-----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, TnyUUmh21Y7YdBFAwjf+uzl0xb0N5KSum1XRF64yyIn3mlGSPxVzQJraEYlKYB3L XWPwWBHkLV0cKUqheuGMMA== 0001193125-10-014925.txt : 20100128 0001193125-10-014925.hdr.sgml : 20100128 20100128084044 ACCESSION NUMBER: 0001193125-10-014925 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20100128 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100128 DATE AS OF CHANGE: 20100128 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01136 FILM NUMBER: 10552012 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 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The

Securities Exchange Act Of 1934

Date of Report (Date of earliest event reported): January 28, 2010

 

 

BRISTOL-MYERS SQUIBB COMPANY

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware   1-1136   22-079-0350

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification Number)

345 Park Avenue

New York, NY 10154

(Address of Principal Executive Office)

Registrant’s telephone number, including area code: (212) 546-4000

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ 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.

On January 28, 2010, Bristol-Myers Squibb Company (the “Company”) issued a press release announcing its financial results for the fourth quarter and twelve months of 2009. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. Also furnished and incorporated by reference as Exhibit 99.2 is certain supplemental information posted on the Company’s website at www.bms.com.

 

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

99.1    Press release of Bristol-Myers Squibb Company dated January 28, 2010.
99.2.    Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.

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 hereunto duly authorized.

 

  BRISTOL-MYERS SQUIBB COMPANY
Dated: January 28, 2010   By:   /S/    SANDRA LEUNG        
     
  Name:   Sandra Leung
  Title:   Senior Vice President, General Counsel and Corporate Secretary

EXHIBIT INDEX

 

Exhibit No.

   

Description

99.1    Press release of Bristol-Myers Squibb Company dated January 28, 2010.
99.2    Certain supplemental information posted on Bristol-Myers Squibb Company’s website at www.bms.com not included in the press release.
 EX-99.1 2 dex991.htm PRESS RELEASE OF BRISTOL-MYERS SQUIBB COMPANY DATED JANUARY 28, 2010 Press release of Bristol-Myers Squibb Company dated January 28, 2010

Exhibit 99.1

LOGO

Strong Operational and Strategic Performance in Fourth Quarter Caps Transformative 2009

 

  •  

Key Products Drive Strong Fourth Quarter Top-Line Growth

 

  •  

Continued Focus on Productivity Leads to Improved Operating Margins

 

  •  

Financial Strength Reflected in Year-End Cash and Marketable Securities of $10 Billion

 

  •  

Company Provides 2010 GAAP EPS From Continuing Operations Guidance Range of $1.94 to $2.04; Non-GAAP EPS Guidance Range of $2.15 to $2.25

(NEW YORK, January 28, 2010) — Bristol-Myers Squibb Company (NYSE: BMY) today announced strong fourth quarter sales and earnings growth driven by the company’s continued operational and strategic execution.

“Our top-line sales growth and improved operating margins reflect excellent execution across our company,” said James M. Cornelius, chairman and chief executive officer. “As a result, we have strengthened our financial position and are well prepared to continue delivering on our BioPharma strategy in 2010. In 2009, we completed strategic initiatives such as splitting off Mead Johnson, acquiring Medarex and extending our Abilify commercialization agreement with Otsuka; all of which significantly address present and future challenges.

“While fundamentally transforming our company over the past year, we were able to grow our key franchises, launch new medicines and indications, advance a diverse, differentiated, robust pipeline and embed productivity into our corporate DNA. Bristol-Myers Squibb is now truly a focused biopharmaceutical company which continues to deliver shareholder value and helps patients prevail over serious diseases.”

 

     Fourth Quarter  
$ amounts in millions, except per share amounts                 
     2009    2008    Change  

Net Sales

    $ 5,033    $ 4,542    11 % 

Net Earnings Per Common Share — Diluted

      4.06      0.63    544 % 

GAAP Diluted EPS From Continuing Operations

      0.41      0.56    (27 )% 

Non-GAAP Diluted EPS From Continuing Operations

      0.47      0.40    18 % 
     Full Year  
     2009    2008    Change  

Net Sales

    $ 18,808    $ 17,715    6 % 

Net Earnings Per Common Share — Diluted

      5.34      2.62    104 % 

GAAP Diluted EPS From Continuing Operations

      1.63      1.35    21 % 

Non-GAAP Diluted EPS From Continuing Operations

      1.85      1.49    24 % 

 

1

FOURTH QUARTER FINANCIAL RESULTS

 

  •  

Bristol-Myers Squibb posted fourth quarter 2009 net sales from continuing operations of $5.0 billion, an increase of 11%, or 7% excluding foreign exchange impact, compared to 2008. U.S. net sales increased 11% to $3.1 billion in the fourth quarter of 2009 compared to 2008. International net sales increased 11%, or 2% excluding foreign exchange impact, to $1.9 billion.

 

  •  

Sales growth in the fourth quarter was led by continued strong performance by PLAVIX® (+10%) and ABILIFY® (+17%).

 

  •  

The virology portfolio continues to demonstrate strong sales growth, led by BARACLUDE® for hepatitis B (+39%), the Sustiva franchise (+19%) and REYATAZ® for HIV (+18%).

 

  •  

ORENCIA® and SPRYCEL® grew worldwide 30% and 38%, respectively as compared to the same period in 2008.

 

  •  

ERBITUX® sales were down 8% compared to the fourth quarter 2008.

 

  •  

ONGLYZA® contributed approximately $4 million in sales in the fourth quarter. ONGLYZA has been submitted to regulatory authorities in more than 50 countries, approved in 36 and launched in six countries — the U.S., Canada, Mexico, Germany, UK and Denmark.

 

  •  

Gross margin decreased by 90 basis points compared to the fourth quarter of 2008 due to unfavorable foreign exchange impact.

 

  •  

Marketing, selling and administrative expenses increased 7%, or 2% excluding foreign exchange, to $1.2 billion in the fourth quarter of 2009 compared to 2008.

 

  •  

Advertising and product promotion spending decreased by 6%, or 9% excluding foreign exchange impact, to $334 million in the fourth quarter of 2009 compared to 2008.

 

  •  

Research and development expenses decreased 1%, or 2% excluding foreign exchange impact, to $1.1 billion in the fourth quarter of 2009 compared to 2008.

 

  •  

The effective tax rate on earnings from continuing operations was 14.2% for the fourth quarter 2009.

 

  •  

The company reported fourth quarter net earnings of $8.0 billion or $ 4.06 per diluted share, compared to net earnings of $1.2 billion or $0.63 per diluted share for the same period in 2008. The fourth quarter 2009 net earnings included a $7.2 billion after tax gain, or $3.62 per share, attributed

 

2

 

to the split-off of Mead Johnson Nutrition Company, which is recorded as discontinued operations. In addition, the fourth quarter of 2009 and 2008 net earnings include the impact of specified items as discussed under “Use of Non-GAAP Financial Information.”

 

  •  

The company reported fourth quarter net earnings from continuing operations attributable to Bristol-Myers Squibb Company of $818 million or $0.41 per diluted share, compared to $1.1 billion or $0.56 per diluted share for the same period in 2008. The results for the prior year period included a $582 million after-tax gain, or $0.29 per diluted share, related to the sale of our stake in ImClone Systems.

 

  •  

The company reported fourth quarter non-GAAP net earnings from continuing operations attributable to Bristol-Myers Squibb Company of $928 million or $0.47 per diluted share, compared to $804 million or $0.40 per diluted share for the same period in 2008. An overview of specified items is discussed under “Use of Non-GAAP Financial Information.”

 

  •  

Cash, cash equivalents and marketable securities were $9.9 billion as of December 31, 2009, representing an increase of $2.0 billion during the current quarter. The company has a net cash position of $3.5 billion as of December 31, 2009.

STRATEGIC UPDATE

 

  •  

Bristol-Myers Squibb and Eli Lilly and Company have restructured the Collaboration Agreement executed by Bristol-Myers Squibb and ImClone in 2001 related to necitumumab (IMC-11F8), which is a novel targeted cancer therapy currently in Phase III development for non-small cell lung cancer. Under the agreement, both companies will share in the cost of developing and potentially commercializing necitumumab in the U.S., Canada and Japan. Lilly maintains exclusive rights to necitumumab in all other markets.

 

  •  

On December 23, the company completed its strategic split-off of its shares of Mead Johnson:

 

  •  

The split-off focuses Bristol-Myers Squibb completely on its biopharmaceutical business.

 

  •  

Through the exchange offer, the company reduced its number of outstanding shares by 269 million.

 

  •  

Mead Johnson results are reflected as discontinued operations.

 

  •  

On November 10, the company and Alder BioPharmaceuticals entered into a global agreement for the development and commercialization of ALD518, a novel biologic that has completed Phase IIa development for the treatment of rheumatoid arthritis. ALD518 is a humanized monoclonal antibody targeting IL-6.

 

3

FOURTH QUARTER PRODUCT AND PIPELINE UPDATE

Cardiovascular/Metabolics

 

  •  

In December, Bristol-Myers Squibb and AstraZeneca submitted an application with the U.S. Food and Drug Administration (FDA) for a fixed dose combination of ONGLYZA® (saxagliptin) plus metformin HCl extended-release tablets. The FDA is currently reviewing the submission.

 

  •  

Also in December, the company and Pfizer announced plans to submit a regulatory filing in the first half of 2010 for apixaban in Europe. The companies plan to file for regulatory approval of apixaban for the prevention of venous thromboembolism after orthopedic surgery. Apixaban is a novel, oral, highly-selective Factor Xa inhibitor, a new class of agents being studied for the potential to prevent and treat blood clots in the veins and arteries.

 

  •  

Bristol-Myers Squibb and AstraZeneca announced October 5 that the European Commission granted marketing authorization for ONGLYZA® for the treatment of type 2 diabetes mellitus in adults.

 

  •  

In October, the companies announced results of an 18-week Phase IIIb study in adults with type 2 diabetes with inadequate glycemic control on metformin therapy alone. The study showed that the addition of treatment with ONGLYZA 5mg per day achieved the primary objective of demonstrating non-inferiority compared to addition of treatment with sitagliptin 100mg per day in reducing glycosylated hemoglobin level (HbA1c) from baseline.

 

  •  

In October, the companies also announced results from a 24-week Phase III clinical study of the investigational drug dapagliflozin. The study showed that dapagliflozin, added to metformin, demonstrated significant mean reductions in the primary endpoint, HbA1c, and in the secondary endpoint, fasting plasma glucose in patients with type 2 diabetes inadequately controlled with metformin alone, as compared to placebo plus metformin. The study also showed that individuals receiving dapagliflozin had statistically greater mean reductions in body weight compared to individuals taking placebo.

 

4

Immunology

 

  •  

On January 20, the European Commission approved ORENCIA® in combination with methotrexate for the treatment of moderate to severe active polyarticular juvenile idiopathic arthritis in pediatric patients six years of age and older who have had an insufficient response to other disease-modifying anti-rheumatic drugs, including at least one TNF inhibitor.

 

  •  

The company announced key ORENCIA data at the American College of Rheumatology annual scientific meeting:

 

  •  

New clinical safety data support continued development of a subcutaneous administration of ORENCIA for patients with moderate to severe rheumatoid arthritis. A four month study showed that weekly administration of a 125 milligram subcutaneous dose of ORENCIA resulted in minimal, transient immunogenicity prior to month 4 after repeat dosing.

 

  •  

The results of the two-year AGREE study support the use of ORENCIA for methotrexate-naïve patients with moderate to severe rheumatoid arthritis, of less or equal to two years duration. The data from the AGREE study show that taking ORENCIA in combination with methotrexate achieved sustained low disease activity scores at 24 months.

Neuroscience

 

  •  

In November, the company and its partner Otsuka Pharmaceutical Co., Ltd. announced that the FDA approved ABILIFY® for the treatment of irritability associated with autistic disorder in pediatric patients (ages 6 to 17 years).

Oncology

 

  •  

In December, at the 51st Annual Meeting of the American Society of Hematology:

 

  •  

Phase II data on SPRYCEL® were presented which suggested that SPRYCEL could provide chronic myeloid leukemia (CML) patients with a more rapid, improved response than the currently-available first-line treatment, imatinib. Results from a Phase III head-to-head trial (called DASISION) of SPRYCEL and imatinib in first-line treatment of CML are expected to be announced in the first half of 2010.

 

  •  

The company and Facet Biotech announced promising Phase I/II interim data for elotuzumab, an investigational humanized antibody, in patients with relapsed multiple myeloma.

 

5

  •  

The company and Exelixis reported new Phase II data for the developmental compound XL184 in patients with glioblastoma multiforme (GBM), the most common and aggressive form of brain cancer. XL184 showed promising activity in GBM patients receiving a daily dose of 125 milligrams of the compound.

Virology

 

  •  

The company announced in November, a U.S. labeling update for REYATAZ®. The label now includes long-term data from the CASTLE study, which showed that a once-daily regimen of REYATAZ and ritonavir — as part of combination therapy — in previously untreated adult patients infected with HIV-1 led to an enduring virologic response through 96 weeks of treatment.

 

  •  

In November at the 60th Annual Meeting of the American Association for the Study of Liver Diseases:

 

  •  

The company announced 48-week data for BARACLUDE® in chronic hepatitis B patients with evidence of decompensated cirrhosis. In the patient population studied, BARACLUDE demonstrated greater viral suppression compared to adefovir.

 

  •  

The company and ZymoGenetics presented final Phase Ib results for PEG-Interferon lambda in hepatitis C. Antiviral activity was seen at all dose levels tested and the results support moving to dose-ranging Phase II studies in treatment-naïve hepatitis C patients.

2010 GUIDANCE

Bristol-Myers Squibb is setting its 2010 GAAP EPS from continuing operations guidance range from $1.94 to $2.04 and its non-GAAP EPS from continuing operations guidance range from $2.15 to $2.25. Key 2010 guidance assumptions include mid single-digit revenue growth; full-year gross margin consistent with last year; advertising and promotion decrease in the mid to high single-digit range; marketing, sales and administrative expense flat; research and development expense growth in the mid to high single-digit range; and an effective tax rate between 23% and 24%. This guidance excludes any potential impact of U.S. healthcare reform.

The company has previously provided guidance that it expected non-GAAP EPS to grow at a minimum of 15 percent compound annual growth rate from the 2007 base through 2010 without rebasing for the sale of the ConvaTec business. If the company meets its expected 2010 non-GAAP EPS from continuing operations guidance, it will exceed the prior 15 percent minimum three-year compound annual growth rate guidance.

 

6

Use of Non-GAAP Financial Information

This press release contains non-GAAP financial measures, including non-GAAP earnings from continuing operations and related earnings per share information, adjusted to exclude certain costs, expenses, gains and losses and other specified items. Among the items in GAAP measures but excluded for purposes of determining adjusted earnings and other adjusted measures are: charges related to implementation of the Productivity Transformation Initiative; gains or losses from the purchase or sale of businesses and product lines; discontinued operations; restructuring and other exit costs; accelerated depreciation charges; asset impairments; charges and recoveries relating to significant legal proceedings; upfront and milestone payments for in-licensing of products that have not achieved regulatory approval that are immediately expensed; in-process research and development charges prior to 2009; impairments to investments; special initiative funding to the Bristol-Myers Squibb Foundation; and significant tax events. This information is intended to enhance an investor’s overall understanding of the company’s past financial performance and prospects for the future. For example, non-GAAP earnings and earnings per share information is an indication of the company’s baseline performance before items that are considered by the company to be not reflective of the company’s ongoing results. These items are also not included in the company’s operating segment results. In addition, this information is among the primary indicators the company uses as a basis for evaluating company performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted earnings per share prepared in accordance with GAAP.

Statement on Cautionary Factors

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as “anticipate”, “estimates”, “should”, “expect”, “guidance”, “project”, “intend”, “plan”, “believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, market factors, competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions and governmental laws and regulations related to Medicare, Medicaid and healthcare reform, pharmaceutical rebates and reimbursement, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, difficulties and delays in product development, manufacturing or sales, patent positions and the ultimate outcome of any litigation matter. These factors also include the company’s ability to execute successfully its strategic plans, including its String of Pearls strategy and Productivity Transformation Initiative, the expiration of patents or data protection on certain products, and the impact and result of governmental investigations. There can be no guarantees with respect to pipeline products that future clinical studies will support the data described in this release, that the products will receive necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. For further details and a discussion of these and other risks and uncertainties, see the company’s periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the

 

7

Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Company and Conference Call Information

Bristol-Myers Squibb is a global biopharmaceutical company committed to discovering, developing and delivering innovative medicines that help patients prevail over serious diseases. For more information, please visit www.bms.com.

There will be a conference call on January 28, 2010 at 10:30 a.m. (EDT) during which company executives will address inquiries from investors and analysts. Investors and the general public are invited to listen to a live web cast of the call at http://investor.bms.com or by dialing 913-312-0945, confirmation code 3806406. Materials related to the call will be available at the same website.

For more information, contact: Brian Henry, 609-252-3337, Communications, John Elicker, 609-252-4611, Investor Relations, or Teri Loxam, 609-252-3368, Investor Relations.

ABILIFY® is the trademark of Otsuka Pharmaceutical Co., Ltd.

ATRIPLA™ is a trademark of both Bristol-Myers Squibb Co. and Gilead Sciences, Inc.

AVAPRO®, AVALIDE® and PLAVIX® are trademarks of sanofi-aventis

ERBITUX® is a trademark of ImClone LLC. ImClone Systems is a wholly-owned subsidiary of Eli Lilly and Company.

 

8

BRISTOL-MYERS SQUIBB COMPANY

SELECTED PRODUCTS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2009 AND 2008

(Unaudited, dollars in millions)

The following table sets forth worldwide and U.S. reported net sales for selected products for the three and twelve months ended December 31, 2009 compared to the three and twelve months ended December 31, 2008. In addition, the table includes, where applicable, the estimated total U.S. prescription change for the retail and mail-order channels for the comparative periods presented for certain of the company's U.S. pharmaceutical products based on third-party data. A significant portion of the company's U.S. pharmaceutical sales is made to wholesalers. Where changes in reported net sales differ from prescription growth, this change in net sales may not reflect underlying prescriber demand.

 

     Worldwide Net Sales     U.S. Net Sales     % Change in U.S. Total
Prescriptions vs. 2008		  
      2009    2008    %
Change		     2009    2008    %
Change		    

Three Months Ended December 31,

                   

Cardiovascular

                   

Plavix

    $ 1,618    $ 1,469    10 %    $ 1,461    $ 1,311    11 %    4 % 

Avapro/Avalide

      339      316    7 %      184      188    (2 )%    (9 )% 

Virology

                   

Reyataz

      388      329    18 %      196      172    14 %    9 % 

Sustiva Franchise (total revenue)

      358      300    19 %      224      193    16 %    12 % 

Baraclude

      212      153    39 %      44      40    10 %    14 % 

Oncology

                   

Erbitux

      167      182    (8 )%      163      179    (9 )%    N/A   

Sprycel

      119      86    38 %      32      30    7 %    14 % 

Ixempra

      28      25    12 %      25      23    9 %    N/A   

Neuroscience

                   

Abilify (total revenue)

      707      606    17 %      563      490    15 %    19 % 

Immunoscience

                   

Orencia

      168      129    30 %      126      106    19 %    N/A   

Metabolics

                   

Onglyza

      4      —      N/A        2      —      N/A      N/A   
      Worldwide Net Sales     U.S. Net Sales     % Change in U.S. Total
Prescriptions vs. 2008		  
      2009    2008    %
Change		     2009    2008    %
Change		    

Twelve Months Ended December 31,

                   

Cardiovascular

                   

Plavix

    $ 6,146    $ 5,603    10 %    $ 5,556    $ 4,920    13 %    4 % 

Avapro/Avalide

      1,283      1,290    (1 )%      722      735    (2 )%    (9 )% 

Virology

                   

Reyataz

      1,401      1,292    8 %      727      667    9 %    8 % 

Sustiva Franchise (total revenue)

      1,277      1,149    11 %      803      724    11 %    10 % 

Baraclude

      734      541    36 %      160      140    14 %    13 % 

Oncology

                   

Erbitux

      683      749    (9 )%      671      739    (9 )%    N/A   

Sprycel

      421      310    36 %      123      92    34 %    18 % 

Ixempra

      109      101    8 %      99      98    1 %    N/A   

Neuroscience

                   

Abilify (total revenue)

      2,592      2,153    20 %      2,082      1,676    24 %    26 % 

Immunoscience

                   

Orencia

      602      441    37 %      467      363    29 %    N/A   

Metabolics

                   

Onglyza

      24      —      N/A        22      —      N/A      N/A   

 

9

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2009 AND 2008

(Unaudited, amounts in millions except per share data)

 

     Three Months
Ended December 31,		     Twelve Months
Ended December 31,		  
     2009     2008     2009     2008  

Net Sales

    $ 5,033      $ 4,542      $ 18,808      $ 17,715   
                                

Cost of products sold

      1,433        1,254        5,140        5,316   

Marketing, selling and administrative

      1,170        1,098        3,946        4,140   

Advertising and product promotion

      334        356        1,136        1,181   

Research and development

      1,108        1,121        3,647        3,512   

Acquired in-process research and development

      —          —          —          32   

Provision for restructuring, net

      47        151        136        215   

Litigation expense, net

      —          1        132        33   

Equity in net income of affiliates

      (115 )      (139 )      (550 )      (617 ) 

Gain on sale of Imclone shares

      —          (895 )      —          (895 ) 

Other (income)/expense, net (a)

      (264 )      (159 )      (381 )      22   
                                

Total expenses

      3,713        2,788        13,206        12,939   
                                

Earnings from Continuing Operations Before Income Taxes

      1,320        1,754        5,602        4,776   

Provision for income taxes

      188        370        1,182        1,090   
                                

Net Earnings from Continuing Operations

      1,132        1,384        4,420        3,686   
                                

Net Earnings from Discontinued Operations

      7,221        126        7,442        2,557   
                                

Net Earnings

      8,353        1,510        11,862        6,243   

Net Earnings Attributable to Noncontrolling Interest

      328        266        1,250        996   
                                

Net Earnings Attributable to Bristol-Myers Squibb Company

    $ 8,025      $ 1,244      $ 10,612      $ 5,247   
                                

Amounts Attributable to Bristol-Myers Squibb Company

         

Income from Continuing Operations

    $ 818      $ 1,119      $ 3,239      $ 2,697   

Income from Discontinued Operations

      7,207        125        7,373        2,550   
                                

Net Income

    $ 8,025      $ 1,244      $ 10,612      $ 5,247   
                                

Earnings per Common Share from Continuing Operations Attributable to Bristol-Myers Squibb Company:

         

Basic

    $ 0.42      $ 0.56      $ 1.63      $ 1.36   

Diluted

    $ 0.41      $ 0.56      $ 1.63      $ 1.35   

Earnings per Common Share Attributable to Bristol-Myers Squibb Company:

         

Basic

    $ 4.08      $ 0.63      $ 5.35      $ 2.64   

Diluted

    $ 4.06      $ 0.63      $ 5.34      $ 2.62   

Average Common Shares Outstanding:

         

Basic

      1,958        1,978        1,974        1,977   

Diluted

      1,967        1,980        1,978        1,999   

 

10

CONSOLIDATED STATEMENTS OF EARNINGS (CONTINUED)

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2009 AND 2008

(Unaudited, amounts in millions except per share data)

 

     Three Months
Ended December 31,		     Twelve Months
Ended December 31,		  
     2009     2008     2009     2008  

(a)      Other (income)/expense, net

         

Interest expense

    $ 43      $ 73      $ 184      $ 310   

Interest income

      (14 )      (19 )      (54 )      (130 ) 

Debt buyback and termination of interest rate swaps

      —          (57 )      (7 )      (57 ) 

ARS impairment charge

      —          58        —          305   

Foreign exchange transaction losses/(gains)

      (15 )      (42 )      2        (78 ) 

Gain on sale of product lines, businesses and assets

      (288 )      (159 )      (360 )      (168 ) 

Medarex acquisition

      —          —          (10 )      —     

Net royalty income and upfront and milestone payments

      (29 )      (17 )      (148 )      (141 ) 

Pension curtailments/settlements

      18        8        43        8   

Other, net

      21        (4 )      (31 )      (27 ) 
                                

Other (income)/expense, net

    $ (264 )    $ (159 )    $ (381 )    $ 22   
                                

 

11

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2009 AND 2008

(Unaudited, dollars in millions)

Three months ended December 31, 2009

 

     Cost of
products
sold		    Marketing,
selling and
administrative		    Research
and
development		    Provision for
restructuring, net		    Other
(income)/
expense,
net		     Total  

Productivity Transformation Initiative:

                 

Downsizing and streamlining of worldwide operations

    $ —      $ —      $ —      $ 42    $ —        $ 42   

Accelerated depreciation and other shutdown costs

      29      —        —        5      —          34   

Pension settlements/curtailments

      —        —        —        —        11        11   

Process standardization implementation costs

      —        45      —        —        —          45   

Gain on sale of product lines, businesses and assets

      —        —        —        —        (288 )      (288 ) 
                                            

Total PTI

      29      45      —        47      (277 )      (156 ) 

Other:

                 

Accelerated depreciation

      6      —        —        —        —          6   

BMS foundation funding initiative

      —        100      —        —        —          100   

Loss on sale of investments

      —        —        —        —        31        31   

Upfront and milestone payments

      —        —        173      —        —          173   
                                            

Total

    $ 35    $ 145    $ 173    $ 47    $ (246 )      154   
                                      

Income taxes on items above

                    (44 ) 
                      

Decrease to Net Earnings

                  $ 110   
                      

Three months ended December 31, 2008

 

     Cost of
products
sold		    Marketing,
selling and
administrative		    Research
and
development		    Provision for
restructuring, net		    Litigation
expense, net		    Gain on sale of
ImClone Shares		     Other
(income)/
expense,
net		     Total  

Productivity Transformation Initiative:

                      

Downsizing and streamlining of worldwide operations

    $ —      $ —      $ —      $ 122    $ —      $ —        $ —        $ 122   

Accelerated depreciation and other shutdown costs

      6      —        —        20      —        —          8        34   

Pension settlements/curtailments

      9      —        —        —        —        —          8        17   

Process standardization implementation costs

      —        45      —        —        —        —          —          45   

Termination of lease contracts

      —        —        —        9      —        —          6        15   

Gain on sale of product lines and businesses

      —        —        —        —        —        —          (159 )      (159 ) 
                                                           

Total PTI

      15      45      —        151      —        —          (137 )      74   

Other:

                      

Litigation charges

      —        —        —        —        1      —          —          1   

Insurance Recovery

      —        —        —        —        —        —          (20 )      (20 ) 

Upfront and milestone payments

      —        —        260      —        —        —          —          260   

Asset impairment

      27      —        13      —        —        —          —          40   

ARS impairment charge

      —        —        —        —        —        —          77        77   

Debt buyback and swap terminations

      —        —        —        —        —        —          (57 )      (57 ) 

Gain on sale of Imclone shares

      —        —        —        —        —        (895 )      —          (895 ) 
                                                           

Total

    $ 42    $ 45    $ 273    $ 151    $ 1    $ (895 )    $ (137 )      (520 ) 
                                                     

Income taxes on items above

                         205   
                           

Increase to Net Earnings

                       $ (315 ) 
                           

 

12

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2009 AND 2008

(Unaudited, dollars in millions)

Twelve months ended December 31, 2009

 

     Cost of products
sold		    Marketing,
selling
and
administrative		    Research
and
development		    Provision
for
restructuring,
net		    Litigation
expense,
net		    Other
(income)/
expense,
net		     Total  

Productivity Transformation Initiative:

                    

Downsizing and streamlining of worldwide operations

    $ —      $ —      $ —      $ 122    $ —      $ —        $ 122   

Accelerated depreciation, asset impairment and other shutdown costs

      109      —        —        14      —        —          123   

Pension settlements/curtailments

      —        —        —        —        —        36        36   

Process standardization implementation costs

      —        110      —        —        —        —          110   

Gain on sale of product lines, businesses and assets

      —        —        —        —        —        (360 )      (360 ) 
                                                   

Total PTI

      109      110      —        136      —        (324 )      31   

Other:

                    

Litigation charges

      —        —        —        —        132      —          132   

Accelerated depreciation

      6      —        —        —        —        —          6   

BMS foundation funding initiative

      —        100      —        —        —        —          100   

Loss on sale of investments

      —        —        —        —        —        31        31   

Upfront and milestone payments

      —        —        347      —        —        —          347   

Medarex acquisition

      —        —        —        —        —        (10 )      (10 ) 

Debt buyback and swap terminations

      —        —        —        —        —        (7 )      (7 ) 

Product liability

      8      —        —        —        —        (5 )      3   
                                                   

Total

    $ 123    $ 210    $ 347    $ 136    $ 132    $ (315 )      633   
                                             

Income taxes on items above

                       (205 ) 
                         

Decrease to Net Earnings

                     $ 428   
                         

 

13

Twelve months ended December 31, 2008

 

     Cost of
products
sold		    Marketing,
selling
and
administrative		    Research
and
development		    Acquired
in-process research
and development		    Provision
for
restructuring,
net		    Litigation
expense,
net		    Gain on
Sale of ImClone
Shares		     Other
(income)/
expense,
net		     Total  

Productivity Transformation Initiative:

                         

Downsizing and streamlining of worldwide operations

    $ —      $ —      $ —      $ —      $ 186    $ —      $ —        $ —        $ 186   

Accelerated depreciation and other shutdown costs

      213      —        —        —        20      —        —          8        241   

Pension settlements/curtailments

      9      —        —        —        —        —        —          8        17   

Process standardization implementation costs

      —        109      —        —        —        —        —          —          109   

Gain on sale and leaseback of properties

      —        —        —        —        —        —        —          (9 )      (9 ) 

Termination of lease contracts

      —        —        —        —        9      —        —          6        15   

Gain on sale of product lines and businesses

      —        —        —        —        —        —        —          (159 )      (159 ) 
                                                                  

Total PTI

      222      109      —        —        215      —        —          (146 )      400   

Other:

                         

Litigation charges

      —        —        —        —        —        33      —          —          33   

Insurance Recovery

      —        —        —        —        —        —        —          (20 )      (20 ) 

Product liability

      —        —        —        —        —        —        —          18        18   

Upfront and milestone payments and acquired in-process research and development

      —        —        348      32      —        —        —          —          380   

Asset impairment

      27      —        13      —        —        —        —          —          40   

ARS impairment charge

      —        —        —        —        —        —        —          324        324   

Debt buyback and swap terminations

      —        —        —        —        —        —        —          (57 )      (57 ) 

Gain on sale of ImClone shares

      —        —        —        —        —        —        (895 )      —          (895 ) 
                                                                  

Total

    $ 249    $ 109    $ 361    $ 32    $ 215    $ 33    $ (895 )    $ 119        223   
                                                            

Income taxes on items above

                            55   
                              

Decrease to Net Earnings

                          $ 278   
                              

 

14

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2009 AND 2008

(Unaudited, amounts in millions except per share data)

 

     GAAP     Q4 2009
Specified
Items*		     Non
GAAP		     GAAP     Q4 2008
Specified
Items*		     Non
GAAP		  

Net Sales

    $ 5,033        $ 5,033      $ 4,542        $ 4,542   

Cost of Products Sold

      1,433      (35 )      1,398        1,254      (42 )      1,212   
                                    

Gross Margin

      3,600      35        3,635        3,288      42        3,330   

Gross Margin as % of Sales

      71.5 %    0.7 %      72.2 %      72.4 %    0.9 %      73.3 % 

Marketing Selling and Administrative

      1,170      (145 )      1,025        1,098      (45 )      1,053   

Advertising and Product Promotion

      334      —          334        356      —          356   
                                    

Total SGA

      1,504      (145 )      1,359        1,454      (45 )      1,409   

SG&A as % of Sales

      29.9 %    (2.9 )%      27.0 %      32.0 %    (1.0 )%      31.0 % 

R&D

      1,108      (173 )      935        1,121      (273 )      848   
                                    

R&D as % of Sales

      22.0 %    (3.4 )%      18.6 %      24.7 %    (6.0 )%      18.7 % 

Operating Margin

      988      353        1,341        713      360        1,073   

Operating Margin as % of Sales

      19.6 %    7.0 %      26.6 %      15.7 %    7.9 %      23.6 % 

Acquired in-process research and development

      —        —          —          —        —          —     

Provision for restructuring, net

      47      (47 )      —          151      (151 )      —     

Litigation expense, net

      —        —          —          1      (1 )      —     

Equity in Net Income of Affiliates

      (115 )    —          (115 )      (139 )    —          (139 ) 

Gain on sale of Imclone shares

      —        —          —          (895 )    895        —     

Other (income)/expense, net

      (264 )    246        (18 )      (159 )    (137 )      (22 ) 
                                    

Earnings from Continuing Operations Before Income Taxes

    $ 1,320      154      $ 1,474      $ 1,754      (520 )    $ 1,234   

Provision for income taxes

      188      44        232        370      (205 )      165   
                                    

Net Earnings - Continuing Operations

    $ 1,132      110      $ 1,242      $ 1,384      (315 )    $ 1,069   

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest

      314          314        265          265   
                                    

Net Earnings - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 818      110      $ 928      $ 1,119      (315 )    $ 804   

Contingently convertible debt interest expense and dividends attributable to unvested shares

      (4 )        (4 )      (5 )        (5 ) 

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company

    $ 814      110      $ 924      $ 1,114      (315 )    $ 799   

Avg Shares (Diluted)

      1,967          1,967        1,980          1,980   

Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 0.41      0.06      $ 0.47      $ 0.56      (0.16 )    $ 0.40   

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales

      16.3 %    2.1 %      18.4 %      24.6 %    (6.9 )%      17.7 % 

Effective Tax Rate

      14.2 %    1.5 %      15.7 %      21.1 %    (7.7 )%      13.4 % 

 

* Please refer to the Specified Items schedules on previous pages for further details.

 

15

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2009 AND 2008

(Unaudited, amounts in millions except per share data)

 

     GAAP     YTD 2009
Specified
Items*		     Non
GAAP		     GAAP     YTD 2008
Specified
Items*		     Non
GAAP		  

Net Sales

    $ 18,808        $ 18,808      $ 17,715        $ 17,715   

Cost of Products Sold

      5,140      (123 )      5,017        5,316      (249 )      5,067   
                                    

Gross Margin

      13,668      123        13,791        12,399      249        12,648   

Gross Margin as % of Sales

      72.7 %    0.6 %      73.3 %      70.0 %    1.4 %      71.4 % 

Marketing Selling and Admin

      3,946      (210 )      3,736        4,140      (109 )      4,031   

Advertising and Product Promotion

      1,136      —          1,136        1,181      —          1,181   
                                    

Total SGA

      5,082      (210 )      4,872        5,321      (109 )      5,212   

SG&A as % of Sales

      27.0 %    (1.1 )%      25.9 %      30.0 %    (0.6 )%      29.4 % 

R&D

      3,647      (347 )      3,300        3,512      (361 )      3,151   

R&D as % of Sales

      19.4 %    (1.9 )%      17.5 %      19.8 %    (2.0 )%      17.8 % 

Operating Margin

      4,939      680        5,619        3,566      719        4,285   

Operating Margin as % of Sales

      26.3 %    3.6 %      29.9 %      20.1 %    4.1 %      24.2 % 

Acquired in-process research and development

      —        —          —          32      (32 )      —     

Provision for restructuring, net

      136      (136 )      —          215      (215 )      —     

Litigation expense, net

      132      (132 )      —          33      (33 )      —     

Equity in Net Income of Affiliates

      (550 )    —          (550 )      (617 )    —          (617 ) 

Gain on sale of Imclone shares

      —        —          —          (895 )    895        —     

Other (income)/expense, net

      (381 )    315        (66 )      22      (119 )      (97 ) 
                                    

Earnings from Continuing Operations Before Income Taxes

    $ 5,602      633      $ 6,235      $ 4,776      223      $ 4,999   

Provision for income taxes

      1,182      205        1,387        1,090      (55 )      1,035   
                                    

Net Earnings - Continuing Operations

    $ 4,420      428      $ 4,848      $ 3,686      278      $ 3,964   

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest

      1,181          1,181        989          989   
                                    

Net Earnings - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 3,239      428      $ 3,667      $ 2,697      278        2,975   

Contingently convertible debt interest expense and dividends attributable to unvested shares

      (17 )        (17 )      3          3   
                                    

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company

    $ 3,222      428      $ 3,650      $ 2,700      278      $ 2,978   

Avg Shares (Diluted)

      1,978          1,978        1,999          1,999   

Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 1.63      0.22      $ 1.85      $ 1.35      0.14      $ 1.49   

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales

      17.2 %    2.3 %      19.5 %      15.2 %    1.
6		   
% 		     16.8 % 

Effective Tax Rate

      21.1 %    1.1 %      22.2 %      22.8 %    (2.1 )%      20.7 % 

 

* Please refer to the Specified Items schedules on previous pages for further details

 

16

BRISTOL-MYERS SQUIBB COMPANY

NET CASH CALCULATION

AS OF DECEMBER 31, 2009 AND SEPTEMBER 30, 2009

(Unaudited, dollars in millions)

 

     December 31, 2009     September 30, 2009  

Cash and cash equivalents

    $ 7,683      $ 6,367   

Marketable securities - current

      831        302   

Marketable securities - long term

      1,369        1,202   

Short-term borrowings

      (231 )      (286 ) 

Long-term debt

      (6,130 )      (6,307 ) 
                

Net cash

    $ 3,522      $ 1,278   
                

 

17

EX-99.2 3 dex992.htm CERTAIN SUPPLEMENTAL INFORMATION Certain supplemental information

Exhibit 99.2

BRISTOL-MYERS SQUIBB COMPANY

QUARTERLY TREND ANALYSIS OF SALES

($ in millions)

 

Net Sales    2008    2009    % Change     FX Impact  
   1st Qtr    2nd Qtr    6 Months    3rd Qtr    9 Months    4th Qtr    Year    1st Qtr    2nd Qtr    6 Months    3rd Qtr    9 Months    4th Qtr    Year    Qtr
vs.
Qtr		     YTD
vs.
YTD		     Qtr
vs.
Qtr		     YTD
vs.
YTD		  

Total

    $ 4,188    $ 4,475    $ 8,663    $ 4,510    $ 13,173    $ 4,542    $ 17,715    $ 4,322    $ 4,665    $ 8,987    $ 4,788    $ 13,775    $ 5,033    $ 18,808    11 %    6 %    4 %    -2 % 

US Pharmaceuticals

      2,451      2,610      5,061      2,695      7,756      2,809      10,565      2,766      2,974      5,740      3,012      8,752      3,115      11,867    11 %    12 %    N/A      N/A   

CV/Metabolics

      1,407      1,483      2,890      1,517      4,407      1,552      5,959      1,554      1,699      3,253      1,707      4,960      1,737      6,697    12 %    12 %    N/A      N/A   

Oncology/Virology

      619      633      1,252      641      1,893      655      2,548      627      638      1,265      659      1,924      689      2,613    5 %    3 %    N/A      N/A   

Neuroscience

      352      407      759      440      1,199      497      1,696      486      520      1,006      521      1,527      563      2,090    13 %    23 %    N/A      N/A   

Immunoscience

      73      87      160      97      257      105      362      99      117      216      125      341      126      467    20 %    29 %    N/A      N/A   

Intercon Pharmaceuticals

      384      401      785      411      1,196      385      1,581      309      341      650      354      1,004      376      1,380    -2 %    -13 %    6 %    -7 % 

EMAP Pharmaceuticals

      398      436      834      437      1,271      437      1,708      379      420      799      457      1,256      482      1,738    10 %    2 %    8 %    -3 % 

Europe Pharmaceuticals

      933      996      1,929      935      2,864      886      3,750      827      883      1,710      911      2,621      1,004      3,625    13 %    -3 %    10 %    -7 % 

 

% of Total Sales    2008     2009     Basis Point Change  
   1st Qtr     2nd Qtr     6 Months     3rd Qtr     9 Months     4th Qtr     Year     1st Qtr     2nd Qtr     6 Months     3rd Qtr     9 Months     4th Qtr     Year     Qtr
vs.
Qtr		     YTD
vs.
YTD		  

Total

    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 %    —        —     

US Pharmaceuticals

    58.5 %    58.3 %    58.4 %    59.8 %    58.9 %    61.8 %    59.6 %    64.0 %    63.8 %    63.9 %    62.9 %    63.5 %    61.9 %    63.1 %    10      350   

CV/Metabolics

    33.6 %    33.1 %    33.4 %    33.6 %    33.4 %    34.2 %    33.6 %    36.0 %    36.4 %    36.2 %    35.6 %    36.0 %    34.5 %    35.6 %    30      200   

Oncology/Virology

    14.8 %    14.2 %    14.4 %    14.2 %    14.4 %    14.4 %    14.4 %    14.5 %    13.7 %    14.1 %    13.8 %    14.0 %    13.7 %    13.9 %    (70 )    (50 ) 

Neuroscience

    8.4 %    9.1 %    8.8 %    9.8 %    9.1 %    10.9 %    9.6 %    11.2 %    11.2 %    11.2 %    10.9 %    11.1 %    11.2 %    11.1 %    30      150   

Immunoscience

    1.7 %    1.9 %    1.8 %    2.2 %    2.0 %    2.3 %    2.0 %    2.3 %    2.5 %    2.4 %    2.6 %    2.4 %    2.5 %    2.5 %    20      50   

Intercon Pharmaceuticals

    9.2 %    9.0 %    9.1 %    9.1 %    9.1 %    8.5 %    8.9 %    7.1 %    7.3 %    7.2 %    7.4 %    7.3 %    7.5 %    7.3 %    (100 )    (160 ) 

EMAP Pharmaceuticals

    9.5 %    9.7 %    9.6 %    9.7 %    9.6 %    9.6 %    9.6 %    8.8 %    9.0 %    8.9 %    9.5 %    9.1 %    9.6 %    9.2 %    —        (40 ) 

Europe Pharmaceuticals

    22.3 %    22.3 %    22.3 %    20.7 %    21.7 %    19.5 %    21.2 %    19.1 %    18.9 %    19.0 %    19.0 %    19.0 %    19.9 %    19.3 %    40      (190 ) 

 

1

BRISTOL-MYERS SQUIBB COMPANY

SALES AND COMPOSITION OF CHANGE IN SALES FOR CONTINUING OPERATIONS

FOR THE PERIOD ENDED DECEMBER 31, 2009

($ in millions)

QUARTER-TO-DATE

 

     US     Non-US     Total  

Price Increases/(Decreases)

      6 %      —          3 % 

Foreign Exchange

      —          9 %      4 % 

Volume

      5 %      2 %      4 % 
                        

Total Change

      11 %      11 %      11 % 
                        

Total 2009 Period to Date Sales

    $ 3,127      $ 1,906      $ 5,033   

Total 2008 Period to Date Sales

    $ 2,819      $ 1,723      $ 4,542   
YEAR-TO-DATE   
     US     Non-US     Total  

Price Increases/(Decreases)

      7 %      —          4 % 

Foreign Exchange

      —          -6 %      -2 % 

Volume

      5 %      3 %      4 % 
                        

Total Change

      12 %      -3 %      6 % 
                        

Total 2009 Period to Date Sales

    $ 11,909      $ 6,899      $ 18,808   

Total 2008 Period to Date Sales

    $ 10,611      $ 7,104      $ 17,715   

 

2

BRISTOL-MYERS SQUIBB COMPANY

CONSOLIDATED STATEMENT OF EARNINGS FROM CONTINUING OPERATIONS

($ in millions, except per share amounts)

 

     2008     2009     % 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 Sales

    $ 4,188      $ 4,475      $ 8,663      $ 4,510      $ 13,173      $ 4,542      $ 17,715      $ 4,322      $ 4,665      $ 8,987      $ 4,788      $ 13,775      $ 5,033      $ 18,808      11 %    6 % 

Cost of products sold

      1,318        1,398        2,716        1,346        4,062        1,254        5,316        1,165        1,225        2,390        1,317        3,707        1,433        5,140      14 %    -3 % 

Marketing, selling and administrative

      995        1,013        2,008        1,034        3,042        1,098        4,140        901        922        1,823        953        2,776        1,170        3,946      7 %    -5 % 

Advertising and product promotion

      235        325        560        265        825        356        1,181        248        298        546        256        802        334        1,136      -6 %    -4 % 

Research and development

      766        809        1,575        816        2,391        1,121        3,512        908        811        1,719        820        2,539        1,108        3,647      -1 %    4 % 

Acquired in-process research and development

      —          32        32        —          32        —          32        —          —          —          —          —          —          —        —        -100 % 

Provision for restructuring, net

      10        29        39        25        64        151        215        19        19        38        51        89        47        136      -69 %    -37 % 

Litigation expense, net

      —          2        2        30        32        1        33        104        28        132        —          132        —          132      -100 %    *   

Equity in net income of affiliates

      (164 )      (150 )      (314 )      (164 )      (478 )      (139 )      (617 )      (146 )      (150 )      (296 )      (139 )      (435 )      (115 )      (550 )    -17 %    -11 % 

Gain on sale of Imclone shares

      —          —          —          —          —          (895 )      (895 )      —          —          —          —          —          —          —        100 %    100 % 

Other (income)/expense, net

      30        (16 )      14        167        181        (159 )      22        (72 )      (10 )      (82 )      (35 )      (117 )      (264 )      (381 )    66 %    *   
                                                                                                                            

Total expenses

      3,190        3,442        6,632        3,519        10,151        2,788        12,939        3,127        3,143        6,270        3,223        9,493        3,713        13,206      33 %    2 % 

Earnings from Continuing Operations Before Income Taxes

    $ 998      $ 1,033      $ 2,031      $ 991      $ 3,022      $ 1,754      $ 4,776      $ 1,195      $ 1,522      $ 2,717      $ 1,565      $ 4,282      $ 1,320      $ 5,602      -25 %    17 % 

Provision for income taxes

      261        193        454        266        720        370        1,090        275        353        628        366        994        188        1,182      -49 %    8 % 
                                                                                                                            

Net Earnings from Continuing Operations

    $ 737      $ 840      $ 1,577      $ 725      $ 2,302      $ 1,384      $ 3,686      $ 920      $ 1,169      $ 2,089      $ 1,199      $ 3,288      $ 1,132      $ 4,420      -18 %    20 % 

Net Earnings Attributable to Noncontrolling Interest

      228        239        467        257        724        265        989        271        289        560        307        867        314        1,181      18 %    19 % 
                                                                                                                            

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 509      $ 601      $ 1,110      $ 468      $ 1,578      $ 1,119      $ 2,697      $ 649      $ 880      $ 1,529      $ 892      $ 2,421      $ 818      $ 3,239      -27 %    20 % 
                                                                                                                            

Contingently convertible debt interest expense and dividends attributable to unvested shares

      5        1        6        1        7        (5 )      3        (4 )      (5 )      (8 )      (5 )      (13 )      (4 )      (17 )    -20 %    *   
                                                                                                                            

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company

    $ 514      $ 602      $ 1,116      $ 469      $ 1,585      $ 1,114      $ 2,700      $ 645      $ 875      $ 1,521      $ 887      $ 2,408      $ 814      $ 3,222      -27 %    19 % 
                                                                                                                            

Diluted Earnings Attributable to Bristol-Myers Squibb Company per Common Share** - Continuing Operations

    $ 0.26      $ 0.30      $ 0.56      $ 0.23      $ 0.79      $ 0.56      $ 1.35      $ 0.33      $ 0.44      $ 0.77      $ 0.45      $ 1.21      $ 0.41      $ 1.63      -27 %    21 % 

Average Common Shares Outstanding - Diluted

      2,006        2,006        2,005        2,002        2,004        1,980        1,999        1,981        1,983        1,982        1,984        1,982        1,967        1,978      -1 %    -1 % 

Dividends declared per common share

    $ 0.31      $ 0.31      $ 0.62      $ 0.31      $ 0.93      $ 0.31      $ 1.24      $ 0.31      $ 0.31      $ 0.62      $ 0.31      $ 0.93      $ 0.32      $ 1.25      3 %    1 % 
% of Net
Sales		    2008     2009     Basis Point
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		  

Gross Margin

      68.5 %      68.8 %      68.6 %      70.2 %      69.2 %      72.4 %      70.0 %      73.0 %      73.7 %      73.4 %      72.5 %      73.1 %      71.5 %      72.7 %    (90 )    270   

Cost of products sold

      31.5 %      31.2 %      31.4 %      29.8 %      30.8 %      27.6 %      30.0 %      27.0 %      26.3 %      26.6 %      27.5 %      26.9 %      28.5 %      27.3 %    90      (270 ) 

Marketing, selling and administrative

      23.8 %      22.6 %      23.2 %      22.9 %      23.1 %      24.2 %      23.4 %      20.8 %      19.8 %      20.3 %      19.9 %      20.2 %      23.2 %      21.0 %    (100 )    (240 ) 

Advertising and product promotion

      5.6 %      7.3 %      6.5 %      5.9 %      6.3 %      7.8 %      6.7 %      5.7 %      6.4 %      6.1 %      5.3 %      5.8 %      6.6 %      6.0 %    (120 )    (70 ) 

Research and development

      18.3 %      18.1 %      18.2 %      18.1 %      18.2 %      24.7 %      19.8 %      21.0 %      17.4 %      19.1 %      17.1 %      18.4 %      22.0 %      19.4 %    (270 )    (40 ) 

Acquired in-process research and development

      —          0.7 %      0.4 %      —          0.2 %      —          0.2 %      —          —          —          —          —          —          —        —        (20 ) 

Total expenses

      76.2 %      76.9 %      76.6 %      78.0 %      77.1 %      61.4 %      73.0 %      72.4 %      67.4 %      69.8 %      67.3 %      68.9 %      73.8 %      70.2 %    1,240      (280 ) 

Earnings from Continuing Operations Before Income Taxes

      23.8 %      23.1 %      23.4 %      22.0 %      22.9 %      38.6 %      27.0 %      27.6 %      32.6 %      30.2 %      32.7 %      31.1 %      26.2 %      29.8 %    (1,240 )    280   

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company

      12.2 %      13.4 %      12.8 %      10.4 %      12.0 %      24.6 %      15.2 %      15.0 %      18.9 %      17.0 %      18.6 %      17.6 %      16.3 %      17.2 %    (830 )    200   

Other Ratios

                                 

Effective Tax Rate

      26.2 %      18.7 %      22.4 %      26.8 %      23.8 %      21.1 %      22.8 %      23.0 %      23.2 %      23.1 %      23.4 %      23.2 %      14.2 %      21.1 %    (690 )    (170 ) 
Other
(Income)/
Expense, net		    2008     2009     % 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

    $ 73      $ 80      $ 153      $ 84      $ 237      $ 73      $ 310      $ 52      $ 42      $ 94      $ 47      $ 141      $ 43      $ 184      -41 %    -41 % 

Interest income

      (43 )      (31 )      (74 )      (37 )      (111 )      (19 )      (130 )      (13 )      (14 )      (27 )      (13 )      (40 )      (14 )      (54 )    -26 %    -58 % 

ARS impairment charge

      25        —          25        224        247        58        305        —          —          —          —          —          —          —        -100 %    -100 % 

(Gain)/Loss on debt buyback and termination of interest rate swap agreements

      —          —          —          —          —          (57 )      (57 )      —          (11 )      (11 )      4        (7 )      —          (7 )    -100 %    -88 % 

Foreign exchange transaction losses/(gains)

      18        (2 )      16        (52 )      (36 )      (42 )      (78 )      (13 )      17        4        13        17        (15 )      2      -64 %    -103 % 

Gain on sale of product lines, businesses and assets

      (9 )      —          (9 )      —          (9 )      (159 )      (168 )      (44 )      (11 )      (55 )      (17 )      (72 )      (288 )      (360 )    81 %    114 % 

Medarex acquisition

      —          —          —          —          —          —          —          —          —          —          (10 )      (10 )      —          (10 )    —        —     

Net royalty income and amortization of upfront and milestone payments received from alliance partners

      (41 )      (41 )      (82 )      (42 )      (124 )      (17 )      (141 )      (35 )      (34 )      (69 )      (50 )      (119 )      (29 )      (148 )    71 %    5 % 

Pension settlements/curtailments

      —          —          —          —          —          8        8        —          25        25        —          25        18        43      125 %    *   

Other , net

      7        (22 )      (15 )      (10 )      (23 )      (4 )      (27 )      (19 )      (24 )      (43 )      (9 )      (52 )      21        (31 )    *      15 % 
                                                                                                                            
   $ 30      ($ 16 )    $ 14      $ 167      $ 181      ($ 159 )    $ 22      ($ 72 )    ($ 10 )    ($ 82 )    ($ 35 )    ($ 117 )      (264 )    ($ 381 )    66 %    *   

 

* in excess of +/- 200%
** quarterly amounts may not add to the year-to-date totals due to rounding of individual calculations.

 

3

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT

FOR THE PERIOD ENDED DECEMBER 31, 2009

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE

 

     2009    2008    Growth $     Growth %     Favorable /
(Unfavorable)
FX Impact $ *		     2009
Excluding FX		    Favorable /
(Unfavorable)
FX Impact % *		     Growth %
Excluding FX		  

Net sales

    $ 5,033    $ 4,542    491      11 %    141      4,892    4 %    7 % 

Marketing, selling and administrative (a)

      1,170      1,098    72      7 %    (43 )    1,127    -5 %    2 % 

Marketing, selling and administrative excluding specified items (b)

      1,025      1,053    (28 )    -3 %    (44 )    981    -4 %    -7 % 

Advertising and product promotion

      334      356    (22 )    -6 %    (11 )    323    -3 %    -9 % 

Advertising and product promotion excluding specified items (b)

      334      356    (22 )    -6 %    (11 )    323    -3 %    -9 % 

Research and development

      1,108      1,121    (13 )    -1 %    (11 )    1,097    -1 %    -2 % 

Research and development excluding specified items (b)

      935      848    87      10 %    (11 )    924    -1 %    9 % 

(a) General and administrative

      540      494    46      9 %    (13 )    527    -3 %    6 % 

General and administrative excluding specified items (c)

      395      449    (54 )    -12 %    (14 )    381    -2 %    -14 % 

(b) Please refer to the Specified Items QTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation.

(c) The following table provides a reconciliation table of General and administrative GAAP to Non-GAAP figures:

 

     2009    2008

General and administrative

    540    494

Specified Items:

      

Process standardization implementation costs

    45    45

BMS foundation funding initiative

    100    —  
         

General and administrative excluding specified items

    395    449
         

YEAR-TO-DATE

 

     2009    2008    Growth $     Growth %     Favorable /
(Unfavorable)
FX Impact $ *		     2009
Excluding FX		    Favorable /
(Unfavorable)
FX Impact % *		     Growth %
Excluding FX		  

Net sales

    $ 18,808    $ 17,715    1,093      6 %    (427 )    19,235    -2 %    8 % 

Marketing, selling and administrative (a)

      3,946      4,140    (194 )    -5 %    88      4,034    2 %    -3 % 

Marketing, selling and administrative excluding specified items (b)

      3,736      4,031    (295 )    -7 %    86      3,822    2 %    -5 % 

Advertising and product promotion

      1,136      1,181    (45 )    -4 %    21      1,157    2 %    -2 % 

Advertising and product promotion excluding specified items (b)

      1,136      1,181    (45 )    -4 %    21      1,157    2 %    -2 % 

Research and development

      3,647      3,512    135      4 %    51      3,698    1 %    5 % 

Research and development excluding specified items (b)

      3,300      3,151    149      5 %    51      3,351    1 %    6 % 

(a) General and administrative

      1,594      1,727    (133 )    -8 %    27      1,621    2 %    -6 % 

General and administrative excluding specified items (c)

      1,384      1,618    (234 )    -14 %    25      1,409    2 %    -12 % 

(b) Please refer to the Specified Items YTD tab for detail of specified items and the GAAP to Non-GAAP P&L tab for reconciliation.

(c) The following table provides a reconciliation table of General and administrative GAAP to Non-GAAP figures:

 

     2009    2008

General and administrative

    1,594    1,727

Specified Items:

      

Process standardization implementation costs

    110    109

BMS foundation funding initiative

    100    —  
         

General and administrative excluding specified items

    1,384    1,618
         

* The company calculates the foreign exchange (FX) impact by determining the change in a line item’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.

 

4

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP AND NON-GAAP GROWTH DOLLARS AND PERCENTAGES EXCLUDING FOREIGN EXCHANGE IMPACT

FOR THE PERIOD ENDED DECEMBER 31, 2009

(Unaudited, amounts in millions except per share data)

QUARTER-TO-DATE

 

      2009    2008    Growth $     Growth %     Favorable /
(Unfavorable)
FX Impact $ *		    2009
Excluding FX		    Favorable /
(Unfavorable)
FX Impact % *		     Growth %
Excluding FX		  

Plavix

    1,618    1,469    149      10 %    20    1,598    2 %    8 % 

Avapro/Avalide

    339    316    23      7 %    17    322    5 %    2 % 

Abilify

    707    606    101      17 %    9    698    2 %    15 % 

Reyataz

    388    329    59      18 %    12    376    5 %    13 % 

Sustiva Franchise

    358    300    58      19 %    2    356    1 %    18 % 

Baraclude

    212    153    59      39 %    5    207    5 %    34 % 

Orencia

    168    129    39      30 %    2    166    2 %    28 % 

Erbitux

    167    182    (15 )    -8 %    —      167    —        -8 % 

Sprycel

    119    86    33      38 %    5    114    9 %    29 % 

Ixempra

    28    25    3      12 %    —      28    —        12 % 

Onglyza

    4    —      4      N/A      —      4    N/A      N/A   

YEAR-TO-DATE

 

     2009    2008    Growth $     Growth %     Favorable /
(Unfavorable)
FX Impact $ *		     2009
Excluding FX		    Favorable /
(Unfavorable)
FX Impact % *		     Growth %
Excluding FX		  

Plavix

    6,146    5,603    543      10 %    (33 )    6,179    —        10 % 

Avapro/Avalide

    1,283    1,290    (7 )    -1 %    (33 )    1,316    -3 %    2 % 

Abilify

    2,592    2,153    439      20 %    (47 )    2,639    -2 %    22 % 

Reyataz

    1,401    1,292    109      8 %    (52 )    1,453    -4 %    12 % 

Sustiva Franchise

    1,277    1,149    128      11 %    (50 )    1,327    -4 %    15 % 

Baraclude

    734    541    193      36 %    (25 )    759    -4 %    40 % 

Orencia

    602    441    161      37 %    (11 )    613    -2 %    39 % 

Erbitux

    683    749    (66 )    -9 %    —        683    —        -9 % 

Sprycel

    421    310    111      36 %    (24 )    445    -6 %    42 % 

Ixempra

    109    101    8      8 %    —        109    —        8 % 

Onglyza

    24    —      24      N/A      —        24    N/A      N/A   

 

* The company calculates the foreign exchange (FX) impact by determining the change in a product’s current and prior period results at a common exchange rate and comparing this change to the actual reported change from the same period. This difference is determined to be the FX impact.

 

5

BRISTOL-MYERS SQUIBB COMPANY

WORLDWIDE NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

 

     2008    2009    % Change     FX Impact  
     1st Qtr    2nd Qtr    6 Months    3rd Qtr    9 Months    4th Qtr    Year    1st Qtr    2nd Qtr    6 Months    3rd Qtr    9 Months    4th Qtr    Year    Qtr
vs.
Qtr		     YTD
vs.
YTD		     Qtr
vs.
Qtr		     YTD
vs.
YTD		  

TOTAL

    4,188    4,475    8,663    4,510    13,173    4,542    17,715    4,322    4,665    8,987    4,788    13,775    5,033    18,808    11 %    6 %    4 %    -2 % 

Cardiovascular

    1,828    1,933    3,761    1,948    5,709    1,942    7,651    1,892    2,050    3,942    2,055    5,997    2,118    8,115    9 %    6 %    3 %    -1 % 

Plavix

    1,308    1,387    2,695    1,439    4,134    1,469    5,603    1,435    1,539    2,974    1,554    4,528    1,618    6,146    10 %    10 %    2 %    —     

Avapro/Avalide

    305    335    640    334    974    316    1,290    302    313    615    329    944    339    1,283    7 %    -1 %    5 %    -3 % 

Virology

    734    791    1,525    824    2,349    812    3,161    794    848    1,642    890    2,532    981    3,513    21 %    11 %    4 %    -4 % 

Reyataz

    297    324    621    342    963    329    1,292    322    331    653    360    1,013    388    1,401    18 %    8 %    5 %    -4 % 

Sustiva Franchise (a)

    273    282    555    294    849    300    1,149    292    312    604    315    919    358    1,277    19 %    11 %    1 %    -4 % 

Baraclude

    108    136    244    144    388    153    541    152    179    331    191    522    212    734    39 %    36 %    5 %    -4 % 

Oncology

    436    474    910    447    1,357    462    1,819    407    450    857    447    1,304    437    1,741    -5 %    -4 %    3 %    -1 % 

Erbitux

    187    196    383    184    567    182    749    164    173    337    179    516    167    683    -8 %    -9 %    —        —     

Sprycel

    66    76    142    82    224    86    310    88    107    195    107    302    119    421    38 %    36 %    9 %    -6 % 

Ixempra

    25    26    51    25    76    25    101    24    29    53    28    81    28    109    12 %    8 %    —        —     

Neuroscience

    498    575    1,073    607    1,680    641    2,321    621    660    1,281    668    1,949    727    2,676    13 %    15 %    2 %    -2 % 

Abilify (b)

    454    529    983    564    1,547    606    2,153    589    643    1,232    653    1,885    707    2,592    17 %    20 %    2 %    -2 % 

Immunoscience

    87    106    193    119    312    129    441    124    148    272    162    434    168    602    30 %    37 %    2 %    -2 % 

Orencia

    87    106    193    119    312    129    441    124    148    272    162    434    168    602    30 %    37 %    2 %    -2 % 

Metabolics

    25    27    52    30    82    22    104    25    36    61    52    113    30    143    36 %    38 %    -1 %    1 % 

Onglyza

    —      —      —      —      —      —      —      —      —      —      20    20    4    24    N/A      N/A      N/A      N/A   

 

* In excess of +/- 200%
(a) The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.
(b) Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

 

6

BRISTOL-MYERS SQUIBB COMPANY

DOMESTIC NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

 

     2008    2009    % Change     % Change in U.S.
Total Prescription**		  
   1st Qtr    2nd Qtr    6 Months    3rd Qtr    9 Months    4th Qtr    Year    1st Qtr    2nd Qtr    6 Months    3rd Qtr    9 Months    4th Qtr    Year    Qtr
vs.
Qtr		     YTD
vs.
YTD		     Qtr
vs.
Qtr		     YTD
vs.
YTD		  

TOTAL

    2,459    2,625    5,084    $ 2,708    7,792    2,819    10,611    2,784    2,977    5,761    3,021    8,782    3,127    11,909    11 %    12 %     

Cardiovascular

    1,366    1,437    2,803      1,474    4,277    1,521    5,798    1,515    1,652    3,167    1,650    4,817    1,693    6,510    11 %    12 %     

Plavix

    1,139    1,207    2,346      1,263    3,609    1,311    4,920    1,296    1,393    2,689    1,406    4,095    1,461    5,556    11 %    13 %    4 %    4 % 

Avapro/Avalide

    174    184    358      189    547    188    735    173    179    352    186    538    184    722    -2 %    -2 %    -9 %    -9 % 

Virology

    378    376    754      405    1,159    407    1,566    406    404    810    424    1,234    466    1,700    14 %    9 %     

Reyataz

    160    159    319      176    495    172    667    176    169    345    186    531    196    727    14 %    9 %    9 %    8 % 

Sustiva Franchise (a)

    175    171    346      185    531    193    724    190    194    384    195    579    224    803    16 %    11 %    12 %    10 % 

Baraclude

    29    35    64      36    100    40    140    36    39    75    41    116    44    160    10 %    14 %    14 %    13 % 

Oncology

    237    254    491      234    725    246    971    218    233    451    233    684    219    903    -11 %    -7 %     

Erbitux

    185    193    378      182    560    179    739    162    171    333    175    508    163    671    -9 %    -9 %    N/A      N/A   

Sprycel

    20    21    41      21    62    30    92    30    33    63    28    91    32    123    7 %    34 %    14 %    18 % 

Ixempra

    25    26    51      24    75    23    98    22    26    48    26    74    25    99    9 %    1 %    N/A      N/A   

Neuroscience

    359    413    772      449    1,221    502    1,723    491    513    1,004    520    1,524    566    2,090    13 %    21 %     

Abilify (b)

    348    403    751      435    1,186    490    1,676    481    518    999    520    1,519    563    2,082    15 %    24 %    19 %    26 % 

Immunoscience

    73    87    160      97    257    106    363    99    116    215    126    341    126    467    19 %    29 %     

Orencia

    73    87    160      97    257    106    363    99    116    215    126    341    126    467    19 %    29 %    N/A      N/A   

Metabolics

    15    16    31      17    48    9    57    11    21    32    36    68    12    80    33 %    40 %     

Onglyza

    —      —      —        —      —      —      —      —      —      —      20    20    2    22    N/A      N/A      N/A      N/A   

 

*

In excess of +/- 200%

**

In the first quarter of 2009, the Company changed its service provider for U.S prescription data to Wolters Kluwer Health, Inc. (WK) for external reporting purposes and internal demand for most products. Prior to 2009, the Company used prescription data based on the Next-Generation Prescription Service Version 2.0 (NGPS) of the National Prescription Audit provided by IMS Health (IMS). The estimated total U.S. prescription change for the retail and mail order channels are calculated based on WK data on a weighted-average basis. The weighted-average basis reflects the fact that mail order prescriptions include a greater volume of product supplied compared to retail prescriptions, which on average are 90 days for mail order and 30 days for retail. The calculation is derived by multiplying WK mail order prescription data by a factor that approximates three and adding to this the WK retail prescriptions.

(a)

The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla. The change in U.S. total prescriptions growth for the Sustiva Franchise includes both branded Sustiva and Atripla prescription units.

(b)

Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

 

7

BRISTOL-MYERS SQUIBB COMPANY

INTERNATIONAL NET SALES FROM CONTINUING OPERATIONS BY PRODUCT

QUARTERLY SALES TREND ANALYSIS

($ in millions)

 

     2008    2009    % Change     FX Impact  
   1st Qtr    2nd Qtr    6 Months    3rd Qtr    9 Months    4th Qtr    Year    1st Qtr    2nd Qtr    6 Months    3rd Qtr    9 Months    4th Qtr    Year    Qtr
vs.
Qtr		     YTD
vs.
YTD		     Qtr
vs.
Qtr		     YTD
vs.
YTD		  

TOTAL

    1,729    1,850    3,579    1,802    5,381    1,723    7,104    1,538    1,688    3,226    1,767    4,993    1,906    6,899    11 %    -3 %    9 %    -6 % 

Cardiovascular

    462    496    958    474    1,432    421    1,853    377    398    775    405    1,180    425    1,605    1 %    -13 %    11 %    -6 % 

Plavix

    169    180    349    176    525    158    683    139    146    285    148    433    157    590    -1 %    -14 %    11 %    -5 % 

Avapro/Avalide

    131    151    282    145    427    128    555    129    134    263    143    406    155    561    21 %    1 %    15 %    -6 % 

Virology

    356    415    771    419    1,190    405    1,595    388    444    832    466    1,298    515    1,813    27 %    14 %    8 %    -7 % 

Reyataz

    137    165    302    166    468    157    625    146    162    308    174    482    192    674    22 %    8 %    9 %    -8 % 

Sustiva Franchise (a)

    98    111    209    109    318    107    425    102    118    220    120    340    134    474    25 %    12 %    4 %    -11 % 

Baraclude

    79    101    180    108    288    113    401    116    140    256    150    406    168    574    49 %    43 %    8 %    -5 % 

Oncology

    199    220    419    213    632    216    848    189    217    406    214    620    218    838    1 %    -1 %    6 %    -2 % 

Erbitux

    2    3    5    2    7    3    10    2    2    4    4    8    4    12    33 %    20 %    2 %    -4 % 

Sprycel

    46    55    101    61    162    56    218    58    74    132    79    211    87    298    55 %    37 %    16 %    -9 % 

Ixempra

    —      —      —      1    1    2    3    2    3    5    2    7    3    10    50 %    *      N/A      N/A   

Neuroscience

    139    162    301    158    459    139    598    130    147    277    148    425    161    586    16 %    -2 %    10 %    -8 % 

Abilify (b)

    106    126    232    129    361    116    477    108    125    233    133    366    144    510    24 %    7 %    11 %    -9 % 

Immunoscience

    14    19    33    22    55    23    78    25    32    57    36    93    42    135    83 %    73 %    19 %    -9 % 

Orencia

    14    19    33    22    55    23    78    25    32    57    36    93    42    135    83 %    73 %    19 %    -9 % 

Metabolics

    10    11    21    13    34    13    47    14    15    29    16    45    18    63    38 %    34 %    -1 %    2 % 

Onglyza

    —      —      —      —      —      —      —      —      —      —      —      —      2    2    N/A      N/A      N/A      N/A   

 

*

In excess of +/- 200%

(a)

The Sustiva Franchise includes sales of Sustiva, as well as revenue of bulk efavirenz included in the combination therapy, Atripla.

(b)

Includes alliance revenue from the co-promotional agreement with Otsuka Pharmaceutical Co., Ltd.

 

8

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2008

(Unaudited, amounts in millions except per share data)

 

     Q1 2008  
     GAAP     Specified
Items		     Non
GAAP		  

Net Sales

    $ 4,188      —        $ 4,188   

Cost of products sold

      1,318      (96 )      1,222   
                  

Gross Profit

      2,870      96        2,966   

Gross margin as a % of sales

      68.5 %    2.3 %      70.8 % 

Marketing, selling and administrative

      995      (15 )      980   

Advertising and product promotion

      235      —          235   
                  

Total SGA

      1,230      (15 )      1,215   

SG&A as a % of sales

      29.4 %    (0.4 )%      29.0 % 

Research and development

      766      (20 )      746   

R&D as a % of sales

      18.3 %    (0.5 )%      17.8 % 

Operating Margins

       
     874      131        1,005   

Operating Margins as a % of sales

      20.9 %    3.1 %      24.0 % 

Provision for restructuring, net

      10      (10 )      —     

Litigation expense, net

      —        —          —     

Equity in net income of affiliates

      (164 )    —          (164 ) 

Other income, net

      30      (32 )      (2 ) 
                  

Earnings from Continuing Operations Before Income Taxes

    $ 998      173      $ 1,171   

Provision for income taxes

      261      33        294   
                  

Net Earnings - Continuing Operations

    $ 737      140      $ 877   

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest

      228          228   
                  

Net Earnings - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 509      140      $ 649   

Contingently convertible debt interest expense and dividends attributable to unvested shares

      5          5   
                  

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company

    $ 514      140      $ 654   

Average Common Shares Outstanding - Diluted

      2,006          2,006   

Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 0.26      0.07      $ 0.33   

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales

      12.2 %    3.3 %      15.5 % 

Effective Tax Rate

      26.2 %    (1.1 )%      25.1 % 

 

9

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED JUNE 30, 2008

(Unaudited, amounts in millions except per share data)

 

     Q2 2008  
     GAAP     Specified
Items		     Non
GAAP		  

Net Sales

    $ 4,475      —        $ 4,475   

Cost of products sold

      1,398      (58 )      1,340   
                  

Gross Profit

      3,077      58        3,135   

Gross margin as a % of sales

      68.8 %    1.3 %      70.1 % 

Marketing, selling and administrative

      1,013      (21 )      992   

Advertising and product promotion

      325      —          325   
                  

Total SGA

      1,338      (21 )      1,317   

SG&A as a % of sales

      29.9 %    (0.5 )%      29.4 % 

Research and development

      809      (31 )      778   

R&D as a % of sales

      18.1 %    (0.7 )%      17.4 % 

Operating Margins

       
     930      110        1,040   

Operating Margins as a % of sales

      20.8 %    2.4 %      23.2 % 

Acquired in-process research and development

      32      (32 )      —     

Provision for restructuring, net

      29      (29 )      —     

Litigation expense, net

      2      (2 )      —     

Equity in net income of affiliates

      (150 )    —          (150 ) 

Other income, net

      (16 )    2        (14 ) 
                  

Earnings from Continuing Operations Before Income Taxes

    $ 1,033      171      $ 1,204   

Provision for income taxes

      193      34        227   
                  

Net Earnings - Continuing Operations

    $ 840      137      $ 977   

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest

      239          239   
                  

Net Earnings - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 601      137      $ 738   

Contingently convertible debt interest expense and dividends attributable to unvested shares

      1          1   
                  

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company

    $ 602      137      $ 739   

Average Common Shares Outstanding - Diluted

      2,006          2,006   

Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 0.30      0.07      $ 0.37   

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales

      13.4 %    3.1 %      16.5 % 

Effective Tax Rate

      18.7 %    0.2 %      18.9 % 

 

10

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008

(Unaudited, amounts in millions except per share data)

 

     Q3 2008  
     GAAP     Specified
Items		     Non
GAAP		  

Net Sales

    $ 4,510      —        $ 4,510   

Cost of products sold

      1,346      (53 )      1,293   
                  

Gross Profit

      3,164      53        3,217   

Gross margin as a % of sales

      70.2 %    1.1 %      71.3 % 

Marketing, selling and administrative

      1,034      (28 )      1,006   

Advertising and product promotion

      265      —          265   
                  

Total SGA

      1,299      (28 )      1,271   

SG&A as a % of sales

      28.8 %    (0.6 )%      28.2 % 

Research and development

      816      (37 )      779   

R&D as a % of sales

      18.1 %    (0.8 )%      17.3 % 

Operating Margins

       
     1,049      118        1,167   

Operating Margins as a % of sales

      23.3 %    2.6 %      25.9 % 

Provision for restructuring, net

      25      (25 )      —     

Litigation expense, net

      30      (30 )      —     

Equity in net income of affiliates

      (164 )    —          (164 ) 

Other income, net

      167      (226 )      (59 ) 
                  

Earnings from Continuing Operations Before Income Taxes

    $ 991      399      $ 1,390   

Provision for income taxes

      266      83        349   
                  

Net Earnings - Continuing Operations

    $ 725      316      $ 1,041   

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest

      257          257   
                  

Net Earnings - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 468      316      $ 784   

Contingently convertible debt interest expense and dividends attributable to unvested shares

      1          1   
                  

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company

    $ 469      316      $ 785   

Average Common Shares Outstanding - Diluted

      2,002          2,002   

Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 0.23      0.16      $ 0.39   

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales

      10.4 %    7.0 %      17.4 % 

Effective Tax Rate

      26.8 %    (1.7 )%      25.1 % 

 

11

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2008

(Unaudited, amounts in millions except per share data)

 

     Q4 2008  
     GAAP     Specified
Items		     Non
GAAP		  

Net Sales

    $ 4,542      —        $ 4,542   

Cost of products sold

      1,254      (42 )      1,212   
                  

Gross Profit

      3,288      42        3,330   

Gross margin as a % of sales

      72.4 %    0.9 %      73.3 % 

Marketing, selling and administrative

      1,098      (45 )      1,053   

Advertising and product promotion

      356      —          356   
                  

Total SGA

      1,454      (45 )      1,409   

SG&A as a % of sales

      32.0 %    (1.0 )%      31.0 % 

Research and development

      1,121      (273 )      848   

R&D as a % of sales

      24.7 %    (6.0 )%      18.7 % 

Operating Margins

       
     713      360        1,073   

Operating Margins as a % of sales

      15.7 %    7.9 %      23.6 % 

Acquired in-process research and development

      —        —          —     

Provision for restructuring, net

      151      (151 )      —     

Litigation expense, net

      1      (1 )      —     

Gain on sale of Imclone shares

      (895 )    895        —     

Equity in net income of affiliates

      (139 )    —          (139 ) 

Other income, net

      (159 )    137        (22 ) 
                  

Earnings from Continuing Operations Before Income Taxes

    $ 1,754      (520 )    $ 1,234   

Provision for income taxes

      370      (205 )      165   
                  

Net Earnings - Continuing Operations

    $ 1,384      (315 )    $ 1,069   

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest

      265          265   
                  

Net Earnings - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 1,119      (315 )    $ 804   

Contingently convertible debt interest expense and dividends attributable to unvested shares

      (5 )        (5 ) 
                  

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company

    $ 1,114      (315 )    $ 799   

Average Common Shares Outstanding - Diluted

      1,980          1,980   

Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 0.56      (0.16 )    $ 0.40   

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales

      24.6 %    (6.9 )%      17.7 % 

Effective Tax Rate

      21.1 %    (7.7 )%      13.4 % 

 

12

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2008

(Unaudited, amounts in millions except per share data)

 

     DECEMBER YTD 2008  
     GAAP     Specified
Items		     Non
GAAP		  

Net Sales

    $ 17,715      —        $ 17,715   

Cost of products sold

      5,316      (249 )      5,067   
                  

Gross Profit

      12,399      249        12,648   

Gross margin as a % of sales

      70.0 %    1.4 %      71.4 % 

Marketing, selling and administrative

      4,140      (109 )      4,031   

Advertising and product promotion

      1,181      —          1,181   
                  

Total SGA

      5,321      (109 )      5,212   

SG&A as a % of sales

      30.0 %    (0.6 )%      29.4 % 

Research and development

      3,512      (361 )      3,151   

R&D as a % of sales

      19.8 %    (2.0 )%      17.8 % 

Operating Margins

       
     3,566      719        4,285   

Operating Margins as a % of sales

      20.1 %    4.1 %      24.2 % 

Acquired in-process research and development

      32      (32 )      —     

Provision for restructuring, net

      215      (215 )      —     

Litigation expense, net

      33      (33 )   

Gain on sale of Imclone shares

      (895 )    895        —     

Equity in net income of affiliates

      (617 )    —          (617 ) 

Other income, net

      22      (119 )      (97 ) 

Earnings from Continuing Operations Before Income Taxes

    $ 4,776      223      $ 4,999   

Provision for income taxes

      1,090      (55 )      1,035   
                  

Net Earnings - Continuing Operations

    $ 3,686      278      $ 3,964   

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest

      989          989   
                  

Net Earnings - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 2,697      278      $ 2,975   

Contingently convertible debt interest expense and dividends attributable to unvested shares

      3          3   
                  

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company

    $ 2,700      278      $ 2,978   

Average Common Shares Outstanding - Diluted

      1,999          1,999   

Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 1.35      0.14      $ 1.49   

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales

      15.2 %    1.6 %      16.8 % 

Effective Tax Rate

      22.8 %    (2.1 )%      20.7 % 

 

13

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2009

(Unaudited, amounts in millions except per share data)

 

     Q1 2009  
     GAAP     Specified
Items		     Non
GAAP		  

Net Sales

    $ 4,322      —        $ 4,322   

Cost of products sold

      1,165      (34 )      1,131   
                  

Gross Profit

      3,157      34        3,191   

Gross margin as a % of sales

      73.0 %    0.8 %      73.8 % 

Marketing, selling and administrative

      901      (20 )      881   

Advertising and product promotion

      248      —          248   
                  

Total SGA

      1,149      (20 )      1,129   

SG&A as a % of sales

      26.6 %    (0.5 )%      26.1 % 

Research and development

      908      (145 )      763   

R&D as a % of sales

      21.0 %    (3.3 )%      17.7 % 

Operating Margins

       
     1,100      199        1,299   

Operating Margins as a % of sales

      25.5 %    4.6 %      30.1 % 

Provision for restructuring, net

      19      (19 )      —     

Litigation expense, net

      104      (104 )   

Equity in net income of affiliates

      (146 )    —          (146 ) 

Other income, net

      (72 )    49        (23 ) 
                  

Earnings from Continuing Operations Before Income Taxes

    $ 1,195      273      $ 1,468   

Provision for income taxes

      275      93        368   
                  

Net Earnings - Continuing Operations

    $ 920      180      $ 1,100   

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest

      271          271   
                  

Net Earnings - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 649      180      $ 829   

Contingently convertible debt interest expense and dividends attributable to unvested shares

      (4 )        (4 ) 
                  

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company

    $ 645      180      $ 825   

Average Common Shares Outstanding - Diluted

      1,981          1,981   

Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 0.33      0.09      $ 0.42   

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales

      15.0 %    4.2 %      19.2 % 

Effective Tax Rate

      23.0 %    2.1 %      25.1 % 

 

14

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED JUNE 30, 2009

(Unaudited, amounts in millions except per share data)

 

     Q2 2009  
     GAAP     Specified
Items		     Non
GAAP		  

Net Sales

    $ 4,665      —        $ 4,665   

Cost of products sold

      1,225      (24 )      1,201   
                  

Gross Profit

      3,440      24        3,464   

Gross margin as a % of sales

      73.7 %    0.6 %      74.3 % 

Marketing, selling and administrative

      922      (25 )      897   

Advertising and product promotion

      298      —          298   
                  

Total SGA

      1,220      (25 )      1,195   

SG&A as a % of sales

      26.2 %    (0.6 )%      25.6 % 

Research and development

      811      (29 )      782   

R&D as a % of sales

      17.4 %    (0.6 )%      16.8 % 

Operating Margins

       
     1,409      78        1,487   

Operating Margins as a % of sales

      30.2 %    1.7 %      31.9 % 

Provision for restructuring, net

      19      (19 )      —     

Litigation expense, net

      28      (28 )   

Equity in net income of affiliates

      (150 )    —          (150 ) 

Other income, net

      (10 )    (3 )      (13 ) 
                  

Earnings from Continuing Operations Before Income Taxes

    $ 1,522      128      $ 1,650   

Provision for income taxes

      353      42        395   
                  

Net Earnings - Continuing Operations

    $ 1,169      86      $ 1,255   

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest

      289          289   
                  

Net Earnings - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 880      86      $ 966   

Contingently convertible debt interest expense and dividends attributable to unvested shares

      (5 )        (5 ) 
                  

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company

    $ 875      86      $ 961   

Average Common Shares Outstanding - Diluted

      1,983          1,983   

Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 0.44      0.04      $ 0.48   

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales

      18.9 %    1.8 %      20.7 % 

Effective Tax Rate

      23.2 %    0.7 %      23.9 % 

 

15

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009

(Unaudited, amounts in millions except per share data)

 

     Q3 2009  
     GAAP     Specified
Items		     Non
GAAP		  

Net Sales

    $ 4,788      —        $ 4,788   

Cost of products sold

      1,317      (30 )      1,287   
                  

Gross Profit

      3,471      30        3,501   

Gross margin as a % of sales

      72.5 %    0.6 %      73.1 % 

Marketing, selling and administrative

      953      (20 )      933   

Advertising and product promotion

      256      —          256   
                  

Total SGA

      1,209      (20 )      1,189   

SG&A as a % of sales

      25.3 %    (0.5 )%      24.8 % 

Research and development

      820      —          820   

R&D as a % of sales

      17.1 %    —          17.1 % 

Operating Margins

       
     1,442      50        1,492   

Operating Margins as a % of sales

      30.1 %    1.1 %      31.2 % 

Provision for restructuring, net

      51      (51 )      —     

Litigation expense, net

      —        —       

Equity in net income of affiliates

      (139 )    —          (139 ) 

Other income, net

      (35 )    23        (12 ) 
                  

Earnings from Continuing Operations Before Income Taxes

    $ 1,565      78      $ 1,643   

Provision for income taxes

      366      26        392   
                  

Net Earnings - Continuing Operations

    $ 1,199      52      $ 1,251   

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest

      307          307   
                  

Net Earnings - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 892      52      $ 944   

Contingently convertible debt interest expense and dividends attributable to unvested shares

      (5 )        (5 ) 
                  

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company

    $ 887      52      $ 939   

Average Common Shares Outstanding - Diluted

      1,984          1,984   

Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 0.45      0.02      $ 0.47   

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales

      18.6 %    1.1 %      19.7 % 

Effective Tax Rate

      23.4 %    0.5 %      23.9 % 

 

16

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2009

(Unaudited, amounts in millions except per share data)

 

     Q4 2009  
     GAAP     Specified
Items		     Non
GAAP		  

Net Sales

    $ 5,033      —        $ 5,033   

Cost of products sold

      1,433      (35 )      1,398   
                  

Gross Profit

      3,600      35        3,635   

Gross margin as a % of sales

      71.5 %    0.7 %      72.2 % 

Marketing, selling and administrative

      1,170      (145 )      1,025   

Advertising and product promotion

      334      —          334   
                  

Total SGA

      1,504      (145 )      1,359   

SG&A as a % of sales

      29.9 %    (2.9 )%      27.0 % 

Research and development

      1,108      (173 )      935   

R&D as a % of sales

      22.0 %    (3.4 )%      18.6 % 

Operating Margins

       
     988      353        1,341   

Operating Margins as a % of sales

      19.6 %    7.0 %      26.6 % 

Provision for restructuring, net

      47      (47 )      —     

Litigation expense, net

      —        —          —     

Equity in net income of affiliates

      (115 )    —          (115 ) 

Other income, net

      (264 )    246        (18 ) 
                  

Earnings from Continuing Operations Before Income Taxes

    $ 1,320      154      $ 1,474   

Provision for income taxes

      188      44        232   
                  

Net Earnings - Continuing Operations

    $ 1,132      110      $ 1,242   

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest

      314          314   
                  

Net Earnings - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 818      110      $ 928   

Contingently convertible debt interest expense and dividends attributable to unvested shares

      (4 )        (4 ) 
                  

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company

    $ 814      110      $ 924   

Average Common Shares Outstanding - Diluted

      1,967          1,967   

Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 0.41      0.06      $ 0.47   

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales

      16.3 %    2.1 %      18.4 % 

Effective Tax Rate

      14.2 %    1.5 %      15.7 % 

 

17

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP RESULTS OF CONTINUING OPERATIONS

TO NON-GAAP RESULTS OF CONTINUING OPERATIONS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2009

(Unaudited, amounts in millions except per share data)

 

     DECEMBER YTD 2009  
     GAAP     Specified
Items		     Non
GAAP		  

Net Sales

    $ 18,808      —        $ 18,808   

Cost of products sold

      5,140      (123 )      5,017   
                  

Gross Profit

      13,668      123        13,791   

Gross margin as a % of sales

      72.7 %    0.6 %      73.3 % 

Marketing, selling and administrative

      3,946      (210 )      3,736   

Advertising and product promotion

      1,136      —          1,136   
                  

Total SGA

      5,082      (210 )      4,872   

SG&A as a % of sales

      27.0 %    (1.1 )%      25.9 % 

Research and development

      3,647      (347 )      3,300   

R&D as a % of sales

      19.4 %    (1.9 )%      17.5 % 

Operating Margins

       
     4,939      680        5,619   

Operating Margins as a % of sales

      26.3 %    3.6 %      29.9 % 

Provision for restructuring, net

      136      (136 )      —     

Litigation expense, net

      132      (132 )      —     

Equity in net income of affiliates

      (550 )    —          (550 ) 

Other income, net

      (381 )    315        (66 ) 
                  

Earnings from Continuing Operations Before Income Taxes

    $ 5,602      633      $ 6,235   

Provision for income taxes

      1,182      205        1,387   
                  

Net Earnings - Continuing Operations

    $ 4,420      428      $ 4,848   

Net Earnings - Continuing Operations Attributable to Noncontrolling Interest

      1,181          1,181   
                  

Net Earnings - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 3,239      428      $ 3,667   

Contingently convertible debt interest expense and dividends attributable to unvested shares

      (17 )        (17 ) 
                  

Net Earnings used for Diluted EPS Calc - Continuing Operations-Attributable to Bristol-Myers Squibb Company

    $ 3,222      428      $ 3,650   

Average Common Shares Outstanding - Diluted

      1,978          1,978   

Diluted EPS - Continuing Operations Attributable to Bristol-Myers Squibb Company

    $ 1.63      0.22      $ 1.85   

Net Earnings from Continuing Operations Attributable to Bristol-Myers Squibb Company as a % of sales

      17.2 %    2.3 %      19.5 % 

Effective Tax Rate

      21.1 %    1.1 %      22.2 % 

 

18

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2009 AND 2008

($ in millions)

Three months ended December 31, 2009

 

     Cost of
products
sold		    Marketing
selling and
administrative		    Research
and
development		    Provision for
restructuring,
net		    Other
(income)/
expense,
net		     Total  

Productivity Transformation Initiative:

                 

Downsizing and streamlining of worldwide operations

    $ —      $ —      $ —      $ 42    $ —        $ 42   

Accelerated depreciation, asset impairment, and other shutdown costs

      29      —        —        5      —          34   

Pension settlements/curtailments

      —        —        —        —        11        11   

Process standardization implementation costs

      —        45      —        —        —          45   

Gain on sale of product lines, businesses and assets

      —        —        —        —        (288 )      (288 ) 
                                            

Total PTI

      29      45      —        47      (277 )      (156 ) 

Other:

                 

Accelerated depreciation

      6      —        —        —        —          6   

BMS foundation funding initiative

      —        100      —        —        —          100   

Loss on sale of investments

      —        —              31        31   

Upfront and milestone payments

      —        —        173      —        —          173   
                                            

Total

    $ 35    $ 145    $ 173    $ 47    $ (246 )      154   
                                      

Income taxes on items above

                    (44 ) 
                      

Decrease to Net Earnings

                  $ 110   
                      

Three months ended December 31, 2008

 

     Cost of
products
sold		    Marketing
selling and
administrative		    Research
and
development		    Provision for
restructuring,
net		    Litigation
expense,
net		    Gain on
sale of
Imclone
shares		     Other
(income)/
expense,
net		     Total  

Productivity Transformation Initiative:

                      

Downsizing and streamlining of worldwide operations

    $ —      $ —      $ —      $ 122    $ —      $ —        $ —        $ 122   

Accelerated depreciation and other shutdown costs

      6      —        —        20      —        —          8        34   

Pension settlements/curtailments

      9      —        —        —        —        —          8        17   

Process standardization implementation costs

      —        45      —        —        —        —          —          45   

Termination of lease contracts

      —        —        —        9      —        —          6        15   

Gain on sale of product lines and businesses

      —        —        —        —        —        —          (159 )      (159 ) 
                                                           
     15      45      —        151      —        —          (137 )      74   

Other:

                      

Litigation charges

      —        —        —        —        1        —          1   

Insurance Recovery

      —        —        —        —        —        —          (20 )      (20 ) 

Upfront and milestone payments

      —        —        260      —        —        —          —          260   

Asset impairment

      27      —        13      —        —        —          —          40   

ARS impairment charge

      —        —        —        —        —        —          77        77   

Debt buyback and swap terminations

      —        —        —        —        —        —          (57 )      (57 ) 

Gain on sale of ImClone shares

      —        —        —        —        —        (895 )      —          (895 ) 
                                                           
   $ 42    $ 45    $ 273    $ 151    $ 1    $ (895 )    $ (137 )      (520 ) 
                                                     

Income taxes on items above

                         205   
                           

Increase to Net Earnings

                       $ (315 ) 
                           

 

19

BRISTOL-MYERS SQUIBB COMPANY

SPECIFIED ITEMS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2009 AND 2008

($ in millions)

Twelve months ended December 31, 2009

 

     Cost of
products
sold		    Marketing
selling and
administrative		    Research
and
development		    Provision for
restructuring,
net		    Litigation
expense,
net		    Other
(income)/
expense,
net		     Total  

Productivity Transformation Initiative:

                    

Downsizing and streamlining of worldwide operations

    $ —      $ —      $ —      $ 122    $ —      $ —        $ 122   

Accelerated depreciation, asset impairment, and other shutdown costs

      109      —        —        14      —        —          123   

Pension settlements/curtailments

      —        —        —        —        —        36        36   

Process standardization implementation costs

      —        110      —        —        —        —          110   

Gain on sale of product lines, businesses and assets

      —        —        —        —        —        (360 )      (360 ) 
                                                   

Total PTI

      109      110      —        136      —        (324 )      31   

Other:

                    

Litigation charges

      —        —        —        —        132      —          132   

Accelerated depreciation

      6      —        —        —        —        —          6   

BMS foundation funding initiative

      —        100      —        —        —        —          100   

Loss on sale of investments

         —                 31        31   

Upfront and milestone payments

      —        —        347      —        —        —          347   

Medarex acquisition

      —        —        —        —        —        (10 )      (10 ) 

Debt buyback and swap terminations

      —        —        —        —        —        (7 )      (7 ) 

Product liability

      8      —        —        —        —        (5 )      3   
                                                   

Total

    $ 123    $ 210    $ 347    $ 136    $ 132    $ (315 )      633   
                                             

Income taxes on items above

                       (205 ) 
                         

Decrease to Net Earnings

                     $ 428   
                         

Twelve months ended December 31, 2008

 

     Cost of
products
sold		    Marketing
selling and
administrative		    Research
and
development		    Acquired
in-process
research
and
development		    Provision for
restructuring,
net		    Litigation
expense,
net		    Gain on
sale of
Imclone
shares		     Other
(income)/
expense,
net		     Total  

Productivity Transformation Initiative:

                         

Downsizing and streamlining of worldwide operations

    $ —      $ —      $ —      $ —      $ 186    $ —      $ —        $ —        $ 186   

Accelerated depreciation and other shutdown costs

      213      —        —        —        20      —        —          8        241   

Pension settlements/curtailments

      9      —        —        —        —        —        —          8        17   

Process standardization implementation costs

      —        109      —        —        —        —        —          —          109   

Gain on sale and leaseback of properties

      —        —        —        —        —        —        —          (9 )      (9 ) 

Termination of lease contracts

      —        —        —        —        9      —        —          6        15   

Gain on sale of product lines and businesses

      —        —        —        —        —        —          (159 )      (159 ) 
                                                                  
     222      109      —        —        215      —        —          (146 )      400   

Other:

                         

Litigation settlement

      —        —        —        —        —        33      —          —          33   

Insurance Recovery

      —        —        —        —        —        —        —          (20 )      (20 ) 

Product liability

      —        —        —        —        —        —        —          18        18   

Upfront and milestone payments and acquired in-process research and development

      —        —        348      32      —        —        —          —          380   

Asset impairment

      27      —        13      —        —        —        —          —          40   

ARS impairment charge

      —        —        —        —        —        —        —          324        324   

Debt buyback and swap terminations

      —        —        —        —        —        —        —          (57 )      (57 ) 

Gain on sale of ImClone shares

      —        —        —        —        —        —        (895 )      —          (895 ) 
                                                                  
   $ 249    $ 109    $ 361    $ 32    $ 215    $ 33    $ (895 )    $ 119        223   
                                                            

Income taxes on items above

                            55   
                              

Decrease to Net Earnings

                          $ 278   
                              

 

20

BRISTOL-MYERS SQUIBB COMPANY

SELECTED BALANCE SHEET INFORMATION

($ in millions)

 

        March 31,
    2008		           June 30,
      2008		     September 30,
2008		   December 31,
2008		       March 31,
    2009		         June 30,
      2009		   September 30,
2009		   December 31,
2009

Cash and cash equivalents

   $ 2,443      $ 4,047      $ 7,173   $ 7,976   $ 7,832   $ 7,507   $ 6,367   $ 7,683

Marketable securities – current

     194        355        258     289     1,088     613     302     831

Marketable securities – long term

     455        386        297     188     184     983     1,202     1,369

Short-term borrowings

     1,781        1,799        135     154     156     124     286     231

Long-term debt

     4,660        6,021        6,120     6,585     6,492     6,235     6,307     6,130
                                                   

Net (debt) / cash

   $ (3,349 )    $ (3,032 )    $ 1,473   $ 1,714   $ 2,456   $ 2,744   $ 1,278   $ 3,522

 

21

BRISTOL-MYERS SQUIBB COMPANY

2010 FULL YEAR PROJECTED DILUTED EPS FROM CONTINUING OPERATIONS

EXCLUDING PROJECTED SPECIFIED ITEMS

 

     Full Year 2010

Projected Diluted Earnings Attributable to Shareholders per Common Share — GAAP

    $1.94 to $2.04

Projected Specified Items:

   

Downsizing and streamlining of worldwide operations

    0.11

Accelerated depreciation and other shutdown costs

    0.08

Upfront and milestone payments and other

    0.02
    

Total

    0.21
    

Projected Diluted Earnings Attributable to Shareholders per Common Share—Non-GAAP

    $2.15 to $2.25
    

Revenue growth is projected in the mid single digit range.

Gross margin on a GAAP basis for the full year 2009 was 72.7%, which included specified items of $123 million and had a 0.6% adverse impact on gross margin in aggregate. On a non-GAAP basis, for the full year 2009 gross margin was 73.3%. On a non-GAAP basis, the Company projects gross margin for the full year 2010 to remain consistent with last year. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on gross margin. See GAAP to Non-GAAP PL Reconciliation - December YTD tab.

Research and Development expenses on a GAAP basis for the full year 2009 were $3,647 million, which included specified items of $347 million. On a non-GAAP basis, for the full year 2009 research and development expenses were $3,300 million. On a non-GAAP basis, the Company projects research and development expenses for the full year 2010 to increase in the mid to high single digit range compared to 2009. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on research and development. See GAAP to Non-GAAP PL Reconciliation - December YTD tab.

Marketing, selling and administrative expenses, on a GAAP basis for the full year 2009 were $3,946 million, which included specified items of $210 million. On a non-GAAP basis, for the full year 2009 marketing, selling and administrative expenses were $3,736 million. On a non-GAAP basis, the Company projects marketing, selling and administrative expenses for the full year 2010 to remain flat compared to 2009. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on marketing, selling and administrative expense. See GAAP to Non-GAAP PL Reconciliation - December YTD tab.

The effective tax rate on a GAAP basis for the full year 2009 was 21.1%, which included specified items of $205 million in the tax provision, and had a 1.1% impact on the effective tax rate in aggregate. On a non-GAAP basis, for the full year 2009 effective tax rate was 22.2%. On a non-GAAP basis, based on historical trends in 2009 the Company projects the annual effective tax rate between 23% and 24% for the full year 2010. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on the tax rate. See GAAP to Non-GAAP PL Reconciliation - December YTD tab.

The GAAP results for the full year 2010 will include specified items that may occur and impact results, including expected restructuring and other charges related to implementation the Productivity Transformation Initiative (PTI), and other expected charges associated with downsizing and streamlining worldwide operations, accelerated depreciation and upfront and milestone payments. The productivity initiative, announced in December 2007 is expected to generate approximately $2.5 billion in cost reductions and avoidance on a pre-tax basis by 2012. Costs associated with the Productivity Transformation Initiative are $1.2 billion through the end of 2009, with aggregate costs estimated to be between $1.3 billion and $1.6 billion on a pre-tax basis. This amount does not include gains realized due to sales of assets. As the PTI projects are substantially complete and the Company expects to be within the above mentioned range, the Company will no longer separately identify PTI-related specified items beginning with the first quarter of 2010. The GAAP results for the full year 2010 could also include charges and recoveries relating to significant legal proceedings, debt retirement costs and other charges related to new transactions, additional upfront and milestone payments, copromotion or alliance charges and charges for in-process research and development related to new external development transactions, gains or losses from asset disposals, other restructuring activities, impairments to marketable securities and significant tax events. For a fuller discussion of certain of the 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 Company Reports Financial Results For The Fourth Quarter and 12 Months of 2009, January 28, 2010, including “2010 Guidance” and “Use of Non-GAAP Financial Information” therein.

The Company has previously provided guidance that it expected non-GAAP EPS to grow at a minimum of 15 percent compound annual growth rate from the 2007 base through 2010 without rebasing for the sale of the ConvaTec business. If the company meets its expected 2010 non-GAAP EPS from continuing operations guidance, it will exceed the prior 15 percent minimum three-year annual growth rate guidance. There is no reasonably accessible or reliable comparable GAAP measure for this forward-looking information on earnings per share.

 

22

BRISTOL-MYERS SQUIBB COMPANY

RECONCILIATION OF GAAP EARNINGS FROM CONTINUING OPERATIONS

BEFORE NONCONTROLLING INTEREST & TAXES AND GAAP PRETAX PROFIT MARGIN

TO NON-GAAP PRETAX PROFIT AND NON-GAAP PRETAX PROFIT MARGIN

FOR THE YEAR ENDED DECEMBER 31, 2009

(unaudited, dollar amounts in millions)

 

Net Sales

    $ 18,808   
        

Earnings from Continuing Operations Before Noncontrolling Interest & Taxes

    $ 5,602   

Earnings from Continuing Operations Before Noncontrolling Interest & Taxes as a % of Net Sales (GAAP Pretax Profit Margin)

      29.8 % 

Excluding Specified Items1

      633   
        

Non-GAAP Earnings from Continuing Operations Before Noncontrolling Interest & Taxes Excluding Specified Items

      6,235   

Noncontrolling Interest 2

      1,743   
        

Non-GAAP Earnings from Continuing Operations Before Taxes (Pretax Profit)

    $ 4,492   

Non-GAAP Earnings from Continuing Operations Before Taxes as a % of Net Sales (Pretax Profit Margin)

      23.9 % 

 

1

Please refer to the Specified Items YTD tab for detail of specified items.

2

Noncontrolling Interest is computed as follows:

 

Noncontrolling interest, pre-tax

    $ 1,743

Income taxes

      562
      

Noncontrolling interest, net of taxes

    $ 1,181
      

 

23

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