-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L8ytnfXZJNNSGjC8WHvMNNLDx+S797lUAvq+tP+Qskzg2QIJP6p2b1na110BBbUM 3bIwN50aZJXpWZoxd39LwQ== 0000014272-99-000004.txt : 19990517 0000014272-99-000004.hdr.sgml : 19990517 ACCESSION NUMBER: 0000014272-99-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRISTOL MYERS SQUIBB CO CENTRAL INDEX KEY: 0000014272 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 220790350 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-01136 FILM NUMBER: 99621520 BUSINESS ADDRESS: STREET 1: 345 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: 2125464000 MAIL ADDRESS: STREET 1: 345 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10154 FORMER COMPANY: FORMER CONFORMED NAME: BRISTOL MYERS CO DATE OF NAME CHANGE: 19891012 10-Q 1 FORM 10-Q THE QUARTERLY PERIOD ENDED MARCH 31, 1999 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999 Commission File Number 1-1136 BRISTOL-MYERS SQUIBB COMPANY (Exact name of registrant as specified in its charter) Delaware 22-079-0350 (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 345 Park Avenue, New York, N.Y. 10154 (Address of principal executive offices) Telephone: (212) 546-4000 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [ ] At March 31, 1999, there were 1,985,837,447 shares outstanding of the Registrant's $.10 par value Common Stock. BRISTOL-MYERS SQUIBB COMPANY INDEX TO FORM 10-Q March 31, 1999 Page No. ----------- Part I - Financial Information: Financial Statements (Unaudited): Consolidated Balance Sheet - March 31, 1999 and December 31, 1998 2 - 3 Consolidated Statement of Earnings and Comprehensive Income for the three months ended March 31, 1999 and 1998 4 Consolidated Statement of Cash Flows for the three months ended March 31, 1999 and 1998 5 Notes to Consolidated Financial Statements 6 Management's Discussion and Analysis of Financial Condition and Results of Operations 7 - 11 Part II - Other Information 12 - 13 Signatures 14 -1- PART I - FINANCIAL INFORMATION - ------------------------------ Item 1. Financial Statements -------------------- BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED BALANCE SHEET - ASSETS (Unaudited, in millions except share amounts) March 31, December 31, 1999 1998 ------------ ------------ Current Assets: Cash and cash equivalents $ 2,003 $ 2,244 Time deposits and marketable securities 280 285 Receivables, net of allowances 3,164 3,190 Finished goods 1,229 1,209 Work in process 376 236 Raw and packaging materials 350 428 ---------- ---------- Inventories 1,955 1,873 Prepaid expenses 1,095 1,190 ---------- ---------- Total Current Assets 8,497 8,782 ---------- ---------- Property, Plant and Equipment 7,542 7,508 Less: Accumulated depreciation 3,113 3,079 ---------- ---------- 4,429 4,429 ---------- ---------- Insurance Recoverable 509 523 Excess of cost over net tangible assets received in business acquisitions 1,568 1,587 Other Assets 983 951 ---------- ---------- Total Assets $15,986 $16,272 ========== ========== -2- BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED BALANCE SHEET - LIABILITIES AND STOCKHOLDERS' EQUITY (Unaudited, in millions except share amounts) March 31, December 31, 1999 1998 ----------- ------------ Current Liabilities: Short-term borrowings $ 535 $ 482 Accounts payable 1,271 1,380 Accrued expenses 2,188 2,302 Product liability 569 877 U.S. and foreign income taxes payable 756 750 ---------- ---------- Total Current Liabilities 5,319 5,791 Other Liabilities 1,548 1,541 Long-Term Debt 1,369 1,364 ---------- ---------- Total Liabilities 8,236 8,696 ---------- ---------- Stockholders' Equity: Preferred stock, $2 convertible series: Authorized 10 million shares; issued and outstanding 11,337 in 1999 and 11,684 in 1998, liquidation value of $50 per share - - Common stock, par value of $.10 per share: Authorized 4.5 billion shares; issued 2,189,316,218 in 1999 and 2,188,316,808 in 1998 219 219 Capital in excess of par value of stock 1,184 1,075 Cumulative translation adjustment (721) (622) Retained earnings 13,179 12,540 ---------- ---------- 13,861 13,212 Less cost of treasury stock - 203,478,771 common shares in 1999 and 199,550,532 in 1998 6,111 5,636 ---------- ---------- Total Stockholders' Equity 7,750 7,576 ---------- ---------- Total Liabilities and Stockholders' Equity $15,986 $16,272 ========== ========== -3- BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENT OF EARNINGS AND COMPREHENSIVE INCOME (Unaudited, in millions of dollars except per share amounts) Three Months Ended March 31, ------------------- 1999 1998 EARNINGS -------- -------- -------- Net Sales $4,854 $4,446 ------- ------ Expenses: Cost of products sold 1,305 1,152 Marketing, selling, administrative and other 1,121 1,048 Advertising and product promotion 529 571 Research and development 423 383 Provision for restructuring - 125 Gain on sale of business - (125) ------- ------- 3,378 3,154 ------- ------- Earnings Before Income Taxes 1,476 1,292 Provision for income taxes 410 365 ------- ------- Net Earnings $1,066 $ 927 ======= ======= Earnings Per Common Share Basic $.54 $.47 Diluted $.53 $.46 Average Common Shares Outstanding (in millions) Basic 1,985 1,987 Diluted 2,029 2,035 Dividends Per Common Share $.215 $.195 COMPREHENSIVE INCOME -------------------- Net Earnings $1,066 $ 927 Other Comprehensive Income: Foreign currency translation (104) (104) Tax effect 5 16 ------- ------- Total Other Comprehensive Income (99) (88) ------- ------- Comprehensive Income $ 967 $ 839 ======= ======= -4- BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, in millions of dollars) Three Months Ended March 31, ------------------------ 1999 1998 --------- --------- Cash Flows From Operating Activities: Net earnings $ 1,066 $ 927 Depreciation and amortization 167 155 Provision for restructuring - 125 Gain on sale of businesses - (125) Other operating items (34) (6) Receivables (14) (100) Inventories (113) (95) Accounts payable (105) 89 Accrued expenses (132) 8 Product liability (318) (169) Insurance recoverable 14 21 Income taxes 258 163 Other assets and liabilities (68) (113) -------- -------- Net Cash Provided by Operating Activities 721 880 -------- -------- Cash Flows From Investing Activities: Proceeds from sales of time deposits and marketable securities 13 87 Purchases of time deposits and marketable securities (9) (70) Additions to fixed assets (122) (154) Proceeds from sale of business - 165 Other, net (28) 18 -------- -------- Net Cash (Used in)/Provided by Investing Activities (146) 46 -------- -------- Cash Flows From Financing Activities: Short-term borrowings 59 19 Long-term debt (4) 112 Issuances of common stock under stock plans (24) 70 Purchases of treasury stock (410) (625) Dividends paid (427) (388) -------- -------- Net Cash Used in Financing Activities (806) (812) -------- -------- Effect of Exchange Rates on Cash (10) (5) -------- -------- (Decrease) / Increase in Cash and Cash Equivalents (241) 109 Cash and Cash Equivalents at Beginning of Period 2,244 1,456 -------- -------- Cash and Cash Equivalents at End of Period $2,003 $1,565 ======== ======== -5- BRISTOL-MYERS SQUIBB COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Basis of Presentation - --------------------- In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal adjustments) necessary for a fair presentation of the financial position of Bristol-Myers Squibb Company (the "Company") at March 31, 1999 and December 31, 1998, the results of operations for the three months ended March 31, 1999 and 1998, and cash flows for the three months ended March 31, 1999 and 1998. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company's 1998 Annual Report on Form 10-K. Industry Segments (in millions) - ----------------- Three Months Ended March 31, ---------------------------------------- Net Sales Earnings Before Taxes ---------------- --------------------- 1999 1998 1999 1998 ------ ------ ------ ------ Medicines Products $3,431 $3,057 $1,001 $894 Beauty Care Products 572 534 65 71 Nutritional Products 449 447 101 95 Medical Devices 402 408 72 67 Other - - 237 165 ------ ------ ------ ------ Total Company $4,854 $4,446 $1,476 $1,292 ====== ====== ====== ====== Included in earnings before taxes of each segment is a cost of capital charge. The offset to the cost of capital charge is included in Other. In addition, Other principally consists of interest income, interest expense, certain administrative expenses and allocations to the industry segments for certain corporate programs. In 1998, Other also includes the gain on sale of a business of $125 million and a provision for restructuring of $125 million. In addition, the segment information reflects certain internal organizational changes made in 1999. Prior year data has been restated accordingly. -6- BRISTOL-MYERS SQUIBB COMPANY ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS First Quarter Results of Operations - ----------------------------------- Industry Segments - ----------------- Worldwide sales for the first quarter of 1999 increased 9% over the prior year to $4,854 million, which included double digit or greater growth for 16 major products across all segments. The consolidated sales growth resulted from a 7% increase due to volume and a 2% increase due to changes in selling prices. Foreign exchange rate fluctuations had no effect on sales for the quarter. Domestic sales increased 13% and international sales increased 4% (3% excluding the effect of foreign exchange). On a continuing basis, first quarter sales increased 10% over the prior year excluding divested businesses. Sales in the medicines products segment, which is the largest segment at 71% of total company sales, increased 12% over the first quarter of 1998 to $3,431 million. Pharmaceutical sales increased 15% and consumer medicines sales increased 5%. Sales growth resulted from a 10% increase in volume, and a 2% increase in selling prices. Foreign exchange rate fluctuations had no effect on sales for the first quarter. Domestic pharmaceutical sales increased 21% and international sales increased 5%. Sales were adversely affected by economic downturns in Brazil and Mexico. Sales of cardiovascular drugs, the largest product group in the segment, increased 15% to $921 million (14% excluding foreign exchange). Sales of PRAVACHOL*, a cholesterol-lowering agent and the Company's largest selling product, increased 9% to $486 million. Domestic sales of PRAVACHOL* increased 8% to $323 million and international sales increased 13% to $163 million (11% excluding foreign exchange). Sales of the anti- hypertensive MONOPRIL*, a second generation angiotensin converting enzyme (ACE) inhibitor with once-a-day dosing, increased 12% to $106 million. PLAVIX, a platelet aggregation inhibitor for the reduction of stroke, heart attack and vascular death in atherosclerotic patients with recent stroke, recent heart attack or peripheral arterial disease, reached sales of $88 million for the quarter. AVAPRO, an angiotensin II receptor blocker for the treatment of hypertension, had sales of $50 million. AVAPRO and PLAVIX are cardiovascular products that were launched from the Bristol- Myers Squibb and Sanofi S.A. joint venture. Sales growth for these cardiovascular products was partially offset by a 26% decline in CAPOTEN* sales due to the loss of patent exclusivity in Europe. Sales of anti-cancer drugs increased 28% to $835 million. Sales of TAXOL(r)* (paclitaxel), the Company's leading anti-cancer agent, increased 31% to $329 million as the product continues to benefit from increased use in breast cancer and non-small cell lung cancer. In April 1999, the Company applied for regulatory approval to extend the use of TAXOL* to treat breast cancer patients following surgery. Sales of PARAPLATIN*, an anti-cancer agent used in combination * Indicates brand names of products which are registered trademarks owned by the Company. -7- with other chemotherapy agents, increased 16% to $149 million. Sales in the Oncology Therapeutics Network, a specialty distributor of anti-cancer medicines and related products, increased 44% to $201 million. Anti-infective drug sales of $633 million increased 7% over the prior year. ZERIT* and VIDEX*, the Company's two anti-retroviral agents, increased 17% to $152 million and 27% to $45 million, respectively. ZERIT* is the most commonly prescribed thymidine nucleoside reverse transcriptase inhibitor in HIV therapy in most major markets in the world. Sales of CEFZIL*, used in the treatment of respiratory infections and the treatment of sinusitis, increased 19% to $142 million. Sales of MAXIPIME*, a fourth generation injectable cephalosporin, were $30 million, an increase of 33% over the prior year. Effective January 1, 1999, Dura Pharmaceuticals, Inc. was appointed the exclusive distributor for MAXIPIME* in the United States. Central nervous system drug sales of $268 million decreased 4% with sales in BUSPAR*, an anti-anxiety agent, and SERZONE*, an anti-depressant, decreasing 10% to $131 million, and 1% to $63 million, respectively. GLUCOPHAGE, the leading branded oral medication for the treatment of non- insulin dependent (type 2) diabetes, continued its strong growth rate with sales increasing 55% to $282 million. In April 1999, the Company entered into an agreement with SmithKline Beecham to co-promote AVANDIA in the United States for the treatment of type 2 diabetes. In March 1999, the Company completed a regulatory filing with the U.S. Food and Drug Administration (FDA) to gain marketing approval for ORZEL*, the first oral therapy for colorectal cancer. Analgesic sales increased 9% to $192 million primarily due to increases in products from the Company's UPSA group including EFFERALGAN*, an effervescent analgesic, which increased 26% to $51 million. Sales of EXCEDRIN* decreased 11% to $59 million coming off significant increases in 1998 due to the launch of EXCEDRIN* MIGRAINE, the first and only non-prescription medication approved for relief of migraine pain. BUFFERIN* sales of $29 million increased 26% due to increased sales in Japan. Medicines segment margin on earnings before taxes remained constant at 29.2%, as increases, as a percentage of sales, in cost of products sold due to a product mix shift to lower margin products were offset by decreases, as a percentage of sales, in advertising and promotion and sales force expenses. -8- Sales in the beauty care products segment increased 7% (8% excluding the effect of foreign exchange) to $572 million, coming off comparative growth in 1998 of 27% due to the acquisition of Redmond Products, Inc. in January 1998 and the launch of HERBAL ESSENCES* into international markets. The sales growth of 7% reflects a 6% increase due to volume, a 2% increase due to changes in selling prices and a 1% decrease due to the effect of foreign exchange. Clairol continues to be the number one hair products company in the U.S. in part due to the January 1998 acquisition of the Redmond AUSSIE* brand which has contributed $29 million to sales in the quarter. AUSSIE* KIDS, hair products for children, was launched in March 1999. HERBAL ESSENCES*, the number two brand in the U.S. shampoo/conditioner category after only three years on the market and number three in body wash after two years on the market, continued its strong growth, increasing 28% to $164 million. HERBAL ESSENCES* FACE, a line of skin care products, was launched in March 1999. Sales of DAILY DEFENSE* increased 101% to $34 million for the first quarter following its launch into international markets, and REVITALIQUE*, a new premium permanent haircolor launched in June 1998, contributed $11 million to sales. Beauty care segment margin on earnings before taxes decreased to 11.4% from 13.3%, as increases, as a percentage of sales, in cost of products sold and advertising expenses were partially offset by decreases, as a percentage of sales, in promotional expenses. Sales in the nutritional products segment remained at prior year levels at $449 million (an increase of 1% excluding the effect of foreign exchange). Domestic sales growth of 6% was offset by the adverse effects of economic downturns in Asian markets. Nutritional growth reflects a 1% increase due to volume and a 1% decrease due to the effect of foreign exchange. Changes in selling prices had no effect on sales for the first quarter. The Company's Mead Johnson subsidiary continues to build on its U.S. and worldwide leadership position in the infant formula market. Total infant formula sales were $318 million for the first quarter of 1999, an increase of 3% from prior year levels. ENFAMIL* increased 5% to $179 million and total specialty infant formulas increased 1% to $111 million. BOOST* an adult nutritional supplement also contributed to sales growth, increasing 16% to $23 million. In March 1999, Mead Johnson Nutritionals introduced VIACTIV* Soft Calcium Chews to address women's needs for a convenient, great-tasting calcium supplement. Nutritional segment margin on earnings before taxes increased to 22.5% from 21.3%, as a result of decreases, as a percentage of sales, in general administrative and other marketing expenses, offset by increases, as a percentage of sales, in the cost of products sold. Medical device segment sales increased 3% to $402 million (1% excluding the effect of foreign exchange), excluding sales from a 1998 distribution agreement with the acquirer of Zimmer's divested arthroscopy and surgical powered instrument business. On this basis sales increased 2% due to the effect of foreign exchange and 1% due to changes in selling prices. Zimmer sales increased 6% to $238 million (4% excluding foreign exchange) excluding sales from the 1998 distribution agreement. Knee joint replacement sales increased 9% to $94 million and hip replacement sales increased 8% to $71 million. ConvaTec's sales decreased 1% to $164 million (a decrease of 2% excluding foreign exchange), as sales of ostomy products decreased 4% to $102 million partially offset by increases in wound care products of 2% to $56 million. Medical device segment margin on earnings before taxes increased to 17.9% from 16.4%, resulting from decreases, as a percentage of sales, in cost of products sold. -9- BRISTOL-MYERS SQUIBB COMPANY ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Cost of Products Sold and Operating Expenses - -------------------------------------------- Total costs and expenses for the quarter ended March 31, 1999, as a percentage of sales, decreased to 69.6% from 70.9%. Cost of products sold increased to 26.9% of sales from 25.9% in 1998 due to product mix shift to lower margin pharmaceutical products including GLUCOPHAGE, AVAPRO, PLAVIX and OTN sales, as well as the impact from the decrease in sales of CAPOTEN*. Expenditures for advertising and promotion in support of new and existing products decreased 7% to $529 million from $571 million primarily due to higher spending in 1998 for the PRAVACHOL* direct-to-consumer campaign, the January 1998 launch of EXCEDRIN* MIGRAINE and spending for the product launches of AVAPRO and PLAVIX. Marketing, selling, administrative and other expenses increased 7% to $1,121 million. Research and development expenditures increased 10% to $423 million from $383 million in 1998. Pharmaceutical research and development spending increased 11% over the prior year, and as a percentage of pharmaceutical sales, was 12.0% in the first quarter of 1999 and 12.5% in the first quarter of 1998. There are currently two filings pending before the U.S. Food and Drug Administration (FDA), for our anti- cancer agent ORZEL*, an oral drug for colorectal cancer, and TEQUIN*, a broad-spectrum oral quinolone antibiotic. Additional filings are expected within the year for omapatrilat, a novel antihypertensive. Earnings - -------- Earnings before income taxes for the first quarter increased 14% to $1,476 million from $1,292 million in 1998. The effective tax rate on earnings before income taxes decreased to 27.8% in 1999 from 28.3% in 1998. The effective income tax rate has decreased due to increased income in lower tax rate jurisdictions. Net earnings increased 15% to $1,066 million from $927 million. Basic earnings per share increased 15% to $.54 from $.47 in 1998 and diluted earnings per share increased 15% to $.53 from $.46 in 1998. Financial Position - ------------------ The balance sheet at March 31, 1999 and the statement of cash flows for the three months then ended reflect the Company's strong financial position. The Company continues to maintain a high level of working capital increasing to $3.2 billion at March 31, 1999, from $3.0 billion at December 31, 1998. Long-Term Debt remained relatively constant, increasing slightly to $1,369 million from $1,364 million at December 1998. -10- Internally generated funds continue to be the Company's primary source for financing expenditures for new plant and equipment. Additions to fixed assets for the three months ended March 31, 1999 were $122 million compared to $154 million during the same period of 1998 During the three months ended March 31, 1999, the Company purchased 6.6 million shares of its common stock at a total cost of $410 million. During the first quarter of 1998, the Company divested its BAN brand of anti- perspirants and deodorants for $165 million, resulting in a gain of $125 million before taxes. The Company also recorded a provision for restructuring of $125 million before taxes. The restructuring charge primarily related to the consolidation and closure of plants and facilities as part of the Company's on-going productivity programs. -11- PART II - OTHER INFORMATION - --------------------------- Item 4. Submission of Matters to a Vote of Security Holders --------------------------------------------------- The Annual Meeting of Stockholders was held on May 4, 1999 for the purpose of: A. election of directors; B. ratification of the appointment of PricewaterhouseCoopers LLP as independent accountants for the year 1999; C. approval to increase the number of authorized shares of Common Stock; and D. voting on a stockholder-proposed resolution to recommend that the Board of Directors take the necessary steps to reinstate the annual election of directors. At the meeting, 1,691,417,987 shares of the Registrant's Common and $2 Convertible Preferred Stock were represented. The following persons were elected to the Board of Directors of the Registrant at the meeting to serve until the year 2002 Annual Meeting: Vance D. Coffman Ellen V. Futter Louis W. Sullivan, M.D. Mr. Coffman received 1,664,609,135 votes for election, votes were withheld on proxies for 26,808,852 shares and there were no broker non-votes. Ms. Futter received 1,665,072,808 votes for election, votes were withheld on proxies for 26,345,179 shares and there were no broker non-votes. Dr. Sullivan received 1,663,682,348 votes for election, votes were withheld on proxies for 27,735,639 shares and there were no broker non-votes. Robert E. Allen, Lewis B. Campbell, Laurie H. Glimcher, M.D. and James D. Robinson III continue as directors with terms expiring at the 2000 Annual Meeting. Louis V. Gerstner, Jr., Charles A. Heimbold, Jr. Leif Johansson and Kenneth E. Weg continue as directors with terms expiring at the year 2001 Annual Meeting. The appointment of PricewaterhouseCoopers LLP was ratified by a vote of 1,680,808,862 shares in favor of the appointment, with 4,135,703 shares voting against, 6,473,418 shares abstaining and there were 4 broker non-votes. An increase in the number of authorized shares of Common Stock was approved by a vote of 1,561,315,391 shares in favor of the increase, with 121,090,888 shares voting against, 9,011,703 shares abstaining and 5 broker non-votes. The stockholder-proposed resolution to recommend that the Board of Directors take the necessary steps to reinstate the annual election of directors received a vote of 770,302,452 shares in favor, with 641,481,177 shares voting against, 25,328,539 shares abstaining and 254,305,819 broker non-votes. Item 6. Exhibits and Reports on Form 8-K -------------------------------- a) Exhibits (listed by number corresponding to the Exhibit Table of Item 601 in Regulation S-K). Exhibit Number and Description Page ------------------------------ ------- 27. Bristol-Myers Squibb Company Financial Data Schedule. E-27-1 b) Reports on Form 8-K. The Registrant did not file any reports on Form 8-K during the quarter ended March 31, 1999. -13- SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BRISTOL-MYERS SQUIBB COMPANY ---------------------------------- (Registrant) Date: May 14, 1999 /s/ Harrison M. Bains, Jr. ---------------------------------- Harrison M. Bains, Jr. Vice President and Treasurer Date: May 14, 1999 /s/ Frederick S. Schiff ---------------------------------- Frederick S. Schiff Vice President Financial Operations and Controller -14- EX-27 2 EXHIBIT 27 (FDS) FILED WITH FORM 10-Q - 3/31/99
5 Exhibit 27 for Bristol-Myers Squibb Company for the period ended 3/31/99 1000000 3-Mos Dec-31-1999 Mar-31-1999 2003 280 3164 0 1955 8497 7542 3113 15986 5319 1369 0 0 219 7531 15986 4854 4854 1305 1305 952 0 33 1476 410 1066 0 0 0 1066 .54 .53 Items reported as "zero" are not applicable or are immaterial to the consolidated financial position of the Company. Receivables are reported net of allowances for doubtful accounts. E-27-1
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