EX-99.2 3 ex99-2.htm THE COMPANY'S UNAUDITED PRO FORMA FINANCIAL INFORMATION ex99-2.htm
Exhibit 99.2
 
 
 
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENT OF EARNINGS
ADJUSTED FOR CONVATEC DISCONTINUED OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2008
(Unaudited, amounts in millions except per share data)
  
       
       
   
As reported
  
       
Net Sales
   $ 10,094  
Cost of products sold
     3,240  
Marketing, selling and administrative
     2,299  
Advertising and product promotion
     739  
Research and development
     1,608  
Acquired in-process research and development
     32  
Provision for restructuring, net
     41  
Litigation expense, net
     2  
Equity in net income of affiliates
     (314 )
Other expense, net
     19  
Total expenses, net
     7,666  
         
Earnings from Continuing Operations Before Minority Interest & Taxes
     2,428  
Provision for income taxes
     588  
Minority Interest, net of taxes
     471  
Net Earnings - Continuing Operations
     1,369  
         
         
Discontinued Operations:
        
     Earnings, net of taxes (1)
     99  
     Loss on Disposal, net of taxes
     (43 )
      56  
Net Earnings
   $ 1,425  
         
         
Earnings per Common Share
        
Basic:
        
     Net Earnings from Continuing Operations
   $ 0.69  
     Discontinued Operations:
        
          Earnings, net of taxes (2)
     0.05  
          Loss on Disposal, net of taxes
     (0.02 )
     Net Earnings per Common Share
   $ 0.72  
         
Diluted:
        
     Net Earnings from Continuing Operations
   $ 0.69  
     Discontinued Operations:
        
          Earnings, net of taxes (2)
     0.05  
          Loss on Disposal, net of taxes
     (0.02 )
     Net Earnings per Common Share
   $ 0.72  
         
Average Common Shares Outstanding:
        
     Basic
     1,976  
     Diluted
     2,007  
         
(1) The Business' net earnings of $95 million is included within  Discontinued Operations Earnings, net of taxes.
  
(2) Basic and Diluted Earnings, net of taxes relating to the Business amounted to $0.05 and $0.05, respectively.
  
 
 
 
 
 
 
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENT OF EARNINGS
ADJUSTED FOR CONVATEC DISCONTINUED OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2007
(Unaudited, amounts in millions except per share data)
  
   
   
   
As reported
    
Amounts Transferred to 
Discontinued Operations
    
As Adjusted
  
                   
Net Sales
   $ 19,348     $ 1,155     $ 18,193  
Cost of products sold
     6,218       350       5,868  
Marketing, selling and administrative
     4,855       339       4,516  
Advertising and product promotion
     1,465       50       1,415  
Research and development
     3,282       55       3,227  
Acquired in-process research and development
     230       –       230  
Provision for restructuring, net
     183       –       183  
Litigation expense, net
     14       –       14  
Gain on sale of product assets and businesses
     (273 )     –       (273 )
Equity in net income of affiliates
     (524 )     –       (524 )
Other expense, net
     364       13       351  
Total expenses, net
     15,814       807       15,007  
                         
Earnings from Continuing Operations Before Minority
  Interest & Taxes
     3,534       348       3,186  
Provision for income taxes
     803       121       682  
Minority Interest, net of taxes
     763       –       763  
Net Earnings - Continuing Operations
     1,968       227       1,741  
                         
                         
Discontinued Operations:
                        
     Earnings, net of taxes
     197       227       424  
     Gain on Disposal, net of taxes
     –       –       –  
      197       227       424  
Net Earnings
   $ 2,165     $ –     $ 2,165  
                         
                         
Earnings per Common Share
                        
Basic:
                        
     Net Earnings from Continuing Operations
   $ 1.00     $ (0.12 )   $ 0.88  
     Discontinued Operations:
                        
          Earnings, net of taxes
     0.10       0.12       0.22  
          Gain on Disposal, net of taxes
     –       –       –  
     Net Earnings per Common Share
   $ 1.10     $ –     $ 1.10  
                         
Diluted:
                        
     Net Earnings from Continuing Operations
   $ 0.99     $ (0.11 )   $ 0.88  
     Discontinued Operations:
                        
          Earnings, net of taxes
     0.10       0.11       0.21  
          Gain on Disposal, net of taxes
     –       –       –  
     Net Earnings per Common Share
   $ 1.09     $ –     $ 1.09  
                         
Average Common Shares Outstanding:
                        
     Basic
     1,970               1,970  
     Diluted
     1,980               1,980  
 
 
 
 
 
 
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENT OF EARNINGS
ADJUSTED FOR CONVATEC DISCONTINUED OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2006
(Unaudited, amounts in millions except per share data)
  
   
   
   
As reported
    
Amounts Transferred to Discontinued Operations
    
As Adjusted
  
                   
Net Sales
   $ 17,256     $ 1,048     $ 16,208  
Cost of products sold
     5,739       319       5,420  
Marketing, selling and administrative
     4,800       331       4,469  
Advertising and product promotion
     1,340       36       1,304  
Research and development
     2,991       40       2,951  
Provision for restructuring, net
     59       –       59  
Litigation expense, net
     302       –       302  
Gain on sale of product assets and businesses
     (200 )     –       (200 )
Equity in net income of affiliates
     (474 )     –       (474 )
Other expense, net
     299       7       292  
Total expenses, net
     14,856       733       14,123  
                         
Earnings from Continuing Operations Before Minority Interest &
    Taxes
     2,400       315       2,085  
Provision for income taxes
     538       107       431  
Minority Interest, net of taxes
     440       –       440  
Net Earnings - Continuing Operations
     1,422       208       1,214  
                         
                         
Discontinued Operations:
                        
     Earnings, net of taxes
     163       208       371  
     Gain on Disposal, net of taxes
     –       –       –  
      163       208       371  
Net Earnings
   $ 1,585     $ –     $ 1,585  
                         
                         
Earnings per Common Share
                        
Basic:
                        
     Net Earnings from Continuing Operations
   $ 0.73     $ (0.11 )   $ 0.62  
     Discontinued Operations:
                        
          Earnings, net of taxes
     0.08       0.11       0.19  
          Gain on Disposal, net of taxes
     –       –       –  
     Net Earnings per Common Share
   $ 0.81     $ –     $ 0.81  
                         
Diluted:
                        
     Net Earnings from Continuing Operations
   $ 0.73     $ (0.11 )   $ 0.62  
     Discontinued Operations:
                        
          Earnings, net of taxes
     0.08       0.11       0.19  
          Gain on Disposal, net of taxes
     –       –       –  
     Net Earnings per Common Share
   $ 0.81     $ –     $ 0.81  
                         
Average Common Shares Outstanding:
                        
     Basic
     1,960               1,960  
     Diluted
     1,963               1,963  
 
 
 
 
 
 
BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENT OF EARNINGS
ADJUSTED FOR CONVATEC DISCONTINUED OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2005
(Unaudited, amounts in millions except per share data)
  
                   
         
 
        
   
As reported
    
Amounts Transferred to
Discontinued Operations
    
As Adjusted
  
                   
Net Sales
   $ 18,605     $ 992     $ 17,613  
Cost of products sold
     5,737       291       5,446  
Marketing, selling and administrative
     4,989       315       4,674  
Advertising and product promotion
     1,464       40       1,424  
Research and development
     2,678       40       2,638  
Provision for restructuring, net
     32       –       32  
Litigation expense, net
     269       –       269  
Gain on sale of product assets and businesses
     (569 )     –       (569 )
Equity in net income of affiliates
     (334 )     –       (334 )
Other expense, net
     35       18       17  
Total expenses, net
     14,301       704       13,597  
                         
Earnings from Continuing Operations Before Minority Interest &
    Taxes
     4,304       288       4,016  
Provision for income taxes
     870       98       772  
Minority Interest, net of taxes
     592       –       592  
Net Earnings - Continuing Operations
     2,842       190       2,652  
                         
                         
Discontinued Operations:
                        
     Earnings, net of taxes
     145       190       335  
     Gain on Disposal, net of taxes
     13       –       13  
      158       190       348  
Net Earnings
   $ 3,000     $ –     $ 3,000  
                         
                         
Earnings per Common Share
                        
Basic:
                        
     Net Earnings from Continuing Operations
   $ 1.45     $ (0.09 )   $ 1.36  
     Discontinued Operations:
                        
          Earnings, net of taxes
     0.07       0.09       0.16  
          Gain on Disposal, net of taxes
     0.01       –       0.01  
     Net Earnings per Common Share
   $ 1.53     $ –     $ 1.53  
                         
Diluted:
                        
     Net Earnings from Continuing Operations
   $ 1.44     $ (0.09 )   $ 1.35  
     Discontinued Operations:
                        
          Earnings, net of taxes
     0.07       0.09       0.16  
          Gain on Disposal, net of taxes
     0.01       –       0.01  
     Net Earnings per Common Share
   $ 1.52     $ –     $ 1.52  
                         
Average Common Shares Outstanding:
                        
     Basic
     1,952               1,952  
     Diluted
     1,983               1,983