. |
BRISTOL-MYERS SQUIBB COMPANY | |||||
Dated: January 26, 2017 | By: | /s/ Katherine R. Kelly | |||
Name: | Katherine R. Kelly | ||||
Title: | Corporate Secretary |
Exhibit No. | Description |
99.1 | Press release of Bristol-Myers Squibb Company dated January 26, 2017. |
99.2 | Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release. |
• | Increases Fourth Quarter Revenues 22% to $5.2 Billion, 17% for Full Year to $19.4 Billion |
• | Posts Fourth Quarter GAAP EPS of $0.53 and Non-GAAP EPS of $0.63 |
• | Announces Settlement and License Agreement to Resolve PD-1 Patent Litigation Against Merck |
• | Achieves Important Regulatory Milestones for Opdivo |
◦ | Approved in the U.S. for Metastatic Squamous Cell Carcinoma of the Head and Neck |
◦ | Approved in Europe for Classical Hodgkin Lymphoma |
• | Completes Strategic Transactions in Oncology and Fibrosis |
• | Confirms 2017 GAAP EPS Guidance Range of $2.47 to $2.67 and Adjusts Non-GAAP EPS Guidance Range to $2.70 to $2.90 |
Fourth Quarter | ||||||||||
$ amounts in millions, except per share amounts | ||||||||||
2016 | 2015 | Change | ||||||||
Total Revenues | $ | 5,243 | $ | 4,287 | 22 | % | ||||
GAAP Diluted EPS | 0.53 | (0.12 | ) | ** | ||||||
Non-GAAP Diluted EPS | $ | 0.63 | $ | 0.38 | 66 | % |
Full Year | ||||||||||
$ amounts in millions, except per share amounts | ||||||||||
2016 | 2015 | Change | ||||||||
Total Revenues | $ | 19,427 | $ | 16,560 | 17 | % | ||||
GAAP Diluted EPS | 2.65 | 0.93 | ** | |||||||
Non-GAAP Diluted EPS | $ | 2.83 | $ | 2.01 | 41 | % |
• | Bristol-Myers Squibb posted fourth quarter 2016 revenues of $5.2 billion, an increase of 22% compared to the same period a year ago. Global revenues increased 24% adjusted for foreign exchange impact. |
• | U.S. revenues increased 20% to $2.7 billion in the quarter compared to the same period a year ago. International revenues increased 25%. When adjusted for foreign exchange impact, international revenues increased 28%. |
• | Gross margin as a percentage of revenue decreased from 77.8% to 73.6% in the quarter primarily due to product mix. |
• | Marketing, selling and administrative expenses decreased 3% to $1.5 billion in the quarter. |
• | Research and development expenses decreased 27% to $1.4 billion in the quarter due to lower charges resulting from business development transactions and in-process research and development impairments. |
• | The effective tax rate was 17.3% in the quarter, compared to a benefit of 54.1% in the fourth quarter last year. Income taxes in both periods include net tax benefits attributed to specified items. |
• | The company reported net earnings attributable to Bristol-Myers Squibb of $894 million, or $0.53 per share, in the quarter compared to a net loss of $197 million, or $0.12 per share, a year ago. The results in the fourth quarter of 2015 included per share after tax charges of $0.24 from the Five Prime Therapeutics, Inc. and Cardioxyl Pharmaceuticals, Inc. business development transactions and $0.08 for the transfer of the Erbitux® business in North America to Eli Lilly and Company. |
• | The company reported non-GAAP net earnings attributable to Bristol-Myers Squibb of $1.1 billion, or $0.63 per share, in the fourth quarter, compared to $647 million, or $0.38 per share, for the same period in 2015. An overview of specified items is discussed under the “Use of Non-GAAP Financial Information” section. |
• | Cash, cash equivalents and marketable securities were $9.1 billion, with a net cash position of $2.4 billion, as of December 31, 2016. |
• | Opdivo, which grew by $835 million |
• | Eliquis, which grew by $346 million or 57% increase |
• | Orencia, which grew by 16% |
• | Sprycel, which grew by 15% |
• | Yervoy, which had sales of $264 million |
• | In January, the company and Ono Pharmaceutical Company, Ltd. (Ono) announced they signed a global patent license agreement with Merck & Co., Inc. to settle all patent-infringement litigation related to Merck’s PD-1 antibody Keytruda®. The agreement will result in the dismissal with prejudice of all patent litigation between the companies pertaining to Keytruda®. |
• | In November, the company announced the U.S. Food and Drug Administration (FDA) approved Opdivo for the treatment of patients with recurrent or metastatic squamous cell carcinoma of the head and neck (SCCHN) with disease progression on or after platinum-based therapy. |
• | In November, the company announced the European Commission approved Opdivo for the treatment of patients with relapsed or refractory classical Hodgkin lymphoma (cHL) after autologous stem cell transplant (ASCT) and treatment with brentuximab vedotin. |
• | In December, the company and Ono announced Opdivo was approved in Japan for the treatment of patients with relapsed or refractory cHL. |
• | In December, the company and Ono announced that Ono submitted a supplemental application for Opdivo for the treatment of unresectable advanced or recurrent gastric cancer. |
• | In January, the company announced it decided not to pursue an accelerated regulatory pathway for the regimen of Opdivo plus Yervoy in first-line lung cancer in the U.S. based on a review of data available at this time. Because these are ongoing registrational studies, the company will not be providing additional details. |
• | In November, the company announced that ONO-4538-12, a Phase 3, randomized, double-blind clinical trial evaluating the efficacy and safety of Opdivo in patients with unresectable advanced or recurrent gastric cancer refractory to, or intolerant of, standard therapy, met its primary endpoint of overall survival. In January, the company announced the results from the trial. |
• | In November, at the Society for Immunotherapy of Cancer Annual Meeting, the company announced new data and analysis from studies evaluating urelumab, lirilumab, Opdivo and the Opdivo + Yervoy regimen: |
◦ | Safety and efficacy data from a Phase 1/2 study of urelumab in combination with Opdivo in patients with hematologic and solid tumors, including biomarker analyses by level of PD-L1 expression. |
◦ | Interim efficacy analysis, announced by the company and Innate Pharma S.A., from a Phase 1/2 study of the combination of lirilumab and Opdivo in the cohort of advanced platinum refractory squamous cell carcinoma of the head and neck, including exploratory biomarker analyses of patient response by level of PD-L1 expression. |
◦ | CheckMate -032: Results from cohorts of the Phase 1/2 open-label trial investigating two combination schedules of Opdivo plus Yervoy in patients with locally advanced or metastatic urothelial carcinoma previously treated with platinum-based therapy. |
• | In December, at the International Association for the Study of Lung Cancer World Conference on Lung Cancer, the company announced new data from studies evaluating Opdivo and the Opdivo + Yervoy regimen: |
◦ | Checkmate -012: Updated findings from the Phase 1b trial in chemotherapy-naïve advanced non-small cell lung cancer patients evaluating Opdivo monotherapy, or in combination with Yervoy at different doses and schedules. |
◦ | CheckMate -032: Updated results for Opdivo monotherapy and in combination with Yervoy in previously treated small cell lung cancer patients, a cohort of the Phase 1/2 open-label trial. |
• | In December, during the American Society of Hematology Annual Meeting, the company and Seattle Genetics announced the first reported data from an ongoing Phase 1/2 clinical trial evaluating Adcetris® (brentuximab vedotin) in combination with Opdivo in relapsed or refractory cHL. |
• | In November, the company and Enterome announced a collaboration agreement for the discovery and development of microbiome-derived biomarkers, drug targets and bioactive molecules to be developed as potential companion diagnostics and therapeutics for cancer. Additionally, the collaboration will seek to identify novel microbiome-derived biomarkers in an effort to improve clinical outcomes for patients treated with Bristol-Myers Squibb’s Immuno-Oncology portfolio. |
• | In November, the company and Infinity Pharmaceuticals announced a clinical trial collaboration to evaluate Bristol-Myers Squibb’s Opdivo in combination with Infinity’s IPI-549 in patients with advanced solid tumors. |
• | In November, the company and Nitto Denko Corporation (Nitto) announced an agreement granting Bristol-Myers Squibb exclusive worldwide rights for the development and commercialization of Nitto’s investigational siRNA molecules targeting heat shock protein 47 (HSP47) in vitamin A containing formulations, which includes Nitto’s lead asset ND-L02-s0201, currently in Phase 1b study for the treatment of advanced liver fibrosis. The agreement also grants Bristol-Myers Squibb the option to receive exclusive licenses for HSP47 siRNAs in vitamin A containing formulations for the treatment of lung fibrosis and other organ fibrosis. |
• | In November, the company announced a five-year research collaboration with the Johns Hopkins University designed to identify mechanisms of response and resistance in patients whose cancer is being treated with checkpoint inhibitor-based immunotherapies, including Opdivo monotherapy, or Opdivo in combination with Yervoy or other investigational immunotherapies. |
• | In December, the company and PsiOxus Therapeutics, Ltd. announced an agreement granting Bristol-Myers Squibb exclusive worldwide rights to NG-348, a pre-clinical stage, “armed” oncolytic virus with the goal of addressing solid tumors. |
• | In December, the company and Calithera Biosciences announced a clinical collaboration to evaluate Opdivo in combination with CB-839 in clear cell renal cell carcinoma. |
• | In January, the company announced a new clinical research collaboration to evaluate the combination of Opdivo and Janssen’s CD38-directed cytolytic antibody Darzalex® in Phase 1b/2 clinical studies in multiple myeloma and solid tumors including non-small cell lung cancer, pancreatic cancer, colorectal cancer , triple negative breast cancer and head and neck cancer. |
• | In January, the company and GeneCentric Diagnostics, Inc. announced a research collaboration to explore whether the application of GeneCentric’s Cancer Subtype Platform (CSP) might be able to identify translational biomarkers for Opdivo. Additionally, GeneCentric announced it had secured equity funding from the company to support the clinical development of its CSP and new research laboratory. |
• | Worldwide revenues increasing in the low-single digits. |
• | Gross margin as a percentage of revenue to be approximately 72% to 73% for both GAAP and non-GAAP. |
• | Marketing, selling and administrative expenses decreasing in the mid- to high-single digit range for both GAAP and non-GAAP. |
• | Research and development expenses increasing in the high-single digit range for both GAAP and non-GAAP. |
• | An effective tax rate of approximately 21% for both GAAP and non-GAAP. |
Worldwide Revenues | U.S. Revenues | |||||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||||
Key Products | ||||||||||||||||||||||
Oncology | ||||||||||||||||||||||
Empliciti | $ | 47 | $ | 3 | ** | $ | 36 | $ | 3 | ** | ||||||||||||
Erbitux(a) | — | — | — | — | — | — | ||||||||||||||||
Opdivo | 1,310 | 475 | ** | 715 | 410 | 74 | % | |||||||||||||||
Sprycel | 494 | 429 | 15 | % | 267 | 228 | 17 | % | ||||||||||||||
Yervoy | 264 | 265 | — | 202 | 164 | 23 | % | |||||||||||||||
Cardiovascular | ||||||||||||||||||||||
Eliquis | 948 | 602 | 57 | % | 539 | 335 | 61 | % | ||||||||||||||
Immunoscience | ||||||||||||||||||||||
Orencia | 625 | 540 | 16 | % | 423 | 372 | 14 | % | ||||||||||||||
Virology | ||||||||||||||||||||||
Baraclude | 296 | 309 | (4 | )% | 17 | 27 | (37 | )% | ||||||||||||||
Hepatitis C Franchise | 226 | 458 | (51 | )% | 82 | 212 | (61 | )% | ||||||||||||||
Reyataz Franchise | 206 | 272 | (24 | )% | 117 | 142 | (18 | )% | ||||||||||||||
Sustiva Franchise | 246 | 312 | (21 | )% | 212 | 269 | (21 | )% | ||||||||||||||
Neuroscience | ||||||||||||||||||||||
Abilify(b) | 31 | 39 | (21 | )% | — | 7 | (100 | )% | ||||||||||||||
Mature Products and All Other | 550 | 583 | (6 | )% | 95 | 94 | 1 | % | ||||||||||||||
Total | $ | 5,243 | $ | 4,287 | 22 | % | $ | 2,705 | $ | 2,263 | 20 | % |
** | In excess of +/- 100% |
(a) | Erbitux is a trademark of ImClone LLC. ImClone LLC is a wholly-owned subsidiary of Eli Lilly and Company. |
(b) | Abilify is a trademark of Otsuka Pharmaceutical Co., Ltd. |
Worldwide Revenues | U.S. Revenues | |||||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||||||||
Key Products | ||||||||||||||||||||||
Oncology | ||||||||||||||||||||||
Empliciti | $ | 150 | $ | 3 | ** | $ | 133 | $ | 3 | ** | ||||||||||||
Erbitux | — | 501 | (100 | )% | — | 487 | (100 | )% | ||||||||||||||
Opdivo | 3,774 | 942 | ** | 2,664 | 823 | ** | ||||||||||||||||
Sprycel | 1,824 | 1,620 | 13 | % | 969 | 829 | 17 | % | ||||||||||||||
Yervoy | 1,053 | 1,126 | (6 | )% | 802 | 602 | 33 | % | ||||||||||||||
Cardiovascular | ||||||||||||||||||||||
Eliquis | 3,343 | 1,860 | 80 | % | 1,963 | 1,023 | 92 | % | ||||||||||||||
Immunoscience | ||||||||||||||||||||||
Orencia | 2,265 | 1,885 | 20 | % | 1,532 | 1,271 | 21 | % | ||||||||||||||
Virology | ||||||||||||||||||||||
Baraclude | 1,192 | 1,312 | (9 | )% | 66 | 135 | (51 | )% | ||||||||||||||
Hepatitis C Franchise | 1,578 | 1,603 | (2 | )% | 827 | 323 | ** | |||||||||||||||
Reyataz Franchise | 912 | 1,139 | (20 | )% | 484 | 591 | (18 | )% | ||||||||||||||
Sustiva Franchise | 1,065 | 1,252 | (15 | )% | 901 | 1,041 | (13 | )% | ||||||||||||||
Neuroscience | ||||||||||||||||||||||
Abilify | 128 | 746 | (83 | )% | — | 600 | (100 | )% | ||||||||||||||
Mature Products and All Other | 2,143 | 2,571 | (17 | )% | 379 | 460 | (18 | )% | ||||||||||||||
Total | $ | 19,427 | $ | 16,560 | 17 | % | $ | 10,720 | $ | 8,188 | 31 | % |
** | In excess of +/- 100% |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net product sales | $ | 4,814 | $ | 3,862 | $ | 17,702 | $ | 14,045 | ||||||||
Alliance and other revenues | 429 | 425 | 1,725 | 2,515 | ||||||||||||
Total Revenues | 5,243 | 4,287 | 19,427 | 16,560 | ||||||||||||
Cost of products sold | 1,383 | 952 | 4,946 | 3,909 | ||||||||||||
Marketing, selling and administrative | 1,461 | 1,501 | 4,911 | 4,841 | ||||||||||||
Research and development | 1,400 | 1,916 | 4,940 | 5,920 | ||||||||||||
Other (income)/expense | (87 | ) | 328 | (1,285 | ) | (187 | ) | |||||||||
Total Expenses | 4,157 | 4,697 | 13,512 | 14,483 | ||||||||||||
Earnings/(Loss) Before Income Taxes | 1,086 | (410 | ) | 5,915 | 2,077 | |||||||||||
Provision for/(Benefit from) Income Taxes | 188 | (222 | ) | 1,408 | 446 | |||||||||||
Net Earnings/(Loss) | 898 | (188 | ) | 4,507 | 1,631 | |||||||||||
Net Earnings Attributable to Noncontrolling Interest | 4 | 9 | 50 | 66 | ||||||||||||
Net Earnings/(Loss) Attributable to BMS | $ | 894 | $ | (197 | ) | $ | 4,457 | $ | 1,565 | |||||||
Average Common Shares Outstanding: | ||||||||||||||||
Basic | 1,672 | 1,669 | 1,671 | 1,667 | ||||||||||||
Diluted | 1,680 | 1,669 | 1,680 | 1,679 | ||||||||||||
Earnings/(Loss) per Common Share | ||||||||||||||||
Basic | $ | 0.53 | $ | (0.12 | ) | $ | 2.67 | $ | 0.94 | |||||||
Diluted | $ | 0.53 | $ | (0.12 | ) | $ | 2.65 | $ | 0.93 | |||||||
Other (Income)/Expense | ||||||||||||||||
Interest expense | $ | 40 | $ | 43 | $ | 167 | $ | 184 | ||||||||
Investment income | (24 | ) | (27 | ) | (105 | ) | (101 | ) | ||||||||
Provision for restructuring | 68 | 68 | 109 | 118 | ||||||||||||
Litigation and other settlements | (1 | ) | 145 | 47 | 159 | |||||||||||
Equity in net income of affiliates | (12 | ) | (16 | ) | (77 | ) | (83 | ) | ||||||||
Divestiture (gains)/losses | (2 | ) | 174 | (576 | ) | (196 | ) | |||||||||
Royalties and licensing income | (140 | ) | (125 | ) | (719 | ) | (383 | ) | ||||||||
Transition and other service fees | (54 | ) | (31 | ) | (238 | ) | (122 | ) | ||||||||
Pension charges | 25 | 49 | 91 | 160 | ||||||||||||
Intangible asset impairment | — | — | 15 | 13 | ||||||||||||
Equity investment impairment | — | — | 45 | — | ||||||||||||
Written option adjustment | — | — | — | (123 | ) | |||||||||||
Loss on debt redemption | — | — | — | 180 | ||||||||||||
Other | 13 | 48 | (44 | ) | 7 | |||||||||||
Other (income)/expense | $ | (87 | ) | $ | 328 | $ | (1,285 | ) | $ | (187 | ) |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Cost of products sold(a) | $ | 6 | $ | 10 | $ | 21 | $ | 84 | ||||||||
Marketing, selling and administrative | — | 4 | — | 10 | ||||||||||||
License and asset acquisition charges | 130 | 554 | 439 | 1,679 | ||||||||||||
IPRD impairments | 13 | 160 | 13 | 160 | ||||||||||||
Accelerated depreciation and other | 43 | 27 | 83 | 44 | ||||||||||||
Research and development | 186 | 741 | 535 | 1,883 | ||||||||||||
Provision for restructuring | 68 | 65 | 109 | 115 | ||||||||||||
Divestiture (gains)/losses | — | 171 | (559 | ) | (187 | ) | ||||||||||
Pension charges | 25 | 49 | 91 | 160 | ||||||||||||
Written option adjustment | — | — | — | (123 | ) | |||||||||||
Litigation and other settlements | — | 143 | 40 | 158 | ||||||||||||
Intangible asset impairment | — | — | 15 | 13 | ||||||||||||
Loss on debt redemption | — | — | — | 180 | ||||||||||||
Royalties and licensing income | (10 | ) | — | (10 | ) | — | ||||||||||
Other (income)/expense | 83 | 428 | (314 | ) | 316 | |||||||||||
Increase to pretax income | 275 | 1,183 | 242 | 2,293 | ||||||||||||
Income tax on items above | (105 | ) | (339 | ) | 51 | (480 | ) | |||||||||
Increase to net earnings | $ | 170 | $ | 844 | $ | 293 | $ | 1,813 |
(a) | Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs. |
Three Months Ended December 31, 2016 | Twelve Months Ended December 31, 2016 | ||||||||||||||||||||||
GAAP | Specified Items(a) | Non- GAAP | GAAP | Specified Items(a) | Non- GAAP | ||||||||||||||||||
Gross Profit | $ | 3,860 | $ | 6 | $ | 3,866 | $ | 14,481 | $ | 21 | $ | 14,502 | |||||||||||
Marketing, selling and administrative | 1,461 | — | 1,461 | 4,911 | — | 4,911 | |||||||||||||||||
Research and development | 1,400 | (186 | ) | 1,214 | 4,940 | (535 | ) | 4,405 | |||||||||||||||
Other (income)/expense | (87 | ) | (83 | ) | (170 | ) | (1,285 | ) | 314 | (971 | ) | ||||||||||||
Earnings Before Income Taxes | 1,086 | 275 | 1,361 | 5,915 | 242 | 6,157 | |||||||||||||||||
Provision for Income Taxes | 188 | (105 | ) | 293 | 1,408 | 51 | 1,357 | ||||||||||||||||
Net Earnings Attributable to BMS used for Diluted EPS Calculation | $ | 894 | $ | 170 | $ | 1,064 | $ | 4,457 | $ | 293 | $ | 4,750 | |||||||||||
Average Common Shares Outstanding - Diluted | 1,680 | 1,680 | 1,680 | 1,680 | 1,680 | 1,680 | |||||||||||||||||
Diluted Earnings Per Share | $ | 0.53 | $ | 0.10 | $ | 0.63 | $ | 2.65 | $ | 0.18 | $ | 2.83 | |||||||||||
Effective Tax Rate | 17.3 | % | 4.2 | % | 21.5 | % | 23.8 | % | (1.8 | )% | 22.0 | % | |||||||||||
Three Months Ended December 31, 2015 | Twelve Months Ended December 31, 2015 | ||||||||||||||||||||||
GAAP | Specified Items(a) | Non- GAAP | GAAP | Specified Items(a) | Non- GAAP | ||||||||||||||||||
Gross Profit | $ | 3,335 | $ | 10 | $ | 3,345 | $ | 12,651 | $ | 84 | $ | 12,735 | |||||||||||
Marketing, selling and administrative | 1,501 | (4 | ) | 1,497 | 4,841 | (10 | ) | 4,831 | |||||||||||||||
Research and development | 1,916 | (741 | ) | 1,175 | 5,920 | (1,883 | ) | 4,037 | |||||||||||||||
Other (income)/expense | 328 | (428 | ) | (100 | ) | (187 | ) | (316 | ) | (503 | ) | ||||||||||||
Earnings/(Loss) Before Income Taxes | (410 | ) | 1,183 | 773 | 2,077 | 2,293 | 4,370 | ||||||||||||||||
Provision for/(Benefit from) Income Taxes | (222 | ) | (339 | ) | 117 | 446 | (480 | ) | 926 | ||||||||||||||
Net Earnings/(Loss) Attributable to BMS used for Diluted EPS Calculation | $ | (197 | ) | $ | 844 | $ | 647 | $ | 1,565 | $ | 1,813 | $ | 3,378 | ||||||||||
Average Common Shares Outstanding - Diluted(b) | 1,669 | 1,681 | 1,681 | 1,679 | 1,679 | 1,679 | |||||||||||||||||
Diluted Earnings/(Loss) Per Share | $ | (0.12 | ) | $ | 0.50 | $ | 0.38 | $ | 0.93 | $ | 1.08 | $ | 2.01 | ||||||||||
Effective Tax Rate | 54.1 | % | (39.0 | )% | 15.1 | % | 21.5 | % | (0.3 | )% | 21.2 | % |
(a) | Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate. | |||
(b) | Difference between GAAP and Non-GAAP Diluted Shares Outstanding for the three months ended December 31, 2015 relates to incremental shares attributable to share-based compensation plans. |
December 31, 2016 | September 30, 2016 | |||||||
Cash and cash equivalents | $ | 4,237 | $ | 3,432 | ||||
Marketable securities - current | 2,113 | 2,128 | ||||||
Marketable securities - non-current | 2,719 | 3,035 | ||||||
Cash, cash equivalents and marketable securities | 9,069 | 8,595 | ||||||
Short-term borrowings and current portion of long-term debt | (992 | ) | (990 | ) | ||||
Long-term debt | (5,716 | ) | (5,836 | ) | ||||
Net cash position | $ | 2,361 | $ | 1,769 |
Revenues | 2015 | 2016 | % 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 | |||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 2,044 | $ | 1,837 | $ | 3,881 | $ | 2,044 | $ | 5,925 | $ | 2,263 | $ | 8,188 | $ | 2,537 | $ | 2,688 | $ | 5,225 | $ | 2,790 | $ | 8,015 | $ | 2,705 | $ | 10,720 | 20% | 31% | — | — | ||||||||||||||||||||||||||||||||
Europe | 782 | 974 | 1,756 | 813 | 2,569 | 922 | 3,491 | 870 | 1,039 | 1,909 | 946 | 2,855 | 1,360 | 4,215 | 48% | 21% | (3)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||
Rest of the World | 1,019 | 1,124 | 2,143 | 1,027 | 3,170 | 972 | 4,142 | 840 | 1,013 | 1,853 | 1,069 | 2,922 | 1,042 | 3,964 | 7% | (4)% | (3)% | (4)% | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 196 | 228 | 424 | 185 | 609 | 130 | 739 | 144 | 131 | 275 | 117 | 392 | 136 | 528 | 5% | (29)% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,041 | $ | 4,163 | $ | 8,204 | $ | 4,069 | $ | 12,273 | $ | 4,287 | $ | 16,560 | $ | 4,391 | $ | 4,871 | $ | 9,262 | $ | 4,922 | $ | 14,184 | $ | 5,243 | $ | 19,427 | 22% | 17% | (2)% | (2)% | ||||||||||||||||||||||||||||||||
% of Revenues | 2015 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 50.6 | % | 44.1 | % | 47.3 | % | 50.2 | % | 48.3 | % | 52.8 | % | 49.4 | % | 57.8 | % | 55.2 | % | 56.4 | % | 56.7 | % | 56.5 | % | 51.6 | % | 55.2 | % | ||||||||||||||||||||||||||||||||||||
Europe | 19.4 | % | 23.4 | % | 21.4 | % | 20.0 | % | 20.9 | % | 21.5 | % | 21.1 | % | 19.8 | % | 21.3 | % | 20.6 | % | 19.2 | % | 20.1 | % | 25.9 | % | 21.7 | % | ||||||||||||||||||||||||||||||||||||
Rest of the World | 25.2 | % | 27.0 | % | 26.1 | % | 25.2 | % | 25.8 | % | 22.7 | % | 25.0 | % | 19.1 | % | 20.8 | % | 20.0 | % | 21.7 | % | 20.6 | % | 19.9 | % | 20.4 | % | ||||||||||||||||||||||||||||||||||||
Other | 4.8 | % | 5.5 | % | 5.2 | % | 4.6 | % | 5.0 | % | 3.0 | % | 4.5 | % | 3.3 | % | 2.7 | % | 3.0 | % | 2.4 | % | 2.8 | % | 2.6 | % | 2.7 | % | ||||||||||||||||||||||||||||||||||||
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 | % | 100.0 | % | 100.0 | % |
2015 | 2016 | % 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 | $ | 3,059 | $ | 3,572 | $ | 6,631 | $ | 3,552 | $ | 10,183 | $ | 3,862 | $ | 14,045 | $ | 3,964 | $ | 4,432 | $ | 8,396 | $ | 4,492 | $ | 12,888 | $ | 4,814 | $ | 17,702 | 25% | 26% | ||||||||||||||||||||||||||||||||
Alliance and other revenues | 982 | 591 | 1,573 | 517 | 2,090 | 425 | 2,515 | 427 | 439 | 866 | 430 | 1,296 | 429 | 1,725 | 1% | (31)% | ||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 4,041 | $ | 4,163 | $ | 8,204 | $ | 4,069 | $ | 12,273 | $ | 4,287 | $ | 16,560 | $ | 4,391 | $ | 4,871 | $ | 9,262 | $ | 4,922 | $ | 14,184 | $ | 5,243 | $ | 19,427 | 22% | 17% | ||||||||||||||||||||||||||||||||
Cost of products sold | 847 | 1,013 | 1,860 | 1,097 | 2,957 | 952 | 3,909 | 1,052 | 1,206 | 2,258 | 1,305 | 3,563 | 1,383 | 4,946 | 45% | 27% | ||||||||||||||||||||||||||||||||||||||||||||||
Marketing, selling and administrative | 1,029 | 1,135 | 2,164 | 1,176 | 3,340 | 1,501 | 4,841 | 1,068 | 1,238 | 2,306 | 1,144 | 3,450 | 1,461 | 4,911 | (3)% | 1% | ||||||||||||||||||||||||||||||||||||||||||||||
Research and development | 1,016 | 1,856 | 2,872 | 1,132 | 4,004 | 1,916 | 5,920 | 1,136 | 1,266 | 2,402 | 1,138 | 3,540 | 1,400 | 4,940 | (27)% | (17)% | ||||||||||||||||||||||||||||||||||||||||||||||
Other (income)/expense | (299 | ) | 107 | (192 | ) | (323 | ) | (515 | ) | 328 | (187 | ) | (520 | ) | (454 | ) | (974 | ) | (224 | ) | (1,198 | ) | (87 | ) | (1,285 | ) | ** | ** | ||||||||||||||||||||||||||||||||||
Total Expenses | 2,593 | 4,111 | 6,704 | 3,082 | 9,786 | 4,697 | 14,483 | 2,736 | 3,256 | 5,992 | 3,363 | 9,355 | 4,157 | 13,512 | (11)% | (7)% | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings/(Loss) Before Income Taxes | $ | 1,448 | $ | 52 | $ | 1,500 | $ | 987 | $ | 2,487 | $ | (410 | ) | $ | 2,077 | $ | 1,655 | $ | 1,615 | $ | 3,270 | $ | 1,559 | $ | 4,829 | $ | 1,086 | $ | 5,915 | ** | ** | |||||||||||||||||||||||||||||||
Provision for/(Benefit from) Income Taxes | 249 | 162 | 411 | 257 | 668 | (222 | ) | 446 | 449 | 427 | 876 | 344 | 1,220 | 188 | 1,408 | ** | ** | |||||||||||||||||||||||||||||||||||||||||||||
Net Earnings/(Loss) | $ | 1,199 | $ | (110 | ) | $ | 1,089 | $ | 730 | $ | 1,819 | $ | (188 | ) | $ | 1,631 | $ | 1,206 | $ | 1,188 | $ | 2,394 | $ | 1,215 | $ | 3,609 | $ | 898 | $ | 4,507 | ** | ** | ||||||||||||||||||||||||||||||
Net Earnings Attributable to Noncontrolling Interest | 13 | 20 | 33 | 24 | 57 | 9 | 66 | 11 | 22 | 33 | 13 | 46 | 4 | 50 | (56)% | (24)% | ||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings/(Loss) Attributable to BMS | $ | 1,186 | $ | (130 | ) | $ | 1,056 | $ | 706 | $ | 1,762 | $ | (197 | ) | $ | 1,565 | $ | 1,195 | $ | 1,166 | $ | 2,361 | $ | 1,202 | $ | 3,563 | $ | 894 | $ | 4,457 | ** | ** | ||||||||||||||||||||||||||||||
Diluted Earnings/(Loss) per Common Share* | $ | 0.71 | $ | (0.08 | ) | $ | 0.63 | $ | 0.42 | $ | 1.05 | $ | (0.12 | ) | $ | 0.93 | $ | 0.71 | $ | 0.69 | $ | 1.41 | $ | 0.72 | $ | 2.12 | $ | 0.53 | $ | 2.65 | ** | ** | ||||||||||||||||||||||||||||||
Average Common Shares Outstanding - Diluted | 1,676 | 1,667 | 1,677 | 1,678 | 1,677 | 1,669 | 1,679 | 1,680 | 1,679 | 1,679 | 1,679 | 1,679 | 1,680 | 1,680 | 1% | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared per common share | $ | 0.37 | $ | 0.37 | $ | 0.74 | $ | 0.37 | $ | 1.11 | $ | 0.38 | $ | 1.49 | $ | 0.38 | $ | 0.38 | $ | 0.76 | $ | 0.38 | $ | 1.14 | $ | 0.39 | $ | 1.53 | 3% | 3% | ||||||||||||||||||||||||||||||||
2015 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% 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 | 79.0 | % | 75.7 | % | 77.3 | % | 73.0 | % | 75.9 | % | 77.8 | % | 76.4 | % | 76.0 | % | 75.2 | % | 75.6 | % | 73.5 | % | 74.9 | % | 73.6 | % | 74.5 | % | ||||||||||||||||||||||||||||||||||
Other Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective tax rate | 17.2 | % | 311.5 | % | 27.4 | % | 26.0 | % | 26.9 | % | 54.1 | % | 21.5 | % | 27.1 | % | 26.4 | % | 26.8 | % | 22.1 | % | 25.3 | % | 17.3 | % | 23.8 | % | ||||||||||||||||||||||||||||||||||
Other (Income)/Expense | 2015 | 2016 | % 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 | $ | 51 | $ | 49 | $ | 100 | $ | 41 | $ | 141 | $ | 43 | $ | 184 | $ | 43 | $ | 42 | $ | 85 | $ | 42 | $ | 127 | $ | 40 | $ | 167 | (7 | )% | (9 | )% | ||||||||||||||||||||||||||||||
Investment income | (30 | ) | (26 | ) | (56 | ) | (18 | ) | (74 | ) | (27 | ) | (101 | ) | (24 | ) | (25 | ) | (49 | ) | (32 | ) | (81 | ) | (24 | ) | (105 | ) | (11 | )% | 4 | % | ||||||||||||||||||||||||||||||
Provision for restructuring | 12 | 28 | 40 | 10 | 50 | 68 | 118 | 4 | 18 | 22 | 19 | 41 | 68 | 109 | — | (8 | )% | |||||||||||||||||||||||||||||||||||||||||||||
Litigation and other settlements | 12 | 4 | 16 | (2 | ) | 14 | 145 | 159 | 43 | 6 | 49 | (1 | ) | 48 | (1 | ) | 47 | ** | (70 | )% | ||||||||||||||||||||||||||||||||||||||||||
Equity in net income of affiliates | (26 | ) | (22 | ) | (48 | ) | (19 | ) | (67 | ) | (16 | ) | (83 | ) | (26 | ) | (20 | ) | (46 | ) | (19 | ) | (65 | ) | (12 | ) | (77 | ) | (25 | )% | (7 | )% | ||||||||||||||||||||||||||||||
Divestiture (gains)/losses | (154 | ) | (8 | ) | (162 | ) | (208 | ) | (370 | ) | 174 | (196 | ) | (270 | ) | (283 | ) | (553 | ) | (21 | ) | (574 | ) | (2 | ) | (576 | ) | ** | ** | |||||||||||||||||||||||||||||||||
Royalties and licensing income | (98 | ) | (97 | ) | (195 | ) | (63 | ) | (258 | ) | (125 | ) | (383 | ) | (254 | ) | (167 | ) | (421 | ) | (158 | ) | (579 | ) | (140 | ) | (719 | ) | 12 | % | 88 | % | ||||||||||||||||||||||||||||||
Transition and other service fees | (27 | ) | (27 | ) | (54 | ) | (37 | ) | (91 | ) | (31 | ) | (122 | ) | (53 | ) | (74 | ) | (127 | ) | (57 | ) | (184 | ) | (54 | ) | (238 | ) | 74 | % | 95 | % | ||||||||||||||||||||||||||||||
Pension charges | 27 | 36 | 63 | 48 | 111 | 49 | 160 | 22 | 25 | 47 | 19 | 66 | 25 | 91 | (49 | )% | (43 | )% | ||||||||||||||||||||||||||||||||||||||||||||
Intangible asset impairment | 13 | — | 13 | — | 13 | — | 13 | 15 | — | 15 | — | 15 | — | 15 | — | 15 | % | |||||||||||||||||||||||||||||||||||||||||||||
Equity investment impairment | — | — | — | — | — | — | — | — | 45 | 45 | — | 45 | — | 45 | — | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
Written option adjustment | (36 | ) | — | (36 | ) | (87 | ) | (123 | ) | — | (123 | ) | — | — | — | — | — | — | — | — | (100 | )% | ||||||||||||||||||||||||||||||||||||||||
Loss on debt redemption | — | 180 | 180 | — | 180 | — | 180 | — | — | — | — | — | — | — | — | (100 | )% | |||||||||||||||||||||||||||||||||||||||||||||
Other | (43 | ) | (10 | ) | (53 | ) | 12 | (41 | ) | 48 | 7 | (20 | ) | (21 | ) | (41 | ) | (16 | ) | (57 | ) | 13 | (44 | ) | (73 | )% | ** | |||||||||||||||||||||||||||||||||||
$ | (299 | ) | $ | 107 | $ | (192 | ) | $ | (323 | ) | $ | (515 | ) | $ | 328 | $ | (187 | ) | $ | (520 | ) | $ | (454 | ) | $ | (974 | ) | $ | (224 | ) | $ | (1,198 | ) | $ | (87 | ) | $ | (1,285 | ) | ** | ** |
* | Quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations. | |||||||||||
** | In excess of +/- 100% |
QUARTER-TO-DATE | 2016 | 2015 | Growth $ | Growth % | Favorable / (Unfavorable) FX Impact $ * | 2016 Excluding FX | Favorable / (Unfavorable) FX Impact % * | Growth % Excluding FX | ||||||||||||||||||
Revenues | $ | 5,243 | $ | 4,287 | $ | 956 | 22% | $ | (60 | ) | $ | 5,303 | (2)% | 24% | ||||||||||||
Gross profit | 3,860 | 3,335 | 525 | 16% | N/A | N/A | N/A | N/A | ||||||||||||||||||
Gross profit excluding specified items(a) | 3,866 | 3,345 | 521 | 16% | N/A | N/A | N/A | N/A | ||||||||||||||||||
Gross profit excluding specified items as a % of revenues | 73.7 | % | 78.0 | % | ||||||||||||||||||||||
Marketing, selling and administrative | 1,461 | 1,501 | (40 | ) | (3)% | 31 | 1,492 | 2% | (1)% | |||||||||||||||||
Marketing, selling and administrative excluding specified items(a) | 1,461 | 1,497 | (36 | ) | (2)% | 31 | 1,492 | 2% | — | |||||||||||||||||
MS&A excluding specified items as a % of revenues | 27.9 | % | 34.9 | % | ||||||||||||||||||||||
Research and development | 1,400 | 1,916 | (516 | ) | (27)% | 7 | 1,407 | — | (27)% | |||||||||||||||||
Research and development excluding specified items(a) | 1,214 | 1,175 | 39 | 3% | 8 | 1,222 | 1% | 4% | ||||||||||||||||||
Research and development excluding specified items as a % of revenues | 23.2 | % | 27.4 | % | ||||||||||||||||||||||
YEAR-TO-DATE | 2016 | 2015 | Growth $ | Growth % | Favorable / (Unfavorable) FX Impact $ * | 2016 Excluding FX | Favorable / (Unfavorable) FX Impact % * | Growth % Excluding FX | ||||||||||||||||||
Revenues | $ | 19,427 | $ | 16,560 | $ | 2,867 | 17% | $ | (237 | ) | $ | 19,664 | (2)% | 19% | ||||||||||||
Gross profit | 14,481 | 12,651 | 1,830 | 14% | N/A | N/A | N/A | N/A | ||||||||||||||||||
Gross profit excluding specified items(a) | 14,502 | 12,735 | 1,767 | 14% | N/A | N/A | N/A | N/A | ||||||||||||||||||
Gross profit excluding specified items as a % of revenues | 74.6 | % | 76.9 | % | ||||||||||||||||||||||
Marketing, selling and administrative | 4,911 | 4,841 | 70 | 1% | 80 | 4,991 | 2% | 3% | ||||||||||||||||||
Marketing, selling and administrative excluding specified items(a) | 4,911 | 4,831 | 80 | 2% | 80 | 4,991 | 1% | 3% | ||||||||||||||||||
MS&A excluding specified items as a % of revenues | 25.3 | % | 29.2 | % | ||||||||||||||||||||||
Research and development | 4,940 | 5,920 | (980 | ) | (17)% | 19 | 4,959 | 1% | (16)% | |||||||||||||||||
Research and development excluding specified items(a) | 4,405 | 4,037 | 368 | 9% | 20 | 4,425 | 1% | 10% | ||||||||||||||||||
Research and development excluding specified items as a % of revenues | 22.7 | % | 24.4 | % |
(a) | Refer to the Specified Items schedule for further details. | |||||||||||
* | Foreign exchange impacts were derived by applying the prior period average currency rates to the current period sales and expenses. |
2015 | 2016 | Growth $ | % 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 | Qtr vs. Qtr | YTD vs. YTD | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Oncology(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Empliciti | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | 3 | $ | 28 | $ | 34 | $ | 62 | $ | 41 | $ | 103 | $ | 47 | $ | 150 | $ | 44 | $ | 147 | ** | ** | ||||||||||||||||||||||||||||||||||||
Erbitux | 165 | 169 | 334 | 167 | 501 | — | 501 | — | — | — | — | — | — | — | — | (501 | ) | — | (100 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Opdivo | 40 | 122 | 162 | 305 | 467 | 475 | 942 | 704 | 840 | 1,544 | 920 | 2,464 | 1,310 | 3,774 | 835 | 2,832 | ** | ** | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sprycel | 375 | 405 | 780 | 411 | 1,191 | 429 | 1,620 | 407 | 451 | 858 | 472 | 1,330 | 494 | 1,824 | 65 | 204 | 15 | % | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Yervoy | 325 | 296 | 621 | 240 | 861 | 265 | 1,126 | 263 | 241 | 504 | 285 | 789 | 264 | 1,053 | (1 | ) | (73 | ) | — | (6 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||
Cardiovascular(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eliquis | 355 | 437 | 792 | 466 | 1,258 | 602 | 1,860 | 734 | 777 | 1,511 | 884 | 2,395 | 948 | 3,343 | 346 | 1,483 | 57 | % | 80 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Immunoscience(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orencia(b) | 400 | 461 | 861 | 484 | 1,345 | 540 | 1,885 | 475 | 593 | 1,068 | 572 | 1,640 | 625 | 2,265 | 85 | 380 | 16 | % | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Virology(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 340 | 343 | 683 | 320 | 1,003 | 309 | 1,312 | 291 | 299 | 590 | 306 | 896 | 296 | 1,192 | (13 | ) | (120 | ) | (4 | )% | (9 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Hepatitis C Franchise(c) | 264 | 479 | 743 | 402 | 1,145 | 458 | 1,603 | 427 | 546 | 973 | 379 | 1,352 | 226 | 1,578 | (232 | ) | (25 | ) | (51 | )% | (2 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Reyataz Franchise | 294 | 303 | 597 | 270 | 867 | 272 | 1,139 | 221 | 247 | 468 | 238 | 706 | 206 | 912 | (66 | ) | (227 | ) | (24 | )% | (20 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise(d) | 290 | 317 | 607 | 333 | 940 | 312 | 1,252 | 273 | 271 | 544 | 275 | 819 | 246 | 1,065 | (66 | ) | (187 | ) | (21 | )% | (15 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Neuroscience(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Abilify(e) | 554 | 107 | 661 | 46 | 707 | 39 | 746 | 33 | 35 | 68 | 29 | 97 | 31 | 128 | (8 | ) | (618 | ) | (21 | )% | (83 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Mature Products and All Other(f) | 639 | 724 | 1,363 | 625 | 1,988 | 583 | 2,571 | 535 | 537 | 1,072 | 521 | 1,593 | 550 | 2,143 | (33 | ) | (428 | ) | (6 | )% | (17 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,041 | $ | 4,163 | $ | 8,204 | $ | 4,069 | $ | 12,273 | $ | 4,287 | $ | 16,560 | $ | 4,391 | $ | 4,871 | $ | 9,262 | $ | 4,922 | $ | 14,184 | $ | 5,243 | $ | 19,427 | $ | 956 | $ | 2,867 | 22 | % | 17 | % | ||||||||||||||||||||||||||||||||||
** | In excess of +/- 100% |
(a) | Key products listed do not represent all products in the respective therapeutic areas. |
(b) | Includes Orencia SubQ revenues of $323 million and $262 million for the three months ended December 31, 2016 and 2015, respectively, and $1,107 million and $872 million for the twelve months ended December 31, 2016 and 2015, respectively. |
(c) | Includes Daklinza (daclatasvir) revenues of $221 million and $423 million for the three months ended December 31, 2016 and 2015, respectively, and $1,550 million and $1,315 million for the twelve months ended December 31, 2016 and 2015, respectively. |
(d) | The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. Includes alliance revenue of $217 million and $273 million for the three months ended December 31, 2016 and 2015, respectively, and $934 million and $1,096 million for the twelve months ended December 31, 2016 and 2015, respectively. |
(e) | Includes alliance revenue of $7 million for the three months ended December 31, 2015 and $604 million for the twelve months ended December 31, 2015. BMS's U.S. commercialization rights to Abilify expired in April 2015. |
(f) | Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. |
Note: 2015 year-to-date revenues of new and inline brands grew 41% excluding Abilify, Baraclude and the Sustiva Franchise. |
2015 | 2016 | % 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 | |||||||||||||||||||||||||||||||||||||||||||||
Oncology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Empliciti | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | 3 | $ | 28 | $ | 33 | $ | 61 | $ | 36 | $ | 97 | $ | 36 | $ | 133 | ** | ** | ||||||||||||||||||||||||||||||
Erbitux | 157 | 165 | 322 | 165 | 487 | — | 487 | — | — | — | — | — | — | — | — | (100)% | ||||||||||||||||||||||||||||||||||||||||||||
Opdivo | 38 | 107 | 145 | 268 | 413 | 410 | 823 | 594 | 643 | 1,237 | 712 | 1,949 | 715 | 2,664 | 74% | ** | ||||||||||||||||||||||||||||||||||||||||||||
Sprycel | 181 | 205 | 386 | 215 | 601 | 228 | 829 | 210 | 233 | 443 | 259 | 702 | 267 | 969 | 17% | 17% | ||||||||||||||||||||||||||||||||||||||||||||
Yervoy | 181 | 136 | 317 | 121 | 438 | 164 | 602 | 199 | 179 | 378 | 222 | 600 | 202 | 802 | 23% | 33% | ||||||||||||||||||||||||||||||||||||||||||||
Cardiovascular | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eliquis | 200 | 243 | 443 | 245 | 688 | 335 | 1,023 | 468 | 444 | 912 | 512 | 1,424 | 539 | 1,963 | 61% | 92% | ||||||||||||||||||||||||||||||||||||||||||||
Immunoscience | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orencia(a) | 259 | 310 | 569 | 330 | 899 | 372 | 1,271 | 321 | 401 | 722 | 387 | 1,109 | 423 | 1,532 | 14% | 21% | ||||||||||||||||||||||||||||||||||||||||||||
Virology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 46 | 37 | 83 | 25 | 108 | 27 | 135 | 17 | 15 | 32 | 17 | 49 | 17 | 66 | (37)% | (51)% | ||||||||||||||||||||||||||||||||||||||||||||
Hepatitis C Franchise(b) | — | — | — | 111 | 111 | 212 | 323 | 259 | 294 | 553 | 192 | 745 | 82 | 827 | (61)% | ** | ||||||||||||||||||||||||||||||||||||||||||||
Reyataz Franchise | 143 | 157 | 300 | 149 | 449 | 142 | 591 | 120 | 122 | 242 | 125 | 367 | 117 | 484 | (18)% | (18)% | ||||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise(c) | 234 | 258 | 492 | 280 | 772 | 269 | 1,041 | 228 | 227 | 455 | 234 | 689 | 212 | 901 | (21)% | (13)% | ||||||||||||||||||||||||||||||||||||||||||||
Neuroscience | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Abilify | 508 | 67 | 575 | 18 | 593 | 7 | 600 | — | — | — | — | — | — | — | (100)% | (100)% | ||||||||||||||||||||||||||||||||||||||||||||
Mature Products and All Other(d) | 97 | 152 | 249 | 117 | 366 | 94 | 460 | 93 | 97 | 190 | 94 | 284 | 95 | 379 | 1% | (18)% | ||||||||||||||||||||||||||||||||||||||||||||
Total(e) | $ | 2,044 | $ | 1,837 | $ | 3,881 | $ | 2,044 | $ | 5,925 | $ | 2,263 | $ | 8,188 | $ | 2,537 | $ | 2,688 | $ | 5,225 | $ | 2,790 | $ | 8,015 | $ | 2,705 | $ | 10,720 | 20% | 31% | ||||||||||||||||||||||||||||||
** | In excess of +/- 100% |
(a) | Includes Orencia SubQ revenues of $203 million and $174 million for the three months ended December 31, 2016 and 2015, respectively, and $693 million and $567 million for the twelve months ended December 31, 2016 and 2015, respectively. |
(b) | Includes revenues of Daklinza (daclastasvir) only, which was launched in the U.S. in the third quarter of 2015. |
(c) | The Sustiva Franchise includes sales of Sustiva, as well as revenue from sales of bulk efavirenz included in the combination therapy, Atripla. |
(d) | Represents all other products sold in the U.S., including those which have lost exclusivity. |
(e) | Includes United States and Puerto Rico. |
2015 | 2016 | % 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 | |||||||||||||||||||||||||||||||||||||||||||||
Oncology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Empliciti | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | 1 | $ | 5 | $ | 6 | $ | 11 | $ | 17 | N/A | N/A | ||||||||||||||||||||||||||||||
Erbitux | 8 | 4 | 12 | 2 | 14 | — | 14 | — | — | — | — | — | — | — | — | (100)% | ||||||||||||||||||||||||||||||||||||||||||||
Opdivo | 2 | 15 | 17 | 37 | 54 | 65 | 119 | 110 | 197 | 307 | 208 | 515 | 595 | 1,110 | ** | ** | ||||||||||||||||||||||||||||||||||||||||||||
Sprycel | 194 | 200 | 394 | 196 | 590 | 201 | 791 | 197 | 218 | 415 | 213 | 628 | 227 | 855 | 13% | 8% | ||||||||||||||||||||||||||||||||||||||||||||
Yervoy | 144 | 160 | 304 | 119 | 423 | 101 | 524 | 64 | 62 | 126 | 63 | 189 | 62 | 251 | (39)% | (52)% | ||||||||||||||||||||||||||||||||||||||||||||
Cardiovascular | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eliquis | 155 | 194 | 349 | 221 | 570 | 267 | 837 | 266 | 333 | 599 | 372 | 971 | 409 | 1,380 | 53% | 65% | ||||||||||||||||||||||||||||||||||||||||||||
Immunoscience | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orencia | 141 | 151 | 292 | 154 | 446 | 168 | 614 | 154 | 192 | 346 | 185 | 531 | 202 | 733 | 20% | 19% | ||||||||||||||||||||||||||||||||||||||||||||
Virology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baraclude | 294 | 306 | 600 | 295 | 895 | 282 | 1,177 | 274 | 284 | 558 | 289 | 847 | 279 | 1,126 | (1)% | (4)% | ||||||||||||||||||||||||||||||||||||||||||||
Hepatitis C Franchise(a) | 264 | 479 | 743 | 291 | 1,034 | 246 | 1,280 | 168 | 252 | 420 | 187 | 607 | 144 | 751 | (41)% | (41)% | ||||||||||||||||||||||||||||||||||||||||||||
Reyataz Franchise | 151 | 146 | 297 | 121 | 418 | 130 | 548 | 101 | 125 | 226 | 113 | 339 | 89 | 428 | (32)% | (22)% | ||||||||||||||||||||||||||||||||||||||||||||
Sustiva Franchise(b) | 56 | 59 | 115 | 53 | 168 | 43 | 211 | 45 | 44 | 89 | 41 | 130 | 34 | 164 | (21)% | (22)% | ||||||||||||||||||||||||||||||||||||||||||||
Neuroscience | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Abilify(c) | 46 | 40 | 86 | 28 | 114 | 32 | 146 | 33 | 35 | 68 | 29 | 97 | 31 | 128 | (3)% | (12)% | ||||||||||||||||||||||||||||||||||||||||||||
Mature Products and All Other(d) | 542 | 572 | 1,114 | 508 | 1,622 | 489 | 2,111 | 442 | 440 | 882 | 427 | 1,309 | 455 | 1,764 | (7)% | (16)% | ||||||||||||||||||||||||||||||||||||||||||||
Total(e) | $ | 1,997 | $ | 2,326 | $ | 4,323 | $ | 2,025 | $ | 6,348 | $ | 2,024 | $ | 8,372 | $ | 1,854 | $ | 2,183 | $ | 4,037 | $ | 2,132 | $ | 6,169 | $ | 2,538 | $ | 8,707 | 25% | 4% |
** | In excess of +/- 100% |
(a) | Includes Daklinza (daclatasvir) revenues of $139 million and $211 million for the three months ended December 31, 2016 and 2015, respectively, and $723 million and $992 million for the twelve months ended December 31, 2016 and 2015, respectively. |
(b) | The Sustiva Franchise includes sales of Sustiva and revenue from sales of bulk efavirenz included in the combination therapy, Atripla. |
(c) | Includes revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd. |
(d) | Represents all other products, including those which have lost exclusivity in major markets, over the counter brands and royalty-related revenue. |
(e) | When adjusted for foreign exchange impact, total revenues increased 28% for the fourth quarter and increased 7% year to date. |
2015 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 6 Months | 3rd Qtr | 9 Months | 4th Qtr | Year | |||||||||||||||||||||||||||||||||||||||||||
Cost of products sold(a) | $ | 34 | $ | 25 | $ | 59 | $ | 15 | $ | 74 | $ | 10 | $ | 84 | $ | 4 | $ | 4 | $ | 8 | $ | 7 | $ | 15 | $ | 6 | $ | 21 | ||||||||||||||||||||||||||||
Marketing, selling and administrative | 1 | 3 | 4 | 2 | 6 | 4 | 10 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
License and asset acquisition charges | 162 | 869 | 1,031 | 94 | 1,125 | 554 | 1,679 | 125 | 139 | 264 | 45 | 309 | 130 | 439 | ||||||||||||||||||||||||||||||||||||||||||
IPRD impairments | — | — | — | — | — | 160 | 160 | — | — | — | — | — | 13 | 13 | ||||||||||||||||||||||||||||||||||||||||||
Accelerated depreciation and other | — | 2 | 2 | 15 | 17 | 27 | 44 | 13 | 13 | 26 | 14 | 40 | 43 | 83 | ||||||||||||||||||||||||||||||||||||||||||
Research and development | 162 | 871 | 1,033 | 109 | 1,142 | 741 | 1,883 | 138 | 152 | 290 | 59 | 349 | 186 | 535 | ||||||||||||||||||||||||||||||||||||||||||
Provision for restructuring | 12 | 28 | 40 | 10 | 50 | 65 | 115 | 4 | 18 | 22 | 19 | 41 | 68 | 109 | ||||||||||||||||||||||||||||||||||||||||||
Divestiture (gains)/losses | (152 | ) | (8 | ) | (160 | ) | (198 | ) | (358 | ) | 171 | (187 | ) | (269 | ) | (277 | ) | (546 | ) | (13 | ) | (559 | ) | — | (559 | ) | ||||||||||||||||||||||||||||||
Pension charges | 27 | 36 | 63 | 48 | 111 | 49 | 160 | 22 | 25 | 47 | 19 | 66 | 25 | 91 | ||||||||||||||||||||||||||||||||||||||||||
Written option adjustment | (36 | ) | — | (36 | ) | (87 | ) | (123 | ) | — | (123 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Litigation and other settlements | 14 | 1 | 15 | — | 15 | 143 | 158 | 43 | — | 43 | (3 | ) | 40 | — | 40 | |||||||||||||||||||||||||||||||||||||||||
Intangible asset impairment | 13 | — | 13 | — | 13 | — | 13 | 15 | — | 15 | — | 15 | — | 15 | ||||||||||||||||||||||||||||||||||||||||||
Loss on debt redemption | — | 180 | 180 | — | 180 | — | 180 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Royalties and licensing income | — | — | — | — | — | — | — | — | — | — | — | — | (10 | ) | (10 | ) | ||||||||||||||||||||||||||||||||||||||||
Other (income)/expense | (122 | ) | 237 | 115 | (227 | ) | (112 | ) | 428 | 316 | (185 | ) | (234 | ) | (419 | ) | 22 | (397 | ) | 83 | (314 | ) | ||||||||||||||||||||||||||||||||||
Increase/(decrease) to pretax income | 75 | 1,136 | 1,211 | (101 | ) | 1,110 | 1,183 | 2,293 | (43 | ) | (78 | ) | (121 | ) | 88 | (33 | ) | 275 | 242 | |||||||||||||||||||||||||||||||||||||
Income tax on items above | (68 | ) | (116 | ) | (184 | ) | 43 | (141 | ) | (339 | ) | (480 | ) | 83 | 76 | 159 | (3 | ) | 156 | (105 | ) | 51 | ||||||||||||||||||||||||||||||||||
Increase/(decrease) to net earnings | $ | 7 | $ | 1,020 | $ | 1,027 | $ | (58 | ) | $ | 969 | $ | 844 | $ | 1,813 | $ | 40 | $ | (2 | ) | $ | 38 | $ | 85 | $ | 123 | $ | 170 | $ | 293 |
(a) | Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs. |
2015 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 3,194 | $ | 3,150 | $ | 6,344 | $ | 2,972 | $ | 9,316 | $ | 3,335 | $ | 12,651 | $ | 3,339 | $ | 3,665 | $ | 7,004 | $ | 3,617 | $ | 10,621 | $ | 3,860 | $ | 14,481 | ||||||||||||||||||||||||||||
Specified items(a) | 34 | 25 | 59 | 15 | 74 | 10 | 84 | 4 | 4 | 8 | 7 | 15 | 6 | 21 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit excluding specified items | 3,228 | 3,175 | 6,403 | 2,987 | 9,390 | 3,345 | 12,735 | 3,343 | 3,669 | 7,012 | 3,624 | 10,636 | 3,866 | 14,502 | ||||||||||||||||||||||||||||||||||||||||||
Marketing, selling and administrative | 1,029 | 1,135 | 2,164 | 1,176 | 3,340 | 1,501 | 4,841 | 1,068 | 1,238 | 2,306 | 1,144 | 3,450 | 1,461 | 4,911 | ||||||||||||||||||||||||||||||||||||||||||
Specified items(a) | (1 | ) | (3 | ) | (4 | ) | (2 | ) | (6 | ) | (4 | ) | (10 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Marketing, selling and administrative excluding specified items | 1,028 | 1,132 | 2,160 | 1,174 | 3,334 | 1,497 | 4,831 | 1,068 | 1,238 | 2,306 | 1,144 | 3,450 | 1,461 | 4,911 | ||||||||||||||||||||||||||||||||||||||||||
Research and development | 1,016 | 1,856 | 2,872 | 1,132 | 4,004 | 1,916 | 5,920 | 1,136 | 1,266 | 2,402 | 1,138 | 3,540 | 1,400 | 4,940 | ||||||||||||||||||||||||||||||||||||||||||
Specified items(a) | (162 | ) | (871 | ) | (1,033 | ) | (109 | ) | (1,142 | ) | (741 | ) | (1,883 | ) | (138 | ) | (152 | ) | (290 | ) | (59 | ) | (349 | ) | (186 | ) | (535 | ) | ||||||||||||||||||||||||||||
Research and development excluding specified items | 854 | 985 | 1,839 | 1,023 | 2,862 | 1,175 | 4,037 | 998 | 1,114 | 2,112 | 1,079 | 3,191 | 1,214 | 4,405 | ||||||||||||||||||||||||||||||||||||||||||
Other (income)/expense | (299 | ) | 107 | (192 | ) | (323 | ) | (515 | ) | 328 | (187 | ) | (520 | ) | (454 | ) | (974 | ) | (224 | ) | (1,198 | ) | (87 | ) | (1,285 | ) | ||||||||||||||||||||||||||||||
Specified items(a) | 122 | (237 | ) | (115 | ) | 227 | 112 | (428 | ) | (316 | ) | 185 | 234 | 419 | (22 | ) | 397 | (83 | ) | 314 | ||||||||||||||||||||||||||||||||||||
Other (income)/expense excluding specified items | (177 | ) | (130 | ) | (307 | ) | (96 | ) | (403 | ) | (100 | ) | (503 | ) | (335 | ) | (220 | ) | (555 | ) | (246 | ) | (801 | ) | (170 | ) | (971 | ) |
(a) | Refer to the Specified Items schedule for further details. |
2015 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||
Earnings/(loss) before income taxes | $ | 1,448 | $ | 52 | $ | 1,500 | $ | 987 | $ | 2,487 | $ | (410 | ) | $ | 2,077 | $ | 1,655 | $ | 1,615 | $ | 3,270 | $ | 1,559 | $ | 4,829 | $ | 1,086 | $ | 5,915 | |||||||||||||||||||||||||||
Specified items(a) | 75 | 1,136 | 1,211 | (101 | ) | 1,110 | 1,183 | 2,293 | (43 | ) | (78 | ) | (121 | ) | 88 | (33 | ) | 275 | 242 | |||||||||||||||||||||||||||||||||||||
Earnings before income taxes excluding specified items | 1,523 | 1,188 | 2,711 | 886 | 3,597 | 773 | 4,370 | 1,612 | 1,537 | 3,149 | 1,647 | 4,796 | 1,361 | 6,157 | ||||||||||||||||||||||||||||||||||||||||||
Provision for/(benefit from) income taxes | 249 | 162 | 411 | 257 | 668 | (222 | ) | 446 | 449 | 427 | 876 | 344 | 1,220 | 188 | 1,408 | |||||||||||||||||||||||||||||||||||||||||
Tax on specified items(a) | (68 | ) | (116 | ) | (184 | ) | 43 | (141 | ) | (339 | ) | (480 | ) | 83 | 76 | 159 | (3 | ) | 156 | (105 | ) | 51 | ||||||||||||||||||||||||||||||||||
Provision for income taxes excluding tax on specified items | 317 | 278 | 595 | 214 | 809 | 117 | 926 | 366 | 351 | 717 | 347 | 1,064 | 293 | 1,357 | ||||||||||||||||||||||||||||||||||||||||||
Net earnings/(loss) attributable to BMS used for Diluted EPS Calculation - GAAP | 1,186 | (130 | ) | 1,056 | 706 | 1,762 | (197 | ) | 1,565 | 1,195 | 1,166 | 2,361 | 1,202 | 3,563 | 894 | 4,457 | ||||||||||||||||||||||||||||||||||||||||
Specified items(a) | 7 | 1,020 | 1,027 | (58 | ) | 969 | 844 | 1,813 | 40 | (2 | ) | 38 | 85 | 123 | 170 | 293 | ||||||||||||||||||||||||||||||||||||||||
Net earnings attributable to BMS used for Diluted EPS Calculation excluding specified items - Non-GAAP | 1,193 | 890 | 2,083 | 648 | 2,731 | 647 | 3,378 | 1,235 | 1,164 | 2,399 | 1,287 | 3,686 | 1,064 | 4,750 | ||||||||||||||||||||||||||||||||||||||||||
Weighted-average Common shares Outstanding - Diluted- GAAP | 1,676 | 1,667 | 1,677 | 1,678 | 1,677 | 1,669 | 1,679 | 1,680 | 1,679 | 1,679 | 1,679 | 1,679 | 1,680 | 1,680 | ||||||||||||||||||||||||||||||||||||||||||
Incremental shares Attributable to Share-Based compensation Plans | — | 10 | — | — | — | 12 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Weighted-average Common shares Outstanding - Diluted- Non-GAAP | 1,676 | 1,677 | 1,677 | 1,678 | 1,677 | 1,681 | 1,679 | 1,680 | 1,679 | 1,679 | 1,679 | 1,679 | 1,680 | 1,680 | ||||||||||||||||||||||||||||||||||||||||||
Diluted Earnings/(loss) Per Share - GAAP | $ | 0.71 | $ | (0.08 | ) | $ | 0.63 | $ | 0.42 | $ | 1.05 | $ | (0.12 | ) | $ | 0.93 | $ | 0.71 | $ | 0.69 | $ | 1.41 | $ | 0.72 | $ | 2.12 | $ | 0.53 | $ | 2.65 | ||||||||||||||||||||||||||
Diluted Earnings/(loss) Per Share attributable to specified items | — | 0.61 | 0.61 | (0.03 | ) | 0.58 | 0.50 | 1.08 | 0.03 | — | 0.02 | 0.05 | 0.08 | 0.10 | 0.18 | |||||||||||||||||||||||||||||||||||||||||
Diluted Earnings Per Share - Non-GAAP | $ | 0.71 | $ | 0.53 | $ | 1.24 | $ | 0.39 | $ | 1.63 | $ | 0.38 | $ | 2.01 | $ | 0.74 | $ | 0.69 | $ | 1.43 | $ | 0.77 | $ | 2.20 | $ | 0.63 | $ | 2.83 | ||||||||||||||||||||||||||||
Effective Tax Rate | 17.2 | % | 311.5 | % | 27.4 | % | 26.0 | % | 26.9 | % | 54.1 | % | 21.5 | % | 27.1 | % | 26.4 | % | 26.8 | % | 22.1 | % | 25.3 | % | 17.3 | % | 23.8 | % | ||||||||||||||||||||||||||||
Specified items (a) | 3.6 | % | (288.1 | )% | (5.5 | )% | (1.8 | )% | (4.4 | )% | (39.0 | )% | (0.3 | )% | (4.4 | )% | (3.6 | )% | (4.0 | )% | (1.0 | )% | (3.1 | )% | 4.2 | % | (1.8 | )% | ||||||||||||||||||||||||||||
Effective Tax Rate excluding specified items | 20.8 | % | 23.4 | % | 21.9 | % | 24.2 | % | 22.5 | % | 15.1 | % | 21.2 | % | 22.7 | % | 22.8 | % | 22.8 | % | 21.1 | % | 22.2 | % | 21.5 | % | 22.0 | % |
(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. |
March 31, 2015 | June 30, 2015 | September 30, 2015 | December 31, 2015 | March 31, 2016 | June 30, 2016 | September 30, 2016 | December 31, 2016 | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 6,294 | $ | 4,199 | $ | 3,975 | $ | 2,385 | $ | 2,644 | $ | 2,934 | $ | 3,432 | $ | 4,237 | ||||||||||||||||
Marketable securities - current | 1,313 | 1,277 | 1,438 | 1,885 | 1,663 | 1,717 | 2,128 | 2,113 | ||||||||||||||||||||||||
Marketable securities - non-current | 4,279 | 4,632 | 4,627 | 4,660 | 3,689 | 3,281 | 3,035 | 2,719 | ||||||||||||||||||||||||
Cash, cash equivalents and marketable securities | 11,886 | 10,108 | 10,040 | 8,930 | 7,996 | 7,932 | 8,595 | 9,069 | ||||||||||||||||||||||||
Short-term borrowings and current portion of long-term debt | (330 | ) | (755 | ) | (642 | ) | (139 | ) | (106 | ) | (155 | ) | (990 | ) | (992 | ) | ||||||||||||||||
Long-term debt | (7,127 | ) | (6,615 | ) | (6,632 | ) | (6,550 | ) | (6,593 | ) | (6,581 | ) | (5,836 | ) | (5,716 | ) | ||||||||||||||||
Net cash position | $ | 4,429 | $ | 2,738 | $ | 2,766 | $ | 2,241 | $ | 1,297 | $ | 1,196 | $ | 1,769 | $ | 2,361 |
BRISTOL-MYERS SQUIBB COMPANY | ||||
2017 FULL YEAR PROJECTED DILUTED EPS FROM OPERATIONS | ||||
EXCLUDING PROJECTED SPECIFIED ITEMS |
Full Year 2017 | |||||||||||
Pre-tax | Tax | After-tax | |||||||||
Projected Diluted Earnings Attributable to Shareholders per Common Share - GAAP | $2.47 to $2.67 | ||||||||||
Projected Specified Items: | |||||||||||
Restructuring, accelerated depreciation and other shutdown costs (1) | 0.33 | 0.11 | 0.22 | ||||||||
Divestiture gains | (0.06 | ) | (0.02 | ) | (0.04 | ) | |||||
Research and development license and asset acquisition charges | 0.19 | 0.01 | 0.18 | ||||||||
Pension charges | 0.08 | 0.03 | 0.05 | ||||||||
Litigation and other settlements | (0.28 | ) | (0.10 | ) | (0.18 | ) | |||||
Total | 0.26 | 0.03 | 0.23 | ||||||||
Projected Diluted Earnings Attributable to Shareholders per Common Share - non-GAAP | $2.70 to $2.90 | ||||||||||
(1) Includes items recognized in Research and development and Other (income)/expense. | |||||||||||
Note - The above per-share amounts include certain rounding adjustments. |
The following table summarizes the company's 2017 financial guidance: | ||||||||||||||||||||||
Line item | GAAP | Non-GAAP | ||||||||||||||||||||
Gross margin as a percent of revenue | Approximately 72%-73% | Approximately 72%-73% | ||||||||||||||||||||
Marketing, selling and administrative expense | Decrease in mid to high-single digits compared to 2016 | Decrease in mid to high-single digits compared to 2016 | ||||||||||||||||||||
Research and development expense | Increase in the high-single digits compared to 2016 | Increase in the high-single digits compared to 2016 | ||||||||||||||||||||
Effective tax rate | Approximately 21% | Approximately 21% |
The GAAP financial results for the full year 2017 will include specified items, including gains on divestitures, charges associated with downsizing and streamlining worldwide operations, in-process research and development (IPRD), license and asset acquisition charges, charges related to significant legal proceedings, licensed asset impairments, restructuring and pension charges. The GAAP financial results for 2017 could also include other specified items that have not yet been identified and quantified, including any additional gains or losses from divestitures, license and asset acquisition charges, charges for IPRD and licensed asset impairments, recoveries relating to significant legal proceedings 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 Fourth Quarter 2016 Financial Results, January 26, 2017 including “2017 Financial Guidance” and “Use of non-GAAP Financial Information” therein. |
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