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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bristol Myers Squibb Co | NYSE:BMY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.06 | -0.14% | 43.93 | 44.62 | 43.78 | 44.16 | 9,127,652 | 01:00:00 |
Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the first quarter of 2017, which were highlighted by strong sales for key products Opdivo and Eliquis, regulatory approval for Opdivo in advanced bladder cancer in the U.S., positive opinions from the Committee for Medicinal Products for Human Use (CHMP) for advanced bladder and head and neck cancers in Europe, and strategic transactions in oncology that further strengthened the company’s pipeline.
“During the first quarter we delivered strong sales and earnings growth, achieved important regulatory milestones for Opdivo in the U.S. and Europe and presented important new data across our Immuno-Oncology and fibrosis portfolios,” said Giovanni Caforio, M.D., chief executive officer, Bristol-Myers Squibb. “Building on this strong start to the year, we will continue to drive commercial performance in the short-term while advancing important opportunities to broaden our approach in Immuno-Oncology and progressing our early specialty portfolio.”
First Quarter
$ amounts in millions, except per share amounts2017
2016
Change
Total Revenues $4,929 $4,391 12% GAAP Diluted EPS 0.94 0.71 32% Non-GAAP Diluted EPS 0.84 0.74 14%FIRST QUARTER FINANCIAL RESULTS
FIRST QUARTER PRODUCT AND PIPELINE UPDATE
Product Sales/Business Highlights
The increase in global revenues for the first quarter of 2017, compared to the first quarter of 2016, was driven by:
Product
Growth %
Opdivo 60% Eliquis 50%Yervoy
25%Sprycel
14%Orencia
13%Opdivo
Regulatory
Clinical
Sprycel
Eliquis
Fibrosis
FIRST QUARTER BUSINESS DEVELOPMENT UPDATE
SHARE REPURCHASE
In February, the company executed accelerated share repurchase (ASR) agreements to repurchase, in aggregate, $2 billion of the company’s common stock. The ASR was funded through a combination of debt and cash and is part of the company’s existing share repurchase authorization. Approximately 80 percent of the shares to be repurchased under the transaction were received by the company on February 28, 2017 and the company anticipates that all repurchases under the ASR will be completed by the end of the second quarter of 2017.
The decision reflects the company’s strong financial position and its balanced approach to capital allocation, including a commitment to its dividend and a disciplined approach to business development.
2017 FINANCIAL GUIDANCE
Bristol-Myers Squibb is increasing its 2017 GAAP EPS guidance range from $2.47- $2.67 to $2.72 - $2.87 and is increasing its non-GAAP EPS guidance range from $2.70 - $2.90 to $2.85 - $3.00. Both GAAP and non-GAAP guidance assume current exchange rates. Key revised 2017 GAAP and non-GAAP line-item guidance assumptions are:
The financial guidance excludes the impact of any potential future strategic acquisitions and divestitures and any specified items that have not yet been identified and quantified. The non-GAAP guidance also excludes other specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling GAAP amounts to non-GAAP amounts, with non-GAAP reflecting specified items are provided in supplemental materials attached to this press release and available on the company’s website.
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Use of Non-GAAP Financial Information
This press release contains non-GAAP financial measures, including non-GAAP earnings and related EPS information, that are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis. These items are adjusted after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of future operating results. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods including restructuring costs, accelerated depreciation and impairment of property, plant and equipment and intangible assets, R&D charges in connection with the acquisition or licensing of third party intellectual property rights, divestiture gains or losses, upfront payments from out licensed assets, pension charges, legal and other contractual settlements and debt redemption gains or losses, among other items. Deferred and current income taxes attributed to these items are also adjusted for considering their individual impact to the overall tax expense, deductibility and jurisdictional tax rates. Non-GAAP information is intended to portray the results of our baseline performance, supplement or enhance management, analysts and investors overall understanding of our underlying financial performance and facilitate comparisons among current, past and future periods. For example, non-GAAP earnings and EPS information is an indication of our baseline performance before items that are considered by us to not be reflective of our ongoing results. In addition, this information is among the primary indicators we use as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for future periods. This information is not intended to be considered in isolation or as a substitute for net earnings or diluted EPS prepared in accordance with GAAP.
Statement on Cautionary Factors
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. These statements may be identified by the fact that they use words such as "anticipate", "estimates", "should", "expect", "guidance", "project", "intend", "plan", "believe" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, effects of the continuing implementation of governmental laws and regulations related to Medicare, Medicaid, Medicaid managed care organizations and entities under the Public Health Service 340B program, pharmaceutical rebates and reimbursement, market factors, competitive product development and approvals, pricing controls and pressures (including changes in rules and practices of managed care groups and institutional and governmental purchasers), economic conditions such as interest rate and currency exchange rate fluctuations, judicial decisions, claims and concerns that may arise regarding the safety and efficacy of in-line products and product candidates, changes to wholesaler inventory levels, variability in data provided by third parties, changes in, and interpretation of, governmental regulations and legislation affecting domestic or foreign operations, including tax obligations, changes to business or tax planning strategies, difficulties and delays in product development, manufacturing or sales including any potential future recalls, patent positions and the ultimate outcome of any litigation matter. These factors also include the company’s ability to execute successfully its strategic plans, including its business development strategy, the expiration of patents or data protection on certain products, including assumptions about the company’s ability to retain patent exclusivity of 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 compounds will receive necessary regulatory approvals, or that they will prove to be commercially successful; nor are there guarantees that regulatory approvals will be sought, or sought within currently expected timeframes, or that contractual milestones will be achieved. For further details and a discussion of these and other risks and uncertainties, see the company's periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Company and Conference Call Information
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol-Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube and Facebook.
There will be a conference call on April 27, 2017 at 10:30 a.m. EDT during which company executives will review financial information and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com or by calling the U.S. toll free 855-303-0072 or international 913-312-0976, confirmation code: 500711. Materials related to the call will be available at the same website prior to the conference call. A replay of the call will be available beginning at 1:30 p.m. EDT on April 27, 2017 through 1:30 p.m. EDT on May 11, 2017. The replay will also be available through http://investor.bms.com or by calling the U.S. toll free 888-203-1112 or international 719-457-0820, confirmation code: 6160500.
BRISTOL-MYERS SQUIBB COMPANY
PRODUCT REVENUE
FOR THE THREE MONTHS ENDED MARCH 31, 2017 AND 2016
(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2017 2016 %Change
2017 2016 %Change
Three Months Ended March 31,
Prioritized Brands Opdivo $ 1,127 $ 704 60 % $ 761 $ 594 28 % Eliquis 1,101 734 50 % 699 468 49 % Orencia 535 475 13 % 362 321 13 % Sprycel 463 407 14 % 247 210 18 % Yervoy 330 263 25 % 243 199 22 % Empliciti 53 28 89 % 36 28 29 % Established Brands Hepatitis C Franchise 162 427 (62 )% 42 259 (84 )% Baraclude 282 291 (3 )% 14 17 (18 )% Sustiva Franchise 184 273 (33 )% 153 228 (33 )% Reyataz Franchise 193 221 (13 )% 88 120 (27 )% Other Brands 499 568 (12 )% 93 93 — Total $ 4,929 $ 4,391 12 % $ 2,738 $ 2,537 8 %BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 2017 AND 2016
(Unaudited, dollars and shares in millions except per share data)
Three Months EndedMarch 31,
2017 2016 Net product sales $ 4,580 $ 3,964 Alliance and other revenues 349 427 Total Revenues 4,929 4,391 Cost of products sold 1,259 1,052 Marketing, selling and administrative 1,074 1,068 Research and development 1,288 1,136 Other (income)/expense (647 ) (520 ) Total Expenses 2,974 2,736 Earnings Before Income Taxes 1,955 1,655 Provision for Income Taxes 429 449 Net Earnings 1,526 1,206 Net Earnings/(Loss) Attributable to Noncontrolling Interest (48 ) 11 Net Earnings Attributable to BMS $ 1,574 $ 1,195 Average Common Shares Outstanding: Basic 1,662 1,669 Diluted 1,671 1,680 Earnings per Common Share Basic $ 0.95 $ 0.72 Diluted $ 0.94 $ 0.71 Other (Income)/Expense Interest expense $ 45 $ 43 Investment income (33 ) (24 ) Provision for restructuring 164 4 Litigation and other settlements (484 ) 43 Equity in net income of affiliates (18 ) (26 ) Divestiture gains (127 ) (270 ) Royalties and licensing income (199 ) (254 ) Transition and other service fees (7 ) (53 ) Pension charges 33 22 Intangible asset impairments — 15 Other (21 ) (20 ) Other (income)/expense $ (647 ) $ (520 )BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2017 AND 2016
(Unaudited, dollars in millions)
Three Months EndedMarch 31, 2017 2016 Cost of products sold(a) $ — $ 4 License and asset acquisition charges 50 125 IPRD impairments 75 — Accelerated depreciation and other 72 13 Research and development 197 138 Provision for restructuring 164 4 Divestiture gains (100 ) (269 ) Pension charges 33 22 Litigation and other settlements (481 ) 43 Intangible asset impairments — 15 Other (income)/expense (384 ) (185 ) Decrease to pretax income (187 ) (43 ) Income taxes on specified items 72 83 Increase/(decrease) to net earnings (115 ) 40 Noncontrolling interest (59 ) — Increase/(decrease) to net earnings used for diluted Non-GAAP EPS calculation $ (174 ) $ 40 (a) Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs.BRISTOL-MYERS SQUIBB COMPANY
RECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMS
FOR THE THREE MONTHS ENDED MARCH 31, 2017 AND 2016
(Unaudited, dollars in millions)
Three Months Ended March 31, 2017 GAAP SpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,670 $ — $ 3,670 Research and development 1,288 (197 ) 1,091 Other (income)/expense (647 ) 384 (263 ) Earnings Before Income Taxes 1,955 (187 ) 1,768 Provision for Income Taxes 429 72 357 Noncontrolling interest (48 ) (59 ) 11 Net Earnings Attributable to BMS used for Diluted EPS Calculation $ 1,574 $ (174 ) $ 1,400 Average Common Shares Outstanding - Diluted 1,671 1,671 1,671 Diluted Earnings Per Share $ 0.94 $ (0.10 ) $ 0.84 Effective Tax Rate 21.9 % (1.7 )% 20.2 % Three Months Ended March 31, 2016 GAAP SpecifiedItems(a) Non-GAAP Gross Profit $ 3,339 $ 4 $ 3,343 Research and development 1,136 (138 ) 998 Other (income)/expense (520 ) 185 (335 ) Earnings Before Income Taxes 1,655 (43 ) 1,612 Provision for Income Taxes 449 83 366 Noncontrolling interest 11 — 11 Net Earnings Attributable to BMS used for Diluted EPS Calculation $ 1,195 $ 40 $ 1,235 Average Common Shares Outstanding - Diluted 1,680 1,680 1,680 Diluted Earnings Per Share $ 0.71 $ 0.03 $ 0.74Effective Tax Rate
27.1 % (4.4 )% 22.7 % (a) Refer to the Specified Items schedule for further details. Effective tax rate on the Specified Items represents the difference between the GAAP and Non-GAAP effective tax rate.BRISTOL-MYERS SQUIBB COMPANY
NET CASH/(DEBT) CALCULATION
AS OF MARCH 31, 2017 AND DECEMBER 31, 2016
(Unaudited, dollars in millions)
March 31, 2017 December 31, 2016 Cash and cash equivalents $ 3,910 $ 4,237 Marketable securities - current 2,199 2,113 Marketable securities - non-current 2,685 2,719 Cash, cash equivalents and marketable securities 8,794 9,069 Short-term debt obligations (1,197 ) (992 ) Long-term debt (7,237 ) (5,716 ) Net cash position $ 360 $ 2,361
View source version on businesswire.com: http://www.businesswire.com/news/home/20170427005341/en/
Bristol-Myers Squibb CompanyCommunicationsLisa McCormick Lavery, 609-252-7602lisa.mccormicklavery@bms.comorKen Dominski, 609-252-5251ken.dominski@bms.comorInvestor Relations.John Elicker, 609-252-4611john.elicker@bms.comorTim Power, 609-252-7509timothy.power@bms.comorBill Szablewski, 609-252-5894william.szablewski@bms.com
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