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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 | |
---|---|---|---|---|---|---|---|---|
-0.34 | -0.77% | 43.87 | 44.42 | 43.333 | 44.38 | 9,293,341 | 19:28:51 |
Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the fourth quarter and full year of 2017, which were highlighted by strong sales for Opdivo and Eliquis along with regulatory and clinical progress in Oncology for Opdivo and the Opdivo plus Yervoy combination.
“I am proud of our results in 2017, with sales growth driven by strong commercial performance of our prioritized brands and important scientific advances we are making across our pipeline,” said Giovanni Caforio, M.D., chairman and chief executive officer, Bristol-Myers Squibb. “Additionally, we believe the exciting results from CheckMate -227 that we announced today are a meaningful step forward for patients with lung cancer. As we begin 2018, I am confident that we are well positioned for long-term growth through our strong commercial and R&D capabilities in bringing transformational medicines to patients with serious diseases.”
Fourth Quarter
$ amounts in millions, except per share amounts2017
2016
Change
Total Revenues $5,449 $5,243 4% GAAP Diluted EPS (1.42) 0.53 ** Non-GAAP Diluted EPS 0.68 0.63 8%Full Year
$ amounts in millions, except per share amounts2017
2016
Change
Total Revenues $20,776 $19,427 7% GAAP Diluted EPS 0.61 2.65 (77)% Non-GAAP Diluted EPS 3.01 2.83 6%** In excess of +/- 100%
FOURTH QUARTER FINANCIAL RESULTS
FOURTH QUARTER PRODUCT AND PIPELINE UPDATE
Product Sales/Business Highlights
The increase in global revenues for the fourth quarter of 2017, compared to the fourth quarter of 2016, was driven by:
Product
Growth %
Eliquis 44%Opdivo
4% Orencia 6%Sprycel
7%Yervoy
2%Opdivo
Regulatory
Clinical
Sprycel
Regulatory
Clinical
Yervoy
Regulatory
Investigational Compound Highlights
Oncology
FOURTH QUARTER BUSINESS DEVELOPMENT UPDATE
Adcetris® is a trademark of Seattle Genetics, Inc.
GemRIS™ is a trademark of TARIS Biomedical LLC.
2018 FINANCIAL GUIDANCE
Bristol-Myers Squibb is setting its 2018 GAAP EPS guidance range at $3.00 to $3.15 and non-GAAP EPS guidance range at $3.15 to $3.30. Key 2018 GAAP and non-GAAP guidance assumptions include:
The financial guidance for 2018 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 2018 guidance also excludes other specified items as discussed under “Use of Non-GAAP Financial Information.” Details reconciling adjusted non-GAAP amounts with the amounts reflecting specified items are provided in supplemental materials available on the company’s website.
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, jurisdictional tax rates and the transitional impact of U.S. tax reform. 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 current and future financial position, results of operations, market position, product development and business strategy. Some of 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, including 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, actions and decisions by our collaboration and marketing partners, 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, or to realize the anticipated benefits of any business development transactions, 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 the outcome of research and development activities, including the outcome of current and future clinical trials on in-line and other products and product candidates, that the compounds will receive necessary regulatory approvals or achieve successful commercial launch and marketing or the timing or scope of any of the foregoing, 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. Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. Investors should bear this in mind as they consider forward-looking statements, and are cautioned not to put undue reliance on forward-looking statements. 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. This release may include discussion of certain clinical studies relating to various in-line products and/or product candidates. These studies typically are part of a larger body of clinical data relating to such products or product candidates, and the discussion herein should be considered in the context of the larger body of data. In addition, clinical trial data are subject to differing interpretations, and, even when we view data as sufficient to support the safety and/or effectiveness of a product candidate or a new indication for an in-line product, regulatory authorities may not share our views and may require additional data or may deny approval altogether.
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 February 5, 2018 at 8:00 a.m. EST 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 866-548-4713 or international 323-794-2093, confirmation code: 4392051. Slides and other 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 11:00 a.m. EST on February 5, 2018 through 11:00 a.m. EST on February 19, 2018. 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: 4392051.
For more information, contact: Communications: Ken Dominski, 609-252-5251, ken.dominski@bms.com or Lisa McCormick Lavery, 609-252-7602, lisa.mccormicklavery@bms.com; Investor Relations: John Elicker, 609-252-4611, john.elicker@bms.com, Tim Power, 609-252-7509, timothy.power@bms.com or Bill Szablewski, 609-252-5894, william.szablewski@bms.com.
BRISTOL-MYERS SQUIBB COMPANYPRODUCT REVENUEFOR THE THREE MONTHS ENDED DECEMBER 31, 2017 AND 2016(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2017 2016%Change
2017 2016%Change
Three Months Ended December 31,
Prioritized Brands Opdivo $ 1,361 $ 1,310 4% $ 795 $ 715 11% Eliquis 1,363 948 44% 768 539 42% Orencia 662 625 6% 461 423 9% Sprycel 527 494 7% 299 267 12% Yervoy 269 264 2% 181 202 (10)% Empliciti 63 47 34% 39 36 8% Established Brands Baraclude 233 296 (21)% 13 17 (24)% Sustiva Franchise 174 246 (29)% 151 212 (29)% Reyataz Franchise 143 206 (31)% 67 117 (43)% Hepatitis C Franchise 59 226 (74)% 13 82 (84)% Other Brands 595 581 2% 104 95 9% Total $ 5,449 $ 5,243 4% $ 2,891 $ 2,705 7%BRISTOL-MYERS SQUIBB COMPANYPRODUCT REVENUEFOR THE TWELVE MONTHS ENDED DECEMBER 31, 2017 AND 2016(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2017 2016%Change
2017 2016%Change
Twelve Months Ended December 31,
Prioritized Brands Opdivo $ 4,948 $ 3,774 31% $ 3,102 $ 2,664 16% Eliquis 4,872 3,343 46% 2,887 1,963 47% Orencia 2,479 2,265 9% 1,704 1,532 11% Sprycel 2,005 1,824 10% 1,105 969 14% Yervoy 1,244 1,053 18% 908 802 13% Empliciti 231 150 54% 151 133 14% Established Brands Baraclude 1,052 1,192 (12)% 53 66 (20)% Sustiva Franchise 729 1,065 (32)% 622 901 (31)% Reyataz Franchise 698 912 (23)% 327 484 (32)% Hepatitis C Franchise 406 1,578 (74)% 109 827 (87)% Other Brands 2,112 2,271 (7)% 390 379 3% Total $ 20,776 $ 19,427 7% $ 11,358 $ 10,720 6%BRISTOL-MYERS SQUIBB COMPANYCONSOLIDATED STATEMENTS OF EARNINGSFOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2017 AND 2016(Unaudited, dollars and shares in millions except per share data)
Three Months EndedDecember 31,
Twelve Months EndedDecember 31,
2017 2016 2017 2016 Net product sales $ 5,046 $ 4,814 $ 19,258 $ 17,702 Alliance and other revenues 403 429 1,518 1,725 Total Revenues 5,449 5,243 20,776 19,427 Cost of products sold 1,673 1,383 6,066 4,946 Marketing, selling and administrative 1,299 1,461 4,687 4,911 Research and development 1,921 1,400 6,411 4,940 Other income (net) (142 ) (87 ) (1,519 ) (1,285 ) Total Expenses 4,751 4,157 15,645 13,512 Earnings Before Income Taxes 698 1,086 5,131 5,915 Provision for Income Taxes 3,027 188 4,156 1,408 Net Earnings/(Loss) (2,329 ) 898 975 4,507 Net Earnings/(Loss) Attributable to Noncontrolling Interest (1 ) 4 (32 ) 50 Net Earnings/(Loss) Attributable to BMS $ (2,328 ) $ 894 $ 1,007 $ 4,457 Average Common Shares Outstanding: Basic 1,635 1,672 1,645 1,671 Diluted 1,635 1,680 1,652 1,680 Earnings per Common Share Basic $ (1.42 ) $ 0.53 $ 0.61 $ 2.67 Diluted $ (1.42 ) $ 0.53 $ 0.61 $ 2.65 Other income (net) Interest expense $ 51 $ 40 $ 196 $ 167 Investment income (50 ) (24 ) (154 ) (105 ) Provision for restructuring 86 68 293 109 Litigation and other settlements 2 (1 ) (487 ) 47 Equity in net income of affiliates (16 ) (12 ) (75 ) (77 ) Divestiture gains (38 ) (2 ) (164 ) (576 ) Royalties and licensing income (258 ) (140 ) (1,351 ) (719 ) Transition and other service fees (5 ) (54 ) (37 ) (238 ) Pension charges 71 25 162 91 Intangible asset impairments — — — 15 Equity investment impairment 5 — 5 45 Loss on debt redemption — — 109 — Other 10 13 (16 ) (44 ) Other income (net) $ (142 ) $ (87 ) $ (1,519 ) $ (1,285 )BRISTOL-MYERS SQUIBB COMPANYSPECIFIED ITEMSFOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2017 AND 2016(Unaudited, dollars in millions)
Three Months EndedDecember 31,
Twelve Months EndedDecember 31,
2017 2016 2017 2016 Impairment charges $ 18 $ — $ 146 $ — Accelerated depreciation and other shutdown costs — 6 3 21 Cost of products sold 18 6 149 21 Marketing, selling and administrative 1 — 1 — License and asset acquisition charges 377 130 1,130 439 IPRD impairments — 13 75 13 Site exit costs and other 151 43 383 83 Research and development 528 186 1,588 535 Provision for restructuring 86 68 293 109 Litigation and other settlements — — (481 ) 40 Divestiture gains (26 ) — (126 ) (559 ) Royalties and licensing income — (10 ) (497 ) (10 ) Pension charges 71 25 162 91 Intangible asset impairments — — — 15 Loss on debt redemption — — 109 — Other income (net) 131 83 (540 ) (314 ) Increase to pretax income 678 275 1,198 242 Income taxes on specified items (138 ) (105 ) (87 ) 51 Income taxes attributed to U.S. tax reform 2,911 — 2,911 — Income taxes 2,773 (105 ) 2,824 51 Increase to net earnings 3,451 170 4,022 293 Noncontrolling interest — — (59 ) — Increase to net earnings used for diluted Non-GAAP EPS calculation $ 3,451 $ 170 $ 3,963 $ 293BRISTOL-MYERS SQUIBB COMPANYRECONCILIATION OF CERTAIN GAAP LINE ITEMS TO CERTAIN NON-GAAP LINE ITEMSFOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2017 AND 2016(Unaudited, dollars in millions)
Three Months Ended December 31, 2017 Twelve Months Ended December 31, 2017 GAAPSpecifiedItems(a)
Non-GAAP
GAAPSpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,776 $ 18 $ 3,794 $ 14,710 $ 149 $ 14,859 Research and development 1,921 (528 ) 1,393 6,411 (1,588 ) 4,823 Other income (net) (142 ) (131 ) (273 ) (1,519 ) 540 (979 ) Earnings Before Income Taxes 698 678 1,376 5,131 1,198 6,329 Provision for Income Taxes 3,027 2,773 254 4,156 2,824 1,332 Noncontrolling interest (1 ) — (1 ) (32 ) (59 ) 27 Net Earnings/(Loss) Attributable to BMS used for Diluted EPS Calculation $ (2,328 ) $ 3,451 $ 1,123 $ 1,007 $ 3,963 $ 4,970 Average Common Shares Outstanding - Diluted 1,635 1,642 1,642 1,652 1,652 1,652 Diluted Earnings/(Loss) Per Share $ (1.42 ) $ 2.10 $ 0.68 $ 0.61 $ 2.40 $ 3.01 Effective Tax Rate 433.7 % (415.2 )% 18.5 % 81.0 % (60.0 )% 21.0 % Three Months Ended December 31, 2016 Twelve Months Ended December 31, 2016 GAAPSpecifiedItems(a)
Non-GAAP
GAAPSpecifiedItems(a)
Non-GAAP
Gross Profit $ 3,860 $ 6 $ 3,866 $ 14,481 $ 21 $ 14,502 Research and development 1,400 (186 ) 1,214 4,940 (535 ) 4,405 Other income (net) (87 ) (83 ) (170 ) (1,285 ) 314 (971 ) Earnings Before Income Taxes 1,086 275 1,361 5,915 242 6,157 Provision for Income Taxes 188 (105 ) 293 1,408 51 1,357 Noncontrolling interest 4 — 4 50 — 50 Net Earnings Attributable to BMS used for Diluted EPS Calculation $ 894 $ 170 $ 1,064 $ 4,457 $ 293 $ 4,750 Average Common Shares Outstanding - Diluted 1,680 1,680 1,680 1,680 1,680 1,680 Diluted Earnings Per Share $ 0.53 $ 0.10 $ 0.63 $ 2.65 $ 0.18 $ 2.83 Effective Tax Rate 17.3 % 4.2 % 21.5 % 23.8 % (1.8 )% 22.0 % (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 COMPANYNET CASH/(DEBT) CALCULATIONAS OF DECEMBER 31, 2017 AND SEPTEMBER 30, 2017(Unaudited, dollars in millions)
December 31, 2017 September 30, 2017 Cash and cash equivalents $ 5,421 $ 4,644 Marketable securities - current 1,391 2,478 Marketable securities - non-current 2,480 2,526 Cash, cash equivalents and marketable securities 9,292 9,648 Short-term debt obligations (987 ) (1,461 ) Long-term debt (6,975 ) (6,982 ) Net cash position $ 1,330 $ 1,205
View source version on businesswire.com: http://www.businesswire.com/news/home/20180205005337/en/
Bristol-Myers Squibb CompanyCommunications:Ken Dominski, 609-252-5251ken.dominski@bms.comorLisa McCormick Lavery, 609-252-7602lisa.mccormicklavery@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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