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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 | |
---|---|---|---|---|---|---|---|---|
0.18 | 0.40% | 44.88 | 45.37 | 44.34 | 44.73 | 21,281,928 | 01:00:00 |
Bristol-Myers Squibb Company (NYSE:BMY) today reported financial results for the second quarter of 2014, which was highlighted by strong global sales for the company’s key brands; the achievement of important regulatory milestones for key brands in Japan, Europe and the U.S.; a new strategic immuno-oncology collaboration agreement with Ono Pharmaceutical Co., Ltd.; and the initiation of several research collaborations that will strengthen the company’s leadership position in immuno-oncology. In addition, the company adjusted 2014 GAAP guidance and confirmed 2014 non-GAAP guidance.
“During the second quarter we delivered strong financial and operating results, invested in key business development opportunities, and achieved important regulatory milestones for products in HCV and immuno-oncology,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb. “These results reflect the promise of our late-stage pipeline, the strong performance of our in-line products and the continued success of our strategy in driving growth for the company.”
Second Quarter $ amounts in millions, except per share amounts 2014 2013 Change Total Revenues $3,889 $4,048 (4)% GAAP Diluted EPS 0.20 0.32 (38)% Non-GAAP Diluted EPS 0.48 0.44 9%SECOND QUARTER FINANCIAL RESULTS
SECOND QUARTER PRODUCT AND PIPELINE UPDATE
Bristol-Myers Squibb’s global sales in the second quarter included Eliquis, which grew by $159 million, Yervoy, which grew 38%, Sprycel, which grew 18%, and Orencia, which grew 14%.
Daklinza+Sunvepra
Opdivo
Eliquis
Elotuzumab
Yervoy
Orencia
Baraclude
SECOND QUARTER BUSINESS DEVELOPMENT UPDATE
SECOND QUARTER RESEARCH & DEVELOPMENT UPDATE
2014 FINANCIAL GUIDANCE
Bristol-Myers Squibb is adjusting its 2014 GAAP EPS guidance range from $1.70-$1.80 to $1.50-$1.60 as a result of impairment and expected additional restructuring charges. The company is also confirming its non-GAAP EPS guidance range of $1.70-$1.80. Both GAAP and non-GAAP guidance assume current exchange rates and that we retain exclusivity on Baraclude sales in the U.S. at least through the end of 2014. Key 2014 non-GAAP line-item guidance assumptions remain unchanged.
The financial guidance for 2014 does not include the impact of any potential strategic acquisition and divestitures, or any specified items that have not yet been identified and quantified. The non-GAAP 2014 guidance also excludes 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 earnings per share information. These measures are adjusted to exclude certain costs, expenses, significant 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: restructuring and other exit costs; accelerated depreciation charges; IPRD and asset impairments; charges and recoveries relating to significant legal proceedings; upfront, milestone and other payments for in-licensing of products that have not achieved regulatory approval which are immediately expensed; net amortization of acquired intangible assets and deferred income related to Amylin; pension settlement charges; 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. Non-GAAP financial measures provide the company and its investors with an indication of the company’s baseline performance before items that are considered by the company not to be reflective of the company’s ongoing results. The company uses non-GAAP gross profit, non-GAAP marketing, selling and administrative expense, non-GAAP research and development expense, and non-GAAP other income and expense measures to set internal budgets, manage costs, allocate resources, and plan and forecast future periods. Non-GAAP effective tax rate measures are primarily used to plan and forecast future periods. Non-GAAP earnings and earnings per share measures are primary indicators the company uses as a basis for evaluating company performance, 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 financial measures 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 which take into account assumptions about the continued extension of the R&D tax credit, 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 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, please visit http://www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.
There will be a conference call on July 24, 2014, 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 dialing 913-312-6681, confirmation code: 3903092. Materials related to the call will be available at the same website prior to the conference call.
BRISTOL-MYERS SQUIBB COMPANY SELECTED PRODUCTS FOR THE THREE MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in millions) Worldwide Revenues U.S. Revenues 2014 2013%
Change
2014 2013%
Change
Three Months Ended June 30,
Key Products Virology Baraclude $ 369 $ 371 (1 )% $ 84 $ 73 15 % Reyataz 362 431 (16 )% 168 200 (16 )% Sustiva Franchise 361 411 (12 )% 266 275 (3 )% Oncology Erbitux(a) 186 171 9 % 178 168 6 % Sprycel 368 312 18 % 163 135 21 % Yervoy 321 233 38 % 173 140 24 % Neuroscience Abilify(b) 555 563 (1 )% 417 378 10 % Immunoscience Orencia 402 352 14 % 254 238 7 % Cardiovascular Eliquis 171 12 ** 94 5 ** Diabetes Alliance 27 438 (94 )% — 320 (100 )% Mature Products and All Other 767 754 2 % 104 113 (8 )% Total 3,889 4,048 (4 )% 1,901 2,045 (7 )% Total Excluding Diabetes Alliance 3,862 3,610 7 % 1,901 1,725 10 % ** In excess of 100% (a)Erbitux is a trademark of ImClone LLC. ImClone LLC is a wholly-owned subsidiary of Eli Lilly and Company.
(b) Abilify is a trademark of Otsuka Pharmaceutical Co., Ltd. BRISTOL-MYERS SQUIBB COMPANY SELECTED PRODUCTS FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in millions) Worldwide Revenues U.S. Revenues 2014 2013 %Change
2014 2013 %Change
Six Months Ended June 30,
Key Products Virology Baraclude $ 775 $ 737 5 % $ 154 $ 141 9 % Reyataz 706 792 (11 )% 344 393 (12 )% Sustiva Franchise 680 798 (15 )% 494 526 (6 )% Oncology Erbitux 355 333 7 % 336 326 3 % Sprycel 710 599 19 % 308 250 23 % Yervoy 592 462 28 % 319 299 7 % Neuroscience Abilify 1,095 1,085 1 % 742 706 5 % Immunoscience Orencia 765 672 14 % 483 452 7 % Cardiovascular Eliquis 277 34 ** 155 22 ** Diabetes Alliance 206 796 (74 )% 114 612 (81 )% Mature Products and All Other 1,539 1,571 (2 )% 217 289 (25 )% Total 7,700 7,879 (2 )% 3,666 4,016 (9 )% Total Excluding Diabetes Alliance 7,494 7,083 6 % 3,552 3,404 4 % ** In excess of 100% BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENTS OF EARNINGS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars and shares in millions except per share data) Three Months Ended Six Months Ended June 30, June 30, 2014 2013 2014 2013 Net product sales $ 2,770 $ 3,024 $ 5,577 $ 5,981 Alliance and other revenues 1,119 1,024 2,123 1,898 Total Revenues 3,889 4,048 7,700 7,879 Cost of products sold 991 1,108 1,959 2,171 Marketing, selling and administrative 951 1,042 1,908 2,036 Advertising and product promotion 187 218 350 407 Research and development 1,416 951 2,362 1,881 Other (income)/expense (104 ) 199 (312 ) 180 Total Expenses 3,441 3,518 6,267 6,675 Earnings Before Income Taxes 448 530 1,433 1,204 Provision for Income Taxes 114 — 163 51 Net Earnings 334 530 1,270 1,153 Net Earnings/(Loss) Attributable to Noncontrolling Interest 1 (6 ) — 8 Net Earnings Attributable to BMS $ 333 $ 536 $ 1,270 $ 1,145 Earnings per Common Share Basic $ 0.20 $ 0.33 $ 0.77 $ 0.70 Diluted $ 0.20 $ 0.32 $ 0.76 $ 0.69 Average Common Shares Outstanding: Basic 1,657 1,644 1,655 1,641 Diluted 1,669 1,660 1,668 1,658 Other (Income)/Expense Interest expense $ 46 $ 50 $ 100 $ 100 Investment income (28 ) (28 ) (51 ) (53 ) Provision for restructuring 16 173 37 206 Litigation charges/(recoveries) (20 ) (22 ) 9 (22 ) Equity in net income of affiliates (33 ) (50 ) (69 ) (86 ) Gain on sale of product lines, businesses and assets 7 — (252 ) (1 ) Other alliance and licensing income (144 ) (32 ) (252 ) (89 ) Pension curtailments, settlements and special termination benefits 45 101 109 101 Other 7 7 57 24 Other (income)/expense $ (104 ) $ 199 $ (312 ) $ 180 BRISTOL-MYERS SQUIBB COMPANY SPECIFIED ITEMS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in millions) Three Months Ended Six Months Ended June 30, June 30, 2014 2013 2014 2013 Accelerated depreciation, asset impairment and other shutdown costs $ 39 $ — $ 84 $ — Amortization of acquired Amylin intangible assets — 137 — 275 Amortization of Amylin alliance proceeds — (67 ) — (134 ) Amortization of Amylin inventory adjustment — — — 14 Cost of products sold 39 70 84 155 Marketing, selling and administrative* 3 1 6 2 Upfront, milestone and other payments 148 — 163 — IPRD impairments 310 — 343 — Research and development 458 — 506 — Provision for restructuring 16 173 37 206 Gain on sale of product lines, businesses and assets 12 — (247 ) — Pension curtailments, settlements and special termination benefits 45 99 109 99 Acquisition and alliance related items 17 (10 ) 33 (10 ) Litigation charges/(recoveries) (23 ) (23 ) 2 (23 ) Loss on debt redemption — — 45 — Upfront, milestone and other licensing receipts — — — (14 ) Other (income)/expense 67 239 (21 ) 258 Increase to pretax income 567 310 575 415 Income tax on items above (102 ) (116 ) (281 ) (151 ) Increase to net earnings $ 465 $ 194 $ 294 $ 264*
Specified items in marketing, selling and administrative are process standardization implementation costs.
BRISTOL-MYERS SQUIBB COMPANY RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS FOR THE THREE MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in millions) Three months ended June 30, 2014 GAAP SpecifiedItems*
NonGAAP
Gross Profit $ 2,898 $ 39 $ 2,937 Marketing, selling and administrative 951 (3 ) 948 Research and development 1,416 (458 ) 958 Other (income)/expense (104 ) (67 ) (171 ) Effective Tax Rate 25.4 % (4.1 )% 21.3 % Three months ended June 30, 2013 GAAP SpecifiedItems*
NonGAAP
Gross Profit $ 2,940 $ 70 $ 3,010 Marketing, selling and administrative 1,042 (1 ) 1,041 Research and development 951 — 951 Other (income)/expense 199 (239 ) (40 ) Effective Tax Rate — 13.8 % 13.8 % * 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 RECONCILIATION OF CERTAIN NON-GAAP LINE ITEMS TO CERTAIN GAAP LINE ITEMS FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars in millions) Six Months Ended June 30, 2014 GAAP SpecifiedItems*
NonGAAP
Gross Profit $ 5,741 $ 84 $ 5,825 Marketing, selling and administrative 1,908 (6 ) 1,902 Research and development 2,362 (506 ) 1,856 Other (income)/expense (312 ) 21 (291 ) Effective Tax Rate 11.4 % 10.7 % 22.1 % Six Months Ended June 30, 2013 GAAP SpecifiedItems*
NonGAAP
Gross Profit $ 5,708 $ 155 $ 5,863 Marketing, selling and administrative 2,036 (2 ) 2,034 Research and development 1,881 — 1,881 Other (income)/expense 180 (258 ) (78 ) Effective Tax Rate 4.2 % 8.3 % 12.5 % * 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 RECONCILIATION OF NON-GAAP EPS TO GAAP EPS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2014 AND 2013 (Unaudited, dollars and shares in millions except per share data) Three Months Ended Six Months Ended June 30, June 30, 2014 2013 2014 2013 Net Earnings Attributable to BMS used for Diluted EPS Calculation - GAAP $ 333 $ 536 $ 1,270 $ 1,145 Less Specified Items* 465 194 294 264 Net Earnings used for Diluted EPS Calculation – Non-GAAP $ 798 $ 730 $ 1,564 $ 1,409 Average Common Shares Outstanding – Diluted 1,669 1,660 1,668 1,658 Diluted Earnings Per Share — GAAP $ 0.20 $ 0.32 $ 0.76 $ 0.69 Diluted EPS Attributable to Specified Items 0.28 0.12 0.18 0.16 Diluted Earnings Per Share — Non-GAAP $ 0.48 $ 0.44 $ 0.94 $ 0.85 * Refer to the Specified Items schedule for further details. BRISTOL-MYERS SQUIBB COMPANY NET CASH/(DEBT) CALCULATION AS OF JUNE 30, 2014 AND MARCH 31, 2014 (Unaudited, dollars in millions) June 30, 2014 March 31, 2014 Cash and cash equivalents $ 4,282 $ 5,225 Marketable securities - current 2,893 1,834 Marketable securities - long term 3,876 3,558 Cash, cash equivalents and marketable securities 11,051 10,617 Short-term borrowings and current portion of long-term debt (365 ) (281 ) Long-term debt (7,372 ) (7,367 ) Net cash position $ 3,314 $ 2,969
Bristol-Myers SquibbCommunicationsLaura Hortas, 609-252-4587laura.hortas@bms.comorInvestor RelationsJohn Elicker, 609-252-4611john.elicker@bms.comRanya Dajani, 609-252-5330ranya.dajani@bms.comRyan Asay, 609-252-5020ryan.asay@bms.com
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