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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 | |
---|---|---|---|---|---|---|---|---|
-0.44 | -0.99% | 44.11 | 44.53 | 43.68 | 44.47 | 15,441,868 | 21:33:42 |
Bristol-Myers Squibb Company (NYSE:BMY) today reported results for the second quarter of 2015, which were highlighted by strong global sales, key regulatory and clinical advances for Opdivo and significant clinical data on the company’s Immuno-Oncology portfolio presented at the American Society of Clinical Oncology (ASCO).
“We had a very good quarter, with strong sales across our portfolio, encouraging results from clinical trials and important regulatory milestones,” said Giovanni Caforio, M.D., chief executive officer, Bristol-Myers Squibb. “I am excited by our progress in Immuno-Oncology as we continue to advance our leadership position and transform cancer treatment. As our Immuno-Oncology data continues to emerge, it is clear we have a tremendous opportunity, and we are making the right strategic investments to capitalize on the full potential of our portfolio.”
Second Quarter $ amounts in millions, except per share amounts 2015 2014 Change Total Revenues $4,163 $3,889 7% GAAP Diluted EPS (0.08) 0.20 ** Non-GAAP Diluted EPS 0.53 0.48 10%**In excess of +/- 100%
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 $266 million, Orencia, which grew 15%, Sprycel, which grew 10%, and Opdivo, which had sales of $122 million. Daklinza and Sunvepra had combined sales of $479 million, which includes $170 million of previously deferred revenue in France as part of an early access program before final pricing was obtained.
Opdivo
Yervoy
Elotuzumab
Eliquis
HIV
Reyataz
Daklinza
Evotaz
Nulojix
ANNEXA™ is a trademark of Portola Pharmaceuticals, Inc.
SECOND QUARTER BUSINESS DEVELOPMENT UPDATE
2015 FINANCIAL GUIDANCE
Bristol-Myers Squibb is increasing its 2015 GAAP EPS guidance range from $0.96 - $1.06 to $1.02 - $1.12. The company is also increasing its non-GAAP EPS guidance range from $1.60 - $1.70 to $1.70 - $1.80. Both GAAP and non-GAAP guidance assume current exchange rates and that the R&D tax credit will be extended by Congress in 2015. Key revised 2015 non-GAAP line-item guidance assumptions include:
The financial guidance for 2015 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 2015 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 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 or acquisition of products that have not achieved regulatory approval which are immediately expensed; pension settlement charges; significant tax events and additional charges related to the Branded Prescription Drug Fee. 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 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, please visit www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.
There will be a conference call on July 23, 2015, 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 in the U.S. toll free 877-201-0168 or international 647-788-4901, confirmation code: 23534784. 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, 2015 AND 2014
(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2015 2014 %Change
2015 2014 %Change
Three Months Ended June 30, Key Products Virology Baraclude $ 343 $ 369 (7 )% $ 37 $ 84 (56 )% Hepatitis C Franchise 479 — N/A — — N/A Reyataz Franchise 303 362 (16 )% 157 168 (7 )% Sustiva Franchise 317 361 (12 )% 258 266 (3 )% Oncology Erbitux(a) 169 186 (9 )% 165 178 (7 )% Opdivo 122 — N/A 107 — N/A Sprycel 405 368 10 % 205 163 26 % Yervoy 296 321 (8 )% 136 173 (21 )% Neuroscience Abilify(b) 107 555 (81 )% 67 417 (84 )% Immunoscience Orencia 461 402 15 % 310 254 22 % Cardiovascular Eliquis 437 171 ** 243 94 ** Mature Products and All Other 724 794 (9 )% 152 104 46 % Total 4,163 3,889 7 % 1,837 1,901 (3 )% Total Excluding Diabetes Alliance 4,099 3,862 6 % 1,834 1,901 (4 )% ** 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, 2015 AND 2014
(Unaudited, dollars in millions)
Worldwide Revenues U.S. Revenues 2015 2014 %Change
2015 2014 %Change
Six Months Ended June 30, Key Products Virology Baraclude $ 683 $ 775 (12 )% $ 83 $ 154 (46 )% Hepatitis C Franchise 743 — N/A — — N/A Reyataz Franchise 597 706 (15 )% 300 344 (13 )% Sustiva Franchise 607 680 (11 )% 492 494 — Oncology Erbitux 334 355 (6 )% 322 336 (4 )% Opdivo 162 — N/A 145 — N/A Sprycel 780 710 10 % 386 308 25 % Yervoy 621 592 5 % 317 319 (1 )% Neuroscience Abilify 661 1,095 (40 )% 575 742 (23 )% Immunoscience Orencia 861 765 13 % 569 483 18 % Cardiovascular Eliquis 792 277 ** 443 155 ** Mature Products and All Other 1,363 1,745 (22 )% 249 331 (25 )% Total 8,204 7,700 7 % 3,881 3,666 6 % Total Excluding Diabetes Alliance 8,086 7,494 8 % 3,878 3,552 9 % ** In excess of 100%BRISTOL-MYERS SQUIBB COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2015 AND 2014
(Unaudited, dollars and shares in millions except per share data)
Three Months EndedJune 30,
Six Months EndedJune 30,
2015 2014 2015 2014 Net product sales $ 3,572 $ 2,770 $ 6,631 $ 5,577 Alliance and other revenues 591 1,119 1,573 2,123 Total Revenues 4,163 3,889 8,204 7,700 Cost of products sold 1,013 991 1,860 1,959 Marketing, selling and administrative 968 951 1,862 1,908 Advertising and product promotion 167 187 302 350 Research and development 1,856 1,416 2,872 2,362 Other (income)/expense 107 (104 ) (192 ) (312 ) Total Expenses 4,111 3,441 6,704 6,267 Earnings Before Income Taxes 52 448 1,500 1,433 Provision for Income Taxes 162 114 411 163 Net Earnings/(Loss) (110 ) 334 1,089 1,270 Net Earnings Attributable to Noncontrolling Interest 20 1 33 — Net Earnings/(Loss) Attributable to BMS $ (130 ) $ 333 $ 1,056 $ 1,270 Average Common Shares Outstanding: Basic 1,667 1,657 1,665 1,655 Diluted 1,667 1,669 1,677 1,668 Earnings/(Loss) per Common Share Basic $ (0.08 ) $ 0.20 $ 0.63 $ 0.77 Diluted $ (0.08 ) $ 0.20 $ 0.63 $ 0.76 Other (Income)/Expense Interest expense $ 49 $ 46 $ 100 $ 100 Investment income (26 ) (28 ) (56 ) (51 ) Provision for restructuring 28 16 40 37 Litigation charges/(recoveries) 4 (20 ) 16 9 Equity in net income of affiliates (22 ) (33 ) (48 ) (69 ) Out-licensed intangible asset impairment — — 13 — Gain on sale of product lines, businesses and assets (8 ) 7 (162 ) (252 ) Other alliance and licensing income (124 ) (144 ) (285 ) (252 ) Pension curtailments, settlements and special termination benefits 36 45 63 109 Loss on debt redemption 180 — 180 45 Other (10 ) 7 (53 ) 12 Other (income)/expense $ 107 $ (104 ) $ (192 ) $ (312 )BRISTOL-MYERS SQUIBB COMPANY
SPECIFIED ITEMS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2015 AND 2014
(Unaudited, dollars in millions)
Three Months EndedJune 30,
Six Months EndedJune 30,
2015 2014 2015 2014 Cost of products sold(a) $ 25 $ 39 $ 59 $ 84 Marketing, selling and administrative(b) 3 3 4 6 Upfront, milestone and other payments 869 148 1,031 163 IPRD impairments — 310 — 343 Accelerated depreciation and other shutdown costs 2 — 2 — Research and development 871 458 1,033 506 Provision for restructuring 28 16 40 37 Gain on sale of product lines, businesses and assets (8 ) 12 (160 ) (247 ) Pension curtailments, settlements and special termination benefits 36 45 63 109 Acquisition and alliance related items — 17 (36 ) 33 Litigation charges/(recoveries) 1 (23 ) 15 2 Out-licensed intangible asset impairment — — 13 — Loss on debt redemption 180 — 180 45 Upfront, milestone and other licensing receipts — — — — Other (income)/expense 237 67 115 (21 ) Increase to pretax income 1,136 567 1,211 575 Income tax on items above (116 ) (102 ) (184 ) (281 ) Increase to net earnings $ 1,020 $ 465 $ 1,027 $ 294 (a) Specified items in cost of products sold are accelerated depreciation, asset impairment and other shutdown costs. (b) 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, 2015 AND 2014
(Unaudited, dollars in millions)
Three Months Ended June 30, 2015 GAAP SpecifiedItems*
NonGAAP
Gross Profit $ 3,150 $ 25 $ 3,175 Marketing, selling and administrative 968 (3 ) 965 Research and development 1,856 (871 ) 985 Other (income)/expense 107 (237 ) (130 ) Effective Tax Rate 311.5 % (288.1 )% 23.4 % 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 % * 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, 2015 AND 2014
(Unaudited, dollars in millions)
Six Months Ended June 30, 2015 GAAPSpecifiedItems*
NonGAAP
Gross Profit $ 6,344 $ 59 $ 6,403 Marketing, selling and administrative 1,862 (4 ) 1,858 Research and development 2,872 (1,033 ) 1,839 Other (income)/expense (192 ) (115 ) (307 ) Effective Tax Rate 27.4 % (5.5 )% 21.9 % 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 % * 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, 2015 AND 2014
(Unaudited, dollars and shares in millions except per share data)
Three Months EndedJune 30,
Six Months EndedJune 30,
2015 2014 2015 2014 Net Earnings/(Loss) Attributable to BMS used for Diluted EPS Calculation - GAAP $ (130 ) $ 333 $ 1,056 $ 1,270 Less Specified Items* 1,020 465 1,027 294 Net Earnings used for Diluted EPS Calculation – Non-GAAP $ 890 $ 798 $ 2,083 $ 1,564 Weighted-average Common Shares Outstanding - Diluted - GAAP 1,667 1,669 1,677 1,668 Contingently convertible debt common stock equivalents — — — — Incremental shares attributable to share-based compensation plans 10 — — — Weighted-average Common Shares Outstanding - Diluted - Non-GAAP 1,677 1,669 1,677 1,668 Diluted Earnings/(Loss) Per Share — GAAP $ (0.08 ) $ 0.20 $ 0.63 $ 0.76 Diluted EPS Attributable to Specified Items 0.61 0.28 0.61 0.18 Diluted Earnings Per Share — Non-GAAP $ 0.53 $ 0.48 $ 1.24 $ 0.94 * Refer to the Specified Items schedule for further details.BRISTOL-MYERS SQUIBB COMPANY
NET CASH/(DEBT) CALCULATION
AS OF JUNE 30, 2015 AND MARCH 31, 2015
(Unaudited, dollars in millions)
June 30, 2015 March 31, 2015 Cash and cash equivalents $ 4,199 $ 6,294 Marketable securities - current 1,277 1,313 Marketable securities - long term 4,632 4,279 Cash, cash equivalents and marketable securities 10,108 11,886 Short-term borrowings and current portion of long-term debt (755 ) (330 ) Long-term debt (6,615 ) (7,127 ) Net cash position $ 2,738 $ 4,429
View source version on businesswire.com: http://www.businesswire.com/news/home/20150723005316/en/
Bristol-Myers Squibb CompanyCommunicationsKen Dominski, 609-252-5251ken.dominski@bms.comorJohn Elicker, 609-252-4611john.elicker@bms.comorRanya Dajani, 609-252-5330ranya.dajani@bms.comorInvestor RelationsBill Szablewski, 609-252-5894william.szablewski@bms.com
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